AGI Greenpac
AGI Greenpac
Industrial ProductsKey Fundamentals
MicrocapPackagingIndustrial ProductsTapetide Score
Data-driven rating, 0–100. How it works →
Key Insights
Strengths
1- Company has reduced debt.
Weaknesses
1- Dividend payout has been low at 14.1% of profits over last 3 years
Growth Rate
AI Analysis — Bull vs Bear
AGI Greenpac Ltd is a ₹4,560 crore market-cap container and speciality glass packaging company trading at a PE of 12.6x with a 3-year ROE of 16%. Revenue grew from ₹1,256 crore in FY21 to ₹2,537 crore in FY25 (19% CAGR), while operating margins expanded from 11-12% in FY18-19 to 23-24% in FY24-25, though the stock has declined 27% over the past year.
- Significant debt reduction — debt halved from ₹1,230 crore to ₹553 crore, with net debt at approximately ₹389 crore as of Dec 2025, strengthening the balance sheet materially
- EBITDA margin expansion from 11-12% in FY18-19 to 23-24% in FY24-25 reflects improved operating leverage and product mix
- ROCE improved from 3% to 20% over the FY18-25 period, indicating substantially better capital efficiency
- Revenue CAGR of 19% from FY21 (₹1,256 crore) to FY25 (₹2,537 crore) demonstrates strong top-line growth trajectory
- Board approved ~₹700 crore capex for a new container glass plant in Madhya Pradesh, expanding capacity by approximately 25%, signalling growth runway
- Compounded profit growth of 32% over 5 years is well above the 16% sales CAGR over the same period, showing margin-led earnings expansion
- Consistent 3-year and 5-year ROE of 16% indicates stable return generation for shareholders
- Valuation at PE of 12.6x appears undemanding relative to the 5-year profit CAGR of 32% and sector peers in industrial packaging
- Stock has declined 27% over the past 1 year, significantly underperforming broader markets and eroding investor confidence
- TTM revenue growth has decelerated sharply to just 4%, down from 16% 5-year CAGR, suggesting demand slowdown
- 10-year compounded sales growth of only 3% highlights that the strong recent growth may not be structurally sustainable
- Dividend payout at only 14.1% of profits over the last 3 years (yield 0.99%) provides limited income return to shareholders
- ~₹700 crore capex for the new MP plant will likely increase debt again and pressure free cash flows over the next 2-3 years
- Q4 FY25 EBITDA declined 8.8% QoQ despite revenue growth, indicating potential cost pressures or margin normalization
- TTM profit growth has slowed to 6%, a sharp deceleration from the 11% 3-year and 32% 5-year CAGR, raising questions about earnings momentum
- Glass packaging faces structural competition from PET and other alternatives, creating long-term volume risk in certain end-use segments
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- Q1FY27 profit up 12% YoY Jul 28
Consolidated net profit rose 11.8% YoY to ₹99.35 crore on 14.2% revenue growth to ₹785.27 crore, aided by higher packaging revenue and lower finance costs.
- New JMD supports expansion Jul 28
Shashvat Somany recommended as Joint Managing Director effective Oct 1, 2026, supporting the company's expansion into aluminium cans and capacity growth.
- Board approves Q1 results Aug 2
Board approved Q1FY27 financial results showing ₹785.27 crore revenue and ₹99.35 crore net profit, alongside the JMD appointment recommendation.
TL;DR: AGI Greenpac delivered solid Q1FY27 results with double-digit growth in both revenue (14.2%) and net profit (11.8%), supported by lower finance costs. The leadership appointment signals commitment to capacity expansion into aluminium cans. No visible headwinds emerged this period. The trend is positive with growth momentum intact heading into Q2FY27.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 558 | 615 | 623 | 622 | 566 | 599 | 658 | 705 | 688 | 602 | 634 | 742 | 785 |
| Expenses | 427 | 481 | 472 | 477 | 430 | 445 | 489 | 551 | 546 | 452 | 483 | 589 | 610 |
| Operating Profit | 132 | 134 | 151 | 146 | 136 | 154 | 169 | 154 | 142 | 150 | 150 | 153 | 175 |
| OPM % | 24% | 22% | 24% | 23% | 24% | 26% | 26% | 22% | 21% | 25% | 24% | 21% | 22% |
| Other Income | 8 | 5 | 3 | 10 | 10 | 12 | 16 | 37 | 34 | 5 | -1 | 53 | 9 |
| Interest | 18 | 23 | 21 | 25 | 20 | 23 | 20 | 21 | 17 | 11 | 11 | 9 | 10 |
| Depreciation | 37 | 41 | 42 | 42 | 42 | 47 | 44 | 44 | 41 | 43 | 44 | 44 | 45 |
| PBT | 85 | 74 | 91 | 89 | 84 | 96 | 121 | 126 | 118 | 101 | 95 | 153 | 130 |
| Tax % | 26% | 25% | 26% | 28% | 25% | 25% | 25% | 23% | 25% | 25% | 24% | 24% | 23% |
| Net Profit | 63 | 56 | 67 | 65 | 63 | 72 | 91 | 97 | 89 | 76 | 72 | 116 | 100 |
| EPS in Rs | 9.81 | 8.68 | 10.37 | 9.98 | 9.77 | 11.14 | 13.99 | 14.93 | 13.73 | 11.77 | 11.07 | 17.87 | 15.39 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,817 | 1,959 | 2,072 | 2,250 | 1,605 | 1,859 | 1,260 | 1,430 | 2,281 | 2,418 | 2,529 | 2,665 | 2,763 |
| Expenses | 1,476 | 1,635 | 1,779 | 1,977 | 1,431 | 1,588 | 994 | 1,165 | 1,820 | 1,857 | 1,915 | 2,070 | 2,135 |
| Operating Profit | 342 | 324 | 292 | 273 | 174 | 271 | 266 | 265 | 462 | 561 | 614 | 595 | 628 |
| OPM % | 19% | 17% | 14% | 12% | 11% | 15% | 21% | 19% | 20% | 23% | 24% | 22% | 23% |
| Other Income | 4 | 13 | 1 | 3 | 39 | 20 | -13 | 119 | 39 | 27 | 75 | 90 | 65 |
| Interest | 74 | 41 | 33 | 56 | 59 | 73 | 33 | 28 | 57 | 87 | 85 | 48 | 41 |
| Depreciation | 119 | 114 | 111 | 114 | 131 | 143 | 95 | 100 | 126 | 161 | 177 | 171 | 175 |
| PBT | 152 | 182 | 150 | 106 | 22 | 75 | 126 | 256 | 317 | 340 | 427 | 466 | 478 |
| Tax % | 32% | 36% | 31% | 29% | 32% | 35% | 30% | 24% | 17% | 26% | 24% | 24% | — |
| Net Profit | 104 | 116 | 103 | 75 | 15 | 48 | 88 | 193 | 262 | 251 | 322 | 352 | 363 |
| EPS in Rs | 14.41 | 16.08 | 14.25 | 10.34 | 2.11 | 6.7 | 13.61 | 29.88 | 40.44 | 38.85 | 49.84 | 54.44 | 56.1 |
| Div. Payout % | 24% | 25% | 28% | 39% | 142% | 45% | 29% | 17% | 12% | 15% | 14% | 13% | — |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 14 | 14 | 14 | 14 | 14 | 14 | 13 | 13 | 13 | 13 | 13 | 13 |
| Reserves | 1,421 | 1,373 | 1,436 | 1,475 | 1,242 | 1,242 | 1,221 | 1,379 | 1,594 | 1,802 | 2,085 | 2,395 |
| Borrowings | 751 | 622 | 911 | 1,230 | 875 | 995 | 898 | 1,163 | 732 | 616 | 553 | 241 |
| Other Liabilities | 495 | 644 | 726 | 756 | 707 | 616 | 725 | 724 | 781 | 926 | 846 | 904 |
| Total Liabilities | 2,682 | 2,654 | 3,088 | 3,475 | 2,838 | 2,868 | 2,856 | 3,279 | 3,119 | 3,357 | 3,496 | 3,553 |
| Fixed Assets | 1,560 | 1,514 | 1,523 | 1,681 | 1,842 | 1,820 | 1,831 | 1,529 | 1,862 | 1,970 | 2,032 | 2,023 |
| CWIP | 34 | 63 | 152 | 209 | 117 | 33 | 31 | 304 | 142 | 52 | 103 | 195 |
| Investments | 144 | 33 | 140 | 35 | 20 | 12 | 11 | 21 | 11 | 29 | 35 | 100 |
| Other Assets | 944 | 1,045 | 1,273 | 1,550 | 859 | 1,004 | 983 | 1,426 | 1,105 | 1,305 | 1,325 | 1,235 |
| Total Assets | 2,682 | 2,654 | 3,088 | 3,475 | 2,838 | 2,868 | 2,856 | 3,279 | 3,119 | 3,357 | 3,496 | 3,553 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | 266 | 310 | 205 | 58 | 250 | 107 | 349 | 181 | 523 | 588 | 429 | 572 |
| Investing | -96 | -69 | -328 | -186 | -285 | -115 | -108 | -348 | 222 | -352 | -442 | -111 |
| Financing | -205 | -245 | 248 | 224 | -63 | -2 | -262 | 203 | -554 | -235 | -190 | -413 |
| Net Cash Flow | -35 | -4 | 124 | 96 | -97 | -11 | -21 | 36 | 190 | 2 | -204 | 49 |
| Free Cash Flow | 180 | 236 | -20 | -237 | -37 | 10 | 226 | -281 | 243 | 320 | 181 | 182 |
| CFO/OP | 89 | 118 | 95 | 34 | 153 | 41 | 119 | 85 | 134 | 120 | 89 | 113 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 82 | 72 | 70 | 83 | 74 | 58 | 92 | 78 | 55 | 48 | 57 | 54 |
| Inventory Days | 241 | 239 | 224 | 232 | 174 | 216 | 415 | 279 | 157 | 196 | 194 | 216 |
| Days Payable | 71 | 75 | 89 | 89 | 111 | 103 | 219 | 201 | 124 | 198 | 79 | 81 |
| Cash Conversion Cycle | 252 | 236 | 204 | 226 | 136 | 170 | 288 | 156 | 87 | 47 | 172 | 189 |
| Working Capital Days | 26 | 20 | -16 | 0 | 16 | 45 | 58 | 146 | 14 | 6 | 19 | 28 |
| ROCE % | 10% | 11% | 9% | 7% | 3% | 7% | 8% | 9% | 15% | 18% | 20% | 20% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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62 extracted metrics + investor summaries across FY09–FY27.
Documents
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Company Information
Incorporated in 1960, AGI Greenpac Ltd manufactures and sells Container Glass bottles, PET bottles and Security Caps and Closures under Packaging Products segment[1]
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