UFLEX Limited has informed the Exchange about Investor Presentation
UFLEX/SEC/2025/
March 24, 2025
The National Stock Exchange of India Limited Exchange Plaza, 5th Floor Plot No.C/l, G-Block Bandra-Kurla Complex Bandra (E), Mumbai – 400051
The BSE Limited Corporate Relationships Department 1st Floor, New Trading Ring, Rotunda Building, P J Towers, Dalal Street, Fort, Mumbai – 400001
Scrip Code : UFLEX
Scrip Code : 500148
Subject: Updates on “Participation in Arihant Bharat Connect Conference: Rising Stars –
March 2025”
Dear Sir(s),
Further to our letter dated March 20, 2025, regarding “Participation in Arihant Bharat Connect
Conference: Rising Stars – March 2025”, please find the copy of the Investor Presentation which
will be shared to the Investor(s) is attached herewith for your record(s). The same is also available
on the website of the Company at https://www.uflexltd.com/company-presentation.php.
Further, no unpublished price sensitive information will be shared during the said Conference.
Kindly take the same on your records.
Thanking You,
Yours faithfully, For UFLEX LIMITED
(Ritesh Chaudhry) Sr. Vice President - Secretarial & Company Secretary
Encl : As above
UFLEX LIMITED
INVESTOR PRESENTATION
March 2025 Noida, India
Stock Code: BSE - 500148, NSE - UFLEX Common Stock Outstanding: 72.2mn as of Dec. 31, 2024
An Overview
Rich Legacy of 40 Years in Providing Packaging Solutions to our Partners
1985 Established
5000+
Customer Base
Presence Across
150+
Countries
16 Manufacturing Units
1,074,110 MTPA1 Global Capacity*
10,000+ Workforce
7bn+ Aseptic Liquid Packs Capacity
300 mn+ Tubes Capacity
1,090 mn+ Pouch Capacity
74,317 MTPA Recycling Capacity
5.4 bn+ PCR PET2 Bottles Recycled
64,330 MTPA Chemicals Capacity
*Note: The total capacity of 1 million+ MTPA includes resins at 211,020 MTPA (vPET Chips 168,000 + rPET Chips 43,020), base films at 618,160 MTPA, inks and adhesives at 64,330 MTPA, holography at 20,600 MTPA, flexible packaging at 100,000 MTPA, and aseptic liquid packaging at 60,000 MTPA.; The 31,297 MTPA MLP and moulding recycling capacity is not factored into the overall capacity calculation. All logos displayed are the property of their respective organizations and are used solely for representational purposes.; 1. Metric tonnes per annum (MTPA) ; 2. Post-Consumer Recycled polyethylene terephthalate (PCR PET)
2
Journey so far: Growing as a Global Player in Flexible Packaging
• Hungary: Forayed with a
BOPP Line Nigeria: Forayed with a BOPET Line Egypt: Added 2nd BOPP Film line
2021
2022
• Aseptic Packaging: Annual Capacity Doubled to 7 Bn
Packs
• Diversified into Holography Business
2004
2005
•
•
•
Dubai: First Overseas Foray with a BOPET film line
Noida (India): •
Added 1st BOPP2 Line
1996
2003
2009
• Mexico: Commissioned a BOPET Line
Noida (India): •
Added 1st CPP3 Line
Noida (India): • •
1st BOPET1 Line Chemicals Business Launched
1994
2010
•
Egypt: Forayed with a BOPP Line
2020
2017
2013
•
Dharwad (India): Started with a CPP/ a BOPET Lines. • Dubai: Added a CPP Line • Mexico: Added a PCR PET
Chips Line
CIS: Forayed with
• a BOPET Line
2023
•
Poland: Added 2nd BOPET Line
2024
•
•
•
Sanand (India): Aseptic packaging plant commissioned
USA: Forayed with a BOPET Line
Poland: Forayed with a BOPET Line
• •
•
Egypt : Started PCR PET Chips Plant Panipat: Started vPET Chips Plant (Bottle and film Grade) CIS: Added a CPP Line:
Goal
Targeting 24 Billion Carton Packs Capacity in Aseptic Packaging
1985 Started Engineering Business
Added Printing Cylinder
• Business to Portfolio
1986
1989
• •
IPO listed on BSE Commenced Flexible Packaging Business
•
Egypt: Added a BOPET and a CPP Line
2011
2012
1. Biaxially oriented polyethylene terephthalate (BOPET); 2. Biaxially Oriented Polypropylene (BOPP) ; 3. Cast polypropylene (CPP) ; 4. Polyethylene terephthalate (PET); Post-Consumer Recycled (PCR); Polyethylene terephthalate (PET)
3
India Packaging Landscape
Packaging Market Size
Revenue in USD bn, Global Packaging Market, 2016-2027
Revenue in USD bn, India Packaging market, 2016-2027
CAGR growth Total Packaging Metal Glass Paper & Paperboard Flexible Plastic Rigid Plastic
2016 -2021 3.8% 3.2% 0.0% 4.5% 5.5% 3.1%
2022-2027 3.9% 2.9% 2.6% 5.3% 4.7% 2.1%
1,099
1,051
923
938
888
6 1 1
7 6
2 1 3
8 6 1
5 2 2
0 2 1
9 6
8 2 3
6 7 1
0 3 2
1 2 1
9 6
8 3 3
0 8 1
0 3 2
1,002
9 2 1
3 7
5 6 3
4 9 1
2 4 2
4 3 1
5 7
8 8 3
4 0 2
9 4 2
9 3 1
8 7
1 1 4
5 1 2
6 5 2
832
857
0 1 1
3 7
3 9 2
8 4 1
8 0 2
3 1 1
5 6
7 9 2
1 6 1
1 2 2
1,275
1,233
1,190
1,145
4 4 1
0 8
4 3 4
6 2 2
2 6 2
8 4 1
2 8
6 5 4
6 3 2
8 6 2
1 5 1
4 8
9 7 4
7 4 2
3 7 2
5 5 1
5 8
1 0 5
7 5 2
7 7 2
1400
1200
1000
800
600
400
200
0
160
140
120
100
80
60
40
20
0
CAGR growth Total Packaging Metal Glass Paper & Paperboard Flexible Plastic Rigid Plastic
2016 -2021 9.8% 8.6% 6.7% 10.8% 10.3% 9.3%
2022-2027 10.2% 8.8% 8.0% 11.6% 10.2% 9.2%
102
1 1
9
8 3
4 2
0 2
92
0 1
8
4 3
2 2
8 1
82
9
7
0 3
9 1
6 1
67
7
6
4 2
6 1
4 1
61
7
6
2 2
5 1
3 1
73
8
7
6 2
7 1
5 1
51
6
5
8 1
2 1
0 1
55
6
5
9 1
3 1
2 1
150
5 1
2 1
8 5
5 3
137
4 1
1 1
2 5
124
3 1
0 1
7 4
2 3
9 2
113
2 1
9
2 4
7 2
2 2
4 2
6 2
8 2
2016
2017
2018
2019
2020
2021
2022
2023E 2024P 2025P 2026P 2027P
2016
2017
2018
2019
2020
2021
2022
2023E 2024P 2025P 2026P 2027P
Source: CRISIL report
5
Packaging Films Market Size
Global BOPET1 P. Film Market Size 2017-2027: ‘000 tons
Global BOPP2 P. Film Market Size 2016-2026: ‘000 tons
CAGR Growth % 2017-2022 2022-2027 Capacity Production Consumption
6.38% 6.54% 6.04%
6.21% 5.03% 4.11%
6,959
4 7 1 5
,
2 2 2 5
,
2017
9,480
1 0 1 7
,
2 0 0 7
,
2022
Capacity
Production
11,163
1 8 4 7
,
4 5 2 7
,
12,814
6 7 0 9
,
6 6 5 8
,
2023 Consumption
2027
CAGR growth % Capacity Production Consumption
2016-2021 2021-2026
4.6% 5.0% 5.0%
5.4% 4.3% 4.1%
11,544
6 5 7 7
,
5 1 8 7
,
2016
13,711
8 4 4 9
,
9 2 5 9
,
14,449
8 1 9 9
,
3 8 9 9
,
15,637
5 7 3 0 1
,
0 7 3 0 1
,
2020 Capacity
2021 Production
2022
Consumption
18,775
5 5 2 2 1
,
4 8 1 2 1
,
2026
India BOPET P. Film Market Size 2017-2027: ‘000 tons
India BOPP P. Film Market Size 2016-2026: ‘000 tons
CAGR growth % 2017-2022 2022-2027 Capacity Production Consumption
6.8% 6.7% 8.1%
8.2% 7.0% 5.5%
730
9 6 5
5 3 4
2017
1,016
8 8 7
2 4 6
2022
1,254
8 6 8
3 7 6
1,507
7 0 1 1
,
1 4 8
2023
2027
Capacity
Production
Consumption
CAGR growth % Capacity Production Consumption
2016-2021 11.3% 8.5% 8.6%
2021-2026 6.2% 7.7% 9.9%
666 4 5 3
4 7 4
2016
941
0 6 6
2 8 4
1,136
0 1 7
7 3 5
1,238
0 4 8
9 8 5
2020 Capacity
2021
Production
2022 Consumption
1,535
8 2 0 1
,
0 6 8
2026
Source: BOPET: AMI BOPET films – The global market 2023 report; BOPP: AMI BOPP films – The global market 2022 report; 1. Biaxially oriented polyethylene terephthalate (BOPET); 2. Biaxially Oriented Polypropylene (BOPP); Packaging Film (P. Film);
6
India’s Decade of Outperformance
India to Become 3rd Largest Economy by FY29
India's Rising GDP per Capita ➔ Higher Consumer Spending
GDP in US$ trillion (Real GDP growth %)
GDP per Capita at current prices in US$ (‘000) per capita
2025F
2029F
19.5 ; (4.5%)
USA
China
Germany
4.9 ; (0.8%)
Japan
India
4.4 ; (1.1%)
4.3 ; (6.5%)
UK
3.7 ; (1.5%)
30.3 ; (2.2%)
USA
35.5 ; (2.2%)
24.6 ; (4.5%)
China
India
6.3 ; (6.5%)
Germany
5.6 ; (0.8%)
Japan
UK
5.1 ; (1.1%)
4.4 ; (1.5%)
France
3.3 ; (1.1%)
France
3.7 ; (1.1%)
USA
Germany
UK
France
Japan
2025F
89.7
57.9
54.3
49.5
35.6
USA
Germany
UK
France
Japan
2029F
103.0
65.3
62.8
55.6
42.1
China
13.9
China
17.5
India
2.9
CAGR ~9.7%
India
4.2
Rapid Urbanisation
India's Polymer Consumption: Underpenetrated with ≥4–7x growth potential
2024F: Population (Mn)
India: Urban Population as % of Total Population
Consumption per Capita of Virgin Polymer 2021-22 (Kg)
India
China
USA
337
Japan
124
Germany
UK
France
85
68
66
1442
1409
2036E
2022
2011
2000
1975
1960
40%
36%
30%
28%
21%
18%
7x
112.0
Growth Opportunity
32.2
4x
62.4
15.0
India
Brazil
China
USA
Source: GDP & population: IMF.org; Polymer consumption: PLASTINDIA foundation; Urban population as % of Total Population: Horwath HTL, Analyst Reports
7
Evolving Business Landscape of Packaging and Packaging Films
01
STEADY ECONOMIC GROWTH
02
FMCG DEMAND
03
SUSTAINABLE PACKAGING
Steady economic growth amidst global challenges
Gradual uptick in rural demand as urban lags
EPR commitments to promote sustainable packaging
8
Macro Economic Environment
Global Growth expected to remain Stable
India Growth to remain robust at 6.4% in FY25e
Real GDP Growth (YoY)
7.7
3.7
2.1
2.4
3.3
3.2
3.3
World
1.7
1.7
1.9
Advanced Economies
2.9
2.8
2.7
0.4
1.4
0.8
1.0
5.2
4.8
4.6
Real GDP Growth (YoY)
8.2
6.5
7.0
6.4
US
Euro Area
China
FY19
FY23
FY24
FY25F
2023
2024F
2025F
2010-2019 avg
FY19
FY23
FY24
FY25F
•
•
•
•
IMF’s January 2025 World Economic Outlook maintains global growth
outlook at 3.3%, broadly unchanged from Oct 2024.
Global headline inflation expected to fall to 4.2% in 2025 and to 3.5% in 2026.
US & other advances economies’ outlook is bolstered with recovering real
incomes, and a less restrictive monetary policy stance, though geopolitical
tensions continues to weigh on sentiment.
Emerging market & developing economies outlook remains stable, with fiscal
package announced in China, offset by trade policy uncertainties.
•
India’s economy projected to grow 6.4% in FY2025
o
o
o
o
Real GDP grew of 5.4% in Q2FY25.
Private final consumption expenditure (PFCE) grew 6.0% in Q2 FY25.
Forex Reserves at US$ 617.3 billion.
Rural demand, backed by rebound in agricultural production,
anticipated easing of food inflation to aid growth.
o Geopolitical and trade uncertainties pose risks.
Source: Global outlook: IMF’s Jan 2025 World Economic Outlook (WEO) report, India: RBI & MoSPI; Forex reserve as of January 05, 2025 : RBI
9
Evolving Consumption Trends
Recovery in both Value & Volume Growth
Volume: Rural continue to surpass Urban Growth
Rainfall Status: -3% LPA (1st Oct’24 – 31st Dec’24)
FMCG growth %
FMCG volume growth % in Rural & Urban
6.5%
6.8%
6.7%
6.6%
5.6%
3.5%
3.1%
3.9%
10.6%
7.1%
7.9%
5.8%
7.2%
6.2%
9.9%
4.8%
5.7%
5.0%
1.9%
2.6%
OND'23
JFM'24
AMJ'24
JAS'24
OND'24
OND'23
JFM'24
AMJ'24
JAS'24
OND'24
Value
Volume
Rural
Urban
Food Infl. peaked in Oct., eased by Feb. (MoM YoY%)
Consumer non-Durables Growth Straggles
CPI Food
% 5 9
.
% 7 8
.
% 3 8
.
% 7 8
.
% 5 8
.
% 7 8
.
% 7 8
.
% 4 9
.
% 4 5
.
% 7 5
.
CPI
.
% 9 0 % 1 2 9
.
% 0 9
.
% 4 8
.
% 6 6
.
% 9 4
.
% 6 5
.
% 7 5
.
% 1 5
.
% 1 5
.
% 9 4
.
% 8 4
.
% 8 4
.
% 1 5
.
% 0 6
.
% 3 4
.
% 2 6
.
% 5 5
.
% 2 5
.
.
% 5 % 5 7 3
.
% 6 3
.
4 2
- l u J
3 2 - t c O
3 2 - v o N
3 2
- c e D
4 2 - n a J
4 2
-
b e F
4 2 - r a M
4 2 - r p A
4 2
- y a M
4 2 - n u J
-
4 2 g u A
-
4 2 p e S
4 2 - t c O
4 2 - v o N
4 2
- c e D
5 2 - n a J
9.9%
9.3%
5.2%
3.0%
0.3%
2.7%
2.8%
2.2%
-1.0%
2.8%
0.4%
-3.4%
-3.2%
-2.5%
-4.4%
-4.2%
-0.2%
-7.5%
-
3 2 g u A
-
3 2 p e S
3 2 - t c O
3 2 - v o N
3 2
- c e D
4 2 - n a J
-
4 2 b e F
4 2 - r a M
4 2 - r p A
4 2
- y a M
4 2 - n u J
4 2
- l u J
-
4 2 g u A
-
4 2 p e S
4 2 - t c O
4 2 - v o N
4 2
- c e D
5 2 - n a J
% 8 3
.
% 6 3
.
5 2
-
b e F
Large Excess 60% or more
Excess 20%-59%
Normal -19% to 19%
Deficient -59% to 20%
A below normal monsoon during the period
Source: FMCG consumption growth and FMCG volume growth % in rural & Urban: NIQ, market intelligence ; CPI Food & CPI: MoSPI, Consumer non-durable growth: Estimates of IIP MoSPI; Rainfall status: IMD Figure for Jan-25 IIP data is a quick estimate
10
Pricing Trends of Packaging Films and Related Commodities (1/2)
BOPET declining after a steady period; BOPP on rise
After a Stable Q3, Commodity Prices Edged up in January
.
4 5 4 1
.
1 5 3 1
.
2 6 2 1
.
9 2 2 1
.
1 2 2 1
.
8 9 2 1
.
4 7 2 1
.
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.
0 6 1 1
.
1 2 2 1
.
2 9 1 1
.
0 2 1 1
.
0 0 1 1
.
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.
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.
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.
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.
8 7 9
.
6 0 0 1
.
3 8 0 1
.
8 0 0 1
.
2 1 0 1
.
6 2 0 1
.
4 9 9
.
0 6 9
.
5 2 9
.
9 2 9
.
2 4 9
.
3 2 9
.
0 4 9
.
6 3 9
.
0 5 9
.
0 9 3 8 1 5 2 1
.
.
8 4 4 1
.
0 8 2 1
.
8 6 2 1
.
0 4 2 1
.
2 5 2 1
.
7 4 2 1
.
6 2 2 1
.
8 0 3 1
.
0 2 2 1
.
3 1 2 1
.
0 1 2 1
.
8 8 1 1
.
7 7 0 1
.
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.
8 0 1 1
.
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.
2 3 1 1
.
3 3 1 1 6 4 0 1
.
.
7 2 2 1
.
9 1 1 1
.
5 0 0 1
.
3 3 9
.
4 1 9
.
8 9 8
.
3 7 1 1
.
1 7 9
.
2 3 8 6 6 7
.
.
5 6 8
4
.
2 7
.
5 7 7
.
1 6 7
.
1 9 6 9 3 6
.
.
3 9 8
.
7 5 8
.
4 3 8
.
7 4 8
.
9 0 8
.
3 1 5
7
.
0 5
.
3 2 5
.
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.
5 8 4
.
6 7 4
.
5 2 8
.
6 2 8
.
9 0 8
.
6 4 8
.
4 8 7
.
1 0 8
.
5 5 7
.
8 4 7
.
7 3 9 2 6 8
.
.
6 0 9
.
9 2 8
.
1 0 8
.
6 7 7
9
.
9 8
.
4 5 8
.
5 3 8
.
8 1 8
.
3 2 8
.
2 5 8
.
4 0 8
7
.
8 7
.
7 4 7
.
7 4 7
.
5 4 7
.
1 2 7
.
4 2 7
.
0 1 7
.
9 9 6
.
1 9 6
.
2 7 6
.
9 6 7
.
6 1 7
.
7 0 7
.
2 2 7
.
7 5 7
.
7 3 7
.
7 3 7
.
5 2 7
.
1 1 7
.
7 4 7
.
7 4 7
.
6 3 7
.
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.
5 5 7
.
0 8 7
.
5 8 7
.
4 5 7
.
1 1 7
.
4 0 7
.
6 8 6
.
7 5 6
.
7 5 6
.
5 4 6
.
6 2 6
.
7 2 7 6 7 6
.
.
5 2 7
.
3 0 7
2
.
9 6
.
7 6 6
.
9 5 6
.
1 9 6
.
9 8 6
0
.
7 6
.
5 8 6
.
7 8 6
.
4 8 6
.
6 3 7
.
9 3 7
.
2 0 7
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.
9 8 6
.
6 5 7
.
0 4 7
4
.
4 7
.
9 3 7
.
3 9 7
.
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1 1 7
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2 0 7
.
6 6 6
.
7 6 6
.
0 7 6
.
9 6 6
.
6 3 6
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.
0 9 5
.
7 9 5
.
7 8 5
.
2 9 5
.
5 2 4
.
1 1 4
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9 9 3
.
5 8 3
.
2 7 3
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4 9 3
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4 2 4
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7 2 4
.
0 2 4
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8
.
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6
.
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5
.
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.
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3 2 - n a J
3 2 - b e F
3 2 - r a M
3 2 - r p A
3 2 - y a M
3 2 - n u J
3 2 - l u J
3 2 - g u A
3 2 - p e S
3 2 - t c O
3 2 - v o N
3 2 - c e D
4 2 - n a J
4 2 - b e F
4 2 - r a M
4 2 - r p A
4 2 - y a M
4 2 - n u J
4 2 - l u J
4 2 - g u A
4 2 - p e S
4 2 - t c O
4 2 - v o N
4 2 - c e D
5 2 - n a J
5 2 - b e F
2 2 - n a J
2 2 - b e F
2 2 - r a M
2 2 - r p A
2 2 - y a M
2 2 - n u J
2 2 - l u J
2 2 - g u A
2 2 - p e S
2 2 - t c O
2 2 - v o N
2 2 - c e D
3 2 - n a J
3 2 - b e F
3 2 - r a M
3 2 - r p A
3 2 - y a M
3 2 - n u J
3 2 - l u J
3 2 - g u A
3 2 - p e S
3 2 - t c O
3 2 - v o N
3 2 - c e D
4 2 - n a J
4 2 - b e F
4 2 - r a M
4 2 - r p A
4 2 - y a M
4 2 - n u J
4 2 - l u J
4 2 - g u A
4 2 - p e S
4 2 - t c O
4 2 - v o N
4 2 - c e D
5 2 - n a J
5 2 - b e F
18 micron plain BOPP film average monthly price (Rs./ KG)
12 micron plain BOPET film average monthly price(Rs./ KG)
PTA
MEG
MELT
Brent Crude Spot Price
Rs/Kg: PTA, MEG, MELT; USD/barrel: Europe Brent Crude Spot Price FOB
*The charts above exhibit the trend of average market prices and do not represent UFlex’s actual sale or purchase prices.
BOPET & BOPP film price: Market intelligence; PTA, MEG, and MELT prices are sourced from ICIS, PLATTS, and ME Global. These prices represent the average import index price, with PTA and MEG calculated as the average of ICIS and PLATTS prices. From April 2023 onwards, ME Global prices are used for MEG; Note: Import duty, terminal handling charges, and local freight costs are not included in the price and will be added separately on this price. Brent crude oil: EIA; monthly prices are calculated by the U.S. Energy Information Administration (EIA) by taking an unweighted average of the daily closing spot prices.
11
Investment Proposition
Aiming to achieve higher revenues, enhance profitability, and generate surplus cash flow.
Road Ahead
A Circular & Greener Future: Project Plastic Fix
Building circularity from plastic waste since 1995. Successfully recycled 0.5+ mn tons of MLP so far.
08
01
07
06
02
03
India’s Largest Flexible Packaging Solutions Company The largest flexible packaging company, with Rs. 135 billion in revenue and Rs. 16 billion in EBITDA, has been catering to P. films, converting, FMCG, and pharmaceutical customers for 35+ years.
Presence Across Flexible Packaging Value Chain Spanned over PET resins, Packaging films, Converting, Aseptic, Inks & Adhesives, Holography, Printing cylinders and Engineering.
Proven Track Record in Financial Performance
Delivered strong performance: Revenue grew at a 16.1% CAGR (2020–2024) and EBITDA at 10.2%.
Enduring Customer Relationships
Long customer relationships built over superior delivery, reach and after-sales service.
05
04
Global Manufacturing Footprint
16 strategically located state-of-the-art plants across 5 continents and 9 countries
Supremacy in Packaging Solutions Landscape
Only integrated flexible packaging company in India, offering both standalone and end-to-end packaging solutions.
12
1.a
India’s Largest Flexible Packaging & Solutions Company
160,000
140,000
120,000
100,000
80,000
60,000
40,000
20,000
0
FY24 Consolidated Revenues
FY24 Consolidated EBITDA
Rs. Mn
18,000
135,098
16,000
Rs. Mn
16,103
63,671
44,035
39,755
50,067
25,649 26,553
17,161
10,905
6,106
14,000
12,000
10,000
8,000
6,000
4,000
2,000
-
y l o P r a h a N
r e t s E
e r a w r a G
h c e T
- i
H
o m s o C
t s r i F
i
k a m a t h u H
L P E
y l o P
l
a d n J
i
l
x e F U
l
x e p y l o P
e m T
i
l
t s a p o n h c e T
4,767
4,254
2,102
2,512
3,211
34
r e t s E
320
y l o P r a h a N
o m s o C
t s r i F
e r a w r a G
i
k a m a t h u H
h c e T
- i
H
l
x e p y l o P
y l o P
l
a d n J
i
7,737
7050
L P E
l
x e F U
e m T
i
l
t s a p o n h c e T
In FY24, UFlex normalized EBITDA was Rs. 16,103 million. This normalized EBITDA figure includes adjustments of Rs. 968 million related to foreign currency gain/loss and profit/loss in derivative instruments.
13
1.b
India’s Largest Flexible Packaging & Solutions Company
9M FY25 Consolidated Revenues
9M FY25 Consolidated EBITDA
120,000
100,000
80,000
60,000
40,000
20,000
-
Rs. Mn
113,100
53,299
43,370
39,915
31,411
19,364
22,087
15,989
9,771
5,205
y l o P r a h a N
r e t s E
e r a w r a G
h c e T
- i
H
o m s o C
t s r i F
L P E
i
k a m a t h u H
e m T
i
l
t s a p o n h c e T
y l o P
l
a d n J
i
l
x e F U
l
x e p y l o P
16,000
14,000
12,000
10,000
8,000
6,000
4,000
2,000
-
Rs. Mn
14,242
6,336 6,411
5745
7,098
3,741
2,770
1,016 1,248
639
y l o P r a h a N
i
k a m a t h u H
r e t s E
o m s o C
t s r i F
e r a w r a G
h c e T
- i
H
e m T
i
l
t s a p o n h c e T
y l o P
L P E
l
a d n J
i
l
x e F U
l
x e p y l o P
In 9M FY25, UFlex normalized EBITDA was Rs. 14,242 million. This normalized EBITDA figure includes adjustments of Rs. 780 million related to foreign currency gain/loss and profit/loss in derivative instruments.
14
2.a
Presence Across Value Chain in Flexible Packaging Environs
Process Flow Diagram
Main Feedstock
Key Downstream RM
RM for P. Films
NGL Ethane, Propane, Butane, Naphtha
Ethylene
MEG1
MELT
vPET Resins for bottles & films
Para Xylene
PTA2
Natural gas Liquids (NGL)
Propylene
rPET6 Resins for bottle & films
Packaging Films Business
BOPP8 BOPET7 CPP9 Metalized Alox Coated films Speciality films PCR Grade PET films “ASCLEPIOUSTM”
UFlex Presence
Flexible Packaging Business
Ink & Adhesives
Printing
Lamination
Extrusion & Slitting
Flexi-tubes, Lids and Pouches Inno-lock Pouches Pocket PTC Zipper Bags for Baby & Hygiene Markets Hygiene films Pet Food Bags Cement Bags Confectionery & Embossed foils Spot Embossing Electron Beam curing
Crude Oil
Polypropylene
PP4 Resins
Printing Cylinders
Holograms & Shims
Converting Machine
Packaging Machine
Aseptic Packaging Business
Design
PPC
Aseptic Packaging Material (roll form)
Ethylene
Polyethylene
PE3 Resins
1. Mono ethylene glycol (MEG: ); 2. Purified terephthalic acid (PTA:); 3. Polyethylene (PE); 4. Polypropylene (PP) 5. Virgin polyethylene terephthalate (vPET ); 6. Recycled polyethylene terephthalate (rPET) ; 7. Biaxially oriented polyethylene terephthalate(BOPET); 8. Biaxially Oriented Polypropylene (BOPP); 9. Cast polypropylene (CPP); Raw material (RM); Packaging Films(P. Films);
15
Supply to Customers
2.b
Presence across all Verticals of Packaging Value Chain
Interconnected Strengths, Boundless Possibilities
Resins
Packaging Films
Intermediaries
Flexible Packaging
vPET Chips Film Grade
Chemicals (inks and adhesives)
vPET Chips Bottle Grade
BOPET P . Films
BOPP P. Films
CPP P. Films
rPET Resins Film Grade
Value Added P. Films
rMLP Granules & Moulding Products
Metalized P. Films
Aluminium oxide (AlOx) coated P. Films
Specialty P. Films
PCR P. Films
Holography
Printing Cylinders
Engineering
Supply to Customers
Aseptic Packaging
1. Virgin polyethylene terephthalate (vPET ); 2. Recycled polyethylene terephthalate (rPET) ; 3. Biaxially oriented polyethylene terephthalate(BOPET); 4. Biaxially Oriented Polypropylene (BOPP); 5. Cast polypropylene (CPP) 6. recycled multi-layered and multi-layered plastic packaging(rMLP);Packaging Films(P. Films);
16
2.1a
PET Resins Products and Usage
Resins
Packaging Films
Flexible Packaging
Aseptic Liquid Packaging
Chemicals (inks and adhesives)
Engineering
Printing Cylinders
Holography
Products
vPET Chips Film Grade
vPET Chips Bottle Grade
rPET Chips Film Grade
rMLP Granules, Moulding
BOPET P. Films
PET Bottles
100% PCR P. Film, ASCLEPIUSTM
Household Equipment
Usage
PET Chips
70% PTA
30% MEG
Major Grade
Intrinsic Viscosity (dl/g)
Film
0.625 ± 0.01 - 0.640 ± 0.02
Mineral Water Bottle 0.76 ± 0.02
Carbonated Beverage & Soft Drink (CSD)
0.80 ± 0.02 - 0.84 ± 0.02
Caps/Closures
Toys
Containers
Dustbins
rPaper Bags
rTubes
rPaper Tubes
Electrical, Thermal Insulation
1. Mono ethylene glycol (MEG); 2. Purified terephthalic acid (PTA); 3. post-consumer recycled (PCR); 4. Polyethylene terephthalate (PET); 5. Virgin polyethylene terephthalate (vPET ); 6. Recycled polyethylene terephthalate (rPET); 7. recycled multi-layered and multi-layered plastic packaging(rMLP); 8. Biaxially oriented polyethylene terephthalate(BOPET); PET Production RM: 70% PTA, 30% MEG by Weight: sciencedirect.com
17
2.1b
PET Chips Process Flow Diagram
Resins
Packaging Films
Flexible Packaging
Aseptic Liquid Packaging
Chemicals (inks and adhesives)
Engineering
Printing Cylinders
Holography
PET Resin Process Flow Diagram
Crude Oil
Purifies Terephthalic Acid (PTA)
Preforms
PET Bottles
Presence
Petroleum
Polymerization
PET / Polyester
PET P. Film
Packaging films
Natural Gas Liquids
Monoethylene Glycol (MEG)
Polyester Fiber
Polyester Textiles
Energy/Upstream (PX & Ethylene)/Downstream
Polyester Chain (PTA , MEG & Polyesters)
End-use Markets & Products
1. Mono ethylene glycol (MEG: ); 2. Purified terephthalic acid (PTA); 3. Polyethylene terephthalate (PET); Packaging Films(P. Films);
18
2.2a
Packaging Films Products and Usage
Resins
Packaging Films
Flexible Packaging
Aseptic Liquid Packaging
Chemicals (inks and adhesives)
Engineering
Printing Cylinders
Holography
Products
Usage
BOPET1 P. Films
Metallised P. Films
Pouches
Tubes
Printing / Lamination
Release Films
BOPP2 P. Films
Aluminium Oxide (AlOx)Coated P. Films
Pharmaceutical
Photo Albums
Overwraps (CDs, cigarettes, cartons)
Packaging / Conversion
CPP3 P. Films
Speciality P. Films
Synthetic Papers
Holography
Adhesive Tapes
Electrical, Thermal Insulation
1. Biaxially oriented polyethylene terephthalate(BOPET); 2. Biaxially Oriented Polypropylene (BOPP); 3. Cast polypropylene (CPP); Packaging Films(P. Films);
19
2.2b
Packaging Film Manufacturing Process Flow Diagram
Resins
Packaging Films
Flexible Packaging
Aseptic Liquid Packaging
Chemicals (inks and adhesives)
Engineering
Printing Cylinders
Holography
Film Manufacturing Process Flow Diagram
BOPET P. Film Raw Material (vPET1 chips & rPET2 chips)
Front-end Process
Hooper
Filter
Fixed Quantity Pump
Casting
Forward Stretching
Die
UV Irradiation
Drying
Cutting
Rolling
Drying /UV Irradiation
Coating
Back-end Process
Lateral Stretching
Heat Treatment
BOPET Film Rolling
BOPET Film Unrolling
1. Virgin polyethylene terephthalate (vPET ) chips ; 2. Recycled polyethylene terephthalate (rPET) chips
20
2.3a
Flexible Packaging Products and Usage
Resins
Packaging Films
Flexible Packaging
Aseptic Liquid Packaging
Chemicals (inks and adhesives)
Engineering
Printing Cylinders
Holography
Flexible Laminates
Pre-formed Pouches
Flexo Printed Rolls & bags
Electron Beam and Cast 'n’ Cure
Food Products
Personal Products
Contraceptives
Pharmaceutical Products
Products
Usage
Flexi Tubes
Hygiene films
Woven Polypropylene (WPP) Bags
Pharmaceutical Packaging
Soaps & Detergents
Agrochemical Products
Oil & Lubricants
Pet Food Products
FlexFresh Modified Atmosphere Packaging
Premium Shower Proof Bag
Six-layer Cotton N95 Mask
Injection Moulded Products
Baby & Feminine Hygiene Products
Fresh Produce
Cement & Paint Products
21
2.3b
Composition of Tubes and Pouches
Resins
Packaging Films
Flexible Packaging
Aseptic Liquid Packaging
Chemicals (inks and adhesives)
Engineering
Printing Cylinders
Holography
Tube Composition
Pouch Composition
PP/PE/MET CPP/MET PE Adhesive BON Adhesive FOIL/MET PET/MET BOPP Adhesive Ink PET/BOPP/Paper/PVDC PET/ Alox PET/Siox PET
Laminate Multilayer
Paper/PET/METPET/PVC/Foil /BOPP/BON/PE
Inks/ reverse Print
Adhesive/Glue/Binder/Coatings
Adhesive/Glue/Binder/Coatings
Paper/PET/MET PET/PVC/Foil /BOPP/BON/PE
PP/PE/OPP/SL Coat/HSL Coat/HM
1. Polyethylene terephthalate (PET); 2. Ethylene vinyl alcohol (EVOH); 3. Silicon oxide (SiOx); 4. Aluminum oxide (AlOx ); 5. Biaxially oriented nylon film (BON ); 6. Machine Direction Orientation (MDO )
22
2.4a
Asepto – Aseptic Liquid Packaging Products and Usage
Resins
Packaging Films
Flexible Packaging
Aseptic Liquid Packaging
Chemicals (inks and adhesives)
Engineering
Printing Cylinders
Holography
Asepto Packaging Material
Brick Packs, Trio Packs and Pillow Packs
Asepto Speed 25,000 - Automated and Sophisticated Filling Machine
Products
Dairy Industries
Beverage Industries
Distillery Industries
Usage
23
2.4b
Asepto – Aseptic Liquid Packaging is a Six Layered Product
Resins
Packaging Films
Flexible Packaging
Aseptic Liquid Packaging
Chemicals (inks and adhesives)
Engineering
Printing Cylinders
Holography
Products
Composition of 6 Layers of Asepto Carton
How is an Aseptic Carton made
BASE
SLIM
ULTRA LEAN
6 Layer Aseptic Carton
SQUARE
CURVE
TRIO
15%
5%
PILLOW
SPECTRA
CROWN
MID
80%
Polyethylene
Aluminium Paper board
Sanand to reach 12 bn Packs by FY25; Egypt's Greenfield Plant to add 12 bn, taking Asepto's Total Capacity to 24 bn by FY26.
1. Metallocene Polyethylene (mPE); 2. Polyethylene (PE); 3. Nucrel: copolymers of ethylene and methacrylic or acrylic acids Source: How is an aseptic carton made: Indian Institute of Packaging, Mumbai
24
2.5a
Chemical Products and Usage
Resins
Packaging Films
Flexible Packaging
Aseptic Liquid Packaging
Chemicals (inks and adhesives)
Engineering
Printing Cylinders
Holography
Products
Ink Products
Radiation Curable Ink Coatings
Water-based (WB) Inks
Water-based (WB) Coatings
Flexible Packaging
Rigid Packaging
Corrugation
Usage QSR
Liquid Inks
PU Inks Binders
Solvent-Based (SB) Specialty Coatings
Heat Seal
Food Packaging
Offset Industries
Labels Industries
Industrial
Laminating Adhesives
Solvent-Based (SB) Flexible Packaging
Water-Based (WB) Flexible Packaging
Solvent-Free (SF) Flexible Packaging
Water-Based (WB) Offset Industries
Water-Based (WB) Coatings/ Varnishes Offset and Flexo
Visible Security Coatings
E-commerce Paper Bag
Paper Bag Applications
1. Quick-service restaurant(QSR); 2. Industrial Applications: UV Coatings, PVC Profile, Edge Bending, PVC Marble, SPC Flooring, PVC Marble Edge Bending, Tape WPC (Wood Polymer Composite).
25
2.5b
Water Base Adhesive & Coating Process Flow Diagram
Resins
Packaging Films
Flexible Packaging
Aseptic Liquid Packaging
Chemicals (inks and adhesives)
Engineering
Printing Cylinders
Holography
Process Flow Diagram – Water-based Adhesive & Coating
Crude Oil
Monomers (Acrylic, Vinyl, Styrene etc.)
Petroleum
Emulsion Polymerization
Emulsion Polymer
Emulsifiers (Sulphates, Sulphonates, Ethoxylates etc.)
Adhesive (Acrylic based, PVA based & VAE based)
Coatings (Acrylic based)
Flexible Packaging
Rigid Packaging
Paper Bags
Over Print Varnish
Heat Seal Coating
Barrier Coating
Energy, Upstream / Downstream
Polymer Chain
End-use Markets & Products
26
2.5c
PU Adhesive Process Flow Diagram
Resins
Packaging Films
Flexible Packaging
Aseptic Liquid Packaging
Chemicals (inks and adhesives)
Engineering
Printing Cylinders
Holography
Process Flow Diagram – PU Adhesive
Petroleum
Crude Oil
Glycols +Acids
Diisocynate
Route
Polymerization
Glycols +Acids
Biobased Material
Purified Castor Oil
PU SF/SB Adhesive
PU Ink Binder
Polyols
Flexible Packaging
Gravure and Flexographic Printing
Insulation Foam/Footwear
Energy, Upstream, Downstream
Polymer Chain
End-use Markets & Products
1. polyurethane (PU)
27
2.5d
Inks Process Flow Diagram
Resins
Packaging Films
Flexible Packaging
Aseptic Liquid Packaging
Chemicals (inks and adhesives)
Engineering
Printing Cylinders
Holography
Process Flow Diagram – Inks
Flexo Printing Machine
Pigments PIGMENT RED 57:1 / Pigment Blue 15 / Pigment Yellow 13/Carbon Black
Resins Polyamide / Nitro cellulose / Vinyl / Polyurethan / EVA
Solvents Esters / Alcohols / Hydrocarbons
Additives Scuff / Slip / Antifoam etc.,
Bead Mill
Gravure Printing Machine
Raw Materials
Grinding
Printing & Lamination
Final Laminates / Pouches
28
2.6
Engineering Products and Application
Resins
Packaging Films
Flexible Packaging
Aseptic Liquid Packaging
Chemicals (inks and adhesives)
Engineering
Printing Cylinders
Holography
Application
Packaging Machines
Converting Machines
Speciality Products
Asepto Machines
Form Fill & Seal machines
CI Flexo & Rotogravure Printing Machines
Inspection/Rewinding Machines
Auger Filler
Flexpress 7800
Wrapping Machines
Lamination Machines
Doctoring Machines
Volumetric Cup Filler
Asepto Flexpress 10000
Products
Special Purpose Machines
Slitting/Rewinding Machines
Pouch Making Machines
Weigh Filler
Asepto Flexpress 25000
29
2.7
Printing Cylinders Products and Usage
Resins
Packaging Films
Flexible Packaging
Aseptic Liquid Packaging
Chemicals (inks and adhesives)
Engineering
Printing Cylinders
Holography
Printing Cylinders Composition
Products
Gravure Printing Cylinders
Flexo Plates
Flexo Elastomer Plates
Rotogravure Printing Cylinder – Composition of Four Layers
Usage
Printing Industries (Gravure and Flexo)
Wooden Laminates
Wallpaper Design
Gift Wrappers & Greeting Cards
30
2.8a
Holography Products and Usage
Resins
Packaging Films
Flexible Packaging
Aseptic Liquid Packaging
Chemicals (inks and adhesives)
Engineering
Printing Cylinders
Holography
Hologram
Products
Holographic films (Wide web films)
Textile Value Addition Products
Pharmaceutical
Ecommerce
Automobiles
Usage
Hot Stamping Foil
Holographic Metallised Paper & Board Transfer
Labelling Solution
FMCG Business
Cosmetics
Liquor Industries
Food & Beverage
Textile
Electronics
31
2.8b
Holography Process Flow
Resins
Packaging Films
Flexible Packaging
Aseptic Liquid Packaging
Chemicals (inks and adhesives)
Engineering
Printing Cylinders
Holography
BOPP / PET / CPP FILM / PVC / FOIL
Coating (for Holo. Embossing)
UV Holography Embossing
Metallizing
DG / LAQUER Coating (Soluble Dye)
Slitting in size (as per customer req.)
Holography Film
Stamping Foil
Textile Application film
Flexible Packaging
Hologram
Carton Packaging
Pharma Pack
Textile
Graphic
Plastic / Other
Sequence
Hotmelt film
Glitter
Raw Material
Machinery
Conversion Process
Product
Applications
Final Product
1. Biaxially oriented polyethylene terephthalate(BOPET); 2. Biaxially Oriented Polypropylene (BOPP); 3. cast polypropylene (CPP); 4 Polyvinyl chloride (PVC)
32
3.0
Global Manufacturing Footprints
16 State-of-the-Art Manufacturing Facilities Strategically Located across 5 Continents and 9 Countries
Overall Global Capacity of 1 mn+ MTPA: Ready to deliver Anywhere in the World within 15 Days
Americas
Capacity (MTPA)
30,000
60,000
Europe
Capacity (MTPA)
75,000
48,000
42,000
Middle East & Africa
Capacity (MTPA)
40,000
45,000
1,14,000
Plant
US
Mexico
Plant
Poland
CIS
Hungary
Plant
Dubai
Nigeria
Egypt
Plant
India
Capacity (MTPA)
Packaging Films Business
Noida & Dharwad
1,64,160
Stupino, CIS (Packaging Films)
Flexible Packaging
Września, Poland (Packaging Films)
Noida & Jammu
1,00,000
Jammu, India (Flexible Packaging)
Aseptic Liquid Packaging
Bangladesh
Noida, India (Packaging Films and Flexible Packaging) Panipat, India (PET Chips) Sanand, India (Aseptic Liquid Packaging)
Dharwad, India (Packaging Films)
Sanand
60,000
Virgin PET Chips – Panipat
1,68,000
Holography
Chemicals (Inks & Adhesives) Noida and Jammu
20,600
64,330
Hungary (Packaging Films)
Kentucky, US (Packaging Films)
Mexico (Packaging Films)
Nigeria (Packaging Films)
, Egypt, (Packaging Films)
Jebel Ali Free Zone Dubai, UAE (Packaging Films)
India: Technological enhancement over the period in the Noida plant improved UFlex India’s combined (Noida+ Dharwad) capacity to 164,160 MTPA from 155,000 MTPA; CIS: The plant capacity increased to 48,000 MTPA post commissioning of the new CPP line (18,000 MTPA) in Apr ‘24; Hungary: Technological enhancement over the period upgraded the plant capacity to 45,000 MTPA from 42,000 MTPA (commissioned 2020-21)
33
Business Centres
Americas
Europe
Middle East & Africa
India
Bangladesh
3.1a 1
Integrated Manufacturing Capacities across Geographies
Extensive Suite of Products in Every Region We Operate
Resins & Moulding 2,42,317 MTPA
Base Packaging Films 6,18,160 MTPA
Value Added Packaging Films 2,52,800 MTPA
Value Added Products (VAP)
vPET Chips (MTPA)
rPET Chips (MTPA)
rMLP Granules (MTPA)
BOPET (MTPA)
BOPP (MTPA)
CPP (MTPA)
Metalized (MTPA)
Alox Coated (MTPA)
Chemicals (Inks & Adhesives) MTPA
Holography (MTPA)
Printing Cylinders (No.)
Flexible Packaging (MTPA)
Aseptic Liquid Packaging (mn)
Engineering
168,000
10,020
21,397
109,800
31,200
23,160
58,500
-
18,000
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
22,000
-
18,000
12,600
30,000
77,000
7,000
72,000
2,200
45,000
30,000
30,000
-
42,000
--
-
--
-
-
-
15,000
18,000
13,200
-
-
-
19,000
5,000
7,500
-
10,800
7,000
64,330
20,600
108,000
100,000
7,000
500
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
3,900
75,000
30,000
15,000
6,000
60,000
-
-
-
-
-
-
-
-
1,68,000
43,020
31,297
4,01,800
1,50,200
66,160
2,38,600
14,200
64,330
20,600
108,000
1,00,000
7,000
500
Locations (Capacities Data as of Sep 24)
India
Dubai
Egypt
Nigeria
CIS
Poland
Hungary
USA
Mexico
Total
1. Virgin polyethylene terephthalate chips (vPET ) ; 2. Recycled polyethylene terephthalate (rPET); 3. Biaxially oriented polyethylene terephthalate(BOPET); 4. Biaxially Oriented Polypropylene (BOPP); 5. cast polypropylene (CPP); 7. Metric tonnes per annum (MTPA); Packaging Films(P. Films);
34
3.1b
Historical Packaging Films Production across Geographies
Films Production Capacity (MTPA) as of March 31
Geographic Breakdown of Total Packaging film Production vol. (%)
Capacity, Production and Utilization
India
Dubai
Egypt
Nigeria
CIS
Poland
Hungary
USA
Mexico
FY24 Production (Utilization %)
FY23 Production (Utilization %)
FY22 Production (Utilization %)
FY21 Production (Utilization %)
FY20 Production (Utilization %)
India
115,202 (74.3%)
94,994 (90%)
104,907 (114%)
95,962 (104.3%)
93,788 (101.9%)
Dubai
25,355 (63.4%)
24,141 (62.7%)
21,593 (98.2%)
25,326 (115.1%)
28,978 (107.3%)
Egypt
101,944 (89.4%)
107,772 (94.5%)
110,846 (97.2%)
77,285 (99.1%)
64,314 (97.4%)
Nigeria
26,444 (58.8%)
21,190 (47.1%)
25,760 (76.3%)
NA
CIS
29,594 (98.6%)
29,917 (99.7%)
28,917 (96.4%)
23,079 (102.6%)
NA
NA
Poland
48,750 (65%)
61,039 (81.4%)
73,642 (98.2%)
52,868 (100.7%)
34,218 (114.1%)
Hungary
34,811 (82.9%)
34,659 (82.5%)
39,642 (94.4%)
NA
NA
USA
30,581 (101.9%)
30,655 (102.2%)
31,688 (105.6%)
31,653 (105.5%)
30,782 (102.6%)
Mexico
53,735 (89.6%)
46,066 (76.8%)
60,084 (100.1%)
59,259 (98.8%)
45,808 (76.3%)
FY24
12%
25%
466,416 MT
5%
7%
7%
10%
6%
6%
22%
FY23
10%
21%
450,433 MT
5%
7%
8%
14%
7%
5%
24%
FY22
12%
21%
496,079 MT
4%
6%
8%
15%
22%
Total
6%
5%
To calculate capacity utilization, We use the proportion of the annual capacity that is operational during the fiscal year, which is computed by dividing the yearly capacity by 12 and factoring in the months of operation after commissioning.
Poland: In Q3 FY21(OND20), 45,000 MTPA second BOPET line was commissioned, so 6 months of its capacity(45k/12*6) and 30,000 MTPA from the first line were used in the FY21 utilization calc.; Hungary : 42,000 MTPA BOPP line was commissioned in Q1 FY22, starting April 1, 2021.; Dubai: Production on the 30,000 MTPA second BOPET line ceased in early June 2019, only 5,000 MT considered in FY20, alongside 22,000 MT from the first line for utilization. Production of the 18,000 MTPA CPP line started in May 2022, so 16,500 MT (11 months) of capacity was included in FY 23 utilization .; CIS: 30,000 MTPA BOPET line in CIS was commissioned in Q2 FY21 (JAS20).So 22,500 MT (9 month) of capacity used in FY21 for utilization; Dharwad, India: 18,000 MTPA CPP line was commissioned in Q2 FY23 (JAS22, 9 mon. of capacity for utilization in FY23), & 45,000 MTPA BOPET line was commissioned on March 31, 2023. Nigeria: 45,000 MTPA film line was commissioned in Q2 FY22 (JAS21), So, 33,750( MT (9 months) of capacity for utilization in FY22.; Egypt: 42,000 MT BOPP line commissioned in Q4 FY21(JFM 21).;
35
92,00092,00092,000155,000155,00022,00022,00022,00040,00040,000FY20FY21FY22FY23FY2466,000114,000114,000114,000114,000NANA45,00045,00045,000NA30,00030,00030,00030,00030,00075,00075,00075,00075,000NANA42,00042,00042,00030,00030,00030,00030,00030,00060,00060,00060,00060,00060,000300,000423,000510,000591,000591,000466,416 (78.9%)450,433 (83.4%)497,079 (99.7%)365,432 (102.4%)297,888 (97.7%) 3.1c
Packaging Films Production Volume across Geographies
Geographic % contribution to total packaging film production vol.
Capacity, Production and Utilization
Production volume change
Q3 FY25
11%
24%
129,169 MTPQ
6%
7%
8%
9%
8%
8%
19%
Q2 FY25
10%
7%
24%
9%
10%
128,880 MTPQ
5%
8%
6%
21%
Q3 FY24
12%
26%
116,475 MTPQ
5%
7%
7%
10%
7%
6%
20%
India
Dubai
Egypt
Nigeria
CIS
Poland
Hungary
USA
Mexico
Capacity (MTPQ)
Q3 FY25 Production (Utilization %)
Q2 FY25 Production (Utilization %)
Q3 FY24 Production (Utilization %)
QoQ
YoY
41,040
India
31,370 (76.4%)
31,636 (77.1%)
30,237 (73.7%)
10,000
Dubai
7,275 (72.8%)
6,648 (66.5%)
6,051 (60.5%)
28,500
Egypt
24,037 (84.3%)
27,341 (95.9%)
23,841 (83.7%)
11,250
12,000
Nigeria
10,089 (89.7%)
7,240 (64.4%)
7,270 (64.6%)
CIS
11,057 (92.1%)
10,603 (88.4%)
7,677 (102.4%)
18,750
Poland
11,451 (61.1%)
12,688 (67.7%)
11,526 (61.5%)
10,500
Hungary
10,568 (100.7%)
11,380 (108.4%)
8,533 (81.3%)
7,500
USA
8,610 (114.8%)
8,604 (114.7%)
7,562 (100.8%)
15,000
Mexico
14,712 (98.1%)
12,740 (84.9%)
13,778 (91.9%)
154,540
Total
129,169 (83.6%)
128,880 (83.4%)
116,475 (77.6%)
*Capacity and production data are measured in metric tons per quarter (MTPQ), while utilization is expressed as a % ; The capacity of the Noida plant in India has been upgraded with technological enhancements. The overall new packaging film capacity of the India plants is now 164,160 MTPA, up from the capacity of 155,000 MTPA ; As of March 2024, the capacity of the CIS plant was 30,000 MTPA. Following the commissioning of the new 18,000 MTPA CPP line, the plant's new capacity is 48,000 MTPA; The Hungary plant commissioned in 2021 at 42,000 MTPA; over the period capacity upgraded to 45,000 MTPA with technological enhancements
36
-0.8% ▼3.7% ▲9.4% ▲20.2% ▲-12.1% ▼0.8% ▲39.4% ▲38.8% ▲4.3% ▲44.0% ▲-9.7% ▼-0.7% ▼-7.1% ▼23.9% ▲0.1% ▲13.9% ▲15.5% ▲6.8% ▲0.2% ▲10.9% ▲ 3.1e
Packaging and Chemicals Production Volume
% Breakdown of production vol. by packaging products & chemicals
Capacity, Production and Utilization
Production volume change
Liquid packaging
Flexible packaging
Chemicals (Inks & Adhesives)
Q3 FY25
24%
34%
45,916 MTPQ
42%
Q2 FY25
25%
31%
45,218 MTPQ
44%
Q3 FY24
28%
28%
44,441 MTPQ
44%
Capacity (MTPQ)
Q3 FY25 Production (Utilization%)
Q2 FY25 Production (Utilization%)
Q3 FY24 Production (Utilization%)
QoQ
YoY
15,000
Liquid packaging
15,533 (103.6%)
13,974 (93.2%)
12,551 (83.7%)
25,000
Flexible packaging
19,150 (76.6%)
19,727 (78.9%)
19,674 (78.7%)
16,083
Chemicals (Inks & Adhesives)
11,233 (69.8%)
11,517 (71.6%)
12,216 (76%)
*Capacity and production data are measured in metric tons per quarter (MTPQ), while utilization is expressed as a %
37
11.2% ▲23.8% ▲-2.9% ▼-2.7% ▼-2.5% ▼-8.0% ▼ 3.2
Localized Supply-Chain Results in Cost-Efficient Operations
Centralized Procurement in Major Production Facilities
➢ UFlex follows Year-long Volume Contract with the RM Suppliers while Prefers Spot-price for Supplying Finished Goods. This Results
in Lowest Manufacturing Costs, Operational Flexibility and Assurance of RM Availability.
02
➢ The Inventory Holding Period is Optimal (~89 Days in FY24).
➢ The Global Presence of UFlex enables it to Centrally Procure Raw Materials with Benefits of Economies-of-scale.
01
03
Packaging films*
Garden Silk Mills Limited (3+years)
Bright
IIVL Dhunseri Petrochem (4+years)
Silica
Homo-polymer/ Co-polymer
Ester Industries Limited (3+years)
Lodestar Trading (3+years)
Garden Silk Mills Limited (3+years)
HPCL-Mittal Energy Ltd (3+years)
BASELL International (3+years)
Exxonmobil Chemical Asia (3+years)
Aluminums Wire/ Additives
PHIFER INC (3+years)
Ampacet (Thailand) Co. Ltd (3+years)
*Note: Number of years refers to length of relationships
Flexible Packaging*
Aseptic Packaging*
Films
Captive, Max Speciality Films Limited lI(9+years)
Pudumjee Paper Products Ltd (4+years)
Paper
Stora Enso Skoghall (4+years)
UPM Pulp Sales (7+ years)
Bilt (8+ years)
Chemicals & Adhesive
Captive, Henkel (10+years)
Miwon Specialty Chemical (4+years)
DOW Chemical (4+ years)
Paper
Stora Enso (4 Years)
Billerudkorsnas Sweden (4 Years)
Alum. Foil
Dingsheng (4 Years)
Dong-il Aluminium (4 Years)
Inks
DIC India Limited (4 Years)
Adhesive
DOW Chemical (3 years)
Aluminum Wire
Shanghai Shenhuo Aluminium Foil (5+ years)
Metallised Films
Captive
38
4.0
Supremacy in Packaging Solutions Landscape
Aim to Create an Environment-friendly Sustainable Brand with Dedicated Efforts on Recycling, Re-use and Reducing Waste
Business Requirements
➢ Virgin and rPET Chips ➢ PET, PP, Asclepius film ➢ Food Compliant Inks, Adhesives / Coatings ➢ Printing Cylinders ➢ Pouches, Tubes, and WPP bags ➢ Aseptic Liquid Packaging Cartons ➢ Holography ➢ PAM & PMD Machines
Industries
➢ Packaging film Manufacturers ➢ Sustainable Packaging Solution ➢ FMCG ➢ Pharmaceuticals ➢ Cosmetics ➢ Textile
➢ Drinks and Beverages ➢ Juices & Nectars ➢ Dairy ➢ Flexible Packaging ➢ Food and Packaging
Printing
Business Challenges
UFlex Packaging Solutions
• Eight Complementary
Businesses Provide both End-to-End and Standalone Solutions
• Compliant with Global ESG
Requirements
• Maintain Quality at a Sustainable Cost.
UFlex offers 360˚ Packaging Solutions Including: • Brand Development •
Innovative Packaging Designs and Solutions • Packaging Market Insights • Post Packaging Service • Creates Deep Connections
with Target Audience
Strategic Web of Manufacturing Operations across Continents ensures: • Global Delivery in 15 Days • Customised Solutions • Address Country-wise
Prerequisite Regulations for Packaging Solutions.
Develop up-to-date solutions Thriving on: • Emerging Technologies • Packaging Solutions that Protect Food, People and Planet
• Setting Trend in Food and
Beverages (F&B), Dairy and Cosmetic Industries.
Impact
39
5.0
Enduring Customer Relationship
Nestle
8+
Kolak Snacks
8+
Truda Foods
8+
P&G
5+
Pepsi Co
Mondelez
Bemis
Amcor
Huhtamaki
UPM Raflatac*
American Pkg
Dupont Teijin films
7+
10+
8+
9+
6+
9+
8+
9+
Length of Customer Relationships
Our clients
*Note: UPM is pioneer customer of 100% PCR Asclepius Films; All logos displayed are the property of their respective organizations and are used solely for representational purposes
40
6.0
Proven Track Record in Financial Performance
UFlex Consolidated Revenues (Rs. Mn)
UFlex Consolidated Normalized EBITDA (Rs. Mn)
CAGR +16.1%
+15.0%
CAGR +10.2%
+24.2%
147,845
132,368
135,098
89,149
74,316
155,363
4Q FY25E 42,263
9M FY25 113,100
17,834
10,924
22,680
20,680
20,000
16,103
4Q FY25E 5,758
9M FY25 14,242
2020
2021
2022
2023
2024
2025E
2020
2021
2022
2023
2024
2025E
Reported Guidance
41
At UFlex, Circular Economy Innovations such as Packaging film: “ASCLEPIUS ”, Made of 100% rPET Chips and Injection Molding Items made from rMLP Granules, are Paving the Way for a More Sustainable and Greener Tomorrow.
➢ Vision of Circularity
➢ ‘Project Plastic Fix’ Continues to Turn Waste into
Wealth
➢ Innovations for Sustainable Re-Use
➢ ESG
Project Plastic Fix: Paving the Way to a Circular, Greener and Sustainable Future
7.1
Circular Vision of UFlex
Extended Producer Responsibility (EPR) for Packaging
Mechanism
Collect
Recycle/ Reuse
Biodegrade
Problem
Solution
Sustainable Space
High
C
B
l
y t i r a u c r i C
A
Low
Carbon Footprint
High
Govt.Govt.
EPR - Guidelines
UFlex
Industry
Project Plastic Fix
Compliance to EPR
Consumer
Responsible Disposal
A: Flexible/Plastic Packaging B: Alternate to Flexible Plastics Packaging-Aluminum/Tin/Paper/Glass C: Future of Flexible/Plastic packaging
43
7.2
Extended Producer Responsibility Guidelines in India
Under Plastic Waste Management (Amendment) Rules, 2022, the Classification of Plastics is Defined Below: • •
Category I: Rigid Plastic Packaging. Category II: Flexible Plastic Packaging of a Single Layer/Multilayer (more than one layer with different types of plastic), Plastic Sheets and Covers made of Plastic Sheet, Carry Bags, Plastic Sachet or Pouches. Category III: Multi-layered Plastic Packaging (at least one layer of plastic and at least one layer of material other than plastic). Category IV: Plastic Sheets used for Packaging and Carry Bags Made of Composite Plastics.
• •
Year-wise Target for Minimum Level of Recycling of Plastic Waste across Different Categories
•
PIBOs Obligation for Recycling – Min. Level of Recycling of Plastic Packaging Waste (% of EPR target)
•
PIBOs Obligation for Use of Recycled Plastic Content – Mandatory Use of Recycled Plastic (% of plastic purchased)
Plastic Packaging Category
Target for
2024-25 2025-26 2026-27
2027-28
Category I: Rigid Plastic
Category II: Flexible Plastic Packaging Single/Multilayer
Category III: Multi-material Flexibles Plastic Packaging
Recycling
Incorporation of Recycled Content
Recycling
Incorporation of Recycled Content
Recycling
Incorporation of Recycled Content
Category IV: Plastic Sheets
Recycling
50
-
30
-
30
-
50
60
30
40
10
40
5
60
70
40
50
10
50
5
70
80
50
60
20
60
10
80
2028-29 onwards
80
60
60
20
60
10
80
Guidelines on Extended Producer Responsibility (EPR) for Plastic Packaging
Provision
Environmental Compensation (EC) shall be Levied Based on Polluter pays Principle, w.r.t. the Nonfulfillment of EPR Targets by PIBOs.
Violator
PIBOs.
PIBO: Producer, Brand Owner and Importers (PIBOs)
Violation
Environmental Compensation
Shortfall in EPR Target are as Follows: 1. Recycling 2. End of life Recycling 3. Mandated Use of Recycled Plastics
EC to be Levied at INR 5,000/Ton, at INR 10,000/Ton for 2nd Time and INR 20,000/Ton for 3rd Time. EC can be Carried Forward up to 3 Years as per EPR Guidelines.
44
7.3
Sustainability: ’Project Plastic Fix’ Continues to Turn Waste into Wealth
478 mn (6,638 MT) PET Bottles Recycled in FY24
618 mn (8,579 MT) PET Bottles Recycled in 9M FY25
6,964 MT of MLP waste recycled in FY24 and 5,942 MT in 9M FY25
741,936 units in FY24 and 490,868 units in 9M FY25 of Core Plug & Adapter manufactured from MLP waste
100+ Product Variants, 6 Facilities
Operational Since 1995
Marching Towards a Greener and Sustainable Tomorrow
PCR PET Bottle & MLP Recycling
rPET Flakes
PCR (rPET) Chips
ASCLEPIUS 100% rPET Content film
rMLP Granules
rMoulding Products
1. Post-Consumer Recycled (PCR); 2. Recycled polyethylene terephthalate (rPET) 3. Multi-layered packaging plastic (MLP) 4. Polyethylene terephthalate(PET); 5. Metric Ton (MT)
45
7.4
Circularity Vision: Adaptation to a Material Sciences Enterprise
UFlex’s Four-fold Approach to Sustainable and Eco-friendly Packaging is a Key Unique Selling Proposition
✓ UFlex Group has been a Trendsetter when it comes to Sustainable Innovation and Commitment towards the ‘Circular Economy’.
✓ UFlex converts Plastic Waste into Fuel, Biomass and Green films through a Superior Technology Developed In-house.
✓ UFlex recycles Waste into Granules which can be Re-used to Produce 1,000+ Products.
✓ Sustainable Packaging is an Opportunity for UFlex as it is Best Positioned among the Global Peers to Adapt to the Environmental Changes.
Waste2energy At our Noida Plant, UFlex converts 6 Tons of Discarded Waste Material (rPE) into Liquid Fuel, Hydrocarbon Gas and Carbon Black.
Recycling MLP Waste Recycled into Granules. Moulding Industry Re-uses it to Make Industrial/ Household Products with Sustainable Commercial Value.
Biomass UFlex develops Special Master Batch Additives that Converts Plastic Waste into 100% Bio- degradable Biomass by 12 months.
Green Film Asclepius It is a 90% PCR Content rBOPET film. It reduces 75% Carbon Footprint Versus Virgin BOPET films.
1. Recycled Polyethylene (rPE); 2. Multi-layered packaging plastic (MLP); 3. Post-Consumer Recycled (PCR); 4. Recycled biaxially oriented polyethylene terephthalate (rBOPET) film; 5. Biaxially oriented polyethylene terephthalate (BOPET)
46
7.5
Innovative Ideas in Sustainable Re-Use
Among the First in the World to Recycle Mixed Plastic Waste for which it earned Recognition at Davos Recycle Forum in 1995, Way Ahead of Peers from the Developed Economies
01
Recycling Machine
02
Converts MLP Waste into Granules
Setting Recycling Units for Industry
05
Processed in Injection Moulds
03
UFlex’s recycling unit in Noida
Creates Furniture, Dustbin etc.
04
Highlights of Initiatives Taken
➢ PCR Recycling Infrastructure at Noida is utilized to provide Granules for Manufacturing 90% PCR Based Green
films Asclepius . Clone Capacities Already developed in Mexico, Egypt and Poland.
➢ Launched ‘Project Plastic Fix’, a Four-way Method to Reinstate the Virtue of Plastic from Waste to Wealth.
➢ Developed Host of New Sustainable Products such as
➢ Engineering Product, RELAM 250 to recycle All Layers of MLP Homogenously.
➢ UV LED Ink Series, Water Based Inks, Paper Based Tubes, Water Based Cylinders, Solvent-free Adhesives.
➢ Low Carbon Footprint Packaging films: F-MSH, F-PS, B-THP & Many More.
MLP Technology
Converts into Pellets
Recycles into Furniture, Road etc.
1. Multi-layered packaging plastic (MLP); 2. Post-Consumer Recycled (PCR);
47
7.6
Recyclable PET Life Cycle
Crude Oil
PTA
Performs
PET Bottles
Consumers
Garbage
Garbage truck
Pet / Polyester production process
+
PTA
Petroleum
Monoetylene Glycol (MEG)
PET / Polyester
PET P. Film
PET Packaging
Natural Gas
Ethylene Oxide / Ethylene Glycol (EO / EG)
Polyester Fibers
Polyester Textile
Recycle PET (rPET) Resins
PET Recycling Production
UFlex buy Post – Consumer Bottles
Waste Separation
1. Mono ethylene glycol (MEG: ); 2. Purified terephthalic acid (PTA:); 3. Polyethylene terephthalate(PET); 3. Recycled polyethylene terephthalate (rPET) resins; Packaging Films(P. Films);
48
7.7
Recycling Plants across Geographies
Global
Mexico
Particulars
Capacity(MTPA)
PCR PET Chips
rMLP Granules
15,000
6,000
Egypt
Particulars
Capacity(MTPA)
PCR PET Chips
18,000
Poland
Particulars
Capacity(MTPA)
rMLP Granules
3,900
India
Noida
Particulars
Capacity(MTPA)
PCR PET Chips
rMLP Granules
10,020
9,600
Jammu
Particulars
Capacity(MTPA)
rMLP Granules
1,497
Malanpur*
Particulars
Capacity(MTPA)
rMLP Moulding & Granules
10,300
* Malanpur is Asepto MLP waste recycling
Mexico
Egypt
Poland
Jammu
Noida
Malanpur
1. Post-Consumer Recycled (PCR); Polyethylene terephthalate (PET); 3. Recycled multi-layered packaging plastic (rMLP); Asepto MLP waste recycling: Products from Asepto paper pulp include pulp granules, egg trays, pulp paper sheets, kidney trays, and wall mounts. Products from Asepto Alu foil include metalized corrugated roof sheets, partition sheets, alu poly granules, laptop and glass covers, tray plates, and card bags
49
8.0
Road Ahead
Goals
Strategy
Continue to be the Preferred Vendor for Both Existing and Prospective Clients
Enhanced ROCE through Asset Efficiency
Grow Market Share across All Verticals
Improved Profitability and Cashflow
Augment ESG
* GLOCAL: Global + Local
Enhanced Speed-to-market and Proximity to Customers to ensure Quick Deliveries and Better Services to Customers
Capital Allocation in the Business Verticals with Better Return Ratios, such as Capacity Expansion in Aseptic Packaging & WPP Bags.
Growth through Innovation to create a Packaging Portfolio with Variety of Differentiating Products
Focus on Creating an Environmentally-friendly, Sustainable Brand, with Several ESG-themed Projects in the Pipeline
Explore Under-penetrated GLOCAL* Markets with Viable Growth Options and Replicate Success Story.
50
Financials
Consolidated Performance Snapshot – Q3 and 9MFY25
Q3FY25
9MFY25
Q3FY25
9MFY25
Revenue
Rs. 37,742 Mn (-2.0% QoQ, +12.8% YoY) Domestic: 47% International: 53%
Rs. 113,100 Mn (+13.0% YoY) Domestic: 45% International: 55%
Norm. EBITDA*
Rs. 5,207 Mn (+18.8% QoQ, +22.3% YoY) +13.8% Margin (+240bps QoQ, +110bps YoY)
Rs.14,242 Mn (+23.6% YoY) +12.6% Margin (+110bps YoY)
EBITDA
Rs. 4,936 Mn (+19.7% QoQ, 34.3% YoY) +13.1% Margin (+240bps QoQ, +210bps YoY)
Rs. 13,462 Mn (+25.0% YoY) +11.9% Margin (+110bps YoY)
Capex
Net Debt
Rs. 3,647 Mn
Rs. 10,577 Mn
Rs. 61,507 Mn***
Rs. 61,507 Mn ***
Sales Vol. MTs
157,036 (-6.1% QoQ, +6.3%YoY) Packaging Films: 78.5% (-6.1% QoQ, +8.7% YoY) Packaging: 21.5% (-6.2% QoQ, -1.9% YoY)
482,352 (+9.2% YoY) Packaging Films: 78.0% (+12.1% YoY) Packaging: 22.0% (Flat YoY)
Norm. PAT**
Rs. 1,112 Mn +2.9% Margin
Rs. 2,215 Mn +2.0% Margin
Pack. Films Sales Vol. Split
Packaging Films: 78.5% (Domestic: 17.7%; International: 60.9%)
Packaging Films: 78.0% (Domestic: 16.7%; International: 61.3%)
*Normalized EBITDA includes a Rs. 271 million adjustment for foreign currency fluctuations and derivative gains/losses, compared to a Rs. 583 million loss in Q3 FY24..;** Normalized PAT was adjusted for an exceptional gain of Rs 257 million in Q3 FY25, and a loss of Rs 2,477 million in 9M FY25, mainly due to Nigeria, Mexico and Egypt currency translation.*** Gross and net debt in Q3 FY25 earnings release were overstated by Rs. 204 million due to a typographical error.
52
Consolidated Performance Highlights – Q3FY25
Revenue grew +12.8% YoY to Rs. 37,742 Mn in Q3 FY25, driven by strong growth in packaging films (+17.9% YoY) and the packaging business (+15.0% YoY). The packaging business rebounded with 15.0% YoY revenue growth in Q3 FY25, recovering from a -1.7% decline in Q2 FY25. Packaging films growth was led by India, Europe, Americas, and Nigeria, with Nigeria demonstrating the strongest performance.
Normalized EBITDA stood at Rs. 5,207 Mn in Q3 FY25 (+18.8% QoQ, +22.3% YoY). Chemicals and Holography were the key contributors from value-added products, while packaging films saw strong growth across India, Europe, Americas, and Nigeria, with India spearheading the contribution. Normalized EBITDA margin improved to 13.8% (+240bps QoQ, +110bps YoY growth), driven by higher realization & efficient resource utilization.
Sales volume reached 157,036 MT, a +6.3% YoY growth. Packaging films contributed 78.5% of total sales volume, while packaging made up 21.5%. Packaging films sales volume grew by 8.7% YoY, Within packaging films, domestic sales volume grew by 2.6% YoY, whereas overseas sales volume grew by 10.6% YoY.
Normalized PAT surged by +238.6%YoY to Rs. 1,112 Mn in Q3 FY25, up from Rs. 328 Mn in Q3 FY24. Normalized PAT margin expanded by 196 bps, reaching +2.9%, compared to +1.0% in Q3 FY24.
Total currency gain of Rs. 257 Mn due during Q3FY25, in comparison to the currency loss of Rs. 1,001 million in Q3FY24 and Rs. 280 million in Q2 FY25.
53
Consolidated Performance Snapshot – FY24 and FY23
FY24
FY23
FY24
FY23
Revenue
Norm. EBITDA*
EBITDA
Norm. PAT**
Rs. 135,098 Mn (-8.6% YoY) Domestic: 42% International: 58%
Rs.16,103 Mn (-19.7% YoY) +11.9% Margin (-160bps YoY)
Rs. 15,135 Mn (-19.4% YoY) +11.2% Margin (-150bps YoY)
Rs. 147,845 Mn (+11.7% YoY) Domestic: 42% International: 58%
Rs.20,680 Mn (-8.8% YoY) +14.0% Margin (-315bps YoY)
Rs. 18,785 Mn (-17.6% YoY) +12.7% Margin (-452bps YoY)
Capex
Net Debt
Rs. 16,348 Mn (+27.9% YoY)
Rs. 12,777 Mn (+32.6% YoY)
Rs. 55,688 Mn
Rs. 43,896 Mn
Sales Vol. MTs
599,616 (+2.1% YoY) Packaging Films: 76.1% (+1.5%YoY) Packaging: 23.9% (+4.2%YoY)
587,118 (-2.0% YoY) Packaging Films: 76.6% (-9.3%YoY) Packaging: 23.5% (+32.6%YoY)
Rs. 1,803 Mn +1.3% Margin
Rs. 6,307 Mn +4.3% Margin
Pack. Films Sales Vol. Split
Packaging Films: 76.1% (Domestic: 17.6%; International: 58.4%)
Packaging Films: 76.6% (Domestic: 16.1%; International: 60.5%)
*The normalized EBITDA was adjusted by Rs 968 Mn and Rs 1,895 Mn in FY24 and FY23 respectively to reflect the impact of foreign currency gains/losses and gain/losses from derivative instruments.; ** Normalized PAT was adjusted for an exceptional loss of Rs 8,713 Mn and Rs 1,500 Mn in FY24 and FY23 respectively due to currency devaluations in Nigeria, Mexico and Egypt.;
54
Consolidated Spotlight on Key Financials over the Years
Sales (Vol. MT) Packaging Films Films - Domestic 463,620
380,744
599,259
Packaging Films - International 599,616
482,352
587,118
100.0%
90. 0%
80. 0%
70. 0%
60. 0%
50. 0%
40. 0%
30. 0%
20. 0%
10. 0%
0.0%
21.84%
21.24%
78.16%
78.76%
% 8 3 4 2
.
% 7 7 3 5
.
% 8 2 8 5
.
% 7 4 0 2
.
17.32%
82.68%
% 8 2 5 6
.
% 0 4 7 1
.
23.45%
23.92%
22.00%
76.55%
76.08%
78.00%
% 6 4 0 6
.
% 9 0 6 1
.
% 4 4 8 5
.
% 4 6 7 1
.
% 5 3 1 6
.
% 6 6 6 1
.
100.0%
90. 0%
80. 0%
70. 0%
60. 0%
50. 0%
40. 0%
30. 0%
20. 0%
10. 0%
0.0%
Revenue (Rs. Mn)
Norm. EBITDA (Rs. Mn) and Margin (%)
Domestic
International
132,368
147,845
135,098
89,149
74,316
60%
58%
58%
51%
49%
53%
47%
40%
42%
42%
113,100
55%
45%
14.9%
20.5%
17.1%
14.0%
11.9%
12.6%
0 7 2 8 1
,
0 8 6 2 2
,
0 8 6 0 2
,
3 0 1 6 1
,
2 4 2 4 1
,
9 8 0 1 1
,
FY20
FY21
FY22
FY23
FY24 9MFY25
FY20
FY21
FY22
FY23
FY24 9MFY25
FY20
FY21
FY22
FY23
FY24 9MFY25
PAT (Rs. Mn) and Margin
Norm. PAT (Rs. Mn) and Margin
Capex. (Rs. Mn)
5.0%
9.5%
8.3%
3.3%
-5.1%
-0.2%
5.0%
9.5%
8.6%
4.3%
1.3%
2.0%
8 9 6 3
,
9 2 4 8
,
3 8 9 0 1
,
7 0 8 4
,
0 1 9 6
,
-
8 9 6 3
,
9 2 4 8
,
4 6 3 1 1
,
7 0 3 6
,
3 0 8 1
,
5 1 2 2
,
3 6 2
-
8 6 7 0 2
,
5 5 1 1 1
,
5 3 6 9
,
7 7 7 2 1
,
8 4 3 6 1
,
7 7 5 0 1
,
FY20
FY21
FY22
FY23
FY24 9MFY25
FY20
FY21
FY22
FY23
FY24 9MFY25
FY20
FY21
FY22
FY23
FY24 9MFY25
Packaging = Flexible packaging, Liquid packaging, and Holography; Domestic & International revenue split as % of total revenue is based on point of destination; PAT: Net (Loss) / Profit after Non - Controlling interest ; FY21 and FY23 sales volumes are reported after eliminating intercompany sales volumes adjustment, resulting in figures that differ from historically reported total sales volumes for these fiscal years.;
55
Consolidated Revenue Split
Q3FY25: Business-wise rev. split as a % of total rev.
Q3FY24: Business-wise rev. split as a % of total rev.
Packaging films, 63.9%
Rs. 37,347 Million
Packaging, 27.2%
Engineering, 2.0%
Others VAP, 5.8%
Packaging films, 61.2%
Rs. 33,095 Million
Packaging, 26.7%
Engineering, 2.6%
Others VAP, 8.5%
Q3FY25: Geographical rev. split as a % of total rev.
Q3FY24: Geographical rev. split as a % of total rev.
Middle East & Africa, 16.2%
Europe, 16.5%
Middle East & Africa, 20.3%
Europe, 15.2%
Rs. 37,347 Million
Americas, 18.4%
Rs. 33,095 Million
Americas, 17.6%
India, 46.0%
Others , 1.8%
India, 44.3%
Others , 1.6%
Packaging = Flexible packaging, Liquid packaging, and Holography; Engineering = Machinery and Printing cylinders; Others value added product (VAP) = Inks & Adhesives and other operating income; Geographical split as a % of total revenue is based on point of origin; Middle East and Africa: Dubai, Egypt, & Nigeria; Europe: Hungary, Poland and CIS; Americas: USA, Mexico;
56
Consolidated Revenue Split
FY24: Business-wise rev. split as a % of total rev.
FY23: Business-wise rev. split as a % of total rev.
Packaging films, 60.2%
Rs. 133,636 Mn
Packaging, 28.5%
Engineering, 2.2%
Others VAP, 7.9%
Packaging films, 62.7%
Rs. 146,625 Mn
Packaging, 25.9%
Engineering, 1.9%
Others VAP, 8.7%
FY24: Geographical rev. split as a % of total rev.
FY23: Geographical rev. split as a % of total rev.
Middle East & Africa, 19.4%
Europe, 15.5%
Middle East & Africa, 19.0%
Europe, 18.3%
Rs. 133,636 Mn
Americas, 17.5%
Rs. 146,625 Mn
Americas, 17.7%
India, 45.0%
Others, 1.5%
India, 43.0%
Others, 1.2%
Packaging = Flexible packaging, Liquid packaging, and Holography; Engineering = Machinery and Printing cylinders; Others value added product (VAP) = Inks & Adhesives and other operating income; Geographical split as a % of total revenue is based on point of origin; Middle East and Africa: Dubai, Egypt, & Nigeria; Europe: Hungary, Poland and CIS; Americas: USA, Mexico ;
57
Consolidated P&L Summary - Q3 and 9MFY25
Particulars (Rs. Mn.)
Q3 FY25
Q2 FY25
Q3 FY24
Total Revenue
Expenditure
Normalized EBITDA
37,742
32,806
5,207
38,532
34,409
4,383
33,454
29,779
4,258
QoQ
(2.0%)
(4.7%)
18.8%
YoY
12.8%
10.2%
22.3%
9M FY25
9M FY24
113,100
100,131
99,638
14,242
89,360
11,553
YoY
13.0%
11.5%
23.3%
Normalized EBITDA margin (%)
13.8%
11.4%
12.7%
242 bps
107 bps
12.6%
11.5%
105 bps
Fx currency gain/loss and derivative instruments EBITDA
EBITDA Margin (%)
Depreciation and Amortization
Finance costs Profit / (Loss) before Exceptional items Exceptional items (Refer Note)
Profit / (Loss) before tax
Net profit / (Loss) after tax
Profit After Tax Margin (%)
EPS (Rs.)
271
4,936
13.1%
1,720
1,743
1,473
(257)
1,729
1,368
3.6%
18.95
260
4,123
10.7%
1,732
1,775
616
926
(310)
(646)
(1.7%)
(8.95)
583
3,675
11.0%
1,663
1,403
609
1,001
(391)
(672)
(2.0%)
(9.31)
4.3%
(53.5%)
780
782
19.7%
34.3%
13,462
10,771
240 bps
210 bps
(0.6%)
(1.8%)
3.4%
24.3%
138.9%
141.8%
-
-
-
-
-
-
-
-
-
-
11.9%
5,186
5,137
3,140
2,477
662
(263)
(0.2%)
(3.64)
10.8%
4,904
4,073
1,793
4,816
(3,023)
(4,201)
(4.2%)
(58.18)
(0.3%)
25.0%
110 bps
5.7%
26.1%
75.1%
(48.6%)
-
-
-
-
Note: 1) Numbers in the table may not add up due to rounding-off. 2) Previous year figures have been regrouped wherever necessary.
58
Consolidated Balance Sheet as of September 30, 2024
Particulars (Rs. Mn)
As on 30th Sep 2024
As on 31st Mar 2024
Assets Non-current assets Property, plant and equipment Capital work-in-progress Investment Properties Intangible assets Right to use Assets Intangible assets under development Financial assets
Investments Loans Other financial assets Other non-current assets
Total Non-Current Assets
Current Assets Inventories Financial assets
Trade receivables Cash and cash equivalents Other balances with banks Loans Other financial assets
Other current assets Total Current Assets Total Assets
74,207 7,869 104 151 5,082 5
1,725 415 2,058 9,164 100,780
76,598 5,383 110 180 5,346 0
1,700 299 1,150 5,988 96,753
22,558
19,178
37,168 10,210 221 - 775 11,226 82,157 182,937
34,373 10,467 265 90 1,014 11,337 76,724 173,477
Particulars (Rs. Mn)
Equity and Liabilities Equity
Equity Share Capital Other equity
Total Equity
Non-Current Liabilities Financial Liabilities
Long term borrowings Lease Liabilities Other financial liabilities
Long term provisions Deferred tax liabilities Total Non-Current Liabilities
Current Liabilities Financial Liabilities
Short term borrowings Lease Liabilities Trade payables Other financial liabilities
Other current liabilities Short term provisions Current tax liabilities Total Current Liabilities Total Equity and Liabilities
As on 30th Sep 2024
As on 31st Mar 2024
722 70,433 71,155
44,833 1,955 797 480 3,413 51,479
24,724 157 26,875 5,784 2,449 293 22 60,304 182,937
722 71,528 72,250
41,649 2,075 978 426 3,426 48,554
25,547 195 20,503 4,723 1,307 237 162 52,674 173,477
Note: 1) Numbers in the table may not add up due to rounding-off. 2) Previous year figures have been regrouped wherever necessary.
59
Consolidated Financial Overview (1/2)
Key Financials Ratios
FY14
FY15
FY16
FY17
FY18
FY19
FY20
FY21
FY22
FY23
FY24
9M annu. FY25
EBITDA Margin
12.2%
12.1%
13.2%
13.8%
13.2%
12.6%
14.9%
20.5%
17.2%
12.7%
11.2%
11.9%
Normalized EBITDA Margin
12.2%
12.4%
14.5%
14.2%
13.1%
12.7%
14.7%
20.0%
17.1%
14.0%
11.9%
12.6%
PAT Margin
3.4%
4.1%
4.9%
5.3%
4.6%
3.9%
5.0%
9.5%
8.3%
3.3%
-5.1%
-0.2%
Normalized PAT Margin
3.4%
4.1%
4.9%
5.3%
4.6%
3.9%
5.0%
9.5%
8.6%
4.3%
1.3%
2.0%
ROCE
10.9%
11.1%
12.5%
12.2%
11.0%
11.8%
11.0%
16.9%
18.2%
11.7%
7.2%
9.1%
Normalized ROCE (EBIT basis)
Normalized ROCE (EBITDA basis)
10.9%
11.5%
14.4%
12.8%
10.9%
12.0%
10.8%
16.4%
18.1%
13.4%
8.1%
9.9%
17.4%
18.0%
20.8%
19.5%
17.9%
19.2%
17.1%
22.0%
23.7%
18.8%
13.6%
15.6%
ROE
7.6%
8.6%
9.6%
9.8%
8.2%
7.6%
8.2%
16.5%
18.0%
6.8%
-9.4%
-0.5%
Normalized ROE
7.6%
8.6%
9.6%
9.8%
8.2%
7.6%
8.2%
16.5%
18.6%
8.9%
2.5%
4.1%
Normalized ROA
3.2%
3.9%
4.7%
5.0%
4.2%
4.0%
4.1%
7.7%
8.7%
4.1%
1.1%
1.7%
Return on capital employed(ROCE) = EBIT/Average capital employed; Capital employed = Total Assets – Current Liabilities; Return on assets (ROA) = Net income/Average total assets; ROE = PAT (after non-controlling interest)/Average equity; annualized (annu.); Annualized (annu.);
60
Consolidated Financial Overview (2/2)
Key Financials Ratios
FY14
FY15
FY16
FY17
FY18
FY19
FY20
FY21
FY22
FY23
FY24
9M annu. FY25
Net Debt to Equity
0.75
0.63
0.49
0.48
0.43
0.42
0.67
0.60
0.59
0.58
0.77
0.86
Net Debt to EBIDTA
2.97
2.58
1.99
1.95
1.91
1.79
2.83
1.82
1.72
2.34
3.68
3.43
Net Debt to Normalized EBITDA
Norm. EBITDA / Interest Expenses
Debt Service Coverage Ratio
Normalized Debt Service Coverage Ratio
2.95
2.52
1.81
1.89
1.93
1.77
2.87
1.86
1.73
2.12
3.46
3.24
3.09
4.12
5.28
4.96
4.54
4.66
4.86
7.79
7.03
4.37
3.01
2.77
1.07
1.11
1.47
1.61
1.74
1.85
1.92
3.99
3.02
1.91
1.11
1.18
1.08
1.13
1.62
1.66
1.73
1.87
1.89
3.90
3.01
2.10
1.18
1.25
Asset Turnover
0.91
0.92
0.94
0.91
0.90
0.99
0.81
0.79
0.99
0.94
0.78
0.83
Debtors Turnover
4.11
4.00
4.16
4.05
3.71
3.90
3.64
3.99
4.38
4.29
3.95
4.16
Inventory Turnover
6.82
6.02
5.54
5.47
5.50
5.95
5.01
4.69
5.20
4.45
3.94
4.31
Net Working Capital Turnover Ratio
12.28
9.71
8.46
8.68
7.96
7.84
7.07
6.25
6.00
5.42
5.14
6.77
Debt service coverage ratio (DSCR) = EBITDA/Debt obligations; Debt obligations = Instalments and lease payment + Interest expense; Instalments and lease payment = Previous year current maturities of long term borrowings + Previous year current lease liabilities; Asset turnover = Net revenue from sale of products & services / average total assets; Debtor turnover = Net revenue from sale of products & services / average debtors;Working capital turnover = Net revenue from sale of products & services / average working capital; Annualized (annu.);
61
Consolidated Debt Profile
Debt breakdown
Split of gross debt as of Dec 2024
Particulars (Rs. Mn)
Dec-2024 Sep-2024 Jun-2024 Mar-2024
Long Term
Working Capital
Short Term
Total Debt
Net Debt
54,460
17,641
140
72,241
61,507
Net Debt/Norm. EBITDA*
3.24x
54,952
14,477
128
69,557
57,898
3.20x
52,040
15,040
2,266
69,346
56,675
3.05x
Debt over the years (Rs. bn)
Gross debt (Rs. Bn)
Net debt (Rs. Bn)
▪ LT and ST Borrowings Rating CRISIL AA-/Stable/CRISIL A1+ , as of Jan. 2024 ▪ LT and ST Borrowings Rating Ind AA-/Stable/IND A1+ , as of Jun. 2024
9 3 1 2
.
9 7 6 1
.
2 0 1 2
.
9 4 7 1
.
9 7 0 2
.
8 2 7 1
.
5 0 1 2
.
9 9 7 1
.
1 9 5 3
.
7 3 1 3
.
5 8 9 3
.
6 2 3 3
.
5 9 4 5
.
0 9 3 4
.
3 6 5 4
.
2 3 9 3
.
49,620
15,065
2,511
67,196
55,688
3.46x
0 2 7 6
.
9 6 5 5
.
Long term debt 75.4%
Rs. 72,241 Million
Working capital 24.4%
Short Term 0.2%
Split of long-term debt as of Dec 2024
Domestic 42.1%
Rs. 54,460 Million
Overseas 57.9%
FY16
FY17
FY18
FY 19
FY 20
FY 21
FY 22
FY 23
FY 24
Commissioned New Projects will create New Revenue Streams and Profitability. The Resulting Earnings Generated will aid in Deleveraging the Company’s Balance Sheet.
*Annualised Normalized EBITDA; Billion (Bn); Million (Mn); Gross debt includes both current and non-current borrowings.; Cash and cash equivalents include Current Assets: Cash, Bank Balances, and Other Non- Current Financial Assets such as Fixed Deposits, Margin Money Deposits (over 12 months), and Debt Security Coverage Account balances with lender banks.;
62
Capex Update
Capex in Q3 FY25
➢ Incurred total project capex of Rs 3,647 Mn during the quarter, with major allocation to the three projects: a) Egypt: Rs. 1,609 Mn for the aseptic packaging facility b) Rs. 1,303 Mn for the virgin PET chips line c) India: Rs 125 Mn allocated for the debottlenecking project at the aseptic packaging facility in Sanand.
India
Investing in Future
Egypt
Mexico
PET, MLP Recycling unit: ➢ Setting up two recycling plants in Noida—a PCR PET chips plant with a 36,000 MTPA capacity and an MLP recycling plant with a 3,600
MTPA capacity—at an estimated capital expenditure of Rs. 3,171 million.
Asepto (liquid) Packaging Debottlenecking Project: ➢ Asepto India's debottlenecking will expand capacity from 7 billion to 12 billion packs per annum, resulting in a 70% increase in capacity. ➢ The project has an estimated outlay of ~USD 24 Mn (Rs. 2,026 Mn) of which ~USD 20.5 Mn (Rs. 1,731 Mn) has already been incurred.
Virgin PET Chips Line: ➢ A 216,000 MTPA virgin PET chips line in Egypt is expected to commence commercial operations by the end of Q4 FY25, with a planned
project cost of ~USD 68 million, of which ~USD 65 million has already been incurred.
Aseptic Packaging Facility: ➢ To meet the growing demand for aseptic packaging in Egypt, Europe, the Middle East, and East Africa, UFlex plans to commission an aseptic
packaging facility in Egypt by H2 FY26, with an annual capacity of 12 billion packs.
➢ The project has an estimated cost of approximately USD 126 Mn, of which USD 19 Mn (~Rs. 1,609 Mn) already incurred.
Woven Polypropylene (WPP) Plant: ➢ Setting up an 80 million-capacity WPP bag manufacturing plant in Mexico to meet the growing demand for pet food packaging, with an
estimated capex of USD 50 million. Commercial operations are expected to begin in FY26.
➢ This will be the first WPP packaging facility in Mexico, catering to the high-growth pet food market across North and South America. CPP Line: ➢ Expected commissioning of an 18,000 MTPA CPP line in Q4 FY25 in Mexico, along with a coating line. ➢ Estimated capex is USD 33 Mn (640.5 Mn MXN), of which USD 32 Mn (620.5 Mn MXN) has been incurred.
India: USD = 84.43 Q3 FY25; Mexico: conversion rate USD = 19.6697 MXN IN Q2 FY25
63
Q3 FY25 EBITDA Bridge
EBITDA improvement led by healthy performance in the packaging films, holography and chemicals (inks & adhesives).
Normalized EBITDA Bridge (Q3FY24 vs Q3FY25)
Increase
Decrease
Total
4,289
3,675
(2,817)
(1)
(324)
114
4,936
271
5,207
EBITDA Q3FY24
Revenue
COGS
Power & fuel
Emp. exp.
Other exp.
EBITDA Q3FY25
Exch. & der.
Norm. EBITDA Q3FY25
• Revenue increased by 12.8% YoY, led by volume growth (+6.3% YoY) and improved pricing, driven by healthy performance in the packaging films (+17.9% YoY) and
packaging segment (+15.0% YoY).
•
Improved operating profits driven by volume growth, a better product mix and higher realization from Chemicals, Holography and packaging films.
• Note: Rs. 271 million related to foreign currency gains/losses and gains/losses in derivative instruments are absolute adjustments made to calculate normalized EBITDA. This figure does not represent
an increase compared to same quarter previous year.
1. Bracket implies negative numbers
64
Q3 FY25 EBITDA to Normalized PAT
EBITDA to Normalized PAT (Q3FY25)
BASIC EPS
Q3FY25
Weighted Av. No. of shares (millions)
72.2
Normalized earnings per share1
Rs 15.40
4,936
(1,720)
1,473
(1,743)
257
1,729
1,368
(361)
1,112
(257)
EBITDA
Finance Costs
Exceptional Items
Tax Expense
Add: Excep. Item
D&A
PBT (excl. excep.)
PBT
PAT
Normalized PAT
1. Normalized earnings per share based on adjusted net income excluding exceptional items related to Nigeria, Egypt & Mexico currency translation
1. P A T : PAT after non - Controlling interest
65
9M FY25 EBITDA Bridge
Normalized EBITDA Bridge (9MFY24 vs 9MFY25)
Increase
Decrease
Total
12,969
10,771
(7,299)
(54)
(1,078)
13,462
(1,847)
780
14,242
EBITDA 9MFY24
COGS
Emp. exp.
EBITDA 9MFY25
Norm. EBITDA 9MFY25
Revenue
Power & fuel
Other exp.
Exch. & der.
• Revenue increased by 13.0% YoY, driven by improved pricing and 9.2% volume growth.
•
Improved operating profits driven by volume growth, an improved product mix, and better film realization..
Note: Rs. 780 million related to foreign currency gains/losses and gains/losses in derivative instruments are absolute adjustments made to calculate normalized EBITDA. This figure does not represent an increase compared to same period previous year.
1. Bracket implies negative numbers
66
FY24 EBITDA Bridge
Normalized EBITDA Bridge (FY23 vs FY24)
EBITDA Contraction: Low Sales Prices, Revenue Strain, and Soaring COGS
Increase
Decrease
Total
9,046
(356)
(1,207)
1,614
15,135
968
16,103
18,785
(12,747)
EBITDA 2023
COGS
Employee Exps.
EBITDA 24
Revenue
Power & Fuel
Other Exps.
Exch. & Derivatives
Norm. EBITDA 2024
• Revenue decreased as a Result of Pricing Pressure Stemming from Demand-supply Mismatch in the BOPET and BOPP sectors.
• Profit shrinkage was driven by revenue pressure and higher power, and fuel expenses.
Note: The Rs. 968 Mn related to Foreign Currency Gains / Losses and Gains / Losses in Derivative Instruments are Absolute Adjustments made to Calculate Normalized EBITDA. This Figure does not Represent an Increase Compared to the Previous Year.
1. Bracket implies negative numbers;
67
Shareholder Returns
▪ Management’s Commitment to Shareholder Interests
▪ Delivering Tangible Returns to Shareholders through Dividends
Manage Balance Sheet Effectively
Invest for Growth
Consistent Returns to Shareholders
Dividend per Share (DPS Rs.)
3.5
3.2
2.7
2.5
3.0
3.0
2.5
2.0
2.0
2.0
0.50
1.0
FY14
FY15
FY16
FY17
FY18
FY19
FY20
FY21
FY22
FY23
FY24
68
Standalone Spotlight on Key Financials over the Years
Sales (Vol. MT)
Revenue (Rs. Mn)
EBITDA (Rs. Mn) and Margin
6 4 8 6 7 1
,
2 0 8 4 9 1
,
3 9 6 9 0 2
,
7 5 7 1 3 2
,
0 2 2 8 5 2
,
,
1 6 5 7 9 1
4 2 5 1 4
,
4 5 5 6 4
,
6 0 2 7 5
,
0 7 1 8 6
,
6 1 5 6 6
,
9 7 9 7 5
,
4 6 1 6
,
0 6 6 7
,
7 9 7 6
,
8 1 6 7
,
1 0 7 7
,
2 2 9 6
,
FY20
FY21
FY22
FY23
FY24 9MFY25
FY20
FY21
FY22
FY23
FY24 9MFY25
FY20
FY21
FY22
FY23
FY24 9MFY25
PAT (Rs. Mn) and Margin
Gross Debt (Rs. Mn)
Net Debt (Rs. Mn)
14.8%
16.5%
11.9%
11.2%
11.6%
11.9%
3.5%
4.9%
3.9%
3.6%
2.4%
2.5%
4 0 3 2
,
3 2 2 2
,
7 3 4 2
,
3 3 4 1
,
0 1 6 1
,
2 3 4 1
,
0 4 1 2 1
,
0 4 6 4 1
,
0 7 2 9 1
,
0 4 3 3 2
,
0 3 3 0 3
,
1 0 2 2 3
,
0 3 9 0 2
,
0 3 4 5 1
,
0 4 6 0 1
,
0 7 4 0 1
,
0 5 8 5 2
,
6 3 5 6 2
,
FY20
FY21
FY22
FY23
FY24 9MFY25
FY20
FY21
FY22
FY23
FY24 9MFY25
FY20
FY21
FY22
FY23
FY24 9MFY25
69
Standalone P&L Summary - Q3 and 9MFY25
Particulars (Rs. Mn.)
Q3 FY25
Q2 FY25
Q3 FY24
QoQ
YoY
9M FY25
9M FY24
YoY
Revenue
EBITDA
19,549
19,690
16,589
-0.7%
17.8%
57,979
49,807
16.4%
2,538
2,152
1,715
17.9%
48.0%
6,922
5,451
27.0%
EBITDA Margin (%)
13.0%
10.9%
10.3%
210 bps
270 bps
11.9%
10.9%
100 bps
Depreciation and Amortization
Finance Cost
Profit Before Tax
Profit After Tax
809
921
808
577
806
828
518
377
747
664
303
237
0.3%
8.2%
2,410
2,235
7.8%
11.3%
38.7%
2,552
1,892
34.9%
55.9%
166.7%
1,960
1,324
48.0%
52.9%
143.0%
1,432
996
43.8%
Profit After Tax Margin (%)
3.0%
1.9%
1.4%
100 bps
150 bps
2.5%
2.0%
47 bps
EPS (Rs.)
7.99
5.23
3.29
52.8%
142.9%
19.84
13.80
43.8%
Note: 1) Numbers in the table may not add up due to rounding-off. 2) Previous year figures have been regrouped wherever necessary.
70
Product Innovation – Chemicals (Inks & Adhesives)
Flexcure
Flexgreen
Flexcoat
Flexbon
Flexcote
Flexcure PVC Structure & Matt Coating
Flexgreen NW Texture Matt Base Coat
Flexcoat Coating-1035
Soft
Touch
Flexbon 801A/888C
and
plastic
▪ UV-curable Flexcure PVC "Matt" "Structure" coatings advanced are solutions for PVC wall panels, laminates, doors, and ceiling composite marble sheets, formulated for 2 or 3 roller applications, providing superior aesthetics with high gloss and a consistent grain pattern from fine to coarse.
boards,
▪ The
UV-LED
curable Flexgreen NW Flexo Texture is an Matt Base Coat advanced, free-radical polychromatic curing-based is specifically coating. designed for new-generation high-speed machines and is compatible with all types of label substrates, ensuring superior performance and adaptability.
It
▪ Key properties include ideal viscosity, fast curing, nail and tape resistance, and excellent rheological properties.
▪ Key
properties
include uniform and coarser texture grain pattern, fast curing, good adhesion and nail resistance, and stability.
▪ This economical, general- to-medium performance 2K solvent-free adhesive is designed for efficient use on and metallized polyethylene structures.
offering
▪ It is an NCPU-compatible very product, run ability and good ensures no PAA migration within 24 hours.
▪ Primarily recommended for BOPET and BOPP films, this soft-touch coating delivers a uniform finish with excellent lay, wetting, and levelling properties.
as
▪ Designed an offline it can be applied coating, conventional a using rotogravure for optimal results.
cylinder
▪ Key properties include 100% aqueous, environment friendly, good levelling and scratch anti blocking properties.
resistance,
Flexcote AL 985/ HF 200
in
▪ This 2K solvent-based PU is specifically adhesive for ALU-ALU designed applications the pharmaceutical industry. It provides excellent bond strength after curing and ensures good malleability for aluminum foil-to-PVC applications.
71
Product Innovation – Flexible Packaging
DetoXyFi Spout Pouch
50mm Dia Oval Tubes
Gel Based Hair Dye Sachet
Packaging for Frozen Food
Innovative 10 Ltr Double Spout Pouch for a startup
▪ Uflex has developed an innovative 10 Ltr Double Spout Pouch for a startup, addressing the critical issue of clean drinking water for underprivileged communities.
▪ This portable water filtration solution features a durable plastic handle, a laminate structure of 12μ PET, 15μ BON, and 165μ Natural PE, and a 40 mm spout for easy dispensing.
▪ The brand's patented natural filter is ensures clean drinking water accessible and affordable for those in need.
Commercialization of 50mm Dia Oval Tubes – setting a new standard packaging in innovation
▪ These oval tubes offer 20% more space on the front and back panels compared to traditional round tubes, providing brands with additional room their message effectively to the consumers.
to convey
▪ The unique shape also allows for more efficient use of retail shelf space, enabling brand owners to display more tubes at the same cost.
▪ Additionally, the increased number of tubes helps reduce transportation costs.
Streax Gel Hair Colour 24 ml / 45 ml Gel
Innovative laminate to prevent food from contamination
▪ UFlex has successfully assisted Hygienic Research Institute Pvt Ltd in launching their new gel-based hair dye in sachet form, available in 24 ml and 45 ml sachets.
▪ This premium packaging solution features a unique matte effect, a first in the hair dye segment.
▪ The design work includes special touches like hair graphics and a logo in gold color, enhancing the pouch's visual appeal.
▪ UFlex has partnered with Jubilant the to FoodWorks their marinated packaging of chicken, which in is distributed 500gm packs from their Bangalore factory.
enhance
▪ The innovative laminate used in this packaging thermoformed, is vacuumed, and features a barrier film that from contamination by preventing contact with air.
protects
food
the
72
Product Innovation – Films
B-DSC-AA
B-DSC-AL
B-DSC-DA
B-DSC-DL
Both side Acrylic Coated BOPP Film
Low SIT & Acrylic COATED BOPP Film
Barrier
High COATED BOPP Film
PVDC-Acrylic
▪ Key properties: Outstanding heat seal-ability and hot-tack, Lap & Fin sealable with itself, heat sealable with PVDC coating, Monolayer pouch application, Tamper proof and see- through packaging, Excellent flavor and aroma barrier, High clarity and gloss, Pillow pouch, Excellent ink and lamination adhesion, consistent COF and wide sealing range.
▪ End use application: Direct product overwrap or carton overwrap for Baby Foods, Biscuits / Cookies / Crackers, Tobacco products, Health and Beauty Care, etc.; packaging of like Tea, products with fragrance Scented Sticks
a
low minimum
▪ Key properties: Low temperature seal-ability and hot-tack on Low SIT coated side, Excellent flavor and aroma barrier, Wide sealing range seal with pouch temperature, Monolayer application, “see-through For packaging” application in Stand UP Pouch (SUP), Pillow pouch, High clarity and gloss, Excellent ink and lamination adhesion.
▪ End use application: Overwrap for Ice Confectionary, Dairy products, Cream, Chocolate, Biscuits / Cookies / Crackers, Bakery items.
▪ Key properties: Outstanding OTR property with <15 cc/m²/day and WVTR< 5 gm/m²/day SIT 107°C, Outstanding heat seal-ability, Fin seal & Lap seal, Monolayer pouch is application, Barrier property unaffected by high humidity level, For “see-through packaging” application in Stand UP Pouch (SUP), Pillow pouch, Good aroma, oxygen and moisture properties, barriers Excellent seal strength , hot tack, machinability and printability.
▪ End use application: Food packaging applications, HFFS and VFFS flexible Overwrapping packaging, applications
High Barrier PVDC Coated BOPP Film
▪ Key properties: Outstanding OTR property with <15 cc/m2/day with excellent clarity, Outstanding low temperature seal-ability and hot tack on LTS coated side, Monolayer pouch application, Barrier property is unaffected by high humidity level, For “see-through packaging” application in Stand UP Pouch (SUP), Pillow pouch, Excellent gas, flavor and aroma barrier, Outstanding optical properties.
▪ End use application: plain and printed lamination and overwrapping - Biscuits/Cookie/Crackers, Snacks, Dry Foods and Beverage Powders, Confectionery items, Pet Food
73
Product Innovation – Printing Cylinders
Crocodile Skin Pattern
▪ This
shows pattern luxury, style, and an exotic look.
▪ Its texture, scaly design copies the natural look of or alligator skin, often used in high-end fashion.
crocodile
a
▪ The pattern gives a sense of quality and skill, making it a popular for expensive choice clothing, accessories and Home Décor.
Geometric Chevron Embossed Tile Design
▪ This pattern showcases a sleek and modern geometric chevron design embossed on a metallic-like surface.
▪ The pattern consists of interlocking Y-shaped blocks, creating a three- dimensional illusion of depth.
▪ The
lines within each intricately fine the textured,
shape are detailed hatching, surface sophisticated feel.
with giving
a
Grid Weave Pattern
▪ Grid weave
pattern gives visual appeal and tactile experience of products.
▪ This Pattern
is very much sought for across worldwide and used in industries, various including fashion, home decor, automotive, and industrial products.
▪ It has helped our total by
grow
revenue another 0.45%.
Intricate Vines and Floral Design
▪ This laser embossed is design characterized by intricate details, deep and texture, harmonious composition.
▪ The floral motif and organic shapes create a visually appealing and aesthetically pleasing aesthetic.
▪ The green color adds a touch of vibrancy freshness, and making the design both visually striking and inviting.
Reptile Retreat
Tangled Threads Design
▪ Artificial leather effect that mimics texture & appearance of real reptile skin Laser through embossed cylinders.
▪ Enhances
aesthetic appeal while offering cost-effective and ethical alternative to reptile skin.
▪ It
is durable,
low- maintenance product that a luxurious look.
retains
▪ It has helped our total by
grow
revenue another 0.4%.
▪ Features tangled threads intricately interwoven to create a visually striking effect.
▪ Rich, textured surface adds artistic complexity and dimension, making it appealing for fashion, home and décor, automobiles.
▪ Embossing
technique produces raised pattern on the material, adding depth and texture.
▪ This
offers also additional functionality, such as improved grip or insulation.
74
Appendix
Management & Shareholders Information
➢ Management Team ➢ Shareholding Pattern ➢ Group Structure ➢ UFlex Values
Management Team Professional Management with an Average Experience of > 25 Years in Business, Corporate, Project & Operational Excellence
41
34
15
11
Ashok Chaturvedi, Chairman & Managing Director • • Revered as the 'Father of the Flexible Packaging Industry in India' for
First Generation Entrepreneur and the Founder Promoter of UFlex Group.
developing Innovative Packaging for 40+ Years.
• Conferred with Several Awards for His Contribution to Industry.
Rajesh Bhatia – Group President (Finance & Accounts) & CFO • Holds 30+ years Rich Experience of in the Fields of Finance, Accounts,
Taxation, Business Development. He was CFO & CEO – Global Business of Jindal Steel & Power Ltd. (JSPL) in his last assignment.
• Commerce Graduate and an Associate Member of the Institute of Chartered
Accountants of India (ICAI).
Anantshree Chaturvedi Vice Chairman & CEO, Flex Films International •
Learned the Trade of Flexible Packaging both Domestically and Internationally with Hands-on Experience in India, Mexico, Poland, Egypt, UAE & USA; and subsequently spearheaded the expansion of UFlex in USA.
• Vested with the Additional Responsibility of Global Product Stability, R&D, HR
Protocols.
Apoorvshree Chaturvedi, Director, Global Operations, UFlex Group • Director of European Union Operations and Head of Corporate Sustainability
Actions on ESG and Growth-Related Ventures at UFlex Group.
• Alumnus of New York University. He joined UFlex in 2012 as a Managerial Trainee and spearheaded Marketing & Sales for European & Middle-East Regions at UFlex.
Total years of experience in the industry
35
Jeevaraj Gopal Pillai, Whole Time Director, Director - Sustainability, President - Flexible Packaging and New Product Development • Has over 35 Years of Experience in Packaging Technology from Pre-press and Cylinder Making, film Making, to high-end Conversion of Flexible Packaging Material.
• Has Command on Energy Curing Technology, Hologram Embossing, New
Generation Flexi tubes etc.
28
Ashwani K. Sharma, President & CEO, Aseptic Liquid Packaging Business
• Driving large organizations globally with rich experience of 28 years. His last
assignment was with Asia Pulp & Paper- based out of Jakarta, where he served as the Managing Director of a USD 25 Bn USD Company.
• Global Exposure- Previously based in Europe as CEO & Chairman of the Board of
Horizon Pulp & Paper.
38
36
P.L Sirsamkar, President & Technical & New Product Development, Packaging Films Business •
Experience of 37+ Years in Packaging films Business and has been with the Group for over 30 years. Previously, Worked in Reputed Organizations Like Garware & Polyplex. Instrumentation & Electronics Engineer.
•
Jagmohan Mongia, President - Packaging Films Business India • Strong Expertise of Sales & Marketing Domain and has Record of Business
Development and Building Strong Sustainable Organizations.
• Comes with a Rich Experience of Four Decades in Industries like Textile, Steel and Paints and has Worked with Renowned Companies like Berger Paints and Garware Earlier. He has been Associated with UFlex for 28+ years.
77
Management Team Professional Management with an Average Experience of > 25 Years in Business, Corporate, Project & Operational Excellence
30
40
30
Chandan Chattaraj, President, Human Resources (India and Global) • Three Decades of Experience with Esteemed Organizations like Aircel, The
Oberoi Group, Xerox India and Jubilant Organosys in leadership roles.
• Has been Conferred with Multiple Honours like ‘HR Professional of the Year’, ‘HR Leadership Award’ and ‘Best Transformational Coach by World HRD Congress.
Dinesh Jain, President, Legal & Corporate Affairs • Has a Rich Experience of Four Decades and has been Associated with the
Group for over 29 Years.
• Chairman of National Institute of Personnel Management- Delhi NCR Chapter and Past President of Noida Management Association.
• MBA, LLB & LLM (Gold Medalist) from Agra University.
Parwez Izhar, Senior Vice President, Printing Cylinders Business • Close to Three Decades of Experience in Areas like Strategic Planning,
Costing, Project Management.
• Holds Master’s Degree in Finance from XLRI, Jamshedpur and is Lean 6-
Sigma Black Belt Champion. He has Also Studied Implications of Artificial Intelligence on Business Strategy from MIT Sloan, USA.
28
Amit Shah, Joint President and Chief Marketing Officer, Flexible Packaging Business •
Industry Veteran with 26+ Years of Domestic & International Experience in B2B Marketing and Sales, both in Domestic as well as International Markets, Product Development and Launch and turning around of businesses.
30
Rajesh Bhasin, President, Chemicals Business • Meritorious Experience of over 30 years of Handling Challenging and Complex
Marketing Assignments.
• Prior to UFlex, held Leadership Positions at Pidilite, Jubilant Organosys and Essel Propack. He is adept in setting up Joint Ventures, Acquiring New Businesses, Launching New Product Categories and Initiating brands. (7+ Years).
30
Sumeet Arora, Sr. Vice President, Marketing – Engineering Business •
Experienced Business Leader with 30+ years in SBU operations, P&L management, and Developing New Markets and Growing Existing Markets for Capital Equipment both Domestic and International.
• Prior to UFlex, Served as the Managing Director at Uhlmann India, and Held
Leadership Positions across Renowned Organizations like Cenlub Industries, SS Packaging, ACG Worldwide, and Hassia Packaging.
• Holds a B.Tech in Mechanical Engineering from YMCA Faridabad.
28
Vinod Hariharan, Executive Vice President, Holography Business • Brings over 28 years of experience in Strategic Planning, Business Development,
•
Channel Management, Digital Marketing, Sales, and General Management. Extensive experience with International Organizations, including Fortune 500 Firms, and Held Key Roles at Tesa, Lohmann GmbH, 3M India Ltd, and Gulf Oil. Prior to UFlex, served as the Head of Sales & Marketing for APAC at Tesa.
• Holds a B.Tech in Mechanical Engineering from NIT – Kozhikode and Completed a
Senior Management Program from IIM – Kolkata.
Total years of experience in the industry
78
Shareholding Pattern – December 2024
Shareholding
Historical Shareholding Pattern ( in %)
Categories
Dec’23
Mar'24
Jun'24
Sep'24
Dec'24
Promoter Group
44.58
44.58
44.58
44.58
44.58
Others 24.13%
MF and AIF 0.28%
CBO, Insurance and FI 15.50%
FIIs, FPIs and FC 15.51%
Promoter Group 44.58%
FIIs, FPIs and FC
14.6
15.04
15.60
15.20
15.51
CBO, Insurance and FI
15.31
15.34
15.17
15.59
15.50
MF and AIF
0.2
0.21
0.23
0.27
0.28
Others
25.31
24.83
24.42
24.36
24.13
Promoter Group CBO, Insurance and FI Others
FIIs, FPIs and FC MF and AIF
BSE Ticker: 500148 NSE Symbol: UFLEX
Market Cap as on Dec 31, 2024 ~Rs. 37,489 Mn Outstanding shares: 72.2 Mn
79
UFlex Group Holding Structure
CORPORATE STRUCTURE Integrated Flexible Packaging Solution Provider
Outside India
India
Plastic Films Manufac. & Sales
Flex Middle East FZE, UAE (Dubai)
(WOS)
40.83% Holding
59.17% Holding
International Holding Company
Sales & Marketing- Plastic Film/ Flexible Pack. Material
Sales & Marketing- Plastic Film/ Flexible Pack. Material
Sales & Marketing
68% Holding
Business activities incl. trading, R&D etc.
Special Purpose Vehicle for Holography and Tracking services to Govts. of AP and Telangana
Cultivation, Freeze, Drying & other Food Processing Business
UPET Holdings Ltd. (Mauritius) Subsidiary
UFlex Packaging Inc. (USA) (WOS)
UFlex Europe Ltd. (UK)
(WOS)
Flex Chemicals Pvt. Ltd. LLC (Russia) (WOS)
Digicyl Pte. Ltd. (Singapore) (JV- 50% Holding)
USC Holograms Pvt. Ltd. (India) Subsidiary 68% Holding
Flex Foods Ltd. (India) Associate 47.15% Holding
Plastic Films Manufac. & Sales
Plastic Films Manufac. & Sales
Plastic Films Manufac. & Sales
Plastic Films Manufac. & Sales
Plastic Films Manufac. & Sales
Trade of Products
Flexible Packaging Manufac. Incl. Paper Foil, Laminates etc.
Manufac. Of WPP Bags, Pouches etc.
International Holding Company
Flex P. Films (Egypt) S.A.E. (WOS)
Flex Films (USA) Inc. (USA) (WOS)
Flex Films Africa Pvt. Ltd., Nigeria (WOS)
Flex Films Russia LLC (WOS)
Flex Films Europa Sp.z.o. o., Poland (WOS)
Flex Foils Bangladesh Pvt. Ltd. (WOS)
Flex FME Pte. Ltd. (Singapore) (WOS)
Flex Films AZB AFEZCO Azerbaijan (WOS)
UFlex Woven Bags, S.A. DE C.V., Mexico (WOS)
UPET (Singapore) Pte. Ltd. (WOS)
R&D related activities
Digicyl Limited, Israel (WOS)
Chemical Inks & Adhesives Manufac. & Sales
PET Chips Manufac. & Sales
Liquid Packaging materialsetc Manufac. & Sales
Plastic Films Manufac. & Sales
Recovery of Raw material from segregated materials, chemicals etc
Flex Specialty Chemicals (Egypt) S.A.E (WOS)
Flex PET (Egypt) S.A.E (WOS)
Flex Asepto (Egypt) S.A.E (WOS)
Flex Films Europa KFT, Hungary (WOS)
Plasticfix Europa Sp. Z.o.o. Poland (WOS)
Plastic Films Manufac. & Sales
Flex Americas S.A. de. C.V., Mexico (WOS)
Consultancy for BOPET & Other Flexible Packaging Business
Flex Americas Brasil LTDA (WOS)
WOS: Wholly Owned Subsidiary
80
Auditors Information
Locations
Auditors
India
Dubai
Egypt
Poland
USA
Mexico
Hungary
Nigeria
CIS
Process Auditor for UFlex Limited Group
Lodha & Co LLP & Vijay Sehgal & Co.
Shah & Al-shamali Associates
BDO, Khaled & Co
BDO
Crowe LLP
Gutierrez Saldivar & Asociados
BDO
PKF
Unicon JSC
Ernst & Young (EY)
81
Our Values
Socio-environmental Sutainability
Upholding that Society and Environment are Cornerstones for Sustainability, We support and Promote Inclusive Social Development and strive towards Conservation of Environment and Protection of Our Planet.
Spread in All Directions
Speed and Efficiency in Every Activity and Process responding to Internal and External Customers with a Sense of Urgency and Dynamism is an Integral Part of Our Value System. Anticipating Market needs and continuously Striving to Practice the “Quick Decision – Quick Investment – Quick Execution – Quick Adaptation and Quick Customer Service" Formula.
Global Perspective
Thinking Globally and Citing Locally We Leverage the Power of Global Insight, Relationships, Collaborations and Learnings to deliver Exceptional Packaging Solutions for the Clients.
Trust & Respect
Proactively Build Egalitarian Inclusive Partnerships with all Stakeholders, through the Virtues of Honesty of Purpose, Mutual Trust and Respect.
and
Customer Value Creation
Enabling Customers to become High-performance Businesses through Our Total Packaging Solutions and Creating Long-term Relationships by being Responsive, Relevant and Consistently Delivering Value.
Innovation
Strive to be the Front Runner in Technology and Business, Actively Contributing to the Evolution of Best Practices in Developing New and Efficient to address Customers’ Packaging Solutions Dynamic needs.
82
Foreign Exchange Exposure
9M FY 2024-25
FY 2023-24
FY 2022-23
FY 2021-22
Closing
Average
Closing
Average
Closing
Average
Closing
Average
USD
GBP
EURO
MXN to USD
85.62
83.86
83.37
82.75
82.22
107.46
107.67
105.29
103.96
101.87
89.09
20.51
90.67
18.87
3.97
90.22
16.68
3.99
89.82
17.31
4.11
89.61
18.09
4.3
Poland $ to USD
4.10
80.33
97.07
83.78
19.62
4.52
75.81
99.55
84.66
19.86
4.17
74.33
101.56
86.11
20.37
3.95
NGN to USD
1,538.25
1,551.76
1303.33
871.97
459.52
432.95
415.25
407.44
EURO to USD
1.04
RUBEL to USD
101.68
Egypt $ to USD
50.84
1.08
93.26
48.44
1.08
92.37
47.4
1.09
89.19
31.59
1.09
77.09
30.89
1.04
65.24
22.67
1.12
84.09
18.29
1.16
75.11
15.8
i) USD, GBP, and EUR sourced from RBI; other currencies sourced from respective central banks. Egyptian currency sourced from XE.com; ii) P&L statement for foreign locations converted using the average exchange rate up to the period, while the balance sheet is converted using the closing price as of the quarter and year; iii) Average exchange rate up to the period refers to the average of monthly rates, calculated by taking the average of the opening and closing rates for each month, then averaging these monthly averages for the quarter or year.
83
UFlex Limited
Address: A – 107 - 108, Sector – IV, Noida - 201301 (U.P.), India. Phone No : +91 120 4012345 (30 Lines)
Fax No.: +91 120 2556040
Corporate ID :L74899DL1988PLC032166
Website: www.uflexltd.com
IR Contact
Mr. Surajit Pal
Mr. Manoj Pandey
Email: investorrelations@uflexltd.com