# Huhtamaki India share price today (Huhtamaki India Ltd, NSE: HUHTAMAKI)

> Huhtamaki India share price today: ₹209.45 at the NSE close on 3 November 2026, down 14.3% in a year. Huhtamaki India (NSE: HUHTAMAKI) is worth ₹1,583 crore, trades at a P/E of 11.5 and has closed between ₹156.20 and ₹318.68 over the past 52 weeks. > Huhtamaki India Ltd's P/E is near the low end of its own history, higher than only 6% of past readings, and its quarterly results are still getting worse. HUHTAMAKI · Packaging - FMCG/Consumers · data as of 3 November 2026. Page: https://www.sectoralpha.in/stocks/huhtamaki-india-ltd

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## Key numbers

- Business trend: Getting better, from the last 12 quarters
- Price: ₹209.45 (−14.3% in a year)
- P/E: 11.5× (lower than 94% of the last 11 years)
- Revenue (Sep 2026): ₹769 Cr (+23.0% on a year ago)
- Profit (Sep 2026): ₹30.0 Cr (−18.9% on a year ago)
- Operating margin: 8.0% (−1.0 points on a year ago)
- ROCE: 12%, FY25
- ROIC: 11.1%, against a 12.0% cost of capital: −0.9 points

The main question: yearly earnings per share moved +34.3% while the share price moved −14.3%. ## What is the Huhtamaki India share price today? Huhtamaki India Ltd's share price was ₹209.45 at the close on 3 November 2026. It has been rising for 14 weeks. That is 6.8% below its average price over the last 200 trading days. In the last 52 weeks it traded between ₹156 and ₹319, and at that close it sat 33% of the way up from that low. Over the past 13 weeks it has done worse than the NIFTY 500, and it has been behind for 3 weeks running. Over the last 11 years the share price moved −4% while the NIFTY 500 moved +251%, so it is behind the index over that whole period. It was last ahead over 13 weeks in the week of 16 October 2026. The chart above shows the 13-week comparison for every week. This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row. ## What changed at Huhtamaki India this quarter? Two changes stood out: highest quarterly revenue in 16 quarters and revenue up on a year earlier for 4 quarters in a row. 1. Highest quarterly revenue in 16 quarters Revenue of ₹769 crore in the September 2026 quarter is the highest of the last 16 quarters. Why: Revenue rose because the company got more from contract price increases, sold a richer mix of higher-value products, and shipped more physical volume. Next results: check whether higher input costs are passed on to customers and profit recovers after the timing gap. From the earnings call on 30 Oct 2026. 2. Revenue up on a year earlier for 4 quarters in a row In the September 2026 quarter revenue was ₹769 crore, +23% on a year earlier. ## What are Huhtamaki India's latest quarterly results? For July to September 2026 (the quarter ended 30 September 2026), Huhtamaki India reported revenue of ₹769 crore, up 23.0% from ₹625 crore a year earlier, and a profit of ₹30.0 crore, down 18.9% from ₹37.0 crore. ### Huhtamaki India results: July to September 2026 against a year earlier

| Measure | July to September 2026 | July to September 2025 | Change |
| --- | --- | --- | --- |
| Revenue | ₹769 crore | ₹625 crore | +23.0% |
| Profit | ₹30.0 crore | ₹37.0 crore | −18.9% |
| Earnings per share | ₹3.94 | ₹4.87 | −19.1% |
| Operating margin | 8.0% | 9.0% | −1.0 points |

The next results, for October to December 2026, are due by 14 February 2027: listed companies must publish quarterly results within 45 days of the quarter's end (60 days for the January to March quarter). Huhtamaki India's management discussed these results on a call held on 30 October 2026; what it said is further down this page. (From the company's reported quarterly results (quarter ended 30 September 2026). Revenue and profit in ₹ crore.)

## What is the Huhtamaki India share price history? Huhtamaki India closed at ₹209.45 on 3 November 2026, down 14.3% from ₹244.54 a year earlier (31 October 2025) and down 14.4% over five years. Its highest weekly close since March 2016 was ₹436.85 on 23 August 2024. ### Huhtamaki India share price: then and now

| When | Close | Change to 3 Nov 2026 |
| --- | --- | --- |
| 1 week ago · 23 Oct 2026 | ₹211.55 | −1.0% |
| 1 month ago · 1 Oct 2026 | ₹232.72 | −10.0% |
| 6 months ago · 30 Apr 2026 | ₹179.36 | +16.8% |
| 1 year ago · 31 Oct 2025 | ₹244.54 | −14.3% |
| 3 years ago · 3 Nov 2023 | ₹279.45 | −25.0% |
| 5 years ago · 4 Nov 2021 | ₹244.55 | −14.4% |
| 10 years ago · 4 Nov 2016 | ₹268.00 | −21.8% |
| Earliest weekly close in our records · 11 Mar 2016 | ₹217.60 | −3.7% |
| Highest weekly close since March 2016 · 23 Aug 2024 | ₹436.85 | −52.1% |
| Lowest weekly close since March 2016 · 25 Mar 2022 | ₹154.00 | +36.0% |
| 52-week high (weekly close) · 24 Jul 2026 | ₹318.68 | −34.3% |
| 52-week low (weekly close) · 27 Mar 2026 | ₹156.20 | +34.1% |

Weekly closing prices. Each change is the move from that price to the 3 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes. (560 weekly closes from 11 March 2016 to 3 November 2026.)

## What is the latest news on Huhtamaki India? 3 Nov 2026: Huhtamaki India closed at ₹209.45, down 1.0% on the week and down 10.0% on the month. 30 Oct 2026: Huhtamaki India held its results call for July to September 2026. Management guided: Baddi labels plant closure to complete day after call following required notice period. ### Earlier

- Results for July to September 2026: Revenue up 23.0% and profit down 18.9% on a year earlier. - 23 Apr 2026: ex-date for a dividend of ₹2 a share. ## What dividend does Huhtamaki India pay? Huhtamaki India paid ₹2 a share in regular dividends in the 12 months to 4 November 2026 (1 payment), a yield of 0.95% at the ₹209.45 close on 3 November 2026. The last was a dividend of ₹2 a share, ex-date 23 April 2026. ### Huhtamaki India dividends since 1 April 2021

| Ex-date | Dividend per share | Type |
| --- | --- | --- |
| 23 Apr 2026 | ₹2 | Dividend |
| 24 Apr 2025 | ₹2 | Dividend |
| 24 Apr 2024 | ₹5 | Dividend |
| 20 Apr 2023 | ₹2 | Dividend |
| 20 Apr 2022 | ₹1 | Dividend |
| 9 Jun 2021 | ₹3 | Dividend |

Amounts as the company declared them on the NSE. A dividend goes to whoever owns the shares before the ex-date. The record date is the same day as the ex-date for every payment here. 5 of 5 Of the last 5 financial years, years with an NSE dividend record

Yes. Huhtamaki India Ltd paid out 13% of its profit as dividends in FY25, and it paid a dividend in 13 of its last 14 reported years. One of those years shows a negative figure because profit itself was negative. (From the NSE corporate-actions record, read 4 November 2026.)

## What did Huhtamaki India management say on the latest results call? On the call for July to September 2026, held on 30 October 2026, Huhtamaki India's management guided: Baddi labels plant closure to complete day after call following required notice period. > “Although our customers are reporting flat or slow-growing volumes, we are growing. This suggests that we may be gaining market share.”
> Kamal Taneja, on the call for July to September 2026

### What management guided

- No major capacity spending needed for at least next 2-3 years to meet demand. - Recent input cost uplift to be caught up via contractual pass-through in subsequent months. - Aspiration to deliver sales and profit growth each quarter and year going forward. Management’s own plans and goals, from our notes of the call. A plan is not a result. Source: [the call transcript](https://files.tijoristack.ai/concall/transcript/1156-30-Oct-2026.pdf). (From the call for July to September 2026, 30 October 2026.)

## What is the future of Huhtamaki India? What is changing in the business? What is changing at Huhtamaki India, from the latest results and calls: input cost pass-through and pricing discipline, customer and product mix upgrade toward value segments and solar captive power generation, khopoli plant. - Input cost pass-through and pricing discipline. Monthly or quarterly index-linked pricing contracts with transparent inventory sharing allow operating profit to recover as commodity costs stabilize; pricing offset most Middle East cost pressure in H1 CY26. ⚠ estimate
- Customer and product mix upgrade toward value segments. New MD since Jan 2025 exited low-margin commodity segments; profit improvement has come from operating margin expansion, not revenue growth, confirming mix is the driver. ⚠ estimate
- Solar captive power generation, Khopoli plant. Solar captive generation pipeline due Q3 CY26, expected to supply ~50% of Khopoli plant power, reducing energy cost; delayed one quarter from original Q2 goal with no explanation. ⚠ estimate
- Debt repayment and cash generation optionality. Borrowings fell from ₹410 crore (Dec 2022) to ₹145 crore (Jun 2026); ₹395 crore of cash and liquid funds now accumulating; intercompany ECB repayment planned early. ⚠ estimate

We check 16 kinds of change in every company, such as costs spread over more sales, higher-value products, new orders, new regions or falling debt, against its reported numbers and what management said on its calls. Only changes the numbers back are shown. (Our read after the latest results, written 22 August 2026.)

## What could change the Huhtamaki India story? What are the risks? Operating margin falls back below 7% for two consecutive quarters after the Q3 2026 inventory normalization, because that would indicate the Q2 2026 margin expansion was driven by one-time customer inventory demand rather than structural mix and pricing improvement, removing the central thesis. ### Each change stops working if

- Input cost pass-through and pricing discipline: Customers push back on index-linked pricing and switch to competitors offering unindexed contracts, or commodity deflation is so sharp that the company cannot reprice downward fast enough to retain customers. - Customer and product mix upgrade toward value segments: Flat revenue persists beyond CY27 despite mix shift, indicating the addressable premium segment is smaller than expected or the company cannot convert premium prospects. - Solar captive power generation, Khopoli plant: Solar pipeline is delayed beyond Q4 CY26, or the energy cost savings are below ₹8 crore annually, reducing the earnings impact to noise. - Capital spending cycle completion, CWIP converted to productive capacity: Capacity proves insufficient in H1 CY27, forcing a new capital spending cycle that resets the free cash flow profile. ### The main risks

- Customer inventory normalization reverses Q2 CY26 tailwind: Management acknowledged customers pre-built inventory due to Middle East crisis and price anticipation; partial reversal expected Q3 but magnitude is unquantified. ✓ fact
- Management credibility impaired across four verifiable consistency failures: Four cross-call narrative shifts and an undisclosed ₹88 Mn prior-period accounting error cap the reliability of management guidance. ⚠ estimate
- Revenue structural stagnation, five years of flat top-line: Revenue has ranged ₹2,400 to 2,550 Cr for five calendar years; the case is entirely dependent on margin continuation, not volume or revenue recovery. ⚠ estimate
- Raw material volatility from geopolitical disruption: Middle East crisis drove double-digit raw material inflation in H1 2026; while largely passed through, a further escalation or new commodity shock could compress margins before contracts reset. ✓ fact

(Our read after the latest results, written 22 August 2026.)

## What to watch in Huhtamaki India's next results? When Huhtamaki India reports October to December 2026, these are the 2 checks that show whether the story is still on course. First: Recent input cost uplift pass-through to evidence in next print with profit recovery following timing lag. - What to check (from the call)
- Recent input cost uplift pass-through to evidence in next print with profit recovery following timing lag. - Daman parcel sale process to show bidder progress or disclosed transaction terms in coming quarters. ## Which stock lists is Huhtamaki India on? Huhtamaki India is not on any of our India lists this week. ## Is Huhtamaki India profitable? Huhtamaki India Ltd earned ₹30.0 Cr of net profit in the Sep 2026 quarter, −18.9% on the same quarter a year earlier. Full-year FY25 profit was ₹118 Cr. Over 10 years profit has grown 9.2% a year on average. That is 3.9% of the quarter's revenue. The same quarter a year earlier earned ₹37.0 Cr. For the full year, FY25 profit was ₹118 Cr (+34.1% on the year before). Why profit moved: revenue changed +23.0% on a year earlier and the margin moved −1.0 percentage points. Sales did the work, and the margin was about flat. On average over the last four quarters, profit changed +51.8% and revenue +11.7%. Profit is growing faster than sales: fixed costs are spread over more sales, so each extra rupee of revenue adds more to profit. ## How much revenue does Huhtamaki India make, and is it growing? Huhtamaki India Ltd reported ₹769 Cr of revenue in the Sep 2026 quarter, +23.0% on the same quarter a year earlier. That is the 4th quarter in a row with growth on the year before. Over 10 years it has grown 7.9% a year on average. The last full year, FY25, came in at ₹2,469 Cr. The last four reported quarters add to ₹2,755 Cr. FY25 revenue was ₹2,469 Cr, −2.1% on the year before. Recent pace: the last four quarters grew +11.7% on average, against 7.9% a year over the longer run, so this year is growing faster than its own long-run rate. Is growth speeding up? Revenue over the last 12 months grew +11.7%, against +4.9% a year over the last 8 quarters (accelerating); profit over the last 12 months grew +30.0%, against −43.3% a year (accelerating). ## How much of every ₹100 of sales does Huhtamaki India keep? Huhtamaki India Ltd's operating margin was 8.0% in the Sep 2026 quarter, 1.0 percentage points lower than the same quarter a year ago. Across 14 years it has been between 4.2% and 11.0%. The latest quarter is within that range. Why this happened. Revenue has been flat at Rs 2,400 to 2,550 Cr for five years, yet EBITDA has nearly tripled from its 2024 trough. The explanation is a deliberate customer and product portfolio shift. The company is not pursuing volume growth across all flexible packaging segments, it is concentrating on higher-value FMCG, home care, and export customers where it can command index-linked pricing and share-of-wallet expansion. The OPM trajectory from 2.77% to 10.02% in six quarters is the evidence that the mix shift is working. Exports at 30% of volumes add geographic diversification. Why the margin moved: operating margin changed −1.1 percentage points on the year while gross margin changed −2.6 points. So the drop came mostly from the gross margin, which means input costs and prices charged. ## Is Huhtamaki India's profit turning into cash? Over the last 3 years, 106% of Huhtamaki India Ltd's reported profit came in as cash from its operations, so the profit is backed by cash. In FY25 it brought in ₹238 Cr of operating cash against ₹118 Cr of profit. After ₹53.0 Cr of spending on assets, ₹185 Cr was left over as free cash. Why this happened. Fixed assets grew from Rs 479 Cr (Dec 2022) to Rs 600 Cr (Jun 2026) while CWIP drained from Rs 131 Cr to Rs 8 Cr. Management describes productivity improvements as providing enough capacity for volume growth over the next couple of years without new capex. This creates a period of low-reinvestment cash generation. Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year. Why 106% of profit came in as cash: the cash cycle got 12 days shorter between FY20 and FY25, so cash that used to wait in the business now arrives sooner. What to look at next: the bigger use of cash is spending on new assets, at 1.8× depreciation over three years. The next section checks what that spending is building. ## Where does Huhtamaki India's cash go? Huhtamaki India Ltd's cash cycle, the days between paying suppliers and getting paid by customers, was 26 days in FY25, down from 38 days in FY20. It spent ₹273 Cr on assets over the last 3 years. Customers take 82 days to pay, and stock sits for 46 days on average. At FY25 sales of ₹2,469 Cr, each day of that cycle ties up about ₹6.8 Cr, so roughly ₹176 Cr is tied up in the business at any time. FY25: customers took 82 days to pay and stock sat for 46 days, about 1.5 months of sales sitting as stock, for a full cycle of 26 days, shorter than FY20's 38. The full loop: cash goes out to suppliers and production on day 0. Stock sits for 46 days. Customers pay about 82 days after that. Suppliers are paid at 102 days. Together that makes the 26-day cycle. Spending on assets: ₹273 Cr over the last 3 years, against ₹148 Cr of depreciation (the yearly wear and tear on existing assets). So it is building well beyond replacing what wears out. Work still in progress is ₹35.0 Cr (FY25): assets paid for that are not earning yet. In short: the cash is going into new capacity, not getting stuck in the daily cycle. The question is whether the new capacity earns. ## What is Huhtamaki India's P/E ratio, and how does it compare with its own history? Huhtamaki India Ltd's P/E is 11.5×, near the low end of its own history: it has been lower only 6% of the time. Its usual P/E (the middle reading) is 25.0×, over 11 years of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth. The P/E here, and its history, use a profit figure that can leave out one-off items, so it can differ from a P/E worked out on the quarterly results. Those results' earnings per share for the four quarters to Sep 2026 add up to ₹17.13. Why the multiple is where it is: over the past year earnings per share moved +34.3% while the price moved −14.3%. Earnings did better than the price, which pulled the multiple down within its own range. Where the price move came from: over 5 years the price moved −3.1% a year; about +38.7% a year came from earnings growth and about −41.8 percentage points from the multiple (the market paying less); over 10 years the price moved −2.4% a year; about +5.2% a year came from earnings growth and about −7.6 percentage points from the multiple (the market paying less). The split is approximate (price return minus earnings growth). It shows how much of the move came from the market paying a different multiple. In short: the multiple is low against its own past, so the earnings trend underneath matters more than the multiple. ## What growth does the Huhtamaki India share price assume? Worked out from its price on 25 August 2026, Huhtamaki India Ltd's share price assumed profit growth of about 7.9% a year. Over the past 10 years its profit actually grew 9.2% a year. Today its P/E is 11.5×, lower than 94% of its own last 11 years. This is a one-day reading, taken on 25 August 2026. Every other number on this page, the multiple included, uses the latest price as of 3 November 2026. A higher price assumes more growth and a lower price less, so it changes whenever the price changes, and this page does not update it between measurements. ## Is the Huhtamaki India business getting better or worse? Huhtamaki India Ltd's business is getting better. Profit growth hit its low 6 quarters ago at −78.2% and has recovered to +30.0%, with ROCE steady at 13.2%. This is based on 12 quarters of 4 measures. Why it matters: a lasting rise from a low is what this page is built to show. ## What is the Huhtamaki India story, and has it been checked? Huhtamaki India Ltd's story is not scored yet against the checks our research set on 22 August 2026. Where it sits in its own cycle: Not stated in the research file. From the numbers. From the price. Price stage 2, week 14, below its 200-day line, relative strength falling. From the research. Flexible packaging company out of a 2024 margin trough; EBITDA margin recovered from 2.77% to 10% in six quarters via pricing and mix;

Where they disagree. STRONG OPPORTUNITY. What is not proven yet. EBITDA margin falls back below 7% for two consecutive quarters after the Q3 2026 inventory normalization, because that would indicate the Q2 2026 margin expansion was driven by one-time customer inventory demand rather than structural mix and pricing improvement, removing the central thesis. What would change our mind. EBITDA margin falls back below 7% for two consecutive quarters after the Q3 2026 inventory normalization, because that would indicate the Q2 2026 margin expansion was driven by one-time customer inventory demand rather than structural mix and pricing improvement, removing the central thesis. The test written in advance. EBITDA margin falls back below 7% for two consecutive quarters after the Q3 2026 inventory normalization, because that would indicate the Q2 2026 margin expansion was driven by one-time customer inventory demand rather than structural mix and pricing improvement, removing the central thesis. Measured by: the thesis as written as stated by the next result. The test written in advance. Customer inventory normalization reverses Q2 CY26 tailwind. Measured by: Customer inventory normalization reverses Q2 CY26 tailwind Q3 CY26 revenue below Rs 600 Cr or OPM below 7% would indicate inventory reversal is material, not modest by the next result. The test written in advance. Management credibility impaired across four verifiable consistency failures. Measured by: Management credibility impaired across four verifiable consistency failures by the next result. What the company does. Revenue has been flat at Rs 2,400 to 2,550 Cr for five calendar years; the case is entirely margin and earnings recovery, not revenue acceleration. OPM trough was 2.77% in Sep 2024 (Middle East cost spike + mix issues); by Jun 2026 it is 10.02%, with TTM EPS at Rs 18.06 vs Rs 9.86 a year prior. What the surface reading misses. The surface reading is: OPM at 10% -- above mid-cycle, potential margin peak risk The research reads it further: OPM was at trough 2.77% in Sep 2024; recovery to 10% is driven by pricing pass-through and customer mix upgrade, not a cyclical peak. The 10-year OPM peak is 15.1%, so 10% is at the 67th percentile -- mid-to-upper cycle. What the surface reading misses. Lever 9 · Buyback: building. Monthly or quarterly index-linked pricing contracts with transparent inventory sharing allow EBITDA to recover as commodity costs stabilize; pricing offset most Middle East cost pressure in H1 CY26. What proves it keeps working: Input cost pass-through and pricing discipline. It stops working if Customers push back on index-linked pricing and switch to competitors offering unindexed contracts, or commodity deflation is so sharp that the company cannot reprice downward fast enough to retain customers. Lever 2 · Value-added mix: building. New MD since Jan 2025 exited low-margin commodity segments; PAT improvement has come from OPM expansion, not revenue growth, confirming mix is the driver. What proves it keeps working: Customer and product mix upgrade toward value segments. It stops working if Flat revenue persists beyond CY27 despite mix shift, indicating the addressable premium segment is smaller than expected or the company cannot convert premium prospects. Lever 5 · Regulatory approval: building. Solar captive generation pipeline due Q3 CY26, expected to supply ~50% of Khopoli plant power, reducing energy cost; delayed one quarter from original Q2 goal with no explanation. What proves it keeps working: Solar captive power generation, Khopoli plant. It stops working if Solar pipeline is delayed beyond Q4 CY26, or the energy cost savings are below Rs 8 Cr annually, reducing the earnings impact to noise. Lever 3 · Management change: building. Borrowings fell from Rs 410 Cr (Dec 2022) to Rs 145 Cr (Jun 2026); Rs 395 Cr of cash and liquid funds now accumulating; intercompany ECB repayment planned early. What proves it keeps working: Debt repayment and cash generation optionality. It stops working if Cash is deployed in a dilutive acquisition or poor-return capex project rather than organic modernization or returns to shareholders. Sources: our stock research file (22 August 2026) · quarterly results through Sep 2026 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes. ## Did Huhtamaki India management deliver what it promised? What Huhtamaki India Ltd's management promised, against what actually happened: 4 promises on the record. Read straight from the company’s own earnings calls. A promise that slipped stays on this page after it is met. Demand Outlook and Volume-Growth Narrative Shift · 30 October 2026. In the May and July 2026 calls, management described demand and the market as growing or robust, with Q2 growth partly supported by customer inventory buildup. In the October 2026 call, management said there were few or no tailwinds, warned of possible volume reduction, and attributed its growth to potential market-share gains despite customers reporting flat or slow-growing volumes; it did not reconcile this less favorable outlook with the earlier inventory-related explanation, which is material to the sustainability of volume growth. Renewable Energy Project Delayed Versus Earlier Goal · 27 July 2026. In Feb 2026, management expected the renewable electricity project to begin generating energy in Q2 2026. In Jul 2026, the project was instead described as coming online in Q3, representing a meaningful timeline shift that was not explained on the latest call. Changed Explanation for Q2 Growth Quality · 27 July 2026. In May 2026, management characterized the crisis-related volume activity as panic ordering that was already stabilizing and said underlying demand was growing as usual. In Jul 2026, management attributed part of Q2's sales tailwind to customer inventory buildup caused by the Middle East crisis, with some of that benefit expected to reverse, materially changing the assessment of how sustainable the reported growth is. Renewable Energy Project Timeline Slippage · 13 May 2026. In the Feb 2026 call, management described a renewable electricity project as already underway and progressing steadily toward energy generation in Q2 CY26 (April-June 2026). However, the May 2026 call - already within Q2 CY26 - revealed that a formal agreement for the solar captive electricity project had only just been signed and executed, with going-live expected in the next few months and benefits deferred to the second half of CY26. This represents a delay of at least one to two quarters versus the timeline communicated in February 2026, with no explanation provided for the slippage. Every quote above is taken word for word from the company’s own earnings calls. ## What is Huhtamaki India management's track record? The new managing director delivered the operating repair and de-levering, but the company missed volume and solar timing and disclosed the accounting error late. 0% Promoter shares pledged

Sources:

- [investing.com](https://www.investing.com/news/transcripts/earnings-call-transcript-huhtamaki-india-q2-2026-profit-surge-lifts-shares-93CH-4813662)
- [sebi.gov.in](https://www.sebi.gov.in/enforcement/orders.html)
- [moneyworks4me.com](https://www.moneyworks4me.com/share-price/HUHTAMAKI/huhtamaki-india-ltd)

(Checked 30 August 2026.)

## How much does Huhtamaki India earn on its capital? Huhtamaki India Ltd earned a ROCE of 12% in FY25. That is up from a low of 2% in FY21. Its return on capital used (ROIC) is 0.9 percentage points below its cost of capital, so growth here does not yet pay for the capital it uses. It comes from a 4.8% net margin and 1.23× asset turnover (sales divided by assets). Why the return is what it is (FY25): a 4.8% net margin × 1.23× asset turnover × 1.55× leverage (assets divided by equity) ≈ 9.2% on equity. The margin does its share; borrowing plays a small part, so this return is earned, not borrowed. The key test, return on capital used minus the cost of capital: 11.1% − 12.0% = −0.9 percentage points. The 12.0% is a standard assumption for the cost of capital in India, not an estimate for this company. Read the sign and size of the gap, not the decimals. Negative: growth at these returns loses value until returns improve. ## Does Huhtamaki India have too much debt? Huhtamaki India Ltd has total debt of ₹145 Cr against shareholder equity of ₹1,349 Cr as of Sep 2026, so its debt is 0.11× its equity, which is very little. Year by year, that ratio went from 0.57 in FY22 to 0.11 in FY26. So the returns on this page come from the business, not from borrowed money. ## What is the Huhtamaki India shareholding pattern? No group of Huhtamaki India Ltd's owners changed its stake by a full percentage point over the last two years. Foreign institutions moved +0.3 points over the same period, to 1.7%. This uses the four owner groups that companies report every quarter; nothing is guessed between filings. Why this happened. Huhtamaki's contracts reset monthly or quarterly against raw-material indices. When the Middle East crisis drove input cost inflation in Mar-Jun 2026, management locked in new pricing across all future orders by end of March. The result: EBITDA margin expanded from 8.3% (Q2 CY25) to 10.5% (Q2 CY26) despite double-digit commodity inflation. The pricing mechanism is not a one-quarter event, it has held through four consecutive quarters of margin improvement. The open question is whether H2 CY26 customer inventory normalization reduces volume enough to reverse the operating leverage benefit. Over the last two years: Domestic institutions: −0.8 points over 8 quarters, to 0.6%; Foreign institutions: +0.3 points over 8 quarters, to 1.7%; Promoters: +0.0 points over 8 quarters, to 67.7%. ## How far is Huhtamaki India from balance-sheet trouble? For Huhtamaki India Ltd, the Z-score is not available, so we say so rather than guess one. It estimates how far the balance sheet is from trouble; it is not a forecast of failure. The debt, cash-flow and return sections show the balance-sheet figures we do have, each with its own date. Why this happened. The Khopoli plant is a major manufacturing site. Management guided in Feb 2026 that renewable energy would generate in Q2 CY26; the May 2026 call revealed only the formal agreement had been signed, with benefits deferred to H2 CY26. The Jul 2026 call revised the timeline again to Q3. The energy cost benefit has not been quantified by management. At ~50% of Khopoli power, the savings are likely Rs 8 to 15 Cr annually at current grid rates, meaningful but not transformative relative to Rs 137 Cr TTM PAT. ## How does Huhtamaki India rank in its industry? 57.7 out of 100, rank 2 of 7 in Packaging - FMCG/Consumers, with 85% of the evidence available. Huhtamaki India Ltd scores 57.7 out of 100 against the 7 companies it is compared with in Packaging - FMCG/Consumers, ranking 2. The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. The four parts add up to the total exactly: 22.9 + 7.3 + 16.5 + 11 = 57.7. This is the same number shown on the industry page; it is worked out once for the whole group and read here. What would change it: The score would fall if profit growth turns negative or margins stop improving while the share price lags its sector. ## Which companies is Huhtamaki India compared with? Huhtamaki India ranks 2 of 7 Packaging - FMCG/Consumers companies on the 4-Factor Sector Score, with 57.7 out of 100. 1. [Haldyn Glass Ltd](https://www.sectoralpha.in/stocks/haldyn-glass-ltd) HALDYNGL · breaking out · Most evidence points up · 81% evidence 66.5 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 29.6/35 · Revenue 19% · Profit 61.1% · Operating margin change 1 points · 88% evidence Capital efficiency 10.6/25 · ROCE 13.5% · Operating margin 16% · 100% evidence Valuation 14.4/20 · P/E 22× · PEG 0.63 · 100% evidence Relative strength 11.9/20 · Lead over its industry n/a · Lead over NIFTY 500 21.5% · 1 year n/a · 25% evidence · 12 of 12 weeks ahead Exact sum: 29.6 + 10.6 + 14.4 + 11.9 = 66.5 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 2. Huhtamaki India Ltd this page HUHTAMAKI · quiet · Evidence leans up · 85% evidence 57.7 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 22.9/35 · Revenue 11.7% · Profit 30% · Operating margin change -1 points · 100% evidence Capital efficiency 7.3/25 · ROCE 12% · Operating margin 8% · 100% evidence Valuation 16.5/20 · P/E 11.4× · PEG 1.26 · 100% evidence Relative strength 11.0/20 · Lead over its industry n/a · Lead over NIFTY 500 3.8% · 1 year -15.3% · 25% evidence · 9 of 12 weeks ahead Exact sum: 22.9 + 7.3 + 16.5 + 11 = 57.7 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 3. [EPL Ltd](https://www.sectoralpha.in/stocks/epl-ltd) EPL · turning · Evidence leans up · 96% evidence 50.7 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 13.7/35 · Revenue 16.9% · Profit -1.5% · Operating margin change -1 points · 88% evidence Capital efficiency 17.8/25 · ROCE 17.8% · Operating margin 19% · 100% evidence Valuation 13.5/20 · P/E 16.9× · PEG 1.33 · 100% evidence Relative strength 5.7/20 · Lead over its industry -10.8% · Lead over NIFTY 500 2.9% · 1 year 7.6% · 100% evidence · 8 of 12 weeks ahead Exact sum: 13.7 + 17.8 + 13.5 + 5.7 = 50.7 · What this means: The valuation scores well, but earnings are not improving yet, so the business does not back up the low multiple so far. 4. [TCPL Packaging Ltd](https://www.sectoralpha.in/stocks/tcpl-packaging-ltd) TCPLPACK · leader · Evidence leans down · 81% evidence 43.3 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 8.5/35 · Revenue 4.9% · Profit -13.4% · Operating margin change 0 points · 88% evidence Capital efficiency 13.7/25 · ROCE 17.7% · Operating margin 17% · 100% evidence Valuation 8.6/20 · P/E 32.2× · PEG 0.95 · 100% evidence Relative strength 12.5/20 · Lead over its industry n/a · Lead over NIFTY 500 48.6% · 1 year 33% · 25% evidence · 12 of 12 weeks ahead Exact sum: 8.5 + 13.7 + 8.6 + 12.5 = 43.3 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 5. [Mold-Tek Packaging Ltd](https://www.sectoralpha.in/stocks/mold-tek-packaging-ltd) MOLDTKPAC · quiet · Evidence leans down · 96% evidence 42.9 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 21.3/35 · Revenue 14.5% · Profit 15.2% · Operating margin change 0 points · 88% evidence Capital efficiency 12.6/25 · ROCE 13.3% · Operating margin 19% · 100% evidence Valuation 9.0/20 · P/E 23.8× · PEG 1.64 · 100% evidence Relative strength 0.0/20 · Lead over its industry -20% · Lead over NIFTY 500 -8% · 1 year -21.5% · 100% evidence · 0 of 12 weeks ahead Exact sum: 21.3 + 12.6 + 9 + 0 = 42.9 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 6. [AGI Greenpac Ltd](https://www.sectoralpha.in/stocks/agi-greenpac-ltd) AGI · quiet · Evidence leans down · 100% evidence 38.5 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 10.5/35 · Revenue 6.1% · Profit 0.6% · Operating margin change -3 points · 100% evidence Capital efficiency 18.4/25 · ROCE 19.5% · Operating margin 22% · 100% evidence Valuation 5.6/20 · P/E 11.6× · PEG 2.48 · 100% evidence Relative strength 4.0/20 · Lead over its industry -12.1% · Lead over NIFTY 500 0.8% · 1 year -21.7% · 100% evidence · 10 of 12 weeks ahead Exact sum: 10.5 + 18.4 + 5.6 + 4 = 38.5 · What this means: A strong business with a high valuation: it would need rising earnings, or a lower multiple, to score better on value. 7. [Knack Packaging Ltd](https://www.sectoralpha.in/stocks/knack-packaging-ltd) KNACK · turning · Too little evidence to rank firmly · 38% evidence 52.5 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 18.9/43.75 · Revenue n/a · Profit n/a · Operating margin change -3 points · 32% evidence Capital efficiency 21.7/31.25 · ROCE 31% · Operating margin 13% · 95% evidence Valuation 11.9/25 · P/E 23.3× · PEG n/a · 15% evidence Relative strength: no reading this week · its 20 points are shared across the other three Exact sum: 18.9 + 21.7 + 11.9 = 52.5 (no relative-strength reading this week; its 20 points are shared across the other three) · What this means: Some evidence is missing, so the score is pulled toward the middle on purpose. Missing figures are not scored as bad. They lower the confidence and pull the final score toward the middle. Relative strength counts only when the company has a reading for this week; with no reading, that factor is left out and its 20 points are shared across the other three in proportion. 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 path the industry 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 growing or shrinking. It describes where the share price stands, not the direction of earnings, and it is not a recommendation; it is left blank for a company whose weekly history is too short or too stale to read. The figures in this ranking come from the industry comparison: results through the Sep 2026 quarter, and the P/E at that quarter's end. The sections above use the latest weekly price, so a P/E or return there can differ a little from the one here. The stage words in this ranking (such as losing its lead or breaking out) describe the lead over the index, not the price phase in the price section. Related companies: [Packaging - FMCG/Consumers](https://www.sectoralpha.in/sectors/packaging-fmcg-consumers), all 7 compared on one page. ## Which companies are close to Huhtamaki India in size? Huhtamaki India is the 6th largest of 7 Packaging - FMCG/Consumers companies on Sector Alpha by market value (scores of 30 October 2026). Just above it: EPL, AGI Greenpac, TCPL Packaging, Knack Packaging and Mold-Tek Packaging. Just below it: Haldyn Glass. ### Packaging - FMCG/Consumers companies close in size

1. [EPL Ltd](https://www.sectoralpha.in/stocks/epl-ltd) ₹6,954 crore
2. [AGI Greenpac Ltd](https://www.sectoralpha.in/stocks/agi-greenpac-ltd) ₹4,148 crore
3. [TCPL Packaging Ltd](https://www.sectoralpha.in/stocks/tcpl-packaging-ltd) ₹4,005 crore
4. [Knack Packaging Ltd](https://www.sectoralpha.in/stocks/knack-packaging-ltd) ₹2,276 crore
5. [Mold-Tek Packaging Ltd](https://www.sectoralpha.in/stocks/mold-tek-packaging-ltd) ₹1,813 crore
6. Huhtamaki India Ltd ₹1,564 crore
7. [Haldyn Glass Ltd](https://www.sectoralpha.in/stocks/haldyn-glass-ltd) ₹682 crore

[All 7 Packaging - FMCG/Consumers companies, largest first](https://www.sectoralpha.in/sectors/packaging-fmcg-consumers#all-companies)

### Companies close in size in other industries

1. [Bhageria Industries Ltd](https://www.sectoralpha.in/stocks/bhageria-industries-ltd) ₹1,582 crore · Dyes & Pigments
2. [La Opala RG Ltd](https://www.sectoralpha.in/stocks/la-opala-rg-ltd) ₹1,568 crore · Opalware
3. Huhtamaki India Ltd ₹1,564 crore
4. [Turtlemint Fintech Solutions Ltd](https://www.sectoralpha.in/stocks/turtlemint-fintech-solutions-ltd) ₹1,564 crore
5. [Indian Hume Pipe Company Ltd](https://www.sectoralpha.in/stocks/indian-hume-pipe-company-ltd) ₹1,563 crore · Cement Products

## What else do people ask about Huhtamaki India? ### What is Huhtamaki India's share price today? Huhtamaki India Ltd's share price is ₹209.45, −14.3% over the past year. The whole company is worth ₹1,583 Cr on the market. In the last 52 weeks it traded between ₹156 to ₹319; today it is 33% of the way up from the low, 6.8% below its 200-day average (as of 3 November 2026). ### What were Huhtamaki India's latest quarterly results? Huhtamaki India Ltd reported revenue of ₹769 Cr and net profit of ₹30.0 Cr for the Sep 2026 quarter. Revenue rose 23.0% and profit fell 18.9% compared with a year earlier. Earnings per share were ₹3.94. The operating margin was 8.0%, 1.0 percentage points lower than a year earlier (as of 3 November 2026). ### What is Huhtamaki India's market cap? Huhtamaki India Ltd's market capitalisation is ₹1,583 Cr at a share price of ₹209.45. Market cap is the share price times the number of shares, so it changes whenever the price moves (as of 3 November 2026). ### How is Huhtamaki India performing? Huhtamaki India Ltd's share price has been rising for 14 weeks. In its latest quarter, revenue rose 23.0% and profit fell 18.9% compared with a year earlier. Over the past 13 weeks it has done worse than the NIFTY 500, for 3 weeks running (as of 3 November 2026). ### Will Huhtamaki India's share price go up? This page does not forecast Huhtamaki India Ltd's share price. What it shows instead: the share price is ₹209.45, and it has been rising for 14 weeks. Its P/E of 11.5× is higher than 6% of its own last 11 years (as of 3 November 2026). ### Does Huhtamaki India have too much debt? No, Huhtamaki India Ltd has little debt: its debt is 0.11× its equity, and its operating profit is 11 times its interest bill. FY25 borrowings were ₹144 Cr against equity of ₹1,293 Cr. So the returns on this page come from the business, not borrowed money (as of 3 November 2026). ### Where is Huhtamaki India in its business cycle? Huhtamaki India Ltd's FY25 operating margin was 8.0%, against a 14-year range of 4.2% to 11.0%: the middle of its own range, neither a peak nor a low. The latest quarter was 8.0%. Comparing margins with a company's own long history is a good way to see where it is in its cycle (as of 3 November 2026). ### What could break the Huhtamaki India story? The main question: yearly earnings per share moved +34.3% while the share price moved −14.3%. On price, this page treats a rise as over when the share price closes below its 200-day average on two Fridays in a row (as of 3 November 2026). ### Is Huhtamaki India a stock worth studying right now? What the numbers show: Huhtamaki India Ltd's P/E is near the low end of its own history, higher than only 6% of past readings, and its quarterly results are still getting worse. The main open question: whether the price catches up with earnings that have already grown. Every number on this page is worked out by code from the published figures, with no forecasts and no price opinions (as of 3 November 2026). ### Is there a Huhtamaki India share price forecast for 2026? What management itself guided: Baddi labels plant closure to complete day after call following required notice period. What is changing at Huhtamaki India, from the latest results and calls: input cost pass-through and pricing discipline, customer and product mix upgrade toward value segments and solar captive power generation, khopoli plant. What would change the story: Operating margin falls back below 7% for two consecutive quarters after the Q3 2026 inventory normalization, because that would indicate the Q2 2026 margin expansion was driven by one-time customer inventory demand rather than structural mix and pricing improvement, removing the central thesis. ### Where does this page get Huhtamaki India's management information? From Huhtamaki India's results calls, its filings and public records on governance, each dated on the page. Management’s plans are shown as plans, never as results. This is research, not advice. We’re not SEBI-registered.