Key Metrics of AGI Greenpac
About AGI Greenpac
Sectors
Company details
- Website
- agi-greenpac.com
- Registered office
- 2, Red Cross Place, Kolkata, Kolkata, In-wb, 700001
- Listed
- NSE: AGI · ₹653.15
Operational Areas of AGI Greenpac
Company summary
Entity details
Compliance
Industry classification
Financials, ratios and risk analysis
Revenue, EBITDA, net profit, net worth, debt and assets for every filing year, 15+ ratios, the financial health score, shareholding, charges and peer comparison are part of the premium plan.
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Due dates follow the Companies Act: AGM within six months of the year end, AOC-4 within 30 days and MGT-7 within 60 days of the AGM. A filing made but not yet uploaded here shows as pending.
Vendor checks & payment capacity
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Credit ratings
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 08 Apr 2026 | CARE | Reaffirmed | AA- | A1+ | Stable | ₹1,234 Cr | View |
| 08 Apr 2025 | CARE | Upgraded (from A+) | — | A1+ | Developing | ₹1,234 Cr | View |
| 02 Apr 2024 | CARE | Watch | A+ | A1+ | Negative | ₹1,357 Cr | View |
| 27 Mar 2023 | CARE | Watch | A+ | A1+ | Negative | ₹1,357 Cr | View |
| 28 Feb 2023 | CARE | Reaffirmed | A+ | A1+ | Stable | ₹1,357 Cr | View |
| 22 Mar 2022 | CARE | Reaffirmed | A+ | A1+ | Stable | ₹1,730 Cr | View |
| 24 Jan 2022 | CARE | Other | — | — | — | — | View |
| 04 Jan 2022 | CARE | Reaffirmed | A+ | A1+ | Stable | ₹3,460 Cr | View |
| 26 Jul 2021 | CARE | Reaffirmed | A+ | A1+ | Stable | ₹3,000 Cr | View |
| 03 Mar 2021 | CARE | Reaffirmed | A+ | A1+ | Stable | ₹1,436 Cr | View |
| 25 Feb 2021 | CARE | Other | — | — | — | — | View |
| 27 Feb 2020 | CARE | Reaffirmed | A+ | A1+ | Stable | ₹1,394 Cr | View |
| 28 Jan 2019 | CARE | Reaffirmed | A+ | A1+ | Stable | ₹1,594 Cr | View |
Credit strengths (CARE, Apr 2026)
+ Large scale of operations supported by strong market position in container glass
AGI Greenpac is the second-largest player in container glass segment in terms of installed capacity in the Indian organised glass packaging industry. However, over the recent few quarters, the company has been reporting higher revenue compared to the Hindusthan National Glass & Industries Limited (HNG), which has the highest stated installed capacities for container glass. Resultantly, the company’s total operating income (TOI) is large having recorded TOI of ₹2537 crore in FY25 and estimated at
+ Robust capital structure and debt coverage indicators
The net worth of the company stood at ₹2096 crore as on March 31, 2025 against ₹1,814 crore as on March 31, 2024. The company has significantly deleveraged itself in FY23 post divesting its building product division. Post that, the overall gearing (including letter of credit (LC)) strengthened gradually from 0.49x as on March 31, 2023 to 0. 26x as on March 31, 2025 and is estimated at ~0.20x as on March 31, 2026 supported by healthy accretion to reserves. With comfortable debt position and healt
+ Healthy profitability margins, expected to be sustained
In the last few years, the company has reported a steady improvement in its operating margins, driven by high-capacity utilisation, an effective fuel mix, and favourable demand-supply dynamics, leading to enhanced operational efficiencies. The PBILDT margin improved from 19% in FY23 to 24% in FY25, with a consistent upward trend from 19% in FY22 to 23% in FY24 and further to 24% in FY25. Going forward, margins are expected to remain in the range of 22%–24%.
+ Diversified customer profile
The company’s products cater to a large reputed diversified customer base (which includes names like United Breweries Limited, SABMiller India Limited, United Spirits Ltd, Coca-Cola, among others) with a product range covering flint, amber and green containers. The top 10 customers contribute ~64% of the net sales, reflecting moderate customer diversification considering 2 CARE Ratings Ltd. Press Release business-to-business transactions. The company’s plants are equipped to manufacture 5 ml to
Credit challenges
− Volatile input costs partially covered by pass-through mechanism with customers
Soda ash, which is a major raw material for manufacturing container glass, has been the key contributor to the raw material c ost. The soda ash cost has been volatile over the recent past with significant gains in FY23 and partial moderation observed in FY 24. In FY25, the soda ash continued its downward trajectory and reached pre-FY23 levels. Power and fuel cost is another significant cost-item for the company which shot up in FY22-FY23. The company in the past had undertaken capex to reduce th
− Working capital intensive operations driven largely by moderate inventory cycle and receivable cycle
The company’s operating cycle is ~60-70 days, largely considering inventory cycle of ~60-75 days and receivable cycles of 50-60 days. Since furnace in glass manufacturing needs to be continuously operated for better economies of production, the company needs to maintain raw material inventory. However, despite this, the company modestly utilises its fund-based working capital limits. Project execution risk The company has announced sizeable greenfield expansions, including a 500 TPD facility in
− Project execution risk
The company has announced sizeable greenfield expansions, including a 500 TPD facility in Madhya Pradesh (₹700 crore; COD by FY27) and entry into aluminium can manufacturing in Uttar Pradesh with a capacity of 1.6 billion units (₹900–1,000 crore; COD by October 2027). The capex will be funded through a mix of debt and internal accruals. Despite the elevated capex, the company’s capital structure is expected to remain comfortable, supported by healthy cash accruals
Could lead to an upgrade
• Significant increase in scale of operations, turnover above ₹4,000 crore with healthy operating margins, PBILDT margins of at least 20% on a sustained basis. • Timely completion and stabilisation of capex
Could lead to a downgrade
• Sustained adverse impact in business risk profile, turnover below ₹2,000 crore and/or operating margins (PBILDT) below 15%. • Any significant debt programme or moderation in operating margins leading to expectation of net debt to PBILDT above 2.5x on a sustained basis. • Significant fund outflow to group companies, thus impacting its
Agency-reported financials (CARE, 08 Apr 2026)
| Metric | March 31, 2024 | March 31, 2025 | 9MFY26 |
|---|---|---|---|
| Total operating income | ₹2,396 Cr | ₹2,537 Cr | ₹1,925 Cr |
| PBILDT* | ₹539 Cr | ₹609 Cr | ₹443 Cr |
| Profit after tax (PAT) | ₹251 Cr | ₹322 Cr | ₹238 Cr |
| Overall gearing (x) | 0.34× | 0.26× | — |
| Interest coverage (x) | 6.40× | 7.20× | 11.18× |
| Revenue growth (YoY) | — | 5.9% | — |
| PAT margin | 10.5% | 12.7% | 12.3% |
Borrowings & rated debt
Rated limits over time
Facility mix
Maturity ladder
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Long-term bank facilities | Working capital & bank lines | — | ₹934 Cr | — | AA- (Stable) | Reaffirmed | CARE |
| Short-term bank facilities | Working capital & bank lines | — | ₹300 Cr | — | A1+ | Reaffirmed | CARE |
Debt instruments
| ISIN | Instrument | Type | Coupon | Issued | Maturity | Amount | Rating | Status |
|---|---|---|---|---|---|---|---|---|
| — | Fund based LT Term Loan FY | Term loans | — | — | 31 Mar 2028 | ₹794 Cr | A+ | Outstanding |
CARE ratings on record (checked 23 Oct 2026)
| Instrument | Amount | Rating |
|---|---|---|
| BG/LC | ₹300 Cr | CARE A1+ |
| Cash Credit | ₹550 Cr | CARE AA-; Stable |
| Commercial Paper (Carved out) | — | Withdrawn |
| Term Loan | ₹384 Cr | CARE AA-; Stable |
Lenders
| Fund-based - LT | Cash Credit | Axis Bank Ltd. |
| Fund-based - LT | Cash Credit | Canara Bank |
| Fund-based - LT | Cash Credit | Central Bank of India |
| Fund-based - LT | Cash Credit | DBS Bank Limited |
| Fund-based - LT | Cash Credit | HDFC Bank Ltd. |
| Fund-based - LT | Cash Credit | HSBC Ltd. |
| Fund-based - LT | Cash Credit | Standard Chartered Bank |
| Fund-based - LT | Term Loan | Axis Bank Ltd. |
| Fund-based - LT | Term Loan | Federal Bank |
| Fund-based - LT | Term Loan | HDFC Bank Ltd. |
| Non-fund-based - ST | BG/LC | Axis Bank Ltd. |
| Non-fund-based - ST | BG/LC | Canara Bank |
| Non-fund-based - ST | BG/LC | Central Bank of India |
| Non-fund-based - ST | BG/LC | DBS Bank Limited |
| Non-fund-based - ST | BG/LC | HDFC Bank Ltd. |
| Non-fund-based - ST | BG/LC | HSBC Ltd. |
| Non-fund-based - ST | BG/LC | Standard Chartered Bank |
Credit assessment · Cement
CARE Ratings’ Criteria for Rating Cement Companies (Sep 2024) · Standalone accounts · FY 2025-26
Ratios, pillar scores and the indicative rating are part of Premium.
Rating status
| Default | No default on record |
| Issuer cooperation | Cooperating |
| Credit enhancement | None – standalone rating |
| Next action stable or better (model) | 77% |
| Information on file | 89% · missing: Auditor details |
Indicative assessment from public data using the published methodology factors; not a credit rating.
Borrowing & funding lifecycle
- Credit outlook model: 77% chance the next rating action is stable or better
- Current rating AA- (investment grade)
- Interest coverage 11.18×
Rated limits by facility
Timeline
From the report
Limited capex and scheduled repayment of term debt have led to improvement in leverage ratios over the years.
From the report
The company has recently announced greenfield project in Madhya Pradesh with planned daily production capacity of 500 tonnes, at an estimated cost of ₹700 crore and manufacturing of aluminium cans withtotal capex of ₹900-1000 crore.
From the report
Despite the elevated capex, the company’s capital structure is expected to remain comfortable, supported by healthy cash accruals of ~₹500–₹600 crore in FY27–FY28, with net leverage likely to sustain below 1.5x.
From the report
The company has paid ~₹307 crore in FY26 including ₹225 crore as prepayment with their existing cash and bank balances, also company has free cash and bank balance of ₹23 crore as on December 31, 2025, and negligible utilisation of working capital lines. 3 CARE Ratings Ltd.
From the report
The company has recently announced greenfield project in Madhya Pradesh with planned daily production capacity of 500 tonnes, at an estimated cost of ₹700 crore.
From the report
Limited capex and scheduled repayment of term debt has led to improvement in leverage ratios over the years.
From the report
The company had free cash and cash equivalents of ₹319 crore as on March 31, 2024 and ₹211 crore as on December 31, 2024.
From the report
The company had generated gross cash accrual of ₹355 crore in FY23 and is estimate d to generate gross cash accrual of ₹410-₹430 crore in FY24.
From the report
The company had free cash and cash equivalents of ₹244 crore as on March31, 2023 and ₹214 crore as on December 31, 2023.
From the report
Over the past 12 months through January 2024, the average fund-based working capital utilization is 11%, signifying significant cushion.
From the report
The TD/PBILDT increased marginally to 4.11 years as against 3.65 years in FY21 but with improved profitability and repayment of debt, this ratio is expected to improve by FY23 -end to below 3x levels.
From the report
Liquidity: Adequate The average working capital utilization for the 12 months ending on December 31, 2022 stood at 58%, leaving sufficient liquidity buffer.
From the report
AGI Greenpac has also made a prepayment of loan to the extent of ₹368 crore from the ₹591 crore received as proceeds of slump sale of the BPD segment, balance ₹223 crore was utilized to pay the outstanding working capital limits.
From the report
Out of the total amount Hindware Ltd has paid ₹109 crore in FY22 and balance ₹591 crore has been paid in Q1FY23 which was utilized to prepay term loan to the extent of ₹368 crore and balance ₹223 crore was utilized to pay the outstanding working capital limits.
From the report
The TD/PBILDT increased marginally to 4.11 years as against 3.65 years in FY21but with improved profitability and repayment of debt, this ratio is expected to improve by FY23-end to below 3x levels.
From the report
Press Release Liquidity: Adequate The average working capital utilization for the 12 months ending on October 31, 2021 stood at 58%, leaving sufficient liquidity buffer.
From the report
Furthermore, the cash and bank balance of the company stood at ₹53 crore as on March 31, 2022 while as on December 31, 2022, it stood at ₹258.74 crore consisting of FDs of ₹213.74 crore and ₹45 crore as bank balance.
From the report
AGI Greenpac has also made a prepayment of loan to the extent of ₹368 crore from the ₹591 crore received as proceeds of slump sale of the BPD segment, balance ₹223 crore was utilized to pay the outstanding working capital limits.
From the report
The company undertaking a capex for increasing its capacity of pipes and faucet division and also involved in doing regular capex and capex to improve its operational efficiency including backward integrati on in Glass and sanitary ware Liquidity: Adequate The average working capital utilization for 12 months ending on December 31, 2021 stood at 46% leaving sufficient liquidity buffer.
From the report
Further, the Cash and Bank Balance of the company stood at Rs.6 Crore a s on March 31, 2021 while as on Nov 30, 2021, it stood at Rs.12.70 crore in form of FDs parked with SBI.
From the report
Cash and Bank Balance of the company stood at Rs.23.41 crore as on March 31, 2021 (PY:Rs. 44.74 crore as on March 31, 2020).
From the report
The average working capital utilization for 12 months ending on Oct 31, 2021 stood at 44% leaving sufficient liquidity buffer.
From the report
Cash and Bank Balance of the company stood at Rs.23.41 crore as on March 31, 2021 (PY:Rs. 44.74 crore as on March 31, 2020).
From the report
The average working capital utilization for 12 months ending on May 31, 2021 stood at 45% leaving sufficient liquidity buffer.
From the report
Cash and Bank Balance of the company stood at Rs. 44.74 crore as on March 31, 2020 while as on Dec 31, 2020 it stood at Rs.28.20 crore.
From the report
The average working capital utilization for 12 months ending on September 3 0, 2020 stood at 56.22% leaving sufficient liquidity buffer.
From the report
Outlook: Stable) Short term Bank Facilities 200.00 CARE A1+ Reaffirmed (285.00) (A One Plus) Total 1394.00 (Rupees one Thousand Three Hundred Ninety Four Crore only) Commercial Paper (CP) 100.00 CARE A1+ Issue* (300.00) Reaffirmed (A One Plus) (Rupees One Hundred crore only) *carved out of sanctioned working capital limits of the company Detailed Rationale & Key Rating Drivers The reaffirmation of the ratings assigned to the bank facilities and commercial paper issue of HSIL Limited (HSIL) continues to derive strength from its experienced promoters, its established track record of operations,
From the report
Liquidity: Adequate The liquidity position of the HSIL remains adequate as marked by sufficient unavailed limits in the sanctioned fund based and non-fund based limits of the company and healthy cash accruals generated by the company for meeting the repayment obligations and planned capex funded through internal accruals.
From the report
The company is having cash and bank balance of Rs. 35.51 crore as on March 31, 2019 (post demerger).
From the report
One Thousand five hundred ninety four crore and forty lakhs only) Commercial Paper (CP) 300.00 CARE A1+ Reaffirmed issue* (A One Plus) Details of instruments/facilities in Annexure-1 *carved out of the sanctioned working capital limits of the company.
From the report
Furthermore, in order to meet the working capital requirements, the company has sanctioned fund based working capital limits of Rs.570 crore with moderate utilization of 75 - 80% during the last 12 months ending December 2018.
Lender names, bank charges and audited borrowings are part of Premium.
Built from MCA charges, ICRA/CARE rating reports and audited accounts. The borrowing view is an estimate, not a lender's credit decision.
Registered office and contact
Directors and key people
Directors are read from the MGT-7 annual return and AOC-4 signatories.
Competitors of AGI Greenpac
Top competitors by location
| Company | Description | Domain | Founded | Location |
|---|---|---|---|---|
 Asahi India Glass (AIS) |
Glass & Glassware · Cement, Building Materials & Polymers | aisglass.com | — | India |
| Glass & Glassware · Cement, Building Materials & Polymers | borosil.com | — | Mumbai, Maharashtra, India | |
 La Opala RG |
Glass & Glassware · Cement, Building Materials & Polymers | laopala.in | — | India |
| Sejal Glass Limited | Glass & Glassware · Cement, Building Materials & Polymers | — | — | Mumbai, Maharashtra, India |
| Glass & Glassware · Manufacturing (Metals and Chemicals, and products thereof) | piramalglass.com | — | Mumbai, Maharashtra, India | |
| Glass & Glassware · Cement, Building Materials & Polymers | saint-gobain.co.in | — | Pune, India | |
| Glass & Glassware · Cement, Building Materials & Polymers | hngil.com | — | Kolkata, India | |
| Glass & Glassware · Cement, Building Materials & Polymers | goldplusglass.com | — | New Delhi, India | |
| Surbhi Glass Private Limited | Glass & Glassware · Cement, Building Materials & Polymers | — | — | Gurugram, Haryana, India |
| Jagdamba Toughened Glass Private Limited | Glass & Glassware · Cement, Building Materials & Polymers | — | — | Gurugram, Haryana, India |
Similar companies
Charges (secured borrowings)
0 registered charges. Lenders, amounts and dates are part of the premium plan.
Statutory auditors
Auditors are read from the AOC-4 auditor's report section.
Business activities and related parties
Glass bottles
Filings
No filings on record yet.