UFlex reports improved Q3 EBITDA, 9M volume

Normalised EBITDA for the quarter stood at INR 4,395-million, with a normalised EBITDA margin of
12.1%, compared to INR 3,895-million and a margin of 10.1% in Q2 FY26. This reflects a sequential normalised EBITDA growth of 12.8% and a margin expansion of 200 basis points despite lower price realisations including pass-through of softer raw material prices, product portfolio optimisation initiatives, import-driven price pressure, global tariff uncertainty and the GST transition. Net profit for the quarter was INR 486-million.

The board of directors, in its meeting held on 12 February 2026, has approved and taken on record the unaudited consolidated financial results of UFlex and its subsidiaries for the quarter ended 31 December 2025.

On a nine-month basis, UFlex reported revenue growth of 0.8% YoY to INR 114,157-million, compared to INR 113,226-million in 9M FY25. Sales volume increased by 0.1% to 482,910-mt in 9M FY26, as against 482,352-mt in the corresponding period last year. The company reported a net profit of INR 1,211-million, compared to a net loss of INR 262-million in 9M FY25. 

This performance underscores the company’s resilience and operational strength despite a challenging business environment marked by macroeconomic pressures, the GST transition, and tariff-related headwinds, which led to supply chain disruptions.

India remained the largest contributor, accounting for 46.1% of total revenue, followed by the Americas at 18.9%, Europe at 17.4%, and the Middle East & Africa at 15.1%. The remaining 2.0% was contributed by other regions, underscoring the company’s well-diversified global revenue mix.

With growing traction in volume and price recovery, the company’s outlook for packaging films and the packaging business remains constructive. Improving demand environment, multiple global trade deals and GST-led tailwinds are expected to support a gradual recovery in packaging film price realisations and volumes, while the packaging business continues to deliver stable growth. The near-term commissioning of the new capacities in aseptic packaging (Egypt), WPP (Mexico) and an rPET chips (Noida, sector 155) are in line with our expectation will result in incremental revenues, realisations and EBITDA.

Ashok Chaturvedi, chairman and managing director, UFlex Group, said, “The packaging industry remains on a strong growth path, supported by rising consumption, GST rationalisation, and an expanding organised retail sector, alongside a growing shift toward value-added and sustainable packaging solutions. Extended producer responsibility (EPR) regulations continue to play a key role in accelerating the industry’s transition toward sustainability acrossfood, pharmaceuticals, FMCG, and consumersectors.”

He added, “The recently presented Union Budget 2026–27, which focused on manufacturing, infrastructure, logistics, and exports, is expected to strengthen India’s packaging sector and will reinforce the country’s position as a global manufacturing hub. Additionally, India’s recent trade engagements with the EU and the US are expected to accelerate exports and create new opportunities for the domestic packaging industry by enabling faster technology adoption, fostering deeper global partnerships, and lowering capital costs.”

He said with the company’s diversified global footprint, it is well-positioned to capitalise on these structural growth drivers. “Our strategic expansion initiatives continue to progress well, with work on a greenfield aseptic packaging plant in Egypt, a WPP bags facility in Mexico, and a new recycling facility in Noida nearing completion. We remain confident in our ability to drive long-term growth, supported by our continued investments in innovation, new product development, recycling, and sustainablepackaging solutions,” he said. 

Anantshree Chaturvedi, vice-chairman and CEO, Flex Films International, said, “The outlook for the packaging industry remains strong. Recent trade frameworks are enhancing global supply chain
efficiencies as tariff rationalisation improvessourcing flexibility and competitivenessthrough 2026.
With operations spanning across India, Europe, Africa, the Middle East, and the Americas, UFlex continues to ensure supply security and operationalresilience across markets. We remain committed to delivering high-performance, innovative packaging solutions to our customers while contributing to the broader economy.”

Sumeet Kumar, executive vice-president, finance, UFlex Group, said, “UFlex delivered a resilient performance in Q3 FY26, marked by a sequential recovery in profitability. Normalised EBITDA for the quarter stood at INR 4,395-million with a margin of 12.1%, compared to INR 3,895-million and a margin of 10.1% in Q2 FY26, reflecting a strong 12.8% QoQ growth in normalised EBITDA and a 200-basis points margin expansion. For 9M FY26, performance remained steady, with sales volumes up 0.1% YoY and revenue growth of 0.8% YoY. This underscores the inherent strength of our integrated business model and our ability to successfully navigate through a challenging operating backdrop while maintaining operationalstability.”

He added, “Looking ahead, we expect an improving macro environment and demand conditions, GST-led tailwinds, and global trade agreements to create a conducive environment for growth in the packaging landscape. Additionally, robust performance of the packaging business in the current quarter is expected to gain further momentum with the easing of tariff-related uncertainties and early signs of traction in packaging film demand and gradual price recovery, further reinforcing our positive outlook for both the Packaging and Packaging Films businesses.”