AGI Greenpac LimitedQ1 FY27 Results & Financial Update
AGI Greenpac Limited: Q1 FY27 consolidated results and company financials – revenue ₹785.27 Cr, PAT ₹99.35 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
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Quarterly Results AnalysisExplore AGI Greenpac Q1 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
AGI Greenpac reported consolidated revenue from operations of Rs 785 crore for the first quarter ended June 30, 2026, representing a growth of 14.2% compared to the same period in the previous year. Sequentially, revenue expanded by 5.8% over the fourth quarter of FY26.
Profit after tax (PAT) reached Rs 99 crore for Q1 FY27, marking an 11.8% increase on a year-on-year basis while registering a 13.9% contraction compared to the preceding fourth quarter due to seasonal and cost pressures.
EBITDA excluding other income stood at Rs 175 crore, delivering a 23.1% year-on-year expansion and a 14.3% sequential increase, with the corresponding margin improving to 22.3% from 20.7% in Q1 FY26.
Management noted that regional escalations in West Asia exerted upward pressure on energy and raw material costs during the quarter, temporarily weighing on margins before proactive cost-optimization measures cushioned the impact.
The primary packaging segment generated revenue of Rs 780 crore, up 14.3% year-on-year, while achieving an EBITDA excluding other income of Rs 189 crore and a robust segment ROCE of 25.7%.
Demand remained resilient across key end-use categories, supported by sustained traction in alcoholic beverages, food and beverages, and specialty glass segments, underpinned by strategic contributions from value-added product lines.
Profit before tax was ₹129.27 Cr for the reported quarter. EPS was ₹15.36 for the reported quarter.
01 · Business model
What does AGI Greenpac do?
AGI Greenpac Limited operates as an integrated rigid packaging solutions manufacturer, recognized as India's leading and most profitable glass packaging provider with over four decades of operating history.
The company's core operations span container glass, specialty glass for perfumery and cosmetics, security caps and closures, and plastic packaging products such as PET and high-density polyethylene bottles.
Manufacturing infrastructure includes seven plants across strategic locations in India, encompassing glass facilities in Telangana, security caps and closures production in Sangareddy, and plastic packaging plants in Karnataka, Telangana, and Uttarakhand.
The business serves over 500 institutional clients across diverse end-use sectors including alcoholic beverages, soft drinks, food and beverages, pharmaceuticals, personal care, cosmetics, and hospitality.
02 · Historical context
What shaped the business before this quarter
The company forayed into the container glass business in 1981 through the acquisition of Associated Glass Industries, building a multi-decade manufacturing platform.
Diversified into PET bottles in 2011 via the acquisition of Garden Polymer, expanding capabilities into plastic packaging.
Launched the security caps and closures business in 2018 with automated facilities in Sangareddy, followed by a strategic venture into specialty glass catering to perfumery and cosmetics in 2023.
Announced a 500 TPD greenfield plant in 2025 to address demand in North and Central India, alongside a strategic foray into aluminium cans.
03 · Financial snapshot
Current-quarter financial snapshot
| Metric | Q1 FY27 |
|---|---|
| Revenue from operations | ₹785.27 Cr |
| Total income | ₹794.23 Cr |
| Profit before tax | ₹129.27 Cr |
| Profit after tax | ₹99.35 Cr |
| EPS | ₹15.36 |
Financial interpretation
What the reported numbers mean
Profit after tax represented 12.7% of reported quarterly operating revenue. This is a calculated net-profit-to-sales ratio, not a company-reported operating margin. It measures the outcome after expenses and tax; it does not, by itself, establish how margins changed versus another period.
Profit before tax was equivalent to 16.5% of quarterly operating revenue. The distinction between pre-tax and post-tax profit matters when interpreting earnings; neither ratio identifies an underlying cost driver without a properly matched comparative period.
Total income exceeded operating revenue by ₹8.96 crore. This is the disclosed difference between the two lines, not incremental sales. The distinction matters when assessing how much of the quarter’s reported income came from the operating top line.
Ratios above are calculated from the reported quarterly figures. They are analytical descriptions, not company-reported margin guidance or an investment recommendation.
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Revenue growth was driven by an improved product mix with higher contributions from value-added segments such as specialty glass, premium alcoholic beverage containers, and security closures.
Steady institutional demand across alcobev, food and beverage, and pharmaceutical categories drove a 14.2% year-on-year increase in consolidated operating revenue to Rs 785 crore.
What drove margins
Regional escalations in West Asia created cost pressures on energy and raw materials, which were partially absorbed through proactive internal cost-optimization initiatives.
EBITDA margin excluding other income expanded to 22.3% in Q1 FY27 from 20.7% in Q1 FY26, aided by operating leverage and manufacturing efficiencies within the packaging products segment.
05 · Demand, customers & order book
Where demand is coming from
Serves over 500 diversified institutional clients, including major brands across beverages, spirits, pharmaceuticals, and FMCG sectors.
06 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
The packaging products segment generated revenue of Rs 780 crore in Q1 FY27, up 14.3% year-on-year, with EBITDA excluding other income rising 19.5% to Rs 189 crore and segment ROCE reaching 25.7%.
Geography and market mix
Operations span manufacturing units in Telangana, Karnataka, and Uttarakhand, positioning the company to serve customers across North, South, and Central India.
07 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
Current glass manufacturing capacity stands at 2,100 TPD across three plants in Sanathnagar and Bhongir, backed by an ongoing expansion to 2,600 TPD by March 2027.
Caps and closures capacity is rated at 1,154 million pieces per annum, while plastic packaging capacity spans approximately 12,000 TPA across three dedicated plants.
Projects, capex and execution
Advancing execution on the announced 500 TPD greenfield plant to expand total glass capacity from 2,100 TPD to 2,600 TPD by March 2027.
08 · Strategy & new businesses
How the company is trying to change its growth mix
Progressing on the strategic entry into the aluminium can market with a planned capacity of 1.6 billion cans, leveraging strong synergies with existing glass packaging relationships in the alcohol and F&B segments.
Expanding the specialty glass business with dedicated R&D and a state-of-the-art decoration unit targeting high-margin cosmetic, perfumery, and premium liquor segments.
09 · Reported developments
What changed operationally
Consolidated operating revenue grew 14.2% year-on-year to Rs 785 crore, underpinned by strong demand across core packaging verticals.
Packaging products segment ROCE improved to 25.7% in Q1 FY27 compared to 20.5% in Q1 FY26.
10 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
Capital allocation & funding
Maintained a conservative leverage profile with a net debt to EBITDA ratio of 0.11x as of FY26, supporting financial flexibility for ongoing expansion projects.
11 · Management guidance & targets
What management is targeting from here
Management stated an expectation that margin performance will strengthen in the coming quarters as input cost volatility eases and the compounding benefits of efficiency programs take full effect.
12 · Beyond the numbers
What changed beyond the numbers
Reported update
Board Appointees
Appointed Mr. Sushil Kumar Roongta as an Independent Director effective July 1, 2026, and Mr. Ram Babu Kabra as Non-Executive Non-Independent Director effective April 28, 2026.
13 · Previous-quarter changes
What changed since the previous quarter
Operating revenue increased by 5.8% sequentially from Rs 742 crore in Q4 FY26 to Rs 785 crore in Q1 FY27.
14 · Key Q&A
The quarter, answered directly
What does AGI Greenpac do?
AGI Greenpac Limited operates as an integrated rigid packaging solutions manufacturer, recognized as India's leading and most profitable glass packaging provider with over four decades of operating history.
What is the clearest takeaway from Q1 FY27?
AGI Greenpac reported consolidated revenue from operations of Rs 785 crore for the first quarter ended June 30, 2026, representing a growth of 14.2% compared to the same period in the previous year. Sequentially, revenue expanded by 5.8% over the fourth quarter of FY26.
What drove revenue or demand?
Revenue growth was driven by an improved product mix with higher contributions from value-added segments such as specialty glass, premium alcoholic beverage containers, and security closures.
What mattered most for margins or profitability?
Regional escalations in West Asia created cost pressures on energy and raw materials, which were partially absorbed through proactive internal cost-optimization initiatives.
What changed operationally beyond the headline numbers?
Current glass manufacturing capacity stands at 2,100 TPD across three plants in Sanathnagar and Bhongir, backed by an ongoing expansion to 2,600 TPD by March 2027.
What is management guiding or targeting from here?
Management stated an expectation that margin performance will strengthen in the coming quarters as input cost volatility eases and the compounding benefits of efficiency programs take full effect.
15 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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16 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Capacity Expansion Milestones: Monitor progress on the 500 TPD greenfield expansion targeted for completion by March 2027 to verify adherence to the 2,600 TPD capacity roadmap.
- 02
Input Cost Trends: Track energy and raw material cost trends alongside the realization of efficiency programs to assess margin recovery in subsequent quarters.
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