Slide 1: UFlex Limited Earnings Presentation
UFLEX LIMITED Earnings Presentation May 20, 2025 Stock Code: BSE – 500148, NSE – UFLEX Noida, India Common Stock Outstanding: 72.2mn as of March 31, 2025
Slide 2: Disclaimer
Disclaimer No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained in this presentation. Such information and opinions are in all events not current after the d
Slide 3: Key Highlights
➢ Chairman’s Message ➢ Industry Trends ➢ Performance Snapshot ➢ Performance and Business Highlights Key ➢ Capex Update Highlights ➢ Packaging Films Production volume ➢ Financial Summary ➢ Sustainability & circularity ➢ Product Innovation ➢ Business at a Glance ➢ Management & Shareholders
Slide 4: Chairman's Message
Chairman’s Message Mr. Ashok Chaturvedi, Chairman and Managing Director, “FY25 was a landmark year for UFlex, marked by strategic global expansion and a greater push toward sustainable solutions and recycling. In FY25, we delivered strong revenue growth of 12.4% and operational EBITDA growth of 18.1
Slide 5: Industry Trends
Industry Trends Domestic International ➢ Packaging film prices remained volatile amid domestic ➢ The Global trade impacted by unpredictable imposition and demand-supply imbalances, rising imports and stable suspension of tariffs since Jan 2025, undermining market raw material costs. confidence and c
Slide 6: Consolidated Performance Snapshot – Q4 and FY25
Consolidated Performance Snapshot – Q4 and FY25 Q4FY25 FY25 Q4FY25 FY25 Revenue Capex Rs. 38,738 Mn Rs. 151,838 Mn (+2.6% QoQ, +10.8% YoY) (+12.4% YoY) Rs. 6,681 Mn Rs. 17,258 Mn Domestic: 46% Domestic: 45% International: 54% International: 55% Net Debt Norm. EBITDA* Rs. 4,782 Mn Rs.19,024 Mn Rs. 68
Slide 7: Consolidated Performance Highlights – Q4FY25
Consolidated Performance Highlights – Q4FY25 Revenue increased to Rs. 38,738 million, a 10.8% YoY increase in Q4 FY25, driven by volume growth, right product mix, and pricing strategies across product categories. The key growth contributors in revenues are the Packaging business (14.4% YoY), Enginee
Slide 8: Consolidated Performance Highlights – FY25
Consolidated Performance Highlights – FY25 Revenue increased to Rs. 151,838 million, a 12.4% YoY growth, driven by 8.0% volume growth, an optimal product mix, and effective pricing strategies across categories. Annual revenue growth was led by 8.2% YoY growth in Packaging films, 11.4% in the Packagi
Slide 9: Capex Update
Capex Update ➢ Incurred total project capex of Rs 6,681 million during the quarter, with major allocation to the three projects: Capex in Q4 FY25 a) Egypt: Rs. 2,903 Mn for the Aseptic packaging facility, b) Rs. 3,186 million for the WPP bag manufacturing unit in Mexico and c) India: Rs 140 million
Slide 10: Packaging Films Production Volume across Geographies
Packaging Films Production Volume across Geographies Films Production Capacity (MTPA) Geographic Breakdown of Total Capacity, Production and Utilization as of March 31 Packaging film Production vol. (%) India Dubai Egypt Nigeria CIS Poland Hungary USA Mexico FY21 FY22 FY23 FY24 FY25 FY25 FY25 Produc
Slide 11: Packaging Films Production Volume across Geographies
Packaging Films Production Volume across Geographies Geographic % contribution to total Capacity, Production and Utilization Production volume change packaging film production vol. Q4 FY25 India Dubai Egypt Nigeria CIS Poland Hungary USA Mexico 11% 6% 24% QoQ YoY Capacity Q4 FY25 Production (Utiliza
Slide 12: Packaging and Chemicals Production Volume
Packaging and Chemicals Production Volume % Breakdown of production vol. by Capacity, Production and Utilization Production volume change packaging products & chemicals Liquid packaging Flexible packaging Chemicals (Inks & Adhesives) Q4 FY25 21% 37% 45,798 MTPQ Capacity Q4 FY25 Production (Utilizati
Slide 13: Global Manufacturing Footprints
Global Manufacturing Footprints 16 State-of-the-Art Manufacturing Facilities Strategically Located across 5 Continents and 9 Countries Overall Global Capacity of 1 mn+ MTPA: Ready to deliver Anywhere in the World within 15 Days Americas Plant Capacity (MTPA) India Capacity US 30,000 Plant (MTPA) Mex
Slide 14: Integrated Manufacturing Capacities Across Geographies
Integrated 1 Manufacturing Capacities Across Geographies Extensive Suite of Products in Every Region We Operate Value Added Resins & Moulding Base Packaging Films Packaging Films Value Added Products (VAP) Locations 4,58,317 MTPA 6,36,160 MTPA 2,52,800 MTPA (Capacities Data as of Chemicals Aseptic v
Slide 15: India's Decade of Outperformance
India’s Decade of Outperformance India to become 3rd Largest Economy by FY29 India's Rising GDP per Capita ➔ Higher Consumer Spending GDP in US$ trillion (Real GDP growth %) GDP per Capita at current prices in US$ (‘000) per capita 2025F 2029F 2025F 2029F USA 30.3 ; (2.2%) USA 35.5 ; (2.2%) USA 89.7
Slide 16: Evolving Business Landscape of Packaging and Packaging Films
Evolving Business Landscape of Packaging and Packaging Films 01 02 03 STEADY FMCG SUSTAINABLE ECONOMIC DEMAND PACKAGING GROWTH Steady economic Rural outpaced urban EPR commitments to growth amidst global with govt welfare promote sustainable challenges schemes packaging 16
Slide 17: Macro Economic Environment
Macro Economic Environment Global Growth Slowdown amid Policy Shifts India Growth to remain robust at 6.3-6.8% in FY26e Real GDP Growth (YoY %) 7.7 Real GDP Growth (YoY %) 3.7 9.2 2.1 2.4 7.6 1.4 6.5 6.5 6.5 0.9 0.8 1.2 3.3 2.8 3.0 1.8 1.4 1.5 2.8 1.8 1.7 5.0 4.0 4.0 World Advanced US Euro Area Chin
Slide 18: Evolving Consumption Trends
Evolving Consumption Trends Recovery in Value while Volume Growth Slows Volume: Rural continue to surpass Urban Growth Rainfall Status: -3% LPA (1st Oct’24 – 31st Dec’24) FMCG growth % FMCG volume growth % in Rural & Urban 9.2% 11.0% 8.4% 10.2% 7.2% 5.8% 5.3% 4.9% 6.5% 6.3% 6.1% 5.1% 4.2% 5.4% 3.6%
Slide 19: BOPET and BOPP Film Price Trends
Jan-23 99.0 135.1 Feb-23 99.5 145.4 Mar-23 97.8 128.5 Apr-23 100.6 116.0 May-23 108.3 126.2 Jun-23 100.8 122.9 Jul-23 101.2 122.1 Aug-23 102.6 129.8 Sep-23 99.4 127.4 Oct-23 96.0 112.0 Nov-23 92.5 110.0 Dec-23 92.9 106.0 Jan-24 94.2 109.5 Feb-24 92.3 113.0 Mar-24 94.0 119.2 Apr-24 93.6 122.1 May-24
Slide 20: Financial Summary
➢ Key Standalone Financial Performance Financial ➢ Key Consolidated Financial Performance Summary ➢ Consolidated Financial Overview
Slide 21: Standalone P&L Summary
Standalone P&L Summary Particulars (Rs. Mn.) Q4 FY25 Q3 FY25 Q4 FY24 QoQ YoY FY25 FY24 YoY Revenue 20,117 19,549 16,709 2.9% 20.4% 78,096 66,516 17.4% EBITDA 2,365 2,538 2,250 (6.8%) 5.1% 9,287 7,701 20.6% EBITDA Margin (%) 11.8% 13.0% 13.5% (122 bps) (171 bps) 11.9% 11.6% 31 bps Depreciation and 79
Slide 22: Standalone Spotlight on Key Financials over the Years
Standalone Spotlight on Key Financials over the Years Sales (Vol. MT) Revenue (Rs. Mn) EBITDA (Rs. Mn) and Margin 14.8% 16.5% 11.9% 11.2% 11.6% 11.9% 78,096 266,152 258,220 231,757 209,693 68,170 66,516 194,802 9,287 176,846 57,206 7,701 7,660 7,618 46,554 6,797 41,524 6,164 FY20 FY21 FY22 FY23 FY24
Slide 23: Consolidated P&L Summary
Consolidated P&L Summary Particulars (Rs. Mn.) Q4 FY25 Q3 FY25 Q4 FY24 QoQ YoY FY25 FY24 YoY Total Revenue 38,738 37,742 34,967 2.6% 10.8% 151,838 1,35,098 12.4% Expenditure 34,012 32,806 30,603 3.7% 11.1% 133,649 1,19,963 11.4% Normalized EBITDA 4,782 5,207 4,550 (8.2%) 5.1% 19,024 16,103 18.1% Nor
Slide 24: Consolidated Balance Sheet as of March 31, 2025
Consolidated Balance Sheet as of March 31, 2025 As on 31st As on 31st As on 31st As on 31st Particulars (Rs. Mn) Particulars (Rs. Mn) Mar 2025 Mar 2024 Mar 2025 Mar 2024 Assets Equity and Liabilities Non-current assets Equity Property, plant and equipment 81,664 76,598 Equity Share Capital 722 722 C
Slide 25: Consolidated Spotlight on Key Financials over the Years
Consolidated Spotlight on Key Financials over the Years Sales (Vol. MT) Revenue (Rs. Mn) Norm. EBITDA (Rs. Mn) and Margin (%) Packaging Films Packaging Domestic International Films - Domestic Films - International 14.9% 20.5% 17.1% 14.0% 11.9% 12.5% 380,744 463,620 599,259 587,118 599,616 647,499 14
Slide 26: Consolidated Revenue Split
Consolidated Revenue Split Q4FY25: Business-wise rev. split as a % of total rev. Q4FY24: Business-wise rev. split as a % of total rev. Packaging, 30.8% Packaging, Packaging 29.8% Packaging films, 58.5% Rs. 38,143 films, 60.0% Rs. 34,265 Million Engineering, Million Engineering, 3.5% 2.4% Others VAP,
Slide 27: Consolidated Revenue Split
Consolidated Revenue Split FY25: Business-wise rev. split as a % of total rev. FY24: Business-wise rev. split as a % of total rev. Packaging, Packaging, Packaging 28.3% 28.5% Packaging films, 62.3% films, 60.2% Rs. 150,361 Rs. 133,636 Mn Mn Engineering, Engineering, 2.2% 2.7% Others VAP, Others VAP,
Slide 28: Q4 FY25 EBITDA Bridge
Q4 FY25 EBITDA Bridge Normalized EBITDA Bridge (Q4FY24 vs Q4FY25) EBITDA improvement led by healthy performance in the packaging films and packaging segment. Increase Decrease Total 3,771 (2,144) (90) (480) 4,726 56 4,782 4,364 (695) EBITDA Q4FY24 Revenue COGS Power & fuel Emp. exp. Other exp. EBITD
Slide 29: Q4 FY25 EBITDA to Normalized PAT
Q4 FY25 EBITDA to Normalized PAT EBITDA to Normalized PAT (Q4FY25) 4,726 BASIC EPS Q4FY25 Weighted Av. No. of shares (millions) 72.2 Normalized earnings per share1 Rs. 13.66 (1,763) 700 1,819 1,686 (133) 1,119 (1,844) 986 (700) EBITDA D&A Finance Costs PBT (excl. excep.) Exceptional Items PBT Tax Ex
Slide 30: FY25 EBITDA Bridge
FY25 EBITDA Bridge Normalized EBITDA Bridge (FY24 vs FY25) Increase Decrease Total 16,740 (9,443) (143) (1,558) 18,188 836 19,024 15,135 (2,542) EBITDA FY24 Revenue COGS Power & fuel Emp. exp. Other exp. EBITDA FY25 Exch. & der. Norm. EBITDA FY25 • Revenue increased by 12.4% YoY, driven by driven by
Slide 31: Consolidated Debt Profile
Consolidated Debt Profile Debt breakdown Split of gross debt as of Mar 2025 Particulars (Rs. Mn) Mar-2025 Dec-2024 Sep-2024 Jun-2024 Long Term 59,937 54,460 54,952 52,040 Working Capital and Working Capital and 21,223 17,781 14,605 17,306 Rs. 81,160 Short Term Short term debt Long term debt Million
Slide 32: Consolidated Financial Overview (1/2)
Consolidated Financial Overview (1/2) Key Financials Ratios FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 EBITDA Margin 12.2% 12.1% 13.2% 13.8% 13.2% 12.6% 14.9% 20.5% 17.2% 12.7% 11.2% 12.0% Normalized EBITDA 12.2% 12.4% 14.5% 14.2% 13.1% 12.7% 14.7% 20.0% 17.1% 14.0% 11.9% 12.5% Marg
Slide 33: Consolidated Financial Overview (2/2)
Consolidated Financial Overview (2/2) Key Financials Ratios FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 Net Debt to Equity 0.75 0.63 0.49 0.48 0.43 0.42 0.67 0.60 0.59 0.58 0.77 0.93 Net Debt to EBIDTA 2.97 2.58 1.99 1.95 1.91 1.79 2.83 1.82 1.72 2.34 3.68 3.76 Net Debt to Normalized
Slide 34: Project Plastic Fix: Paving the way to a circular, greener, and sustainable future
At UFlex, circular economy innovations such as packaging Film: “ASCLEPIUS ”, made of 100% PCR PET (rPET) chips, and injection molding items made from recycled MLP granules, are paving the way for a more sustainable and greener tomorrow. ➢ Vision of circularity Project Plastic Fix: Paving ➢ ‘Project
Slide 35: Circularity
Circular vision of UFlex Extended Producer Responsibility (EPR) for Packaging Mechanism Collect Recycle/ Reuse Biodegrade Problem Solution Sustainable Space High C B Govt. Govt. EPR - Guidelines Circularity UFlex Project Plastic Fix Industry Compliance to EPR A Consumer Responsible Disposal Low High
Slide 36: Extended Producer Responsibility Guidelines in India
Extended Producer Responsibility Guidelines in India Under Plastic Waste Management (Amendment) Rules, 2022, the classification of plastics is defined below: • Category I: Rigid plastic packaging. • Category II: Flexible plastic packaging of a single layer/multilayer (more than one layer with differ
Slide 37: Project Plastic Fix Continues to Turn Waste into Wealth
Sustainability: 'Project Plastic Fix’ Continues to Turn Waste into Wealth 478 mn (6,638 MT) PET Bottles Recycled in FY24 807 mn (11,203 MT) PET Bottles Recycled in FY25 6,964 MT of MLP waste recycled in FY24 and 8,220 MT in FY25 741,936 units in FY24 and 643,868 units in FY25 of Core Plug & Adapter
Slide 38: Recycling Plants Across Geographies
Recycling Plants Across Geographies Global India Mexico Noida Particulars Capacity(MTPA) Particulars Capacity(MTPA) PCR PET Chips 15,000 PCR PET Chips 10,020 rMLP Granules 6,000 rMLP Granules 9,600 Egypt Jammu Particulars Capacity(MTPA) Particulars Capacity(MTPA) PCR PET Chips 18,000 rMLP Granules 1
Slide 39: Sustainability at UFLEX
Sustainability at UFLEX The Ultimate Destination Sustainability Initiatives towards Green Packaging ▪ First company in the world to recycle mix plastic waste ▪ Ensuring 100% Recyclability of Multi-Layer Packaging with RELAM 250 recycling machine that enables recycling of multi-layer packaging and re
Slide 40: Sustainability Initiatives Towards Green Packaging
Sustainability Initiatives Towards Green Packaging Converting Waste Plastic into Fuel with Pyrolysis Plant Asclepius Green Packaging Film to Create a Circular ▪ Commissioned Pyrolysis Plant, at Noida facility in October 2018 Economy ▪ Can convert 6 tonnes of discarded waste material generated every
Slide 41: Product Innovation – Chemicals (Inks & Adhesives)
Product Innovation – Chemicals (Inks & Adhesives) FLEXCURE High Slip Digi FLEXCURE HF GR Gloss FLEXBOND FB DL–502 and FLEXPAK 5300 INKS Coating Coating FB DL–504 UV Digi Gloss Coating High Flexibility UV Coating Water Based Dry Thermoplastic Updates Lamination Adhesives Polyurethane Resin (TPR) ▪ Wa
Slide 42: Product Innovation – Flexible Packaging
Product Innovation – Flexible Packaging Jay Baba Bakreswar – ITC RTE Pouch Tube Laminate ITC Ltd - Savlon Farm House Rice Bag • UFlex in collaboration with ▪ ULP PET Pouches offer ▪ Silver and gold Metallica 280 ▪ UFlex has developed ITC developed sustainable convenient microwave micron: It consists
Slide 43: Product Innovation – Packaging Films
Product Innovation – Packaging Films F-ETS F-MEX-M B-TCM-M B-TDF B-HSA One side MST coated Metallized BOPET Film High barrier non heat Heat sealable transparent Transparent BOPET film Transparent BOPET film sealable metallized BOPP BOPP film ▪ The film has one side heat ▪ F-MEX-M film is available i
Slide 44: Product Innovation – Holography and Engineering
Product Innovation – Holography and Engineering Elevate Calendar Registered Transfer Matte Laser Sequins Film MT 1200 – C with Holographic QR Code Applications Mettalized Board with Subtle Holography Case Packer ▪ UFlex reintroduced a ▪ Introducing the Registered ▪ UFlex Holography introduces ▪ UFle
Slide 45: Business at a Glance
➢ An overview Business ➢ Journey so far at a Glance ➢ Customer relationship ➢ One stop shop for packaging solutions
Slide 46: An Overview
An Overview Rich Legacy of 40 Years in Providing Packaging Solutions to our Partners 1985 16 Established Manufacturing Units 5000+ 1,308,110 MTPA1 Customer Base Global Capacity* Presence Across 150+ 10,000+ Workforce Countries 7bn+ 74,317 MTPA 5.4 bn+ 64,330 MTPA 300 mn+ 1,090 mn+ PCR PET2 Bottles C
Slide 47: Journey so far: Growing as a Global Player in Flexible Packaging
Journey so far: Growing as a Global Player in Flexible Packaging • Dharwad (India): Started with • Aseptic Packaging: a CPP/ a BOPET Lines. Annual Capacity Doubled 2022 2023 • Dubai: Added a CPP Line to 7 Bn Packs • Mexico: Added a PCR PET • Diversified into Chips Line Holography Business • Egypt :
Slide 48: Enduring Customer Relationship
Enduring Customer Relationship Length of Customer Relationships Kolak Truda UPM American Dupont Nestle Snacks Foods P&G Pepsi Co Mondelez Bemis Amcor Huhtamaki Raflatac* Pkg Teijin films 8+ 8+ 8+ 5+ 7+ 10+ 8+ 9+ 6+ 9+ 8+ 9+ Our clients *Note: UPM is pioneer customer of 100% PCR Asclepius Films; All
Slide 49: Presence across all Verticals of Packaging Value Chain
Presence across all Verticals of Packaging Value Chain Process Flow Diagram UFlex Presence Main Feedstock Key Downstream RM RM for P. Films Packaging Flexible Packaging Business Aseptic Films Business Packaging Ethylene MEG1 Business NGL Ink & Flexi-tubes, BOPP8 Ethane, vPET Resins Adhesives Lids an
Slide 50: Presence across all Verticals of Packaging Value Chain
Presence across all Verticals of Packaging Value Chain Interconnected Strengths, Boundless Possibilities Resins Packaging Films Intermediaries Flexible Packaging vPET Chips Film Grade Chemicals (inks and adhesives) BOPET P . Films BOPP P. Films vPET Chips Bottle Grade Holography CPP P. Films Value A
Slide 51: Management & Shareholders Information
➢ Management Team Management & ➢ Shareholding Pattern Shareholders Information ➢ Auditors Information
Slide 52: Management Team
Management Team Professional Management with an average experience of > 25 years in Business, Corporate, Project & Operational excellence 41 35 Jeevaraj Gopal Pillai, Whole Time Director, Director - Sustainability, Ashok Chaturvedi, Chairman & Managing Director President - Flexible Packaging and New
Slide 53: Management Team
Management Team Professional Management with an Average Experience of > 25 Years in Business, Corporate, Project & Operational Excellence 30 Chandan Chattaraj, President, Human Resources (India and Global) 28 Amit Shah, Joint President and Chief Marketing Officer, Flexible • Three Decades of Experie
Slide 54: Shareholding Pattern – March 2025
Shareholding Pattern – March 2025 Historical Shareholding Pattern ( in %) Shareholding Categories Mar'24 Jun'24 Sep'24 Dec'24 Mar’25 Promoter Group 44.58 44.58 44.58 44.58 44.58 Others 24.50% FIIs, FPIs and FC 15.04 15.60 15.20 15.51 15.14 Promoter MF and AIF Group 0.28% 44.58% CBO, Insurance and FI
Slide 55: UFlex Group Holding Structure
UFlex Group Holding Structure CORPORATE STRUCTURE Integrated Flexible Packaging Solution Provider Outside India India 68% Business Holding Special Purpose Cultivation, Plastic Films International Sales & Sales & Sales & 59.17% activities incl. Vehicle for Freeze, Drying Manufac. & Holding Marketing-
Slide 56: Auditors Information
Auditors Information Locations Auditors India Lodha & Co LLP & Vijay Sehgal & Co. Dubai Shah & Al-shamali Associates Egypt BDO, Khaled & Co Poland BDO USA Crowe LLP Mexico Gutierrez Saldivar & Asociados Hungary BDO Nigeria PKF CIS Unicon JSC Process Auditor for UFlex Limited Group Ernst & Young (EY)
Slide 57: UFlex Limited
UFlex Limited Address: A – 107 - 108, Sector - IV,Noida - 201301 (U.P.), India. Phone No : +91 120 4012345 (30 Lines) | Fax No.: +91 120 2556040 Corporate ID :L74899DL1988PLC032166 Website: www.uflexltd.com IR Contact Mr. Surajit Pal Mr. Manoj Pandey Email: investorrelations@uflexltd.com