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Revenue
₹3,632.9 Cr
verified against source
Revenue YoY
-3.8%
reported change
EBITDA
₹459.6 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Uflex reported Q3 FY26 revenue of ₹3,633 crore, down 3.8% YoY due to volume softness and pricing pressure from US tariff uncertainty and GST transition. EBITDA rose 9.7% to ₹460 crore, with margin expanding 180bps QoQ to 12.7%, driven by cost optimization and product mix improvement. Aseptic packaging volumes grew 2.3% YoY to 1.8 billion packs, with FY26 guidance of ~8.5 billion packs. Management expects Q4 to benefit from seasonal demand and easing trade headwinds. Three major projects (Egypt aseptic, India recycling, Mexico woven bags) are near commissioning, targeting incremental revenue of ₹2,000-2,500 crore at ~20% margins. Key risk: elevated debt levels (net debt ~₹8,000 crore) may pressure leverage despite EBITDA improvement.
Colored figures show movement against the previous available record.
Guidance to track
- Management reiterated EBITDA guidance of ₹1,800-1,850 crore for FY26, implying ~12% margin for the year.
- Aseptic packaging volumes expected to reach ~8.5 billion packs for FY26, with Q4 and Q1 being peak seasons.
- Egypt aseptic expansion, India recycling plant, and Mexico woven bags plant expected to commission within 90 days, with full capacity utilization targeting incremental revenue of ₹2,000-2,500 crore at ~20% margins.
- Management expects EBITDA margins to improve further in FY27 driven by better product mix, price recovery, and new project contributions.
Risks flagged
- Net debt remains elevated at ~₹8,000 crore; management expects leverage to plateau but no absolute debt reduction in near term.
- US tariff-related uncertainty led to reorientation of exports and pricing pressure in packaging films, impacting utilization and margins.
- New projects (Egypt, recycling, Mexico) may take time to reach full capacity utilization, delaying expected revenue and margin benefits.
- Government has pushed out EPR mandates, delaying potential benefits for recycling investments.
Key quotes
- We see this leverage ratio which is at the current level more or less being at the peak.
- We expect this momentum to strengthen and anticipate a robust season and summer in FY27.
- We are not looking at this debt level in isolation. We look at the impact of the bearing on the leverage.
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