Sector Alpha Week of 2026-07-31
Sector Alpha — machine-written from the numbers · Data as of 2026-07-31

Huhtamaki India Ltd

HUHTAMAKI
Packaging - FMCG/Consumers

Huhtamaki India Ltd's price has outrun its earnings. +36.3% in a year against EPS −78.5% — the market is paying now for delivery later.

The sharpest disagreement: the price moved +36.3% in a year while annual EPS moved −78.5% — the difference is re-rating, and re-rating has to be repaid with earnings.

The price is in a downtrend (33 weeks in) while the P/E sits at the 87th percentile of its own 11-year range. Underneath, the last four quarters read improving — profit +208.3% year on year, and 100% of the last 3 years' profit arrived as cash. What settles it: whether earnings grow into a price that has already moved.

Stage
Deteriorating
partial read
Price
₹298
+36.3% 1Y
P/E
26.6×
87th pctile
of its own 11-year range
Revenue (Sep 25)
₹625 Cr
−4.1% YoY
Profit (Sep 25)
₹37.0 Cr
+208.3% YoY
Operating margin
9.0%
+6.0 pp YoY
ROCE
7%
FY24
ROIC
11.7%
vs WACC 12.0% → −0.3 pp
Cash conversion
100%
of profit, last 3 FY
Unverified figures: Some figures on this page come from a second financial-data feed that could not be cross-checked against the primary source — the two do not share enough overlapping reported history to compare. They are drawn, because they are the only evidence there is, and every section carrying one is marked unverified. PEG is the exception: the ratio and its quarterly curve are not drawn at all. PEG asks what is being paid for growth — both sides of that division come from the source that could not be checked, so it is withheld instead of marked.
01 · Price story

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Huhtamaki India Ltd trades at ₹298, in a downtrend and 33 weeks into that stage. That is +45.0% against its own 200-day average. It sits at 87% of a 52-week range of ₹156 to ₹319. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 11 straight weeks.

Today the stock is in a downtrend — week 33 of stage 4. At ₹298 it trades +45.0% versus its 200-day average and sits at 87% of its 52-week range (₹156–₹319).

Jul 26: ₹298 Weekly closing price (₹) with 50- and 200-day averages; shaded bands mark the price stage (grey base, green advance, amber top, red decline). 3-year window.
+45.0% versus the 200-day line, week 33 of stage 4
Price50-day avg200-day avg
S2S4S4₹459₹378₹297₹215₹134₹298₹206Jul 23May 24Feb 25Nov 25Jul 26
S2S4S4₹459₹378₹297₹215₹134₹298₹206Jul 23Feb 25Jul 26
Beating or trailing, week by week since 2016 Each cell is one week from 2016 to now (546 weeks): the stock's trailing 13-week return minus the NIFTY 500's, green ahead / red behind (±25% ramp). Grey cells are the 13-week warm-up or weeks where the NIFTY 500 reading is not held.
trailing 13-week return vs the NIFTY 500
Mar 16Jul 26

Against the market, two honest reads. Cumulative: over the last 10.4 years the stock moved +37% while the NIFTY 500 moved +276% — behind the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 11 straight weeks — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

02 · Valuation

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Huhtamaki India Ltd trades at 26.6× P/E, at the pricey end of its own range (87th percentile). Its long-run median P/E is 21.1×, measured across 10.5 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 26.6× is at the pricey end of its own range (87th percentile), against a long-run median of 21.1× measured over 10.5 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

P/E 26.6× vs a 21.1× long-run median P/E, weekly (left axis); earnings per share, trailing twelve months, weekly (right axis). 10.5-year window; loss-period spikes above 34× shown pinned at the top. The eps (ttm) bars are red where the reading is lower than the quarter before.
at the pricey end of its own range (87th percentile)
P/EMedianEPS (TTM) (quarterly)
35.1×₹13.529.4×₹10.123.8×₹6.718.1×₹3.412.4×₹0.0×25.60×₹12Feb 16Oct 18May 21Jan 24Jul 26
35.1×₹13.529.4×₹10.123.8×₹6.718.1×₹3.412.4×₹0.0×25.60×₹12Feb 16May 21Jul 26
P/E
26.6×
87th percentile of 11y

🚨 Why the multiple sits where it does: over the past year annual EPS moved −78.5% against a +36.3% price move — the price outran earnings, pushing the multiple UP its own range.

The price move, decomposed: over 5y, of the −0.2%/yr price move, ~+0.0%/yr came from earnings growth and ~−0.2 pp from the multiple (roughly flat); over 10y, of the −0.7%/yr price move, ~−0.5%/yr came from earnings growth and ~−0.2 pp from the multiple (roughly flat). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.

Put together: the multiple is full against its own past, so the story rests on the earnings line underneath it, not the multiple.

The PEG ratio and its quarterly curve, which only the second data source carries, are not drawn on this page: its two data sources do not share enough overlapping reported history to be compared. A figure nobody could check is not used to price growth — the gap is a decision, not missing data.

03 · Stage: Deteriorating

Stage: Deteriorating Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Huhtamaki India Ltd reads as deteriorating on its fundamental arc. Deteriorating — revenue, profit and EPS growth are shrinking (revenue growth −1.6% latest against +26.1% at its 12-quarter best), ROCE holding at 7.0%. The read is built from 12 quarters across 4 curves, on partial evidence.

Growth, year by year: revenue −1.1% in FY24, profit −78.5% Year-over-year growth per fiscal year, %: revenue (left axis); net profit and EPS (right axis — profit growth swings far wider). Zero line drawn. Turnaround-year spikes shown pinned (▲).
Revenue YoYProfit YoYEPS YoY
73%334%49%211%26%88%2.5%−35%−21%−158%%%−1.1%−78.5%FY14FY19FY24
73%334%49%211%26%88%2.5%−35%−21%−158%%%−1.1%−78.5%FY14FY19FY24
Three growth curves, twelve quarters Year-on-year growth of trailing-twelve-month revenue (left axis), profit and EPS (right axis — they swing far wider), % at each quarter-end. Base-effect spikes shown pinned (▲). A missing point means that reading is not held for the quarter.
the trajectory the stage is read from · revenue stabilising, profit rolling over
RevenueProfitEPS
29%331%19%220%8.9%109%−1.2%0.0%−11%−113%%%−1.6%−75.2%−75.3%Dec 22Mar 24Sep 25
29%331%19%220%8.9%109%−1.2%0.0%−11%−113%%%−1.6%−75.2%−75.3%Dec 22Mar 24Sep 25
ROCE Annual readings — the quarterly balance-sheet pieces this curve needs are not held for this stock, so the returns read moves once a year and carries less weight in the call.
the return curve, annual readings
ROCE
13%9.9%7.0%4.1%1.2%%7%FY21FY22FY24
13%9.9%7.0%4.1%1.2%%7%FY21FY22FY24
Revenue growth
Flat
latest −1.6% · span −8.4% to +26.1%
Profit growth
Flat
latest −75.2% · span −82.3% to +700.0%
EPS growth
Flat
latest −75.3% · span −82.4% to +715.5%
ROCE
Stuck low
latest 7.0% · span 2.0%–12.0%

🚨 Why it matters: falling curves mean every cheap-looking ratio below needs a discount for direction.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

A partial read: at least one curve is short, or the returns curve is not the computed quarterly series — hold the stage word a little more loosely.

Compound annual growth rate (%) Compound annual growth rate over each window, %. Revenue, profit and EPS from fiscal-year figures; share price is the price CAGR over the same spans. A dash = that window is not held, or the base was a loss.
1yr3yr5yr10yr
Revenue−1.1%−1.3%−0.6%+7.5%
Profit−78.5%−12.3%+2.6%
EPS−78.5%−12.4%+2.4%
Share price+36.3%+4.5%−0.2%−0.7%
Revenue YoY (Sep 25)
−4.1%
latest quarter vs a year ago
Profit YoY (Sep 25)
+208.3%
latest quarter vs a year ago
Revenue 10y
7.5%
long-run compound pace
04 · 4-Factor Sector Score

4-Factor Sector Score

52.6/100 — rank 4 of 6 in Packaging - FMCG/Consumers · 69% evidence confidence

Huhtamaki India Ltd scores 52.6 out of 100 against the 6 companies it is compared with in Packaging - FMCG/Consumers, ranking 4. Price leads the evidence: RS versus the benchmark is 42.6%, but earnings trajectory is weak. Wait for revenue and profit confirmation.

The four contributions add to the total exactly: 17.1 + 10.8 + 11.3 + 13.4 = 52.6. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

05 · Revenue

Revenue Revenue is the top line: everything the company billed its customers in the period.

Huhtamaki India Ltd reported ₹625 Cr of revenue in the Sep 25 quarter, −4.1% year on year. Over 10 years it has compounded at 7.5% a year. The last full year, FY24, came in at ₹2,521 Cr. The last four reported quarters add to ₹2,466 Cr.

FY24 revenue came in at ₹2,521 Cr (−1.1% on the year), capping 10 years at 7.5% compound. The latest quarter (Sep 25) printed ₹625 Cr, −4.1% year on year.

FY24 revenue ₹2,521 Cr (−1.1% YoY) Revenue bars, ₹ Cr (left); YoY growth-% line (right). 11-year window. A bar is red when it is lower than the year before.
7.5% a year over 10 years
RevenueYoY growth
3.2k73%2.4k49%1.6k26%8052.5%0−21%₹ Cr%₹2,521−1.1%FY14FY19FY24
3.2k73%2.4k49%1.6k26%8052.5%0−21%₹ Cr%₹2,521−1.1%FY14FY19FY24
Sep 25: ₹625 Cr (−4.1% YoY) Quarterly revenue bars, ₹ Cr (left); YoY growth-% line (right). Last 12 quarters. A bar is red when it is lower than the quarter before.
Revenue (quarterly)YoY growth
7484.0%561−0.8%374−5.6%187−10%0−15%₹ Cr%₹625−4.1%Dec 22Mar 24Sep 25
7484.0%561−0.8%374−5.6%187−10%0−15%₹ Cr%₹625−4.1%Dec 22Mar 24Sep 25

Pace check: the last four quarters averaged −1.4% growth against the decade's 7.5% — the current year is running slower than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew −1.6% over the last 4 quarters against −3.3%/yr over the last 8 — stabilising; TTM profit −75.2% vs +1.0%/yr — rolling over.

06 · Operating margin

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Huhtamaki India Ltd's operating margin is 9.0% in the Sep 25 quarter, +6.0 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 4.0% to 12.0%. The current quarter sits inside that band.

The latest quarter's operating margin is 9.0%, +6.0 pp against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 4.0%–12.0%.

Why: the numbers show the operating margin move clearly, but the cost lines behind it sit below what we hold — so we state the move without inventing its driver.

FY24: 5.0% Operating margin by fiscal year, %, line (left); year-on-year change in the margin, in percentage points, line (right). 13-year window.
within a 4.0–12.0% band over 13 years
operating marginYoY change (pp)
13%3.7%10%1.1%8.0%−1.5%5.7%−4.1%3.4%−6.7%%%5%−3%FY12FY18FY24
13%3.7%10%1.1%8.0%−1.5%5.7%−4.1%3.4%−6.7%%%5%−3%FY12FY18FY24
Sep 25: 9.0% operating margin (+6.0 pp YoY) Quarterly operating margin, %, line (left); year-on-year change in the margin, in percentage points, line (right). Last 12 quarters. Operating profit as a share of revenue, per quarter.
Operating marginYoY change (pp)
11%7.0%8.5%3.5%6.5%0.0%4.5%−3.5%2.4%−7.0%%%9%6%Dec 22Mar 24Sep 25
11%7.0%8.5%3.5%6.5%0.0%4.5%−3.5%2.4%−7.0%%%9%6%Dec 22Mar 24Sep 25
07 · Net profit

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Huhtamaki India Ltd earned ₹37.0 Cr of net profit in the Sep 25 quarter, +208.3% year on year. Full-year FY24 profit was ₹88.0 Cr. The 10-year compound rate is 2.6%. That is 5.9% of the quarter's revenue. The same quarter a year earlier earned ₹12.0 Cr.

Sep 25 profit was ₹37.0 Cr, +208.3% year on year. On the full year, FY24 printed ₹88.0 Cr (−78.5%), and the 10-year compound rate is 2.6%.

FY24 profit ₹88.0 Cr (−78.5% YoY) Net profit bars, ₹ Cr (left); YoY growth-% line (right). 11-year window. A bar is red when it is lower than the year before.
2.6% a year over 10 years
Net profitYoY growth
445788%319543%194298%6853%−58−192%₹ Cr%₹88−78.5%FY14FY19FY24
445788%319543%194298%6853%−58−192%₹ Cr%₹88−78.5%FY14FY19FY24
Sep 25: ₹37.0 Cr (+208.3% YoY) Quarterly net profit bars, ₹ Cr (left); YoY growth-% line (right). Last 12 quarters. A bar is red when it is lower than the quarter before.
Net profit (quarterly)YoY growth
3531,977%2651,420%177864%88307%0−250%₹ Cr%₹37208.3%Dec 22Mar 24Sep 25
3531,977%2651,420%177864%88307%0−250%₹ Cr%₹37208.3%Dec 22Mar 24Sep 25

Why profit moved: revenue contributed −4.1% and the margin +6.0 pp — the quarter was margin-led: most of the profit growth came from keeping more of each sale.

Pace comparison, last four quarters: profit +19.0% vs revenue −1.4%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra rupee of revenue drops more to the bottom line.

08 · Cash flow — the router

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 100% of Huhtamaki India Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY24 that was ₹142 Cr of operating cash against ₹88.0 Cr of profit. After ₹71.0 Cr of capital spending, ₹71.0 Cr was left as free cash.

FY24: operating cash of ₹142 Cr against reported profit of ₹88.0 Cr, leaving free cash of ₹71.0 Cr after ₹71.0 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 100% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

FY24: CFO ₹142 Cr vs profit ₹88.0 Cr Operating cash flow and net profit by fiscal year, ₹ Cr; the line is free cash flow (CFO minus capital spending). 11-year window, annual resolution. FY15/FY21 reflects an acquisition year — point shown clipped.
100% of 3-year profit arrived as cash
Operating cashNet profitFree cash
44831017233−105₹ Cr₹142₹88₹71FY14FY19FY24
44831017233−105₹ Cr₹142₹88₹71FY14FY19FY24
FY24: CFO = 161% of profit (three-year rate 100%) Operating cash as a share of net profit, per fiscal year, % (line). Dashed line = 100% — every unit of profit arriving as cash.
Conversion100%
307%242%178%114%49%%161%FY14FY19FY24
307%242%178%114%49%%161%FY14FY19FY24

Why conversion sits at 100%: the cash cycle held roughly steady between FY19 and FY24 — so conversion tracks profitability rather than the cycle.

Router verdict: no single sink dominates — the next section checks both the working-capital cycle and the capital spending.

09 · Where the cash goes

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Huhtamaki India Ltd's cash conversion cycle runs 35 days in FY24, down from 35 days in FY19. Capital spending ran ₹240 Cr over the last 3 years. At FY24 sales of ₹2,521 Cr each day of that cycle holds about ₹6.9 Cr, so roughly ₹242 Cr sits inside the business at any moment.

FY24: debtors at 83 days, inventory at 52 days — roughly 1.7 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 35 days, tighter than FY19's 35.

The full loop: cash goes out to suppliers and production on day 0; stock waits 52 days to sell; customers pay about 83 days after that; and suppliers themselves are paid at 100 days — netting out to the 35-day cycle.

In money terms: at FY24 sales of ₹2,521 Cr, each day of the cycle holds about ₹6.9 Cr — so the 35-day loop keeps roughly ₹242 Cr sitting inside the business at any moment.

FY24: a 35-day cash cycle Debtor days, inventory days, payable days and the cash conversion cycle by fiscal year. 13-year window.
+0 days vs FY19
Cash cycleInventory daysDebtor daysPayable days
11896745129days35d52d83d100dFY12FY15FY18FY21FY24
11896745129days35d52d83d100dFY12FY18FY24

On the investment side: capital spending of ₹240 Cr over the last 3 fiscal years against ₹182 Cr of depreciation — building somewhat ahead of wear-and-tear. Capital work-in-progress stands at ₹40.0 Cr (FY24) — capacity paid for but not yet earning.

FY24: capex ₹71.0 Cr, work-in-progress ₹40.0 Cr Capital spending per fiscal year, ₹ Cr (bars); capital work-in-progress, ₹ Cr (line). Quarterly capital-spending history is not held for India — annual is the honest resolution.
steady investment
CapexWork-in-progress
631406181−44−269₹ Cr₹71₹40FY14FY16FY19FY21FY24
631406181−44−269₹ Cr₹71₹40FY14FY19FY24

The synthesis: neither the cycle nor the build-out is hoarding the cash — the machine is reasonably clean.

10 · Return on capital

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.⚠ unverified

Huhtamaki India Ltd earns a ROCE of 7% in FY24. That is up from a trough of 2% in FY21. Return on invested capital clears the cost of that capital by −0.3 percentage points, so growth here is not yet paying for the capital it uses. The wiring behind it is 3.5% net margin on 1.30× asset turns.

FY24 ROCE is 7%, recovered from a FY21 trough of 2% — the full ladder below shows the fall and the climb, undoctored.

🚨 Why the return is what it is — the wiring (FY24): 3.5% net margin × 1.30× asset turns × 1.62× balance-sheet leverage ≈ 7.4% on equity. Margin does its share; leverage is a meaningful part of the equation.

The capstone test — ROIC − WACC: 11.7% − 12.0% = a −0.3 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. Negative — growth at these returns destroys value until the returns recover.

FY24: ROCE 7% Return on capital employed by fiscal year, % (line); ROIC by fiscal year, % (line). 12-year window, dips included. Dashed line = the 12.0% cost of capital used on this page.
the climb back from FY21's 2%
ROCEROIC (annual)WACC
24%18%12%5.9%0.0%%7%5.2%FY13FY18FY24
24%18%12%5.9%0.0%%7%5.2%FY13FY18FY24
Q2 FY26: ROCE 10.7% (TTM) vs WACC 12.0% Trailing-twelve-month ROCE and ROIC, per quarter, %; dashed line = the cost of capital. Last 12 quarters, put on a trailing-twelve-month basis and anchored to the annual figure.
ROCE (TTM)ROIC (TTM)WACC
13%10%8.3%6.2%4.0%%10.7%9.3%Q3 FY23Q4 FY24Q2 FY26
13%10%8.3%6.2%4.0%%10.7%9.3%Q3 FY23Q4 FY24Q2 FY26
11 · Debt

Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.⚠ unverified

Huhtamaki India Ltd carries total debt of ₹145 Cr against shareholder equity of ₹1,349 Cr as of Jun 26, a debt-to-equity of 0.11 — effectively unlevered. On the annual view that ratio went from 0.57 in FY22 to 0.11 in FY26. The returns elsewhere on this page are therefore earned rather than borrowed.

Jun 26: total debt of ₹145 Cr against shareholder equity of ₹1,349 Cr — a debt-to-equity of 0.11. On the annual view, debt-to-equity went from 0.57 (FY22) to 0.11 (FY26). The returns on this page are earned, not borrowed.

FY26: debt ₹144 Cr at 0.11× equity Total debt by fiscal year, ₹ Cr (bars); debt-to-equity, × (line). 5-year window.
Total debtDebt-to-equity
4430.6×3320.5×2210.3×1110.2×00.1×₹ Cr×₹1440.11×FY22FY24FY26
4430.6×3320.5×2210.3×1110.2×00.1×₹ Cr×₹1440.11×FY22FY24FY26
Jun 26: debt ₹145 Cr, debt-to-equity 0.11 Total debt per quarter, ₹ Cr (bars); debt-to-equity, × (line). Last 12 quarters. India reports the full balance sheet half-yearly, so the intervening quarter carries the prior reading forward.
Total debt (quarterly)Debt-to-equity
4460.6×3350.4×2230.3×1120.2×00.1×₹ Cr×₹1450.11×Sep 23Dec 24Jun 26
4460.6×3350.4×2230.3×1120.2×00.1×₹ Cr×₹1450.11×Sep 23Dec 24Jun 26
12 · Ownership

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

No holder of Huhtamaki India Ltd moved a full percentage point over the last two years — the register is quiet. Promoters moved +0.0 points over the same window, to 67.7%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Foreign institutions: −0.7 points over 8 quarters to 0.7%; Promoters: +0.0 points over 8 quarters to 67.7%; Domestic institutions: +0.0 points over 8 quarters to 1.0%.

Fiscal-year ends: promoters +0.0 pts from Mar 24 to Mar 26 Shareholding at each fiscal-year end (March quarter), % of the company. 3 year-ends held.
PromotersForeign inst.Domestic inst.Public
73%54%34%15%−4.3%%67.7%1.3%1.1%29.8%Mar 24Mar 25Mar 26
73%54%34%15%−4.3%%67.7%1.3%1.1%29.8%Mar 24Mar 25Mar 26
A quiet register: no holder moved a full point in two years Shareholding by holder class, % of the company, quarterly, last 13 quarters.
PromotersForeign inst.Domestic inst.Public
73%54%34%15%−5.0%%67.7%0.7%1.0%30.6%Jun 23Dec 24Jun 26
73%54%34%15%−5.0%%67.7%0.7%1.0%30.6%Jun 23Dec 24Jun 26
13 · Safety line

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Huhtamaki India Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

14 · Related companies · Packaging - FMCG/Consumers
CompanyScorePrice stageGrowth & earnings/35Capital efficiency/25Valuation/20Relative strength/20
1Mold-Tek Packaging LtdMOLDTKPAC 67.0/100Favorable setup90% evidence TURNING 26.5/35 Revenue 31.9% · PAT 33.3% · OPM change 0.6 pp 88% evidence 16.9/25 ROCE 22.2% · OPM 13.6% 100% evidence 11.1/20 P/E 35.1× · PEG 0.88 100% evidence 12.5/20 RS sector -1.1% · RS bench 1.6% · 1Y -9.3%10 of 10 weeks ahead 70% evidence
Exact sum: 26.5 + 16.9 + 11.1 + 12.5 = 67 · Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.
2EPL LtdEPL 55.0/100Mixed-positive evidence96% evidence ASLEEP 15.6/35 Revenue 13.1% · PAT 8% · OPM change -1 pp 88% evidence 17.1/25 ROCE 17.8% · OPM 20% 100% evidence 19.1/20 P/E 17.3× · PEG 0.41 100% evidence 3.2/20 RS sector -10.8% · RS bench 1.3% · 1Y -1.7%3 of 12 weeks ahead 100% evidence
Exact sum: 15.6 + 17.1 + 19.1 + 3.2 = 55 · Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
3Haldyn Glass LtdHALDYNGL 54.7/100Mixed-positive evidence68% evidence TURNING 23.0/35 Revenue 21.5% · PAT 31.7% · OPM change -1.6 pp 83% evidence 9.7/25 ROCE 13.5% · OPM 14.7% 95% evidence 10.1/20 P/E 24.7× · PEG — 50% evidence 11.9/20 RS sector — · RS bench 16.2% · 1Y —3 of 3 weeks ahead 25% evidence
Exact sum: 23 + 9.7 + 10.1 + 11.9 = 54.7 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4Huhtamaki India Ltdthis pageHUHTAMAKI 52.6/100Mixed-positive evidence69% evidence TURNING 17.1/35 Revenue -1.6% · PAT -75.3% · OPM change 6 pp 59% evidence 10.8/25 ROCE 17.6% · OPM 9% 95% evidence 11.3/20 P/E 26.6× · PEG — 50% evidence 13.4/20 RS sector -1.8% · RS bench 42.6% · 1Y 36.4%4 of 10 weeks ahead 70% evidence
Exact sum: 17.1 + 10.8 + 11.3 + 13.4 = 52.6 · Decision use: Price leads the evidence: RS versus the benchmark is 42.6%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
5AGI Greenpac LtdAGI 44.0/100Mixed-negative evidence87% evidence TURNING 16.1/35 Revenue 4.3% · PAT 3.4% · OPM change 1 pp 100% evidence 17.4/25 ROCE 19.6% · OPM 22% 100% evidence 6.7/20 P/E 12.5× · PEG 2.94 65% evidence 3.8/20 RS sector -15.5% · RS bench -0.2% · 1Y -24.1%8 of 10 weeks ahead 70% evidence
Exact sum: 16.1 + 17.4 + 6.7 + 3.8 = 44 · Decision use: Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression.
6TCPL Packaging LtdTCPLPACK 40.3/100Mixed-negative evidence90% evidence TURNING 6.5/35 Revenue 2.2% · PAT -31.9% · OPM change -2 pp 88% evidence 14.5/25 ROCE 17.7% · OPM 15% 100% evidence 9.7/20 P/E 26.9× · PEG 0.95 100% evidence 9.6/20 RS sector -6.6% · RS bench 5.1% · 1Y -13%5 of 10 weeks ahead 70% evidence
Exact sum: 6.5 + 14.5 + 9.7 + 9.6 = 40.3 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

Missing observations are not scored as bad. Their missing weight lowers confidence and pulls the final score toward neutral. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step curve the sector itself is placed on — basing, turning, breaking out, leader, fading, asleep — read from how many weeks running it has led NIFTY 500 and whether that lead is widening or shrinking. It describes where the PRICE stands, not the earnings trajectory and not a recommendation, and it is left blank for a company whose weekly history is too short or too stale to read.

15 · Frequently asked questions

Frequently asked questions

What is Huhtamaki India Ltd's share price today?

Huhtamaki India Ltd trades at ₹298, +36.3% over the past year. The company is valued at ₹2,252 Cr. The stock sits at 87% of its 52-week range of ₹156–₹319, +45.0% versus its 200-day average. On the tape, the price is in a downtrend, 33 weeks in. — as of 31 July 2026.

What were Huhtamaki India Ltd's latest quarterly results?

Huhtamaki India Ltd reported revenue of ₹625 Cr and net profit of ₹37.0 Cr for the Sep 25 quarter. Revenue fell 4.1% and profit rose 208.3% year on year. Earnings per share were ₹4.87. The operating margin was 9.0%, 6.0 pp higher than a year earlier. — as of 31 July 2026.

What is Huhtamaki India Ltd's revenue?

Huhtamaki India Ltd reported revenue of ₹625 Cr in the Sep 25 quarter, −4.1% year on year. For the full FY24 fiscal year, revenue was ₹2,521 Cr (−1.1%). Over the last 10 years revenue compounded at 7.5% a year. — as of 31 July 2026.

What is Huhtamaki India Ltd's profit?

Huhtamaki India Ltd earned ₹37.0 Cr of net profit in the Sep 25 quarter, +208.3% year on year. Full-year FY24 profit was ₹88.0 Cr. The operating margin ran 9.0% in the latest quarter. — as of 31 July 2026.

What is Huhtamaki India Ltd's market cap?

Huhtamaki India Ltd's market capitalisation is ₹2,252 Cr at a share price of ₹298. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 31 July 2026.

What is Huhtamaki India Ltd's P/E ratio?

Huhtamaki India Ltd trades at a P/E of 26.6×, at the 87th percentile of its own 11-year range, against a long-run median of 21.1×. This is a comparison with the stock's own history, not a value call — as of 31 July 2026.

Does Huhtamaki India Ltd pay a dividend?

Yes — Huhtamaki India Ltd's dividend payout was 17% of profit in FY24, and it recorded a payout in 12 of its last 13 reported fiscal years. One of those years shows a negative ratio because profit itself was negative. This page holds the payout ratio, not a per-share amount. — as of 31 July 2026.

Is Huhtamaki India Ltd overvalued?

On its own history, Huhtamaki India Ltd looks expensive against its own history: its P/E of 26.6× sits at the 87th percentile of its 11-year range (long-run median 21.1×). That is a percentile read against the stock's own past, not a price opinion or a direction call. — as of 31 July 2026.

Is Huhtamaki India Ltd growing?

Yes — Huhtamaki India Ltd is growing: latest-quarter revenue −4.1% year on year, profit +208.3%, and the margin +6.0 pp at 9.0%. The 10-year compound rates are 7.5% (revenue) and 2.6% (profit). The earnings engine currently reads: improving — as of 31 July 2026.

How is Huhtamaki India Ltd performing?

Huhtamaki India Ltd is in a downtrend, 33 weeks in. Its latest quarter's revenue fell 4.1% and profit rose 208.3% year on year. Against the NIFTY 500 it has been ahead on a trailing-13-week view for 11 weeks. This describes what the data did, not a rating. — as of 31 July 2026.

What stage is Huhtamaki India Ltd in?

Deteriorating — revenue, profit and EPS growth are shrinking (revenue growth −1.6% latest against +26.1% at its 12-quarter best), ROCE holding at 7.0%. The read comes from the last 12 quarters of growth (revenue growth −1.6% latest, profit growth −75.2% latest, eps growth −75.3% latest) plus the ROCE curve, classified by deterministic rules — a trajectory read, not a buy or sell call — as of 31 July 2026.

Is Huhtamaki India Ltd in an uptrend?

No — the price is in a downtrend (week 33 of stage 4), trading +45.0% versus its 200-day average and at 87% of its 52-week range. Price stages cycle base → advance → top → decline, and the stage names where this stock sits in that cycle — as of 31 July 2026.

Is Huhtamaki India Ltd beating the market?

On recent form, yes — Huhtamaki India Ltd has been ahead of the NIFTY 500 on a trailing-13-week view for 11 straight weeks, the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 10.4 years the stock moved +37% against the NIFTY 500's +276% — behind the index over the full window. — as of 31 July 2026.

Will Huhtamaki India Ltd's share price go up?

This page publishes no price forecast for Huhtamaki India Ltd. What it measures instead: the share price is ₹298, the price is in a downtrend 33 weeks in. Its P/E of 26.6× sits at the 87th percentile of its own 11-year range. — as of 31 July 2026.

Who owns Huhtamaki India Ltd?

Promoters hold 67.7% of Huhtamaki India Ltd, foreign institutions 0.7%, domestic institutions 1.0% and the public 30.6% (latest quarter). No holder moved a full point over the last two years — the register is quiet. — as of 31 July 2026.

Does Huhtamaki India Ltd have too much debt?

No — Huhtamaki India Ltd's debt-to-equity is 0.12, and operating profit covers the interest bill 7×. FY24 borrowings were ₹149 Cr against equity of ₹1,193 Cr. The returns on this page are earned, not borrowed — as of 31 July 2026.

What is Huhtamaki India Ltd's capex?

Huhtamaki India Ltd spent ₹240 Cr on capital expenditure over the last 3 fiscal years, a figure derived from the change in fixed assets plus depreciation. In FY24 alone that was ₹71.0 Cr, with ₹40.0 Cr in capital work-in-progress — capacity paid for but not yet earning. — as of 31 July 2026.

What is Huhtamaki India Ltd's cash flow?

Huhtamaki India Ltd generated ₹142 Cr of operating cash flow in FY24 and ₹71.0 Cr of free cash flow after ₹71.0 Cr of capital spending. Reported profit that year was ₹88.0 Cr, so operating cash ran ahead of profit. Cash-flow resolution for India is annual. — as of 31 July 2026.

Is Huhtamaki India Ltd's profit real cash?

Yes — over the last 3 fiscal years, 100% of Huhtamaki India Ltd's reported profit arrived as operating cash. In FY24, operating cash was ₹142 Cr against reported profit of ₹88.0 Cr. The cash then goes into a mix of the working-capital cycle and capacity. Cash-flow resolution is annual — as of 31 July 2026.

Where is Huhtamaki India Ltd in its business cycle?

Huhtamaki India Ltd's FY24 operating margin was 5.0%, against a 13-year band of 4.0%–12.0%: the low end of its own band, which is where recoveries start when they come. The latest quarter ran 9.0%. Profitability versus a company's own long band is the cleanest cycle clock this page holds — as of 31 July 2026.

What could break the Huhtamaki India Ltd story?

The sharpest disagreement: the price moved +36.3% in a year while annual EPS moved −78.5% — the difference is re-rating, and re-rating has to be repaid with earnings. Mechanically, two Friday closes in a row below the 200-day average would end the price trend — that is the exit rule this page tracks — as of 31 July 2026.

Is Huhtamaki India Ltd a stock worth studying right now?

This is not investment advice. The machine read: Huhtamaki India Ltd's price has outrun its earnings. +36.3% in a year against EPS −78.5% — the market is paying now for delivery later. The sharpest open question: whether earnings grow into a price that has already moved. Every number on this page is drawn deterministically from the raw series, with no forecasts and no price opinions — as of 31 July 2026.

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