FLEXITUFF - Flexituff Vent.

📊 NSE: FLEXITUFF 🏢 Packaging 📅 Last Updated: 12/13/2025 22:07

💰 Financial Performance

Revenue Growth by Segment

Not disclosed in available documents. However, the company executed a slump sale of its Flexible Intermediate Bulk Container (FIBC) business at Pithampur to Flexituff Technology International Limited (FTIL) on April 30, 2024, which significantly reduced the operational revenue base of the parent company.

Geographic Revenue Split

Not disclosed in available documents. The company operates through subsidiaries in Cyprus (Flexiglobal Holding Limited) and the United Kingdom (Flexiglobal UK Limited), suggesting international revenue streams.

Profitability Margins

Profitability was significantly impacted by a one-time settlement (OTS) gain of INR 165.85 Cr (16,585.09 lakhs) booked in Q1 FY25 (quarter ended June 30, 2024). This gain resulted from settlements with IFCI LTD, TPG Growth II SF Pte Ltd., and International Finance Corporation (IFC).

EBITDA Margin

Not disclosed in available documents. Core profitability is currently obscured by the 'Disclaimer of Conclusion' from auditors who were unable to verify financial records for the period ending September 30, 2025.

Capital Expenditure

Not disclosed in available documents. The company is currently in a divestment phase, having completed the slump sale of its Pithampur FIBC units on April 30, 2024.

Credit Rating & Borrowing

The company is rated 'CARE D; ISSUER NOT COOPERATING' and '[ICRA]D; ISSUER NOT COOPERATING'. These ratings indicate a state of default. Total rated debt by ICRA stands at INR 619.00 Cr, including a Term Loan of INR 37.00 Cr, Cash Credit of INR 289.00 Cr, and Non-Fund Based limits of INR 293.00 Cr.

⚙️ Operational Drivers

Raw Materials

Polypropylene (PP) and other polymer resins (implied by the FIBC and technical textile business), though specific percentage of total cost is not disclosed in available documents.

Capacity Expansion

Current capacity is not disclosed. The company recently reduced its capacity by selling the FIBC business of its Pithampur units to an associate company, FTIL, on April 30, 2024.

Raw Material Costs

Not disclosed in available documents. Costs are likely volatile due to the company's default status, which may affect procurement terms and supplier credit.

Manufacturing Efficiency

Not disclosed in available documents. Auditors noted significant limitations in reviewing financial information, which prevents an assessment of manufacturing efficiency.

📈 Strategic Growth

Expected Growth Rate

Not disclosed in available documents

Growth Strategy

The company's strategy focuses on deleveraging through the sale of non-core or specific business units (slump sale of Pithampur FIBC units) and negotiating One-Time Settlements with financial institutions to clean up the balance sheet. The transfer of bank limits worth INR 83.95 Cr to FTIL was part of this restructuring strategy.

Products & Services

Flexible Intermediate Bulk Containers (FIBC), technical textiles, and geosynthetics.

Brand Portfolio

Flexituff.

Strategic Alliances

The company maintains a significant relationship with Flexituff Technology International Limited (FTIL), which is an associate company that recently acquired the parent's FIBC business.

🌍 External Factors

Industry Trends

The technical textile and packaging industry is shifting toward sustainable and recyclable FIBCs. However, FVIL is currently focused on financial survival rather than technology shifts, as evidenced by its 'Issuer Not Cooperating' status with rating agencies.

Competitive Landscape

Competes with other global and domestic FIBC manufacturers; however, financial distress puts FVIL at a competitive disadvantage regarding large-scale contract bidding.

Competitive Moat

The company lacks a sustainable moat at present due to its default status and the sale of major business units, which has eroded its market position and operational scale.

Macro Economic Sensitivity

Highly sensitive to interest rates and banking sector regulations due to its default status and ongoing debt restructuring needs.

Geopolitical Risks

Exposure to UK and European markets through Flexiglobal (UK) Limited makes the company sensitive to trade policies and economic shifts in those regions.

⚖️ Regulatory & Governance

Industry Regulations

Subject to manufacturing standards for FIBCs and environmental norms for plastic processing. The company must comply with SEBI (LODR) Regulations, though it is currently facing audit disclaimers.

Taxation Policy Impact

The company has significant Deferred Tax Assets, but auditors have raised concerns regarding the company's ability to utilize these assets within the prescribed time limits under the Income Tax Act, 1961.

Legal Contingencies

The company has disclosed defaults on loans from banks and financial institutions as of November 14, 2025. It also faces 'significant limitations' in financial reporting as noted by statutory auditors in the September 2025 review.

⚠️ Risk Analysis

Key Uncertainties

The primary uncertainty is the 'Disclaimer of Conclusion' by auditors for the Q2 FY26 results, meaning the financial health of the INR 456.94 Cr asset base cannot be verified. There is also uncertainty regarding the successful transfer of INR 83.95 Cr in bank limits to FTIL.

Geographic Concentration Risk

Not disclosed in available documents, though it has a presence in India, UK, and Cyprus.

Third Party Dependencies

High dependency on consortium banks for debt restructuring and on FTIL for the execution of the business transfer agreement.

Technology Obsolescence Risk

Risk is moderate as FIBCs are standard products, but the company's inability to invest in R&D due to financial distress may lead to long-term obsolescence.