HUHTAMAKI

Huhtamaki India share price & financials

Manufactures flexible packaging, labels and printing cylinders across 10 Indian plants for FMCG brands.

Price: ₹185.85
Market cap: ₹2.3k Cr
Sector: Capital Goods
Calls analysed: 7

Latest concall · Q1 FY27 · call held 27 Jul 2026

Huhtamaki India Limited Q2 CY '26

Net Sales ₹723 cr +23%EBITDA Margin 10.5% PBT ₹559 cr +77%

What went well

Net sales grew by 23.1% in Q2 CY '26, reaching INR 723 crores, driven by price, volume, and product mix.
EBITDA grew by 55% and EBIT by 71% in Q2 CY '26, with EBITDA margin improving from 8.3% to 10.5%.
Profit Before Tax (PBT) increased by 77% YoY to INR 559 crores in Q2 CY '26.

What to watch

The market was significantly impacted by the Middle East crisis, leading to supply chain disruptions and raw material cost variations.
Higher inventory levels were maintained as a conscious call to manage potential out-of-stock situations amidst market volatility.

Read the full call →

What Huhtamaki India Limited does

Huhtamaki India makes flexible packaging in reel-laminate and pre-made pouch formats, pressure-sensitive and specialty labels, and laser-engraved printing cylinders, serving food, beverage, home and personal care, pet food and healthcare/pharma brands. It is the Indian subsidiary of Finland's Huhtamaki Oyj, drawing on the parent's global flexible-packaging network, material science and technology platforms such as the blueloop mono-material recyclable range. The company operates a multi-site manufacturing footprint across India and exports to a wide international customer base.

Segments

Flexible Packaging
Labels
Cylinders

Manufacturing plants (India): 10
Export reach: 70+ countries
Manufacturing locations: Sri City (Andhra Pradesh), Rudrapur (Uttarakhand), Guwahati (Assam), Silvassa (Dadra & Nagar Haveli), Taloja and Ambernath (Maharashtra), Khopoli, Baddi, and Bengaluru (two units, Karnataka)
Product lines: Flexible packaging (reel laminates, pre-made pouches), pressure-sensitive and specialty labels, laser-engraved printing cylinders
Core end-markets served: Food, beverages, home and personal care, pet food, and healthcare/pharmaceutical packaging
Parent company: Huhtamäki Oyj (Finland) — global packaging group with over 100 years of history, organised into Foodservice Packaging, North America, Flexible Packaging and Fiber Packaging segments

Founded 1950Headquarters Thane, Maharashtra, India Company website

Guidance record · Q1 FY27

what the last two calls moved 9 tracked 3 delivered 2 missed 4 open

Volume Growth delivered said Q3 CY25 Promised: at least grow with the industry or the market Q1 FY27: Management reported 'high single digit' volume growth, which is ahead of their stated market growth expectation of 3-5%. This indicates the company is now growing with or ahead of the market.
SBTi targets signing missed said Q2 CY25 Promised: In 2025, we are expected to sign the SBTi targets Q1 FY27: The target to sign in 2025 was missed. No update provided on any future plans to sign.
Sales from Blueloop products as % of total at risk said Q1 CY25 Promised: 100% sales from the blueloop... by 2030 Q1 FY27: Market adoption for Blueloop is still below 30%. Management notes higher costs and selling prices, aiming to maintain margins, which reinforces the adoption challenge.

All 9 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 22.5%, net profit up 76.0% against the same quarter last year.

₹ Cr · quarterly

Line item	Q2 FY25	Q3 FY25	Q4 FY25	Q1 FY26	Q2 FY26	Q3 FY26	Q4 FY26	Q1 FY27
Revenue	652	619	610	612	625 −4%	623 +1%	613 +0%	750 +23%
Expenses	634	593	571	570	569	568	573	675
EBITDA	18	26	39	43	55 +206%	54 +108%	40 +3%	75 +74%
Margin	3%	4%	6%	7%	9%	9%	7%	10%
Other income	15	6	12	7	9	8	22	1
Interest	5	3	3	3	3	8	4	3
Depreciation	12	14	13	13	13	14	24	14
Profit before tax	16	15	35	33	49 +206%	41 +173%	35 +0%	59 +79%
Tax rate	26%	23%	25%	25%	25%	26%	27%	26%
Net profit	12	12	26	25	37 +208%	30 +150%	26 +0%	44 +76%
EPS	1.55	1.55	3.46	3.30	4.87	4.01	3.39	5.79

How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance +11.0% 1Y

1Y: ₹229.1 on 10 Sept 2025 → ₹254.4. High ₹318.68 (24 Jul 2026), low ₹149.9 (30 Mar 2026).

How the price took the results

close before → close after

Q1 FY27: −1.9%; 27 Jul
Q4 FY26: −1.8%; 13 May
Q3 FY26: −2.8%; 13 Feb
Q2 FY26: −1.2%; 15 Oct

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue fell 1.6% a year over 2 years, FY23 to FY25. Operating margin held at 7.7%.

Year ending	FY23	FY24	FY25
Revenue	₹2.5k Cr	₹2.5k Cr	₹2.5k Cr
Operating profit	₹195 Cr	₹117 Cr	₹191 Cr
Operating margin	7.6%	4.6%	7.7%
Interest	₹31 Cr	₹18 Cr	₹17 Cr
Depreciation	₹50 Cr	₹48 Cr	₹53 Cr
Net profit	₹408 Cr	₹89 Cr	₹118 Cr
Net margin	16.0%	3.5%	4.8%
Cash from operations	₹274 Cr	₹142 Cr	₹238 Cr
Free cash flow	₹182 Cr	₹81 Cr	₹184 Cr
ROCE	12.0%	7.0%	12.0%

How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year ending	FY21	FY22	FY23	FY24	FY25	FY26
Equity capital	₹15 Cr	₹15 Cr	₹15 Cr	₹15 Cr	₹15 Cr	₹15 Cr
Reserves	₹701 Cr	₹742 Cr	₹1.1k Cr	₹1.2k Cr	₹1.3k Cr	₹1.3k Cr
Borrowings	₹409 Cr	₹410 Cr	₹255 Cr	₹149 Cr	₹144 Cr	₹145 Cr
Other liabilities	₹684 Cr	₹584 Cr	₹596 Cr	₹595 Cr	₹567 Cr	₹722 Cr
Total liabilities	₹1.8k Cr	₹1.8k Cr	₹2.0k Cr	₹1.9k Cr	₹2.0k Cr	₹2.2k Cr
Fixed assets	₹537 Cr	₹479 Cr	₹483 Cr	₹598 Cr	₹604 Cr	₹600 Cr
Capital work in progress	₹43 Cr	₹35 Cr	₹131 Cr	₹40 Cr	₹35 Cr	₹8 Cr
Investments	₹1 Cr	₹0 Cr	₹80 Cr	₹151 Cr	₹194 Cr	₹128 Cr
Other assets	₹1.2k Cr	₹1.2k Cr	₹1.3k Cr	₹1.1k Cr	₹1.2k Cr	₹1.5k Cr
Total assets	₹1.8k Cr	₹1.8k Cr	₹2.0k Cr	₹1.9k Cr	₹2.0k Cr	₹2.2k Cr

How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Mutual funds in HUHTAMAKI

Filings to Jul 2026

0 new, 0 added, 0 trimmed, 0 sold out — net +0.00 L shares (+0.0%).

Held by funds: ₹11 Cr; 1 schemes
Biggest holder: HDFC Retirement Savings Fund - Hybrid-Equity Plan; ₹11 Cr · 0.7% of that fund

Scheme	Holding	Last month	Held since
HDFC Retirement Savings Fund - Hybrid-Equity Plan HDFC Mutual Fund	₹11 Cr	held	Oct '25

HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.

Mutual funds Jul 2026

0 added, 0 trimmed — net 0 shares (+0.0%)

Funds are sitting on: -22%; vs est. average cost
Held by funds: ₹11 Cr; 1 schemes · ≈ 0.32% of the company

Shares held by these funds +30%

Oct '25 3.83 L shares Jul '26

What the price assumes

Attractive

To justify its price of ₹254, this stock must grow earnings at 9% every year for 7 years. Our analysis caps realistic growth at ~19%. At that growth it is worth ₹428 — upside of 68%.

Growth the price implies: 9.4% a year; for 7 years, fading to 4%
It has actually compounded at: 19.7% a year; net profit, FY23–FY26 · EPS 19.3%
The gap: -0.1 pp; 68% downside if it only repeats history

Price today ₹254.4 Value at the reference growth ₹427.7

Change the assumptions yourself →

All earnings calls (6)

Read the Q1 FY27 call →

Learn to analyse Huhtamaki India Limited

Guides on how to read this kind of business and the numbers that matter.