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Revenue
₹634 Cr
verified against source
Revenue YoY
—
reported change
EBITDA
₹154 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
AGI Greenpac reported Q3 FY26 revenue of ₹634 crore and EBITDA of ₹154 crore, with PAT at ₹71 crore including an exceptional item. Revenue improved sequentially but EBITDA margins declined due to muted volumes in beer segment from extended rains and pricing adjustments. Container glass volume was flat YoY but up 10% QoQ; specialty glass volume grew 13% YoY. Management maintained 24-25% EBITDA margin guidance for 12-18 months and expects Q4 to recover lost volumes. Key risks include raw material price volatility and potential equity dilution from a proposed QIP of up to ₹800 crore for capex. The company completed container glass debottlenecking ahead of schedule and is on track for specialty glass expansion by March 2026 and a greenfield plant by March 2027.
Colored figures show movement against the previous available record.
Guidance to track
- Management reiterated EBITDA margin guidance of 24-25% (excluding non-operating income) for the next 12-18 months, assessed on an annualized basis.
- Management guided for 8-10% volume growth in FY27, with container glass growing 3-4% and specialty glass growing 7-10%.
- The 500 tons per day greenfield facility in Madhya Pradesh is scheduled for commissioning in March 2027, increasing total container glass capacity by ~25%.
- Strategic entry into aluminium beverage can segment with annual capacity of 1.6 billion cans; equipment procurement in final stages, land acquisition pending.
Risks flagged
- Company has shareholder approval for QIP up to ₹800 crore; management did not commit to timing or pricing, raising dilution concerns for existing shareholders.
- Soda ash and fuel oil prices remain volatile due to global factors; temporary spikes can impact margins as formula-based pricing may not adjust immediately.
- Extended rains and extreme winters subdued beer demand in Q3; recovery expected in Q4 but weather-related risks persist.
- Planned capex of ₹1,100-1,200 crore in FY27 could increase net debt to ~2x EBITDA if equity is not raised, though management considers it manageable.
Key quotes
- We continue to maintain our 12 to 18 months margin guidance excluding non-operating income in the range of 24 to 25% margin are best assessed on annualized basis rather than quarter of quarter basis.
- Our core business is to sell the glass containers. So we are selling the glass containers but we do have a lot of manufacturers on our panel. So they will be our we are going to outsource that activity to get it filled from them and then serve our customers to them.
- We are not here to destroy anybody value but in other way around we are here to create value for all our stakeholders for a very long run.
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