AGI Greenpac Limited (AGI) share price
₹735.25 on NSE as of 2026-09-04. -0.94% on the day. market cap ₹4,757 Cr. P/E 13.1. 52-week range ₹468.55 to ₹908.10. Capital Goods.
What the company does
W 1Complete definitions of the ratings assigned are available at www.careratinqs.com and in other CARE publications� CARi...Ra.ti�-Ljmited (Formerly known as er'l!a11 Analysls & Research Limited) CORPORATE OFFICE: 4 ,. Floor, GodreJ Coliseum, Somalya Hospital Road, Off Eastern Express Highway, Slon (E), Mumbai• 400 022. Tel.: +91-22-6754 3436 • Fax: +91-22-6754 3457 Email: care@careratlngs.com , www.careratlngs.com CIN-L67190MH1993PLC071691 13th Floor, E-1 Block, Videocon Tower Jhandewalan Extension, New Delhi• 110 055.
Filed by CARE Ratings, page 2.
AGI Greenpac Q1 FY27: Revenue Up 14% to ₹785 Cr While Other Income Falls From ₹53 Cr to ₹9 Cr
At a glance
AGI Greenpac reported revenue from operations of ₹785 crore for the quarter ended 30 June 2026, up 14.2% from ₹688 crore a year earlier and 5.8% above the ₹742 crore of the preceding March quarter. Operating profit came in at ₹175 crore against ₹142 crore, a rise of 23.3%, taking operating margin to 22% from 21%.
Net profit was ₹99.58 crore versus ₹88.85 crore, up 12.1% year-on-year. Against the March quarter's ₹115.60 crore, profit is lower by 13.9%. The line that moved between those two quarters is other income: ₹53.30 crore in March, ₹8.96 crore now. The March figure included ₹48.46 crore of Telangana investment-linked incentives; this quarter's includes ₹4.36 crore from the sale of an investment property.
EPS for the quarter was ₹15.39, against ₹13.73 a year ago and ₹17.87 in March. Interest cost fell to ₹9.86 crore from ₹17.07 crore, following borrowings that dropped from ₹553 crore at March 2025 to ₹241 crore at March 2026.
Management attributes the quarter's margin pressure to regional escalations in West Asia lifting energy and raw-material costs, cushioned by cost-optimisation measures. Power and fuel expense for the quarter was ₹173.43 crore against ₹138.24 crore a year ago — a 25% rise on a 14% revenue rise.
The board also recommended a Somany to a corner office. More on that shortly.
Introduction
AGI Greenpac was incorporated in February 1960 and spent most of its listed life under a different name — HSIL Limited — before a Scheme of Arrangement between 2019 and 2022 carved out the building-products business and left a pure packaging entity behind. What remains makes glass bottles, PET bottles, and security caps and closures, and does so from seven plants: two container glass facilities at Sanathnagar and Bhongir in Telangana, a specialty glass plant at Bhongir, three PET facilities at Selaqui, Dharwad and Sangareddy, and a closures facility at Sangareddy.
Per CARE Ratings, the company is the second-largest player in India's organised container glass segment by installed capacity with an estimated 17–18% market share, though CARE also notes that over recent quarters AGI has been reporting higher revenue than Hindusthan National Glass, which holds the larger stated capacity. CARE reaffirmed its long-term rating at CARE AA-; Stable and short-term at CARE A1+ in April 2026.
The recent corporate calendar has been busy. In March 2025 the company announced a 500 TPD greenfield container glass plant in Madhya Pradesh at ₹700 crore, funded 70:30 debt-to-equity, targeted for March 2027. In September–November 2025 shareholders approved raising up to ₹1,500 crore and amended the memorandum to add metal packaging. In May 2026 construction began on a ₹1,000 crore aluminium beverage can plant at Hathras, Uttar Pradesh, with initial capacity of 1.6 billion cans a year. In August 2025 the company disclosed a ₹40.61 crore demand from TGSPDCL relating to surplus power for 2002–2022, with an SLP admitted in the Supreme Court.
FY26 closed with revenue of ₹2,665 crore and net profit of ₹352 crore.
Business model
They make the bottle. Not the whisky, not the perfume, not the cough syrup — the container it sits in, and increasingly the tamper-proof cap on top so nobody refills it with something regrettable.
The Packaging Products segment is 99% of the business. Within it, glass containers are 91% of FY26 packaging revenue, up from 89% in FY25, with "others" the remaining 9%. Drill into the glass containers and the mix reads like a Friday evening: alcoholic beverages 75%, food and beverages 18%, pharmaceuticals 7%. AGI Greenpac is, arithmetically, a liquor-adjacent company that files under Industrial Products.
Three brands do the work. AGI Glaspac makes containers, bottles, jars and cosmetic packaging from 5 ml up to 4,000 ml — which is to say, everything from a pharmaceutical vial to a jar you could keep a small pet in. AGI Closures makes counterfeit-resistant caps, primarily for alco-bev. AGI Plastek makes PET, HDPE and polypropylene products for FMCG, dairy and agrochemicals.
The remaining 1% is Investment Property: land and buildings given on lease, which contributed ₹5.43 crore of revenue in the quarter and ₹8.52 crore of segment profit. A rounding error that earns more than it sells is a rare thing in an annual report.
Around 25% of revenue comes from value-added products — bespoke cosmetics and fragrance glass, high-precision pharma vials, premium wine, beer and whisky containers. The company serves 500+ institutional clients including Abbott, Sun Pharma, HUL, United Spirits, Glenmark, Dr Reddy's and Pfizer, with the top ten contributing about 64% of net sales per CARE.
Installed capacity in FY26 stood at 1,900 TPD container glass, 200 TPD specialty glass, 1,154 million cap pieces a year, and 12,000 TPA of plastic packaging. The economics of a glass furnace are unforgiving in a specific way: CARE notes the furnace must run continuously for economies of production, which means raw-material inventory is not optional. You cannot switch a furnace off for the weekend and expect it to be there on Monday.
Quarterly results, balance sheet, cash flow, ratios, shareholding and the filings themselves are on the full page for AGI Greenpac Limited.
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