AGI Greenpac Q1: 14% topline growth masks core packaging margin squeeze; consol PAT ₹99 Cr
PAT +11.82% YoY · revenue +14.19% · margins compressing
₹785.27 Cr
+14.19% YoY
₹99.35 Cr
+11.82% YoY
12.51%
+0.2pp YoY
₹15.36
AGI Greenpac opened FY27 with consolidated revenue of ₹785.3 Cr, up 14.2% YoY (₹687.7 Cr) and 5.8% QoQ, driven almost entirely by the packaging-products segment (₹779.8 Cr, +14.3% YoY). Reported consolidated PAT was ₹99.35 Cr, up 11.8% YoY and down 13.9% QoQ — but both comparisons are distorted by one-offs in the base: the year-ago quarter carried a ₹20.49 Cr insurance 'loss-of-profit' claim and the March quarter a ₹48.46 Cr Telangana subsidy. Stripping the prior-year insurance one-off and this quarter's small ₹4.36 Cr property-sale gain, underlying PAT grew roughly 30-31% YoY, and the QoQ 'decline' is essentially a base effect, not operating weakness.
Q1 FY-2027 vs prior quarters
The operating picture is more mixed than the headline profit suggests. Core packaging segment EBIT was flat at ₹150.3 Cr (vs ₹151.4 Cr a year ago) despite 14% more revenue, so segment margin compressed ~290bps to 19.3% — the squeeze sits on the power-and-fuel line, which jumped 25% YoY to ₹173.4 Cr, well ahead of topline. What carried the bottom line was below-EBIT: finance costs nearly halved to ₹9.86 Cr (from ₹17.07 Cr), the single biggest swing. Reported EBITDA of ₹183.8 Cr is up only 4.7%, but adjusted for the prior-year insurance claim it rose ~16%, in line with revenue; the ~23.4% EBITDA margin sits just below management's guided 24-25% band. EPS came in at ₹15.36 (vs ₹13.73). Standalone is near-identical (PAT ₹99.58 Cr) as the subsidiaries were a marginal ₹0.23 Cr drag — the two numbers tell the same story.
The stock went into the print at ₹698.15, up 1.9% over the past month of trading.
For context: this is the second-highest quarterly PAT of the last 6 quarters; revenue is at a 6-quarter high.
Management expects a recovery in Q4 after temporary weather-related softness in Q3, guiding for 8-9% volume growth in FY27 while maintaining a stable EBITDA margin outlook of 24-25% for the next 12-18 months. The long-term strategy is centered on significant capacity expansion through its Greenfield glass and new alumi
— This quarter: met
Against the Q3 FY26 concall guidance — 8-9% FY27 volume growth, stable 24-25% EBITDA margin, recovery after weather-led Q3 softness — the quarter broadly delivers on growth and confirms the recovery, but margin ran a touch below the guided band on fuel inflation. No fresh public brokerage consensus for this specific quarter was located, so a street beat/miss can't be pinned. Concurrent with the print, the board recommended promoter Shashvat Somany as Joint MD (effective Oct 2026), and the ₹1,000 Cr Hathras aluminium-can plant announced in May sits within the guided ₹1,100-1,200 Cr FY27 capex — the growth capex cycle management flagged is now visibly in motion. The read into Q2: solid topline momentum, but the durability of profit growth depends on whether pricing can claw back the packaging-margin compression rather than leaning on lower interest cost.
W1
EBITDA margin recovery toward the guided 24-25% (Q1 ~23.4%) — hinges on whether power & fuel (₹173.4 Cr, +25% YoY) normalises
W2
Packaging segment EBIT margin (19.3% vs 22.2% YoY) — whether pricing recovers the ~290bps squeeze into Q2
W3
Capex draw and commissioning progress on the ₹1,000 Cr Hathras aluminium-can plant within the ₹1,100-1,200 Cr FY27 plan; volume tracking toward guided 8-9% FY27
Clean digital PDF, headers unambiguous, arithmetic ties. No exceptional item this quarter (consol); base periods distorted: year-ago Q1FY26 other income had ₹20.49cr insurance 'loss-of-profit' claim, Q4FY26 had ₹48.46cr Telangana subsidy; current other income includes ₹4.36cr gain on sale of investment property. Two subsidiaries a ₹0.23cr net loss.