Slide 1: UFlex Limited Earnings Presentation
UFLEX LIMITED Earnings Presentation August 18, 2025 Stock Code: BSE – 500148, NSE – UFLEX Noida, India Common Stock Outstanding: 72.2mn as of June 30, 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, “In the first quarter of FY26, we navigated a challenging landscape shaped by cautious consumer sentiment, geopolitical tensions, and tariff-related uncertainties. Despite these headwinds, we remained focused on our strategic p
Slide 5: Industry Trends
Industry Trends Domestic International ➢ Packaging film prices remained volatile in Q1FY26; ➢ Tariff uncertainty weighs on market confidence and trade. Indian exports declined, while imports increased as ➢ Inventory drawdowns and tariff muted U.S. demand. prices became attractive by quarter-end. ➢ U
Slide 6: Consolidated Performance Snapshot – Q1FY26
Consolidated Performance Snapshot – Q1FY26 Q1FY26 Q1FY25 Q1FY26 Q1FY25 Revenue Capex Rs. 39,219 Mn Rs. 36,856 Mn (+1.2% QoQ, +6.4% YoY) (+5.4% QoQ, +12.4% YoY) Rs. 4,117 Mn Rs. 2,802 Mn Domestic: 44% Domestic: 43% International: 56% International: 57% Net Debt Norm. EBITDA* Rs. 4,698 Mn Rs. 4,682 Mn
Slide 7: Consolidated Performance Highlights – Q1FY26
Consolidated Performance Highlights – Q1FY26 Revenue rose to Rs. 39,219 million in Q1 FY26, driven by higher volumes, right product mix, better realizations in India and robust gains in Europe and CIS markets. key contributors were packaging film & vPET chips (+8.1% YoY gr) and Packaging business (+
Slide 8: Capex Update
Capex Update ➢ Incurred total project capex of Rs 4,117 million during the quarter, with major allocation to following four projects: Capex in Q1 FY26 a) Egypt: Rs. 1,694 million for the Aseptic packaging facility, b) Mexico: Rs. 441 million for the WPP bag manufacturing unit, c) India-Sanand: Rs 20
Slide 9: 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. Q1 FY26 India Dubai Egypt Nigeria CIS Poland Hungary USA Mexico 11% 6% 26% QoQ YoY Capacity Q1 FY26 Production (Utiliza
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 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) Q1 FY26 20% 41% 50,690 MTPQ Capacity Q1 FY26 Production (Utilizati
Slide 12: Global Manufacturing footprints
Global Manufacturing footprints 17 State-of-the-Art Manufacturing Facilities Strategically Located across 5 Continents and 9 Countries Overall Global Capacity of 1.3 mn+ MTPA: Ready to deliver Anywhere in the World within 15 Days Americas India Plant Capacity (MTPA) Capacity Plant US 30,000 (MTPA) M
Slide 13: 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 14: 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 2025 2029F 2025F 2029F USA 30.5 ; (1.8%) USA 35.5 ; (2.2%) USA 89.1
Slide 15: 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 Although recovering, EPR commitments to growth amidst global rural continues to promote sustainable challenges outpace urban demand packaging 15
Slide 16: Macro Economic Environment
Macro Economic Environment Global Growth Slowdown amid Policy Shifts India to Maintain Robust 6.5% Growth in FY26F 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 1.0 1.2 3.3 3.0 3.1 1.8 1.5 1.6 2.8 1.9 2.0 5.0 4.8 4.2 World Advanced US Euro Area China Eco
Slide 17: Evolving Consumption Trends
Evolving Consumption Trends Value continues to outpace Volume Growth Volume: Rural continue to surpass Urban Growth Rainfall Status: +3% LPA (1st June ’25 – 6th Aug ’25) FMCG growth % FMCG volume growth % in Rural & Urban 9.2% 13.9% 8.4% 8.4% 11.0% 10.2% 5.8% 4.9% 4.6% 6.3% 4.2% 6.0% 5.4% 5.1% 2.6%
Slide 18: BOPP and BOPET 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 19: Financial Summary
➢ Key Standalone Financial Performance Financial ➢ Key Consolidated Financial Performance Summary ➢ Consolidated Financial Overview
Slide 20: Standalone P&L Summary
Standalone P&L Summary Particulars (Rs. Mn.) Q1 FY26 Q4 FY25 Q1 FY25 QoQ YoY Revenue 20,755 20,117 18,741 3.2% 10.7% Expenditure 18,272 17,752 16,508 2.9% 10.7% EBITDA 2,483 2,365 2,233 5.0% 11.2% EBITDA Margin (%) 12.0% 11.8% 11.9% 20bps 10bps Depreciation and Amortization 794 791 795 0.5% (0.1%) F
Slide 21: 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 16.5% 11.9% 11.2% 11.6% 11.9% 12.0% 78,096 266,152 258,220 74,411 20,755 231,757 209,693 68,170 66,516 194,802 2,483 9,287 57,206 7,701 7,660 7,618 46,554 6,797 FY21 FY22 FY23 FY24 FY25
Slide 22: Consolidated P&L Summary
Consolidated P&L Summary* Particulars (Rs. Mn.) Q1 FY26 Q4 FY25 Q1 FY25 QoQ YoY Total Revenue 39,219 38,767 36,856 1.2% 6.4% Expenditure 34,431 34,012 32,422 1.2% 6.2% Normalized EBITDA 4,698 4,811 4,682 (2.3%) 0.3% Normalized EBITDA margin (%) 12.0% 12.4% 12.7% -43 bps -72 bps Fx currency (gain)/lo
Slide 23: 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 20.5% 17.1% 14.0% 11.9% 12.5% 12.0%* 463,620 599,259 587,118 599,616 647,499 170,504 1
Slide 24: Consolidated Revenue Split
Consolidated Revenue Split Q1FY26: Business-wise rev. split as a % of total rev. Q1FY25: Business-wise rev. split as a % of total rev. Packaging, Packaging, 28.9% Packaging Packaging 28.4% films, 63.2% Rs. 39,006 films, 62.2% Rs. 36,538 Million Million Engineering, Engineering, 99.5% 99.1% 2.1% 2.6%
Slide 25: Q1 FY26 EBITDA Bridge
Q1 FY26 EBITDA Bridge Normalized EBITDA Bridge (Q1FY25 vs Q1FY26) EBITDA improvement led by healthy performance in the packaging films and flexible packaging segment Increase Decrease Total 2,363 (1,009) (218) 4,788 4,698 4,434 (522) (259) (89) EBITDA Q1FY25 Revenue COGS Power & fuel Emp. exp. Other
Slide 26: Q1 FY26 EBITDA to Normalized PAT
Q1 FY26 EBITDA to Normalized PAT EBITDA to Normalized PAT (Q1FY26) BASIC EPS Q1 FY26 4,788 Weighted Av. No. of shares (millions) 72.2 Normalized earnings per share1 Rs. 8.03 (1,867) 933 0 933 (1,988) 580 0 580 (314) EBITDA D&A Finance Costs PBT (excl. excep.) Exceptional Items PBT Tax Expense PAT Ad
Slide 27: Consolidated Debt Profile
Consolidated Debt Profile Debt breakdown Split of gross debt as of Jun 2025 Particulars (Rs. Mn) Jun-2025 Mar-2025 Dec-2024 Sep-2024 Long Term 63,879 59,937 54,460 54,952 Working Capital and Working Capital and 22,027 21,223 17,781 14,605 Rs. 85,906 Short Term Short term debt Long term debt Million
Slide 28: 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 29: 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 30: 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% rPET Chips and Injection Molding Items made from rMLP Granules, are Paving the Way for a More Sustainable and Greener Tomorrow. ➢ Vision of Circularity Project Plastic Fix: Paving ➢ ‘Project Plastic Fix’ Contin
Slide 31: 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 32: 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 33: Project Plastic Fix Continues to Turn Waste into Wealth
Sustainability: 'Project Plastic Fix’ Continues to Turn Waste into Wealth 185 mn (2,569 MT) PET Bottles Recycled in Q1FY25 222 mn (3,084 MT) PET Bottles Recycled in Q1FY26 2,027 MT of MLP waste recycled in Q1FY25 and 2,526 MT in Q1FY26 180,875 units in Q1FY25 and 140,259 units in Q1FY26 of Core Plug
Slide 34: 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 35: 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 36: 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 37: Product Innovation – Chemicals (Inks & Adhesives)
Product Innovation – Chemicals (Inks & Adhesives) FLEXCOTE RE UV-LED Dual Cure Ink FLEXPACK 5680 UV-Curable Matt Coating 2250/FLEXCOTE 9081LE Series ▪ FLEXPACK 5680 is a ▪ FLEXCOTE RE 2250 / 9081LE ▪ Next-Gen UV-LED Dual Cure ▪ UFlex UV-Curable Matt polyurethane resin under is a high-performance, tw
Slide 38: Product Innovation – Flexible Packaging
Product Innovation – Flexible Packaging Security featured Alu-Alu Pierceable Lidding Anti-counterfeit Tubes FlexFresh Printed job Laminate ▪ Counterfeiting threatens ▪ A premium blister packaging ▪ Special Properties: ▪ A biodegradable packaging India's pharma industry, solution combining brand • St
Slide 39: Product Innovation – Packaging Films
Product Innovation – Packaging Films F-HHS B-THU-M F-PDC B-PHT High Seal Strength Outstanding barrier & PVDC-Coated BOPET Film White Voided Both Sides Polyester Film Robust Seal Metallized for High Barrier & See- treated Sealable BOPP Film BOPP Film Through Packaging ▪ B-PHT is a high-yield, white ▪
Slide 40: Business at a Glance
➢ An overview Business ➢ Journey so far at a Glance ➢ Customer relationship ➢ One stop shop for packaging solutions
Slide 41: An Overview
An Overview Rich Legacy of 40 Years in Providing Packaging Solutions to our Partners 1985 17 Established Manufacturing Units 5000+ 1,313,510 MTPA1 Customer Base Global Capacity* Presence Across 150+ 10,000+ Workforce Countries 7bn+ 74,317 MTPA 5.4 bn+ 69,730 MTPA 300 mn+ 1,090 mn+ PCR PET2 Bottles C
Slide 42: 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 43: 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 44: 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 Chips Adhesives Lids and
Slide 45: 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 46: Management & Shareholders Information
➢ Management Team Management & ➢ Shareholding Pattern Shareholders Information ➢ Auditors Information
Slide 47: 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 48: 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 49: Shareholding Pattern – June 2025
Shareholding Pattern – June 2025 Historical Shareholding Pattern ( in %) Shareholding Categories Jun'24 Sep'24 Dec'24 Mar’25 Jun’25 Promoter Group 44.58 44.58 44.58 44.58 44.58 Others 24.36% FIIs, FPIs and FC 15.60 15.20 15.51 15.14 15.19 Promoter MF and AIF Group 0.28% 44.58% CBO, Insurance and FI
Slide 50: 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 & Investment Investment 59.17% activities incl. Vehicle for Freeze, Drying Manufac
Slide 51: 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 52: 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