Slide 1: Cover letter: Revised Earnings Presentation
UFLEX/SEC/2025/ November 16, 2025 The National Stock Exchange of India Limited The BSE Limited Exchange Plaza, 5th Floor Corporate Relationships Department Plot No.C/l, G-Block 1st Floor, New Trading Ring, Bandra-Kurla Complex Rotunda Building, P J Towers, Bandra (E), Dalal Street, Fort, Mumbai – 40
Slide 2: UFLEX Limited Earnings Presentation
UFLEX LIMITED Earnings Presentation November 14, 2025 Stock Code: BSE – 500148, NSE – UFLEX Noida, India Common Stock Outstanding: 72.2mn as of Sept 30, 2025
Slide 3: 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 4: 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 5: Chairman's Message
Chairman’s Message Mr. Ashok Chaturvedi, Chairman and Managing Director, “Q2 FY26 was marked by tariff disruptions, GST transition, and a prolonged monsoon, which had an impact on operations. However, on a positive note, the tariff issues are likely to be settled soon, and GST rationalization will s
Slide 6: Industry Trends
Industry Trends Domestic International ➢ Packaging SKU and raw material (PET Chips/Films) ➢ Evolving U.S. tariff environment has created uncertainty, leading demand stayed subdued this quarter due to disruptions to cautious business sentiment, delayed purchase orders and caused by GST transition. De
Slide 7: Consolidated Performance Highlights – Q2FY26
Consolidated Performance Highlights – Q2FY26 Revenue grew 3.2% YoY to Rs. 77,828 million in H1 FY26, supported by 2.0% YoY sales volume growth; however, Q2 FY26 revenue remained flat YoY at Rs 38,610 million reflecting lower sales volumes and softer realizations in Q2 FY26, particularly in the BOPET
Slide 8: Capex Update
Capex Update Capex in Q2 FY26 ➢ Incurred total capex of Rs ~4,897 million during the quarter, with major allocation to following three projects: a) Egypt: Rs. 1,173 million for the Aseptic packaging facility, b) Mexico: Rs. 761 million for the WPP bag manufacturing unit, and c) India-Noida: Rs. 380
Slide 9: Consolidated Performance Snapshot – Q2 and H1FY26
Consolidated Performance Snapshot – Q2 and H1FY26 Q2FY26 H1FY26 Q2FY26 H1FY26 Revenue Capex Rs. 38,610 Mn Rs. 77,828 Mn (-1.6% QoQ, flat YoY) (+3.2% YoY) Rs. 4,897 Mn Rs. 9,014 Mn Domestic: 44% Domestic: 44% International: 56% International: 56% Net Debt Norm. EBITDA* Rs. 3,895 Mn Rs. 8,593 Mn Rs. 7
Slide 10: 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. Q2 FY26 India Dubai Egypt Nigeria CIS Poland Hungary USA Mexico 12% 6% 27% QoQ YoY Capacity Q2 FY26 Production (Utiliza
Slide 11: 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 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) Q2 FY26 24% 32% 45,603 MTPQ Capacity Q2 FY26 Production (Utilizati
Slide 13: 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 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: 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 Rural continues to Steady economic grow faster than urban EPR commitments to growth amidst global Metros performance is promote sustainable challenges improving packaging 14
Slide 16: 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 17: Macro Economic Environment
Macro Economic Environment Global Growth Slowdown amid Policy Shifts India to Maintain Robust 6.8% 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 6.8 0.9 1.2 1.1 3.3 3.2 3.1 1.8 1.6 1.6 2.8 2.0 2.1 5.0 4.8 4.2 World Advanced US Euro Area China Eco
Slide 18: Interplay of Inflation, Non-Durables, and FMCG in Packaging
Interplay of Inflation, Non-Durables, and FMCG in Packaging Value continues to outpace Volume Growth Volume: Rural continue to surpass Urban Growth Rainfall Status: +108% LPA (1st June ’25 – 30th Sep ’25) FMCG growth % FMCG volume growth % in Rural & Urban 9.2% 13.9% 8.4% 8.4% 12.9% 7.7% 11.0% 10.2%
Slide 19: Elevated BOPP and BOPET Imports Weigh on Prices in Q2 FY26
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.) Q2 FY26 Q1 FY26 Q2 FY25 QoQ YoY H1 FY26 H1 FY25 YoY Revenue 19,579 20,755 19,690 (5.7%) (0.6%) 40,334 38,430 5.0% Expenditure 17,626 18,272 17,538 (3.5%) 0.5% 35,898 34,046 5.4% EBITDA 1,953 2,483 2,152 (21.3%) (9.2%) 4,436 4,384 1.2% EBITDA Margin (%) 10
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 16.5% 11.9% 11.2% 11.6% 11.9% 11.0% 40,334 78,096 4,436 231,757 266,152 258,220 209,693 68,170 66,516 194,802 190,347 9,287 57,206 7,701 7,660 7,618 46,554 6,797 FY21 FY22 FY23 FY24 FY25
Slide 23: Consolidated P&L Summary
Consolidated P&L Summary Particulars (Rs. Mn.) Q2 FY26 Q1 FY26 Q2 FY25 QoQ YoY H1 FY26 H1 FY25 YoY Total Revenue 38,610 39,219 38,595 (1.6%) 0.0% 77,828 75,451 3.2% Expenditure 34,422 34,431 34,409 (0.0%) 0.0% 68,853 66,831 3.0% Normalized EBITDA 3,895 4,698 4,446 (17.1%) (12.4%) 8,593 9,128 (5.9%)
Slide 24: 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% 11.0% 463,620 599,259 587,118 599,616 647,499 331,665 14
Slide 25: Consolidated Revenue Split
Consolidated Revenue Split Q2FY26: Business-wise rev. split as a % of total rev. Q2FY25: Business-wise rev. split as a % of total rev. Packaging, 27.9% Packaging, Packaging Packaging 26.6% films, 63.0% Rs. 38,320 films, 64.3% Rs. 38,334 Million Engineering, Million 99.2% 99.3% Engineering, 2.9% 2.4%
Slide 26: Consolidated Debt Profile
Consolidated Debt Profile Debt breakdown Split of gross debt as of Sep 2025 Particulars (Rs. Mn) Sep-2025 Jun-2025 Mar-2025 Dec-2024 Long Term 67,835 63,879 59,937 54,460 Working Capital and Working Capital and 44,725 22,027 21,223 17,781 Rs. 90,896 Short Term Short term debt Long term debt Million
Slide 27: Consolidated Balance Sheet as of September 30, 2025
Consolidated Balance Sheet as of September 30, 2025 As on 30th As on 31st As on 30th As on 31st Particulars (Rs. Mn) Particulars (Rs. Mn) Sept 2025 Mar 2025 Sept 2025 Mar 2025 Assets Equity and Liabilities Non-current assets Equity Property, plant and equipment 84,290 81,664 Equity Share Capital 722
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 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 385 mn (5,345 MT) PET Bottles Recycled in H1FY25 372 mn PET Bottles Recycled in H1FY26 3,773 MT of MLP waste recycled in H1FY25 and 4,940 MT in H1FY26 100+ Product Variants, 6 Facilities Operational Since 1995 Marching Towards
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) (1/2)
Product Innovation – Chemicals (Inks & Adhesives) (1/2) FLEXCOTE HSLV 1170/FL- FLEXCOTE RE 2250/ FLEXCOAT SOFT TOUCH FLEXCURE NW FLEXO SCRATCH- FLEXPAK 5300 OFF SILVER INK and COATING HF0200 FLEXCOTE 9081L COATING-1034 ▪ Developed a 2K solvent- ▪ Developed a 2K solvent-based ▪ A high-solid PU resin
Slide 38: Product Innovation – Chemicals (Inks & Adhesives) (2/2)
Product Innovation – Chemicals (Inks & Adhesives) (2/2) FLEX AQUALABLE INK CI FLEXGLIDE CTP INK CI FLEXSHEEN DP INKS ▪ Developed for surface printing ▪ NC-PU based non-toluene & ▪ NC-PU based non-toluene & application, these inks are non-ketone ink system non-ketone ink system suitable for narrow we
Slide 39: Product Innovation – Flexible Packaging
Product Innovation – Flexible Packaging Ginegar – Breathable cover New Packaging for New Gel Laminate Structure: Sutaria in Agricultural Field Based Hair Dye Foods Vakooz Healthy Snacks ▪ UFlex has been its first ▪ An innovative packaging ▪ Easy-peel top lid with MET- supplier, supplying 3MT solutio
Slide 40: Product Innovation – Packaging Films
Product Innovation – Packaging Films B-TVU-M C-CGB-M B-DSC-PA Outstanding Barrier Metallized Outstanding barrier Metallized CPP One side PVOH and Other Side BOPP Film film Acrylic Coated BOPP Film ▪ Metallized film offering superior ▪ High-barrier metallized CPP film ▪ A transparent BOPP film offeri
Slide 41: Product Innovation – Printing Cylinder (Laser Engraving Machine)
Product Innovation – Printing Cylinder (Laser Engraving Machine) Woven Starburst Pattern on Aluminum Composite Gikgo Leaves Pattern on Golden Python Glaze Laser Embossing Effect original leather Panels original leather Pattern on original leather ▪ Elegant and sophisticated ▪ The design features a t
Slide 42: Business at a Glance
➢ An overview Business ➢ Journey so far at a Glance ➢ Customer relationship ➢ One stop shop for packaging solutions
Slide 43: 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 44: 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 45: 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 46: 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 47: Management & Shareholders Information
➢ Management Team Management & ➢ Shareholding Pattern Shareholders Information ➢ Auditors Information
Slide 48: 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 49: Shareholding Pattern – September 2025
Shareholding Pattern – September 2025 Historical Shareholding Pattern ( in %) Shareholding Categories Sep'24 Dec'24 Mar’25 Jun’25 Sep’25 Promoter Group 44.58 44.58 44.58 44.58 44.58 Others 24.15% FIIs, FPIs and FC 15.20 15.51 15.14 15.19 15.31 Promoter MF and AIF Group 0.28% 44.58% CBO, Insurance an
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