### **Overview** Uflex Limited is India’s largest fully integrated multinational in flexible packaging and a globally recognized leader in end-to-end packaging solutions. Founded in 1985, the company has evolved from an engineering-focused enterprise into a dominant player across the entire packaging value chain—spanning **packaging films, chemicals (inks & adhesives), aseptic liquid packaging, holography, printing cylinders, engineering, and recycling**. With a strong emphasis on innovation, sustainability, and vertical integration, Uflex serves **over 5,000 customers across 150+ countries**, including Fortune 500 clients such as **P&G, Nestlé, PepsiCo, Dabur, Amul, Unilever, and ITC**, in sectors like FMCG, pharmaceuticals, food & beverages, cosmetics, and industrial goods. Headquartered in India, Uflex operates **17 advanced manufacturing facilities across 9 countries and 5 continents**, with a total global production capacity exceeding **1.3 million metric tonnes per annum (MTPA)**. This expansive footprint enables a ‘produce locally, sell locally’ strategy, ensuring fast delivery (within 15 days globally), tariff mitigation, and compliance with regional regulations. --- ### **Global Manufacturing & Capacity (as of Aug 2025)** | Region | Country | Key Products | Capacity (MTPA) | |-------|--------|-------------|----------------| | **Americas** | USA (Kentucky) | Packaging Films | 30,000 | | | Mexico (Altamira) | Packaging Films, CPP | 78,000 + 84,160 (inc. new line) | | **Europe** | Poland (Września) | Packaging Films | 75,000 | | | Hungary (Rétság) | Packaging Films | 42,000 | | | CIS (Stupino, Russia) | Packaging Films (BOPP, CPP) | 48,000 | | **Middle East & Africa** | UAE (Dubai) | Packaging Films | 40,000 | | | Egypt (6th October City) | Packaging Films, Virgin & Recycled PET, Aseptic | 114,000 (film), 216,000 (vPET), 18,000 (rPET) | | | Nigeria (Ogun State) | Packaging Films | 45,000 | | **India** | Noida, Dharwad | Packaging Films (BOPET/BOPP/CPP) | 164,160 | | | Panipat | Virgin PET Chips (vPET) | 168,000 | | | Noida, Jammu | Flexible Packaging (pouches, tubes) | 100,000 | | | Sanand, Gujarat | Aseptic Liquid Packaging | 60,000 (7B packs/year) | | | Noida | Holography, Chemicals, Recycling | 20,600 (holography), 69,730 (chemicals) | > *Note: As of Aug 2025, total integrated capacity exceeds 1.3 MTPA. India alone contributes over 636,160 MTPA of base packaging film capacity.* --- ### **Strategic Expansion & Upcoming Projects (FY26 Commissioning)** Uflex is commissioning major new facilities expected to be operational **by FY26**, enhancing its growth trajectory and profitability from **FY27 onward**: 1. **Sanand, India** – Brownfield **aseptic packaging expansion** (5 billion additional packs/year). 2. **Egypt** – **Greenfield aseptic packaging plant** with **12 billion packs/year capacity**, total investment: **USD 126 million**. 3. **Mexico** – **80 million-unit/year woven polypropylene (WPP) bag plant** for pet food packaging; investment: **USD 50 million** (USD 42.4M spent by Aug 2025). 4. **Noida, India** – **39,600 MTPA PET & mixed flexible waste recycling plant**, part of a **₹317 crore (USD 38 million)** investment in circular economy infrastructure. These projects will: - Enhance **top-line growth, margins, and ROCE**. - Strengthen **global supply resilience** and **regional self-sufficiency**. - Drive **circular economy leadership**, with **PCR-based films, mono-material laminates, and advanced recycling**. --- ### **Sustainability & Circular Economy Leadership** Uflex positions **sustainability as a core business pillar**, with strategic initiatives aligned to global ESG goals and Extended Producer Responsibility (EPR) norms: - **Post-Consumer Recyclate (PCR) Leadership:** - Produces **Asclepius™**, a proprietary brand of **up to 100% PCR-based BOPET films** made from post-consumer PET bottles. - Certified by **SCS Global Services (Kingfisher Standard)** for recycled content integrity. - Reduces carbon footprint by **75%** vs. virgin BOPET. - First Indian company with **USFDA approval for rPE in food packaging (FY24–25)**. - **Recycling Infrastructure:** - Operates a **bottle-to-bottle rPET recycling plant** in Noida and new facilities in **India, Mexico, Egypt, and Poland**. - **Noida recycling plant** processes **43,020 MTPA** of post-consumer PET waste into high-quality resin chips. - **Project Plastic Fix** converts multilayer plastic (MLP) waste into usable products like paver tiles, benches, and road dividers. - **Renewable Energy:** - Hybrid solar-wind power at **Dharwad plant** covers ~6% of electricity needs. - Signed PPAs with **Amplus Phoenix** and **Onevolt Energy** to power Noida and Dharwad facilities; saves ~**19,000 tCO2e/year**. - **EPR Readiness:** As one of India’s early movers, Uflex is well-positioned to support global brands in complying with India’s **EPR framework (effective Apr 2025)**. --- ### **Innovation & R&D** Uflex invests heavily in R&D through its dedicated **Testing and Research Centre (TARC)** in Noida—an **NABL-accredited lab (ISO/IEC 17025:2017)**—making it the **first Indian facility certified for inks, adhesives, and coatings**. #### **Recent Innovations (Aug 2025):** - **FLEXPACK 5680** – A new **alcohol-, ester-, and co-solvent-soluble polyurethane resin** for flexographic inks; currently under commercial trials. - **F-HHS** – High-performance **transparent BOPET film with one-side heat sealability**; ideal for lidding and mono-material packaging. - **F-ETS** – **One-side MST-coated BOPET film** for pharma secondary packaging; replaces cellophane, supports **easy tearing and water-based coatings**. - **B-THU-M** – **Metallized BOPP film** with **aluminum foil replacement capability**, used in tea, coffee, and milk powder packaging. - **FlexFresh™** – 100% **biodegradable packaging** with **Controlled Breathing Technology** to extend shelf life of fruits (e.g., pomegranates, tomatoes). #### **Holography & Anti-Counterfeiting:** - **4P Hyper Nano Technology** (25.4 million DPI, 10 nm) enables **nano-scale imaging, white embossing, RGB effects, and blockchain authentication**. - Developed **anti-counterfeit solutions for MacLeods Pharma’s "Panderm"**: custom holographic film + Fresnel lens + registered lens with logo. - **Raised Holographic QR Code**, **3D Flipogram**, and **AI-driven track-and-trace systems** for “phygital” (physical + digital) brand protection. --- ### **Engineering & Machinery** Uflex’s **Engineering division** (established 1985) designs and manufactures high-efficiency machinery used internally and exported globally: - **Flagship Machinery:** - **Asepto Speed+ 25K**: aseptic filling machine capable of **25,000 packs/hour**—one of the fastest globally. - **ReLAM 250**: a **circular economy breakthrough machine** that recycles **multi-layer mixed plastics without delamination**, compliant with EU standards. - **ELS Rotogravure Machine** (in collaboration with Gravtech, Italy): to operate at **500 meters/minute**; launch expected **Jul–Aug 2025**. - **Double Head Coating-1650**: wide-web coating machine for **gravure/reverse gravure** applications. - **Smart & Sustainable Features:** - AI-based predictive maintenance. - High-speed output in compact footprints. - Designed for recyclable mono-materials (PE/PP). - Co-developed with Films & Chemicals divisions for optimal compatibility. - **Exports growing** to **Mexico, Iraq, South America, Africa, Middle East**, and Southeast Asia. --- ### **Key Business Segments** #### 1. **Packaging Films** - Global capacity: **>609,000 MTPA** across **BOPET, BOPP, CPP, metallized, PCR, and AlOx-coated films**. - Key markets: India, Egypt, Mexico, Poland, USA. - Focus on **high-margin value-added films**: metallized, recyclable, high-barrier. - **B-UTX (Alox-coated BOPP)**: ultra-high barrier (<1 cc/m²/day O2) for snacks, powders. - **F-PSX (BOPET)**: transparent, high-barrier, eco-friendly alternative to PVDC films. #### 2. **Flexible Packaging** - Production: **>100,000 MTPA** (Noida & Jammu). - Products: stand-up pouches, 3D/4D pouches, pet food bags, zipper-in-roll laminates, flexi-tubes, big bags. - **3D Pouch with Handle** launched for pesticides (Mankind Agritech) and vermicompost. - **Oval 50mm tubes** commercialized—20% more branding area vs. round tubes. #### 3. **Aseptic Liquid Packaging (ASEPTO)** - **India’s largest aseptic packaging producer**. - Sanand facility: **7B packs/year (current), expanding to 12B**. - Egypt greenfield plant: **12B packs/year**, to serve **Europe, ME, & East Africa**. - Proprietary **enzymatic delamination technology (EDT)** enables **full material recovery** from used cartons. - **U-shaped paper straws (ASip)**, **holographic embellishments**, **foil stamping**. - CAGR of **~130% since 2017–18**; exports contribute **35–40%** of revenue. #### 4. **Chemicals (Inks & Adhesives)** - Production: **69,730 MTPA** (Noida & Jammu). - Products: solvent- and water-based inks, laminating adhesives (solvent-free, UV/LED curable), specialty coatings. - **Flexcote HSLV 1170/HF 200**: high-solids adhesive reducing VOC emissions by **15%**. - **FLEXBOND PB 40**: water-based adhesive for paper bags and corrugated boxes. - **Patents:** #406417 (solvent-free pigmented adhesive), #354903 (epoxy ester resin process). #### 5. **Holography** - Production: **20,600 MTPA** (Noida & Jammu). - Offers **anti-counterfeiting films, registered lenses, sequins, lidding foils**. - CAGR of **~16%**; double-digit growth for 4 consecutive years. - **MICR printer certification (IBA)**—serves banks and government. #### 6. **Printing Cylinders** - Production: **108,000 units/year**. - Offers **laser- and electromechanical-engraved gravure cylinders**, embossing rolls, anilox rollers. - 90%+ customer repeat rate; serves India, Middle East, Africa. - Innovations: **glitter cylinders, Male-Female embossing, Ballard Skin** (reduces Cu/Ni use). --- ### **Commercial Milestones & Partnerships** - **ITC (Savlon)**: Co-developed **PCR-based high-barrier laminate** (10PET / 6.3 ALU.FOIL / 10PET / 40PE.N). - **Streax (Hygienic Research Institute)**: First matte-finish **gel-based hair dye sachets** (24ml & 45ml). - **Jubilant FoodWorks**: **Thermoformed vacuum-sealed packaging** for marinated chicken with barrier film. - **Alshalan**: **Zipper-in-roll laminate** (18 BOPP / 12 MET-PET / 70 PE NAT) for 2kg rice—compatible with standard FFS machines. --- ### **Financial Highlights (FY24–25)** - **Consolidated revenue**: INR 13,509 crore (FY24). - **Exports**: 22.8% of standalone turnover; **35–40% in aseptic segment**. - **EBITDA growth**: +24% in H1 FY25, driven by **volume growth (+13.8%)** and **capacity utilization**. - **High plant utilization**: Sanand (aseptic) at **>100%**, peak **120%**. - **Working capital cycle**: ~20 days inventory holding (FY24–25).