Businesses & Brands 360

The portfolio lens — each business & brand's revenue, margin journey, modernization and program capture as UFlex shifts mix from commodity films toward value-added packaging, aseptic and circularity.

UFlex Limited · FY26 (Mar'26, audited consolidated anchor)

India's largest multinational flexible-packaging & solutions company

12,000 employees · 14 plants & units · 9 plant countries

▲ Executive read· the answer, then the moves

The value-added shift is working — Flexible Packaging, Aseptic & Holography grew +18% to a 33% mix, with ₹2,061 Cr of business-lens EBITDA and 73% of the program plan banked — but 5 maturing engines (₹3,199 Cr revenue lens) still hold blended margin at 12.8%. Finish their modernization to close the gap to the 15% target, the highest-return work in the company.

4 of 4 headline metrics improving vs prior · still off target: Program Realization (Mix / Circularity / WC) 68.0% vs 100.0%, EBITDA Margin (Reported) 12.8% vs 15.0%, DSO (Days Sales Outstanding) 92d vs 75d

Do now — ranked by urgency

1
Finish modernizing the 5 maturing engines to close the capture gapAct now
Why it matters
Avg program capture is only 73% of plan; the unrealized balance is margin already in the strategy but not yet earned.
What's driving it
Avg program capture 73% of plan
5 engines maturing (₹3,199 Cr revenue lens)
FYI
Maturing: UFlex Engineering & Cylinders, Chemicals & Inks, Aseptic Liquid Packaging, Specialty Films, 90% PCR Film
Business-lens EBITDA to date ₹2,061 Cr
See the program plan →
2
Push 90% PCR Film — lowest capture at 58%Act now
Why it matters
90% PCR Film is the least-modernized engine on program capture; a 90-day plan on the gap is unrealized EBITDA.
What's driving it
90% PCR Film capture 58% · 72% modernized
0 maturing engine(s) with DSO above the starting level
FYI
Status: In progress
EBITDA 8% margin → ₹34 Cr
Open programs →
3
Leverage rose through the capex cycleAct now
Why it matters
Hold FY27 capex ≤ ₹1,400 Cr, sweep OCF to debt as commissioned assets ramp — deleverage is the goal, not the achievement.
What's driving it
Net Debt / EBITDA
Signal: Alert
FYI
Net debt ₹8,622 Cr = 4.35× EBITDA, up from 3.73× (peak 4.52× in Q3); headroom to the 5.5× ceiling is ~1.15×.
Act →
4
DSO 92d over 75d targetAct now
Why it matters
Each day of DSO ties up ~₹42 Cr of working capital that could fund the FY27 debt paydown.
What's driving it
95→92d
Signal: Threshold
FYI
Debtor days ~92 — working-capital heavy (inventory ~97 days). CPG terms + overseas consolidation stretch the cycle; a real cash lever.
Owner: Treasury
Act →▤ open the overdue receivables

🧃 Asepto & value-added growthStep 6 of 7 · margin journey by business◀ Cash 360 Deleverage & Re-rating ▶All journeys

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↗ Where this connects — act / drill across

🧩Programs & Integration 360· deliver the in-flight transformation 🤝Growth & Capex 360· are the growth bets returning?🗂Org Roll-up 360· the segment's plants & P&L 💎Value Creation Plan· margin journey in the thesis

● LiveBuilt forCMD · Ashok Chaturvedi· where to grow & shift mix nextGroup CFO· program capture & DSO dragBoard & Investors· is the value-added shift working

UFlex is built business by business — Flex Films (global films), Flexible Packaging, Asepto (aseptic), Holography & Security, Flexcure / Flexgreen chemicals, Engineering & Cylinders, plus the young circularity brands (Asclepius 90% PCR, F-TPM / F-WSP specialty). This view shows, for each, where its margin started vs what it earns now — and flags the maturing engines where richer value-added mix, faster cash and higher margin are still on the table.

Data backing: brand_cohort (launch vs current EBITDA, DSO, value-added revenue, modernization %, program capture) — brand lenses OVERLAP the 4 reporting segments; not additive to ₹15,401 Cr

Portfolio revenue (lens)

₹16,061 Cr

8 businesses · overlapping lenses

Value-added rev (lens)

₹5,549 Cr

product-line book ₹5,069 Cr

Business EBITDA (lens)

₹2,061 Cr

reported EBITDA ₹1,984 Cr

Avg program capture

73%

of plan banked

Modernized

3/8

fully scaled

Still maturing

₹3,199 Cr

5 engines

The shift, in one line

₹2,061 Cr of business-lens EBITDA, 73% of the program plan banked

Modernizing the 5 maturing engines (UFlex Engineering & Cylinders, Chemicals & Inks, Aseptic Liquid Packaging, Specialty Films, 90% PCR Film) closes the gap to a fully value-added portfolio — the counter to the commodity BOPET glut.

Business by business

Launch → today

Each card: how the margin has moved since the business was established, how far modernization has gone, and the next move.

Flexible Packaging (Laminates & Pouches)

since 1988 · ₹3,389 Cr revenue · ₹3,100 Cr value-added

Integrated

EBITDA

12% → ₹542 Cr

DSO

80→74d

Capture

84%

Modernization95%

Next: Modernized. Harvest it — attach converting, aseptic and holography value-add into its CPG base and protect the margin gains.

Flex Films (Global Films)

since 1994 · ₹9,093 Cr revenue · ₹480 Cr value-added

Integrated

EBITDA

18% → ₹955 Cr

DSO

88→96d

Capture

78%

Modernization92%

Next: Recover capture — 78% of plan banked. Put a 90-day plan on the gap; this is unrealized EBITDA.

UFlex Engineering & Cylinders

since 1995 · ₹448 Cr revenue · ₹0 Cr value-added

In progress

EBITDA

9% → ₹54 Cr

DSO

96→88d

Capture

70%

Modernization84%

Next: Recover capture — 70% of plan banked. Put a 90-day plan on the gap; this is unrealized EBITDA.

UFlex Holography & Security

since 1999 · ₹380 Cr revenue · ₹380 Cr value-added

Integrated

EBITDA

14% → ₹68 Cr

DSO

66→60d

Capture

80%

Modernization90%

Next: Modernized. Harvest it — attach converting, aseptic and holography value-add into its CPG base and protect the margin gains.

Flexcure / Flexgreen (Chemicals & Inks)

since 2004 · ₹791 Cr revenue · ₹0 Cr value-added

In progress

EBITDA

10% → ₹103 Cr

DSO

62→58d

Capture

72%

Modernization86%

Next: Recover capture — 72% of plan banked. Put a 90-day plan on the gap; this is unrealized EBITDA.

Asepto (Aseptic Liquid Packaging)

since 2017 · ₹1,300 Cr revenue · ₹1,300 Cr value-added

In progress

EBITDA

6% → ₹234 Cr

DSO

70→62d

Capture

76%

Modernization88%

Next: Recover capture — 76% of plan banked. Put a 90-day plan on the gap; this is unrealized EBITDA.

F-TPM / F-WSP (Specialty Films)

since 2019 · ₹420 Cr revenue · ₹139 Cr value-added

In progress

EBITDA

12% → ₹71 Cr

DSO

90→82d

Capture

66%

Modernization80%

Next: Recover capture — 66% of plan banked. Put a 90-day plan on the gap; this is unrealized EBITDA.

Asclepius (90% PCR Film)

since 2023 · ₹240 Cr revenue · ₹150 Cr value-added

In progress

EBITDA

8% → ₹34 Cr

DSO

84→78d

Capture

58%

Modernization72%

Next: Recover capture — 58% of plan banked. Put a 90-day plan on the gap; this is unrealized EBITDA.

Rack & stack

Which business is performing best?

Each business ranked within the set on five KPIs (direction per metric), then a composite Overall Rank from summed rank points — the dashboard's RANKX leaderboard. Top & bottom highlighted.

Overall	Unit	Revenue↑ better	EBITDA ₹Cr↑ better	Value-added↑ better	Capture %↑ better	DSO gain↑ better	Rank pts
1	Laminates & Pouches	₹3,389 Cr#2	₹542 Cr#2	₹3,100 Cr#1	84%#1	6d#4	10
2	Aseptic Liquid Packaging	₹1,300 Cr#3	₹234 Cr#3	₹1,300 Cr#2	76%#4	8d#1	13
3	Global Films	₹9,093 Cr#1	₹955 Cr#1	₹480 Cr#3	78%#3	-8d#8	16
4	UFlex Holography & Security	₹380 Cr#7	₹68 Cr#6	₹380 Cr#4	80%#2	6d#4	23
5	Specialty Films	₹420 Cr#6	₹71 Cr#5	₹139 Cr#6	66%#7	8d#1	25
6	UFlex Engineering & Cylinders	₹448 Cr#5	₹54 Cr#7	₹0 Cr#7	70%#6	8d#1	26
7	Chemicals & Inks	₹791 Cr#4	₹103 Cr#4	₹0 Cr#7	72%#5	4d#7	27
8	90% PCR Film	₹240 Cr#8	₹34 Cr#8	₹150 Cr#5	58%#8	6d#4	33

Higher EBITDA, revenue, value-added revenue and program capture rank better; DSO gain = days of receivables improvement since launch (more = better — note Flex Films' DSO worsened 88→96d as overseas films stretched terms). Composite rank points are the sum of the five per-KPI ranks (lower = better).

The full portfolio

Every business & brand, one row

Launch → current across EBITDA, DSO, modernization and program capture. Lenses overlap the 4 reporting segments — reconcile revenue on Finance 360.

Business / brand	Since	Revenue	Value-added rev	EBITDA	DSO	Modernized	Program capture	Status
Flexible Packaging (Laminates & Pouches)	1988	₹3,389 Cr	₹3,100 Cr	12% → ₹542 Cr	80→74d	95%	84%	Integrated
Flex Films (Global Films)	1994	₹9,093 Cr	₹480 Cr	18% → ₹955 Cr	88→96d	92%	78%	Integrated
UFlex Engineering & Cylinders	1995	₹448 Cr	₹0 Cr	9% → ₹54 Cr	96→88d	84%	70%	In progress
UFlex Holography & Security	1999	₹380 Cr	₹380 Cr	14% → ₹68 Cr	66→60d	90%	80%	Integrated
Flexcure / Flexgreen (Chemicals & Inks)	2004	₹791 Cr	₹0 Cr	10% → ₹103 Cr	62→58d	86%	72%	In progress
Asepto (Aseptic Liquid Packaging)	2017	₹1,300 Cr	₹1,300 Cr	6% → ₹234 Cr	70→62d	88%	76%	In progress
F-TPM / F-WSP (Specialty Films)	2019	₹420 Cr	₹139 Cr	12% → ₹71 Cr	90→82d	80%	66%	In progress
Asclepius (90% PCR Film)	2023	₹240 Cr	₹150 Cr	8% → ₹34 Cr	84→78d	72%	58%	In progress