Q1 FY27 earnings callUFLEX Limited

UFlex delivered its highest EBITDA in 21 quarters, driven by overseas profitability and price realizations, and expects 35% top and bottom line growth for FY27.

Positive tone4 min readPublished 4 days after the call

Numbers

Metric	This quarter	Change
Consolidated Revenue	Rs. 53,972 million	38% Y-o-Y
EBITDA	Rs. 9,198 million	92% Y-o-Y
EBITDA Margin	17%	480 basis points Y-o-Y
Normalized EBITDA	Rs. 8,373 million	78% growth year-on-year
Normalized EBITDA Margin	15.5%	—
Net Profit (PAT)	Rs. 4,233 million	—
Net Margin	7.8%	—
Total Sales Volume	173,471 metric tons	1.7% year-on-year growth

Financials

From filed quarterly results. YoY and QoQ compare each metric on the same accounting basis.
Quarter	Revenue	Net profit (PAT)	Basic EPS
Q3 FY25	₹3,734.68 Cr+12.8% YoY-2.6% QoQ	₹136.82 CrTurned profitable YoYTurned profitable QoQ	₹18.95Turned positive YoYTurned positive QoQ
Q2 FY25	₹3,833.38 Cr+13.8% YoY+4.9% QoQ	₹-64.62 CrTurned loss-making YoYLoss narrowed QoQ	₹-8.95Turned negative YoYLoss/share narrowed QoQ
Q1 FY25	₹3,653.75 Cr+12.1% YoY+6.6% QoQ	₹-98.45 CrLoss narrowed YoYLoss narrowed QoQ	₹-13.63Loss/share narrowed YoYLoss/share narrowed QoQ
Q4 FY24	₹3,426.46 Cr+1.4% YoY+3.5% QoQ	₹-270.90 CrTurned loss-making YoYLoss widened QoQ	₹-37.52Turned negative YoYLoss/share widened QoQ
Q3 FY24	₹3,309.47 Cr-5% YoY-1.8% QoQ	₹-67.22 CrLoss narrowed YoYTurned loss-making QoQ	₹-9.31Loss/share narrowed YoYTurned negative QoQ

TL;DR

Revenue grew 38% YoY to Rs 53,972 million.
EBITDA rose 92% YoY to Rs 9,198 million, with margin expanding 480 bps to 17%.
Overseas operations drove 91% of incremental EBITDA.
Net profit surged to Rs 4,233 million from Rs 580 million a year ago.
Management expects 35% growth in both revenue and EBITDA for FY27.
Key projects in Egypt (Aseptic), Mexico (WPP), and Noida (Recycling) are on track.

Said on the call

“Whatever numbers we have achieved in Q1, they are very much sustainable.”

From the Q&A

Topic	What management said
Sustainability of Q1 Performance	Management stated the Q1 top-line growth and EBITDA margin are 'absolutely sustainable' and expects 35% growth in top line and EBITDA for FY27.
Q2 Normalization	While Q2 is expected to see 'normalization' from exceptionally strong Q1 realizations, the underlying growth trajectory remains set for 35% YoY growth in FY27.
Price Realizations	BOPET prices have gone up 30-35% and BOPP prices 25-32% from February '26 levels. Prices are seen as stable, with margin retention prioritized over price levels.
Debt and Leverage	Debt-EBITDA improved from 4.5x in FY26 to 3.5x in Q1 and is expected to be 3x by FY28. The company aims to reduce interest costs by 1% in the next year.
Egypt Aseptic Facility	The 12-billion-pack facility is on schedule for commissioning in H1 FY27, targeting ~30% capacity utilization in its first year, contributing around 2 billion packs.
Future Growth and Capex	Growth is driven by value-added products; 60-70% of future capex will go towards high-margin verticals like Aseptic, WPP bags, and recycling. Volume is expected to double by FY29.
Domestic vs. Overseas Margins	Overseas margins are higher (2.5x price realization vs. India) due to easier cost pass-through, driving 60-65% of business from overseas.
Aseptic Packaging in India	Volumes were soft due to duty-free imports from Indonesia, but value growth was achieved via a shift to value-added products; volumes expected to pick up from Q3.

Guidance

Expect 35% growth in top line and EBITDA for FY27 compared to FY26.
Targets a similar growth rate for FY28 and expects continued growth into FY29.
Egypt Aseptic plant commissioning targeted for H1 FY27.
Aims to reduce interest costs by 1% in the next year.
Debt-EBITDA leverage expected to improve to 3x by FY28.
Volume expected to double by FY29 from current levels.
Q2 will see normalization from exceptionally strong Q1 realizations, but underlying growth trajectory remains.

Source

Summary written from the transcript filed by UFLEX Limited for the call held on 17 Aug 2026; published 21 Aug 2026, 18:28 IST.