Financial Performance - Quarterly (Q4 FY26)

  • Consolidated Net Revenue: ₹40,973 million, representing 12.8% QoQ growth and 5.7% YoY growth
  • EBITDA: ₹6,265 million, showing 36.3% QoQ growth and 31.8% YoY growth
  • EBITDA Margin: 15.3%, expanding by 260 bps QoQ and 300 bps YoY
  • Net Profit: ₹1,960 million, with 442.2% QoQ growth and 16.3% YoY growth
  • Sales Volume: 166,879 MT, increasing 10.3% QoQ and 1.0% YoY
  • Normalized PAT: ₹2,026 million (excluding exceptional items), showing 316.9% QoQ growth and 105.5% YoY growth
  • Exceptional Items: Provision of ₹66 million related to new labour laws

Financial Performance - Annual (FY26)

  • Consolidated Net Revenue: ₹155,130 million, representing 2.1% YoY growth
  • EBITDA: ₹19,836 million, showing 8.1% YoY growth from ₹18,343 million in FY25
  • EBITDA Margin: 12.8%, expanding by 70 bps from 12.1% in FY25
  • Net Profit: ₹3,171 million compared to ₹1,423 million in FY25
  • Sales Volume: 649,789 MT, increasing 0.4% YoY
  • Normalized PAT: ₹3,362 million, showing 5.0% YoY growth from ₹3,201 million in FY25

Standalone Performance (Q4 FY26)

  • Net Revenue: ₹19,896 million
  • EBITDA: ₹2,910 million with margin of 14.6%
  • PAT: ₹664 million
  • Sales Volume: 82,290 MTPA (including third-party PET chips sale volume of 16,474 MT)

Standalone Performance (FY26)

  • Net Revenue: ₹78,543 million
  • EBITDA: ₹9,360 million with margin of 11.9%
  • PAT: ₹1,480 million
  • Sales Volume: 351,282 MTPA (including third-party PET chips sale volume of 80,416 MT)

Business Segment Performance

Packaging Business (Flexible Packaging, Aseptic Liquid Packaging, Holography)
  • Q4 FY26 Sales Volume: 38,842 MT, growing 7.1% QoQ and 1.6% YoY
  • FY26 Sales Volume: 151,755 MT, growing 5.1% YoY
  • Aseptic Packaging Q4 Sales: 2.08 billion packs, growing 15.9% QoQ but declining 2.2% YoY
  • Aseptic Packaging FY26 Sales: 7.97 billion packs, growing 2.4% YoY
Virgin PET Chips Business
  • Panipat Plant Production: 23,994 MT in Q4 with 86% adjusted utilization
  • Third-party Sales Proportion: 64.9% of total sales volume in Q4 FY26, 65.3% for FY26
  • Egypt Facility Utilization: 72.3% in Q4 FY26 with third-party sales growth of 121.2% to 5,949 MT
Consolidated Packaging Films Business
  • Q4 FY26 Capacity Utilization: 79.3% with production of 126,076 MT (6.7% QoQ growth, 1.3% YoY decline)
  • Q4 FY26 Sales Volume: 128,037 MT, growing 11.4% QoQ and 0.9% YoY
  • FY26 Production: 492,779 MT, declining 4.3% YoY
  • FY26 Sales Volume: 498,035 MT, declining 1.0% YoY from 503,153 MT in FY25
Regional Performance
  • India Packaging Films: Q4 utilization 66.2% (370 bps improvement QoQ), production 27,181 MT (6.0% QoQ growth)
  • Americas Region: Q4 sales volume 31,883 MT (23.0% QoQ growth, 18.0% YoY growth), capacity utilization 88.8%
  • Europe Region: Q4 production 34,334 MT (9.2% QoQ growth, 0.8% YoY growth), capacity utilization 83.2%
  • MEA Region: Q4 capacity utilization 81.6%, production 40,583 MT, sales volume 33,899 MT (4.6% QoQ growth)

Capital Expenditure

  • Q4 FY26 Capex: ₹7,070 million allocated across key projects:
  • Egypt aseptic packaging facility: ₹1,009 million (USD 10.7 million)
  • Mexico WPP bag unit: ₹480 million (USD 5.1 million)
  • Noida recycling facility: ₹697 million (USD 7.4 million)
  • Dharwad BOPP line: ₹110 million (USD 1.2 million)

Project Updates

  • Egypt Aseptic Packaging Facility: 12 billion packs annual capacity, total estimated cost USD 126 million (₹11,926 million), USD 95.7 million (₹9,059 million) spent as of March 31, 2026
  • Mexico WPP Plant: 80 million bags annual capacity, USD 52 million incurred, undergoing stability testing
  • India Recycling Unit: 39,600 MT annual capacity (36,000 MTPA rPET chips + 3,600 MTPA MLP granules), total cost ₹3,171 million, ₹2,700 million spent as of March 2026
  • Dharwad BOPP Line: 54,000 MTPA capacity, total cost ₹7,154 million (USD 75.6 million), ₹785 million (USD 8.3 million) spent as of December 2025

Debt Position

  • Gross Debt (Mar 31, 2026): ₹98,526 million (vs ₹94,546 million in Dec 2025, ₹81,160 million in Mar 2025)
  • Cash/Cash Equivalents: ₹12,308 million (vs ₹12,737 million in Dec 2025, ₹12,728 million in Mar 2025)
  • Net Debt: ₹86,218 million (vs ₹81,810 million in Dec 2025, ₹68,432 million in Mar 2025)
  • Net Debt/EBITDA: 4.35x annualized (vs 4.52x in Dec 2025, 3.73x in Mar 2025)
  • Net Debt/Normalized EBITDA: 4.52x annualized (vs 4.72x in Dec 2025, 3.57x in Mar 2025)

Revenue Breakdown

  • Packaging Films (incl. chips): 55.3% of Q4 revenue (₹22,678 million), 58.6% of FY26 revenue (₹90,930 million)
  • Value Added Products: 43.6% of Q4 revenue (₹17,881 million), 40.7% of FY26 revenue (₹63,075 million)
  • Packaging: 36.1% of Q4 revenue (₹14,800 million), 32.7% of FY26 revenue (₹50,693 million)
  • Engineering: 3.3% of Q4 revenue (₹1,363 million), 2.9% of FY26 revenue (₹4,478 million)

Expense Analysis

  • COGS: 56.3% of Q4 revenue (₹23,082 million), 58.4% of FY26 revenue (₹90,617 million)
  • Power & Fuel: 4.6% of Q4 revenue (₹1,889 million), 4.8% of FY26 revenue (₹7,393 million)
  • Personnel Cost: 9.8% of Q4 revenue (₹3,996 million), 10.0% of FY26 revenue (₹15,569 million)
  • Other Operating Expenses: 14.0% of Q4 revenue (₹5,741 million), 14.0% of FY26 revenue (₹21,714 million)

Sustainability Initiatives

  • FY26 Recycling: Processed 586 million PCR PET bottles and 10,237 metric tons of MLP waste
  • EPR Compliance: India's mandate requires 30% recycled content in rigid plastic, 10% in flexible plastic, 5% in multi-material flexible formats
  • Regulatory Update: Producers may carry forward shortfalls in recycled plastic content requirements for up to three years

Management Commentary

Chairman Ashok Chaturvedi highlighted FY26 challenges including geopolitical tensions and tariff uncertainties, emphasizing the strength of UFlex's integrated business model and global manufacturing footprint. He noted commissioning of recycling facilities in Noida and brownfield expansion at Sanand aseptic packaging facility (increased capacity from 7 to 12 billion packs).

Executive VP Finance Sumeet Kumar emphasized strong Q4 performance with highest EBITDA in 14 quarters and significant margin expansion. He expressed confidence in long-term growth prospects driven by capacity ramp-ups and strategic projects in Egypt, Mexico, and India.

Innovation and Product Development

The document detailed numerous product innovations across business verticals including:

  • Development of TMPTA monomer for radiation curable inks and coatings
  • Flexgreen LMLO Gloss Coating for food-grade applications
  • Various specialized packaging films with enhanced barrier properties
  • Advanced security coupon solutions and dual registered hologram technology
  • Laser engraving technologies for leather and composite panels

Awards and Recognition

  • Received 3 SIES SOP STAR AWARDS 2025 for packaging materials
  • Won 3 SIES SOP and 4 IFCA Awards for various innovative products and patterns

Exchange Rates

  • Average USD/INR: Q4 FY26 - ₹91.71, Q3 FY26 - ₹89.18, Q2 FY26 - ₹87.52, Q1 FY26 - ₹85.37
  • Q4 FY26 closing rate: USD 1 = ₹94.65

Board Approval

The Board of Directors approved and took on record the audited consolidated financial results in their meeting held on May 30, 2026.