Quick Ratios
Quarterly Results
Profit & Loss
Balance Sheet
Cash Flow
Ratios
Mkt Cap
Market Capitalization
₹1,359Cr
Packaging - FMCG/Consumers
Rev Gr TTM
Revenue Growth TTM
-2.05%
Peer Comparison
Compare up to 10 companies side by side across valuation, profitability, and growth.

HUHTAMAKI
VS
| Quarter | Mar 2023 | Jun 2023 | Sep 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Mar 2025 | Jun 2025 | Sep 2025 |
|---|
|
Growth YoY Revenue Growth YoY% | -9.2 | -21.6 | -13.9 | -12.8 | -7.8 | 2.9 | -1.5 | 2.5 | 0.0 | -4.3 | -4.3 | 0.6 |
| 610 | 582 | 617 | 546 | 569 | 607 | 634 | 593 | 571 | 570 | 569 | 569 |
Operating Profit Operating ProfitCr |
| 7.8 | 6.4 | 6.9 | 9.6 | 6.7 | 5.0 | 2.8 | 4.2 | 6.3 | 7.0 | 8.9 | 8.7 |
Other Income Other IncomeCr | 6 | 0 | 3 | 376 | 8 | 36 | 15 | 6 | 12 | 7 | 9 | 8 |
Interest Expense Interest ExpenseCr | 7 | 10 | 8 | 6 | 5 | 5 | 5 | 3 | 3 | 3 | 3 | 8 |
Depreciation DepreciationCr | 16 | 12 | 11 | 11 | 10 | 12 | 12 | 14 | 13 | 13 | 13 | 14 |
| 35 | 18 | 30 | 416 | 35 | 51 | 16 | 15 | 35 | 33 | 49 | 41 |
| 0 | 4 | -2 | 89 | 9 | 12 | 4 | 3 | 9 | 8 | 12 | 11 |
|
Growth YoY PAT Growth YoY% | 44.2 | 77.4 | 80,575.0 | 1,844.3 | -26.7 | 166.5 | -63.7 | -96.4 | 0.5 | -35.3 | 214.0 | 159.2 |
| 5.4 | 2.3 | 4.9 | 54.2 | 4.3 | 6.0 | 1.8 | 1.9 | 4.3 | 4.1 | 5.9 | 4.9 |
| 4.7 | 1.9 | 4.3 | 43.4 | 3.5 | 5.1 | 1.6 | 1.6 | 3.5 | 3.3 | 4.9 | 4.0 |
| Financial Year | Dec 2014 | Dec 2015 | Dec 2016 | Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|
|
| | 1.4 | 89.5 | -2.3 | 11.2 | 9.0 | -4.6 | 6.6 | 13.6 | -14.5 | -1.1 | -2.0 |
| 1,034 | 1,031 | 1,933 | 1,913 | 2,148 | 2,289 | 2,229 | 2,516 | 2,826 | 2,355 | 2,404 | 2,279 |
Operating Profit Operating ProfitCr |
| 8.9 | 10.4 | 11.4 | 10.3 | 9.3 | 11.3 | 9.5 | 4.2 | 5.3 | 7.6 | 4.7 | 7.7 |
Other Income Other IncomeCr | 9 | 13 | 15 | 14 | 17 | 17 | 8 | -22 | 17 | 385 | 65 | 36 |
Interest Expense Interest ExpenseCr | 0 | 25 | 37 | 32 | 39 | 21 | 26 | 27 | 32 | 31 | 18 | 17 |
Depreciation DepreciationCr | 36 | 39 | 93 | 85 | 85 | 87 | 98 | 92 | 86 | 49 | 47 | 52 |
| 81 | 68 | 133 | 115 | 114 | 202 | 118 | -32 | 56 | 500 | 117 | 158 |
| 17 | 19 | 52 | 51 | 79 | 32 | 22 | -9 | 6 | 90 | 29 | 40 |
|
| | -24.0 | 66.0 | -22.0 | -45.2 | 387.4 | -43.5 | -123.6 | 318.8 | 725.2 | -78.5 | 34.3 |
| 5.7 | 4.3 | 3.7 | 3.0 | 1.5 | 6.6 | 3.9 | -0.9 | 1.7 | 16.1 | 3.5 | 4.8 |
| 9.7 | 6.8 | 10.8 | 8.4 | 4.6 | 22.5 | 12.7 | -3.0 | 6.6 | 54.2 | 11.7 | 15.7 |
| Financial Year | Dec 2014 | Dec 2015 | Dec 2016 | Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|
Equity Capital Equity CapitalCr | 15 | 15 | 15 | 15 | 15 | 15 | 15 | 15 | 15 | 15 | 15 | 15 |
| 549 | 572 | 495 | 534 | 541 | 682 | 750 | 701 | 742 | 1,135 | 1,178 | 1,278 |
Current Liabilities Current LiabilitiesCr | 223 | 262 | 513 | 476 | 489 | 697 | 632 | 822 | 739 | 585 | 577 | 548 |
Non Current Liabilities Non Current LiabilitiesCr | 22 | 438 | 423 | 410 | 406 | 120 | 186 | 270 | 254 | 265 | 166 | 163 |
Total Liabilities Total LiabilitiesCr |
Current Assets Current AssetsCr | 541 | 534 | 922 | 943 | 889 | 943 | 914 | 1,100 | 1,062 | 1,261 | 1,190 | 1,304 |
Non Current Assets Non Current AssetsCr | 268 | 753 | 523 | 492 | 562 | 572 | 669 | 708 | 688 | 740 | 747 | 700 |
Total Assets Total AssetsCr |
| Financial Year | Dec 2015 | Dec 2016 | Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|
Operating Cash Flow Operating Cash FlowCr | 136 | 166 | 96 | 101 | 285 | 169 | -28 | 133 | 274 | 142 | 238 |
Investing Cash Flow Investing Cash FlowCr | -482 | 0 | 5 | -30 | -88 | -73 | -56 | -90 | 40 | -77 | -156 |
Financing Cash Flow Financing Cash FlowCr | 346 | -150 | -87 | -68 | -200 | -74 | 49 | -32 | -211 | -161 | -36 |
|
Free Cash Flow Free Cash FlowCr | 109 | 143 | 34 | 39 | 229 | 126 | -104 | 41 | 182 | 81 | 184 |
| 276.4 | 204.2 | 151.0 | 290.0 | 167.3 | 176.4 | 122.0 | 267.2 | 66.8 | 161.8 | 201.3 |
CFO To EBITDA CFO To EBITDA% | 112.9 | 67.0 | 44.0 | 45.7 | 97.1 | 72.5 | -25.4 | 84.5 | 140.5 | 121.3 | 124.6 |
| Financial Year | Dec 2014 | Dec 2015 | Dec 2016 | Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|
Valuation Ratios Valuation Ratios |
Market Cap Market CapitalizationCr | 1,314 | 1,743 | 1,760 | 2,671 | 1,465 | 1,860 | 2,361 | 1,720 | 1,502 | 2,164 | 2,057 | 1,598 |
Price To Earnings Price To Earnings | 21.7 | 35.5 | 21.6 | 42.0 | 42.0 | 10.9 | 24.6 | 0.0 | 30.3 | 5.3 | 23.4 | 13.5 |
Price To Sales Price To Sales | 1.2 | 1.5 | 0.8 | 1.3 | 0.6 | 0.7 | 1.0 | 0.7 | 0.5 | 0.8 | 0.8 | 0.7 |
Price To Book Price To Book | 2.3 | 3.0 | 3.5 | 4.9 | 2.6 | 2.7 | 3.1 | 2.4 | 2.0 | 1.9 | 1.7 | 1.2 |
| 13.0 | 17.7 | 8.6 | 13.8 | 8.2 | 7.1 | 11.1 | 18.8 | 11.9 | 10.8 | 17.3 | 7.6 |
Profitability Ratios Profitability Ratios |
| 27.5 | 30.5 | 32.7 | 33.0 | 32.1 | 33.7 | 34.5 | 28.7 | 26.8 | 31.9 | 31.0 | 34.0 |
| 8.9 | 10.4 | 11.4 | 10.3 | 9.3 | 11.3 | 9.5 | 4.2 | 5.3 | 7.6 | 4.7 | 7.7 |
| 5.7 | 4.3 | 3.7 | 3.0 | 1.5 | 6.6 | 3.9 | -0.9 | 1.7 | 16.1 | 3.5 | 4.8 |
| 14.1 | 9.5 | 18.6 | 15.6 | 16.0 | 23.1 | 13.6 | -0.4 | 7.6 | 37.8 | 10.0 | 12.2 |
| 11.5 | 8.4 | 16.0 | 11.6 | 6.3 | 24.4 | 12.6 | -3.2 | 6.6 | 35.6 | 7.4 | 9.1 |
| 8.0 | 3.8 | 5.6 | 4.4 | 2.4 | 11.2 | 6.1 | -1.3 | 2.8 | 20.5 | 4.5 | 5.9 |
Operational Ratios Operational Ratios |
Solvency Ratios Solvency Ratios |
Liquidity Ratios Liquidity Ratios |
### **Overview**
**Huhtamaki India Limited**, a subsidiary of Finland-based **Huhtamaki Oyj**, is a leading provider of **flexible packaging, decorative labelling solutions, and laser-engraved cylinders** in India. As part of the global Huhtamaki Group — a company with over 100 years of heritage and operations in 36 countries — Huhtamaki India leverages global synergies in technology, R&D, and sustainability to serve a diverse base of FMCG, foodservice, and pharmaceutical clients across India and 70+ export markets.
The company is strategically transforming from a traditional packaging converter into a **sustainable packaging solutions provider**, with innovation, digitalization, and circularity at the core of its long-term vision.
---
### **Market Position & Competitive Landscape**
*(As of Jul 2025)*
- Huhtamaki positions itself as an **innovation leader** in the **highly commoditized Indian flexible packaging market**, where low entry barriers and improved technology access have led to increasing fragmentation.
- Despite rising competition, the company maintains a **first-mover technological advantage** through continuous innovation and integration with global capabilities.
- It is actively addressing customer-driven complexity — such as demand for **smaller SKUs and lower price points** — by optimizing manufacturing networks and focusing on high-opportunity segments.
---
### **Strategic Focus: 2030 Vision**
Huhtamaki’s **2030 strategy** aims to make it the **preferred global provider of sustainable packaging solutions** through:
- **100% recyclable, reusable, or compostable packaging** by 2030.
- Productivity-led growth via **digital transformation** and **World-Class Operations (WCO)**.
- Expansion into **high-barrier, niche, and sustainable packaging** segments.
- Strengthening leadership in **emerging, e-commerce-driven, and rural markets**.
India is a strategic growth engine, viewed not only as a high-potential domestic market but also as an **export hub** for Africa, the Middle East, and Southeast Asia.
---
### **Core Business Segments**
*(As of Apr 2024)*
1. **Flexibles**:
- Lightweight, customized flexible packaging for food & beverages, pet food, home & personal care, healthcare, and industrial applications.
- Offers barrier, retort, and recyclable packaging; dominant in sachets, stand-up pouches, spouted pouches, and thermoform solutions.
2. **Labels**:
- High-quality **pressure-sensitive, digital, and metallised labels** that enhance brand visibility and consumer engagement.
- Uses advanced **digital printing (HP Indigo)** for mass customization and promotional campaigns.
3. **Cylinders**:
- Global leader in **laser-engraved rotogravure cylinders**, supporting high-end printing precision.
- Advanced prepress and digital engraving tech enable tactile, embossed, and secure packaging.
---
### **Geographical Presence & Operations**
*(Updated Apr 2025)*
- **10 manufacturing facilities** strategically located across India (down from 15–16 in earlier periods, reflecting consolidation).
- One **DSIR-recognized R&D center** in **Khopoli, Maharashtra**.
- **Pan-India coverage** across all 28 states and 8 Union Territories.
- Exports to **70+ countries** across Europe, Africa, Oceania, Southeast Asia, North and South America.
- **Exports account for 31% of total turnover**, with India being one of the few Indian packaging players serving Central and South America.
---
### **Innovation & Sustainability: The blueloop™ Platform**
*(Apr–Jul 2025)*
The **blueloop™ initiative** is Huhtamaki India’s flagship **enterprise-wide brand for sustainable packaging**, central to its 2030 vision. Key highlights:
#### **blueloop™ Product Portfolio**
| Solution | Material | Key Features |
|--------|--------|-------------|
| **blueloop™ PE** | Up to 95% mono-PE | Ultra-high barrier (via **OmniLock™ PE**), recyclable, available in transparent, super white, metallised finishes |
| **blueloop™ PP Retort** | >90% mono-PP | Sterilizable, retortable, used in pet food, healthcare, food packaging |
| **blueloop™ PO** | Up to 90% PE | Plug-and-play replacement for complex laminates; compatible with existing PE recycling streams |
| **blueloop™ Paper** | 90% paper content | Fully recyclable, high-barrier, suitable for dry foods, snacks, beverages |
| **blueloop™ Tube** | Mono-material (PE/PP) with recycled/bio-based content | Recyclable tubes for beauty, oral, and pharmacare |
| **MDO PE Film** | Mono-material PE | New market entrant; under commercialization for food packaging applications |
#### **Sustainability Achievements**
- **27–30%** of product offerings transitioned to **blueloop™** as of 2024–25.
- Targeting **60–65% of business** under blueloop™ in coming years via dedicated capacity expansion.
- **Silvassa facility** now houses a **dedicated blueloop™ manufacturing line**, reducing supplier dependence and inventory costs.
#### **Circular Economy Initiatives**
- Partnerships with **CII** under **The India Plastics Pact** to scale recyclable flexible packaging.
- Pilot with **Huhtamaki Foundation** (Khopoli): **2–3 tons/day** of post-consumer multi-layer plastic (MLP) waste converted into pellets for utility products.
- Investments in **MDO PE, foil-free blueLite™**, and transitions from multilayer to mono-material structures.
---
### **Digital Transformation & Operational Excellence**
*(Apr 2025)*
- **Digitalization** a core pillar of 2030 strategy: targeting **100% digitally connected production sites** by 2030.
- **Shopfloor digitalization system** deployed in **4 manufacturing sites** — real-time data drives decision-making across safety, quality, productivity.
- **Automation, AI, and real-time analytics** enhancing:
- Machine uptime and predictive maintenance.
- Order tracking, lead time reduction, delivery performance (DIFOT tracked weekly).
- Customer service and commercial insights (via Oracle Fusion Cloud, Microsoft Azure).
- **Enterprise IT transformation** enables centralized operations, data harmonization, and faster software upgrades.
---
### **Manufacturing Strategy & Asset Optimization**
*(Jul 2025, 2023)*
- To improve agility and focus on growth segments, **closed underperforming plants (2023)** — including site consolidation at **Thane** and **closed Ambernath facility**.
- Investments redirected toward:
- **High-barrier and sustainable packaging**.
- **Sachet-based and small-unit packaging** for rural and price-sensitive markets.
- **Premium packaging** for urban and export segments, especially in **liquid and dry detergents**.
- **World-Class Operations (WCO)** implemented across plants, improving:
- Energy efficiency, solvent optimization, waste reduction.
- Delivery performance (Khopoli site benchmarked).
---
### **Customer-Centric Approach**
- **One-stop packaging partner**: Offers **security printing, digital labels, promotional packs**, and **eco-friendly solutions**.
- **Voice of the Customer (VOC)** program ensures alignment across sales, R&D, and leadership.
- Collaborates with customer R&D teams on **new product launches, promotional campaigns, and shelf-life testing**.
- Tracks KPIs: on-time delivery, complaint rates, innovation turnaround.
---
### **Recent Growth & Expansion (2005–2025)**
| Year | Milestone |
|------|---------|
| 2006 | Launched 4th plant in **Rudrapur** |
| 2007 | Began high-end pouching in **Silvassa** |
| 2010 | Upgraded **Thane plant** to world-class standards |
| 2012 | Acquired majority stake in **Webtech** (labels specialist) |
| 2015–17 | Acquired **Positive Packaging Industries Ltd** and merged into operations |
| 2017 | Commissioned new plants in **Sikkim and Guwahati** |
| 2018 | Acquired labels biz from **Ajanta Packaging** and merged **MMPPL**; renamed to **Huhtamaki India** |
| 2020 | Acquired **MMPPL’s Sri City facility** (Andhra Pradesh) — enhanced South India and export reach |
| 2021 | Launched **B2B e-commerce platform**; entered **RiverRecycle** partnership for plastic waste collection |
| 2022 | Sponsored **Huhtamaki Foundation** MLP recycling pilot in Khopoli |
| 2023 | Commissioned **blueloop™ production lines**; sample production underway |
| 2024 | 27–30% of product line under blueloop™; commercialized first **mono-material hair color packaging** |
---
### **Key Challenges & Strategic Response**
| Challenge | Response |
|--------|----------|
| **Stagnant revenue (last 2 years)** | Strategic shift toward **blueloop™**, premiumization, and export acceleration |
| **Rising rural demand inequality, consumer downtrading** | Focused on **sachet economy**, affordable small packs, value-engineered offerings |
| **No backward integration in BOPP** | Compensating through **PE/PP-based alternatives**, innovation in MDO PE, and foil-free solutions |
| **Red Sea shipping disruptions** | Maintained **stable export sales (31% of revenue)** through diversified logistics and strong client relationships |
---
### **Awards & Recognition**
Huhtamaki India has earned **international acclaim** for innovation:
- **WorldStar Awards (2022–2024)**: For **aluminum-free retort lid**, **glow-in-the-dark chocolate packaging**, **paper soap wrappers**.
- **IFCA Star Awards**: Recognized for **transparent barrier laminates (snacks)**, **premium henna pouches**, **plastic-free soap wrap**.
- Launched **India’s first glow-in-the-dark KitKat** packaging using smart inks.
- Developed **biodegradable PE pouches** for pet food (degradable via sunlight, moisture, oxygen).
---
### **People & Governance**
- **Workforce**: ~2,468 employees in India (down from 3,025 in 2022, post-optimization).
- **Leadership**: MD **Mr. Sudip Mall** (since Jan 2021), with global exposure in emerging markets.
- Parent company **Huhtamaki Oyj** listed on **Nasdaq Helsinki**, with 101 global sites and ~18,000 employees.
---