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Huhtamaki India Limited (HUHTAMAKI)

₹240.54 +6.75% last close, 16 Oct

📊 NSE: HUHTAMAKI 🏢 Packaging 📢 Latest filing: 11 Sep 2026 📝 Analysis written: 14 Dec 2025

Q2 FY27 results

📅 Next results: 27 Oct 2026 (board meeting)

Huhtamaki India Limited's board meets on 27 Oct 2026 to consider its Q2 FY27 results (July-September 2026).

In its latest reported quarter, Q1 FY27, Huhtamaki India's revenue was ₹750 Cr (+22.6% year on year, +22.4% on the previous quarter), and net profit ₹43.7 Cr (+74.9% year on year); the operating margin was 10.0%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹750	+22.6%	+22.4%
Operating profit	₹75.1	+74.7%	+87.9%
Net profit	₹43.7	+74.9%	+68.2%
EPS (₹)	5.79	+75.5%	+70.8%
Operating margin	10.0%	—	—

Full quarterly financials → Results calendar →

HUHTAMAKI delivery percentage

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 24.44% of the HUHTAMAKI shares traded on NSE were taken to delivery, against the stock's own 20-session average of 50.55%. The price rose 6.75% on unusually low delivery, so more of the move than usual was intraday trading. It traded 3.5 times its average daily volume.

24.44%Delivery, 16 Oct

50.55%Own 20-session average

3.5×Volume vs its average

₹240.54NSE close · +6.75%

Delivery in the last 5 sessions: 49.2% · 59.2% · 63.4% · 56.1% · 24.4%

Delivery across the market →Unusual volume today →

A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed

📢 Recent Corporate Announcements

Huhtamaki Receives ₹17.55 Lakh Penalty Notice for Silvassa Plant Occupancy Certificate

🟡 NEUTRAL ⭐ 2/10

REGULATORY 📅 11 Sep 2026, 12:23 PM

Huhtamaki India received a demand notice on September 10, 2026, from the Dadra and Nagar Haveli Planning and Development Authority. The authority approved the grant of an Occupancy Certificate for part of the company's factory premises in Silvassa, subject to a penalty payment of ₹17,54,823. The penalty is attributed to a delay in obtaining the Occupancy Certificate. Management stated that besides the penalty amount, there is no adverse impact on company financials or operations.

Penalty of ₹17,54,823 imposed by Dadra and Nagar Haveli Planning and Development Authority
Approval granted for Occupancy Certificate for part of factory premises at Survey No.97, Umerkoi, Silvassa
Demand notice received in person by the plant team on September 10, 2026
Penalty vs TTM PAT (₹89 Cr) is negligible at approximately 0.02%

💡 Track the payment compliance and formal receipt of the regularized Occupancy Certificate for the Silvassa unit.

Huhtamaki to close Baddi PS Labels plant (₹21.88 Cr revenue, 0.92% of total) by Oct 30, 2026

🟡 NEUTRAL ⭐ 3/10

OTHER 📅 01 Sep 2026, 10:19 AM

Huhtamaki India has approved the closure of its pressure-sensitive (PS) labels manufacturing operations at Baddi, Himachal Pradesh, effective October 30, 2026. The facility contributed INR 218.76 Million (₹21.88 Cr) or 0.92% of the company's total revenue in FY 2025. Operations will be consolidated into existing plants at Ambernath (Maharashtra) and Bangalore (Karnataka) to drive scale, capacity utilization, and cost rationalization. The closure has minimal revenue impact and is part of ongoing operational efficiency programs.

Baddi facility contributed INR 218.76 Million (0.92% of company revenue) in FY 2025
Planned closure effective from October 30, 2026
PS Labels operations consolidated into Ambernath and Bangalore facilities
Company net worth stood at INR 12,935 Million as of December 31, 2025

💡 Track the smooth transfer of production volumes to Ambernath and Bangalore without customer disruption ahead of the October 30, 2026 deadline.

Huhtamaki Appoints Akanksha Kandoi as CS & Compliance Officer Effective Aug 24, 2026

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 19 Aug 2026, 04:27 PM

Huhtamaki India Limited has appointed Ms. Akanksha Kandoi as its Company Secretary and Compliance Officer (Key Managerial Personnel), effective August 24, 2026. Ms. Kandoi has over 23 years of experience in corporate governance, secretarial affairs, and regulatory compliance. The appointment was approved by the Board of Directors on August 19, 2026, following the recommendation of the Nomination and Remuneration Committee. This represents a routine administrative transition with no direct impact on financial operations.

Appointment of Ms. Akanksha Kandoi as Company Secretary & Compliance Officer effective August 24, 2026
Appointee brings over 23 years of cumulative experience in governance and regulatory compliance
Board meeting conducted and approved on August 19, 2026 (04:00 PM to 04:10 PM IST)

💡 Track standard statutory disclosures and quarterly reporting under the incoming compliance leadership from August 24, 2026.

Huhtamaki India Appoints Akanksha Kandoi as Company Secretary & Compliance Officer w.e.f. Aug 24

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 19 Aug 2026, 04:19 PM

Huhtamaki India Limited has approved the appointment of Ms. Akanksha Kandoi as Company Secretary and Compliance Officer (Key Managerial Personnel), effective August 24, 2026. Ms. Kandoi brings over 23 years of experience in corporate governance, secretarial, and regulatory compliance. The Board approved the appointment in a meeting held on August 19, 2026, based on the recommendation of the Nomination and Remuneration Committee. This is a routine statutory and managerial appointment with no direct financial impact.

Appointment of Ms. Akanksha Kandoi as CS and Compliance Officer effective August 24, 2026
Candidate possesses more than 23 years of cumulative experience in corporate governance and secretarial matters
Board approval completed on August 19, 2026 (Meeting duration: 04:00 PM to 04:10 PM IST)

💡 Track subsequent quarterly financial filings and regulatory disclosures under the new secretarial and compliance team.

CRISIL Reaffirms 'AA-/Stable' Rating for Huhtamaki India's Rs 88 Cr Loan Facilities

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 12 Aug 2026, 06:17 PM

CRISIL has reaffirmed Huhtamaki India's long-term credit rating at 'AA-/Stable' for its Rs 88 crore bank facilities. While CY2025 revenue saw a marginal 2% decline to Rs 2,469 crore, operating margins improved significantly to 7.7% from 4.6% due to cost optimization and better procurement. Performance in H1CY26 shows a recovery with 12% revenue growth (Rs 1,322 crore) and margins expanding to 8.4%. The company maintains a strong liquidity position with cash and equivalents exceeding Rs 400 crore as of June 2026.

Rating reaffirmed at 'CRISIL AA-/Stable' for Rs 88 crore bank loan facilities
Operating margins improved to 7.7% in CY2025 from 4.6% in CY2024 despite a 2% revenue dip
H1CY26 revenue grew 12% YoY to Rs 1,322 crore with margins reaching 8.4%
Cash and liquid surplus stood at over Rs 400 crore as of June 30, 2026
Adjusted debt to net worth remains low at 0.17 times as of December 31, 2025

💡 Investors should monitor the sustainability of the 8.4% operating margins in upcoming quarters, as raw material volatility (crude-linked) remains a primary risk factor for the packaging business.

23.1% Sales Growth in Q2 CY26; EBITDA Margins Expand to 10.5% on Improved Mix

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 31 Jul 2026, 04:52 PM

Huhtamaki India reported a robust Q2 CY26 with revenue growing 23.1% YoY to Rs 723 Cr, significantly outperforming the industry growth rate of 4-5%. EBITDA margins expanded to 10.5% from 8.3% in the previous year, driven by a disciplined strategy of eliminating negative-margin business and improving product mix. The company remains net debt-free with a strong liquidity position of Rs 395 Cr in cash and liquid investments. H1 EPS grew 36% YoY to Rs 9.18, marking one of its strongest half-yearly performances.

Q2 Revenue reached Rs 723 Cr, up 23.1% YoY, marking the highest quarterly sales in over 3 years.
EBITDA and EBIT grew by 55% and 71% respectively, with EBITDA margins reaching 10.5%.
Net debt is nil with Rs 270 Cr in bank balances and Rs 125 Cr in liquid mutual funds.
Sustainable 'Blueloop' products currently account for nearly 30% of the volume portfolio.
H1 profitability was impacted by a one-time prior period depreciation charge of Rs 8.8 Cr in Q1.

💡 Watch for the sustainability of 10%+ EBITDA margins in Q3 to see if the Q2 performance was aided by temporary customer inventory front-running. Monitor the adoption rate of 'Blueloop' products as a key driver for long-term margin structural improvement.

Q2 2026: Huhtamaki India Releases Earnings Call Audio Recording

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 27 Jul 2026, 07:15 PM

Huhtamaki India has published the audio recording of its earnings conference call for the second quarter ended June 30, 2026. The call, held on July 27, 2026, provides management's perspective on the company's performance, which includes a TTM revenue of ₹2,178 Cr and a PAT of ₹89 Cr. This disclosure is a standard regulatory requirement following the release of quarterly financial results. Investors can access the recording via the provided YouTube link to understand the company's progress on its 'blueloop' sustainability strategy and margin optimization efforts.

Earnings conference call conducted on July 27, 2026, at 03:30 p.m. IST
Recording pertains to the financial performance of the 2nd quarter ended June 30, 2026
Company operates with a TTM revenue base of ₹2,178 Cr and OPM of 11.3%
Promoter holding remains stable and high at 67.73% as of June 2026
Maintains a strong balance sheet with a low Debt-to-Equity ratio of 0.11

💡 Investors should listen to the recording to identify management's specific commentary on raw material price volatility and the impact of the Red Sea crisis on logistics costs.

75.3% PAT Growth: Huhtamaki India Reports Strong Q2 2026 Performance and Margin Expansion

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 27 Jul 2026, 11:42 AM

Huhtamaki India reported a robust Q2 2026 with net sales increasing 23.1% YoY to ₹728.6 cr, driven by a healthy mix of volume and pricing. Profitability saw a significant boost as EBITDA margins expanded to 10.5% from 8.3% in the previous year, resulting in a 75.3% surge in PAT to ₹43.73 cr. The company remains debt-free with a strong cash position of ₹270.6 cr, although operating working capital increased to ₹464.3 cr due to higher inventory and receivables. Management highlighted that pricing successfully offset commodity inflation caused by the Middle East crisis.

Net sales for Q2 2026 grew 23.1% YoY to ₹728.6 cr, compared to ₹591.9 cr in Q2 2025.
EBITDA increased by 55.1% YoY to ₹76.44 cr, with margins improving by 220 basis points to 10.5%.
Net profit (PAT) for the quarter jumped 75.3% YoY to ₹43.73 cr from ₹24.94 cr.
Company maintains a Nil net debt position with cash and bank balances of ₹270.6 cr as of June 2026.
Operating working capital rose significantly to ₹464.3 cr from ₹305.1 cr in December 2025.

💡 Investors should monitor the sustainability of the 10.5% EBITDA margin in upcoming quarters and the impact of the Red Sea crisis on logistics costs. The execution of the solar captive generation project at the Khopoli facility in Q3 2026 will be a key milestone for operational efficiency.

Huhtamaki India to Host Q2CY26 Earnings Call on July 27, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 21 Jul 2026, 04:12 PM

Huhtamaki India Limited has scheduled its earnings conference call for July 27, 2026, at 3:30 PM IST to discuss the unaudited financial results for the second quarter ended June 30, 2026. The call will be led by Managing Director Mr. Kamal Taneja and CFO Mr. Amit Gupta. This follows a period where the company has focused on its 'blueloop' recyclable portfolio and margin optimization, with TTM revenue standing at Rs 2,178 Cr. Investors will look for updates on how the company is managing raw material volatility and supply chain disruptions like the Red Sea crisis.

Earnings conference call scheduled for July 27, 2026, at 15:30 IST.
Discussion will cover unaudited financial results for the quarter ended June 30, 2026.
Management representation includes the Managing Director and Chief Financial Officer.
Company operates 10 manufacturing sites across India with a focus on sustainable packaging.
Financial context shows a low debt-to-equity ratio of 0.11 as of the latest reporting.

💡 Monitor the Q2 results and management commentary on July 27 for updates on EBITDA margin recovery and the impact of logistics costs on the flexible packaging business.

71.8% EBIT Growth in Q2 2026; Net Sales Up 23.1% YoY to Rs 728.6 Cr

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 21 Jul 2026, 03:32 PM

Huhtamaki India reported a strong Q2 2026 with net sales reaching Rs 728.6 Cr, a 23.1% increase over the previous year. Profitability saw a significant jump, with EBIT (before exceptional items) rising 71.8% to Rs 62.2 Cr, driven by volume growth and pricing adjustments. For the first half of 2026 (H1), sales grew 11.6% to Rs 1,322.2 Cr, while EBIT margins improved to 7.6%. The company attributed this performance to better product mix and operational efficiencies despite geopolitical challenges.

Q2 2026 Net Sales grew 23.1% YoY to Rs 728.6 Cr
EBIT (before exceptional items) surged 71.8% YoY to Rs 62.2 Cr in Q2
H1 2026 Net Sales reached Rs 1,322.2 Cr, representing 11.6% YoY growth
EBIT margin for Q2 2026 improved to 8.5% from lower levels in previous periods
Company maintains a strong operational footprint with 10 manufacturing facilities in India

💡 Monitor the sustainability of the 8.5% EBIT margin in upcoming quarters and the progress of the 'Strategy 2030' focused on sustainable packaging solutions.

75% PAT Growth: Huhtamaki India Reports Strong Q2 2026 Results with 23% Revenue Surge

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 21 Jul 2026, 03:22 PM

Huhtamaki India reported a robust Q2 2026 with revenue from operations rising 22.5% YoY to Rs 750.02 Cr. Net profit surged 75.3% YoY to Rs 43.73 Cr, significantly outpacing revenue growth due to volume leverage and an improved product mix. EBIT margins for the quarter stood at 8.5%, benefiting from operational efficiencies despite geopolitical and supply chain challenges. The company also noted the rectification of a Rs 8.8 Cr depreciation error from previous years in the H1 2026 figures.

Q2 2026 Revenue from operations grew 22.5% YoY to Rs 750.02 Cr.
Net Profit for the quarter jumped 75.3% YoY to Rs 43.73 Cr compared to Rs 24.94 Cr in Q2 2025.
EBIT before exceptional items increased 71.8% YoY to Rs 62.2 Cr in Q2 2026.
H1 2026 Net Sales reached Rs 1,322.23 Cr, an 11.6% increase over the previous year.
Rectified a Rs 8.8 Cr depreciation understatement from FY24 and FY25 in the Q1 2026 accounts.

💡 Watch for the continued adoption of the 'blueloop' recyclable portfolio and the company's ability to maintain EBIT margins above 8% amidst raw material volatility and logistics cost pressures.

Huhtamaki India Submits Quarterly Share Dematerialization Compliance Certificate

🟡 NEUTRAL ⭐ 2/10

REGULATORY 📅 15 Jul 2026, 02:32 PM

Huhtamaki India Limited has filed its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the period ended June 30, 2026. The document confirms that the company's Registrar and Transfer Agent (RTA), MUFG Intime India Private Limited, has processed all requests for dematerialization and rematerialization of securities. This is a routine administrative filing required by all listed companies in India to ensure depository records (NSDL/CDSL) match the company's share register. There are no financial implications or material business updates contained in this announcement.

Compliance certificate issued for the quarter ended June 30, 2026
Confirmation provided by RTA MUFG Intime India Private Limited (formerly Link Intime)
Filing submitted to BSE and NSE on July 15, 2026
Relates to ISIN INE275B01026 for equity shares

💡 This is a routine procedural filing. Investors should monitor the company's upcoming quarterly financial results for actual business performance indicators.

Huhtamaki India to Close Trading Window from July 1, 2026, for Q1 Results

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 26 Jun 2026, 06:09 PM

Huhtamaki India Limited has announced the closure of its trading window for all designated persons and their immediate relatives starting July 1, 2026. This closure is a standard regulatory requirement under SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the declaration of financial results for the quarter ending June 30, 2026. The trading window will remain closed until 48 hours after the results are officially published and disseminated to the stock exchanges. The company will announce the specific date for the board meeting to approve these results in due course.

Trading window closure effective from July 1, 2026, for the quarter ended June 30, 2026.
Applies to all Designated Persons and their immediate relatives as per SEBI regulations.
Window to reopen 48 hours after the dissemination of unaudited financial results.
Board meeting date for result approval to be intimated separately.

💡 This is a routine regulatory filing with no impact on business fundamentals; investors should monitor for the upcoming earnings release date.

Huhtamaki India Updates KMP Authorization for Material Event Disclosures

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 20 May 2026, 02:32 PM

Huhtamaki India Limited has updated its list of Key Managerial Personnel (KMP) authorized to determine the materiality of events under SEBI Regulation 30(5). The authorized group includes four senior executives: the Managing Director, Whole Time Director, CFO, and Company Secretary. Any two of these four individuals are now jointly empowered to make disclosure decisions to the stock exchanges. This update is a standard regulatory requirement to ensure transparency and compliance with listing obligations.

Authorized 4 Key Managerial Personnel (KMP) for determining event materiality and disclosures.
The KMP list includes MD Kamal Taneja, WTD Ramya Mohan, CFO Amit Gupta, and CS Abhijaat Sinha.
Any 2 of the listed KMPs are jointly authorized to make requisite disclosures to BSE and NSE.
The update is made pursuant to Regulation 30(5) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Contact details for investor communications have been updated to the corporate office number 022-61740100.

💡 No action is required from investors as this is a routine administrative update regarding regulatory compliance. It serves as a reference for who is responsible for future material corporate announcements.

Huhtamaki India Q1 CY26: EBITDA Surges 24.8% YoY Despite One-off Accounting Charge

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 18 May 2026, 05:39 PM

Huhtamaki India reported a stable top line with sales up 10 bps, while EBITDA surged 24.8% YoY due to a strategic shift toward high-margin business and operational efficiencies. The company recorded a one-off depreciation charge of INR 88 million to correct an accounting error from 2024-2025, which limited reported EBIT growth to 4%. Excluding this charge, adjusted EBIT margins reached 8%, a significant improvement of 170 bps compared to the previous year. Management also highlighted a 67% improvement in safety incidents and progress on a new solar captive project at the Khopoli plant.

EBITDA grew by 24.8% YoY, driven by selective participation in higher-value business categories.
Adjusted EBIT margin (excluding one-offs) improved to 8%, returning to historical performance levels.
A non-recurring depreciation charge of INR 88 million was taken to correct a prior-period error in calculation methods.
Total recordable safety incidents improved by 67% YoY, reflecting enhanced operational discipline.
Signed a formal agreement for a solar captive electricity project at the Khopoli plant to drive sustainability.

💡 Investors should look past the one-time accounting correction and focus on the underlying margin expansion and operational efficiency gains. The return to an 8% EBIT margin suggests the company's strategy of prioritizing profitable growth over volume is yielding results.

View All HUHTAMAKI Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Revenue from operations for the standalone flexible packaging segment stood at INR 2,521.18 Cr in CY2024, reflecting a flat trajectory with a marginal decline of 1.1% compared to INR 2,549.44 Cr in CY2023. Q3 2025 sales were INR 604.93 Cr, a 4.7% YoY decline from INR 634.67 Cr.

Geographic Revenue Split

Not disclosed in available documents; however, the company operates 10 manufacturing facilities across Maharashtra, Dadra and Nagar Haveli, Uttarakhand, Assam, Karnataka, Andhra Pradesh, and Himachal Pradesh.

Profitability Margins

Net profit ratio was 3.5% in CY2024, down from 16.1% in CY2023 (which was inflated by exceptional income). Operating margins recovered to 10.7% in Q3 2025 from 4.9% in Q3 2024 due to a favorable sales mix and efficiency measures.

EBITDA Margin

EBITDA margin for CY2024 was 6.0% (INR 150.99 Cr) compared to 8.2% (INR 210.18 Cr) in CY2023. Q3 2025 EBITDA margin improved significantly to 10.7%, a 107.1% YoY increase in absolute EBITDA value to INR 64.87 Cr.

Capital Expenditure

Capex is described as modest and is expected to be fully met through annual cash accruals. Specific planned INR figures for future years are not disclosed, but historical gearing remains below 0.1x, indicating low debt-funded capex.

Credit Rating & Borrowing

CRISIL reaffirmed the short-term rating at 'CRISIL A1+'. Parent Huhtamaki Oyj has a 'BB+' rating with a 'Positive' outlook from S&P. Finance costs for 9M 2025 declined 38.4% YoY to INR 8.98 Cr due to lower borrowing levels.

⚙️ Operational Drivers

Raw Materials

Raw materials include polymers and solvents used in flexible packaging (specific names like Polyethylene not explicitly listed, but 'solvents' and 'raw material prices' are cited). Raw material volatility is a primary driver of margin fluctuations.

Capacity Expansion

Current operations include 10 manufacturing sites. Specific planned capacity expansion in MTPA is not disclosed, though the company focuses on maximizing plant utilization and implementing World Class Operations (WCO).

Raw Material Costs

Raw material costs are a significant portion of revenue; volatility led to a 500 bps margin dip in 2021. In 2024, easing raw material costs helped improve margins from 4.2% in Q4 2023 to 6.3% in Q1 2024.

Manufacturing Efficiency

Manufacturing efficiency is tracked via the World Class Operations (WCO) and Total Productive Maintenance (TPM) programs. Q3 2025 was an 'incident-free' quarter with zero lost-time incidents across 10 sites.

Logistics & Distribution

Logistics costs are impacted by geopolitical issues like the Red Sea crisis; specific distribution costs as a % of revenue are not disclosed.

📈 Strategic Growth

Growth Strategy

Growth is targeted through the 'blueloop' recyclable product portfolio, optimizing product and customer mix to eliminate negative margin business, and leveraging the parent's global expertise in sustainable packaging and digital transformation (Shopfloor Digitalisation).

Products & Services

Flexible packaging, labels, cylinders, pet food packaging, barrier packaging, retort pouches, and packaging for healthcare products.

Brand Portfolio

blueloop (recyclable packaging portfolio).

New Products/Services

Recyclable products under the 'blueloop' brand; specific revenue contribution % is not disclosed but is a core focus for future growth.

Market Expansion

Focus on high-quality business and refining the product/customer portfolio. Target regions include domestic expansion across its 10 existing manufacturing locations.

Market Share & Ranking

Described as one of the market and technology innovation leaders in the domestic flexible packaging industry.

Strategic Alliances

Step-down subsidiary of Huhtamaki Oyj, Finland, which holds 67.73% equity through Huhtavefa BV.

🌍 External Factors

Industry Trends

The industry is shifting toward sustainable materials, automation, and digital transformation. Smart packaging technologies are redefining standards for product safety and shelf life.

Competitive Landscape

Operates in the competitive domestic flexible packaging industry; maintains leadership through innovation and parent-company operational support.

Competitive Moat

Moat consists of parent-backed technology leadership, a diverse product range (flexibles, labels, cylinders), and a strong financial profile with gearing below 0.1x.

Macro Economic Sensitivity

Sensitive to FMCG sector growth; upcoming GST reforms are expected to boost growth for FMCG clients, indirectly benefiting Huhtamaki.

Consumer Behavior

Shifting toward sustainable and recyclable packaging, driving the company's investment in the blueloop portfolio.

Geopolitical Risks

The Ukraine conflict and Red Sea crisis are cited as key risks impacting economic resilience and supply chain efficiency.

⚖️ Regulatory & Governance

Industry Regulations

Subject to GST regulations (minor procurement side changes) and evolving regulatory expectations regarding sustainable packaging and plastic waste management.

Environmental Compliance

Focus on sustainability and recyclable products (blueloop); specific ESG compliance costs in INR are not disclosed.

Taxation Policy Impact

Tax expenses for CY2024 were INR 28.9 Cr on a PBT of INR 116.8 Cr, representing an effective tax rate of approximately 24.7%.

⚠️ Risk Analysis

Key Uncertainties

1. Raw material price volatility (high impact on margins). 2. Geopolitical disruptions (Red Sea/Ukraine). 3. Regulatory changes regarding plastic usage.