AGI Greenpac Ltd Management Discussions

Global Economy

The global economy shifted sharply in late February 2026, when conflict in the Middle East disrupted energy supply chains and renewed inflationary pressures. This has weighed on growth: the IMFs April 2026 World Economic Outlook now puts global GDP growth at approximately 3.1% for 2026, a deceleration from 3.4% in 2025. This disruption has also stalled disinflation, with global headline inflation forecast to rise to approximately 4.4% in 2026, driven largely by higher energy and crude oil prices following the conflict. Trade has come under similar pressure, with elevated freight, insurance, and tariff costs adding to strain already building across global supply chains.

OUTLOOK

The global outlook has grown more cautious. The IMFs reference forecast, which assumes the conflict remains short-lived, projects growth staying positive, though the Fund flags the risks to this outlook as weighted towards weaker outcomes. Should the conflict persist or escalate, the IMFs adverse scenarios point to global growth falling to 2.5% and 2% respectively, alongside materially higher inflation. Over the medium-term, global growth is expected to settle at around 3.1% annually, constrained by geo-economic fragmentation, elevated sovereign debt levels, and weak productivity growth outside the technology sector.

Indian Economy

The IMFs April 2026 World Economic Outlook estimated Indias real GDP growth for FY 2025-26 at 7.6%, reflecting strong domestic demand, public capital expenditure and continued momentum across services and manufacturing.

Indias economic position is supported by a diversified export base and strong domestic absorption. Continued investment in manufacturing capacity and infrastructure reinforces the medium-term growth outlook, with positive implications for industrial demand and packaging consumption. Domestic inflation remains sensitive to global energy and commodity price movements, a dynamic closely tied to the input cost pressures shaping our own manufacturing operations.

OUTLOOK

Indias medium-term outlook remains favourable despite near-term global volatility. Growth for FY 2026-27 is projected at 6.5%, notwithstanding a more challenging environment marked by elevated commodity prices and heightened geopolitical tensions. Growth is expected to be underpinned by rising capital formation, the governments sustained focus on infrastructure development, and continued incentives for domestic manufacturing, sustaining industrial activity and demand across key consumption-driven sectors, including packaging.

Risks to this outlook stem from elevated crude oil prices, potential tightening in global financial conditions and renewed trade protectionism, each of which could weigh on currency stability and external demand.

Packaging Industry Market Review

The global packaging industry is evolving steadily, supported by demand across consumer goods, pharmaceuticals, food and beverage, and e-commerce. The market is projected to grow from US 1.14trillionin2024toUS 1.14 trillionin 2024 toUS 1.38 trillion by 2029, at a CAGR of 3.9%. It remains integral to product safety, convenience, and efficient supply chain operations, with regulatory and consumer-driven sustainability requirements increasingly shaping competitive positioning.

Trade disruptions, geo-political tensions, and input cost pressures have not materially dented demand, given its close linkage to essential consumption. However, slower global trade has contributed to raw material cost volatility across the packaging products segment, with aluminium, steel, plastic resins, and polypropylene prices remaining elevated due to tariffs and supply constraints. Higher energy and logistics costs are weighing on overall demand across the industry.

Within this environment, the glass segment faces its own cost pressures, particularly fluctuations in electricity, natural gas, silica and soda ash prices.

India is emerging as a key growth market, with the domestic packaging industry expanding from US 84.37billionin2024toUS 84.37 billionin 2024 toUS 101.12 billion in 2025, and projected to reach US$ 142.56 billion by 2029. This is driven by rising e-commerce penetration, an expanding middle class, and the shift towards organised retail. Premiumisation in alcohol and beverages is lifting demand for glass packaging, aluminium cans are gaining ground as a preferred format for beverages and RTD categories, while the pharmaceutical sector remains a steady source of demand for high-barrier and sterile packaging solutions.

GLASS PACKAGING INDUSTRY OVERVIEW

The global glass packaging industry is demonstrating steady, volume-led growth, supported by its position as a sustainable and premium packaging material. The market reached US 69.83billionin2025,upfromUS 69.83 billionin 2025 , upfromUS 67.28 billion in 2024, and is projected to reach US$ 93.69 billion by 2032 at a CAGR of 4.2%. Demand remains robust across key segments, particularly premium beverages, pharmaceuticals, and cosmetics, where product integrity, shelf life, and brand perception remain critical drivers. Sustainability considerations and recyclability further reinforce glass as a preferred packaging format.

In India, the glass packaging market reached approximately US 6.8billionin2025andisexpectedtogrowtoaroundUS 6.8 billionin 2025 andisexpectedtogrowtoaroundUS 9.9 billion by 2034, at a CAGR of about 4.15%. Per capita glass packaging consumption in the country stands at approximately 1.8kg well below global averages, indicating significant structural headroom for growth. Rising incomes, formalisation of the FMCG sector, and policy measures, including the Production Linked Incentive (PLI) scheme and Extended Producer Responsibility (EPR) regulations, are expected to drive industry expansion.

Premiumisation of the Food and Beverage Sector Rising urbanisation and income growth are accelerating premiumisation across this category. Glass packaging is gaining traction in non-alcoholic categories such as specialty waters, juices, and health drinks, where its association with quality and purity supports premium positioning. This reflects glasss expanding footprint within the beverage category, beyond its traditional stronghold in alcoholic beverages.

Technology and Lightweighting Improve Efficiency Advances in precision moulding, furnace technology, and automation are enabling lighter glass without compromising structural integrity. The result is lower material usage per unit, reduced energy consumption, and more consistent output, improving efficiency across volume-driven segments.

Premiumisation in Personal Care and Fragrance Evolving consumer preferences for high-quality, aesthetically appealing packaging are increasing the use of glass in cosmetics and fragrances. Glass enhances shelf appeal while offering strong protection and recyclability, making it a preferred choice across this segment.

Sustainability Regulations Reshape Material Choice Evolving environmental regulations, including Indias Extended Producer Responsibility (EPR) framework and mandates on recycled content, are creating structural demand for compliant packaging formats. Glass, being infinitely recyclable without quality loss, is well-positioned to capture this shift across key end-use sectors.

Digital Traceability and Smart Packaging Adoption The growing adoption of QR codes and smart tracking technologies is enhancing transparency across the packaging value chain. Glass packaging remains strategically positioned to support this shift, particularly in premium and regulated segments, where authentication, product integrity, and brand storytelling matter most. Digital layers integrated directly onto glass surfaces enable stronger consumer engagement and reinforce trust across categories such as pharmaceuticals, premium beverages and specialty products.

E-commerce and Organised Retail Expansion The formalisation of the retail sector and the rise of digital shopping channels are driving demand for standardised, durable and shelf-ready packaging. Glasss rigidity, stackability and visual consistency make it well-suited to organised retail supply chains, a channel expanding rapidly across food, beverage and personal care.

Rising Consumer Focus on Product Safety and Hygiene Growing consumer awareness of health and contamination risks is reinforcing preference for packaging that does not interact with its contents. Glass is chemically inert and non-reactive by nature, preserving purity without any risk of leaching or flavour transfer, making it the preferred material for food, pharmaceutical, and beverage applications where integrity is essential.

Rising Demand for Differentiated and Customised Packaging As brand differentiation becomes a key competitive lever across categories, brand owners are increasingly seeking packaging that goes beyond function to support visual identity and shelf standout. Glasss compatibility with a wide range of decoration and finishing techniques positions it well to meet this demand, particularly in branded and design-led segments.

SECURITY CAPS AND CLOSURES INDUSTRY OVERVIEW

The global demand for plastic caps and closures remains strong across beverages, food, pharmaceuticals, and personal care applications. The market is projected to reach US$ 85 billion by 2026, at a CAGR of 5.5%.

In India, the plastic caps and closures market reached approximately US$ 2.0 billion in 2025 and is expected to grow steadily over the medium term, supported by consumption growth across its principal end-use categories.

Growth Drivers and Trends

Rising Demand for Product Security and Tamper Evidence Concerns around product authenticity and counterfeiting are elevating the role of closures as a security mechanism, particularly in pharmaceuticals, spirits, and premium food. Induction seals, breakable bands, and emerging authentication technologies are seeing broader adoption, driven by regulatory requirements and the rising financial cost to brands when counterfeiting or tampering occurs.

Advanced Manufacturing Enabling Design and Production Gains Progress in injection and compression moulding is enabling closures that are lighter, more precise, and more cost-efficient to produce. The practical benefits are tangible: complex geometries, better sealing integrity, and reliable compatibility with high-speed bottling lines, all while reducing per-unit material consumption.

Sustainability Regulations Driving Material Innovation Extended Producer Responsibility (EPR) mandates in India, together with the EUs Single-Use Plastics Directive, are reshaping material choices across closures. Fibre-based, bio-sourced, and mono-material formats are gaining ground as manufacturers respond to these requirements.

Shifting Consumer Preference towards Convenience-led Packaging Formats Changing consumption habits, particularly the shift toward on-the-go and single-serve formats, are widening the adoption of dispensing, recloseable, and flip-top closures across personal care, home care, and food. Controlled dispensing, in particular, is gaining relevance as consumers seek greater hygiene and portion accuracy in everyday use.

Growing Focus on Child Safety in Healthcare Packaging Adoption of child-resistant closures is expanding across pharmaceutical and healthcare channels, driven by tightening safety norms and rising healthcare consumption. OTC drugs, nutraceuticals, and liquid medications are among the most active demand categories, segments where packaging directly influences patient safety and regulatory compliance.

Beverage Sector Growth Driving Premiumisation Sustained consumption growth across bottled water, carbonated drinks, juices, and ready-to-drink formats continues to underpin closure volumes. At the premium end, the spirits category is creating demand for closures that go beyond function, such as differentiated finishes, tamper-evident features, and considered design, increasingly forming part of the brand proposition across markets.

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PET BOTTLES AND PRODUCTS INDUSTRY OVERVIEW

The global PET bottles market is closely tied to beverage and FMCG supply chains, valued for its lightweight, durable and recyclable properties. The market is projected to reach US$ 54.3 billion by 2028, driven by demand across beverages, pharmaceuticals, and personal care.

In India, the market is expected to grow at a 4.3% CAGR, reaching US$ 3.5 billion by 2032, supported by the materials versatility and cost competitiveness across the same end-use categories.

Growth Drivers and Trends

Rising Consumer Preference for Convenience and Functionality Rising consumer demand for convenience is driving preference for lightweight, easy-to-handle packaging formats across food, home care, and personal care. PETs portability and format flexibility make it well-suited to these evolving needs.

Regulatory Evolution Driving Material Innovation Tightening regulations across the EU, India, and other major markets, including recycled content mandates, are prompting a shift toward bio-based polymers and requiring packaging redesign to meet compliance requirements while maintaining performance.

Shift towards Efficient and Flexible Packaging Formats Flexible formats are gaining share across the packaging mix, driven by tangible logistical advantages, lower material usage, reduced transportation costs, and greater compatibility with e-commerce and food delivery supply chains. As these channels continue to scale, flexible PET formats are expected to capture an increasing share of incremental demand.

Management Discussion and Analysis

User Market Review

ALCOHOL Container Glass Specialty Glass Aluminium Cans Caps and Closures Rising incomes, urbanisation, and format innovation are broadening the Indian alcohol market. Requirements are diversifying with product range: premium spirits and wine favour glass for its quality associations and inertness, while RTD formats increasingly move to aluminium cans for portability and recyclability. Closures remain integral throughout, with tamper-evident systems, lightweight designs, and bespoke T-Corks reinforcing product security and premium presentation.

FMCG Container Glass PET Bottles Caps and Closures The formalisation of retail and growing organised trade continue to expand the FMCG sectors addressable base. Container glass serves premium and traditional formats, while PET bottles support high-volume, cost-sensitive applications across large-format supply chains. Closures across both formats are engineered for performance at speed and scale.

COSMETIC AND PERFUME Specialty Glass Caps and Closures Social commerce and the growing premiumisation across personal care are raising consumer expectations for packaging that signals quality before the product is even opened. Specialty glass, with its clarity and tactile finish, defines the primary container, while wooden, metal and diffuser caps complete the experience through bespoke design, directly shaping how the product is perceived.

DAIRY PRODUCTS Container Glass Specialty Glass Growing demand for artisan yogurts and specialty desserts is elevating the dairy category, with glass gaining preference for its crafted, high-quality positioning. Container glass serves larger-volume, everyday formats, while specialty glass, with its finer finishes and decoration capability, is increasingly used for premium products where shelf presentation is central to the brand proposition.

WINE Container Glass Specialty glass Caps and Closures Premiumisation and rising urban consumption continue to expand the Indian wine market. Container and specialty glass remain the preferred formats, with specialty glass reserved for premium and boutique labels where shelf presentation and brand differentiation matter most. Corks and ROPP closures complete the packaging system.

Container Glass Aluminium Cans Caps and Closures Evolving taste profiles and urbanisation are expanding the beer category in India. Bottles and cans remain the two dominant formats: glass serves the premium and craft segment, where presentation matters, while cans address convenience and on-the-go consumption. The rise of flavoured and craft variants is lending further weight to glasss premium positioning. Crown and ring-pull closures complete the system across both formats.

SAUCES AND CONDIMENTS Container Glass PET Bottles Caps and Closures Jams and pickles require packaging that preserves freshness and barrier performance over extended shelf lives. Glass containers and precision closures meet these requirements together, glass preserving product integrity, closures ensuring the seal performs through thermal processing and storage. PET bottles serve higher-volume, price-sensitive formats, offering durability across large-scale retail distribution.

BABY FOOD Container Glass Caps and Closures Glass jars, valued for their transparency and chemical inertness, satisfy the categorys stringent purity requirements. Closures reinforce this with child-resistant, tamper-evident, and re-sealable designs, meeting the safety standards that parents and regulators expect.

PHARMACEUTICALS Container Glass Specialty glass Caps and Closures Expansion in biologics, injectables, vaccines and oral solid dosage forms is sustaining strong offtake of borosilicate and soda-lime glass formats, alongside precision closures, including eye and ear dropper bottles and caps. Regulatory frameworks, including Pharma Vision 2047 and tightening GMP standards, are raising the quality floor across the sector, making packaging performance a procurement priority.

Company Overview

AGI Greenpac Limited delivers precision packaging that preserves product integrity, across every format, every market and every stage of a products journey.

WE OPERATE THROUGH THREE BUSINESSES

AGI Glaspac Indias most profitable glass packaging company, manufacturing container and specialty glass.

AGI Clozures Produces security caps & closures, T-corks, wooden caps, precision gaskets, precision injection-moulded components.

AGI Plastek Manufacture of PET bottles and products.

Together, we serve global and Indian brands across alcoholic beverages, food and beverages, pharmaceuticals, cosmetics, personal care, FMCG and agrochemicals. Across 7+ manufacturing plants, we bring together the scale to meet volume demands, the technical depth to solve complex packaging challenges and the multi-format capability to grow with our customers across categories.

Strategic Entry into Aluminium Can Manufacturing

Demand for packaging that combines sustainability, convenience, and efficiency continues to grow, and aluminium cans are gaining relevance across the beverage industry, with strong adoption across carbonated soft drinks, energy beverages, and alco-bev segments.

Our proposed 34-acre greenfield facility in Hathras, Uttar Pradesh, is expected to commence operations in the first half of 2027 with two advanced production lines, creating manufacturing capacity of 1.6 billion cans per annum at launch. Designed with scalability at its core, each production line can be upgraded through debottlenecking and advanced necking technology, enabling the facilitys total capacity to exceed 2 billion cans annually in line with future market demand.

Building on our relationships across the beverage value chain, this expansion broadens our offering to span glass, closures, and aluminium cans. As we scale this business, we are strengthening resilience through diversified sourcing and regulatory readiness, while deepening customer engagement through differentiated packaging.

2025 Vision Edition

Awards

Recognised by Gain Skills Business Media for excellence in: Sustainable Procurement Initiative Procurement Governance Practices

Awarded the Sustainable Organisation of the Year 2025 by UBS Forum, recognising the Companys commitment to sustainability.

3 Plants in India (Container and Specialty) 2,100 TPD Total capacity (Container and Specialty) 2.5-5,000 ml Covering pharma vials to large spirit/wine bottles

MANUFACTURING PLANTS AND CAPACITIES

Container Glass 1,100 TPD Bhongir, Telangana 800 TPD Sanathnagar, Telangana

Specialty Glass 200 TPD Bhongir, Telangana

SEGMENTS

Containers and Bottles Soft drinks Beer Wine Spirits Whisky Medicine Vials Chemicals Water Food jars

Personal Care and Cosmetics Nail polish Perfumes Face creams Foundation Candle jars

INDUSTRIES SERVED

Containers and Bottles Beverages Liquor Wine Beer Pharmaceuticals Cosmetics Personal care Hospitality

During the year, AGI Glaspac strengthened operational performance through higher utilisation, a richer product mix and stronger demand across pharmaceuticals, cosmetics, premium beverages, and other key segments. Container glass operated at approximately 95% utilisation and specialty glass at approximately 75% while realisations benefitted from a higher value-added mix. The business also advanced its innovation capabilities and began testing a consumer-facing retail play in diffusers and perfumes, through an OEM-based filling and finishing model across online, offline and HoReCa channels.

Greenfield Container Glass Plant in Gwalior, Madhya Pradesh

The Company is establishing a greenfield container glass facility in Gwalior, a location chosen for its central geography, proximity to key raw material sources, and direct access to growing demand centres across India, particularly in North India. The facility marks a significant expansion of AGI Glaspacs footprint in the region.

The project is progressing on schedule. Land acquisition is complete, civil construction is well underway, and procurement of key machinery is advancing in parallel with the finalisation of major equipment contracts and statutory approvals.

Project Highlights
Investment	\u20b9 700 crore
Location	Gwalior
Capacity	500 TPD
Commissioning	March 2027
Increase to total glass container capacity	25%
Status as on 31 March 2026
Completed	Land acquisition
Underway	Civil construction
Scheduled	Commissioning March 2027

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Management Discussion and Analysis

Debottlenecking-led Capacity Expansion across Existing Facilities

During the year, we undertook a targeted debottlenecking programme across our existing container and specialty glass facilities, with a total investment of 47 crore aimed at increasing capacity and improving throughput across the affected lines.

Container glass capacity increased from 1,850 TPD to 1,900 TPD through debottlenecking of 50 TPD, while specialty glass capacity increased from 154 TPD to 200 TPD through an expansion of 46 TPD.

In container glass, the expanded output supports rising demand from alcoholic beverages, food, pharmaceuticals, and chemicals. In specialty glass, the upgrade targets fast-growing premium segments such as cosmetics, perfumery, and luxury beverages, reflecting a continued shift towards value-added products.

Expanding Beyond Packaging: Building a Consumer-Facing Retail Play

In FY 2025-26, the Company took steps toward participating more actively in adjacent segments of the value chain, moving from supplying packaging to enabling shelf-ready, consumer-facing products.

This initiative is anchored in a clear market shift: brand owners are increasingly seeking end-to-end, ready-to-market solutions. AGI Greenpacs expertise in glass packaging, combined with an OEM-based model for filling and finishing, allows it to address this demand as an extension of its core business.

The initial focus is on lifestyle-oriented products including diffusers and perfumes, distributed through a multi-channel strategy spanning online platforms, offline retail, and the HoReCa segment. This approach allows the Company to test and scale the model in a capital-efficient manner while drawing on its existing glass manufacturing capabilities.

Awards AGI Glaspac has been certified as a Great Place to Work* for the fifth consecutive year, reflecting its continued focus on building an inclusive and high-performance workplace culture

The Hyderabad glass plant received Silver Awards at the Confederation of Indian Industry EHS Excellence Awards 2025

CERTIFICATIONS

?‚? ISO 9001:2015 (Quality Management)

?‚? ISO 14001:2015 (Environmental Management)

?‚? ISO 45001:2018 (Occupational Health & Safety)

?‚? ISO 15378:2017 (Primary packaging materials for medicinal products)

?‚? ISO 50001:2018 (Energy Management System)

?‚? FSSC 22000 (Food Safety System)

?‚? ISO/IEC 17025:2017 - R&D Centre (Chemical Laboratory)

?‚? USFDA Drug Master File (DMF No. 25101) - Bhongir plant

?‚? Certificate of Conformance for Food Contact Materials

?‚? BRCGS (Brand Reputation Compliance Global Standards - SGD Bhongir)

?‚? HALAL Certification - AGI Glaspac, Hyderabad

?‚? DSIR recognition and certification

BUSINESS OUTLOOK

The Company enters FY 2026-27 with a stable demand outlook for container glass, supported by steady consumption across key end-use segments. Margins are expected to remain resilient, driven by operating efficiencies and disciplined management of input costs, even as energy and raw material prices remain volatile.

The additional capacity brought online through this years debottlenecking programme is expected to support volume growth through the year. Growth is expected to accelerate from FY 2027-28 with the commissioning of the Gwalior, Madhya Pradesh greenfield facility, which will add meaningful capacity and strengthen the Companys ability to serve demand across North India.

Specialty glass is expected to see calibrated growth, supported by the absorption of recently added capacity and sustained demand from pharmaceuticals, cosmetics, and premium beverages. The segment remains a high-value, margin-accretive category, with a continued focus on value-added products and an improving product mix, supporting overall portfolio quality and profitability.

Business Review - AGI Clozures

OUR PORTFOLIO SPANS FOUR CATEGORIES

Security Closures for Beverages Anti-counterfeit closures, T-corks, and stoppers for spirits and premium liquor, ensuring product safety, traceability and brand protection.

Specialty and Premium Closures Customised wooden caps and decorative closures for perfumes, cosmetics, food storage, beverages and candle applications, combining aesthetics with functionality.

Pharmaceutical Packaging Solutions Eye dropper bottle assemblies (5 ml and 10 ml), designed to meet stringent quality and safety standards.

Precision Components Dust prevention caps, SWR gaskets for lids, and other specialised components for enhanced packaging performance.

MANUFACTURING PLANT AND CAPACITY 1,154 million Pieces per annum of large and small caps in Sangareddy, Telangana

INDUSTRIES SERVED Liquor Spirits Pharmaceuticals Cosmetics and perfumery

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3 Plants in India 11,892 MT Total annual installed capacity

MANUFACTURING PLANTS AND CAPACITIES (ANNUAL) 6,288 MT Dharwad, Karnataka

2,542 MT Sangareddy, Telangana

3,062 MT Selaqui, Uttarakhand

SEGMENTS AND CAPABILITIES

Product Offerings PET bottles and containers HDPE and PP bottles Injection-moulded caps

Installed Technologies ISBM, IBM, IMM and two-stage blowing technologies

Post-moulding Caps Labelling, sleeving, screen printing and wadding

INDUSTRIES SERVED Alcoholic beverages and liquor Pharmaceuticals and nutraceuticals Fast Moving Consumer Goods (FMCG) Dairy Agrochemicals Personal care and home care

2025-26 During the year, AGI Plastek expanded the use of recycled content across its product portfolio, introducing hybrid formats that combine recycled and virgin materials and supporting customers transition towards circular packaging. Key developments during the year included the initiation of 100% rPET MCD bottle supplies, marking a significant milestone in fully recycled packaging, along with the supply of Hipster bottles comprising 75% virgin plastic and 25% rPET, and Hipster Green bottles with an enhanced sustainable composition of 60% virgin plastic and 40% rPET, delivered across multiple product formats to a leading alcoholic beverage company.

CERTIFICATIONS

?‚? ISO 9001:2015 (Quality Management)

?‚? ISO 14001:2015 (Environmental Management)

?‚? ISO 45001:2018 (Occupational Health & Safety)

?‚? ISO 15378:2017 (Good Manufacturing Practices for pharma applications)

?‚? USFDA - DMF (Plastek - Isnapur & Dharwad Units)

?‚? FSSC 22000 (Version 6.0), certified across all three plants

BUSINESS OUTLOOK

The rigid plastic packaging segment is expected to see modest growth, driven by rising demand for sustainable packaging, evolving consumer preferences, premiumisation trends, and the rapid expansion of e-commerce and quick commerce.

AGI Plastek will continue to focus on delivering sustainable, innovative packaging, supported by ongoing collaboration with key stakeholders. Our key priorities include lightweighting, design innovation, technology advancement and maximising the use of recycled plastics.

Research and Development

Our focus on innovation is supported by dedicated research and design capabilities that enable us to advance materials science and develop differentiated, lightweight packaging solutions. The Materials Research & Development Centre, the first facility of its kind in the Indian container glass industry, is recognised by the National Accreditation Board for Testing and Calibration Laboratories (NABL) and the Department of Scientific and Industrial Research (DSIR). With capabilities spanning material composition analysis, piloting and testing, the Centre supports the development of innovative materials and packaging solutions.

Complementing these capabilities, our Design Centre in Hyderabad brings together multidisciplinary teams combining consumer insights and engineering expertise to develop differentiated packaging aligned with evolving customer expectations.

People-centricity

Our peoples own growth remains central to how we think about this business, supported by a strong focus on accountability, collaboration and capability building across the organisation.

During the year, we continued to strengthen a performance-driven culture and enhance leadership depth through structured development programmes, succession planning, and targeted upskilling initiatives. These efforts are supported by a strong emphasis on internal mobility and career progression.

We also focused on fostering a more engaged and inclusive workplace through regular communication, recognition, and initiatives that strengthen organisational culture and employee connection.

Together, these efforts are helping build a future-ready organisation with a strong leadership pipeline and a culture of high performance.

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Risk Management

Our business employs a comprehensive risk management process to identify, assess and mitigate risks from both internal and external sources. Senior management consistently monitors our risk framework, ensuring we remain proactive in identifying and addressing potential risks.

RISK APPETITE

Growth Ambition

Efficiency

In a dynamic business environment, it is essential to approach both strategic risk-taking and risk mitigation with thoughtfulness and intent.

Our competitive edge is built on prioritising operational safety and driving continuous improvement in safety standards.

Compliance

Brand

Our business culture and strategy are grounded in strict compliance with regulatory requirements and strong ethical business practices.

We are committed to safeguarding our brand, securing our interests, ensuring employee safety, and pursuing sustainable growth.

RISK MANAGEMENT STRATEGIES

Market Volatility Risks Market fluctuations can impact business operations; diversification helps mitigate these.

Regulatory Compliance Building trust, our dedication lies in transparent operations and regulatory compliance.

Supply Chain Disruptions Strong supplier relationships and planning are essential for minimising disruptions.

Environmental Risk Management Sustainable manufacturing practices are key to reducing environmental impact.

RISK MANAGEMENT FRAMEWORK

Identify Measure & Assess Mitigation Report & Monitor Governance

The Risk Management Committee, consisting of senior members of the Board, is in charge of regularly overseeing the risk management process. The detected risks are classified as strategic, business, and operational risks. The Committee is responsible for monitoring the significant risks in each of the three categories and providing steps to mitigate them.

Risk Management Pillars

Culture and Values Our culture and values are integral to shaping our approach to risk management.

Learning and Development Training Learning and development programmes reinforce internal controls, ethical practices, anti-fraud measures, authority limits, crisis management, business continuity, and regulatory compliance.

Strategy and Objectives Our strategy and objectives are aligned to reflect our defined risk appetite.

Risk Policies and Control Standards All our operations are conducted in full compliance with established risk policies and control standards.

BUSINESS RISKS

Risk	Impact	Mitigation Measures
Low Inventory Movement	Inadequate sales strategy has culminated in excess inventory.	Our efficient inventory management system facilitates accurate SKU mapping for phased introduction and removal. We employ big data analytics to plan the replacement of SKUs at the right time.
Currency Risk	Fluctuations in foreign exchange rates affect our profitability.	The Company actively manages its foreign exchange exposure through the prudent use of derivative instruments. In addition, the prepayment of outstanding External Commercial Borrowings (ECB) has further reduced exposure to currency fluctuations.
Interest Rate and Commodity Price Volatility	Any increase in interest rates or commodity price declines could have a detrimental impact on business.	To maintain the affordability of raw materials, we carefully plan the quantities of our inventory. To maintain our competitive advantage, we closely monitor both short-term and long-term interest rates.
Lack of Innovation	Inability to remain competitive in the market due to a lack of knowledge about breakthroughs and innovative technology.	We monitor developing trends closely by performing extensive market research and soliciting regular feedback from institutional clients. Our R&D team continues to adopt new technologies and create innovative solutions.
Inadequate Distribution Channel	Ineffective marketing and distribution can hinder sales and business growth.	We are currently developing a business-to-business (B2B) model. Our institutional clients benefit from our ongoing innovation, as we can guarantee higher product quality and faster turnaround times.
Substitutional Risk	PET and glass containers can be interchanged, which may affect the viability of either of these business groups.	We are well-positioned to offer our clients a single source for either PET or glass packaging, allowing us to focus on packaging while preserving revenue streams.