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.

AGI Greenpac Limited , a prominent player in the packaging industry, has received overwhelming shareholder approval for two significant corporate actions through a postal ballot process. The company's strategic moves aim to strengthen its financial position and expand its business scope.

Fund Raising Approval

Shareholders have given their nod to raise funds up to Rs 1,500 crore through the issuance of securities. This special resolution garnered strong support, with 99.24% of the votes cast in favor of the proposal.

Alteration of Object Clause

In addition to the fund-raising approval, shareholders also passed a special resolution to alter the object clause of the company's Memorandum of Association. This resolution received near-unanimous support, with 100% of the votes cast in favor.

Voting Details

The postal ballot process, conducted through remote e-voting, saw participation from 286 shareholders holding 4,27,94,949 equity shares. Here's a breakdown of the voting results:

Voting Process

The e-voting period commenced on October 8 and concluded on November 6. Mr. Pravin Kumar Drolia, a practicing Company Secretary, served as the scrutinizer for the postal ballot process, ensuring its fairness and transparency.

Management's Responsibility

The management of AGI Greenpac Limited was responsible for ensuring compliance with the requirements of the Companies Act, 2013, MCA Circulars, and SEBI regulations related to the postal ballot process.

These approvals pave the way for AGI Greenpac to potentially strengthen its financial position and explore new business opportunities, subject to necessary regulatory approvals and market conditions.