Huhtamaki India Q2 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹1,569 Cr
- P/E
- 11.51
- ROE
- 8.96%
- PEG
- 0.34
- Price to sales
- 0.60
- Debt to equity
- 0.11
- 52W high / low
- ₹319 / ₹150
- Sales growth (5Y)
- 0.05%
- EBITDA margin
- 8.60%
- Net profit margin
- 4.51%
- Promoter holding
- 67.73%
- Sales (last year)
- ₹2,610 Cr
Having started its journey in 1935 , Huhtamaki is India's leading manufacturer and supplier of sustainable, flexible and innovative solutions in packaging and labelling products.
Guidance scorecard · Q2 FY27 call
What Huhtamaki India Ltd's management guided
and where it ranks in Industrial Products
RevenueQ1 FY27 call
0–10%- The company targets volume growth in high single digits, aiming to grow in line with or slightly above market growth (~3-5%).
- Future volume growth is expected to come from selective product and customer categories, particularly in home care and liquid categories.
- Growth will be a balance between domestic and exports markets, with exports dependent on factors like duty stability and regulations.
- Capacity utilization is adequate for the next couple of years, supported by productivity improvements and modernization investments.
- The company focuses on profitable growth, not just volume, emphasizing customer intimacy, innovation, and sustainable products.
- Growth from accelerated customer buying due to raw material/inflation concerns is uncertain but expected to clarify by Q3.
2 more points from Huhtamaki India Ltd's call on revenue
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MarginsQ1 FY27 call
FlatSee what Huhtamaki India Ltd said on margins — free account, 30 seconds.
CapexQ1 FY27 call
Planned- Huhtamaki India is spending on modernization and productivity improvements to support future organic growth.
- They are investing internally in capex to increase capacity and cater to growth over the next couple of years.
- Cash is being deployed in market instruments generating returns at or above benchmark indices.
2 more points from Huhtamaki India Ltd's call on capex
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FundraisingQ1 FY27 call
See what Huhtamaki India Ltd said on fundraising — free account, 30 seconds.
Order bookQ1 FY27 call
- The company is experiencing high single-digit volume growth, with balanced growth in both exports and domestic markets.
- Customers are building some inventory due to geopolitical tensions, which may affect order visibility in Q3.
- The focus is on profitable growth and maintaining strong customer relationships, rather than just volume.
- Future growth is expected to align with market growth rates (around 3-5%) and selective product/customer categories.
2 more points from Huhtamaki India Ltd's call on the order book
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Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Industrial Products
on management's own guidance
- Strong growth2
- Strong growth1
- Strong growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Industrial Products companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Up 2%+ | ₹532 Cr | 21.2 | |
| 2 | 40%+ | Up 2%+ | ₹450 Cr | 13.2 | |
| 3 | 40%+ | Up 2%+ | ₹371 Cr | 26.1 | |
| 4 | 40%+ | Up 0–2% | ₹1,340 Cr | 32.9 | |
| 5 | 40%+ | Up 0–2% | ₹1,196 Cr | 14.1 | |
| 6 | 40%+ | Flat | ₹966 Cr | 25.0 |
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Pro shows every company guiding 40%+ revenue growth →Full Industrial Products rankingFinancials of Huhtamaki India Ltd
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Shareholder Pattern
Huhtamaki India Ltd
Shareholding breakup across reporting periods.
| Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Promoters + | 67.73% | 67.73% | 67.73% | 67.73% | 67.73% | 67.73% | 67.73% | 67.73% | 67.73% | 67.73% | 67.73% | 67.73% |
| FIIs + | 0.89% | 1.21% | 1.39% | 1.40% | 1.19% | 1.16% | 1.10% | 0.90% | 1.12% | 1.34% | 0.66% | 1.67% |
| DIIs + | 1.32% | 1.30% | 1.04% | 1.40% | 1.28% | 1.08% | 0.63% | 0.39% | 1.12% | 1.14% | 1.03% | 0.57% |
| Public + | 30.06% | 29.76% | 29.83% | 29.48% | 29.80% | 30.02% | 30.53% | 30.98% | 30.03% | 29.79% | 30.58% | 30.03% |
| No. of Shareholders | 26,544 | 31,026 | 33,302 | 34,825 | 35,588 | 35,256 | 35,913 | 35,726 | 35,356 | 35,296 | 35,339 | 34,130 |
Financials of Huhtamaki India Ltd
Quarterly Results
Quarter-by-quarter operating performance
| Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 662 | 604 | 610 | 639 | 652 | 619 | 610 | 612 | 625 | 623 | 613 | 750 | 769 |
| Expenses + | 617 | 546 | 569 | 607 | 634 | 593 | 571 | 570 | 569 | 568 | 573 | 675 | 709 |
| Operating Profit | 46 | 58 | 41 | 32 | 18 | 26 | 39 | 43 | 55 | 54 | 40 | 75 | 60 |
| OPM % | 7% | 10% | 7% | 5% | 2.8% | 4.2% | 6% | 7% | 9% | 9% | 7% | 10% | 8% |
| Other Income + | 3 | 376 | 8 | 36 | 15 | 6 | 12 | 7 | 9 | 8 | 22 | 1 | -4 |
| Interest | 8 | 6 | 5 | 5 | 5 | 3 | 3 | 3 | 3 | 8 | 4 | 3 | 3 |
| Depreciation | 11 | 11 | 10 | 12 | 12 | 14 | 13 | 13 | 13 | 14 | 24 | 14 | 14 |
| Profit before tax | 30 | 416 | 35 | 51 | 16 | 15 | 35 | 33 | 49 | 41 | 35 | 59 | 39 |
| Tax % | -6% | 21% | 26% | 24% | 26% | 23% | 25% | 25% | 25% | 26% | 27% | 26% | 25% |
| Net Profit + | 32 | 327 | 26 | 39 | 12 | 12 | 26 | 25 | 37 | 30 | 26 | 44 | 30 |
| EPS in Rs | 4.27 | 43.35 | 3.45 | 5.10 | 1.55 | 1.55 | 3.46 | 3.30 | 4.87 | 4.01 | 3.39 | 5.79 | 3.94 |
Financials of Huhtamaki India Ltd
Profit & Loss
Annual income statement trend
| Dec 2014 | Dec 2015 | Dec 2016 | Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 1,135 | 1,151 | 2,181 | 2,131 | 2,369 | 2,599 | 2,463 | 2,625 | 2,983 | 2,549 | 2,521 | 2,469 | 2,754 |
| Expenses + | 1,033 | 1,030 | 1,931 | 1,911 | 2,146 | 2,305 | 2,228 | 2,515 | 2,825 | 2,354 | 2,403 | 2,278 | 2,526 |
| Operating Profit | 102 | 121 | 251 | 220 | 223 | 294 | 235 | 110 | 158 | 195 | 118 | 192 | 229 |
| OPM % | 9% | 11% | 11% | 10% | 9% | 11% | 10% | 4.2% | 5% | 8% | 4.7% | 8% | 8% |
| Other Income + | 16 | 13 | 15 | 13 | 17 | 17 | 8 | -22 | 17 | 385 | 65 | 36 | 28 |
| Interest | 1 | 26 | 39 | 33 | 41 | 23 | 27 | 28 | 33 | 31 | 18 | 17 | 18 |
| Depreciation | 36 | 39 | 93 | 85 | 85 | 87 | 98 | 92 | 86 | 49 | 47 | 52 | 65 |
| Profit before tax | 81 | 68 | 133 | 115 | 114 | 202 | 118 | -32 | 56 | 500 | 117 | 158 | 174 |
| Tax % | 21% | 28% | 39% | 45% | 69% | 16% | 18% | -28% | 11% | 18% | 25% | 25% | |
| Net Profit + | 65 | 49 | 82 | 64 | 35 | 170 | 96 | -23 | 50 | 410 | 88 | 118 | 129 |
| EPS in Rs | 8.89 | 6.75 | 11.21 | 8.42 | 4.62 | 22.52 | 12.71 | -3.00 | 6.57 | 54.24 | 11.65 | 15.65 | 17.13 |
| Dividend Payout % | 32% | 41% | 27% | 36% | 65% | 13% | 24% | -33% | 30% | 9% | 17% | 13% |
Financials of Huhtamaki India Ltd
Balance Sheet
Capital structure and asset base
| Dec 2014 | Dec 2015 | Dec 2016 | Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 15 | 15 | 15 | 15 | 15 | 15 | 15 | 15 | 15 | 15 | 15 | 15 | 15 |
| Reserves | 549 | 572 | 495 | 534 | 541 | 682 | 750 | 701 | 742 | 1,135 | 1,178 | 1,278 | 1,334 |
| Borrowings + | 19 | 402 | 435 | 406 | 403 | 273 | 295 | 409 | 410 | 255 | 149 | 144 | 145 |
| Other Liabilities + | 226 | 298 | 501 | 480 | 491 | 544 | 523 | 684 | 584 | 596 | 595 | 567 | 722 |
| Total Liabilities | 809 | 1,288 | 1,446 | 1,435 | 1,451 | 1,514 | 1,583 | 1,808 | 1,751 | 2,001 | 1,937 | 2,004 | 2,216 |
| Fixed Assets + | 203 | 186 | 465 | 437 | 518 | 486 | 561 | 537 | 479 | 483 | 598 | 604 | 600 |
| CWIP | 6 | 3 | 2 | 2 | 4 | 8 | 16 | 43 | 35 | 131 | 40 | 35 | 8 |
| Investments | 225 | 755 | 195 | 138 | 21 | 61 | 18 | 1 | 0 | 80 | 151 | 194 | 128 |
| Other Assets + | 375 | 343 | 784 | 858 | 908 | 959 | 987 | 1,228 | 1,237 | 1,307 | 1,148 | 1,171 | 1,479 |
| Total Assets | 809 | 1,288 | 1,446 | 1,435 | 1,451 | 1,514 | 1,583 | 1,808 | 1,751 | 2,001 | 1,937 | 2,004 | 2,216 |
Financials of Huhtamaki India Ltd
Cash Flows
Operating, investing and financing cash movement
| Dec 2014 | Dec 2015 | Dec 2016 | Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 79 | 136 | 166 | 96 | 101 | 285 | 169 | -28 | 133 | 274 | 142 | 238 |
| Cash from Investing Activity + | -195 | -482 | -0 | 5 | -29 | -88 | -73 | -56 | -90 | 40 | -77 | -156 |
| Cash from Financing Activity + | 112 | 346 | -150 | -87 | -68 | -200 | -74 | 49 | -32 | -211 | -161 | -36 |
| Net Cash Flow | -4 | -1 | 16 | 13 | 3 | -3 | 22 | -35 | 11 | 102 | -96 | 46 |
| Free Cash Flow | 9 | 109 | 143 | 34 | 39 | 229 | 126 | -104 | 41 | 182 | 81 | 184 |
| CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit | 91% | 128% | 90% | 66% | 78% | 117% | 91% | -12% | 92% | 154% | 117% | 120% |
Financials of Huhtamaki India Ltd
Ratios
Working capital efficiency and return ratios
| Dec 2014 | Dec 2015 | Dec 2016 | Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 70 | 69 | 77 | 90 | 88 | 87 | 79 | 88 | 81 | 79 | 83 | 82 |
| Inventory Days | 42 | 38 | 45 | 49 | 48 | 38 | 52 | 68 | 50 | 57 | 52 | 46 |
| Days Payable | 69 | 70 | 81 | 93 | 82 | 91 | 93 | 112 | 80 | 98 | 100 | 102 |
| Cash Conversion Cycle | 43 | 37 | 42 | 46 | 54 | 35 | 38 | 43 | 51 | 37 | 35 | 26 |
| Working Capital Days | 38 | 17 | 31 | 49 | 51 | 19 | 29 | 34 | 34 | 41 | 41 | 39 |
| ROCE % | 15% | 12% | 18% | 16% | 15% | 22% | 14% | 2% | 7% | 12% | 7% | 12% |
Guidance history
How Huhtamaki India Ltd's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q1 FY27 call → | 0–10% | Flat | Planned | — | — |
| Q4 FY26 call → | 0–10% | Flat | None planned | — | — |
| Q3 FY26 call → | 0–10% | Flat | — | — | — |
| Q2 FY26 call → | 0–10% | Flat | — | — | — |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
23 out of 100 — Cooling
Over the past year its share price has done worse than most of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | −16.9% | 42% |
| Last 6 months | +15.4% | 73% |
| Last 3 months | −30.5% | 5% |
The price is 52.6% below its all-time high of ₹436.85 (23 Aug 2024). Stocks more than 20% below their peak have their score halved, so 47 became 23.
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Huhtamaki India Ltd: 0.4 × 42 + 0.4 × 73 + 0.2 × 5 = 47, halved to 23 because the price is more than 20% below its all-time high.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 30 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
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What Huhtamaki India Ltd's management said in earlier quarters
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