UFLEXNSE16 November 2025

UFLEX Limited has informed the Exchange about Investor Presentation

UFLEX Limited

UFLEX/SEC/2025/

November 16, 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 – 400 001

Scrip Code : UFLEX

Scrip Code : 500148

Subject : Revised Earnings Presentation

Dear Sir(s),

Further to our letter dated 14th November, 2025 attached therewith an Earnings Presentation, kindly note that one slide of new product innovations of the Cylinder division of the Company was missed- out in the said Earnings Presentation and the Revised Copy of the said Earnings Presentation is attached herewith for your record(s).

We deeply regret the inconvenience caused with regard to the above.

Thanking you,

Yours faithfully, For UFLEX LIMITED

(Ritesh Chaudhry) Sr. Vice President - Secretarial & Company Secretary

Encl: As above

UFLEX LIMITED Earnings Presentation

November 14, 2025 Noida, India

Stock Code: BSE – 500148, NSE – UFLEX Common Stock Outstanding: 72.2mn as of Sept 30, 2025

Disclaimer

No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy,

completeness or correctness of the information or opinions contained in this presentation. Such information and opinions are in all

events not current after the date of this presentation. Certain statements made in this presentation may not be based on historical

information or facts and may be "forward looking statements" based on the currently held beliefs and assumptions of the management

of the Company, which are expressed in good faith and in their opinion reasonable, including those relating to the Company's general

business plans and strategy, its future financial condition and growth prospects and future developments in its industry and its

competitive and regulatory environment. Forward-looking statements involve known and unknown risks, uncertainties and other factors,

which may cause the actual results, financial condition, performance or achievements of the Company or industry results to differ

materially from the results, financial condition, performance or achievements expressed or implied by such forward-looking statements,

including future changes or developments in the Company's business, its competitive environment and political, economic, legal and

social conditions. Further, past performance is not necessarily indicative of future results. Given these risks, uncertainties and other

factors, viewers of this presentation are cautioned not to place undue reliance on these forward-looking statements. The Company

disclaims any obligation to update these forward-looking statements to reflect future events or developments. This presentation is for

general information purposes only, without regard to any specific objectives, financial situations or informational needs of any person.

The Company may alter, modify or otherwise change in any manner the content of this presentation, without obligation to notify any

person of such change or changes. This presentation may not be copied or disseminated in any manner.

Key Highlights

➢ Chairman’s Message

➢ Industry Trends

➢ Performance Snapshot

➢ Performance and Business Highlights

➢ Capex Update

➢ Packaging Films Production volume

➢ Financial Summary

➢ Sustainability & circularity

➢ Product Innovation

➢ Business at a Glance

➢ Management & Shareholders

Chairman’s Message

Mr. Ashok Chaturvedi, Chairman and Managing Director, “Q2 FY26 was marked by tariff disruptions, GST transition, and a prolonged monsoon, which had an impact on operations. However, on a positive note, the tariff issues are likely to be settled soon, and GST rationalization will significantly boost consumption, which is positive for the industry, and will be a strong growth catalyst going forward. With the headwinds behind us, we strongly believe that the business is set for strong growth, and our ongoing capacity expansion programs will set the tone for positive momentum.

During the period, we commissioned brownfield capacity expansion at our aseptic packaging plant in Sanand, increasing capacity from 7 billion to 12 billion packs per annum. This enhances our ability to meet the growing demand for aseptic packaging solutions in both domestic and international markets.

The EPR rollout in India will accelerate the demand for more sustainable packaging solutions and presents an opportunity for us to collaborate more closely with FMCG brand owners to deliver innovative, high-quality, and ecofriendly packaging that reaches millions of households across India.

Our strategic capex investments are nearing completion. A 12 billion pack per annum greenfield aseptic packaging plant in Egypt, an 80 million unit per annum WPP bags facility in Mexico, and close to 40,000 MTPA PET and flexible waste recycling plant in Noida are on track”

Industry Trends

Domestic

International

➢ Packaging SKU and raw material (PET Chips/Films) demand stayed subdued this quarter due to disruptions caused by GST transition. Dealers/stockists defer new orders while and destocking existing inventory.

➢ CPI eased to 0.25% (Oct 2025), while CFPI moved to - 5.02%, softening inflation likely to boost consumer demand.

➢ Market outlook

remains positive. Lower

inflation, rationalised GST, lower interest rates, income tax relief, higher government spending and easing trade policies are set to boost consumption momentum.

➢ Evolving U.S. tariff environment has created uncertainty, leading to cautious business sentiment, delayed purchase orders and softer demand across Americas.

➢ Persistently elevated inflation and food prices continued to put

pressure on household budget.

➢ UFlex is well-positioned to navigate tariff headwinds, supported by its diversified global footprint; exports from Mexico to the US remain protected under USMCA.

➢ Sales volume in the region was subdued due to challenging

market conditions.

➢ Geopolitical uncertainty and evolving U.S. tariff situation impacted European exports, adding to the overall demand sluggishness in the region.

➢ UFlex Dubai operation maintained a disciplined and value-led

selective sales approach.

Consolidated Performance Highlights – Q2FY26

Revenue grew 3.2% YoY to Rs. 77,828 million in H1 FY26, supported by 2.0% YoY sales volume growth; however, Q2 FY26 revenue remained flat YoY at Rs 38,610 million reflecting lower sales volumes and softer realizations in Q2 FY26, particularly in the BOPET packaging film segment.

Normalized EBITDA was at 8,593 million (down 5.9% YoY) in H1 FY26 with an 11.0% normalized EBITDA margin; Q2 FY26 normalized EBITDA of Rs. 3,895 million was weighed down by lower sales volumes from GST transition, muted seasonal demand, and weaker packaging films realizations.

Sales volume reached at 161,161 MT in Q2 FY26, reflecting a 3.7% YoY and 5.5% QoQ decline. The volume mix comprised 77.7% from packaging films and 22.3% from packaging, underscoring muted seasonal demand demand across the segments. Sales volume in H1 FY26 increased by 2.0% YoY to 331,665.

Profit After Tax (PAT) for the quarter was Rs. 269 million, compared to loss of Rs. 646 million in Q2 FY25.

Virgin PET Chips: Egypt’s 216,000 MT vPET chips plant achieved a capacity utilization of 52.9% in Q2 FY26 and 63.8% in H1 FY26 since commissioning in Q4 FY25, In India, the Panipat plant operated at 72.4% utilization in Q2 FY26 and 84.5% in H1 FY26, with demand impacted by the GST transition and a cooler summer, leading to lower PET chips demand.

Capex Update

Capex in Q2 FY26

➢ Incurred total capex of Rs ~4,897 million during the quarter, with major allocation to following three projects: a) Egypt: Rs. 1,173 million for the Aseptic packaging facility, b) Mexico: Rs. 761 million for the WPP bag manufacturing unit, and c) India-Noida: Rs. 380 million for the PET and MLP recycling unit

Investing in Future

PET, MLP Recycling unit: ➢ Setting up two recycling plants in Noida (PCR rPET chips plant - 36,000 MTPA; MLP recycling plant - 3,600 MTPA) with an estimated outlay of

Rs. 3,171 million, of which Rs. 850 million has been incurred so far, and commissioning expected in FY26.

India

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 with an annual capacity of 12 billion packs.

➢ The project has an estimated cost of approximately USD 126 million (Rs. 11,188 million), of which USD 82.5 million (~Rs. 7,328 million) has

Egypt

already incurred, and it is expected to be commissioned in FY26.

Mexico

Woven Polypropylene (WPP) Plant: ➢ Setting up an 80 million-capacity WPP bag manufacturing plant to meet the growing demand for pet food packaging, to be commissioned in

FY26. This plant will cater to the high-growth pet food market across North and South America.

➢ The project has an estimated outlay of USD 50 million of which USD 49.7 million (~Rs. 4,387 million) has been incurred so far.

India: USD = 88.84 Q2 FY26

Consolidated Performance Snapshot – Q2 and H1FY26

Q2FY26

H1FY26

Q2FY26

H1FY26

Revenue

Rs. 38,610 Mn (-1.6% QoQ, flat YoY) Domestic: 44% International: 56%

Rs. 77,828 Mn (+3.2% YoY) Domestic: 44% International: 56%

Norm. EBITDA*

Rs. 3,895 Mn (-17.1% QoQ, -12.4% YoY) +10.1% Margin (-190bps QoQ, -140bps YoY)

Rs. 8,593 Mn (-5.9% YoY) +11.0% Margin (-110 bps YoY)

EBITDA

Rs. 4,188 Mn (-12.5% QoQ, -0.0% YoY) +10.8% Margin (-140bps QoQ, flat YoY)

Rs. 8,975 Mn (+4.1% YoY) +11.5% Margin (+10 bps YoY)

Capex

Net Debt

Rs. 4,897 Mn

Rs. 9,014 Mn

Rs. 77,533 Mn

Sales Vol. MTs

161,161 (-5.5% QoQ, -3.7%YoY) Packaging Films: 77.7% (-3.5% QoQ, -4.6% YoY) Packaging: 22.3% (-11.8% QoQ, -0.1% YoY)

331,665 (+2.0%YoY) Packaging Films: 76.9% (+0.8% YoY) Packaging: 23.1% (+5.8% YoY)

Norm. PAT**

Rs. 269 Mn +0.7% Margin

Rs. 849 Mn +1.1% Margin

Pack. Films Sales Vol. Split

Packaging Films: 77.7% (Domestic: 20.3%; International: 57.4%)

Packaging Films: 76.9% (Domestic: 19.8%; International: 57.1%)

*Normalized EBITDA for Q2FY26 includes a Rs. 293 million adjustment for foreign currency fluctuations and derivative gains/losses, compared to an adjustment of Rs. 260 million in Q2FY25

Packaging Films Production Volume across Geographies

Geographic % contribution to total packaging film production vol.

Capacity, Production and Utilization

Production volume change

Q2 FY26

12%

27%

120,644 MTPQ

17%

Q1 FY26

11%

26%

10%

India

Dubai

Egypt

Nigeria

CIS

Poland

Hungary

USA

Mexico

Capacity (MTPQ)

Q2 FY26 Production (Utilization %)

Q1 FY26 Production (Utilization %)

Q2 FY25 Production (Utilization %)

QoQ

YoY

41,040

India

32,726 (79.7%)

33,110 (80.7%)

31,636 (77.1%)

10,000

Dubai

6,817 (68.2%)

6,903 (69%)

6,648 (66.5%)

28,500

Egypt

20,184 (70.8%)

25,280 (88.7%)

27,341 (95.9%)

11,250

Nigeria

6,995 (62.2%)

5,994 (53.3%)

7,240 (64.4%)

127,912 MTPQ

12,000

CIS

11,388 (94.9%)

10,061 (83.8%)

10,603 (88.4%)

20%

Q2 FY25

10%

24%

10%

128,880 MTPQ

21%

18,750

Poland

11,267 (60.1%)

13,038 (69.5%)

12,688 (67.7%)

10,500

Hungary

9,536 (90.8%)

11,661 (111.1%)

11,380 (108.4%)

7,500

USA

7,763 (103.5%)

7,851 (104.7%)

8,604 (114.7%)

19,500

Mexico

13,968 (71.6%)

14,014 (71.9%)

12,740 (84.9%)

159,040

Total

120,644 (75.9%)

127,912 (80.4%)

128,880 (83.4%)

*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

-5.7% ▼-6.4% ▼-1.2% ▼3.4% ▲-1.2% ▼2.5% ▲-20.2% ▼-26.2% ▼16.7% ▲-3.4% ▼13.2% ▲7.4% ▲-13.6% ▼-11.2% ▼-18.2% ▼-16.2% ▼-1.1% ▼-9.8% ▼-0.3% ▼9.6% ▲Packaging Films Production Volume 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

FY25 Production (Utilization %)

FY24 Production (Utilization %)

FY23 Production (Utilization %)

FY22 Production (Utilization %)

FY21 Production (Utilization %)

India

121,842 (74.2%)

115,202 (74.3%)

94,994 (90%)

104,907 (114%)

95,962 (104.3%)

Dubai

29,038 (72.6%)

25,355 (63.4%)

24,141 (62.7%)

21,593 (98.2%)

25,326 (115.1%)

Egypt

104,368 (91.6%)

101,944 (89.4%)

107,772 (94.5%)

110,846 (97.2%)

77,285 (99.1%)

Nigeria

35,337 (78.5%)

26,444 (58.8%)

21,190 (47.1%)

25,760 (76.3%)

CIS

38,201 (79.6%)

29,594 (98.6%)

29,917 (99.7%)

28,917 (96.4%)

23,079 (102.6%)

Poland

52,637 (70.2%)

48,750 (65%)

61,039 (81.4%)

73,642 (98.2%)

52,868 (100.7%)

Hungary

44,105 (105%)

34,811 (82.9%)

34,659 (82.5%)

39,642 (94.4%)

USA

33,743 (112.5%)

30,581 (101.9%)

30,655 (102.2%)

31,688 (105.6%)

31,653 (105.5%)

Mexico

55,487 (90.2%)

53,735 (89.6%)

46,066 (76.8%)

60,084 (100.1%)

59,259 (98.8%)

Total

FY25

11%

24%

514,758 MT

10%

20%

FY24

12%

25%

466,416 MT

10%

22%

FY23

10%

21%

450,433 MT

13%

24%

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).;

92,00092,000155,000155,000164,16022,00022,00040,00040,00040,000FY21FY22FY23FY24FY25114,000114,000114,000114,000114,000NA45,00045,00045,00045,00030,00030,00030,00030,00048,00075,00075,00075,00075,00075,000NA42,00042,00042,00042,00030,00030,00030,00030,00030,00060,00060,00060,00060,00078,000423,000510,000591,000591,000636,160514,758 (83.1%)466,416 (78.9%)450,433 (83.4%)497,079 (99.7%)365,432 (102.4%)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)

Q2 FY26

24%

32%

45,603 MTPQ

44%

Q1 FY26

20%

41%

50,690 MTPQ

39%

Q2 FY25

25%

31%

45,218 MTPQ

44%

Capacity (MTPQ)

Q2 FY26 Production (Utilization%)

Q1 FY26 Production (Utilization%)

Q2 FY25 Production (Utilization%)

QoQ

YoY

15,000

Liquid packaging

14,858 (99.1%)

20,535 (136.9%)

13,974 (93.2%)

25,000

Flexible packaging

19,947 (79.8%)

19,789 (79.2%)

19,727 (78.9%)

17,433

Chemicals (Inks & Adhesives)

10,798 (61.9%)

10,366 (59.5%)

11,517 (71.6%)

*Capacity and production data are measured in metric tons per quarter (MTPQ), while utilization is expressed as a %

-27.6% ▼6.3% ▲0.8% ▲1.1% ▲4.2% ▲-6.2% ▼Global Manufacturing footprints

17 State-of-the-Art Manufacturing Facilities Strategically Located across 5 Continents and 9 Countries

Overall Global Capacity of 1.3 mn+ MTPA: Ready to deliver Anywhere in the World within 15 Days

Americas

Capacity (MTPA)

30,000

78,000

Europe

Capacity (MTPA)

75,000

48,000

42,000

Middle East & Africa

Capacity (MTPA)

Hungary (Packaging Films)

Kentucky, US (Packaging Films)

Mexico (Packaging and CPP Films)

Nigeria (Packaging Films)

, Egypt, (Packaging Films, vPET chips)

Plant

Mexico

Plant

Poland

CIS

Hungary

Plant

Dubai

Nigeria

Egypt p. film

Egypt vPET Chips

40,000

45,000

1,14,000

2,16,000

Plant

India

Capacity (MTPA)

Packaging Films Business

Noida & Dharwad

1,64,160

Flexible Packaging

Noida & Jammu

1,00,000

Stupino, CIS (Packaging Films)

Września, Poland (Packaging Films)

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

69,730

Jebel Ali Free Zone Dubai, UAE (Packaging Films)

Business Centres

Americas

Europe

Middle East & Africa

India

Bangladesh

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)

Integrated Manufacturing Capacities Across Geographies 1

Extensive Suite of Products in Every Region We Operate

Resins & Moulding 4,58,317 MTPA

Base Packaging Films 6,36,160 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

1,68,000

10,020

21,397

1,09,800

31,200

23,160

58,500

2,16,000

18,000

22,000

18,000

12,600

30,000

77,000

7,000

72,000

2,200

3,900

75,000

30,000

45,000

30,000

42,000

15,000

18,000

13,200

19,000

5,000

7,500

15,000

6,000

60,000

18,000

10,800

7,000

69,730

20,600

1,08,000

1,00,000

7,000

500

3,84,000

43,020

31,297

4,01,800

1,50,200

84,160

2,38,600

14,200

69,730

20,600

1,08,000

1,00,000

7,000

500

Locations (Capacities Data as of Sept ‘25)

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);

Evolving Business Landscape of Packaging and Packaging Films

STEADY ECONOMIC GROWTH

FMCG DEMAND

SUSTAINABLE PACKAGING

Steady economic growth amidst global challenges

Rural continues to grow faster than urban Metros performance is improving

EPR commitments to promote sustainable packaging

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

2025

2029F

2025F

USA

China

Germany

4.7 ; (0%)

India

Japan

4.2 ; (6.2%)

4.2 ; (0.6%)

3.8 ; (1.1%)

30.5 ; (1.8%)

USA

35.5 ; (2.2%)

19.2 ; (4%)

24.6 ; (4.5%)

China

India

6.3 ; (6.5%)

Germany

5.6 ; (0.8%)

Japan

5.1 ; (1.1%)

4.4 ; (1.5%)

USA

Germany

France

Japan

China

89.1

72.6

63.7

65.6

54.7

28.9

USA

Germany

France

Japan

China

2029F

101.9

81.9

71.3

73.5

61.9

37.0

France

3.2 ; (0.6%)

France

3.7 ; (1.1%)

India

12.1

CAGR ~7.7%

India

16.3

Rapid Urbanisation

India's Polymer Consumption: Underpenetrated with ≥4–7x growth potential

2025: Population (Mn)

India: Urban Population as % of Total Population

Consumption per Capita of Virgin Polymer 2021-22 (Kg)

India

China

USA

Japan

123

Germany

France

1,454

2036E

1,405

342

2022

2011

2000

1975

1960

40%

36%

30%

28%

21%

18%

112.0

Growth Opportunity

32.2

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

Macro Economic Environment

Global Growth Slowdown amid Policy Shifts

India to Maintain Robust 6.8% Growth in FY26F

Real GDP Growth (YoY %)

7.7

Real GDP Growth (YoY %)

3.7

2.1

2.4

1.4

6.5

7.6

6.5

6.8

9.2

3.3

3.2

3.1

World

1.8

1.6

Advanced Economies

2.8

2.0

2.1

0.9

1.2

1.1

5.0

4.8

4.2

Euro Area

China

2024

2025

2026F

2010-2019 avg

FY19

FY23

FY24*

FY25*

FY26F

•

Global growth projected at 3.2% in 2025 and 3.1% in 2026 – slightly higher

•

India’s FY26 GDP growth forecast revised to 6.8% from 6.5% earlier

than IMF’s July 2025 forecast.

Outlook for US and other advanced economies has been revised upwards due

to softer than expected tariff levels

o Q1FY26 Real GDP growth at a robust 7.8% vs 6.5% earlier

Inflation forecast for FY26 further cut to 2.6% (from 3.1%)

Rural demand continues to outpace urban, backed by lower food

Trade policy uncertainty remains elevated in the absence of transparent and

inflation (CFPI), favorable monetary policies and good monsoon.

durable agreements among trading partners and is expected to continue to

o US tariff-driven trade uncertainties pose risks to growth

weigh on emerging market and developing economies through higher trade

o Despite the risks, India remains among the fastest-growing major

costs, disrupted supply chains, and tighter financing conditions.

economies, driven by resilient consumption and government spending.

Source: Global outlook: IMF’s October 2025 World Economic Outlook (WEO) report, India: RBI & MoSPI * FY24 GDP figure is First Revised Estimates (FRE) while FY25 GDP figure is Provisional Estimate (PE)

Interplay of Inflation, Non-Durables, and FMCG in Packaging

Value continues to outpace Volume Growth

Volume: Rural continue to surpass Urban Growth

Rainfall Status: +108% LPA (1st June ’25 – 30th Sep ’25)

FMCG growth %

FMCG volume growth % in Rural & Urban

13.9%

12.9%

9.2%

8.4%

7.7%

11.0%

10.2%

6.3%

5.4%

3.6%

5.1%

6.0%

5.4%

5.8%

1.9%

4.2%

2.6%

4.6%

3.7%

JAS'24

OND'24

JFM'25

AMJ'25

JAS'25

JAS'24

OND'24

JFM'25

AMJ'25

JAS'25

Value

Volume

Rural

Urban

CPI lowest since June 2017, CPI-Food since Dec 2018

Consumer Non-Durables growth Straggles

% 5 8

% 7 8

% 4 % 9 7 8

% 4 5

% 2 % 9 7 5

% 9 4

% 8 4

% 1 5

% 6 3

% 7 3

% 2 6

% 5 5

% 2 5

% 5 5

CPI % 9 0 1

% 0 9

CPI Food

% 4 8

% 3 4

% 0 6

% 6 3

% 3 3

% 2 3

% 8 2

% 8 3

% 7 2

% 8 1

% 0 1

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

5 2 - r a M

5 2 - r p A

5 2

- y a M

% 2 5

% 3 0

% 8 2

% 0 1

% 4 4 % - 2 4

% 5 2

% 2 3

% 2 2

% 8 2

% 6 0

% 7 2

% 0 1

% 1 0

% 1 2

% 0 4

% 5 % 0 9 0

% 9 2 % - 4 6

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 1 2 7 - c - e D

5 2 - n a J

5 2 b e F

5 2 - r a M

5 2 - r p A

5 2

- y a M

5 2 - n u J

5 2

- l u J

5 2 g u A

5 2 p e S

% 1 2

% 6 1

% 1 2

% 4 1

% 6 0

% 8 1

5 2

- l u J

5 2 g u A

% 3 2

5 2 p e S

% 0 1

5 2 - n u J

% 3 0

% 0 5

5 2 - t c O

Large Excess 60% or more

Excess 20%-59%

Normal -19% to 19%

Deficient -59% to -20%

Excess rainfall 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

Pricing Trends of Packaging Films and Related Commodities

Elevated BOPP and BOPET Imports Weigh on Prices in Q2 FY26

Q2 FY26: Average Commodity Prices Firmed Up QoQ ,softened YoY

4 5 4 1

1 5 3 1

8 9 2 1

4 7 2 1

2 6 2 1

9 2 2 1

1 2 2 1

5 8 2 1

0 6 1 1

0 2 1 1

0 0 1 1

5 9 0 1

0 6 0 1

0 3 1 1

8 4 4 1

0 9 3 1

8 5 2 1

1 2 2 1

2 9 1 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 3 1

8 5 2 1

0 6 2 1

8 8 4 1

5 9 4 1

6 8 3 1

0 3 3 1

0 1 3 1

0 9 9

5 9 9

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 2 2 1

3 1 2 1

0 1 2 1

8 8 1 1

7 7 0 1

0 4 1 1

8 0 1 1

5 4 1 1

2 3 1 1

7 5 0 1

5 8 9

3 0 0 1

3 7 9

7 3 9

9 3 9

0 3 9

3 2 9

0 0 9

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

5 2 - r a M

5 2 - r p A

5 2 - y a M

5 2 - n u J

5 2 - l u J

5 2 - g u A

5 2 - p e S

5 2 - t c O

5 2 0 2 - v o N - 4 1

18 micron plain BOPP film average monthly price (Rs./ KG)

12 micron plain BOPET film average monthly price(Rs./ KG)

6 4 8

8 0 8

5 2 8

6 2 8

4 8 7

4 6 7

3 6 7

5 4 7

5 5 7

8 4 7

5 5 7

7 3 7

4 8 7

7 6 7

4 6 7 3 0 7

5 4 7

0 3 7

4 0 7

5 9 6

9 9 6

5 8 6

7 3 9 2 6 8

1 0 8

6 0 9

9 2 8

1 0 8

6 7 7

9 8

4 5 8

5 3 8

2 5 8

8 1 8

3 2 8

3 0 8

6 6 7

6 7 7

9 6 7

9 5 7

1 8 7

7 8 7

1 8 7

9 7

8 7

2 3 7

7 2 7

2 7

6 2 7

0 2 7

9 0 7

0 4 7

6 3 7

6 3 8

5 2 8

5 7 7

0 8 7

4 0 8

3 9 7

7 2 7

6 5 7

0 4 7

4 7

9 3 7

3 1 7

3 0 7

2 0 7

7 0 7

3 9 7

4 5 7

7 2 7

0 5 7

4 7

8 2 7

2 3 6

1 2 6

0 2 6

6 2 6

0 7 6

0 6 6

8 4 6

7 4

6 6 4

5 4

4 4 4

0 4 4

0 2 4

6 2 4

9 2 4

3 2 4

0 4 4

0 1 4

9 0 4

0 7 4

9 7 4

6 7 4

7 6 4

6 6 4

6 5 4

7 8 4

2 9 4

8 9 4

6 9 4

7 0 5

1 1 5

2 0 5

1 8 6

4 1 7 5 4 6

0 1 7

9 7 6

0 8 6

2 2 7

6 1 7

7 2 7

7 1 7

5 8 6

0 6 6

3 5 6

5 4 6

2 5 6

3 4 6

3 1 6

6 4

3 7 4

4 7 4

7 8 4

2 8 4

9 8 5

2 5 4

5 4 6

1 4 6

4 8 6

0 9 6

4 2 6

3 1 6

6 4

9 4 4

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

5 2 - r a M

5 2 - r p A

5 2 - y a M

5 2 - n u J

5 2 - l u J

5 2 - g u A

5 2 - p e S

5 2 - t c O

5 2 - v o N - 4 1

PTA

MEG

MELT

Brent Crude Spot Price

Rs/Kg: PTA, MEG, MELT; USD/barrel: Europe Brent Crude Spot Price FOB

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.

*The charts above exhibit the trend of average market prices and do not represent UFlex’s actual sale or purchase prices. Brent Crude Spot Price (FOB) for Nov. 2025 is average up to Nov 14,.

Financial Summary

➢ Key Standalone Financial

Performance

➢ Key Consolidated Financial

Performance

➢ Consolidated Financial

Overview

Standalone P&L Summary

Particulars (Rs. Mn.)

Q2 FY26

Q1 FY26

Q2 FY25

QoQ

YoY

H1 FY26

H1 FY25

YoY

Revenue

19,579

20,755

19,690

(5.7%)

(0.6%)

40,334

38,430

5.0%

Expenditure

17,626

18,272

17,538

(3.5%)

0.5%

35,898

34,046

5.4%

EBITDA

1,953

2,483

2,152

(21.3%)

(9.2%)

4,436

4,384

1.2%

EBITDA Margin (%)

10.0%

12.0%

10.9%

(200 bps)

(90 bps)

11.0%

11.4%

(40 bps)

Depreciation and Amortization

Finance Cost

Profit Before Tax

Profit After Tax

806

905

243

223

Profit After Tax Margin (%)

1.1%

EPS (Rs.)

3.09

794

914

775

571

2.8%

7.91

806

828

518

377

1.5%

(1.0%)

0.0%

9.3%

1,601

0.0%

1,818

1,631

11.5%

(68.7%)

(53.2%)

1,017

1,152

(11.7%)

(61.0%)

(40.9%)

795

856

(7.1%)

1.9%

(160 bps)

(80 bps)

2.0%

2.2%

(30 bps)

5.23

(60.9%)

(40.9%)

11.00

11.85

(7.2%)

Note: 1) Numbers in the table may not add up due to rounding-off. 2) Previous year figures have been regrouped wherever necessary.

Standalone Spotlight on Key Financials over the Years

Sales (Vol. MT)

Revenue (Rs. Mn)

EBITDA (Rs. Mn) and Margin

2 0 8 4 9 1

3 9 6 9 0 2

7 5 7 1 3 2

0 2 2 8 5 2

2 5 1 6 6 2

7 4 3 0 9 1

4 5 5 6 4

6 0 2 7 5

0 7 1 8 6

6 1 5 6 6

4 3 3 0 4

6 9 0 8 7

16.5%

11.9%

11.2%

11.6%

11.9%

11.0%

0 6 6 7

7 9 7 6

8 1 6 7

1 0 7 7

6 3 4 4

7 8 2 9

FY21

FY22

FY23

FY24

FY25 H1FY26

FY21

FY22

FY23

FY24

FY25 H1FY26

FY21

FY22

FY23

FY24

FY25 H1FY26

PAT (Rs. Mn) and Margin

Gross Debt (Rs. Mn)

Net Debt (Rs. Mn)

4.9%

3.9%

3.6%

2.4%

2.7%

2.0%

4 0 3 2

3 2 2 2

7 3 4 2

5 4 1 2

5 9 7

0 1 6 1

0 4 6 4 1

0 7 2 9 1

0 3 3 0 3

0 4 3 3 2

3 4 9 5 3

3 2 8 8 3

0 5 8 5 2

4 9 2 8 2

1 0 8 2 3

0 3 9 0 2

0 3 4 5 1

0 7 4 0 1

FY21

FY22

FY23

FY24

FY25 H1FY26

FY21

FY22

FY23

FY24

FY25 H1FY26

FY21

FY22

FY23

FY24

FY25 H1FY26

Consolidated P&L Summary

Particulars (Rs. Mn.)

Q2 FY26

Q1 FY26

Q2 FY25

Total Revenue

Expenditure

Normalized EBITDA

38,610

34,422

3,895

Normalized EBITDA margin (%)

10.1%

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) for the period after NCI PAT Margin (%)

EPS (Rs.)

293

4,188

10.8%

1,894

1,881

412

269

0.7%

3.73

39,219

34,431

4,698

12.0%

4,788

12.2%

1,867

1,988

933

580

1.5%

8.03

H1 FY26

H1 FY25

11.5%

(190 bps)

(140 bps)

38,595

34,409

4,446

(260)

4,186

10.8%

1,732

1,775

680

926

(247)

(646)

(1.7%)

(8.95)

QoQ

(1.6%)

(0.0%)

YoY

0.0%

(17.1%)

(12.4%)

228.3%

(12.5%)

(140 bps)

1.4%

(5.4%)

(0.0%)

0 bps

9.4%

6.0%

77,828

68,853

8,593

11.0%

382

8,975

11.5%

3,761

3,869

(55.8%)

(39.3%)

1,345

(55.8%)

(53.6%)

(80 bps)

(53.5%)

1,345

849

1.1%

11.76

75,451

66,831

9,128

YoY

3.2%

3.0%

(5.9%)

12.1%

(110 bps)

(508)

8,620

11.4%

3,465

3,394

1,761

2,734

(973)

(1,631)

(2.2%)

(22.58)

4.1%

10 bps

8.5%

14.0%

(23.6%)

Note: 1) Numbers in the table may not add up due to rounding-off. 2) Previous year figures have been regrouped wherever necessary.; 2) NCI: Non - Controlling interest

Consolidated Spotlight on Key Financials over the Years

Sales (Vol. MT) Packaging Films Films - Domestic 599,259

463,620

587,118

Packaging Films - International

599,616

647,499 331,665

100.0%

90. 0%

80. 0%

70. 0%

60. 0%

50. 0%

40. 0%

30. 0%

20. 0%

10. 0%

0.0%

21.24%

78.76%

% 8 2 8 5

% 7 4 0 2

17.32%

82.68%

% 8 2 5 6

% 0 4 7 1

23.45%

23.92%

22.30%

23.10%

76.55%

76.08%

77.70%

76.90%

% 6 4 0 6

% 9 0 6 1

% 4 4 8 5

% 4 6 7 1

% 0 8 0 6

% 0 9 6 1

% 0 8 9 1

% 0 1 7 5

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

151,838

20.5%

17.1%

14.0%

11.9%

12.5%

11.0%

89,149

74,316

60%

58%

55%

77,828

51%

49%

53%

47%

40%

42%

45%

56%

44%

0 7 2 8 1

0 8 6 2 2

0 8 6 0 2

3 0 1 6 1

4 2 0 9 1

3 9 5 8

FY21

FY22

FY23

FY24

FY25 H1FY26

FY20

FY21

FY22

FY23

FY24

FY25 H1FY26

FY21

FY22

FY23

FY24

FY25 H1FY26

PAT (Rs. Mn) and Margin (%)

Norm. PAT (Rs. Mn) and Margin (%)

Capex. (Rs. Mn)

9.5%

8.3%

3.3%

-5.1%

0.9%

1.1%

9.5%

8.6%

4.3%

1.3%

2.1%

1.1%

7 0 8 4

9 2 4 8

3 8 9 0 1

0 1 9 6

3 2 4 1

9 4 8

7 0 3 6

4 6 3 1 1

9 2 4 8

1 0 2 3

3 0 8 1

9 4 8

5 5 1 1 1

5 3 6 9

7 7 7 2 1

4 1 0 9

8 4 3 6 1

8 5 2 7 1

FY21

FY22

FY23

FY24

FY25 H1FY26

FY21

FY22

FY23

FY24

FY25 H1FY26

FY21

FY22

FY23

FY24

FY25 H1FY26

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.;

Consolidated Revenue Split

Q2FY26: Business-wise rev. split as a % of total rev.

Q2FY25: Business-wise rev. split as a % of total rev.

Packaging films, 63.0%

Rs. 38,320 Million 99.2%

Packaging, 27.9%

Engineering, 2.9%

Others VAP, 5.6%

Packaging films, 64.3%

Rs. 38,334 Million 99.3%

Packaging, 26.6%

Engineering, 2.4%

Others VAP, 5.9%

Q2FY26: Geographical rev. split as a % of total rev.

Q2FY25: Geographical rev. split as a % of total rev.

Middle East & Africa, 15.4%

Rs. 38,320 Million 99.2%

India, 47.5%

Europe, 16.6%

Americas, 17.6%

Others , 2.2%

Middle East & Africa, 15.8%

Europe, 18.0%

Rs. 38,334 Million 99.3%

Americas, 18.3%

India, 45.7%

Others , 1.4%

Packaging films = Packaging films & Polyester chips; 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;

Consolidated Debt Profile

Debt breakdown

Split of gross debt as of Sep 2025

Particulars (Rs. Mn)

Sep-2025 Jun-2025 Mar-2025 Dec-2024

Long Term

Working Capital and Short Term

Total Debt

Net Debt

67,835

63,879

59,937

54,460

44,725

22,027

21,223

17,781

90,896

77,533

85,906

73,055

3.89x

81,160

68,432

3.60x

72,241

61,507

3.24x

Net Debt/Norm. EBITDA*

4.51x

Long term debt 74.6%

Rs. 90,896 Million

Working Capital and Short term debt 25.4%

Debt over the years (Rs. bn)

Split of long-term debt as of Sep 2025

Gross debt (Rs. Bn)

Net debt (Rs. Bn)

▪ LT and ST Borrowings Rating CRISIL AA-/Stable/CRISIL A1+ , as of May 2025 ▪ LT and ST Borrowings Rating Ind AA-/Stable/IND A1+ , as of Sep 2025

4 1 2

8 6 1

0 1 2

5 7 1

8 0 2

3 7 1

1 1 2

0 8 1

9 5 3

4 1 3

9 9 3

3 3 3

2 1 8

4 8 6

2 7 6

7 5 5

9 4 5

9 3 4

6 5 4

3 9 3

FY16

FY17

FY18

FY19

FY20

FY21

FY22

FY23

FY24

FY25

Domestic 39.2%

Rs. 67,835 Million

Overseas 60.8%

WPP (Mexico), Aseptic (Egypt), and PCR recycling (Noida) projects are nearing completion, expected to boost capacities, create new revenue streams, enhance profitability, and support balance sheet deleveraging and shareholder value creation.

*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.;

Consolidated Balance Sheet as of September 30, 2025

Particulars (Rs. Mn)

As on 30th Sept 2025

As on 31st Mar 2025

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

84,290 13,204 134 94 5,429 146

1,308 698 2,839 14,166 122,307

81,664 7,117 139 122 5,460 134

1,448 771 1,971 10,957 109,782

23,986

25,354

37,117 11,149 425 91 658 12,060 85,486 207,793

37,510 11,252 283 - 812 9,373 84,584 194,365

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 Sept 2025

As on 31st Mar 2025

722 76,553 77,275

55,371 2,189 1,364 558 3,416 62,899

35,526 178 24,327 4,820 2,412 344 13 67,619 207,793

722 73,243 73,965

48,700 2,205 1,357 471 3,054 55,787

32,460 162 22,908 5,489 2,969 286 339 64,613 194,365

Note: 1) Numbers in the table may not add up due to rounding-off. 2) Previous year figures have been regrouped wherever necessary.

Consolidated Financial Overview (1/2)

Key Financials Ratios

FY14

FY15

FY16

FY17

FY18

FY19

FY20

FY21

FY22

FY23

FY24

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%

12.0%

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%

12.5%

PAT Margin

3.4%

4.1%

4.9%

5.3%

4.6%

3.9%

5.0%

9.5%

8.3%

3.3%

-5.1%

0.9%

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%

2.1%

ROCE

10.9%

11.1%

12.5%

12.2%

11.0%

11.8%

11.0%

16.9%

18.2%

11.7%

7.2%

9.0%

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%

9.6%

17.4%

18.0%

20.8%

19.5%

17.9%

19.2%

17.1%

22.0%

23.7%

18.8%

13.6%

15.2%

ROE

7.6%

8.6%

9.6%

9.8%

8.2%

7.6%

8.2%

16.5%

18.0%

6.8%

-9.4%

1.9%

Normalized ROE

7.6%

8.6%

9.6%

9.8%

8.2%

7.6%

8.2%

16.5%

18.6%

8.9%

2.5%

4.4%

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.);

Consolidated Financial Overview (2/2)

Key Financials Ratios

FY14

FY15

FY16

FY17

FY18

FY19

FY20

FY21

FY22

FY23

FY24

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

0.93

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

3.76

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

3.60

3.09

4.12

5.28

4.96

4.54

4.66

4.86

7.79

7.03

4.37

3.01

2.73

1.07

1.11

1.47

1.61

1.74

1.85

1.92

3.99

3.02

1.91

1.11

1.19

1.08

1.13

1.62

1.66

1.73

1.87

1.89

3.90

3.01

2.10

1.18

1.24

Asset Turnover

0.91

0.92

0.94

0.91

0.90

0.99

0.81

0.79

0.99

0.94

0.78

0.81

Debtors Turnover

4.11

4.00

4.16

4.05

3.71

3.90

3.64

3.99

4.38

4.29

3.95

4.13

Inventory Turnover

6.82

6.02

5.54

5.47

5.50

5.95

5.01

4.69

5.20

4.45

3.94

4.15

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

6.74

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.);

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

Circular Vision of UFlex

Extended Producer Responsibility (EPR) for Packaging

Mechanism

Collect

Recycle/ Reuse

Biodegrade

Problem

Solution

Sustainable Space

High

y t i r a u c r i C

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

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

2028-29 onwards

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.

Sustainability: 'Project Plastic Fix’ Continues to Turn Waste into Wealth

385 mn (5,345 MT) PET Bottles Recycled in H1FY25

372 mn PET Bottles Recycled in H1FY26

3,773 MT of MLP waste recycled in H1FY25 and 4,940 MT in H1FY26

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)

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)

rAMLP 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.

Sustainability at UFLEX

The Ultimate Destination

Sustainability Initiatives towards Green Packaging

▪ First company in the world to recycle mix plastic waste

▪ Trendsetter in sustainable innovation and commitment towards the ‘Circular Economy’, via technologies, diverse product portfolio and processes.

▪ Pioneered Global sustainability campaign 'Project Plastic Fix’ - a four-fold approach towards sustainable and eco- friendly packaging

▪ Ensuring 100% Recyclability of Multi-Layer Packaging with RELAM 250 recycling machine that enables recycling of multi-layer packaging and recover high-quality granules

▪ MLP machine installed in the Noida plant

▪ Company is offering technology support and manpower training to the industry to

setup similar recycling units.

Conferred with Best Paper Award at Recycle’95 Davos Global Forum,1995 for Recycling of Mixed Plastic Waste

Sustainability Initiatives Towards Green Packaging

Converting Waste Plastic into Fuel with Pyrolysis Plant

▪ Commissioned Pyrolysis Plant, at Noida facility in October 2018

Asclepius Green Packaging Film to Create a Circular Economy

▪ Can convert 6 tonnes of discarded waste material generated every day into liquid fuel, hydrocarbon gas and carbon black further utilized in manufacturing processes

▪ Mixture of pyrolysis oil vapour and hydrocarbon gas subjected to fractional condensation to get separate fractions of hydrocarbon gas; pyrolysis wax; and pyrolysis oil

▪ Hydrocarbon gas is used in pyrolysis Hot Air Generator and energy generated is fed to the pyrolysis reactor for heating the plastic waste. Pyrolysis Oil or Light Distillate Oil is used as a liquid fuel in industrial boilers or Diesel Engines to produce electricity.

▪ Flex Films is offering an entire range of PCR grade film having up to 100% post-consumer recycled PET content under the brand name Asclepius

▪ Film technology based on upto 100% Post consumer waste recycled

(PCR) PET Resin

▪ Represents a 75% reduction in carbon footprint and significantly lower net energy requirement for production when compared to virgin BOPET grades

▪ Asclepius is the only up to 100% PCR BOPET film that has received the

prestigious ‘Kingfisher’ Certification from SCS Global Services

▪ Enables Customers achieve sustainability goals faster

❖ World Star Awards 2021 by World Packaging Organization (WPO) for PCR based

BOPET Film

❖ Asclepius AIMCAL 2019 Excellence in Sustainability for 90% Post-Consumer

Recycled-content (PCR) BOPET barrier film

Product Innovation – Chemicals (Inks & Adhesives) (1/2)

FLEXCOTE HSLV 1170/FL- HF0200

FLEXCOTE RE 2250/ FLEXCOTE 9081L

FLEXPAK 5300

FLEXCOAT SOFT TOUCH COATING-1034

FLEXCURE NW FLEXO SCRATCH- OFF SILVER INK and COATING

▪ Developed a 2K solvent- based adhesive designed for medium to high performance applications. Ideal for filling aggressive material such as hot-filled ketchup offering corrosion- excellent metallic resistance surfaces. Ensures speckling- free performance on foil- based laminates, enhancing product quality and reliability.

▪ Developed a 2K solvent-based for PU adhesive designed semi-retort It applications. features fast drying and high bond strength, enabling it to withstand sterilization and pasteurization processes at 121°C, 2 kg/cm² pressure, for up to 45 minutes, ensuring durability and reliability under rigorous conditions.

▪ A

high-solid PU

resin designed as an ink binder flexographic for white printing. enhances It surface printing quality by preventing speckling caused by ink and adhesive incompatibility, ensuring a smooth consistent finish.

and

▪ An

applications

eco-friendly, water- based soft touch coating that tactile enhances comfort and matte visual appeal. Designed for paper and paperboard, it supports offline like Rotogravure, Anilox, Roller Coater, and Mayer Bar. It delivers a uniform finish with adhesion, scratch resistance, and anti- blocking properties—ideal for premium packaging in wine, cosmetics, jewellery, gifts, cards, and fashion.

strong

▪ Developed

for

and

ideal

Curable Scratch-off Ink & Scratch-off Coating label, promotional, and gaming The applications. ticket product offers high metallic opacity, controlled scratch clean strength, removability, while maintaining strong adhesion and print consistency on both paper and film substrates. It excellent provides press stability, instant UV/LED curing, and superior print aesthetics-making it suitable for high-speed, high-value label promotional and printing lines.

Product Innovation – Chemicals (Inks & Adhesives) (2/2)

FLEX AQUALABLE INK

CI FLEXGLIDE CTP INK

CI FLEXSHEEN DP INKS

▪ Developed for surface printing application, inks are these suitable for narrow web Flexo printing process on all types of coated paper and board, with good printability, precise dot transfer, and low odour. With high colour strength, the ink provides excellent adhesion and is suitable for high-speed printing.

ink

▪ NC-PU based non-toluene & system non-ketone developed specifically for Flexo printing followed by adhesive lamination (solvent- solvent-less) based corona- applications on ink treated PET film. This provides superior halftone printability with good bond and colour strength for consistent print results.

and

ink

▪ NC-PU based non-toluene & system non-ketone for developed specifically Flexo printing surface applications on breathable PE film. This ink provides superior halftone printability with strong colour strength for consistent print results.

Product Innovation – Flexible Packaging

Ginegar – Breathable cover in Agricultural Field

New Packaging for New Gel Based Hair Dye

Laminate Structure: Sutaria Foods Vakooz Healthy Snacks

▪ UFlex has been

its

supplying since

first 3MT supplier, Laminates its production shift from Israel to Brazil and then India with a projected volume of 120 MT per annum

Key Properties - Controlled Light Penetration – Critical for healthy crop and high yield - Controlled Air Pressure – Keeping crops standy - Insect and Pest Protection – harmful Avoiding chemical and insecticides

pesticides

use

▪ An

innovative

packaging solution for a new product, The Gel Based Hair Dye introduced by Streax.

▪ With it being the first time that MATT Effect is being used in the hair dye segment, special attention is given towards the design to enhance the pouch appeal.

▪ Easy-peel top lid with MET- PET Barrier, designed to protect food from becoming soggy and to extend the product shelf life.

▪ For added rigidity, the bottom structure consists of Flex Shield PE and 400 mic PET.

▪ This packaging

structure ensures an optimal balance of premiumization and barrier protection

Product Innovation – Packaging Films

B-TVU-M

C-CGB-M

B-DSC-PA

Outstanding BOPP Film

Barrier Metallized

Outstanding barrier Metallized CPP film

One side PVOH and Other Side Acrylic Coated BOPP Film

film

offering

▪ Metallized

superior oxygen and moisture barrier properties with standard seal functionality. Ideal for cold-seal and sandwich lamination applications, it serves as a critical inner layer in advanced flexible packaging. ▪ Special Properties: Replaces 3-layer with 2-layer structures; Exceptional barrier performance; Low temperature sealing; Superior aesthetics with high gloss and strong metal adhesion, excellent bond strength

▪ High-barrier metallized CPP

film offering strong seals, excellent metal adhesion, and easy machinability on high-speed lines. Ideal for nitrogen- flushed packaging, it laminates and prints seamlessly with BOPP/CPP.

▪ Special Properties: Excellent barrier performance; Robust seal performance excellent metal (Low SIT) adhesion; High & Broad Hot Tack window (>500gmf/25mm from 115°C to 150°C); Excellent Hermetic Seal

and

▪ End

Use

Applications:

Biscuits, Cookies, Crackers, Confectionary & Snacks, Dry Powders and mixes

▪ End

Use

Applications:

Biscuits, Cookies, Crackers, Confectionary & Snacks, Dry Powders and mixes

▪ A

transparent BOPP

Ideal for outer web

film offering exceptional gas and aroma barrier properties. in modified atmosphere packaging of dry products, it extends shelf life while maintaining excellent clarity and visual appeal.

▪ Special Properties: Excellent OTR of <01 cc/m2/day; Outstanding heat seal- ability on acrylic-to-acrylic coating, Fin seal application; Ideal for see through packaging

▪ End Use Applications: Snacks & Crackers, Cookies and Biscuits, Dried fruits

Product Innovation – Printing Cylinder (Laser Engraving Machine)

Woven Starburst Pattern on original leather

▪ Elegant and sophisticated features a design, which woven pattern starburst through specialized Laser engraving process on Original Leather. The pattern is a hypnotic of concentric, undulating circles that form interwoven spirals. Its monochromatic palette emphasizes a dynamic, texture, three-dimensional creating a high-end aesthetic

tessellation

▪ Application

Fashion, Accessories and Interior G Automotive

–

Laser Embossing Effect

▪ The design features a tactile, interlocking grid of small, square- shaped blocks with rounded edges. These blocks resemble river pebbles stones, creating a "woven" effect where they appear to pass over and under each other. This textured, organic pattern is commonly used for non-slip surfaces, flooring, or as a on decorative materials like plastic, rubber, or leather

element

▪ Application – Footwear, Auto Interiors, Flooring, Packaging

Aluminum Composite Panels

Gikgo Leaves Pattern on original leather

Golden Python Glaze Pattern on original leather

are

created

▪ Various effects like wood, cloud, flower and marble etc. on aluminium sheets using Laser Engraved Rollers to manufacture Aluminium Composite Panels (ACPs). two ACP comprises of aluminium sheets bonded to a polyethylene (PE) or core, fire-retardant or coated with PVDF polyester paint for durability and color retention. This sandwich structure ensures rigidity, and a strength, smooth finish.

(FR)

▪ Application – Architecture,

Interior Signage

▪ The pattern is composed of overlapping, fan-shaped motifs resembling ginkgo leaves. These motifs are created with fine, radiating lines on a light, neutral base, possibly off-white or beige. The lines are slightly darker, contrasting shade, like pale gold. A key feature is the glossy finish with a shimmering effect, which adds a luxurious feel. The is elegant, overall style decorative, and contemporary

▪ Application – Wallpaper, Fabric, Decorative Panelling, Stationery

▪ This sophisticated design is an engraved, glossy golden python skin imitation. The faux snakeskin features a luxurious, three- dimensional texture raised, with interlocking scales in a light Its high-gloss yellow-gold. finish creates a striking, wet- look appearance, making it a popular choice for high-end fashion and home décor

▪ Application

Fashion Industry, Footwear, Purses and Handbags, Accessories

–

Business at a Glance

➢ An overview

➢ Journey so far

➢ Customer relationship

➢ One stop shop for

packaging solutions

An Overview

Rich Legacy of 40 Years in Providing Packaging Solutions to our Partners

1985 Established

5000+

Customer Base

Presence Across

150+

Countries

17 Manufacturing Units

1,313,510 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

69,730 MTPA Chemicals Capacity

*Note: The total capacity of 1.3 million+ MTPA includes resins at 427,020 MTPA (vPET Chips 384,000 + rPET Chips 43,020), base films at 636,160 MTPA, inks and adhesives at 69,730 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)

Enduring Customer Relationship

Nestle

Kolak Snacks

Truda Foods

P&G

Pepsi Co

Mondelez

Bemis

Amcor

Huhtamaki

UPM Raflatac*

American Pkg

Dupont Teijin films

10+

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

Presence across all Verticals of Packaging Value Chain

Process Flow Diagram

Main Feedstock

Key Downstream RM

RM for P. Films

NGL Ethane, Propane, Butane, Naphtha

Ethylene

MEG1

MELT

vPET Chips for bottles & films

Para Xylene

PTA2

Natural gas Liquids (NGL)

Propylene

rPET6 Chips 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); Packaging Films (P. Films)

Supply to Customers

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 Chips Film & Bottle 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)

Management & Shareholders Information

➢ Management Team ➢ Shareholding Pattern ➢ Auditors Information

Management Team Professional Management with an average experience of > 25 years in Business, Corporate, Project & Operational excellence

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 and last assignment was as CFO & CEO – Global Business of Jindal Steel & Power Ltd. (JSPL)

• 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

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.

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 25 Billion USD Company

• Global exposure- previously based in Europe as CEO & Chairman of the Board of

Horizon Pulp & Paper

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

Shareholding Pattern – September 2025

Shareholding

Historical Shareholding Pattern ( in %)

Promoter Group 44.58%

Others 24.15%

MF and AIF 0.28%

CBO, Insurance and FI 15.68%

FIIs, FPIs and FC 15.31%

Promoter Group CBO, Insurance and FI Others

FIIs, FPIs and FC MF and AIF

BSE Ticker: 500148 NSE Symbol: UFLEX

UFLEX Limited has informed the Exchange about Investor Presentation

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