Huhtamaki India Ltd(HUHTAMAKI)

NSE: HUHTAMAKIBSE: 509820

₹ 217.75+3.17%refreshed 26 Oct, 03:30 pm ISTMarket cap: ₹ 1,644 crNext results: 27 Oct 2026Website: www.flexibles.huhtamaki.inUpdated: 24 Oct 2026

About

Huhtamaki India Ltd, part of the global Huhtamaki Group, makes flexible packaging, labels and laser-engraved cylinders for food and beverage, home and personal care, healthcare and industrial customers. It runs 10 plants across India and reported revenue of Rs 2469.41 Cr in FY25. Exports made up 33.51% of total turnover in FY2025. The FY25 annual report describes it as a leading supplier of laser-engraved cylinders.^[1][2]

Business segments

Flexible packaging material and allied products is the single reported segment, at 97.96% of turnover in FY25.^[1]
Consumer Packaging revenue in FY24: India 16,848.2 and outside India 7,657.1 (Rs million).^[3]

Products and sustainable packaging

Formats include reel laminates, high-barrier laminates, pre-made pouches, shrink sleeves, wrap-around labels, pressure-sensitive labels and digitally printed packs (FY25).^[1]
The sustainable range is sold as blueloop™ (PE, PO, PP Retort), blueLite™ and OmniLock™. blueLite™ allows up to 15% film-thickness reduction (FY25).^[1]
blueloop™ PP Retort has over 90% mono-material content and meets CEFLEX recyclability guidelines (FY25).^[1]
In Q2 CY26, blueloop made up below 30% of sales. Blueloop assets ran at over 70% utilisation, largely making conventional products.^[4]
In Q3 CY25, recyclable products were 27-30% of sales, unchanged from a year earlier. New high-barrier personal care structures and paper-based products were introduced.^[5]
Under Strategy 2030, the company aims to make 100% of its portfolio recyclable or blueloop by end-2030.^[5]

Operations and capacity

In FY25 the company had 10 plants: Taloja, Khopoli, Ambernath, Sri City, Silvassa, Guwahati, Rudrapur, Baddi and two in Bengaluru. It also had 5 offices.^[1]
It has an R&D centre at Khopoli, Maharashtra (FY25).^[1]
A captive solar project at Khopoli was targeted to go live in Q3 CY26, supplying about 50% of the plant's power.^[4]
Raw materials are sourced globally. Because exports exceed imported raw material costs, the company has a positive net foreign exchange position.^[6]

Key operating numbers

Net sales grew 23.1% YoY to MINR 7,286 in Q2 CY26. Pricing, volume and product mix each contributed roughly one-third of the growth.^[4]
Volume growth was high single digit YoY in Q2 CY26. In FY25, overall volumes were lower than the year before as lower-margin businesses were exited or scaled down.^[4][1]
Early in Q1 CY26, raw material costs rose by low-to-medium double digits. By end-March 2026, most future orders were locked at new prices.^[6]

Customers and distribution

Over 55% of its packaging goes to food and beverage. The rest serves home care, personal care, cosmetics and industrial uses (FY25).^[1]
Exports were 33.51% of turnover in FY2025. The company is among the few Indian packaging makers supplying Central and South America.^[1]
Exports were about 30% of sales volume in Q2 CY26, going to Southeast Asia, Africa, Europe and the Americas.^[4]
The FY25 annual report names dependence on select large customers as a risk.^[1]
Home care and liquids were driving incremental volume mix in Q2 CY26.^[4]

Expansion and capex

Capex was Rs 558.1 million in 2025, spent on capacity optimisation, efficiency and maintenance.^[1]
Capex in CY26 focuses on equipment modernisation and productivity. No large-scale or inorganic capex is planned.^[4]
Growth is targeted in food, beverages, quick commerce, e-commerce and recyclable mono-material packaging (FY25).^[1]

Recent developments

A new MD took over from Jan 2026. The CFO resigned in Dec 2025, and Anil Kaul became CFO from February 27, 2026.^[1]
The credit rating was raised to Crisil AA-/Stable (FY25 annual report).^[1]
In Q1 CY26, operations at the Daman facility were curtailed and the property was reclassified as held for sale.^[6]
Total Recordable Incident Rate fell 40% year-to-date in H1 CY26.^[4]

Market Cap

₹1,644 Cr

High / Low

₹330 / 149

Stock P/E

11.7

Price / Book

1.2

Book Value

₹171

EPS

₹15.7

No. of Shares

7.55 Cr

ROCE

12.6%

ROE

9.5%

OPM

6.9%

Debt / Equity

0.08

Sales

₹2,469 Cr

Net Profit

₹118 Cr

Promoter holding

67.7%

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