NSE: AGIIL · BSE: 539042
AGI INFRA LIMITED
Develops and sells residential and commercial real estate projects, primarily in Punjab and the northern region, with a portfolio of completed, ongoing and upcoming developments. As of FY26, the project book comprises 10 completed projects (95.18 lakh sq ft), 12 ongoing projects (1.68 crore sq ft, of which 43% is sold), and 4 upcoming projects (78.73 lakh sq ft), supported by 164.25 acres of land reserves. The company funds its construction pipeline through customer advances, bank borrowings (CARE BBB+ stable rated) and equity, having raised Rs 7,500 Lakhs via a Qualified Institutional Placement in Q4 FY26 issuing 28.3 lakh shares at Rs 265 each. It also acquired a 60% controlling stake in WorldNext Realty LLP (now a subsidiary) and operates AGI Cold Chain Private Limited as another subsidiary. Revenue stood at Rs 35,254 Lakhs in FY26 with EBITDA margin of around 37% and PAT of Rs 9,486 Lakhs, while operating cash flow was negative due to a sharp build-up in inventory (inventories rose to Rs 99,789 Lakhs). The biggest cost line is materials, which consumed 98.8% of revenue in FY26, reflecting the land and construction nature of the business. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Residential and commercial real estate development and sales. Cyclical, asset-heavy residential and commercial real estate developer.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 197 | 241 | 292 | 325 | 353 |
| EBITDA (ex other income) | 49 | 58 | 76 | 93 | 123 |
| margin % | 24.8 | 24.0 | 25.8 | 28.5 | 34.9 |
| Owners' profit | 36 | 48 | 52 | 67 | 95 |
| EPS, as reported (₹) | 29.81 | 39.38 | 42.64 | 27.28 | 7.76 |
| ROE % · ROCE % | 28.9 · 32.2 | 27.9 · 28.7 | 23.2 · 26.3 | 22.6 · 22.1 | 19.6 · 18.1 |
| Debt / equity (x) | 0.33 | 0.28 | 0.61 | 0.47 | 0.38 |
| Cash from operations | 106 | 67 | 61 | (20) | (32) |
| Capex | (39) | (22) | (34) | (48) | (20) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 78 | 91 | 83 | 92 | 85 | 88 | 88 | 96 |
| Profit before tax | 21 | 23 | 12 | 24 | 27 | 31 | 14 | 33 |
| Net profit | 17 | 19 | 16 | 20 | 22 | 26 | 27 | 28 |
| EPS (₹) | 14.29 | 15.60 | 6.44 | 8.19 | 9.02 | 2.14 | 2.13 | 2.20 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| DLF LIMITED | 1,64,917 | 37.1 | 3.63 | 49.7 | 9.7 | 6.0 | 8.6 | 37.1 |
| LODHA DEVELOPERS LIMITED | 1,01,079 | 24.5 | 4.31 | 20.2 | 14.6 | 15.7 | 25.1 | 40.5 |
| THE PHOENIX MILLS LTD | 67,952 | 53.1 | 4.75 | 26.3 | 10.9 | 9.9 | 32.7 | 63.4 |
| PRESTIGE ESTATE LTD | 59,932 | 52.6 | 3.58 | 17.4 | 7.8 | 6.8 | 11.8 | 38.1 |
| OBEROI REALTY LIMITED | 58,212 | 19.1 | 3.25 | 16.8 | 14.0 | 15.5 | 24.0 | 61.1 |
| GODREJ PROPERTIES LTD | 47,804 | 29.9 | 2.47 | 22.0 | 9.5 | 11.4 | 46.3 | 107.7 |
| BRIGADE ENTER. LTD | 17,613 | 20.5 | 2.34 | 13.7 | 9.6 | 6.8 | 23.9 | 41.9 |
| ANANT RAJ LIMITED | 16,622 | 28.0 | 2.86 | 22.6 | 9.6 | 10.2 | 58.7 | 32.1 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 14.4 | 20.5 | 21 of 57 | 64% |
| P/B | 5.8 | 1.9 | 63 of 64 | 2% |
| ROCE | 15.7 | 6.4 | 13 of 66 | 82% |
| ROE | 19.6 | 8.0 | 5 of 64 | 94% |
| Debt / Equity | 0.4 | 0.4 | 32 of 64 | 51% |
| EBITDA margin | 44.8 | 29.6 | 12 of 66 | 83% |
| Revenue growth | 5.3 | 12.8 | 41 of 67 | 39% |
| Profit growth | 37.6 | 7.5 | 21 of 66 | 69% |
| Market cap | 2799 | 1781 | 26 of 67 | 62% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 12 Oct 2026 · AGI Infra submits Q2 FY26 demat compliance certificate to exchanges | compliance | minimal | — | — |
| 8 Oct 2026 · Postal Ballot Notice and E-voting Information Published in Newspapers | compliance | minimal | — | — |
| 5 Oct 2026 · AGI Infra seeks shareholder nod for 275 Crore QIP fundraising | fund raising | high | — | — |
| 1 Oct 2026 · AGI Infra AGM results: all 5 resolutions passed, final dividend approved | board shareholder meetings | low | — | — |
| 30 Sept 2026 · AGI Infra 21st AGM held; final dividend declared, 5 resolutions passed | board shareholder meetings | low | — | — |
| 29 Sept 2026 · Trading Window Closed for Q2 Financial Results | compliance | minimal | — | — |
| 25 Sept 2026 · Final dividend Re 0.20 per share, TDS details for FY 2025-26 | corporate actions | medium | — | — |
| 25 Sept 2026 · AGI Infra board approves Rs 275 Crore fund raise via QIP | board shareholder meetings | low | — | — |
| 25 Sept 2026 · AGI Infra plans Rs 275 Cr equity fundraise via QIP route | board shareholder meetings | medium | — | — |
| 25 Sept 2026 · AGI Infra subsidiary gets bank loan rating upgraded to IND BB+ | credit debt | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.