AGI Greenpac Q2 FY27: Consol. PAT falls 12% YoY to ₹66.5 Cr as power costs squeeze margins

AGI Greenpac's consolidated PAT fell 12.5% YoY to ₹66.50 Cr even as revenue from operations grew 8.96% YoY to ₹655.46 Cr, a clean growth-over-profit divergence with no exceptional items on either side of the comparison. The squeeze shows up entirely in operating costs: power and fuel expense rose 32.9% YoY (₹164.72 Cr vs ₹123.88 Cr) and employee costs rose 17.4% YoY (₹69.97 Cr vs ₹59.59 Cr), both outrunning topline growth and pulling EBITDA margin down to roughly 21.9% from ~24.85% a year ago and from 22.26% in Q1 FY27. Net margin compressed to ~10.2% from ~12.5% YoY. Sequentially the decline looks sharper — revenue down 16.5% QoQ and PAT down 33.1% QoQ — but that QoQ base (Q1 FY27) was flattered by a one-off ₹4.36 Cr gain on sale of investment property and a stronger packaging segment print (₹779.84 Cr vs ₹650.14 Cr this quarter); the YoY comparison is the more honest read of underlying trend, and on a half-year basis PAT growth has essentially stalled (+0.6% YoY to ₹165.85 Cr) despite 11.75% revenue growth, confirming the margin pressure built through H1 rather than being a one-quarter blip. Against management's own prior guidance (Q3 FY26 concall), the picture is mixed: H1 FY27 revenue growth of 11.75% is tracking at or above the guided 8-9% FY27 volume growth, but the EBITDA margin — at ~22.4% for H1 and ~21.9% this quarter — is running below the guided 24-25% stable-margin band, so the volume call is on track while the margin call has been missed so far. No standalone press release commentary was available in our records to cross-check management's own framing of the quarter, and no analyst consensus or brokerage preview for Q2 FY27 could be located, so street positioning is unknown rather than asserted. Balance-sheet signals corroborate the capex story behind the margin pressure and the company's stated strategy: capital work-in-progress has more than doubled to ₹412.93 Cr from ₹195.25 Cr at FY26-end, and current borrowings have nearly tripled to ₹286.14 Cr from ₹103.69 Cr, consistent with the guided ₹1,100-1,200 Cr FY27 capex toward the Greenfield glass and aluminum can projects. The quarter also saw leadership changes — Shashvat Somany's appointment as Joint MD and Shaili Tyagi's appointment as CHRO — alongside a Crisil 'Adequate' ESG rating, none of which bear directly on the print but round out a quarter of organizational buildout running alongside the capacity expansion.