Flex Foods Limited

Key Metrics of Flex Foods Limited

Revenue₹192 Cr▲ 28.0% YoYFY 2025-26

EBITDA₹16.7 Cr▲ 1,337.3% YoY

Net profit−₹31.8 Cr▲ 2.2% YoY

Net worth—

Competitors10identified

About Flex Foods Limited

Sectors

Food & BeveragesPackaged Foods & Confectionery

Company details

Registered office: Lal Tappar Industrial Area,, Po-resham Majri,, Haridwar Road, Dehradun, In-uk, 248140

Operational Areas of Flex Foods Limited

Food & Beverages›Packaged Foods & Confectionery

Company summary

Entity details

CINL15133UR1990PLC023970

LEI code335800E3IYTR3T78C741

State codeUR

PIN code248140

Current legal nameFLEX FOODS LIMITED

Classification—

Listing statusListed

Registration no.023970

Company age—

PAN—

CountryIndia

CityDehradun

StateUttar Pradesh

Current statusActive

Date of incorporation—

Registrar of companies—

Authorised capital—

Paid-up capital—

Employee count—

Compliance

Last AGM date—

Last balance sheet—

Next filing dueMGT-7 for FY 2025-26 · 29 Nov 2026

Industry classification

NIC code15133

Description of main activityManufacture of food products and beverages

Description of business activityManufacture of food products and beverages

SectorFood & Beverages · Packaged Foods & Confectionery

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Financials, ratios and risk analysis

Revenue, EBITDA, net profit, net worth, debt and assets for every filing year, 15+ ratios, the financial health score, shareholding, charges and peer comparison are part of the premium plan.

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Filing compliance

AGM for FY 2025-2630 Sep 2026 Statutory due date passed

AOC-4 for FY 2025-2630 Oct 2026 Statutory due date passed

MGT-7 for FY 2025-2629 Nov 2026 Statutory due date · 23 days left

Due dates follow the Companies Act: AGM within six months of the year end, AOC-4 within 30 days and MGT-7 within 60 days of the AGM. A filing made but not yet uploaded here shows as pending.

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Credit ratings

ICRA · 22 Sep 2026 ICRA BB+ Stable outlook · Short term A4+ · Assigned

Change in last 12 months—

Change since first rating on record—since Sep 2026

Rating actions10 up · 0 down

Liquidity (ICRA)Adequate

Rating history

Rating actions

Date	Agency	Action	Long term	Short term	Outlook	Rated amount	Rationale
22 Sep 2026	ICRA	Assigned	BB+	A4+	Stable	₹170 Cr	View

Credit strengths (ICRA, Sep 2026)

+ Strong parentage of Uflex Group with continued financial support

Uflex holds 47.5% stake in FFL and over the years the Uflex/asscociate companies have continued to provide funding support in the form of unsecured loans to FFL.

+ Established operational track record in the processing of agricultural food products

FFL has an established presence of over three decades in the processing and export of value-added agricultural food products, including freeze-dried, air-dried and IQF fruits and vegetables.

+ Strong network of farm procurement and strategic locational advantage

The company benefits from a well-established procurement network comprising farmers, contract growers and aggregators, ensuring access to quality raw materials.

Credit challenges

− Average financial risk profile

FFL's financial risk profile remains constrained by its relatively moderate scale of operations, leveraged capital structure and weak debt coverage indicators.

− Profitability exposed to volatility in raw material price

The company's profitability remains vulnerable to fluctuations in the prices and availability of key agricultural commodities such as fruits, vegetables, herbs and mushrooms.

Could lead to an upgrade

ICRA could upgrade the ratings if Flex Foods demonstrates a sustained improvement in its scale of operations and profitability driven by steady ramp up of the manufacturing facilities, leading to an improvement in its credit metrics. Additionally strengthening of the credit profile of the parent would also be a positive for the ratings.

Could lead to a downgrade

Pressure on the ratings could arise if there is considerable pressure on revenue and earnings, sizeable debt- funded capex, or considerable increase in working capital requirements, resulting in moderation in the company's financial risk profile. Additionally, weakening of the credit profile of the parent or any material weakening of FFL’s linkages with it’s parent would also lead to downgrade of the ratings.

Agency-reported financials (ICRA, 22 Sep 2026)

Metric	FY2025	FY2026
Operating income	₹150 Cr	₹192 Cr
PAT	₹-32.50 Cr	₹-31.80 Cr
OPBDIT/OI	-0.9%	8.7%
PAT/OI	-21.7%	-16.6%
Total outside liabilities/Tangible net worth (times)	7.90×	40.20×
Total debt/OPBDIT (times)	-200.80×	18.50×
Interest coverage (times)	-0.10×	0.70×
Revenue growth (YoY)	—	28.0%
EBITDA (margin × income)	₹-1.35 Cr	₹16.70 Cr
Implied total debt (debt/EBITDA × EBITDA)	—	₹309 Cr
Implied interest cost (EBITDA ÷ coverage)	—	₹23.86 Cr

Borrowings & rated debt

Rated borrowing limits (latest)₹170 Cr

Limits raised0 times3 new facilities rated

Facility mix

Rated facilities

Facility	Type	Previous	Current	Change	Rating	Action	Agency
Long Term -Fund based – Term Loan	Term loans	—	₹124 Cr	—	BB+ (Stable)	Assigned	ICRA
Long Term Short Term-Fund based /Non fund based-Working capital	Non-fund based limits	—	₹45.0 Cr	—	BB+ / A4+ (Stable)	Assigned	ICRA
facilities Long Term Short Term-Unallocated	Working capital & bank lines	—	₹1.50 Cr	—	BB+ / A4+ (Stable)	Assigned	ICRA

Credit assessment · Manufacturing

Rating Methodology – Manufacturing Companies (Mar 2025) · Standalone accounts · FY 2025-26

Indicative long-term—

Indicative short-term—

Score—

LiquidityStretchedAgency: Adequate

DirectionStableAgency outlook: Stable

ICRA rating · Sep 2026BB+1 notch below indicative

Ratios, pillar scores and the indicative rating are part of Premium.

Rating status

Default	No default on record
Issuer cooperation	Cooperating
Credit enhancement	None – standalone rating
Next action stable or better (model)	47%
Information on file	56% · missing: Annual results history (3+ years), Capex / investment plans, Auditor details, Shareholding pattern

Indicative assessment from public data using the published methodology factors; not a credit rating.

Borrowing & funding lifecycle

⬇ PDF report ⬇ Excel

Can it borrow more?Further bank funding difficult Next rating action stable or better: 47% (At risk of downgrade) · ML model on 6893 rating histories, AUC 0.653

Rated limits₹170 Cr

Not yet allocated₹1.50 Cr

Extra debt within 2.5× EBITDA—

Interest coverage0.70×

Limit utilisation—

Open bank charges0 · —

Credit outlook model: 47% chance the next rating action is stable or better
Current rating BB+ (below investment grade)
Interest coverage 0.7×
₹1.5 cr of rated limits not yet tied to a lender

Rated limits by facility

Timeline

22 Sep 2026 ICRA assigned: BB+ (Stable)Rated limits ₹170 cr ICRA rationale

22 Sep 2026 Cash & liquid funds ₹1.7 cr

From the report

Liquidity position: Adequate The company's liquidity profile is adequate with expected improvement in cash flow from operations,cash/liquid investments of approximately Rs. 1.7 crore as on March 31,2026 and continued funding support from promoter group as and when required.

ICRA rationale

22 Sep 2026 Debt repayments due in FY2027: ₹26.5 cr

From the report

FFL has moderate capex requirements of Rs. 3-5 crore per annum and debt repayment obligations of around Rs. 26.5 crore annually in FY2027 and FY2028 which are expected to be funded through improvement in earnings as well as continued funding support from the parent group, if required.