AGI Greenpac Limited has released the transcript of its Earnings Conference Call held on January 29, 2026, to discuss the financial results for the third quarter and nine months ended December 31, 2025. The company reported revenue of ₹1,923 crore for the nine months ended December 31, 2025, an increase from ₹1,824 crore in the previous year. EBITDA for the period stood at ₹484 crore, slightly lower than ₹497 crore in 9M FY25, while profit after tax increased to ₹236 crore from ₹226 crore. For Q3 FY26, AGI Greenpac recorded revenue from operations of ₹634 crore, EBITDA of ₹154 crore, and profit after tax of ₹71 crore. The company noted that revenue improved sequentially, while EBITDA saw a slight decline due to market dynamics and pricing adjustments. EBITDA margins were lower compared to the same period last year, attributed to muted volumes in certain product categories and adjustments in average sales realizations. The company reiterated its 12-18 month margin guidance of 24% to 25%, excluding non-operating income. Financially, the company completed the prepayment of its remaining ECB loan in December 2025, resulting in nil ECB borrowings. As of December 31, 2025, net bank debt stood at approximately ₹389 crore. The container glass sales volume increased by approximately 10% over Q2 FY26, though it was slightly lower by 2% compared to Q3 FY25. Capacity utilization for container glass remained strong at around 95%. Sales realization decreased by approximately ₹450 per ton versus Q2 FY26 and ₹1,200 per ton versus Q3 FY25, attributed to contract adjustments based on raw material costs. The Specialty Glass Business saw sales volume largely flat compared to Q2 FY26 but up by more than 13% over Q3 FY25, with capacity utilization at around 85%. Realization improved significantly, increasing by around ₹900 per ton versus Q2 FY26 and ₹6,800 per ton as compared to Q3 FY25. Key operational highlights include the completion of the container glass de-bottlenecking project, increasing capacity to 1,900 tons per day ahead of the March 2026 timeline. The specialty glass capacity expansion to 200 tons per day is on track for completion by March 2026. The Greenfield container glass facility in Madhya Pradesh, scheduled for commissioning in March 2027, will add approximately 25% to the glass container capacity. The strategic entry into the aluminum beverage can segment, with an annual capacity of 1.6 billion cans, is also on schedule, with equipment procurement in the final stages. The company anticipates recovering from the subdued demand in Q3 FY26, primarily due to extended rains and winter conditions affecting the beer segment, expecting Q4 to compensate for the shortfall. Management expressed confidence in achieving 8-10% volume growth for the full year and maintaining EBITDA margins between 24-25% over the next 12-18 months. The company is also exploring an OEM model to provide end-to-end services for its customers, including filling and packaging, to enhance its product offerings.
