AGI Greenpac Limited :- India’s No. 2 container-glass maker with a 17–20% organised-market share—has evolved into an integrated packaging-solutions player spanning glass, PET and anti-counterfeit closures.
AGI Greenpac (NSE: AGI)—India’s No. 2 container-glass maker with a 17–20% organised-market share—has evolved into an integrated packaging-solutions player spanning glass, PET and anti-counterfeit closures. Five-year CAGRs of 21% in revenue and 39% in PAT, a 24% EBITDA margin, plus ₹1,700 cr of green-/brownfield projects (glass + aluminium cans) position the firm for double-digit top-line growth and margin expansion through FY30.
Sector benefits from premiumisation, ESG awareness, and plastic bans
⚔️ Peer Comparison (FY25)
Company
Revenue (₹ cr)
EBITDA %
PAT %
ROE %
P/E
Market Share
AGI Greenpac
2,529
24%
12.8%
30.7%
18.7
17–20% (container-glass)
Piramal Glass
3,400 (est)
18%
9%
16%
Unlisted
~15%
HNG (Hindusthan NG)
2,300 (est)
11%
-3%
–
Insolvent
~40% (capacity share)
UFlex (Flexible)
15,036
11%
1%
2%
30.7
Not applicable
TCPL Packaging
1,770
16%
8%
24%
23.8
Not applicable
🧩 Qualitative Factors
1. Business Model Edge
Multi-substrate packaging (glass + PET + closures) increases customer stickiness
Specialty glass for cosmetics/perfumery yields 30–35% gross margin
In-house mould design reduces turnaround time by 20%
2. Management Quality
CMD: Sandip Somany (45 years industry experience, ex-FICCI president)
CEO: Rajesh Khosla leads digitization and AI-driven upgrades
No promoter share pledges; CARE rating upgraded to AA-/A1+ in April 2025
3. ESG & Sustainability
50% furnace fuel now green energy; net-zero target by 2050
38% cullet usage (vs industry average 28%) ensures circularity and lower carbon
🛡️ SWOT Analysis
Strengths
Weaknesses
– Diversified packaging business
– High exposure to alco-beverage sector
– High ROCE & cash generation
– High fuel cost in glass logistics
– Strong expansion pipeline
– Smaller scale than HNG or Piramal
Opportunities
Threats
– Entry into aluminium cans (₹12,000 cr TAM)
– Natural gas price volatility
– Premiumisation in cosmetics & IMFL
– Cheap glass imports from China
– Possibility of HNG rebid
– Excise/tax regulations on liquor sales
🎯 Why AGI Outperforms Peers
Margin Leadership – 24% EBITDA vs industry average of 18%
Balance Sheet Strength – Net D/E at 0.26 and CARE AA- rating
Capex Strategy – Capacity to grow 50%+ with strong return focus
ESG Advantage – First Indian firm to launch antibacterial and recycled-content bottles
🔮 Growth Outlook (FY26–FY30)
Growth Driver
Estimated Impact
MP Glass Furnace & Debottlenecking (+600 TPD)
₹700–800 crore revenue addition
Aluminium Can Project (Phase-1, FY28)
₹900 crore revenue, 18% margin
Cosmetic/Pharma Product Mix Shift
Margin improvement by 200 bps
UAE Subsidiary Export Push
10% of total revenue by FY30
Company has guided for >15% revenue CAGR and >20% PAT CAGR through FY30 (Q1 FY26 management call)
📢 Disclaimer
The information provided in this blog is intended solely for educational and informational purposes. It does not constitute financial advice, stock recommendations, or an offer to buy or sell any securities. Readers are advised to conduct their own research and consult with a qualified financial advisor before making any investment decisions. Please note that stock prices, financial data, and company information mentioned in this article are subject to change on trading days. For the most recent and accurate updates, kindly refer to the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) official websites. Incorporating images can effectively use internal links to enhance user engagement and navigation.
Disclaimer: All financials and insights are sourced from official filings, Moneycontrol, CARE Ratings, and brokerage research reports. Please consult a registered investment advisor before investing.
