AGI Greenpac Q2 FY27 Results (NSE: AGI)
Signal: Margin pressure
The read
The growth inflection is clear at ₹785.27 crore revenue, +30.5% YoY, but the quality is mixed: EBITDA margin recovered to 23.4% QoQ after Q1FY27 while remaining 220bps below last year, as gross margin compressed 608bps despite raw-material intensity falling 532bps.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹785.27 Cr | +30.5% | +19.8% |
| EBIT | ₹139.13 Cr | +24.5% | |
| Net profit | ₹99.35 Cr | +30.7% | |
| EPS | ₹15.36 | +30.7% | |
| EBIT margin | 23.4% |
P&L walk
Revenue increased to ₹785.27 crore, +30.5% YoY and +19.8% QoQ, but gross margin fell to 70.7% from 76.8% as the inventory-change line moved to a ₹21.13 crore expense from a ₹52.24 crore benefit; EBITDA rose 19.2% to ₹183.79 crore, below revenue growth, while PAT grew 30.7% to ₹99.35 crore with other income rising to ₹8.96 crore.
Segments
Packaging products drove the quarter with revenue of ₹779.84 crore, +30.8% YoY, and segment result of ₹150.31 crore, +17.2%; Investment Property revenue declined 0.9% YoY to ₹5.43 crore but its result rose to ₹8.52 crore from ₹3.75 crore.
Key positives
- Revenue reached ₹785.27 crore, +30.5% YoY and +19.8% QoQ, with Packaging products revenue up 30.8% YoY to ₹779.84 crore.
- PAT rose 30.7% YoY to ₹99.35 crore and EPS tracked it at +30.7% to ₹15.36, indicating no dilution signal.
- EBITDA margin improved 150bps QoQ to 23.4%, while finance cost declined 9.2% YoY to ₹9.86 crore.
- H1 operating cash flow turned positive at ₹123.87 crore versus an ₹83.80 crore outflow in H1FY26, while CWIP increased to ₹412.93 crore.
Key concerns
- Gross margin compressed 608bps YoY to 70.7% even though raw-material cost fell to 26.5% of revenue from 31.8%; the inventory-change expense swung to ₹21.13 crore from a ₹52.24 crore benefit, and the filing does not disclose the economic driver.
- EBITDA grew 19.2% YoY to ₹183.79 crore, 11.3 percentage points slower than revenue growth of 30.5%, with margin still 220bps below last year.
- Borrowings rose to ₹426.19 crore from ₹238.87 crore at 31 March 2026, lifting calculated net debt to ₹392.55 crore from ₹153.68 crore.
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