Aseptic packaging volumes (Q3)
1.8B packs
+2.3% YoY
Aseptic liquid packaging volumes grew to 1.8 billion packs in Q3 FY26.
UFLEX
Other
12 Feb 2026
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.
✓ Verified against BSE filing
2-Min Summary
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.
Key Numbers
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.
Management Guidance
FY26 EBITDA guidance of ₹1,800-1,850 crore
Management reiterated EBITDA guidance of ₹1,800-1,850 crore for FY26, implying ~12% margin for the year.
marginsFY26 aseptic packaging volume guidance of ~8.5 billion packs
Aseptic packaging volumes expected to reach ~8.5 billion packs for FY26, with Q4 and Q1 being peak seasons.
revenueThree major projects commissioning within 90 days
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.
expansionFY27 EBITDA margin improvement expected
Management expects EBITDA margins to improve further in FY27 driven by better product mix, price recovery, and new project contributions.
marginsKey Risks
High debt leverage
Net debt remains elevated at ~₹8,000 crore; management expects leverage to plateau but no absolute debt reduction in near term.
high · analyst_questionUS tariff uncertainty and pricing pressure
US tariff-related uncertainty led to reorientation of exports and pricing pressure in packaging films, impacting utilization and margins.
medium · management_commentarySlow ramp-up of new projects
New projects (Egypt, recycling, Mexico) may take time to reach full capacity utilization, delaying expected revenue and margin benefits.
medium · data_observationEPR implementation delays
Government has pushed out EPR mandates, delaying potential benefits for recycling investments.
low · management_commentaryNotable 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.