AGI Greenpac Limited
AGI.BO · BSE
Company research
AGI Greenpac Limited (AGI.BO), formerly known as HSIL Limited, is India's leading packaging products company incorporated in 1960 and headquartered in Gurugram, Haryana. The company manufactures and markets a comprehensive range of packaging solutions across three core business divisions: AGI Glaspac (glass containers and specialty glass), AGI Plastek (PET, HDPE, and PP bottles), and AGI Clozures (counterfeit-resistant security caps and closures for the alcoholic beverage industry). With approximately 20% market share in India's organised glass packaging industry and seven state-of-the-art manufacturing plants across Telangana, Uttarakhand, and Karnataka, AGI Greenpac serves over 500 institutional clients across diverse sectors including alcoholic and non-alcoholic beverages, pharmaceuticals, FMCG, food, dairy, personal care, and agrochemicals. In FY2025, the company reported consolidated revenues of approximately ₹2,529 crore and a net profit of ₹322 crore, underpinned by a strong balance sheet with a low debt-to-equity ratio of 0.21 and a robust ROCE of ~20%.
Research reports
CARE reaffirms AGI Greenpac’s long-term bank facilities at AA- (Stable) and short-term at A1+, citing its 17–18% market share in Indian container glass, high utilization (~95%), strong revenue growth from ₹1,256 crore in FY21 to ₹2,537 crore in FY25, and healthy operating margins around 23% supported by benign input costs and favorable demand–supply dynamics. The report highlights robust deleveraging (net debt/PBILDT down to 0.33x), planned greenfield glass capacity (500 TPD in Madhya Pradesh) and aluminium can capex funded by cash accruals, while flagging fuel and raw material volatility and project execution risks as key sensitivities.
Emkay Global Financial Services · September 22, 2025AGI Greenpac – Well-entrenched glass leader; onward to next growth phase (Initiating Coverage)Emkay initiates coverage on AGI Greenpac with a BUY rating and a DCF‑based target price of ₹1,520 for Sep‑26E, implying 81% upside from the then CMP, arguing that AGI’s >20% share in India’s container glass market, structural margin improvement and disciplined capital allocation underpin a 17% revenue, 20% EBITDA and 29% APAT CAGR over FY25–28E. The thesis hinges on a 30% glass capacity expansion (including a new Madhya Pradesh plant), entry into the fast‑growing aluminium can segment, ramp‑up in specialty glass and caps/closures, with key risks around glass industry cyclicality, input/fuel price spikes and HNG revival but mitigated by AGI’s track record, diversified packaging portfolio and benign medium‑term input cost outlook.
Arihant Capital Markets Ltd. · July 22, 2025AGI Greenpac Ltd. – Q1FY26 Result UpdateArihant reiterates a BUY rating on AGI Greenpac with a revised target price of ₹1,431, following strong Q1FY26 results where revenue rose 12.8% YoY to ₹6.87 billion, adjusted EBITDA grew 13% YoY with a 22.4% margin, and adjusted PAT increased 27% YoY, supported by >95% capacity utilization and improving premium mix in cosmetics, perfumery and alcohol packaging. The report’s core view is that diversification into aluminium beverage cans (₹10,000 million capex for 950 million cans by FY28, scaling to 1.6 billion by FY30) and a new 500 TPD glass plant in Madhya Pradesh will drive multi‑year scale‑up, while debottlenecking, export growth in specialty glass and disciplined funding (roughly 60% debt, 40% internal accruals) help sustain mid‑teens ROE despite execution and input‑cost risks.