STRONG Q1 GROWTH AND PROFITABILITY SET THE STAGE FOR A ROBUST FY27
Q1 FY27
Q4 FY26
Q1 FY26
Sales volume
173,471 MT (+4.0% QoQ, +1.7% YoY)
166,879 MT (+10.3% QoQ, +1.0% YoY)
170,504 MT (+3.2% QoQ, +7.9% YoY)
Revenue
Rs. 53,972 Mn. (+31.7% QoQ, +37.6% YoY)
Rs. 40,973 Mn. (+12.8% QoQ, +5.7% YoY)
Rs. 39,219 Mn. (+1.2% QoQ, +6.4% YoY)
EBITDA
Rs. 9,198 Mn., 17.0% Margin (+46.8% QoQ, +92.1% YoY)
Rs. 6,265 Mn., 15.3% Margin (+36.3% QoQ, +31.8% YoY)
Rs. 4,788 Mn., 12.2% Margin (+0.7% QoQ, +8.0% YoY)
Norm. EBITDA
Rs. 8,373 Mn., 15.5% Margin (+37.0% QoQ, +78.2% YoY)
Rs. 6,109 Mn., 14.9% Margin (+39.0% QoQ, +27.0% YoY)
Rs. 4,698 Mn., 12.0% Margin (-2.3% QoQ, +0.3% YoY)
Norm. PAT
Rs. 4,233 Mn., 7.8% Margin (+108.9% QoQ, +629.6% YoY)
Rs. 2,026 Mn., 4.9% Margin (+316.9% QoQ, +105.5% YoY)
Rs. 580 Mn., 1.5% Margin (-41.2% QoQ, -29.5% YoY)
Figures reflect unaudited consolidated results. See the company's full earnings release for footnotes on sales volume, normalized EBITDA and normalized PAT.
NOIDA, India: August 17, 2026 – UFlex Limited (BSE: 500148, NSE: UFLEX), India's leading multinational integrated flexible packaging and solutions company, reported unaudited consolidated net revenue of Rs. 53,972 million for the first quarter of fiscal 2027. EBITDA stood at Rs. 9,198 million, with an EBITDA margin of 17.0%. Net profit was Rs. 4,233 million for the quarter.
The Board of Directors, in its meeting held on August 14, 2026, approved and took on record the unaudited consolidated financial results of UFlex Limited and its subsidiaries for the quarter ended June 30, 2026.
Mr. Ashok Chaturvedi, Chairman and Managing Director, UFlex Limited, said, "We have started FY27 with robust financial and operational performance, delivering consolidated PAT of Rs. 4,233 million in Q1. Revenue stood at Rs. 53,972 million and EBITDA at Rs. 9,198 million. Our diversified portfolio, integrated capabilities and strong presence across key global markets continue to strengthen our competitiveness. We witnessed strong performance in our core packaging business, supported by improved volumes, higher capacity utilization and enhanced operating efficiencies across key markets.
The commissioning of our recycling facilities in Noida and our Mexico WPP bags facility, together with the upcoming Egypt aseptic packaging facility, marks an important step in expanding our global manufacturing footprint and strengthening our ability to serve customers across high-potential markets. India's consumption environment is showing signs of a broad-based recovery, with improving FMCG volumes, while globally, consumers are increasingly prioritizing value, sustainability and convenience.
With our expanding capacity, technology leadership, innovation, operational efficiency and growing global footprint, we are well positioned to deliver sustainable and profitable growth in FY27 and beyond."
Mr. Arun Kumar Sharma, President, Finance & Accounts and CFO, UFlex Group, said, "Q1 FY27 marked a clear acceleration in our profitable growth trajectory, building on the strong momentum established in Q4 FY26. Consolidated revenue grew 37.6% YoY to Rs. 53,972 million, while EBITDA increased by 92.1% YoY to Rs. 9,198 million. This helped in expanding our EBITDA margin to 17%, the highest EBITDA level in the last 21 quarters. Growth was driven by operating leverage, stronger realizations, improved product mix and forex gains, reflecting the benefits of our integrated global footprint.
We enter FY27 with multiple growth levers gaining traction. The recently commissioned 39,600 MTPA recycling facility in Noida Sector 155 and the 80-million-unit WPP bags facility in Mexico will progressively contribute to revenue and EBITDA as they ramp up. Higher utilization led by localized sourcing to de-risk the unscheduled supply chain disruption and a shift towards value-added packaging films will remain our key growth themes, supporting sustained profitable growth. While Q2 is expected to see some normalization from the exceptionally strong realisation in Q1, our underlying growth trajectory remains intact, positioning us for robust FY27 growth and continued improvement in earnings quality."
Business Update: Packaging Film
India — Packaging films demand in India continued to improve for the second consecutive quarter. UFlex's domestic Packaging Film sales volume increased by 9.1% sequentially, as customers gradually resumed purchases after the price hikes in Q4 FY26. The price hike was driven by the pass-through agreement that allows higher raw material prices linked to higher price realisation. UFlex's backward-integration of 168,000 MTPA virgin PET chips plant at Panipat offers assurance to the clientele about raw material availability and supply predictability.
MEA (Egypt, Dubai, Nigeria) — There was a surge in demand for both BOPET and BOPP Films across the MEA region, reflected in sales volume growth of 14.9% YoY and 16.5% QoQ in Q1 FY27. UFlex's presence in three key markets and captive production of PET Chips helped capture the benefits of strong local and regional demand, especially in Egypt, while Nigeria benefitted from additional traction in export markets.
Europe (Poland, Hungary, CIS) — European sales volume was flat YoY in Q1 FY27 due to lower trading volume. Hungary continued to focus on improving profitability through a shift towards value-added films, while realisations and spread improved on higher pricing and better product mix. In CIS, sales of BOPET Films continued to benefit from steady demand, while CPP witnessed the impact of low-priced imports.
Americas (USA, Mexico) — UFlex delivered healthy sales volume growth of 18% YoY in Q1, led by steady demand for BOPET Films in the region, with additional traction from the US government's aversion towards imports.
Virgin PET Chips — The India virgin PET chips business delivered strong volume growth, with a 41% sequential increase in third-party sales volumes in Q1, backed by higher seasonal demand and tighter availability of raw materials.
Packaging (Flexible-Dom/Export, Aseptic) — Management continues shifting capacity towards higher-margin, value-added products as large FMCG tenders become highly price competitive, expecting Packaging sales to increase 15-20% on better product mix and realisation. Aseptic Packaging domestic sales remained challenging due to aggressive imports, resulting in lower volumes and pricing pressure.
Chemicals (Inks/Adhesives) — Operations were impacted in March and April 2026 by shortages of key raw materials, particularly solvents, monomers and adhesives, though availability improved toward the end of Q1. Export volumes grew in Q1 FY27 with further opportunities in Egypt, East Africa, Nigeria and CIS.
Other VAP (Engineering, Cylinder, Holography)
Engineering — With strong traction in export markets, the Engineering business achieved 81% YoY growth in Q1, led by new clients from FMCG converting businesses in the MEA region and Americas.
Packaging Printing Cylinder — With a sharp increase in key industrial metals including copper (up 51% from Q4 FY25 to August 2026) and only partial cost pass-through, volume and sales declined marginally in Q1. The Company increased cylinder prices during the quarter.
Holography — Sales growth was strong in the mid-teens, led by key products including WWF, Pharma, Special Holographic Films and HSF, with operating profit maintained above 33% in Q1.
Financial Update
Sales — Revenue growth of 38% YoY, mainly driven by strong growth in realisation, followed by volume growth of 2% and currency tailwinds of 4%.
Overseas contributions — Overseas revenue contribution increased to 62% from 56% in Q1 FY26, with Egypt, Mexico and the US contributing the major part of overseas revenues.
Blended spread/power costs — Blended spread increased 53% YoY, reflecting strong realisation growth in overseas subsidiaries. Green energy implementation (solar, wind, rooftop) helped save 4% of power costs, though rising energy costs in Europe and new plant commissioning increased power costs in Q1.
Operating profitability — Strong realisation growth and higher contribution of value-added products drove 92% YoY EBITDA growth in Q1, with Egypt, India and the Americas contributing the major part of EBITDA.
Financial costs — UFlex's blended cost of debt declined to 8.5% in Q1 FY27, compared to 8.7% in FY26 — a 0.2% improvement. Net Debt reduced by Rs. 343 million QoQ due to strong cash flow from improved profitability and efficient working capital management.
Recycling volumes increased significantly, supported by the commissioning of a 36,000 MTPA PCR PET chips and 3,600 MTPA MLP recycling plant at Noida Sector 155 in May 2026, along with higher utilization in Egypt. During Q1 FY27, UFlex recycled 319 million PCR PET bottles, up from 93 million in Q4 FY26, alongside 2,926 MT of PCR MLP and MLAP waste, compared with 2,666 MT in the previous quarter.
As per India's EPR mandate, effective April 1, 2026, brand owners are required to incorporate recycled content in plastic packaging by FY28 as follows: 40% in rigid (Category-1), 10% in flexible plastic (Category-2), and 5% in multi-material flexible formats (Category-3).
About UFlex Limited
UFlex is India's largest multinational flexible packaging and solutions company. Since its inception in 1985, UFlex has grown from strength to strength and has built a strong presence across all verticals of the packaging value chain — packaging films, chemicals, aseptic liquid packaging, holography, flexible packaging, printing cylinders, and engineering.
With a 12,000+ strong multicultural workforce across global regions working toward developing innovative, value-added, and sustainable packaging solutions, the company has earned a strong reputation for defining the contours of the packaging industry in India and overseas. It provides end-to-end solutions to numerous Fortune 500 clients across sectors such as FMCG, consumer product goods, pharmaceuticals, building materials, automobiles and more, in more than 150 countries. Headquartered in Noida, the National Capital Region, India, UFlex has advanced manufacturing facilities in India, UAE, Mexico, Egypt, USA, Poland, CIS, Nigeria, and Hungary.
A winner of various marquee global awards for product excellence, innovation, and sustainability, UFlex was the first company in the world to earn recognition at the Davos Recycle Forum in 1995 for conceptualizing the recycling of mixed plastic waste. For more details, please visit: www.UFlexltd.com