UFLEX LTD. Q1 FY27 Results

On a consolidated basis (primary), Uflex's Q1 FY27 net profit attributable to owners was ₹423.33 Cr, up 629.7% YoY from ₹58.02 Cr and up 115.9% QoQ from ₹196.03 Cr. Revenue from operations was ₹5,366.03 Cr, up 37.6% YoY and 32.3% QoQ. Basic EPS was ₹58.62 versus ₹8.03 a year ago and ₹27.15 last quarter. Neither this quarter nor the year-ago quarter carried exceptional items (only Q4 FY26 had a one-off ₹6.60 Cr Labour Code provisioning charge), so the growth is on a clean, comparable base.

The margin bridge explains most of the profit jump: OPM (EBITDA/revenue) expanded to 16.56% from 11.73% a year ago and 14.26% last quarter, while NPM expanded to 7.84% from 1.48% YoY and 4.78% QoQ. Cost of materials consumed eased to 57.1% of revenue from 60.7% a year ago even as volumes grew, employee costs eased to 8.9% of revenue from 9.8%, and finance costs eased to 4.0% of revenue from 5.1% — a combination of raw-material relief and operating leverage on fixed costs. Segment data shows the Flexible Packaging segment result (pre-interest, pre-tax) more than doubled YoY to ₹733.69 Cr from ₹341.14 Cr on 35.8% segment revenue growth, which alone accounts for nearly all of the consolidated profit increase; Engineering segment result rose to ₹26.80 Cr from ₹16.49 Cr.

The stock went into the print at ₹488.4, up 11.1% over the past month of trading.

For context: this is the highest quarterly PAT in the last 6 quarters on our records; PAT has now risen for 3 consecutive quarters; revenue is at a 6-quarter high.

No verifiable street/consensus estimates specific to this print turned up in a web search — vsStreet is unknown. Against management's own prior commentary from the Q4 FY26 concall ('improved performance driven by better utilization of recently commissioned capacities, product mix optimization, and new capacities coming online', no formal numeric guidance given), this quarter is a clear beat: the sharp margin expansion and >35% segment revenue growth show the capacity-utilisation thesis materialising faster than the cautious, non-numeric language implied. During the quarter the company commissioned a PET bottles and mixed-plastics recycling unit at Noida, directly consistent with that framing. Other developments this quarter — an ESG rating of 61/100, an ROC-approved MOA/CIN alteration, and AGM approval of a director re-appointment — are administrative and don't bear on the print; no standalone management press release beyond the board-outcome intimation was available to cross-check management's own framing of the results. Standalone PAT was just ₹64.29 Cr (+12.5% YoY), a materially different story from the ₹423.33 Cr consolidated print (>3% divergence) — most of the growth sits in overseas packaging subsidiaries (units across the US, Egypt, Mexico, Poland/Hungary, Bangladesh and elsewhere) rather than the India parent.