Target: ₹ 1,520

CMP: ₹ 828.95

We Initiate Coverage on Agi Greenpac (Agi) With Buy and Sep-26e TP of ₹ 1,520 Based on DCF Method, Implying 19x Sep-27e EPS. Agi is a leader in the Indian Container Glass (CG) Industry with Over 20 per cent market share.

The cg sector has, in the last 15 years, seen multiple eBBS and flows-Demand Volativity, Overcapacity and Input-Fuel Cost Spikes-With Several Players Including Ostwhile Market Leader Hangil Beeing Left bankrupt; However, agi with its innovative products and processes, cost efficiencies, and disciplined Capital Allocation Clocked 13 Per Kent Revenue/15 per cent Ebitda Cagr with a Current Profilet Profiles of Autourn Profilet Profiles of Aut Cent.

The Indian CG Sector Outlook is STADY, ​​with 4-5 per cent volume/8-9 per cent value cagr amid key user industry industry Environment is Benign, with soda ash and energy costs well-control. Agi is expanding glass capacity by 30 per cent to about 2,600 tpd by fy27-end with a new ₹ 700 Crore Plant in Madhya Pradesh, Who Diversifying Into The Aluminium Can Segment, who Fast-Growing (15 per cent Cagr), 2-Player Market in India Currently.

Agi also has smaller caps and closures and pet bottle businesses, which should grow in double digits on a low base. FY26-27 would be the Capex Phase, Followed by Healthy FCF generation, with 2 per cent yield in fy28e and growth there.

Published on September 22, 2025