AGI Greenpac Limited — Q3 FY26
AGI Greenpac reported Q3 FY26 revenue of ₹634 crore and EBITDA of ₹154 crore, with PAT at ₹71 crore including an exceptional item.
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Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
64%Questions answered2Evaded / deflected11Questions audited
Partial answer
High priority
Why was Q3 revenue below 8-10% growth guidance?
Asked by Anil Sha, Insightful Investments
Attributed to weather but did not quantify revenue impact or confirm full-year guidance.
blamed external weatherno specific revenue number given
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Question
we've consistently spoken about 8 to 10% revenue growth... first nine months cumulative we are up about 5.4... what really transpired in the third quarter?
Rajes (not specified role)
because of the extended rains and the extreme winters... there has been a very subdued demand of various beverage segment particularly in the beer segment.
Answered
Medium priority
What is the retail entry strategy and spending limits?
Asked by Anil Sha, Insightful Investments
Clearly stated no brand building, outsourcing model, no major spend.
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Question
could you just explain clearly... what exactly are we looking to do? are we looking to build brands? what's going to be our spend?
Rajes (not specified role)
We are not doing a brand building... we are going to outsource that activity to get it filled from them and then serve our customers.
Partial answer
High priority
Can we still expect 8-10% value growth for full year?
Asked by Anil Sha, Insightful Investments
Gave volume growth range but did not confirm value growth guidance.
shifted from value to volumeno explicit confirmation
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Question
can we still think of an 8 to 10% value growth for the whole year as such that was the original revenue growth guidance.
Rajes (not specified role)
on a volume side... we will be touching close to 7 to 8 9% something like that... on the value side there may be a little bit of correction... because of adjustment of the raw material prices.
Answered
High priority
What was volume growth for first 9 months?
Asked by Anil Sha, Insightful Investments
Provided specific volume growth percentages for segments.
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Question
Volume growth for the first 9 months was how much sir?
Rajes (not specified role)
On the container glass we did around 8% volume growth... on the specialty glass... more than 22% volume growth.
Evasive
Medium priority
What fluctuations in demand and impact on EBITDA?
Asked by Shria Chat Dr. G, Hless Capital
Listed factors but did not quantify fluctuation range or EBITDA impact.
listed generic factorsno EBITDA impact quantification
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Question
what sort of fluctuations can we expect... similar to what happened in Q3 and what would be the impact on EBITDA?
Rajes (not specified role)
extreme rains... subdued demand on the beer side... tariffs in USA... rupee depreciation... overall trajectory well-maintained.
Partial answer
Medium priority
What is the EBITDA margin trend and guidance?
Asked by Shria Chat Dr. G, Hless Capital
Provided per ton range but not overall EBITDA margin percentage.
no overall margin percentage givenonly per ton range
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Question
what about the EBITDA margin or the trend in EBITDA margin or per ton if you could give some guidance?
Mr. Sika (not specified role)
we have been giving guidance a bit per ton ranging 9,500 to 10,500... on the commercial glass we'll maintain consistent approach of 9,500 to 10,500.
Partial answer
Medium priority
What is steady-state EBITDA margin for specialty glass?
Asked by Shria Chat Dr. G, Hless Capital
Initially refused but later gave approximate margin range.
initially declinedthen gave approximate percentage
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Question
what would be the steady state EBITDA margin for specialty glass and what is it currently now?
Rajes (not specified role)
we do not disclose the numbers of EBITDA per ton... it is close to around 25% 26% number in the specialty class.
Answered
High priority
What is the revenue growth outlook for FY27?
Asked by Tal Zeri, Crown Capital
Provided specific volume growth guidance for segments and overall.
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Question
how would you quantify in terms of our revenue growth... what can we be at in FY27?
Mr. Sika (not specified role)
next year we feel we should be able to further grow on the volume side by around 3 to 4% on container glass and another around 7 to 10% on specialty glass... overall maintaining a growth chart of around 8% 9%.
Answered
High priority
Will margins improve if glass prices decline?
Asked by Tal Zeri, Crown Capital
Directly stated margin guidance range, rejecting the premise of improvement.
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Question
when glass prices are declining but our per ton would be fixed... our margins can be a bit higher than what they are right now. Is that a fair way to look at it?
Mr. Sika (not specified role)
we have been maintaining a consistent margin... for next 12 to 18 months we will keep the guidance EBITDA margins ranging 24 to 25% on the overall mixed basis.
Answered
Low priority
How will retail diversification work logistically?
Asked by Tal Zeri, Crown Capital
Explained the model clearly with example.
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Question
how would the logistics look like? Can you give an example like perfume?
Rajes (not specified role)
we are going to the OEM and telling him we want to sell our glass bottle... we are ready to give you the full end to end service... we have a tie up with the service providers.
Answered
Medium priority
How much capex spent so far on greenfield projects?
Asked by Anil Sha, Insightful Investments
Provided specific capex spent figure.
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Question
how much would we have so far dispersed in terms of land... advances for machineries?
Mr. Sika (not specified role)
we would have essentially spent somewhere around 60-70 crores on the overall land acquisition doing some ground studies.
Evasive
High priority
Will QIP dilute equity given recent share price fall?
Asked by Pravin Sharma, Individual Investor
Did not confirm or deny QIP, gave vague reassurance.
no commitmentdeferred to appropriate time
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Question
will we come up with a QIP and dilute the equity from here on because 800 crores is like 20% of the market cap?
Mr. Sika (not specified role)
we never gave any news that we are about to close such a transaction... we may raise equity at a particular time depending on how our projects have matured... be rest assured we are not here to destroy anybody value.