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High debt leverage
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Uflex Ltd — Q3 FY26
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.
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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.
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Aseptic packaging volumes (Q3)
1.8B packs
+2.3% YoY
Aseptic liquid packaging volumes grew to 1.8 billion packs in Q3 FY26.
Aseptic packaging volumes (9M)
5.9B packs
+4.4% YoY
Nine-month aseptic volumes reached 5.9 billion packs, up 4.4% YoY.
Egypt plant capacity utilization (Q3)
46%
flat QoQ
Egypt plant operated at ~46% utilization in Q3; 9M utilization was 58%.
India recycling plant utilization (9M)
79%
flat YoY
India recycling plant (Palwal) achieved 79% utilization in 9M FY26.
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Guidance and risk preview
Management reiterated EBITDA guidance of ₹1,800-1,850 crore for FY26, implying ~12% margin for the year.
Net debt remains elevated at ~₹8,000 crore; management expects leverage to plateau but no absolute debt reduction in near term.
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