Huhtamaki India Limited (HUHTAMAKI) — Announcement | 31 July 2026

Huhtamaki India reported robust Q2 FY26 results with 23.1% YoY net sales growth, 55% EBITDA growth, and 71% EBIT growth, driven by volume, price, and product mix despite commodity pressures. EBITDA margin expanded to 10.5%, profit before tax rose 77% to INR 559 crores, and EPS grew 77.3% to INR 9.18, supported by strong cash balances of INR 270 crores and nil net debt. Management highlighted sustainable growth through product mix optimization, Blueloop adoption, and capacity utilization, targeting a quarterly revenue run rate of INR 750 crores under stable conditions. Export contributions remain steady at ~30% of sales, with pricing strategies tied to raw material indexes ensuring transparent pass-through mechanisms. The company emphasized organic capex for capacity modernization, no current acquisition plans, and monetization of non-core assets like the Daman land. Risks include export market volatility and raw material cost pass-through frequency, but the firm maintains confidence in achieving profitable growth aligned with market expansion rates of 3-5%.