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Stock Analysis

Description

UFLEX Limited is an Indian multinational company engaged in the manufacturing and sale of flexible packaging products, offering complete packaging solutions globally.

Key Growth Triggers

Commissioning of capacity expansion at Sanand Aseptic Packaging facility, increasing annual production from 7 to 12 billion packs.
Approval of ₹715.41 Cr capex for a new packaging films manufacturing line at Dharwad, Karnataka, targeting FY28 commissioning to boost domestic demand.
Management's reaffirmed FY26 targets include ~10% revenue growth and ~10.5% EBITDA growth, supported by new projects expected to drive growth from FY27.
Focus on recycling initiatives and ESG improvements, evidenced by an EcoVadis Silver Rating.

Order Book

Currently no data available for Order Book.

Key Red Flags

Ongoing contestation of a ₹412.8 Cr income tax demand.
Rising net debt and leverage, with Net Debt/EBITDA at 4.51x.
Headwinds from market conditions and tariff uncertainties impacting margins.
Potential impact from import competition.

Key Dates To Watch

Q1 FY26 Board Meeting: August 13, 2025
Q1 FY26 Earnings Conference Call: August 18, 2025
Q2 & H1 FY26 Board Meeting: November 13, 2025
Q2 & H1 FY26 Earnings Conference Call: November 14, 2025
Trading window closure for Q3 FY26 results: Effective January 1, 2026.

Corporate Announcements

24th Mar 26

Impact Rating: 7

UFLEX LIMITED is closing its trading window for designated persons from April 1, 2026. This preventive measure against insider trading will last until 48 hours after the release of the company's Audited Financial Results for the Quarter and Year Ended March 31, 2026.

20th Mar 26

Impact Rating: -

No description available.

11th Mar 26

Impact Rating: 5

UFLEX announced participation in the Arihant Capital 'Rising Stars-2026' conference on March 11, 2026. An investor presentation will be shared, ensuring no unpublished price-sensitive information is disclosed during the event.

7th Mar 26

Impact Rating: 8

UFLEX LIMITED has received an unsolicited ESG rating of 61/100 [Grade B] from M/s CFC Finlease Private Limited, based on publicly available data.

6th Mar 26

Impact Rating: 4

UFLEX LIMITED will participate in the 'Arihant Capital Bharat Connect Conference: Rising Stars – 2026'. Mr. Sumeet Kumar, EVP Finance, will attend the virtual event on March 11, 2026.

Peer Comparision

S.No.	Name	Current Price (Rs.)	Price to Earning	Market Capitalization (Rs.Cr.)	Dividend yield (%)	Net Profit latest quarter (Rs.Cr.)	YOY Quarterly profit growth (%)	Sales latest quarter (Rs.Cr.)	YOY Quarterly sales growth (%)	Return on capital employed (%)	Sales (Rs.Cr.)	OPM (%)	Profit after tax (Rs.Cr.)	Profit after tax latest quarter (Rs.Cr.)	Price to book value	Return on assets (%)	Debt to equity
1.	EPL Ltd	208.10	16.05	6663.75	2.40	106.10	19.89	1205.90	11.02	17.48	4433.50	20.48	415.43	104.30	2.55	9.49	0.32
2.	AGI Greenpac	668.95	12.32	4327.94	1.05	76.12	5.60	601.58	0.40	19.89	2652.55	23.18	352.10	76.12	1.97	9.27	0.21
3.	Uflex	474.60	16.47	3427.17	0.63	22.31	-40.89	1932.64	-1.17	9.32	7899.74	10.55	208.36	22.31	1.05	2.71	1.19
4.	Polyplex Corpn	881.70	37.77	2767.87	1.52	33.50	-71.87	1794.04	3.17	7.16	6993.43	4.10	73.27	24.70	0.73	4.64	0.24
5.	XPRO India	1112.45	192.97	2610.98	0.21	4.97	-50.00	119.91	-10.50	7.93	527.57	4.81	13.53	4.97	3.82	4.60	0.46
6.	TCPL Packaging	2819.20	20.59	2565.46	1.06	28.33	-20.89	437.70	-0.18	20.03	1714.40	16.28	124.57	28.33	3.79	9.79	0.97
7.	Mold-Tek Pack.	582.55	28.87	1935.77	0.67	15.48	9.71	209.76	9.65	12.41	843.62	18.73	67.18	15.48	2.89	6.88	0.33
–	Median: 47 Co.	148.0	19.6	414.23	0.31	5.17	9.71	115.71	10.2	11.5	409.56	9.6	17.09	4.97	1.79	5.14	0.33

Quarterly Results

Standalone figures in ₹ crores

	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	1,712	1,705	1,673	1,663	1,641	1,649	1,657	1,860	1,956	1,939	1,970	2,058	1,933
Expenses	1,567	1,542	1,454	1,466	1,482	1,487	1,446	1,651	1,754	1,701	1,775	1,827	1,763
Operating Profit	145	163	218	198	159	161	211	209	202	238	195	231	170
Other Income	8	9	14	8	10	10	14	14	13	16	42	17	25
Profit before tax	48	60	108	73	29	30	84	63	52	81	78	77	24
Tax %	24%	18%	23%	25%	28%	22%	27%	25%	27%	29%	8%	26%	8%
Net Profit	36	49	83	55	21	24	61	48	38	58	71	57	22
EPS in Rs	5.05	6.84	11.45	7.62	2.89	3.29	8.50	6.62	5.23	7.99	9.86	7.91	3.09

Profit & Loss

Standalone Figures in ₹ Crores / Yearly

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	3,167	3,314	3,801	3,887	3,878	4,221	4,070	4,633	5,674	6,779	6,610	7,725	7,900
Expenses	2,771	2,936	3,328	3,394	3,418	3,761	3,536	3,887	5,040	6,055	5,881	6,881	7,066
Operating Profit	396	378	473	493	460	460	534	746	633	724	729	844	834
Other Income	77	58	38	17	16	20	82	20	46	38	41	85	100
Interest	167	116	108	119	144	168	173	152	155	183	256	335	354
Depreciation	147	164	167	188	221	240	261	260	253	262	298	320	320
Profit before tax	159	156	236	204	111	73	182	354	271	317	216	274	260
Net Profit	129	142	202	194	101	52	143	230	222	244	161	214	208
EPS in Rs	17.91	19.66	27.93	26.80	13.98	7.15	19.84	31.91	30.79	33.75	22.29	29.70	28.85
Dividend Payout %	14%	14%	11%	13%	14%	28%	10%	8%	10%	9%	4%	10%	–

Balance Sheet

Standalone figures in ₹ crores

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sep 2025
Equity Capital	72	72	72	72	72	72	72	72	72	72	72	72	72
Reserves	1,522	1,616	1,795	1,970	2,046	2,073	2,187	2,404	2,610	2,831	2,971	3,175	3,235
Borrowings	960	797	926	1,238	1,418	1,407	1,239	1,289	1,752	2,482	3,085	3,651	3,936
Other Liabilities	814	781	763	800	891	852	922	1,154	1,454	1,579	1,356	1,378	1,389
Total Liabilities	3,369	3,265	3,557	4,080	4,428	4,404	4,420	4,920	5,888	6,964	7,484	8,277	8,632
Fixed Assets	1,283	1,282	1,328	1,526	1,971	1,967	2,019	1,978	2,008	2,735	3,193	3,011	2,923
Gross Block	2,405.17	2,537.51	2,677.37	3,032.66	3,571.87	3,786.83	4,073.81	4,228.35	4,457.49	5,339.09	6,054.14	6,105.94	–
Accumulated Depreciation	1,122.64	1,255.72	1,349.07	1,506.63	1,601.04	1,820.17	2,054.74	2,250.61	2,449.83	2,604.55	2,860.81	3,094.66	–
CWIP	73	26	219	480	174	173	29	71	495	276	94	349	442
Investments	530	448	437	407	415	374	462	463	466	451	442	433	429
Other Assets	1,483	1,509	1,573	1,667	1,868	1,890	1,911	2,408	2,919	3,503	3,754	4,484	4,837
Total Assets	3,369	3,265	3,557	4,080	4,428	4,404	4,420	4,920	5,888	6,964	7,484	8,277	8,632

Cash Flows

Standalone Figures in ₹ Crores / Yearly

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	223	167	466	251	358	470	317	575	376	238	434	519
Cash from Investing Activity	127	-16	-360	-508	-337	-184	-109	-292	-681	-679	-559	-451
Cash from Financing Activity	-297	-222	11	190	-55	-287	-226	-149	268	517	314	217
Net Cash Flow	54	-71	117	-68	-35	-1	-18	134	-36	77	190	285

Ratios

Standalone Figures in ₹ Crores / Yearly

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	93	86	75	94	106	103	100	105	109	111	118	109
Inventory Days	39	49	46	56	63	52	73	69	70	68	64	64
Days Payable	79	79	86	95	105	86	96	104	108	89	76	70
Cash Conversion Cycle	53	56	35	55	64	69	76	71	71	89	107	103
Working Capital Days	2	17	15	21	25	24	31	36	38	33	32	29
ROCE %	10%	9%	12%	11%	7%	7%	10%	14%	10%	10%	8%	9%

Shareholding Pattern

Numbers in percentages

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	44.58%	44.58%	44.58%	44.58%	44.58%	44.58%	44.58%	44.58%	44.58%	44.58%	44.58%	44.58%
FIIs	8.34%	7.26%	7.14%	6.51%	7.04%	7.47%	8.03%	7.64%	7.94%	7.58%	7.62%	7.75%
DIIs	0.25%	0.66%	0.66%	0.68%	0.69%	0.70%	0.72%	0.59%	0.52%	0.52%	0.52%	0.52%
Public	46.84%	47.50%	47.62%	48.25%	47.70%	47.26%	46.67%	47.19%	46.96%	47.33%	47.30%	47.16%