Huhtamaki India Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript Huhtamaki India Ltd filed with BSE on 31 Jul 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Huhtamaki India reported net sales growth of 23.1% for Q2 CY26, with growth split roughly evenly between price, volume and product mix. EBITDA margin improved to 10.5% from 8.3% and EBIT margin rose to 8.5%, while profit before tax grew 77% year-on-year to Rs 559 crores. Management attributed the performance to a broad-based mix of pricing and volume across both domestic and export markets, partly offset by raw material cost pressure from the Middle East crisis.
Numbers mentioned
Net sales growth: 23.1% (Q2 CY26)
p. 4
“you will see that for the quarter, our sales have grown by 23.1 percentage points.”
Amit Gupta, page 4 of the filed PDF · View the filing
EBITDA margin: 10.5% (Q2 CY26)
p. 4
“The EBITDA margin improvement by about 55% from 8.3 to 10.5 percentage points is primarily driven by the higher margins”
Amit Gupta, page 4 of the filed PDF · View the filing
EBIT margin: 8.5% (Q2 CY26)
p. 4
“Our EBIT margins again reflected the growth that was there in EBITDA, about 72% up to 8.5 percentage points.”
Amit Gupta, page 4 of the filed PDF · View the filing
Profit before tax: Rs 559 crores (Q2 CY26)
p. 4
“our overall profit was -- profit before tax was still at 77 percentage growth over the last year at INR559 crores for this particular quarter.”
Amit Gupta, page 4 of the filed PDF · View the filing
EPS growth: 77.3% (Q2 CY26)
p. 4
“The growth we are seeing here is 77.3 percentage points.”
Amit Gupta, page 4 of the filed PDF · View the filing
H1 top line growth: close to 12% (H1 CY26)
p. 4
“For the H1 period, our top line growth was also strong double digit, close to about 12 percentage points”
Amit Gupta, page 4 of the filed PDF · View the filing
H1 EBITDA margin: 10.5% (H1 CY26)
p. 4
“The EBITDA margins for the H1 again stand at 10.5 percentage points, substantially almost like 2.2 percentage points higher versus the last year.”
Amit Gupta, page 4 of the filed PDF · View the filing
H1 EPS: Rs 9.18 (H1 CY26)
p. 4
“our earnings per share for the H1 remained at INR9.18, again, up by almost 36 percentage points”
Amit Gupta, page 4 of the filed PDF · View the filing
Quarterly sales: Rs 723 crores (Q2 CY26)
p. 5
“the bar for the quarter 2 stands quite high at INR723 crores.”
Amit Gupta, page 5 of the filed PDF · View the filing
Bank balances: Rs 270 crores (Q2 CY26)
p. 5
“Bank balances remain at INR270 crores and investment in liquid mutual funds is about INR125 crores.”
Amit Gupta, page 5 of the filed PDF · View the filing
Unutilized fund-based limits: Rs 427 crores (Q2 CY26)
p. 5
“We have an unutilized fund-based limits during the period, which is about INR427 crores.”
Amit Gupta, page 5 of the filed PDF · View the filing
Total incident rate reduction: 40% (year-to-date)
p. 6
“I'm very pleased to inform that we actually had the total incident rate reduction by 40% year-to-date”
Kamal Taneja, page 6 of the filed PDF · View the filing
Export share of sales volume: 30%
p. 12
“Actually, 30% of our sales volume comes from exports.”
Kamal Taneja, page 12 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Solar captive power plant commissioning — supplying ~50% of power for Khopoli plant · Q3
stated firmly by Kamal Taneja
p. 6
“we have a solar captive generation power plant getting online in this quarter, in Q3, which will actually supply almost 50% of power for our Khopoli plant.”
Kamal Taneja, page 6 of the filed PDF · View the filing
Quarterly revenue growth rate — future quarters
stated firmly by Kamal Taneja
p. 17
“I think one thing I can tell you is that we would not expect 23% growth every quarter, Yes?”
Kamal Taneja, page 17 of the filed PDF · View the filing
Volume growth aligned to market — grow in line with market growth of 3-5%
stated as an aspiration by Kamal Taneja
p. 17
“if we are kind of growing with the market, that would be a good kind of target for us.”
Kamal Taneja, page 17 of the filed PDF · View the filing
Blueloop adoption
stated as an aspiration by Kamal Taneja
p. 18
“we would see more volume coming through. But right now, it seems that it's below 30% level at the moment.”
Kamal Taneja, page 18 of the filed PDF · View the filing
Capacity for future growth — a couple of years
stated firmly by Kamal Taneja
p. 16
“I think I would not worry about capacity utilization or amount of growth we can do at least for another couple of years.”
Kamal Taneja, page 16 of the filed PDF · View the filing
Growth with customers
stated as an aspiration by Kamal Taneja
p. 16
“if we can somehow grow with our customers, that would be our aspiration moving forward.”
Kamal Taneja, page 16 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said volume growth was high single digit, close to double digit, and broadly balanced between domestic and exports.
Answered by Kamal Taneja
Asked by Hitesh Randhawa: What was the volume growth this quarter and export growth specifically?
p. 7
“I can't give you exact volume number. But I can tell you it's a high single digit.”
Kamal Taneja, page 7 of the filed PDF · View the filing
Management said it could not predict the exact future margin level given external factors but reiterated commitment to the profitable growth strategy.
Answered by Kamal Taneja
Asked by Gunit Singh: Are the current EBITDA margins of around 10% sustainable?
p. 9
“I can't answer to you whether it's going to be 10% or 15% or 8% next quarter because there's always a lot of external factors working either with us or against us tailwind or headwind.”
Kamal Taneja, page 9 of the filed PDF · View the filing
Management declined to commit to a specific revenue number, saying it depends on raw material pass-through, product mix and customer growth.
Answered by Kamal Taneja
Asked by Gunit Singh: Could a Rs 750 crore quarterly revenue run rate be assumed going forward?
p. 10
“Whether that would be INR750 crores or whether that would be INR650 crores, I can't tell you about that, yes.”
Kamal Taneja, page 10 of the filed PDF · View the filing
Management declined to disclose specific land assets under consideration beyond what has already been completed or will be disclosed later.
Answered by Kamal Taneja
Asked by Ajit Darda: Which land assets are being considered for monetization?
p. 10
“I think we would not disclose that in this call or I think you would probably see whatever we do in terms of our annual disclosure.”
Kamal Taneja, page 10 of the filed PDF · View the filing
Management said there were no specific disclosures on inorganic growth plans, though they continue evaluating opportunities.
Answered by Amit Gupta
Asked by Ajit Darda: Are there plans for organic or inorganic acquisitions given the cash balance?
p. 11
“We don't have any specific disclosures right now to make with respect to any plans for any nonorganic growth in the future.”
Amit Gupta, page 11 of the filed PDF · View the filing
Management attributed the rise to higher pricing and volumes rather than any deterioration in collection quality, noting DSI and DSO ratios remained stable.
Answered by Amit Gupta
Asked by Nathumal Modi: Why have inventory and trade receivables increased substantially?
p. 15
“There is no major shift in our DSIs and DSOs versus what we have been experiencing in the last few quarters.”
Amit Gupta, page 15 of the filed PDF · View the filing
Management said pricing is dynamic and pass-through is ongoing rather than a completed, one-time event.
Answered by Kamal Taneja
Asked by Anushree Mandhana: Is the raw material price pass-through now complete?
p. 13
“I guess it's never a done story, right, especially unless the political situation improves.”
Kamal Taneja, page 13 of the filed PDF · View the filing
Management said it would be happy to grow in line with overall market growth rather than commit to a specific sustained rate.
Answered by Kamal Taneja
Asked by Naitik: Is the high single-digit volume growth rate sustainable going forward?
p. 17
“if I can grow same as the market, that would be a happy place for me.”
Kamal Taneja, page 17 of the filed PDF · View the filing
Management said efficiency improvement is a continuous process though the rate of improvement may diminish over time.
Answered by Kamal Taneja
Asked by Shital Shah: Have margins peaked or is there more room for improvement through cost efficiency measures?
p. 19
“The returns, the cost of -- the rate of improvement may diminish in the future because that's a normal process, but we will keep on focusing on the same things.”
Kamal Taneja, page 19 of the filed PDF · View the filing
Risks flagged
Middle East crisis causing supply chain disruption and raw material cost volatility
p. 3
“the Middle East crisis weighed in significantly in the market, there was a significant disruption to supply chain, and there was a raw material cost variation.”
Kamal Taneja, page 3 of the filed PDF · View the filing
Export duty stability challenges
p. 7
“exports, we had a lot of challenges with the duty stability, which was a bit of challenge for us initially, but we see that stabilizing a bit now.”
Kamal Taneja, page 7 of the filed PDF · View the filing
Uncertainty over customer inventory buildup unwinding
p. 13
“We do not know quantum of how much inventory buildup is there in the market.”
Kamal Taneja, page 13 of the filed PDF · View the filing
Ongoing political and geopolitical situation affecting raw material availability
p. 19
“How that plays in terms of material availability, cost, et cetera, is yet to be seen, especially with the current political situation.”
Kamal Taneja, page 19 of the filed PDF · View the filing
Difficulty procuring raw materials due to geopolitical tension
p. 19
“I think problem, no. Hard, yes. It's not easy, as you know.”
Kamal Taneja, page 19 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.