AGI Greenpac Q1 FY26: Glass Half Full or Aluminium Can Full Throttle?

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