Uflex Ltd Research Reports - SOIC x StockScans

UFlex is the company that puts the wrapper on your chocolate bar, the pouch on your shampoo, and the carton on your juice - it is India’s largest fully integrated flexible packaging multinational, built from scratch in 1985 by first-generation entrepreneur Ashok Chaturvedi, who is often called the father of the industry in India. Starting as an engineering shop and adding printing cylinders a year later, the company began making packaging itself in 1989 and has since expanded across four continents and nine countries, operating 23 factories that serve customers in more than 150 nations. The recurring approach that explains everything else is backward integration: UFlex makes its own plastic raw material, its own films, its own inks and adhesives, its own holograms, its own printing cylinders, and its own packaging machines - so when a brand wants a packet, UFlex can supply every piece of the puzzle from inside its own walls.

Business segments

Five engines at different stages - a hydrocarbon cash cow, two consumer platforms at national scale, and a green-energy bet under construction - each built with the cash flows of the one before.

1. Packaging films: the industrial backbone that feeds everything else

A global network of factories churns out more than 600,000 tonnes of plastic film a year, with the company making its own raw material to stay cheaper than rivals.

Makes the plastic and the film - UFlex runs two polyester chip plants (in India and Egypt) with combined capacity of 384,000 tonnes per year, feeding its own film lines and selling to outsiders; the Panipat plant alone can produce 480 tonnes of bottle-grade chips a day, and because it is one big single-location facility rather than scattered small lines, it is more cost-efficient than competitors’ setups.
Factories in nine countries - total film-making capacity stands at 636,160 tonnes per year spread across India, the UAE, Poland, Egypt, Mexico, the USA, Nigeria, Hungary, and Russia, with a stated long-term goal of reaching one million tonnes.
Produces locally, sells locally - the geographic spread is deliberate: plants sit close to customers so supply chains are short and responsive, while raw materials are bought centrally to get bulk discounts.
Recycles its own raw material - the company operates post-consumer recycled chip plants in India, Mexico, and Egypt with total capacity of 43,020 tonnes per year, turning old bottles into Asclepius™-brand film that can contain up to 100% recycled content and cuts carbon footprint by roughly three-quarters versus virgin film.
Seven-day order book keeps it nimble - in a market that is oversupplied and faces cheap Chinese imports, UFlex deliberately shortened its order book from longer commitments to just seven days so it can pass raw-material price changes through to customers almost immediately.

2. Flexible packaging: the customer-facing factory that turns film into finished packets

India’s largest converter takes film from its sister factories, prints it, shapes it into pouches and bags, and delivers it to FMCG and pharma brands - all with shorter lead times because the supply chain sits under one roof.

Backward integration is the speed advantage - the business draws its films, inks, adhesives, holograms, and printing cylinders from other UFlex divisions, which means it can design, prototype, and deliver custom packaging faster than standalone converters that have to source from multiple suppliers.
A hundred thousand tonnes of converting muscle - factories in Noida and Jammu can process 100,000 tonnes of material a year into laminated rolls, reclosable pouches, hygiene bags, cement sacks, spouted liquid pouches, and dozens of other formats.
Big brands, just-in-time - the customer list spans Indian players and global multinationals across food, soap, shampoo, baby care, agrochemicals, lubricants, and pet food; the business runs at over 91% full-truckload utilisation and keeps lead times to nine days or less.
Wins when film prices fall - because it buys raw material from its own film division (and the open market) against orders already in hand, a drop in packaging-film prices actually improves margins in this business, though there is a lag of up to three months when raw material prices rise.
Recycled content is becoming table stakes - UFlex was the first Indian company to get USFDA approval for recycled polyester (rPET) in food packaging, and it incorporated roughly 1,200 tonnes of recycled material during the year to meet regulatory obligations.

3. Aseptic liquid packaging: the fast-growing challenger in juice and milk cartons

Asepto is India’s first homegrown aseptic carton brand, running a factory in Gujarat that already makes 12 billion packs a year and building a second one in Egypt to double output - all aimed at breaking a near-monopoly in liquid cartons.

From zero to 12 billion packs - the Sanand plant started smaller but was debottlenecked to reach 12 billion packs of annual capacity by October 2025, and a greenfield Egyptian factory of equal size is under construction for about USD 126 million to serve Europe, the Middle East, and East Africa.
Sells the razor and the blade - Asepto does not just make six-layer cartons; it also supplies the high-speed filling machines that run at up to 25,000 packs per hour, locking customers into its consumables.
Alcohol is the anchor, exports are the growth - over half the aseptic packaging business in India comes from liquor brands, while exports already contribute around 40% of revenue across more than 50 countries.
Recycles its own cartons - an enzyme-based process separates all six layers of a used carton, recovering about 92% of the paper fibre for sale to paper mills, with the leftover aluminium and polymer turned into roofing sheets and furniture.
The world’s fastest-growing brand in the segment - over the past five years, Asepto clocked a compound annual growth rate of 37%, and the business ran at utilisation levels averaging well over 100% through FY25, with peaks above 120%.

4. Chemicals: the inks and glues that print and bond every packet

A captive supplier to UFlex’s own packaging lines that also sells to external converters in more than 20 countries, with a research lab accredited to the same standard as a testing hospital.

Ink, adhesive, and coating under one roof - the Noida and Jammu plants can make 69,730 tonnes a year of solvent-based and water-based inks, laminating adhesives, and specialty coatings used on flexible packaging, labels, and folding cartons.
Patents that save customers money - a white adhesive technology cuts ink consumption by up to 70%, and the business holds Indian patents for a solvent-free pigmented adhesive and a waterborne heat-seal coating.
Toluene-free for food safety - the division developed inks that comply with India’s BIS standard for food packaging, along with solvent-free adhesives that can withstand hot-fill and sterilisation processes.
Zero liquid discharge at the factory - the Noida chemicals plant recycles 100% of its wastewater, and green products already made up 27% of the division’s sales in FY24.

5. Engineering and holography: the precision toolkit behind the packaging

The original 1985 engineering business now builds the machines that make the packets, while a parallel holography unit prints the shiny anti-counterfeit stamps you see on medicine strips and bank documents.

Makes the factory, not just the product - the Noida engineering works (capacity: 500 units a year) produces pouch-making machines, laminators, gravure printing presses, and the aseptic filling lines used by Asepto, including a next-generation printer called Ceruflex 500 that runs at 500 metres per minute, developed with Italian partners.
Turns mixed plastic waste into benches - the ReLAM 250 recycling machine takes multi-layer plastic waste and converts it into granules without needing to separate the layers; the pellets are then moulded into dustbins, outdoor benches, and paver tiles.
India’s largest holography player - the holography unit in Jammu and Noida (20,600 tonnes per year capacity) produced 700 million security labels in a single year and counts banks, government bodies, and pharma companies among its customers, with mastering resolution upgraded from roughly 100,000 DPI to 2.5 million DPI.
Stamping foils are now nearly half the business - textiles and non-textile stamping foils contribute about 45% of holography revenue, and the division has grown at a compound rate of roughly 16% for four straight years.
Printing cylinders with 90% repeat business - the cylinder unit makes 108,000 rotogravure and flexographic cylinders a year across three plants, using robotic laser engraving and German-made embossing equipment, and its customers keep coming back because of hybrid cylinder technology and proximity-based service.

Recycling and circular economy

An in-house recycling ecosystem that has been running since 1995 turns post-consumer bottles and multi-layer plastic waste back into raw material, closing the loop for the company’s own film plants and for brands that need to meet their plastic-waste obligations.

Half a million tonnes recycled so far - UFlex has processed more than 500,000 tonnes of multi-layer mixed plastic waste since it started, and it is now equipped to recycle nearly 114,000 tonnes of plastic annually across India, Mexico, and Egypt.
Bottle-to-film in one chain - in a single year the company recycled 586 million post-consumer PET bottles and over 10,000 tonnes of mixed flexible waste, feeding the resulting chips straight into its Asclepius™ film range.
Pyrolysis turns factory scrap into fuel - a plant at the Noida site, running since 2018, converts six tonnes a day of printing waste, trim, and laminate offcuts into liquid fuel, hydrocarbon gas, and carbon black.
Enzymes that make plastic biodegradable - the company has developed enzyme-based additives that can turn plastic waste into biomass within 12 months, and it is investing Rs. 317 crores (USD 38 million) in advanced recycling technologies.

Group structure and partners

A web of wholly owned subsidiaries across nine manufacturing countries, plus joint ventures and power-purchase partnerships, all controlled from the parent company in Noida with the founding family holding just under 45%.

Manufacturing subsidiaries span the globe - key operating entities include Flex Middle East in the UAE, Flex P. Films in Egypt, Flex Films in the USA, Flex Films Africa in Nigeria, Flex Films Russia, Flex Films Europa in Poland, Flex Americas in Mexico, and Flex Films Europa in Hungary, each running local film or packaging plants.
A separate Egyptian ecosystem - beyond films, the group has dedicated Egyptian subsidiaries for chemicals (Flex Specialty Chemicals), PET chips (Flex PET), and aseptic packaging (Flex Asepto), mirroring the integrated model in a high-growth geography.
Azerbaijan is the newest frontier - a step-down subsidiary, Flex Films AZB AFEZCO, was incorporated in March 2025 to manufacture BOPP film for the domestic market and neighbouring CIS and European countries.
Renewable power secured through equity stakes - UFlex holds minority interests in multiple solar and wind power generators, including a 26% joint venture for solar in Haryana and a 28% stake in a hybrid solar-wind entity, locking in clean energy for its factories.
Founder-led, family-run - Ashok Chaturvedi remains Chairman and Managing Director; his sons hold senior operational roles as Vice Chairman (Flex Films International) and Director of Global Operations, while the promoter group held 44.58% of the company as of March 2024.

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	3,369	3,309	3,426	3,654	3,833	3,735	3,814	3,901	3,832	3,612	4,056	5,366
Growth YoY Revenue Growth YoY%	-10.6	-5.0	1.4	12.1	13.8	12.8	11.3	6.8	0.0	-3.3	6.3	37.6
Expenses ExpensesCr	2,984	2,978	3,060	3,242	3,441	3,281	3,401	3,443	3,442	3,173	3,471	4,477
Operating Profit Operating ProfitCr	386	332	366	412	392	454	413	457	390	439	585	889
OPM OPM%	11.4	10.0	10.7	11.3	10.2	12.2	10.8	11.7	10.2	12.2	14.4	16.6
Other Income Other IncomeCr	20	-64	-319	-152	-73	65	129	17	26	6	34	31
Interest Expense Interest ExpenseCr	132	140	128	162	178	174	184	199	188	193	197	216
Depreciation DepreciationCr	164	166	165	173	173	172	176	187	189	202	209	213
PBT PBTCr	110	-39	-247	-76	-31	173	182	89	38	49	213	490
Tax TaxCr	46	28	24	23	34	36	13	31	11	13	17	68
PAT PATCr	63	-67	-271	-98	-65	137	169	58	27	36	196	423
Growth YoY PAT Growth YoY%	-66.8	21.3	-32,744.6	76.3	-202.0	303.4	162.2	158.9	141.6	-73.6	16.3	629.7
NPM NPM%	1.9	-2.0	-7.9	-2.7	-1.7	3.7	4.4	1.5	0.7	1.0	4.8	7.9
EPS EPS₹	8.8	-9.3	-37.5	-13.6	-8.9	18.9	23.3	8.0	3.7	5.0	27.1	58.6

Quarter

Sep 2023

Dec 2023

Mar 2024

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

Revenue

RevenueCr

3,369

3,309

3,426

3,654

3,833

3,735

3,814

3,901

3,832

3,612

4,056

5,366

Growth YoY

Revenue Growth YoY%

-10.6

-5.0

1.4

12.1

13.8

12.8

11.3

6.8

0.0

-3.3

6.3

37.6

Expenses

ExpensesCr

2,984

2,978

3,060

3,242

3,441

3,281

3,401

3,443

3,442

3,173

3,471

4,477

Operating Profit

Operating ProfitCr

386

332

366

412

392

454

413

457

390

439

585

889

OPM

OPM%

11.4

10.0

10.7

11.3

10.2

12.2

10.8

11.7

10.2

12.2

14.4

16.6

Other Income

Other IncomeCr

-64

-319

-152

-73

129

Interest Expense

Interest ExpenseCr

132

140

128

162

178

174

184

199

188

193

197

216

Depreciation

DepreciationCr

164

166

165

173

172

176

187

189

202

209

213

PBT

PBTCr

110

-39

-247

-76

-31

173

182

213

490

Tax

TaxCr

PAT

PATCr

-67

-271

-98

-65

137

169

196

423

Growth YoY

PAT Growth YoY%

-66.8

21.3

-32,744.6

76.3

-202.0

303.4

162.2

158.9

141.6

-73.6

16.3

629.7

NPM

NPM%

1.9

-2.0

-7.9

-2.7

-1.7

3.7

4.4

1.5

0.7

1.0

4.8

7.9

EPS

EPS₹

8.8

-9.3

-37.5

-13.6

-8.9

18.9

23.3

8.0

3.7

5.0

27.1

58.6

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	3,369	3,309	3,426	3,654	3,833	3,735	3,814	3,901	3,832	3,612	4,056	5,366
Growth YoY Revenue Growth YoY%	-10.6	-5.0	1.4	12.1	13.8	12.8	11.3	6.8	0.0	-3.3	6.3	37.6
Expenses ExpensesCr	2,984	2,978	3,060	3,242	3,441	3,281	3,401	3,443	3,442	3,173	3,471	4,477
Operating Profit Operating ProfitCr	386	332	366	412	392	454	413	457	390	439	585	889
OPM OPM%	11.4	10.0	10.7	11.3	10.2	12.2	10.8	11.7	10.2	12.2	14.4	16.6
Other Income Other IncomeCr	20	-64	-319	-152	-73	65	129	17	26	6	34	31
Interest Expense Interest ExpenseCr	132	140	128	162	178	174	184	199	188	193	197	216
Depreciation DepreciationCr	164	166	165	173	173	172	176	187	189	202	209	213
PBT PBTCr	110	-39	-247	-76	-31	173	182	89	38	49	213	490
Tax TaxCr	46	28	24	23	34	36	13	31	11	13	17	68
PAT PATCr	63	-67	-271	-98	-65	137	169	58	27	36	196	423
Growth YoY PAT Growth YoY%	-66.8	21.3	-32,744.6	76.3	-202.0	303.4	162.2	158.9	141.6	-73.6	16.3	629.7
NPM NPM%	1.9	-2.0	-7.9	-2.7	-1.7	3.7	4.4	1.5	0.7	1.0	4.8	7.9
EPS EPS₹	8.8	-9.3	-37.5	-13.6	-8.9	18.9	23.3	8.0	3.7	5.0	27.1	58.6

Quarter

Sep 2023

Dec 2023

Mar 2024

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

Revenue

RevenueCr

3,369

3,309

3,426

3,654

3,833

3,735

3,814

3,901

3,832

3,612

4,056

5,366

Growth YoY

Revenue Growth YoY%

-10.6

-5.0

1.4

12.1

13.8

12.8

11.3

6.8

0.0

-3.3

6.3

37.6

Expenses

ExpensesCr

2,984

2,978

3,060

3,242

3,441

3,281

3,401

3,443

3,442

3,173

3,471

4,477

Operating Profit

Operating ProfitCr

386

332

366

412

392

454

413

457

390

439

585

889

OPM

OPM%

11.4

10.0

10.7

11.3

10.2

12.2

10.8

11.7

10.2

12.2

14.4

16.6

Other Income

Other IncomeCr

-64

-319

-152

-73

129

Interest Expense

Interest ExpenseCr

132

140

128

162

178

174

184

199

188

193

197

216

Depreciation

DepreciationCr

164

166

165

173

172

176

187

189

202

209

213

PBT

PBTCr

110

-39

-247

-76

-31

173

182

213

490

Tax

TaxCr

PAT

PATCr

-67

-271

-98

-65

137

169

196

423

Growth YoY

PAT Growth YoY%

-66.8

21.3

-32,744.6

76.3

-202.0

303.4

162.2

158.9

141.6

-73.6

16.3

629.7

NPM

NPM%

1.9

-2.0

-7.9

-2.7

-1.7

3.7

4.4

1.5

0.7

1.0

4.8

7.9

EPS

EPS₹

8.8

-9.3

-37.5

-13.6

-8.9

18.9

23.3

8.0

3.7

5.0

27.1

58.6

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	6,366	6,505	6,802	7,957	7,405	8,889	13,127	14,663	13,364	15,036	15,401	16,866
Growth Revenue Growth%	3.0	2.2	4.6	17.0	-6.9	20.0	47.7	11.7	-8.9	12.5	2.4	10.4
Expenses ExpensesCr	5,561	5,630	5,922	6,967	6,323	7,088	10,957	12,906	11,996	13,376	13,547	14,564
Operating Profit Operating ProfitCr	805	874	879	990	1,082	1,801	2,170	1,757	1,367	1,660	1,854	2,302
OPM OPM%	12.6	13.4	12.9	12.4	14.6	20.3	16.5	12.0	10.2	11.0	12.0	13.7
Other Income Other IncomeCr	39	25	23	18	27	26	72	-28	-725	-3	111	96
Interest Expense Interest ExpenseCr	176	187	197	218	225	229	322	473	536	698	777	795
Depreciation DepreciationCr	286	318	352	381	403	456	537	599	655	695	787	813
PBT PBTCr	382	395	354	409	481	1,142	1,382	656	-549	264	400	790
Tax TaxCr	65	44	42	94	110	299	283	175	142	106	72	109
PAT PATCr	317	351	312	315	371	844	1,099	481	-691	158	328	682
Growth PAT Growth%	24.1	10.7	-11.0	1.0	17.7	127.5	30.3	-56.3	-243.8	122.8	107.8	128.3
NPM NPM%	5.0	5.4	4.6	4.0	5.0	9.5	8.4	3.3	-5.2	1.1	2.1	4.0
EPS EPS₹	43.5	48.3	43.0	43.5	51.2	116.7	152.1	66.6	-95.7	19.7	43.9	94.5

Financial Year

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

TTM

Revenue

RevenueCr

6,366

6,505

6,802

7,957

7,405

8,889

13,127

14,663

13,364

15,036

15,401

16,866

Growth

Revenue Growth%

3.0

2.2

4.6

17.0

-6.9

20.0

47.7

11.7

-8.9

12.5

2.4

10.4

Expenses

ExpensesCr

5,561

5,630

5,922

6,967

6,323

7,088

10,957

12,906

11,996

13,376

13,547

14,564

Operating Profit

Operating ProfitCr

805

874

879

990

1,082

1,801

2,170

1,757

1,367

1,660

1,854

2,302

OPM

OPM%

12.6

13.4

12.9

12.4

14.6

20.3

16.5

12.0

10.2

11.0

12.0

13.7

Other Income

Other IncomeCr

-28

-725

-3

111

Interest Expense

Interest ExpenseCr

176

187

197

218

225

229

322

473

536

698

777

795

Depreciation

DepreciationCr

286

318

352

381

403

456

537

599

655

695

787

813

PBT

PBTCr

382

395

354

409

481

1,142

1,382

656

-549

264

400

790

Tax

TaxCr

110

299

283

175

142

106

109

PAT

PATCr

317

351

312

315

371

844

1,099

481

-691

158

328

682

Growth

PAT Growth%

24.1

10.7

-11.0

1.0

17.7

127.5

30.3

-56.3

-243.8

122.8

107.8

128.3

NPM

NPM%

5.0

5.4

4.6

4.0

5.0

9.5

8.4

3.3

-5.2

1.1

2.1

4.0

EPS

EPS₹

43.5

48.3

43.0

43.5

51.2

116.7

152.1

66.6

-95.7

19.7

43.9

94.5

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	6,366	6,505	6,802	7,957	7,405	8,889	13,127	14,663	13,364	15,036	15,401	16,866
Growth Revenue Growth%	3.0	2.2	4.6	17.0	-6.9	20.0	47.7	11.7	-8.9	12.5	2.4	10.4
Expenses ExpensesCr	5,561	5,630	5,922	6,967	6,323	7,088	10,957	12,906	11,996	13,376	13,547	14,564
Operating Profit Operating ProfitCr	805	874	879	990	1,082	1,801	2,170	1,757	1,367	1,660	1,854	2,302
OPM OPM%	12.6	13.4	12.9	12.4	14.6	20.3	16.5	12.0	10.2	11.0	12.0	13.7
Other Income Other IncomeCr	39	25	23	18	27	26	72	-28	-725	-3	111	96
Interest Expense Interest ExpenseCr	176	187	197	218	225	229	322	473	536	698	777	795
Depreciation DepreciationCr	286	318	352	381	403	456	537	599	655	695	787	813
PBT PBTCr	382	395	354	409	481	1,142	1,382	656	-549	264	400	790
Tax TaxCr	65	44	42	94	110	299	283	175	142	106	72	109
PAT PATCr	317	351	312	315	371	844	1,099	481	-691	158	328	682
Growth PAT Growth%	24.1	10.7	-11.0	1.0	17.7	127.5	30.3	-56.3	-243.8	122.8	107.8	128.3
NPM NPM%	5.0	5.4	4.6	4.0	5.0	9.5	8.4	3.3	-5.2	1.1	2.1	4.0
EPS EPS₹	43.5	48.3	43.0	43.5	51.2	116.7	152.1	66.6	-95.7	19.7	43.9	94.5

Financial Year

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

TTM

Revenue

RevenueCr

6,366

6,505

6,802

7,957

7,405

8,889

13,127

14,663

13,364

15,036

15,401

16,866

Growth

Revenue Growth%

3.0

2.2

4.6

17.0

-6.9

20.0

47.7

11.7

-8.9

12.5

2.4

10.4

Expenses

ExpensesCr

5,561

5,630

5,922

6,967

6,323

7,088

10,957

12,906

11,996

13,376

13,547

14,564

Operating Profit

Operating ProfitCr

805

874

879

990

1,082

1,801

2,170

1,757

1,367

1,660

1,854

2,302

OPM

OPM%

12.6

13.4

12.9

12.4

14.6

20.3

16.5

12.0

10.2

11.0

12.0

13.7

Other Income

Other IncomeCr

-28

-725

-3

111

Interest Expense

Interest ExpenseCr

176

187

197

218

225

229

322

473

536

698

777

795

Depreciation

DepreciationCr

286

318

352

381

403

456

537

599

655

695

787

813

PBT

PBTCr

382

395

354

409

481

1,142

1,382

656

-549

264

400

790

Tax

TaxCr

110

299

283

175

142

106

109

PAT

PATCr

317

351

312

315

371

844

1,099

481

-691

158

328

682

Growth

PAT Growth%

24.1

10.7

-11.0

1.0

17.7

127.5

30.3

-56.3

-243.8

122.8

107.8

128.3

NPM

NPM%

5.0

5.4

4.6

4.0

5.0

9.5

8.4

3.3

-5.2

1.1

2.1

4.0

EPS

EPS₹

43.5

48.3

43.0

43.5

51.2

116.7

152.1

66.6

-95.7

19.7

43.9

94.5

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	72	72	72	72	72	72	72	72	72	72	72
Reserves ReservesCr	3,376	3,557	3,907	4,232	4,625	5,484	6,624	7,433	7,153	7,324	8,050
Current Liabilities Current LiabilitiesCr	2,133	2,321	2,496	2,564	2,608	3,019	4,078	4,847	5,267	6,461	7,415
Non Current Liabilities Non Current LiabilitiesCr	1,219	1,184	1,213	1,091	2,712	3,244	3,668	4,085	4,855	5,579	6,634
Total Liabilities Total LiabilitiesCr	6,804	7,148	7,688	7,960	10,016	11,820	14,441	16,438	17,348	19,437	22,171
Current Assets Current AssetsCr	2,917	3,003	3,487	3,554	3,674	4,729	6,687	7,569	7,672	8,458	8,988
Non Current Assets Non Current AssetsCr	3,887	4,146	4,201	4,405	6,343	7,091	7,754	8,869	9,675	10,978	13,183
Total Assets Total AssetsCr	6,804	7,148	7,688	7,960	10,016	11,820	14,441	16,438	17,348	19,437	22,171

Financial Year

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Equity Capital

Equity CapitalCr

Reserves

ReservesCr

3,376

3,557

3,907

4,232

4,625

5,484

6,624

7,433

7,153

7,324

8,050

Current Liabilities

Current LiabilitiesCr

2,133

2,321

2,496

2,564

2,608

3,019

4,078

4,847

5,267

6,461

7,415

Non Current Liabilities

Non Current LiabilitiesCr

1,219

1,184

1,213

1,091

2,712

3,244

3,668

4,085

4,855

5,579

6,634

Total Liabilities

Total LiabilitiesCr

6,804

7,148

7,688

7,960

10,016

11,820

14,441

16,438

17,348

19,437

22,171

Current Assets

Current AssetsCr

2,917

3,003

3,487

3,554

3,674

4,729

6,687

7,569

7,672

8,458

8,988

Non Current Assets

Non Current AssetsCr

3,887

4,146

4,201

4,405

6,343

7,091

7,754

8,869

9,675

10,978

13,183

Total Assets

Total AssetsCr

6,804

7,148

7,688

7,960

10,016

11,820

14,441

16,438

17,348

19,437

22,171

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	72	72	72	72	72	72	72	72	72	72	72
Reserves ReservesCr	3,376	3,557	3,907	4,232	4,625	5,484	6,624	7,433	7,153	7,324	8,050
Current Liabilities Current LiabilitiesCr	2,133	2,321	2,496	2,564	2,608	3,019	4,078	4,847	5,267	6,461	7,415
Non Current Liabilities Non Current LiabilitiesCr	1,219	1,184	1,213	1,091	2,712	3,244	3,668	4,085	4,855	5,579	6,634
Total Liabilities Total LiabilitiesCr	6,804	7,148	7,688	7,960	10,016	11,820	14,441	16,438	17,348	19,437	22,171
Current Assets Current AssetsCr	2,917	3,003	3,487	3,554	3,674	4,729	6,687	7,569	7,672	8,458	8,988
Non Current Assets Non Current AssetsCr	3,887	4,146	4,201	4,405	6,343	7,091	7,754	8,869	9,675	10,978	13,183
Total Assets Total AssetsCr	6,804	7,148	7,688	7,960	10,016	11,820	14,441	16,438	17,348	19,437	22,171

Financial Year

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Equity Capital

Equity CapitalCr

Reserves

ReservesCr

3,376

3,557

3,907

4,232

4,625

5,484

6,624

7,433

7,153

7,324

8,050

Current Liabilities

Current LiabilitiesCr

2,133

2,321

2,496

2,564

2,608

3,019

4,078

4,847

5,267

6,461

7,415

Non Current Liabilities

Non Current LiabilitiesCr

1,219

1,184

1,213

1,091

2,712

3,244

3,668

4,085

4,855

5,579

6,634

Total Liabilities

Total LiabilitiesCr

6,804

7,148

7,688

7,960

10,016

11,820

14,441

16,438

17,348

19,437

22,171

Current Assets

Current AssetsCr

2,917

3,003

3,487

3,554

3,674

4,729

6,687

7,569

7,672

8,458

8,988

Non Current Assets

Non Current AssetsCr

3,887

4,146

4,201

4,405

6,343

7,091

7,754

8,869

9,675

10,978

13,183

Total Assets

Total AssetsCr

6,804

7,148

7,688

7,960

10,016

11,820

14,441

16,438

17,348

19,437

22,171

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	875	779	651	553	849	1,174	709	1,383	825	1,135	992
Investing Cash Flow Investing Cash FlowCr	-437	-669	-427	-344	-2,062	-1,095	-952	-1,172	-1,619	-1,732	-2,015
Financing Cash Flow Financing Cash FlowCr	-242	-202	-205	-237	1,369	134	216	292	776	678	941
Net Cash Flow Net Cash FlowCr	196	-92	19	-27	155	214	-28	503	-18	80	-82
Free Cash Flow Free Cash FlowCr	406	18	212	170	-1,228	59	-274	84	-812	-596	-1,057
CFO To PAT CFO To PAT%	276.0	222.2	208.5	175.6	228.8	139.2	64.5	287.6	-119.4	718.9	302.6
CFO To EBITDA CFO To EBITDA%	108.7	89.1	74.0	55.9	78.4	65.2	32.6	78.7	60.4	68.4	53.5

Financial Year

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Operating Cash Flow

Operating Cash FlowCr

875

779

651

553

849

1,174

709

1,383

825

1,135

992

Investing Cash Flow

Investing Cash FlowCr

-437

-669

-427

-344

-2,062

-1,095

-952

-1,172

-1,619

-1,732

-2,015

Financing Cash Flow

Financing Cash FlowCr

-242

-202

-205

-237

1,369

134

216

292

776

678

941

Net Cash Flow

Net Cash FlowCr

196

-92

-27

155

214

-28

503

-18

-82

Free Cash Flow

Free Cash FlowCr

406

212

170

-1,228

-274

-812

-596

-1,057

CFO To PAT

CFO To PAT%

276.0

222.2

208.5

175.6

228.8

139.2

64.5

287.6

-119.4

718.9

302.6

CFO To EBITDA

CFO To EBITDA%

108.7

89.1

74.0

55.9

78.4

65.2

32.6

78.7

60.4

68.4

53.5

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	875	779	651	553	849	1,174	709	1,383	825	1,135	992
Investing Cash Flow Investing Cash FlowCr	-437	-669	-427	-344	-2,062	-1,095	-952	-1,172	-1,619	-1,732	-2,015
Financing Cash Flow Financing Cash FlowCr	-242	-202	-205	-237	1,369	134	216	292	776	678	941
Net Cash Flow Net Cash FlowCr	196	-92	19	-27	155	214	-28	503	-18	80	-82
Free Cash Flow Free Cash FlowCr	406	18	212	170	-1,228	59	-274	84	-812	-596	-1,057
CFO To PAT CFO To PAT%	276.0	222.2	208.5	175.6	228.8	139.2	64.5	287.6	-119.4	718.9	302.6
CFO To EBITDA CFO To EBITDA%	108.7	89.1	74.0	55.9	78.4	65.2	32.6	78.7	60.4	68.4	53.5

Financial Year

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Operating Cash Flow

Operating Cash FlowCr

875

779

651

553

849

1,174

709

1,383

825

1,135

992

Investing Cash Flow

Investing Cash FlowCr

-437

-669

-427

-344

-2,062

-1,095

-952

-1,172

-1,619

-1,732

-2,015

Financing Cash Flow

Financing Cash FlowCr

-242

-202

-205

-237

1,369

134

216

292

776

678

941

Net Cash Flow

Net Cash FlowCr

196

-92

-27

155

214

-28

503

-18

-82

Free Cash Flow

Free Cash FlowCr

406

212

170

-1,228

-274

-812

-596

-1,057

CFO To PAT

CFO To PAT%

276.0

222.2

208.5

175.6

228.8

139.2

64.5

287.6

-119.4

718.9

302.6

CFO To EBITDA

CFO To EBITDA%

108.7

89.1

74.0

55.9

78.4

65.2

32.6

78.7

60.4

68.4

53.5

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	1,258	2,007	2,454	1,641	997	2,727	4,397	2,422	2,924	3,590	2,408	4,394
Price To Earnings Price To Earnings	4.0	5.8	7.9	5.2	2.7	3.2	4.0	5.0		25.2	7.6	6.4
Price To Sales Price To Sales	0.2	0.3	0.4	0.2	0.1	0.3	0.3	0.2	0.2	0.2	0.2	0.3
Price To Book Price To Book	0.4	0.6	0.6	0.4	0.2	0.5	0.7	0.3	0.4	0.5	0.3	0.5
EV To EBITDA EV To EBITDA	3.3	4.0	4.4	3.1	3.7	3.4	4.0	4.0	6.4	6.5	6.2	5.9
Profitability Ratios Profitability Ratios
GPM GPM%	28.5	29.1	27.9	28.1	31.4	37.3	30.5	27.4	27.2	28.4	30.5	30.5
OPM OPM%	12.6	13.4	12.9	12.4	14.6	20.3	16.5	12.0	10.2	11.0	12.0	13.7
NPM NPM%	5.0	5.4	4.6	4.0	5.0	9.5	8.4	3.3	-5.2	1.1	2.1	4.0
ROCE ROCE%	10.7	10.7	9.6	10.3	8.7	14.3	14.8	8.6	-0.1	6.1	6.4	6.4
ROE ROE%	9.2	9.7	7.8	7.3	7.9	15.2	16.4	6.4	-9.6	2.1	4.0	4.0
ROA ROA%	4.7	4.9	4.1	4.0	3.7	7.1	7.6	2.9	-4.0	0.8	1.5	1.5
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Current

Valuation Ratios

Market Cap

Market CapitalizationCr

1,258

2,007

2,454

1,641

997

2,727

4,397

2,422

2,924

3,590

2,408

4,394

Price To Earnings

4.0

5.8

7.9

5.2

2.7

3.2

4.0

5.0

25.2

7.6

6.4

Price To Sales

0.2

0.3

0.4

0.2

0.1

0.3

0.2

0.3

Price To Book

0.4

0.6

0.4

0.2

0.5

0.7

0.3

0.4

0.5

0.3

0.5

EV To EBITDA

3.3

4.0

4.4

3.1

3.7

3.4

4.0

6.4

6.5

6.2

5.9

Profitability Ratios

GPM

GPM%

28.5

29.1

27.9

28.1

31.4

37.3

30.5

27.4

27.2

28.4

30.5

OPM

OPM%

12.6

13.4

12.9

12.4

14.6

20.3

16.5

12.0

10.2

11.0

12.0

13.7

NPM

NPM%

5.0

5.4

4.6

4.0

5.0

9.5

8.4

3.3

-5.2

1.1

2.1

4.0

ROCE

ROCE%

10.7

9.6

10.3

8.7

14.3

14.8

8.6

-0.1

6.1

6.4

ROE

ROE%

9.2

9.7

7.8

7.3

7.9

15.2

16.4

6.4

-9.6

2.1

4.0

ROA

ROA%

4.7

4.9

4.1

4.0

3.7

7.1

7.6

2.9

-4.0

0.8

1.5

Operational Ratios

Solvency Ratios

Liquidity Ratios

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	1,258	2,007	2,454	1,641	997	2,727	4,397	2,422	2,924	3,590	2,408	4,394
Price To Earnings Price To Earnings	4.0	5.8	7.9	5.2	2.7	3.2	4.0	5.0		25.2	7.6	6.4
Price To Sales Price To Sales	0.2	0.3	0.4	0.2	0.1	0.3	0.3	0.2	0.2	0.2	0.2	0.3
Price To Book Price To Book	0.4	0.6	0.6	0.4	0.2	0.5	0.7	0.3	0.4	0.5	0.3	0.5
EV To EBITDA EV To EBITDA	3.3	4.0	4.4	3.1	3.7	3.4	4.0	4.0	6.4	6.5	6.2	5.9
Profitability Ratios Profitability Ratios
GPM GPM%	28.5	29.1	27.9	28.1	31.4	37.3	30.5	27.4	27.2	28.4	30.5	30.5
OPM OPM%	12.6	13.4	12.9	12.4	14.6	20.3	16.5	12.0	10.2	11.0	12.0	13.7
NPM NPM%	5.0	5.4	4.6	4.0	5.0	9.5	8.4	3.3	-5.2	1.1	2.1	4.0
ROCE ROCE%	10.7	10.7	9.6	10.3	8.7	14.3	14.8	8.6	-0.1	6.1	6.4	6.4
ROE ROE%	9.2	9.7	7.8	7.3	7.9	15.2	16.4	6.4	-9.6	2.1	4.0	4.0
ROA ROA%	4.7	4.9	4.1	4.0	3.7	7.1	7.6	2.9	-4.0	0.8	1.5	1.5
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Current

Valuation Ratios

Market Cap

Market CapitalizationCr

1,258

2,007

2,454

1,641

997

2,727

4,397

2,422

2,924

3,590

2,408

4,394

Price To Earnings

4.0

5.8

7.9

5.2

2.7

3.2

4.0

5.0

25.2

7.6

6.4

Price To Sales

0.2

0.3

0.4

0.2

0.1

0.3

0.2

0.3

Price To Book

0.4

0.6

0.4

0.2

0.5

0.7

0.3

0.4

0.5

0.3

0.5

EV To EBITDA

3.3

4.0

4.4

3.1

3.7

3.4

4.0

6.4

6.5

6.2

5.9

Profitability Ratios

GPM

GPM%

28.5

29.1

27.9

28.1

31.4

37.3

30.5

27.4

27.2

28.4

30.5

OPM

OPM%

12.6

13.4

12.9

12.4

14.6

20.3

16.5

12.0

10.2

11.0

12.0

13.7

NPM

NPM%

5.0

5.4

4.6

4.0

5.0

9.5

8.4

3.3

-5.2

1.1

2.1

4.0

ROCE

ROCE%

10.7

9.6

10.3

8.7

14.3

14.8

8.6

-0.1

6.1

6.4

ROE

ROE%

9.2

9.7

7.8

7.3

7.9

15.2

16.4

6.4

-9.6

2.1

4.0

ROA

ROA%

4.7

4.9

4.1

4.0

3.7

7.1

7.6

2.9

-4.0

0.8

1.5

Operational Ratios

Solvency Ratios

Liquidity Ratios

	UFLEX	POLYPLEX	JINDALPOLY	COSMOFIRST	NAHARPOLY
Market CapitalizationMkt CapCr	4,394	3,090	3,010	2,098	543
Close PriceClose₹	608.45	984.40	687.35	799.20	220.71
IndustryIndustry	Packaging BOPP	Packaging BOPP	Packaging BOPP	Packaging BOPP	Packaging BOPP
Price To EarningsPE	6.44	19.90		12.41	7.51
Price To SalesPS	0.26	0.41	1.29	0.52	0.81
RevenueRevenueCr	16,866	7,601	2,339	4,004	667
Revenue Growth TTMRev Gr TTM%	10.4%	9.6%	-49.7%	33.2%	-4.0%
PAT Growth TTMPAT Gr TTM%	128.3%	35.4%	-4,448.9%	14.8%	26.6%

Market CapitalizationMkt CapCr

4,394

3,090

3,010

2,098

543

Close PriceClose₹

608.45

984.40

687.35

799.20

220.71

IndustryIndustry

Packaging BOPP

Price To EarningsPE

6.44

19.90

12.41

7.51

Price To SalesPS

0.26

0.41

1.29

0.52

0.81

RevenueRevenueCr

16,866

7,601

2,339

4,004

667

Revenue Growth TTMRev Gr TTM%

10.4%

9.6%

-49.7%

33.2%

-4.0%

PAT Growth TTMPAT Gr TTM%

128.3%

35.4%

-4,448.9%

14.8%

26.6%

	UFLEX	POLYPLEX	JINDALPOLY	COSMOFIRST	NAHARPOLY
Market CapitalizationMkt CapCr	4,394	3,090	3,010	2,098	543
Close PriceClose₹	608.45	984.40	687.35	799.20	220.71
IndustryIndustry	Packaging BOPP	Packaging BOPP	Packaging BOPP	Packaging BOPP	Packaging BOPP
Price To EarningsPE	6.44	19.90		12.41	7.51
Price To SalesPS	0.26	0.41	1.29	0.52	0.81
RevenueRevenueCr	16,866	7,601	2,339	4,004	667
Revenue Growth TTMRev Gr TTM%	10.4%	9.6%	-49.7%	33.2%	-4.0%
PAT Growth TTMPAT Gr TTM%	128.3%	35.4%	-4,448.9%	14.8%	26.6%

Market CapitalizationMkt CapCr

4,394

3,090

3,010

2,098

543

Close PriceClose₹

608.45

984.40

687.35

799.20

220.71

IndustryIndustry

Packaging BOPP

Price To EarningsPE

6.44

19.90

12.41

7.51

Price To SalesPS

0.26

0.41

1.29

0.52

0.81

RevenueRevenueCr

16,866

7,601

2,339

4,004

667

Revenue Growth TTMRev Gr TTM%

10.4%

9.6%

-49.7%

33.2%

-4.0%

PAT Growth TTMPAT Gr TTM%

128.3%

35.4%

-4,448.9%

14.8%

26.6%

Uflex Ltd

Uflex Ltd

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison