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AGI Greenpac Q2 FY27 results: net profit down 12.5% to ₹66.50 crore, revenue up 9.0%
AGI Greenpac Limited reported consolidated revenue of ₹655.46 crore in Q2 FY27, up 9.0% from ₹601.58 crore a year earlier, while profit for the period fell 12.5% to ₹66.50 crore. EBITDA excluding other income was ₹142.16 crore, with margin at 21.7% against 24.9% in Q2 FY26. On a standalone basis, revenue was ₹655.46 crore and profit for the period was ₹66.72 crore, against ₹76.12 crore in the year-ago quarter.
Key points
- Consolidated revenue rose 9.0% year on year to ₹655.46 crore in Q2 FY27.
- EBITDA excluding other income fell 4.9% to ₹142.16 crore, with margin at 21.7% against 24.9% in Q2 FY26.
- Profit for the period was ₹66.50 crore, down 12.5% from ₹75.98 crore, and basic EPS was ₹10.28 against ₹11.75.
- Against Q1 FY27, revenue fell 16.5% to ₹655.46 crore and profit for the period fell 33.1% to ₹66.50 crore.
- For H1 FY27, revenue rose 11.8% to ₹1,440.73 crore while profit for the period was ₹165.85 crore, up 0.6% from ₹164.83 crore.
How did AGI Greenpac perform in Q2 FY27?
AGI Greenpac reported consolidated revenue from operations of ₹655.46 crore for Q2 FY27, the July–September 2026 quarter, against ₹601.58 crore in Q2 FY26, a rise of 9.0%. Total income was ₹656.71 crore against ₹606.29 crore. EBITDA excluding other income was ₹142.16 crore against ₹149.52 crore, and the margin narrowed to 21.7% from 24.9%.
Profit before tax fell to ₹86.49 crore from ₹100.85 crore, and profit for the period was ₹66.50 crore against ₹75.98 crore. Basic EPS was ₹10.28 against ₹11.75. The PAT margin was 10.1% against 12.6%.
Against Q1 FY27, revenue was lower by ₹129.81 crore, at ₹655.46 crore against ₹785.27 crore, and profit for the period was lower by ₹32.85 crore, at ₹66.50 crore against ₹99.35 crore. Basic EPS fell to ₹10.28 from ₹15.36. On a standalone basis, revenue was ₹655.46 crore and profit for the period was ₹66.72 crore, against ₹76.12 crore in Q2 FY26.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 655.46 | 785.27 | 601.58 | +9.0% | −16.5% |
| Other income | 1.25 | 8.96 | 4.71 | −73.5% | −86.0% |
| Total expenses | 570.22 | 664.96 | 505.44 | +12.8% | −14.2% |
| EBITDA | 142.16 | 174.83 | 149.52 | −4.9% | −18.7% |
| EBITDA margin | 21.7% | 22.3% | 24.9% | −3.2 pp | −0.6 pp |
| Profit before tax | 86.49 | 129.27 | 100.85 | −14.2% | −33.1% |
| Tax | 19.99 | 29.92 | 24.87 | −19.6% | −33.2% |
| Net profit | 66.50 | 99.35 | 75.98 | −12.5% | −33.1% |
| EPS (₹) | 10.28 | 15.36 | 11.75 | −12.5% | −33.1% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in AGI Greenpac's costs and profit?
Total expenses rose ₹64.78 crore to ₹570.22 crore from ₹505.44 crore. Cost of materials consumed was up ₹28.88 crore at ₹220.37 crore, employee benefit expense was up ₹10.38 crore at ₹69.97 crore, depreciation and amortisation was up ₹4.02 crore at ₹46.54 crore, and other expenses were up ₹54.50 crore at ₹307.26 crore. Finance cost was down ₹0.48 crore at ₹10.38 crore. There was no exceptional item in either quarter.
Other income fell to ₹1.25 crore from ₹4.71 crore, a decline of ₹3.46 crore. Tax expense was ₹19.99 crore against ₹24.87 crore, down ₹4.88 crore. The filing does not state why the cost lines or other income changed, and the quarter's results show the effect of higher expenses alongside lower other income.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 220.37 | 191.49 | +28.88 | +15.1% |
| Employee cost | 69.97 | 59.59 | +10.38 | +17.4% |
| Finance costs | 10.38 | 10.86 | −0.48 | −4.4% |
| Depreciation | 46.54 | 42.52 | +4.02 | +9.5% |
| Other expenses | 307.26 | 252.76 | +54.50 | +21.6% |
| Total expenses | 570.22 | 505.44 | +64.78 | +12.8% |
| Other income | 1.25 | 4.71 | −3.46 | −73.5% |
| Tax | 19.99 | 24.87 | −4.88 | −19.6% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
For the first half of FY27, consolidated revenue was ₹1,440.73 crore, up 11.8% from ₹1,289.24 crore in H1 FY26, and total income was ₹1,450.94 crore against ₹1,327.45 crore, up 9.3%.
Profit before tax was ₹215.76 crore against ₹218.64 crore, down 1.3%, while profit for the period was ₹165.85 crore against ₹164.83 crore, up 0.6%. Basic EPS for the half year was ₹25.64 against ₹25.48.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 1,441 | 1,289 | +11.8% |
| Profit before tax | 215.76 | 218.64 | −1.3% |
| Net profit | 165.85 | 164.83 | +0.6% |
| EPS (₹) | 25.64 | 25.48 | +0.6% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
As at 30 September 2026, total assets stood at ₹4,035.10 crore against ₹3,552.38 crore at 31 March 2026. Total equity was ₹2,527.81 crore against ₹2,407.35 crore, borrowings were ₹426.19 crore against ₹238.87 crore, and cash and cash equivalents were ₹24.43 crore against ₹77.54 crore. Inventories were ₹530.37 crore against ₹457.22 crore, trade receivables ₹469.86 crore against ₹394.40 crore, and trade payables ₹195.36 crore against ₹172.21 crore.
Cash flow from operating activities for H1 FY27 was ₹123.87 crore, against an outflow of ₹83.80 crore in H1 FY26. Investing cash flow was an outflow of ₹296.84 crore against an inflow of ₹228.94 crore, and financing cash flow was an inflow of ₹119.86 crore against an outflow of ₹166.53 crore. Capital expenditure was ₹378.82 crore against ₹136.69 crore.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 4,035 | 3,552 |
| Total equity | 2,528 | 2,407 |
| Borrowings | 426.19 | 238.87 |
| Cash and equivalents | 24.43 | 77.54 |
| Inventories | 530.37 | 457.22 |
| Trade receivables | 469.86 | 394.40 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 123.87 | −83.80 |
| Cash from investing | −296.84 | 228.94 |
| Cash from financing | 119.86 | −166.53 |
| Capital expenditure | 378.82 | 136.69 |
Source: Company's results filing (XBRL).
How has AGI Greenpac done over the last 8 quarters?
Revenue rose year on year in each of the last three quarters. It reached a recent high of ₹785.27 crore in Q1 FY27 before falling to ₹655.46 crore in Q2 FY27, while the year's low was ₹601.58 crore in Q2 FY26.
Profit for the period followed a similar shape, peaking at ₹115.38 crore in Q4 FY26 and falling to ₹66.50 crore in Q2 FY27 from ₹99.35 crore in Q1 FY27. The Q2 FY27 figure was above the ₹71.45 crore recorded in Q3 FY26 and the ₹75.98 crore of Q2 FY26.
The EBITDA margin was 21.7% in Q2 FY27, above the 20.6% recorded in Q4 FY26 but below the 22.3% of Q1 FY27 and the 24.9% of Q2 FY26.
Which businesses drove the quarter?
Packaging products revenue was ₹650.14 crore in Q2 FY27, up 9.0% from ₹596.20 crore in Q2 FY26. Segment profit before tax and interest was ₹114.23 crore against ₹128.23 crore, with an EBIT margin of 17.6%.
Investment Property revenue was ₹5.32 crore against ₹5.38 crore, down 1.1%. Segment profit before tax and interest was ₹4.11 crore against ₹3.75 crore, with an EBIT margin of 77.3%. Total segment profit before unallocable expenditure was ₹118.34 crore against ₹131.98 crore in Q2 FY26.
| Segment | Revenue | Revenue YoY | EBIT | EBIT margin |
|---|---|---|---|---|
| Packaging products | 650.14 | +9.0% | 114.23 | 17.6% |
| Investment Property | 5.32 | −1.1% | 4.11 | 77.3% |
Source: Company's results filing (XBRL segment data).
What else did the company announce?
The board approved the un-audited standalone and consolidated financial results for the second quarter and half year ended 30 September 2026, along with segment-wise revenue, results, assets and liabilities, the statement of assets and liabilities and the cash flow statement. The Audit Committee had recommended the results at its meeting on 28 October 2026, and the statutory auditors' limited review report was enclosed. The board meeting ran from 2:30 P.M. to 5:00 P.M. The same-day filings did not announce a dividend, a fund raise or any appointment.
What did AGI Greenpac's management say?
In the investor presentation filed on 28 October 2026, management said the company is expanding glass capacity from 3 to 4 plants, from 2,100 TPD to 2,600 TPD by March 2027, including a 500 TPD greenfield plant addressing North and Central India. Management also said the company is foraying into aluminium cans at a stated scale of 1.6 billion cans, and has targeted investment in a dedicated glass R&D Centre and a decoration unit for specialty-glass value-added services.
Management said value-added and premium products were about 25% of FY26 revenue and were positioned as the driver of margin expansion. It also cited a near-debt-free balance sheet at 0.11x net debt/EBITDA, 18% FY26 consolidated ROCE and a 14% average last-three-year dividend payout.
Management identified risks including margin compression in Q2 FY27, a sharp sequential decline against Q1 FY27, and revenue concentration, with glass containers at 91% of FY26 packaging product revenue and alcoholic beverages at 75% of glass container revenue. It also flagged market volatility, regulatory compliance, supply-chain disruption and environmental risk, and noted that glass packaging is capital intensive and requires at least one full cycle before generating profitable results.
How did AGI Greenpac shares react?
The filing appeared after market hours. The stock was down 1.7% after 5 minutes, 3.0% after 15 minutes and 4.1% after 30 minutes from the price when the filing appeared. On the reaction day it closed 8.9% below the previous close of ₹715.10.
By the next day's close, the stock was down 10.5% from its pre-results close. The Packaging industry's median move was 0.8% on the reaction day and -0.1% by the next day's close, leaving AGI Greenpac's excess move at -9.7 percentage points on the reaction day and -10.4 percentage points by the next day's close.
Earlier results-day moves were mixed: 2.1% on 28 July 2026, 18.3% on 27 April 2026, -3.2% on 28 January 2026, -2.2% on 18 October 2025, 14.4% on 21 July 2025, -2.6% on 14 May 2025, -2.7% on 20 January 2025 and 6.2% on 7 November 2024.
| After the filing | Stock | Packaging median |
|---|---|---|
| 5 minutes | −1.7% | |
| 15 minutes | −3.0% | |
| 30 minutes | −4.1% | |
| Reaction day | −8.9% | +0.8% |
| Next day | −10.5% | −0.1% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 28 July 2026 | +2.1% |
| 27 April 2026 | +18.3% |
| 28 January 2026 | −3.2% |
| 18 October 2025 | −2.2% |
| 21 July 2025 | +14.4% |
| 14 May 2025 | −2.6% |
| 20 January 2025 | −2.7% |
| 7 November 2024 | +6.2% |
Source: MarketPing price-reaction measurement.
How did other Packaging companies do?
Twenty-three Packaging companies have filed for this quarter, and their median revenue growth was 21.3%, against AGI Greenpac's 9.0% growth. Seventeen of those peers grew faster than AGI Greenpac and six grew slower. Of the 24 peers compared for profit, 14 reported higher profit.
| AGI Greenpac revenue growth (YoY) | +9.0% |
|---|---|
| Median of 23 other Packaging companies | +21.3% |
| Companies with slower revenue growth than AGI Greenpac | 6 of 23 |
| Companies with faster revenue growth than AGI Greenpac | 17 of 23 |
| Companies whose net profit rose | 14 of 24 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was AGI Greenpac's revenue in Q2 FY27?
Revenue from operations was ₹655.46 crore, up 9.0% from ₹601.58 crore in Q2 FY26 (consolidated).
Did AGI Greenpac make a profit in Q2 FY27?
Yes. Net profit was ₹66.50 crore, against a net profit of ₹75.98 crore in Q2 FY26.
What was AGI Greenpac's EPS in Q2 FY27?
Basic earnings per share were ₹10.28, against ₹11.75 in Q2 FY26.
How did AGI Greenpac shares react to the Q2 FY27 results?
On the reaction day the stock moved −8.9% from the previous close; the median Packaging stock moved +0.8%.
When did AGI Greenpac announce its Q2 FY27 results?
On 28 October 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Board Meeting Intimation Pursuant To Regulation 29 Of SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015 (BSE, 21 October 2026) · PDF
- Board Meeting Outcome for Outcome Of Board Meeting Held On 28Th October, 2026 (BSE, 28 October 2026) · PDF
- Results - Un-Audited Standalone And Consolidated Financial Results For The Quarter And Half Year Ended 30Th September, 2026 (BSE, 28 October 2026) · PDF
- The investor presentation (28 October 2026)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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