AGI Greenpac Ltd(AGI)

NSE: AGIBSE: 500187

₹ 685.25-4.73%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 4,433 crNext results: 28 Oct 2026Website: www.agigreenpac.comUpdated: 24 Oct 2026

About

AGI Greenpac Ltd is an Indian packaging company operating through three businesses - AGI Glaspac (container and specialty glass), AGI Clozures (security caps and closures), and AGI Plastek (PET bottles) - serving 500 institutional clients across alcobev, food and beverages, pharmaceuticals, and personal care. It is now expanding from 2,100 TPD of glass capacity to 2,600 TPD and entering aluminium beverage cans with a targeted 1.6 billion cans per annum greenfield facility.^[1][2][3]

Business segments

Packaging Products is the single operating segment, contributing 99.2% of FY26 revenue (₹2,643.72 Cr) with an EBIT of ₹589.38 Cr (EBIT margin 22.3%).^[4]
Investment Property generated ₹21.60 Cr of revenue and ₹15.95 Cr segment result in FY26, making up the balance of reported revenue.^[1]

Products and portfolio

AGI Glaspac manufactures container and specialty glass ranging from 2.5 ml pharmaceutical vials to 5,000 ml spirit bottles, in Flint, Amber, Green and customised colours.^[1]
AGI Clozures produces security caps and closures, T-corks, wooden caps, precision gaskets and injection-moulded components, incorporating RFID- and NFC-enabled anti-counterfeit technologies and pharmaceutical eye-dropper assemblies.^[1]
AGI Plastek manufactures PET bottles and products across three plants.^[1]
B2C brands Sand Dunes and GreenDrop extend reach into hospitality, retail, e-commerce, and general trade alongside the institutional business.^[1]
Premium segments - cosmetics, perfumery, pharma, and security caps and closures - collectively contributed ~25% of packaging revenue in FY26.^[3]

Operations and installed capacity

Total glass capacity stands at 2,100 TPD as of Q1 FY27: container glass 1,900 TPD (debottlenecked from 1,850 TPD in FY26) and specialty glass 200 TPD (expanded from 154 TPD in FY26), at a combined investment of ₹47 Cr.^[1][5]
AGI Clozures operates one plant in Sangareddy, Telangana, with installed capacity of 1,154 million pieces per annum of large and small caps.^[1]
AGI Plastek has three plants - Dharwad, Karnataka (6,288 MT), Sangareddy, Telangana (2,542 MT), and Selaqui, Uttarakhand (3,062 MT) - totalling 11,892 MT annual installed capacity.^[1]
The company has developed mines and crushing plants near its manufacturing plants to secure silica, soda ash and limestone and reduce transport costs.^[1]
The Materials R&D Centre, described as the first of its kind in the Indian container glass industry, holds NABL and DSIR recognition; the Bhongir plant holds a USFDA Drug Master File (DMF No. 25101).^[1]
Solar energy capacity stood at 19.56 MW as of FY25; the company recycles over 2 lakh tonnes of cullet annually, with cullet use above 40% in FY26.^[6][5]

Key operating numbers

Container glass ran at ~95% capacity utilisation in FY26; specialty glass ran at ~75% utilisation in FY26.^[1]
Packaging Products segment EBITDA margin (excl. other income) was 25.1% in FY26, improving to 24.2% in Q1 FY27 (+110 bps YoY).^[5][3]
Packaging Products segment ROCE (excl. other income) improved to 25.7% in Q1 FY27 from 20.5% in Q1 FY26.^[3]
Container glass EBITDA/tonne guidance is Rs.9,500 - 10,500/tonne (Q3 FY26); specialty glass EBITDA margin is ~25 - 26% (Q3 FY26).^[7]
Specialty glass volumes were up more than 13% YoY in Q3 FY26, with realisation improving ~Rs.6,800/tonne YoY.^[7]
Alcoholic beverages made up 75% of glass container revenue in FY26, food and beverages 18%, and pharmaceuticals 7%.^[5]

Customers and distribution

The company serves 500 institutional clients across alcobev, food and beverages, pharmaceuticals, personal care, cosmetics, perfumery, FMCG, and agrochemicals.^[1]
Two customers represented ~27.28% (₹72,709.75 lakh) of total India revenue in FY26, down from three customers representing 40.56% (₹1,02,572.93 lakh) in FY25.^[1]
The company operates across 29 states and Union Territories in India and exports to 18 countries; exports accounted for 4.67% of total turnover in FY26.^[1]
Foreign currency earnings in FY26 were ₹8,832.34 lakh, more than doubling from ₹4,204.75 lakh in FY25.^[1]

Expansion and capex

Greenfield aluminium beverage cans facility at Hathras, Uttar Pradesh: 34 acres, two production lines, initial capacity of 1.6 billion cans per annum; expected to commence operations in the first half of 2027; equipment procurement in final stages.^[1][5]
Phase 1 capex for aluminium cans is ~₹850 Cr; MP glass plant capex is ~₹700 Cr; total capex through March 2028 is guided at ~₹1,900 - 2,000 Cr.^[8]
FY27 capex is guided at Rs.1,100 - 1,200 Cr covering the MP glass plant and aluminium cans Phase 1.^[7]
Capital commitments on contracts remaining to be executed rose to ₹29,215.89 lakh at end-FY26, up from ₹3,461.10 lakh in FY25, reflecting the Gwalior and aluminium cans pipeline.^[1]

Recent developments

Container glass debottlenecking to 1,900 TPD was fully commissioned in Q3 FY26, ahead of the original March 2026 deadline; specialty glass expansion to 200 TPD was also completed in FY26.^[7][5]
The remaining ECB loan was prepaid in December 2025, resulting in nil ECB borrowings; net debt to EBITDA reached 0.11x in FY26 on EBITDA of ₹690 Cr.^[7][3]
An OEM-based consumer retail service for diffusers and perfumes was launched in FY26 via outsourced filling and finishing, targeting hospitality, retail, e-commerce, and HoReCa channels without additional manufacturing capex.^[1]
UAE subsidiary Sun Reach Pack (FZE) was established in FY25 to enhance international engagement and drive exports.^[6]
Corporate venture capital arm Tattva conducted 75+ shop-floor pilots in FY26 and invested in Crion (thermodynamic digital twin with AR/VR) and Mad Over Buildings (digital marketplace).^[1]
West Asia geopolitical escalation temporarily raised energy and raw material costs in Q1 FY27, contributing to a QoQ PAT decline of 13.9% even as consolidated revenue grew 14.2% YoY to ₹785 Cr.^[3]

Market Cap

₹4,433 Cr

High / Low

₹883 / 444

Stock P/E

13.4

Price / Book

2.0

Book Value

₹372

EPS

₹54.4

No. of Shares

6.47 Cr

ROCE

19.5%

ROE

15.6%

OPM

18.8%

Debt / Equity

0.10

Sales

₹2,665 Cr

Net Profit

₹352 Cr

Promoter holding

60.4%

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AGI Greenpac Ltd(AGI)

About

Business segments

Products and portfolio

Operations and installed capacity

Key operating numbers

Customers and distribution

Expansion and capex

Recent developments

Signal history

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