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Huhtamaki India Ltd

HUHTAMAKI
NSE
179.96
1.12%
Last Updated:
29 Apr '26, 4:00 PM
Company Overview
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Huhtamaki India Ltd

HUHTAMAKI
NSE
179.96
1.12%
29 Apr '26, 4:00 PM
Company Overview
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6M
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Quick Ratios

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Mkt Cap
Market Capitalization
1,359Cr
Close
Close Price
179.96
Industry
Industry
Packaging - FMCG/Consumers
PE
Price To Earnings
11.50
PS
Price To Sales
0.55
Revenue
Revenue
2,469Cr
Rev Gr TTM
Revenue Growth TTM
-2.05%
PAT Gr TTM
PAT Growth TTM
34.32%
Peer Comparison
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HUHTAMAKI
VS

Quarterly Results

Consolidated
Standalone
Numbers
Percentage
QuarterMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Revenue
RevenueCr
662622662604610639653619610612625623
Growth YoY
Revenue Growth YoY%
-9.2-21.6-13.9-12.8-7.82.9-1.52.50.0-4.3-4.30.6
Expenses
ExpensesCr
610582617546569607634593571570569569
Operating Profit
Operating ProfitCr
514046584132182639435554
OPM
OPM%
7.86.46.99.66.75.02.84.26.37.08.98.7
Other Income
Other IncomeCr
60337683615612798
Interest Expense
Interest ExpenseCr
7108655533338
Depreciation
DepreciationCr
161211111012121413131314
PBT
PBTCr
3518304163551161535334941
Tax
TaxCr
04-28991243981211
PAT
PATCr
3514323272639121226253730
Growth YoY
PAT Growth YoY%
44.277.480,575.01,844.3-26.7166.5-63.7-96.40.5-35.3214.0159.2
NPM
NPM%
5.42.34.954.24.36.01.81.94.34.15.94.9
EPS
EPS
4.71.94.343.43.55.11.61.63.53.34.94.0

Profit & Loss

Consolidated
Standalone
Numbers
Percentage
Financial YearDec 2014Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024Dec 2025
Revenue
RevenueCr
1,1351,1512,1812,1312,3692,5822,4632,6252,9832,5492,5212,469
Growth
Revenue Growth%
1.489.5-2.311.29.0-4.66.613.6-14.5-1.1-2.0
Expenses
ExpensesCr
1,0341,0311,9331,9132,1482,2892,2292,5162,8262,3552,4042,279
Operating Profit
Operating ProfitCr
102120248218221293234109157195117191
OPM
OPM%
8.910.411.410.39.311.39.54.25.37.64.77.7
Other Income
Other IncomeCr
913151417178-22173856536
Interest Expense
Interest ExpenseCr
02537323921262732311817
Depreciation
DepreciationCr
363993858587989286494752
PBT
PBTCr
8168133115114202118-3256500117158
Tax
TaxCr
17195251793222-96902940
PAT
PATCr
654982643517096-235041088118
Growth
PAT Growth%
-24.066.0-22.0-45.2387.4-43.5-123.6318.8725.2-78.534.3
NPM
NPM%
5.74.33.73.01.56.63.9-0.91.716.13.54.8
EPS
EPS
9.76.810.88.44.622.512.7-3.06.654.211.715.7

Balance Sheet

Consolidated
Standalone
Numbers
Percentage
Financial YearDec 2014Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024Dec 2025
Equity Capital
Equity CapitalCr
151515151515151515151515
Reserves
ReservesCr
5495724955345416827507017421,1351,1781,278
Current Liabilities
Current LiabilitiesCr
223262513476489697632822739585577548
Non Current Liabilities
Non Current LiabilitiesCr
22438423410406120186270254265166163
Total Liabilities
Total LiabilitiesCr
8091,2881,4461,4351,4511,5141,5831,8081,7512,0011,9372,004
Current Assets
Current AssetsCr
5415349229438899439141,1001,0621,2611,1901,304
Non Current Assets
Non Current AssetsCr
268753523492562572669708688740747700
Total Assets
Total AssetsCr
8091,2881,4461,4351,4511,5141,5831,8081,7512,0011,9372,004

Cash Flow

Consolidated
Standalone
Financial YearDec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024Dec 2025
Operating Cash Flow
Operating Cash FlowCr
13616696101285169-28133274142238
Investing Cash Flow
Investing Cash FlowCr
-48205-30-88-73-56-9040-77-156
Financing Cash Flow
Financing Cash FlowCr
346-150-87-68-200-7449-32-211-161-36
Net Cash Flow
Net Cash FlowCr
-116133-322-3511102-9646
Free Cash Flow
Free Cash FlowCr
1091433439229126-1044118281184
CFO To PAT
CFO To PAT%
276.4204.2151.0290.0167.3176.4122.0267.266.8161.8201.3
CFO To EBITDA
CFO To EBITDA%
112.967.044.045.797.172.5-25.484.5140.5121.3124.6

Ratios

Consolidated
Standalone
Financial YearDec 2014Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024Dec 2025
Valuation Ratios
Valuation Ratios
Market Cap
Market CapitalizationCr
1,3141,7431,7602,6711,4651,8602,3611,7201,5022,1642,0571,598
Price To Earnings
Price To Earnings
21.735.521.642.042.010.924.60.030.35.323.413.5
Price To Sales
Price To Sales
1.21.50.81.30.60.71.00.70.50.80.80.7
Price To Book
Price To Book
2.33.03.54.92.62.73.12.42.01.91.71.2
EV To EBITDA
EV To EBITDA
13.017.78.613.88.27.111.118.811.910.817.37.6
Profitability Ratios
Profitability Ratios
GPM
GPM%
27.530.532.733.032.133.734.528.726.831.931.034.0
OPM
OPM%
8.910.411.410.39.311.39.54.25.37.64.77.7
NPM
NPM%
5.74.33.73.01.56.63.9-0.91.716.13.54.8
ROCE
ROCE%
14.19.518.615.616.023.113.6-0.47.637.810.012.2
ROE
ROE%
11.58.416.011.66.324.412.6-3.26.635.67.49.1
ROA
ROA%
8.03.85.64.42.411.26.1-1.32.820.54.55.9
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. ---