UFLEX financials and balance sheet

NSE: UFLEXBSE: 500148Industrial ProductsSmall Cap

Formerly Flex Industries

₹556.95₹13.25 (2.32%)BSE ₹557.80

Share price at the NSE close on 23 Oct 2026. Previous close ₹570.20.

52-week range of traded prices to 23 Oct 2026

₹330.00Low, 30 Mar 2026₹723.50High, 2 Sep 2026

Market cap: ₹4,022 Cr957th largest listed
P/E: 5.9
P/B: 0.5
Dividend yield: 0.54%
ROE: 8.8%
ROCE: 8.3%
Debt to equity: 1.21
Volume, NSE: 1,30,81052.3% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.UFLEX annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings
Loss

Peak revenue ₹15,401 Cr, year to Mar 2026A loss in 1 of the 10 years shown

Operating and net margin, per cent

Operating margin
Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 0.6% of operating profit in the first full year.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue15,401
Materials and goods−9,062
Employee costs−1,557
Other expenses−2,911
Operating profit1,871
Depreciation−787
Other income+112
One-off items−19
Finance costs−777
Profit before tax400
Tax−72
Joint ventures−11
Net profit317

What the company owns

Plant, investments and other assets₹14,830 Cr
Receivables₹3,861 Cr
Inventory₹2,408 Cr
Cash and bank₹1,072 Cr

What pays for it: net worth and liabilities

Borrowings₹9,853 Cr
Net worth₹8,122 Cr
Owed to suppliers₹2,459 Cr
Other liabilities₹1,737 Cr

UFLEX business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them.UFLEX segment results by quarter

Revenue by segment

₹15,566 CrTotal

Flexible Packaging Activities₹15,036 Cr96.6% of total
Engineering Activities₹530 Cr3.4% of total

Profit by segment

Flexible Packaging Activities₹1,296 Cr93.9% of total
Engineering Activities₹85 Cr6.1% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Flexible Packaging Activities
Revenue, ₹ crore
7,642
7,189
8,599
12,818
14,365
13,084
14,684
15,036
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
764
792
1,479
1,725
1,280
907
1,223
1,296
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Engineering Activities
Revenue, ₹ crore
383
263
353
372
376
403
512
530
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
68
30
56
53
55
57
85
85
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	8,025	7,451	8,952	13,190	14,740	13,487	15,196	15,566
Company revenue, as in its results	7,957	7,405	8,891	13,127	14,663	13,364	15,036	15,401
Revenue	7,642	7,189	8,599	12,818	14,365	13,084	14,684	15,036
Revenue growth	–	−5.9%	19.6%	49.1%	12.1%	−8.9%	12.2%	2.4%
Profit	764	792	1,479	1,725	1,280	907	1,223	1,296
Profit growth	–	3.7%	86.7%	16.7%	−25.8%	−29.1%	34.8%	6.0%
Margin	10.0%	11.0%	17.2%	13.5%	8.9%	6.9%	8.3%	8.6%
Return on capital	16.2%	15.7%	24.7%	23.0%	14.4%	10.4%	13.2%	12.4%
Assets	6,740	8,903	10,623	13,165	15,138	15,808	17,889	20,669
Liabilities	2,019	3,848	4,634	5,655	6,239	7,053	8,594	10,204
Capital employed	4,722	5,055	5,989	7,511	8,899	8,755	9,295	10,465
Revenue	383	263	353	372	376	403	512	530
Revenue growth	–	−31.4%	34.3%	5.4%	1.1%	7.2%	27.3%	3.5%
Profit	68	30	56	53	55	57	85	85
Profit growth	–	−55.4%	85.6%	−6.0%	5.1%	3.0%	48.7%	−0.3%
Margin	17.7%	11.5%	15.9%	14.2%	14.8%	14.2%	16.6%	16.0%
Return on capital	101.0%	121.2%	105.0%	105.4%	158.4%	104.3%	100.6%	99.4%
Assets	462	468	529	561	584	617	537	477
Liabilities	395	443	476	511	549	562	453	392
Capital employed	67	25	53	50	35	55	84	85
Revenue	−5	−1	5	1	1	−3	−11	−59
Profit	−223	−144	−188	−145	−178	−252	−331	−297
Assets	757	636	671	714	715	923	1,010	1,025
Liabilities	1,241	1,019	1,157	1,579	2,144	2,508	2,993	3,453

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March.UFLEX quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 28 May	Mar 2020Filed 30 Jun	Mar 2021Filed 29 Jun	Mar 2022Filed 30 May	Mar 2023Filed 30 May	Mar 2024Filed 29 May	Mar 2025Filed 12 Jun	Mar 2026Filed 30 May
Revenue from operations	6,505	6,789	7,957	7,405	8,891	13,127	14,663	13,364	15,036	15,401
	5,630	5,909	6,967	6,323	7,088	10,957	12,906	11,996	13,365	13,529
Materials and goods bought	3,535	4,036	4,862	4,251	4,690	7,747	9,207	8,303	9,247	9,062
Employee costs	–	–	662	720	794	921	1,074	1,194	1,350	1,557
Other expenses	–	–	1,443	1,352	1,604	2,289	2,625	2,499	2,768	2,911
Operating profit before depreciation	874	879	990	1,082	1,803	2,170	1,757	1,367	1,671	1,871
Operating margin	13.4%	13.0%	12.4%	14.6%	20.3%	16.5%	12.0%	10.2%	11.1%	12.1%
Materials, % of revenue	–	–	61.1%	57.4%	52.7%	59.0%	62.8%	62.1%	61.5%	58.8%
Employee costs, % of revenue	–	–	8.3%	9.7%	8.9%	7.0%	7.3%	8.9%	9.0%	10.1%
Other expenses, % of revenue	–	–	18.1%	18.3%	18.0%	17.4%	17.9%	18.7%	18.4%	18.9%
Depreciation and amortisation	318	352	381	403	456	537	599	655	695	787
Operating profit after depreciation	557	528	609	679	1,347	1,633	1,158	712	976	1,084
Other income	21	20	18	27	24	110	122	146	148	112
Finance costs	187	197	218	225	229	322	473	536	698	777
Profit before one-off items and tax	390	351	409	481	1,142	1,420	806	322	426	419
One-off items	0	0	0	0	0	−38	−150	−871	−178	−19
Profit before tax	390	351	409	481	1,142	1,382	656	−549	248	400
	44	42	94	110	299	283	175	142	106	72
Current tax	–	–	94	102	194	301	184	114	134	98
Deferred tax	–	–	0	8	105	−18	−8	29	−28	−26
Share of profit of joint ventures and associates	–	–	−1	–	–	–	0	0	0	−11
	348	310	314	371	844	1,099	481	−691	142	317
Belonging to the company's shareholders	348	310	312	371	844	1,099	481	−691	142	317
Belonging to outside owners of subsidiaries	–	–	1	0	–	–	0	0	–	0
Other comprehensive income	–	–	27	39	30	58	351	432	36	431
Total comprehensive income	–	–	341	409	874	1,157	831	−259	179	748
Net margin	5.4%	4.6%	3.9%	5.0%	9.5%	8.4%	3.3%	−5.2%	0.9%	2.1%
Net margin without joint ventures and associates	–	–	4.0%	–	–	–	3.3%	−5.2%	0.9%	2.1%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the years to Mar 2017 and Mar 2018 they do not, so they are left blank.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 28 May	Mar 2020Filed 30 Jun	Mar 2021Filed 29 Jun	Mar 2022Filed 30 May	Mar 2023Filed 30 May	Mar 2024Filed 29 May	Mar 2025Filed 12 Jun	Mar 2026Filed 30 May
	4,304	4,697	5,557	6,696	7,506	7,225	7,396	8,122
Share capital	72	72	72	72	72	72	72	72
Reserves	4,232	4,625	5,484	6,624	7,433	7,153	7,324	8,050
	1,752	3,372	3,561	4,563	5,495	6,720	8,116	9,853
Repayable after a year	876	2,451	2,807	3,072	3,463	4,165	4,870	5,821
Repayable within a year	876	921	755	1,491	2,032	2,555	3,246	4,032
	2,564	2,598	3,075	4,078	4,847	5,267	6,461	7,415
Trade payables	1,056	1,052	1,347	1,947	2,157	2,050	2,291	2,459
Other financial liabilities	483	441	664	287	391	492	565	547
Other liabilities	101	87	199	171	145	131	297	290
Provisions	21	25	25	25	19	24	29	34
Tax owed	26	71	85	156	103	16	34	54
	1,091	2,712	3,192	3,668	4,085	4,855	5,579	6,634
Other financial liabilities	11	45	14	279	283	98	356	417
Other liabilities	0	0	47	0	–	208	0	–
Provisions	25	28	29	32	35	43	47	59
Deferred tax	179	187	296	286	303	343	305	337
Total assets	7,960	10,007	11,824	14,441	16,438	17,348	19,437	22,171
	4,405	6,333	7,048	7,751	8,869	9,675	10,978	13,183
Plant in use, after depreciation	3,690	3,719	4,932	5,889	7,211	7,660	8,166	8,938
Plant being built	261	2,004	1,509	662	457	538	712	2,169
Intangible assets	55	75	88	518	14	0	12	255
Goodwill	0	0	0	0	0	18	0	0
Intangible assets being developed	0	4	8	8	9	0	13	7
Property held to earn rent	15	13	12	11	12	11	14	13
Investments	42	189	0	212	191	170	145	116
Loans given	61	35	205	56	51	30	77	57
Other financial assets	18	10	40	85	58	115	197	288
Other assets	264	284	252	310	865	1,133	1,642	1,341
	3,554	3,674	4,776	6,690	7,569	7,672	8,458	8,988
Inventories	844	855	1,151	1,831	2,311	1,918	2,535	2,408
Trade receivables	2,046	1,947	2,406	3,511	3,232	3,437	3,751	3,861
Cash and cash equivalents	213	331	560	540	1,008	1,047	1,125	984
Other bank balances	76	112	99	48	83	27	28	87
Loans given	1	31	30	20	0	9	0	0
Other financial assets	79	3	31	50	130	101	81	81
Other assets	298	394	500	690	804	1,134	937	1,567
Net debt	1,464	2,928	2,902	3,974	4,403	5,646	6,962	8,781

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021Filed 29 Jun	Mar 2022Filed 30 May	Mar 2023Filed 30 May	Mar 2024Filed 29 May	Mar 2025Filed 12 Jun	Mar 2026Filed 30 May
	1,406	707	1,383	825	1,135	992
	1,557	961	1,668	998	1,281	1,101
	−221	−1,245	−30	−319	−269	−444
Receivables	−456	−1,106	279	−205	−314	−110
Inventories	−296	−681	−479	393	−618	127
Payables	295	597	210	−107	240	169
Other working capital	237	−55	−39	−400	422	−630
Tax paid	−194	0	0	−173	−146	−108
Interest paid	0	−228	−285	0	0	0
Capital spending	1,155	983	1,299	1,637	1,731	2,049
Free cash flow	251	−276	84	−812	−597	−1,057
	−1,129	−951	−1,172	−1,619	−1,732	−2,015
Plant and property sold	6	20	21	2	0	0
Interest received	10	22	31	81	92	70
Dividends received	0	28	0	11	10	9
	−62	216	292	776	678	941
Borrowings raised	190	577	932	1,225	1,396	1,737
Interest paid	−226	−315	−452	−396	−648	−753
Lease payments	−11	−29	−166	−31	−63	−21
Dividends paid	14	18	22	22	7	22
Shares bought back	0	0	0	0	0	0
Shares issued	0	0	0	0	0	0
Net change in cash	216	−28	503	−18	80	−82

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.UFLEX dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 28 May	Mar 2020Filed 30 Jun	Mar 2021Filed 29 Jun	Mar 2022Filed 30 May	Mar 2023Filed 30 May	Mar 2024Filed 29 May	Mar 2025Filed 12 Jun	Mar 2026Filed 30 May
Earnings per share	₹48.26	₹43.00	₹43.46	₹51.21	₹116.73	₹152.09	₹66.57	−₹95.69	₹19.71	₹43.91
Diluted earnings per share	₹48.26	₹43.00	₹43.46	₹51.21	₹116.73	₹152.09	₹66.57	−₹95.69	₹19.71	₹43.91
Dividend per share	₹3.50	₹2.00	₹2.00	₹2.00	₹2.50	₹3.00	₹3.00	₹1.00	₹3.00	₹3.00
Book value per share	–	–	₹596.09	₹650.48	₹769.51	₹927.27	₹1,039.40	₹1,000.55	₹1,024.30	₹1,124.83
Dividend payout	7.3%	4.7%	4.6%	3.9%	2.1%	2.0%	4.5%	–	15.2%	6.8%
Shareholder yield	–	–	–	–	0.5%	0.4%	0.9%	0.7%	0.2%	0.9%
Market cap at the year end (₹ crore)	2,008	2,470	1,646	999	2,730	4,393	2,423	2,919	3,591	2,414

Ratios

Consolidated, years to March.UFLEX PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 28 May	Mar 2020Filed 30 Jun	Mar 2021Filed 29 Jun	Mar 2022Filed 30 May	Mar 2023Filed 30 May	Mar 2024Filed 29 May	Mar 2025Filed 12 Jun	Mar 2026Filed 30 May
Revenue growth	–	4.4%	17.2%	−6.9%	20.1%	47.6%	11.7%	−8.9%	12.5%	2.4%
Operating profit growth	–	0.6%	12.6%	9.3%	66.6%	20.4%	−19.1%	−22.2%	22.2%	12.0%
Net profit growth	11.4%	−10.9%	1.1%	18.2%	127.5%	30.3%	−56.3%	–	–	122.7%
Earnings per share growth	–	−10.9%	1.1%	17.8%	127.9%	30.3%	−56.2%	–	–	122.8%
	–	–	7.3%	8.2%	16.5%	17.9%	6.8%	−9.4%	1.9%	4.1%
	–	–	–	1.0 pts	8.2 pts	1.5 pts	−11.2 pts	−16.1 pts	11.3 pts	2.1 pts
From the net margin	–	–	–	2.0 pts	7.4 pts	−1.9 pts	−10.9 pts	−17.4 pts	11.1 pts	2.3 pts
From asset turnover	–	–	–	−1.6 pts	−0.2 pts	3.3 pts	−0.4 pts	1.8 pts	0.1 pts	−0.4 pts
From borrowing	–	–	–	0.6 pts	1.0 pts	0.1 pts	0.1 pts	−0.5 pts	0.2 pts	0.3 pts
Return on capital employed	–	–	10.1%	8.4%	14.8%	14.5%	8.9%	5.1%	6.3%	6.0%
Cash conversion	–	–	–	–	166.7%	64.3%	287.6%	–	797.3%	313.1%
Interest cover	3.0	2.7	2.8	3.0	5.9	5.1	2.4	1.3	1.4	1.4
Debt to equity	–	–	0.41	0.72	0.64	0.68	0.73	0.93	1.10	1.21
Receivable days	–	–	94	96	99	98	80	94	91	92
Inventory days	–	–	63	73	90	86	92	84	100	97
Payable days	–	–	79	90	105	92	86	90	90	99
Cash conversion cycle, days	–	–	78	79	83	92	87	88	101	89
Working capital days	–	–	72	77	74	98	91	106	99	107
Asset turnover	–	–	1.00	0.82	0.81	1.00	0.95	0.79	0.82	0.74
Assets per rupee of net worth	–	–	1.85	2.00	2.13	2.14	2.17	2.29	2.52	2.68
Sales per rupee of plant	–	–	2.16	1.99	1.80	2.23	2.03	1.74	1.84	1.72
Capital spending to depreciation	–	–	–	–	2.53	1.83	2.17	2.50	2.49	2.60
Plant being built, % of plant in use	–	–	7.1%	53.9%	30.6%	11.2%	6.3%	7.0%	8.7%	24.3%

Revenue growth and operating profit growth are left blank for the year to Mar 2017: between the two periods the company restated its earlier figures, so the two are on different bases and the change is not worked out. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 1.5%
Cash from operations against operating profit: 53.0%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	9.7%	11.6%	1.7%
Profit growth, yearly rate	0.1%	−17.8%	−13.0%
Return on equity, average	–	4.3%	−1.1%
Return on capital employed, average	–	8.2%	5.8%
Operating margin, average	13.6%	12.4%	11.2%
Net margin, average	3.8%	1.9%	−0.7%
Asset turnover, average	–	0.86	0.78
Cash conversion cycle, days, average	–	91	93
Interest cover, average	2.9	2.3	1.4
Debt to equity, average	–	0.93	1.08

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	5,042	2,953	992
Cash from investing	−7,488	−5,366	−2,015
Cash from financing	2,902	2,394	941
Capital spending	7,699	5,418	2,049
Dividends paid	91	51	22
Shares bought back	0	0	0
Shares issued for cash	0	0	0
Borrowings raised	5,868	4,358	1,737
Borrowings repaid	0	0	0

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	8	7	5	4	7	6
Altman Z-scorePublished threshold 1.81	–	–	2.42	1.86	2.22	2.50	2.11	1.68	1.76	1.57
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.61	−2.01	−2.84	−2.80	−2.55	−2.51
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	5.19	10.23	1.75	0.61	4.02	6.44
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	1.44	3.28	–	–
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	2.14	3.46	−1.70	−19.63	15.21	−3.39	0.50
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	13.92	24.25	−6.02	7.33	−7.18	20.83	−3.01
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	0.27	1.50	1.60	1.33	2.25	−1.44	4.08
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	4.63	0.90	0.44	0.24	0.49	0.59	1.39
Effective tax ratePublished threshold 17.16 per cent	11.21	11.89	22.88	22.87	26.13	20.46	26.72	–	42.62	18.05
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	20.46	26.72	–	−16.34	−9.03

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
19 Oct 2026	CRISIL Ratings Limited (opens in a new tab)	Bank FacilitiesShort-term scale	Crisil A1+No Rating Change		700
19 Oct 2026	CRISIL Ratings Limited (opens in a new tab)	Bank FacilitiesLong-term scale	Crisil AA-No Rating Change	Negative	1,489.99
8 Oct 2026	India Ratings and Research Private Limited (opens in a new tab)	Bank loan facilities	IND AA-; IND A1+Review, Re-affirm	Stable	3,800.40

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.