“When you love blindly, even flaws seem like virtues.” → When you deeply like or love someone, you may ignore their weaknesses. Their mistakes or shortcomings may even appear charming, acceptable, or even “good” to you. For example, if someone is stubborn, you might call it “determined” because you love them.
“When your dislike is intense, even virtues seem like flaws.” → On the other hand, if you dislike someone, even their positive qualities can appear negative. For instance, if someone is confident, you might see them as arrogant—simply because your attitude toward them is negative.
“Mend Your Attitude” → The key message is that it’s not always the person who is truly good or bad—it’s often our own perspective that is biased. By adjusting your attitude (removing the “blinding” effects of love or dislike), you can see people more clearly and fairly.
Posted: 09 Apr 2026
AGI Greenpac Limited April 08, 2026. Rationale and key rating drivers Reaffirmation of ratings assigned to AGI Greenpac Limited (AGI Greenpac) factors in the sustained improvement in its business and financial risk profiles, supported by its market-leading position with a 17-18% share in India, which is expected to continue over the medium term. In the last 3-4 years, the company has strengthened its competitive position, enabling it to cater to healthy demand from alcoholic and non-alcoholic beverage segments, leading to high-capacity utilisation (~95%) and steady ramp-up in the specialty glass segment. This has supported revenue growth from ₹1,256 crore in FY21 to ₹2,537 crore in FY25 (compounded annual growth rate [CAGR] of ~19%), and improved product diversification and entry into higher value-added segments. The company’s ability to debottleneck capacities (now ~2000 TPD), maintain stable realisations, and benefit from softening raw material prices (particularly soda ash) and constrained industry supply including lower production from Hindustan National Glass has supported healthy operating margins of ~23% in 9MFY26. While lower input costs are expected to be gradually passed on, sustained demand and supply-side tightness have supported realisations. Operating performance is further aided by improved product mix and operational efficiencies. However, CARE Ratings Limited (CareEdge Ratings) expects sustainable margins to normalise at 22%–24% over the medium term as industry capacity stabilises. The rise in scale and profitability has led to strong cash accruals, aiding deleveraging, with net debt (including LC acceptances) to profit before interest, lease rentals, depreciation, and taxation (PBILDT) improving from 1.28x in FY23 to 0.33x in FY25, providing headroom for future capex. The company has announced a greenfield project in Madhya Pradesh (500 TPD, ₹700 crore, expected by FY27) and entry into aluminium cans (capex of ₹900-1,000 crore), to be funded through a mix of debt and internal accruals. Despite the planned capex, capital structure is expected to remain comfortable, supported by expected gross cash accruals (GCA) of ₹500-600 crore in FY27-FY28, with net leverage likely to remain below 1.50x. Positive factors • 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 Negative factors • 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. • Sig
Posted: 08 Apr 2026
Posted: 20 Mar 2026
Posted: 06 Mar 2026
Posted: 27 Feb 2026
Posted: 19 Feb 2026
Posted: 15 Dec 2025
Posted: 03 Dec 2025
Posted: 01 Dec 2025
Posted: 07 Nov 2025
Posted: 06 Nov 2025
Posted: 30 Oct 2025
Posted: 29 Oct 2025
Posted: 28 Oct 2025
Posted: 27 Oct 2025
Be prepared to invest in a down market and to "get out" in a soaring market, as per the philosophy of Warren Buffett.