UUFlexExecutive Cockpit

UFlex · Strategic Command Center

The whole group in one pane — KPIs, smart alerts, the exhibits (segments, geographies, lines, debt walk, EV bridge), the plant heatmap, and what's on track. Every figure live off the governed dataset, reconciling to ₹15,401 Cr.

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

Revenue ₹15,401 Cr (▲2.4%), EBITDA ₹1,984 Cr at 12.8% and PAT back to +₹317 Cr (from the −₹691 Cr FY24 trough) — but net debt / EBITDA rose to 4.35x through the ₹2,044 Cr capex cycle. Convert the commissioned assets into FY27 volume, lift value-added mix 33% → 40%, and sweep cash to debt — that sequence is the re-rating.

6 of 8 headline metrics improving vs prior · still off target: Revenue from Operations ₹15,401 Cr vs ₹16,500 Cr, EBITDA (Reported) ₹1,984 Cr vs ₹2,400 Cr, EBITDA Margin (Reported) 12.8% vs 15.0%

Do now — ranked by urgency
  1. 1
    Deleverage through the cycle — the #1 balance-sheet watch itemAct now
    Why it matters

    Leverage rose 3.73x → 4.35x (peak 4.52x in Q3) as ₹2,044 Cr of capex went in; headroom to the modeled 5.5x ceiling is ~1.15x. OCF ₹992 Cr vs that capex leaves FCF negative by design this year — the FY27 sweep has to show up in prints.

    What's driving it
    • Net debt/EBITDA 4.35x vs 3.0x target (covenant 5.5x)
    • DSO 92d vs 75d target — the working-capital release
    • 3 of 10 board goals off On-track
    FYI
    • Cash ₹1,231 Cr on gross debt ₹9,853 Cr; interest cover ~2.55x
    • Owner: Group CFO · Arun Kumar Sharma
  2. 2
    Convert the ₹2,044 Cr capex cycle into FY27 volumeWatch
    Why it matters

    Egypt aseptic (12 bn packs, USD 126 mn) is near commissioning, Sanand is live at 12 bn, Mexico WPP is in validation and Dharwad BOPP lands FY28 — commissioned assets are the whole deleverage plan's engine.

    What's driving it
    • Films utilization 77.5% (target 85%) as new capacity ramps
    • Aseptic 7.97 bn packs sold vs 12 bn capacity (24 bn once Egypt is live)
    FYI
    • 5 of 8 operating lines still scaling
    • Owner: CMD · Ashok Chaturvedi
  3. 3
    Commodity-films drag on the coreWatch
    Why it matters

    Shift mix to Alox / high-barrier / PCR and push chips third-party volume; hold share, don't chase price.

    What's driving it
    • Films revenue / spreads
    • Signal: Alert
    FYI

    Packaging Films ₹9,093 Cr (−3.9% YoY) on the ~260 KT India BOPET glut; India films utilization 72.3%.

  4. 4
    FX & geopolitical exposureWatch
    Why it matters

    Natural-hedge via exports, review CIS repatriation quarterly, disclose devaluation sensitivity (FY25 took ₹178 Cr exceptional).

    What's driving it
    • FX / country risk
    • Signal: Alert
    FYI

    USD/INR averaged 85.4 (Q1) → 91.7 (Q4), closing 94.65; Russia/CIS plant (48 kTPA) operating; West Asia conflict freight risk.

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Revenue from Operations
₹15,401 Cr
▲ 2.4% vs priorTarget ₹16,500 Cr
EBITDA (Reported)
₹1,984 Cr
▲ 8.2% vs priorTarget ₹2,400 Cr
EBITDA Margin (Reported)
12.8%
▲ 5.8% vs priorTarget 15.0%
PAT (Reported, Signed)
₹317 Cr
▲ 123.2% vs priorTarget ₹500 Cr
Value-Added & Converting Revenue
₹5,069 Cr
▲ 18.0% vs priorTarget ₹6,200 Cr
Value-Added & Converting Mix
33.0%
▲ 15.4% vs priorTarget 40.0%
Films Capacity Utilization
77.5%
▼ 6.7% vs priorTarget 85.0%
Aseptic Packs Sold (Asepto)
7.97 bn
▲ 2.4% vs priorTarget 12
Operating Cash Flow
₹992 Cr
▼ 12.6% vs priorTarget ₹1,200 Cr
DSO (Days Sales Outstanding)
92d
▼ 3.2% vs priorTarget 75d
Net Debt / EBITDA
4.3x
▲ 16.6% vs priorTarget 3.0x
Cash & Equivalents
₹1,231 Cr
▼ 3.3% vs priorNo target
Smart Alerts

Flagged issues that need attention

Automatically detected and persona-routed — click any alert to open the 360 that owns it and act.

ceo · Films revenue / spreadsWatch
Commodity-films drag on the core
Packaging Films ₹9,093 Cr (−3.9% YoY) on the ~260 KT India BOPET glut; India films utilization 72.3%.
Do: Shift mix to Alox / high-barrier / PCR and push chips third-party volume; hold share, don't chase price.
ceo · Value-Added & Converting MixOpportunity
Value-added engine compounding
Flexible Packaging, Aseptic & Holography at ₹5,069 Cr (+18.0%) — 33% of revenue; Asepto sold 7.97 bn packs.
Do: Commission Egypt aseptic (24 bn packs total) and convert the CPG whitespace — mix 33%→40% is the re-rating fuel.
cfo · Net Debt / EBITDARisk
Leverage rose through the capex cycle
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×.
Do: Hold FY27 capex ≤ ₹1,400 Cr, sweep OCF to debt as commissioned assets ramp — deleverage is the goal, not the achievement.
cfo · DSO / CCCWatch
Working capital is heavy
DSO 92 days, inventory ~97 days; AR ₹3,882 Cr with ₹700 Cr >60d overdue.
Do: Tighten CPG terms & export-doc cycles; factor overseas receivables selectively; target DSO 75.
cfo · EBITDA MarginOpportunity
Q4 exit margin 15.3% — 14-quarter high
Q4 EBITDA ₹627 Cr at 15.3% (revenue ₹4,097 Cr, +5.7%); normalized PAT ₹203 Cr (+105.5%).
Do: Quote it as an EXIT rate, not run-rate — lock the recovery via value-added contracts entering FY27.
board · FX / country riskWatch
FX & geopolitical exposure
USD/INR averaged 85.4 (Q1) → 91.7 (Q4), closing 94.65; Russia/CIS plant (48 kTPA) operating; West Asia conflict freight risk.
Do: Natural-hedge via exports, review CIS repatriation quarterly, disclose devaluation sensitivity (FY25 took ₹178 Cr exceptional).
board · EV / EBITDA 6.1×Opportunity
Deep-value re-rating case intact
Market cap ₹3,416 Cr = 0.22× sales / 0.42× book vs EPL at 2× the mcap on ⅓ the revenue — the market prices leverage + cyclicality.
Do: Deleverage + Asepto scale + margin recovery are the equity torque; keep dividend (₹3/sh) and pledge at nil.
board · Capex → EBITDA conversionWatch
₹2,044 Cr capex must convert to volume
Egypt aseptic (USD 126 mn) near commissioning; Dharwad BOPP ₹715 Cr FY28; Mexico WPP in validation; CWIP ₹2,169 Cr.
Do: Track commissioning milestones monthly — FY27 volume-led growth is the deleverage plan's engine.
Exhibit 1

Revenue & EBITDA — monthly trend

Consolidated, all segments (₹ Cr) · ₹15,401 Cr revenue · 12.8% reported margin · Q4 exit 15.3% (14-quarter high)

Exhibit 2

Revenue share by segment

Packaging Films (incl. PET chips) · Flexible Packaging, Aseptic & Holography · Chemicals & Inks · Engineering & Cylinders — Σ ₹15,401 Cr

Packaging Films (incl. PET chips)59%
Flexible Packaging, Aseptic & Holography33%
Chemicals & Inks5%
Engineering & Cylinders3%
Exhibit 3

Geography performance

India 47.0% — over half the group is overseas. Click into Org Roll-up 360 to drill geography → line → plant

RegionSitesRevenueShareStatus
India6₹7,239 Cr47.0%Watch
Americas2₹2,818 Cr18.3%On track
Europe & CIS3₹2,649 Cr17.2%On track
Middle East & Africa3₹2,249 Cr14.6%On track
Rest of Asia & Others1₹446 Cr2.9%On track
Drill the roll-up →
Exhibit 4

Operating lines & brands — revenue & state

Σ line-level EBITDA contribution ≈ ₹2,061 Cr (overlapping lenses — lines cross the 4 segments; not additive to reported ₹1,984 Cr)

Green = integrated / core · amber = still scaling (Asepto, PCR, specialty, chemicals, engineering). Businesses & Brands 360 →

Exhibit 5

Debt walk & covenant — the real story

Leverage ROSE through the capex cycle: 3.73x → 3.90 → 4.32 → 4.52 (peak) → 4.35x vs the modeled 5.5x ceiling — headroom ~1.15x. FY27 volume-led deleverage is the plan, not the achievement.

Net debt ₹8,622 Cr (gross ₹9,853 − cash ₹1,231) · interest ₹777 Cr, cover ~2.55x. Deleverage & Re-rating →

Exhibit 6

EV → market cap — the re-rating case

EV ₹12,038 Cr − net debt ₹8,622 Cr = market cap ₹3,416 Cr (~6.1x EBITDA · 0.22x sales · 0.42x book) — a deep-value cyclical, not an FMCG multiple.

Promoters 44.58% (pledge nil) ≈ ₹1,523 Cr → public & institutional float ≈ ₹1,893 Cr. Cycle recovery + deleverage + Asepto = the equity torque.

Exhibit 7

KPI scorecard — actual vs target

Board-approved targets across the four pillars; current values auto-calculated from live data

ObjectiveKPICurrentTargetProgressStatus
Lift Value-Added & Converting mix of revenueValue-added mix33%40%
83%
On track
Grow specialty / high-barrier share of films (Alox, F-TPM, PCR)Specialty share of films28%35%
80%
On track
Expand EBITDA margin toward 15% (Q4 exit was 15.3%)EBITDA margin12.8%15%
85%
Behind
Scale aseptic packs soldPacks sold7.97bn12bn
66%
On track
Commission Egypt 12 bn-pack greenfield (capacity → 24 bn)Project completion76%100%
76%
On track
Scale recycled output toward the 100,000 MT goalRecycled volume30000MT100000MT
30%
On track
Ramp Noida rPET (36 kTPA) & MLP (3.6 kTPA) plantCommissioning92%100%
92%
On track
Reduce net debt / EBITDA off the 4.35× peak zoneNet debt / EBITDA4.35x3x
69%
Behind
Shorten DSO (working-capital release)DSO92d75d
82%
Behind
Moderate capex as the cycle completes (FY26 ₹2,044 Cr)Capex2044₹Cr1400₹Cr
68%
On track
Operations Heatmap

The 9-country footprint at a glance

Each dot is a plant or unit — 6 India sites + 8 overseas films plants + the export desk. Colour = operational health (green = healthy · amber = watch · red = at risk). Hover for detail; open Plants & Network 360 to act on one.

Global manufacturing network · films plants in 9 countries · 19 plant units
HealthyWatchAt riskHQ
India detail · 6 sites · ₹7,239 Cr
Mexico — Altamira (Americas)1,720 Cr
Egypt — 6th of October (Middle East & Africa)1,385 Cr
Poland — Września (Europe & CIS)1,310 Cr
USA — Elizabethtown, Kentucky (Americas)1,098 Cr
Hungary — Rétság (Europe & CIS)760 Cr
Russia / CIS (Europe & CIS)579 Cr
Nigeria — Agbara (Middle East & Africa)470 Cr
Rest-of-Asia export & liaison desk (Rest of Asia & Others)446 Cr
UAE — Dubai / Jebel Ali (Middle East & Africa)394 Cr
Execution Hub · Goals & OKRs

On track to the plan?

The four pillars — Value-Added & Specialty Mix · Aseptic (Asepto) Scale-Up · Circularity & Recycling Leadership · Deleverage Through the Cycle — board targets vs live current.

Open Strategy & Goals →
Execution Hub · Action items

What needs a decision

The team's live queue — assign, snooze, resolve.

Action items are managed in Today — your role-filtered decision queue, each with an owner and an action that persists to the audit trail.