Key Financial Figures (Consolidated)

Quarterly Performance (Q2 FY27 vs Q2 FY26 vs Q1 FY27)

  • Revenue from Operations: ₹48,209 million (Q2 FY27) vs ₹38,320 million (Q2 FY26) vs ₹53,660 million (Q1 FY27)
  • Total Income: ₹48,694 million (Q2 FY27) vs ₹38,610 million (Q2 FY26) vs ₹53,972 million (Q1 FY27)
  • EBITDA: ₹7,126 million (14.6% margin) vs ₹4,188 million (10.8% margin) vs ₹9,198 million (17.0% margin)
  • Normalized EBITDA: ₹7,588 million (15.6% margin) vs ₹3,895 million (10.1% margin) vs ₹8,373 million (15.5% margin)
  • Profit Before Tax: ₹2,585 million vs ₹412 million vs ₹4,905 million
  • Net Profit After Tax: ₹2,150 million vs ₹303 million vs ₹4,222 million
  • Net Profit After Non-Controlling Interest: ₹2,106 million vs ₹269 million vs ₹4,233 million
  • Earnings Per Share (Basic): ₹29.17 vs ₹3.73 vs ₹58.62

Half-Yearly Performance (H1 FY27 vs H1 FY26)

  • Revenue from Operations: ₹101,869 million vs ₹77,326 million
  • Total Income: ₹102,666 million vs ₹77,828 million
  • EBITDA: ₹16,324 million (15.9% margin) vs ₹8,975 million (11.5% margin)
  • Normalized EBITDA: ₹15,961 million (15.5% margin) vs ₹8,593 million (11.0% margin)
  • Profit Before Tax: ₹7,490 million vs ₹1,345 million
  • Net Profit After Tax: ₹6,372 million vs ₹922 million
  • Net Profit After Non-Controlling Interest: ₹6,340 million vs ₹849 million
  • Earnings Per Share (Basic): ₹87.80 vs ₹11.76

Standalone Financial Highlights (Q2 FY27)

  • Revenue from Operations: ₹237,269 million
  • Profit Before Tax: ₹7,303 million
  • Net Profit After Tax: ₹5,437 million
  • Earnings Per Share (Basic): ₹7.53

Segment Performance (Consolidated Q2 FY27)

Revenue Breakdown

  • Flexible Packaging Activities: ₹46,818 million (67.0% of revenue)
  • Engineering Activities: ₹1,687 million (3.1% of revenue)
  • Others (Unallocable): -₹108 million

Segment Results (Profit/Loss before tax & interest)

  • Flexible Packaging: ₹4,538 million
  • Engineering: ₹374 million
  • Others (Unallocable): -₹486 million

Sales Volume Metrics

  • Q2 FY27 Sales Volume: 163,532 MT (+1.5% YoY)
  • Volume Split: Packaging films 78.9%, Packaging 21.1%
  • H1 FY27 Sales Volume: 337,003 MT (+1.6% YoY)

Business Updates and Operational Highlights

  • Commissioned WPP bags manufacturing plant in Mexico during the quarter
  • Recycling plant in Noida sector 155 commissioned on May 1, 2026
  • Greenfield aseptic packaging project in Egypt ongoing with USD 110.2 million spent out of USD 126 million planned capex
  • Brownfield BOPP line in Dharwad, India with ₹2,954 million spent out of ₹7,154 million planned capex
  • Strategic shift towards higher-value-added products across all business segments
  • Overseas revenue contribution at 61% in Q2 FY27
  • Key growth markets: Egypt, Mexico, Hungary, and Nigeria

Capital Structure and Debt Position

  • Paid-up Equity Share Capital: ₹722.1 million (Face Value ₹10 per share)
  • Gross Debt (Sept 30, 2026): ₹107,221 million
  • Cash/Cash Equivalents: ₹16,831 million
  • Net Debt: ₹90,390 million
  • Net Debt/Normalized EBITDA (TTM): 3.42x (improved from 3.77x in Q1 FY27 and 4.51x in Q4 FY26)
  • Average Blended Cost of Debt: 7.9% in Q2 FY27

Capital Expenditure

  • Q2 FY27 Capex: ₹5,689 million
  • H1 FY27 Capex: ₹10,471 million

Cash Flow Statement (Consolidated H1 FY27)

  • Cash Flow from Operations (post-tax): ₹10,850 million
  • Cash Flow from Investing: -₹10,986 million
  • Cash Flow from Financing: ₹4,234 million
  • Net Increase in Cash: ₹4,097 million

Auditor's Limited Review Report

Lodha & Co LLP and Vijay Sehgal & Co., the joint statutory auditors, issued an unmodified limited review report on both standalone and consolidated financial results. The consolidated results include:

  • 25 subsidiaries
  • 1 associate (Flex Foods Limited)
  • 2 jointly controlled entities (Digicyl Pte. Ltd. Singapore and Digicyl Ltd. Israel)

The auditors noted that interim financial results of 9 subsidiaries representing total assets of ₹16,88,993 lacs were reviewed by other auditors. Another 15 subsidiaries with total assets of ₹2,47,454 lacs were not reviewed by their auditors but were considered not material to the Group.

Management Commentary

Chairman & Managing Director Ashok Chaturvedi stated: "UFlex has delivered a strong performance in Q2 FY27 despite geopolitical headwinds, volatile raw material prices and lingering supply-chain uncertainty. Staying close to our customers, strengthening local manufacturing capabilities and making our supply chain more agile continue to reinforce our competitive position."

President, Finance & Accounts and GCFO Arun Kumar Sharma added: "We remain confident in delivering robust growth in FY27, supported by the ramp-up of recently commissioned facilities, including the recycling plant in Noida sector 155 and the WPP bags facility in Mexico, alongside the upcoming aseptic packaging facility in Egypt."