AGI Greenpac Limited has successfully concluded its postal ballot process, with shareholders approving a crucial amendment to the company's Memorandum of Association. The company declared the results on March 9, 2026, following the completion of remote e-voting that concluded on March 6, 2026.

Postal Ballot Results Overview

The special resolution for alteration in the object clause of the Memorandum of Association received overwhelming shareholder support. Out of 56,787 eligible shareholders holding 64,697,381 equity shares as on the record date of January 30, 2026, a total of 305 shareholders participated in the voting process.

Voting Results by Category

The resolution achieved the required three-fourth majority for a special resolution, with strong support across all shareholder categories.

E-Voting Process Details

The postal ballot was conducted exclusively through remote e-voting, facilitated by Central Depository Services (India) Limited (CDSL). The e-voting period commenced on February 5, 2026, at 9:00 AM and concluded on March 6, 2026, at 5:00 PM.

Key aspects of the voting process included:

• Notice dispatch completed by February 4, 2026, through electronic mode only
• Public notices published in Financial Express (English) and Ekdin (Bengali) on February 5, 2026
• Cut-off date for determining voting eligibility: January 30, 2026
• Voting rights based on one vote per fully paid-up share of Rs. 2/- each

Scrutinizer's Confirmation

CS Pravin Kumar Drolia, the appointed scrutinizer, confirmed the validity of the postal ballot process in his report dated March 7, 2026. The scrutinizer verified that all procedural requirements under the Companies Act, 2013, and SEBI regulations were duly complied with during the voting process.

The resolution was declared passed as a special resolution, having received more than three-fourth of the votes from participating members. The company has fulfilled all regulatory requirements under Regulation 44 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Corporate Compliance

AGI Greenpac Limited has uploaded the detailed voting results and scrutinizer's report on its website at agigreenpac.com, ensuring transparency and compliance with listing regulations. The company secretary, Ompal, coordinated the entire postal ballot process and submitted the necessary documentation to BSE and NSE on March 9, 2026.

AGI Greenpac Limited conducted its Q3FY26 earnings conference call on January 29, 2026, where management provided detailed insights into the company's financial performance, operational highlights, and strategic roadmap. The call was moderated by SKP Securities and featured key executives discussing quarterly results and addressing investor queries.

Financial Performance Overview

CFO Om Prakash Pandey highlighted the company's nine-month performance, reporting consolidated revenue of ₹1,923 crore compared to ₹1,824 crore in the previous year. The management emphasized disciplined cost management and focus on premium products during the period.

For Q3FY26, the company recorded revenue from operations of ₹634 crore with EBITDA of ₹154 crore and profit after tax of ₹71 crore, which included exceptional items of ₹5.09 crore related to labor code implementation impact.

Operational Highlights and Market Dynamics

President & CEO Rajesh Khosla provided operational insights, noting that container glass sales volume increased around 10% over Q2FY26 but declined 2% compared to Q3FY25. Capacity utilization remained strong at approximately 95%. Sales realization decreased by ₹450 per ton versus Q2FY26 and ₹1,200 per ton versus Q3FY25, primarily due to contractual adjustments linked to raw material cost movements.

The specialty glass business showed stronger performance with sales volume up more than 13% over Q3FY25 and realization improving by ₹900 per ton versus Q2FY26 and ₹6,800 per ton compared to Q3FY25.

Capacity Expansion Progress

Management provided updates on ongoing capacity expansion projects. The container glass de-bottlenecking project has been completed ahead of schedule, increasing capacity to 1,900 tons per day, well before the earlier March 2026 timeline. The specialty glass capacity expansion to 200 tons per day remains on track for completion by March 2026.

The Greenfield container glass facility in Madhya Pradesh is progressing steadily with land acquisition completed and civil construction underway. The 500 tons per day facility is scheduled for commissioning in March 2027 and is expected to increase glass container capacity by approximately 25%.

Strategic Retail Business Initiative

During the call, management elaborated on the company's retail business expansion strategy. Khosla explained that the initiative focuses on providing end-to-end services to customers, particularly for filled products like diffusers and perfumes. The company plans to serve as an OEM to brand owners through outsourced manufacturing partnerships, eliminating the need for customers to source components separately.

Financial Position and Debt Management

Group CFO Sandeep Sikka highlighted the company's strong financial position, noting the completion of ECB loan prepayment in December 2025, resulting in nil ECB borrowings. Net bank debt stood at approximately ₹389 crore as of December 31, 2025. For upcoming projects, management indicated potential CAPEX spending of ₹1,100-1,200 crore in the next financial year.

Growth Outlook and Guidance

Management maintained its EBITDA margin guidance of 24-25% for the next 12-18 months, excluding non-operating income. For FY27, the company expects volume growth of 3-4% in container glass and 7-10% in specialty glass, with overall growth projected at 8-9%. The major growth acceleration is anticipated from FY27-28 when the Madhya Pradesh facility becomes operational, potentially delivering 15-17% growth from incremental capacity.