Uflex Limited · NSE:UFLEX
Uflex — Q3 FY2026 Earnings Presentation
52 slides from Uflex's earnings presentation, Feb 16, 2026
Slide 1: UFlex Limited Earnings Presentation
UFLEX LIMITED Earnings Presentation February 16, 2026 Stock Code: BSE – 500148, NSE – UFLEX Noida, India Common Stock Outstanding: 72.2mn as of Dec 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, UFlex Group, said, “The packaging industry remains on a strong growth path, supported by rising consumption, GST rationalisation, and an expanding organised retail sector, alongside a growing shift toward value-added and sustai
Slide 5: Industry Trends
Industry Trends Domestic International ➢ Recent inventory liquidation weighing on FMCG packaging ➢ The Americas markets witnessed demand softness due to the SKUs and related raw material demand; structural growth U.S. government shutdown, lower food and non-food CPG intact, supported by consumption,
Slide 6: Consolidated Performance Snapshot – Q3 and 9MFY26
Consolidated Performance Snapshot – Q3 and 9MFY26 Q3FY26 9MFY26 Q3FY26 9MFY26 Revenue Capex Rs. 36,329 Mn. Rs. 114,157 Mn. (-5.9% QoQ, -3.8% YoY) (+0.8% YoY) Rs. 4,342 Mn Rs. 13,356 Mn Domestic: 44% Domestic: 44% International: 56% International: 56% Net Debt Norm. EBITDA* Rs. 4,395 Mn. Rs. 12,988 M
Slide 7: Consolidated Performance Highlights – Q3 & 9MFY26
Consolidated Performance Highlights – Q3 & 9MFY26 Revenue grew 0.8% YoY to Rs. 114,157 mn in 9M FY26, supported by 0.1% YoY sales volume growth; Q3 FY26 revenue was Rs. 36,329 mn (-5.9% QoQ , -3.8% YoY), impacted by lower P. film volumes (-6.8% YoY) & realizations. India volumes fell 9.1% YoY due to
Slide 8: Capex Update
Capex Update ➢ Incurred total capex of Rs 4,342 million during the quarter, with major allocation to following four projects: Capex in Q3 FY26 a) Egypt: Rs. 722 million for the Aseptic packaging facility, b) Mexico: Rs. 130 million for the WPP bag manufacturing unit, c) Noida sector-155, India: Rs.
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. Q3 FY26 India Dubai Egypt Nigeria CIS Poland Hungary USA Mexico 12% 22% 7% QoQ YoY Capacity Q3 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) Q3 FY26 30% 30% 44,507 MTPQ Capacity Q3 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 Resins & Moulding Base Packaging Films Value Added Packaging Films Value Added Products (VAP) Locations 4,58,317 MTPA 6,36,160 MTPA 2,66,000 MTPA (Capacities Ultra Chemicals Aseptic Data a
Slide 14: Evolving End-Use Landscape of Packaging and Packaging Films
Evolving End-Use Landscape of Packaging and Packaging Films 01 02 03 STEADY FMCG SUSTAINABLE ECONOMIC DEMAND PACKAGING GROWTH Food-Grade recycled GST transition dampens plastic usage shortfall Steady economic volume growth amid allowed 3-Year growth amidst global ongoing partial inventory carryforwa
Slide 15: Macro Economic Environment
Macro Economic Environment Global Economy Steady amid Divergent Forces India to Maintain Robust 7.4% 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 7.4 6.5 6.5 0.9 1.4 1.3 3.3 3.3 3.3 1.8 1.7 1.8 2.8 2.1 2.4 5.0 5.0 4.5 World Advanced US Euro Area China E
Slide 16: Interplay of Inflation, Non-Durables, and FMCG in Packaging
Interplay of Inflation, Non-Durables, and FMCG in Packaging GST transition dampens volume growth Volume: Rural continue to surpass Urban Growth Rainfall Status: +108% LPA (1st Oct ’25 – 31st Dec ’25) FMCG growth % FMCG volume growth % in Rural & Urban 9.1% 13.8% 8.3% 8.4% 13.0% 7.7% 10.8% 10.1% 7.8%
Slide 17: Pricing Trends of Packaging Films and Related Commodities
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 18: Financial Summary
➢ Key Standalone Financial Performance Financial ➢ Key Consolidated Financial Performance Summary ➢ Consolidated Financial Overview
Slide 19: Standalone P&L Summary
Standalone P&L Summary Particulars (Rs. Mn.) Q3 FY26 Q2 FY26 Q3 FY25 QoQ % YoY % 9M FY26 9M FY25 YoY % Revenue 18,313 19,579 19,549 (6.5) (6.3) 58,647 57,979 1.2 Expenditure 16,300 17,626 17,012 (7.5) (4.2) 52,198 51,057 2.2 EBITDA 2,014 1,953 2,538 3.1 (20.6) 6,450 6,922 (6.8) EBITDA Margin (%) 11.
Slide 20: 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% 78,096 268,922 231,757 266,152 258,220 68,170 209,693 58,647 66,516 194,802 9,287 57,206 7,701 7,660 7,618 46,554 6,450 6,797 FY21 FY22 FY23 FY24 FY
Slide 21: Consolidated P&L Summary
Consolidated P&L Summary Particulars (Rs. Mn.) Q3 FY26 Q2 FY26 Q3 FY25 QoQ % YoY % 9M FY26 9M FY25 YoY % Total Revenue 36,329 38,610 37,775 (5.9) (3.8) 114,157 113,226 0.8 Expenditure 31,733 34,422 32,806 (7.8) (3.3) 100,586 99,638 1.0 Normalized EBITDA 4,395 3,895 5,239 12.8 (16.1) 12,988 14,368 (9
Slide 22: 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% 11.4% 463,620 599,259 587,118 599,616 647,499 482,910 14
Slide 23: Consolidated Revenue Split
Consolidated Revenue Split Q3FY26: Business-wise rev. split as a % of total rev. Q3FY25: Business-wise rev. split as a % of total rev. Packaging, 38.0% Packaging, Packaging 27.1% Packaging Rs. 36,120 films, 63.8% Rs. 37,347 films, 52.7% Million Engineering, Million 99.4% 98.9% Engineering, 3.2% 2.0%
Slide 24: Consolidated Debt Profile
Consolidated Debt Profile Debt breakdown Split of gross debt as of Dec. 25 Particulars (Rs. Mn) Dec-2025 Sep-2025 Jun-2025 Mar-2025 Long Term 69,986 67,835 63,879 59,937 Working Capital and Long term debt 24,561 44,725 22,027 21,223 Short Term 69,986 Rs. 94,546 Total Debt 94,546 90,896 85,906 81,160
Slide 25: Consolidated Financial Overview (1/2)
Consolidated Financial Overview (1/2) H1FY26 Key Financials Ratios FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 TTM 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% 12.0% Normalized EBITDA 12.2% 12.4% 14.5% 14.2% 13.1% 12.7% 14.7% 20.0% 17.1% 14.0%
Slide 26: Consolidated Financial Overview (2/2)
Consolidated Financial Overview (2/2) Key Financials H1FY26 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 Ratios TTM 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 1.00 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 4.18 N
Slide 27: 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 28: 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 29: 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 30: Project Plastic Fix Continues to Turn Waste into Wealth
Sustainability: 'Project Plastic Fix’ Continues to Turn Waste into Wealth 121 mn PCR PET Bottles Recycled in Q3 FY26 493 mn PCR PET Bottles Recycled in 9MFY26 2,545 MT of PCR MLP waste recycled in Q3 FY26 and 7,485 MT in 9MFY26 100+ Product Variants, 6 Facilities Operational Since 1995 Marching Towa
Slide 31: Recycling Plants Across Geographies
Recycling Plants Across Geographies Global India Mexico Noida Particulars Capacity(MTPA) Particulars Capacity(MTPA) PCR PET Chips PCR PET Chips (US FDA approved for food-contact 15,000 (US FDA & FSSAI approved for 10,020 applications) food-contact applications) rMLP Granules 6,000 rMLP Granules 9,60
Slide 32: 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 33: 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 34: Product Innovation – Chemicals (Inks & Adhesives) (1/2)
Product Innovation – Chemicals (Inks & Adhesives) (1/2) FLEXCOAT SOFT TOUCH FLEXGREEN NW UV – LED FLEXCURE OFFSET FLEXCURE LAMITUBE COATING-1035 LAMINATING ADHESIVE (NY) GLOSS COATING INVISIBLE INKS ▪ This is primarily ▪ FLEXGREEN NW UV-LED Non- ▪ FLEXGREEN Offset Invisible ▪ FLEXCURE UV curable hig
Slide 35: Product Innovation – Chemicals (Inks & Adhesives) (2/2)
Product Innovation – Chemicals (Inks & Adhesives) (2/2) WATER BASED CI FLEXSHEEN PP CI FLEXO 2 K MATT BLISTER COATING EXTRUSION CORRUGATION ASEPTIC INK CI FLEXGLIDE HD LAMINATION INK CHEMICAL OPV CHEMICAL INK CHEMICAL Water based Aseptic ink CI FLEXGLIDE HD ink CI FLEXSHEEN PP ink Successful trial d
Slide 36: Product Innovation – Flexible Packaging
Product Innovation – Flexible Packaging Kerry Ingredients - Mondelez India Foods Pvt MILLD Wheat Atta 1KG 3D Allana MMC Chicken Products Sustainable (monolayer) Ltd – Lotus Biscoff Biscuit Pouch packaging solution Mondelez India has officially Allana MMC Chicken Nuggets 1kg, Specifications launched
Slide 37: Product Innovation – Holography
Product Innovation – Holography Window Holographic Film Lens Foil on Cigarette Tipping We at Uflex have successfully deployed a first-of-its- A cost-efficient holographic film with precise kind Lens Foil application on individual cigarette registration, enabling transparent windows for sticks in Ind
Slide 38: Product Innovation – Packaging Films
Product Innovation – Packaging Films C-CGB F-PPP B-HBR Transparent, coated CPP film with high- PVDC-coated BOPET film offering excellent B-HBR is a functionally coated with high heat barrier coating on one side for enhanced heat resistance, suitable for pasteurization resistance surface with excepti
Slide 39: Business at a Glance
➢ An overview Business ➢ Journey so far at a Glance ➢ Customer relationship ➢ One stop shop for packaging solutions
Slide 40: An Overview
An Overview Rich Legacy of 40 Years in Providing Packaging Solutions to our Partners 1985 17 Established Manufacturing Units 5000+ 1,351,910 MTPA1 Customer Base Global Capacity* Presence Across 150+ 10,000+ Workforce Countries 12bn 74,317 MTPA 5.4 bn+ 69,730 MTPA 300 mn+ 1,090 mn+ PCR PET2 Bottles C
Slide 41: 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 42: 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 43: 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 44: 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 45: Management & Shareholders Information
➢ Management Team Management & ➢ Shareholding Pattern Shareholders Information ➢ Auditors Information
Slide 46: 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, President - Flexible Ashok Chaturvedi, Chairman & Managing Director Packaging and New Product Development and Di
Slide 47: Management Team
Management Team Professional Management with an average experience of > 25 Years in Business, Corporate, Project & Operational Excellence 28 Vinod Hariharan, Executive Vice President, Holography Business 30 Chandan Chattaraj, President, Human Resources (India and Global) • Brings over 28 years of ex
Slide 48: Shareholding Pattern – September 2025
Shareholding Pattern – September 2025 Historical Shareholding Pattern ( in %) Shareholding Categories Dec'24 Mar’25 Jun’25 Sep’25 Dec’25 Promoter Group 44.58 44.58 44.58 44.58 44.58 Others 24.09% FIIs, FPIs and FC 15.51 15.14 15.19 15.31 16.55 Promoter MF and AIF Group 0.28% 44.58% CBO, Insurance an
Slide 49: 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 50: Auditors Information
Auditors Information Locations Auditors India Lodha & Co LLP & Vijay Sehgal & Co. Dubai Shah & Al-shamali Associates Egypt BDO, Khaled & Co Poland KPMG Audyt Spółka z ograniczoną odpowiedzialnością sp.k. USA Crowe LLP Mexico Gutierrez Saldivar & Asociados Hungary BDO Nigeria PKF CIS Unicon JSC Proce
Slide 51: Foreign Exchange Exposure
Foreign Exchange Exposure Q3 FY26 FY 2024-25 FY 2023-24 FY 2022-23 FY 2021-22 Closing Average Closing Average Closing Average Closing Average Closing Average USD to INR 89.92 89.18 85.58 84.54 83.37 82.75 82.22 80.33 75.81 74.33 GBP to INR 121.02 118.38 110.74 107.98 105.29 103.96 101.87 97.07 99.55
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