1. At a Glance
AGI Greenpac just reported Q1 FY26 and it’s sparkling:
- Revenue: ₹688 Cr
- PAT: ₹89 Cr (+41% YoY)
- OPM: 21%
Also, they announced a ₹1,000 Cr capex to enter aluminium beverage cans. The packaging war just got a new metal!
2. Introduction with Hook
Imagine you’re at a bar. You ask for water—they give you Perrier in glass. You ask for Coke—they say “aluminium is coming.” That’s AGI Greenpac.
- From pharma glass bottles to alcohol-ready packaging
- ROCE of 20%
- PAT CAGR of 47% over 5 years
- Now jumping into ₹1,000 Cr aluminium capex for UP-based plant
Packaging never sounded this profitable. Or this shiny.
3. Business Model (WTF Do They Even Do?)
AGI Greenpac = India’s cleanest play on premium packaging
- Glass Containers: 2nd largest in India; liquor, pharma, F&B
- PET Bottles: Smaller share, but stable margins
- Security Caps/Closures: For bottles and pharma
- Aluminium Beverage Cans: (New) 2028 launch, ₹1,000 Cr capex
- Clientele: Pernod Ricard, Diageo, Dabur, Cipla, Coca-Cola
- Exports: Present in 23+ countries
Think of it as the Tupperware of India. If Tupperware made money.
4. Financials Overview
| Year | Revenue (₹ Cr) | EBITDA (₹ Cr) | PAT (₹ Cr) | OPM (%) | ROCE (%) | ROE (%) |
|---|---|---|---|---|---|---|
| FY23 | 2,281 | 462 | 262 | 20% | 15% | 16% |
| FY24 | 2,421 | 564 | 251 | 23% | 18% | 16% |
| FY25 | 2,529 | 614 | 322 | 24% | 20% | 16.5% |
| TTM | 2,650 | 620 | 348 | 23% | 20.1% | 16.5% |
Trend: Margins expanding. Profit compounding. Balance sheet strengthening. What’s not to like?
5. Valuation
- EPS (TTM): ₹53.79
- CMP: ₹847
- P/E: ~15.8x
- BV: ₹324 → P/B: ~2.6x
- ROE: 16.5%
Fair Value Range = ₹900 – ₹1,150
Stock is still undervalued vs peers with lower OPM and ROCE. Aluminium can capex isn’t priced in yet.
6. What’s Cooking – News, Triggers, Drama
- Q1 PAT up 41% – pure profit acceleration
- ₹1,000 Cr aluminium plant announced – aimed at growing FMCG demand
- Q1 OPM stable at 21%
- Sanand-like infra planned in UP
- AGM moved to Aug 29, 2025 – shareholders gearing up for can revolution?
They just told their investors: “Glass ceiling? We’re switching to aluminium.”
7. Balance Sheet
| Metric | FY23 | FY24 | FY25 |
|---|---|---|---|
| Equity Capital (₹ Cr) | 13 | 13 | 13 |
| Reserves (₹ Cr) | 1,594 | 1,802 | 2,085 |
| Borrowings (₹ Cr) | 732 | 616 | 553 |
| Total Assets (₹ Cr) | 3,119 | 3,357 | 3,496 |
| D/E Ratio | 0.46x | 0.34x | 0.27x |
Strong deleveraging happening. The ₹1,000 Cr capex will change this ratio, but current base is healthy.
8. Cash Flow – Sab Number Game Hai
| FY | CFO (₹ Cr) | CFI (₹ Cr) | FCF (₹ Cr) | CFF (₹ Cr) | Net Flow (₹ Cr) |
|---|---|---|---|---|---|
| FY23 | ₹523 | ₹222 | ₹745 | -₹554 | ₹190 |
| FY24 | ₹588 | -₹352 | ₹236 | -₹235 | ₹2 |
| FY25 | ₹429 | -₹442 | -₹13 | -₹190 | -₹204 |
Verdict: Positive cash flows. Only FY25 shows slight stress due to investment-heavy phase.
9. Ratios – Sexy or Stressy?
| Metric | FY23 | FY24 | FY25 |
|---|---|---|---|
| ROCE (%) | 15% | 18% | 20% |
| ROE (%) | 16% | 16% | 16.5% |
| OPM (%) | 20% | 23% | 24% |
| Inventory Days | 157 | 196 | 193 |
| Debtor Days | 55 | 48 | 57 |
| Cash Conv. Cycle | 87 | 46 | 79 |
Solid ratios with best-in-class margins. CCC varies due to seasonality in pharma/liquor segments.
10. P&L Breakdown – Show Me the Money
| Year | Sales (₹ Cr) | EBITDA (₹ Cr) | PAT (₹ Cr) | EPS (₹) |
|---|---|---|---|---|
| FY23 | 2,281 | 462 | 262 | 40.44 |
| FY24 | 2,421 | 564 | 251 | 38.85 |
| FY25 | 2,529 | 614 | 322 | 49.84 |
| TTM | 2,650 | 620 | 348 | 53.79 |
Stable revenue. Expanding margins. EPS compounding like Diwali sweets.
11. Peer Comparison
| Company | CMP (₹) | P/E | ROCE (%) | OPM (%) | Revenue (Cr) | PAT (Cr) |
|---|---|---|---|---|---|---|
| EPL Ltd | 232.89 | 20.63 | 17.49 | 19.8% | 4,213 | 361.88 |
| TCPL Packaging | 3,722 | 24.16 | 20.03 | 16.9% | 1,696 | 140.52 |
| Cosmo First | 1,121 | 22.56 | 9.77 | 9.94% | 2,895 | 130.35 |
| AGI Greenpac | 847 | 15.77 | 20.13 | 23.4% | 2,650 | 348 |
AGI has one of the lowest P/E with highest margins. That’s market inefficiency screaming at you.
12. Miscellaneous – Shareholding, Promoters
| Group | Jun 2025 |
|---|---|
| Promoters | 60.23% |
| FIIs | 7.61% |
| DIIs | 1.51% |
| Public | 30.62% |
| Total Shareholders | 53,546 |
Steady promoter stake. FII interest rising again. DII participation still modest—room to grow.
13. EduInvesting Verdict™
AGI Greenpac is quietly becoming the Nestlé of Indian packaging.
It sells boring stuff—glass bottles—but makes crazy money. Now it wants to can that profit with a ₹1,000 Cr aluminium plant. ROCE is 20%, P/E is 15, and margins are 23%. What more do you want—sparkles?
Watch out for:
- FY27-FY28 earnings bump from aluminium
- Margin preservation in glass
- AGM plans for shareholder rewards
For now: This glass is definitely more than half full.
Metadata
– Written by EduInvesting Team | 21 July 2025
– Tags: AGI Greenpac, Glass Packaging, Aluminium Can Capex, FMCG Packaging, EduInvesting Premium
