AGI Greenpac Ltd Q2 FY26 — ₹602 Cr Quarterly Sales, ₹76 Cr Profit, and a ₹1,000 Cr Aluminium Capex: From Glass Bottles to Cans of Ambition

1. At a Glance

Once upon a time, Hindustan Sanitaryware made bathroom fittings.
Now its reincarnation, AGI Greenpac Ltd, makes glass bottles that even liquor brands flirt with.
Listed at ₹845 a share, down 11 % YoY, the company now commands a market cap of ₹5,464 crore — enough to buy a small distillery or two.

It runs India’s second-largest glass-packaging empire with a 17–20 % market share and capacity utilisation > 95 %.
Q2 FY26 numbers: ₹602 crore revenue, ₹76 crore PAT, OPM ≈ 25 %, ROCE 19.9 %.
And yes, it’s building a ₹1,000 crore aluminium-can plant in Uttar Pradesh, clearly determined to hold your beer in every possible material.

Debt? Only ₹460 crore, Debt-to-Equity 0.21 × — practically mineral water in a leverage desert.
Dividend yield 0.83 % — just enough to buy one Kingfisher Strong with your annual payout.

So, from toilets to table-ware to Tetra alternatives — AGI is on a journey of container enlightenment.

2. Introduction

The story of AGI Greenpac is what happens when a sanitaryware veteran looks around and says,
“Why only bathrooms? Let’s bottle spirits — literally.”

Born in 1960 as HSIL, the firm was synonymous with Hindware basins until 2022 when it demerged the sanitary business and rebranded as AGI Greenpac.
Since then, the company has gone from selling lavatories to serving liquor — the real upgrade India needed.

Now, with plants across Telangana, Uttarakhand and Karnataka, AGI supplies Pfizer, Coca-Cola, Carlsberg and Nestlé.
You may not own the stock, but if you’ve ever had a drink in a glass bottle in India — chances are you’ve used their product.

Q2 FY26 brought steady results and bigger dreams — enter metal packaging.
Management approved ₹1,000 crore for a can plant and another ₹1,500 crore fundraise.
Looks like AGI wants to contain everything except its ambition.

3. Business Model – WTF Do They Even Do?

Think of AGI as a bartender for India Inc. — they don’t make the drink, they make what holds it.

Three Divisions = Three Containers of Cash:

AGI Glaspac – Container & Speciality Glass: Beer bottles, food jars, perfume flacons.
(Capacity 1,754 TPD)
AGI Plastek – PET & HDPE bottles: 10 ml to 10 litres, serving pharma & FMCG.
AGI Closures – Counterfeit-proof caps & seals, because India loves refilling bottles more than recycling them.

They also own investment property (leased real estate) and generate a bit of wind power — probably to offset the heat from their furnaces.

Revenue split FY24:
Glass containers ~ 89 %, Others 11 %.
Within glass: Alcohol 77 %, Food & Beverage 17 %, Pharma 6 %.

Translation — beer bottles pay the bills.

4. Financials Overview

Source table

Metric	Latest Qtr (Sep ’25)	YoY Qtr (Sep ’24)	Prev Qtr (Jun ’25)	YoY %	QoQ %
Revenue	602	599	688	+0.4 %	-12.5 %
EBITDA	150	154	142	-2.6 %	+5.6 %
PAT	76	72	89	+5.6 %	-14.6 %
EPS (₹)	11.8	11.1	13.7	+6 %	-14 %

Annualised EPS ≈ ₹47 → P/E ≈ 18× at ₹845.
Industry average ≈ 22×.
Looks like a discounted premium — like imported vodka on duty-free.

5. Valuation Discussion – Fair Value Range

(1) P/E Approach

EPS TTM ₹54.4.
Peer avg P/E ≈ 20–22×.
Fair Value ≈ ₹1,090–₹1,200.

(2) EV/EBITDA Approach

EV ₹5,909 Cr; EBITDA ₹706 Cr → 8.37×.
Fair multiple range 8–10× → EV ₹5,648–₹7,060 Cr → Equity ≈ ₹870–₹1,090 per share.

(3) DCF Quickie

FCF ≈ ₹250 Cr, growth 8 %, WACC 10 %, terminal 4 %.
Intrinsic ≈ ₹900–₹1,050.

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