AGI Greenpac's Q2 margin slips as costs outpace revenue decline
Net profit fell -33.06% QoQ, while other income contributed just 1.45% of pre-tax profit.
Filed 28 Oct 2026, 18:14 IST · after market close · AGI Greenpac Ltd (AGI)
Key takeaways
- Consolidated operating margin narrowed 0.57 percentage points QoQ to 21.69% because expenses fell -15.91% versus a -16.53% revenue decline.
- Net profit fell -33.06% QoQ to Rs 66.5 cr as operating profit fell -18.69%, interest rose +5.27% and depreciation rose +4.21%.
- Other income contributed only 1.45% of pre-tax profit, while the 21.69% operating margin stood 10.43 percentage points above the 46-peer Industrials median.
Price around the results
Revenue contraction cuts operating profit
Consolidated revenue fell -16.53% QoQ to Rs 655.46 cr, while expenses declined -15.91% to Rs 513.3 cr. Because costs fell more slowly than revenue, operating margin narrowed 0.57 percentage points to 21.69%, and operating profit fell -18.69% to Rs 142.16 cr.
Lower operating profit drove the profit decline
Profit before tax fell -33.09% QoQ and net profit fell -33.06%, a steeper decline than operating profit. Interest rose +5.27% and depreciation rose +4.21%, adding pressure below the operating line. The tax rate eased only 0.04 percentage points to 23.11%, while other income represented just 1.45% of pre-tax profit, so profit quality was not materially dependent on either other income or a lower tax rate.
Margin remains above the Industrials peer median
AGI Greenpac's 21.69% operating margin was 10.43 percentage points above the 11.26% median for the 46 Industrials companies that have reported. The sequential direction was weaker, with margin down from 22.26% in Q1FY27 by 0.57 percentage points.
Management highlights barriers protecting established glass leaders
Management said established glass leaders benefit from high barriers to entry, including customer relationships, switching costs and economies of scale. The comment describes the competitive structure around the business but does not explain the quarter's sequential revenue decline.
Results were filed after market close
The consolidated results were filed after market close on 28 October 2026. The post-results stock reaction is therefore not covered in this update.
Q2FY27 at a glance
Consolidated figures as filed with NSE — filed ahead of third-party databases, not yet independently cross-checked.
| Line item | Q2FY27 | Q1FY27 | QoQ |
|---|---|---|---|
| Revenue | ₹655 cr | ₹785 cr | -16.53% |
| Other income | ₹1 cr | ₹9 cr | -86.05% |
| Expenses | ₹513 cr | ₹610 cr | -15.91% |
| Operating profit | ₹142 cr | ₹175 cr | -18.69% |
| Operating margin (%) | 21.69% | 22.26% | — |
| Interest | ₹10 cr | ₹10 cr | +5.27% |
| Depreciation | ₹47 cr | ₹45 cr | +4.21% |
| Profit before tax | ₹86 cr | ₹129 cr | -33.09% |
| Tax | ₹20 cr | ₹30 cr | -33.19% |
| Net profit | ₹67 cr | ₹99 cr | -33.06% |
| EPS (₹) | ₹10.28 | ₹15.36 | -33.07% |
Operating margin of 21.69% compares with a Industrials sector median of 11.26% across 46 peers that have reported Q2FY27.
How the stock reacted
| Window | Stock | vs NIFTY |
|---|---|---|
| Results day | -8.91% | -9.96% |
Volume on the results session was 5.96× its 20-day average.
What management said
From the company’s own investor presentation. Each point is checked against the source document before it appears here.
Competition
- The company says established glass leaders benefit from high barriers to entry, including deep customer relationships, switching costs and economies of scale.
What to watch
- Whether operating margin recovers from 21.69% after the 0.57-percentage-point QoQ decline.
- Whether revenue momentum improves from Rs 655.46 cr after the -16.53% QoQ decline.
- Interest expense after its +5.27% QoQ increase.