AGI Infra Limited

Real Estate — Real Estate - Development · NSE

₹250.00+₹3.30 (+1.34%)

DalalBaazaar Score

63 / 100

🟢 Good

Verdict

REASONABLE

Risk

Moderate

Driven by negative free cash flow, micro-cap size, which brings thin liquidity.

In simple words: Strong business and financial position, with modest growth. Cash generation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:09 pm

Mixed / neutral. No major red flags jump out, but nothing here screams "obviously cheap" either. This is a name that needs a peer comparison and a view on near-term earnings triggers before sizing a position.

Understanding the Business

Company site ↗

The 60-second version of AGI Infra Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Agi Infra Limited, together with its subsidiary, engages in the real estate and construction businesses in India. The company primarily constructs and develops commercial building and residential housing projects.

IndustryReal Estate - Development

SectorReal Estate

Employees394

Annual revenue₹353 Cr

How does it make money?

Turns over ₹353 Cr a year. Of every ₹100 of sales, about ₹27 reaches shareholders as profit, with ₹38 left at the operating level before interest, tax and depreciation. Each of its 394 employees supports ₹89.5 lakh of revenue a year, the signature of a people-led business.

EBITDA margin37.6%

Net margin26.9%

Revenue / employee₹89.5 lakh

Who are its competitors?

The closest listed comparisons in its industry are DLF LIMITED, GODREJ PROPERTIES LTD, OBEROI REALTY LIMITED. These are the companies its valuation and returns are measured against elsewhere in this report.

DLF LIMITEDP/E 36.6x · ROE 10.3%

GODREJ PROPERTIES LTDP/E 30.2x · ROE 8.4%

OBEROI REALTY LIMITEDP/E 23.5x · ROE 14.7%

What is its competitive advantage?Some evidence

ROCE of 18.1% is above what capital typically costs, which suggests some pricing power, though not yet the sustained, wide gap that marks a durable advantage.

ROCE18.1%

ROE20.4%

Peer median ROE10.3%

What has been driving growth?

Sales and margins have both contributed to where profit is now. Over 3 years revenue moved +46% while net margin moved +35% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+46%

Margin effect+35%

DalalBaazaar Score

63/ 100

Good

Weighted across six categories. Every point is explained below.

✓ Beta of 0.10 — historically steadier than the index
✗ Micro Cap: thinner liquidity and sharper drawdowns are normal
✗ Negative free cash flow means dependence on external funding

Quality vs. Valuation

Company Quality

67/ 100

Good

How good the business is, ignoring the share price entirely.

Valuation

61/ 100

Fair

What you are being asked to pay, ignoring how good the business is.

A reasonable business at a reasonable price — neither the quality nor the valuation stands out in either direction.

Historical Valuation

Current P/E

30.2x

2Y Median

41.6x

29 monthly readings · mean 43.2x · range 21.8x–72.4x

Sector Median

30.2x

median of 3 sector peers

🟢Current valuation is approximately 27% below its 2y median of 41.6x. Cheaper than its own history, which is worth a reason too: the market may be pricing in something the backward-looking numbers do not show.

🟡Against its sector it is priced broadly in line with the peer median of 30.2x.

vs. its own history

Cheap

41.6x median over 29 months · -27%

vs. sector peers

Fair

30.2x median of 3 peers · +0%

vs. generic bands

Fair

15x–35x

P/E (Trailing)

30.2x

P/B

6.74x

EV/EBITDA

24.4x

PEG

1.19

Dividend Yield

0.08%

What's Good / What's Bad

🟢 What's Going Well3

Margins are improving
EBITDA margin is up from 26.6% to 37.6% over 3 years.
Valuation below its historical average
At 30.2x the stock trades 27% below its own median of 41.6x.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention5

Debt is rising
Total debt is up 279% over 3 years — worth checking what it funded.
Free cash flow is negative
The business is not currently covering its capital spending from operations.
Return on equity is falling
ROE has dropped from 27.9% to 20.4% — each rupee of shareholder capital earns less than it did.
Return on capital is falling
ROCE has declined from 28.7% to 18.1% — often a sign of competition or overexpansion.
Inventory building faster than sales
Inventory is up 107% against revenue growth of 46% — stock may not be moving.

Red Flags

5 items require attention · 3 high · 2 watch

🔴Debt has risen sharplyFinancial
Total debt is up 279% over 3 years, from ₹49 Cr to ₹186 Cr.
🔴Profit up while operating cash flow fallsFinancial
Reported profit rose but cash generated by operations declined — worth checking whether earnings are being supported by non-cash items or working capital.
🔴Inventory building faster than salesFinancial
Inventory up 107% against revenue up 46% — stock may not be moving.
🟡Free cash flow is negativeFinancial
Free cash flow was -₹52 Cr in the latest year.
🟡Shareholders have been dilutedOwnership
Shares outstanding are up 412% over 3 years — each existing share owns a smaller slice of the company.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Capital compounds at a high rate
ROCE of 18.1% means each rupee reinvested earns well above what capital costs. If the company can keep deploying at this rate, growth creates value rather than just consuming cash.
Margin expansion has further to run
EBITDA margin has risen from 26.6% to 37.6%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.
Priced below its own history
The stock trades 27% below its own median multiple. If the business performs as it has and simply re-rates back to normal, that gap is return on its own.
Earnings have proved durable
Profitable in every one of the last 4 reported years. Consistency lowers the risk that any single bad year is structural rather than cyclical.

🔴 Bear CaseWhat could go wrong?

Returns on shareholder capital are falling
ROE has dropped from 27.9% to 20.4%. Each rupee of equity earns less than it did, so profit growth increasingly depends on raising more capital rather than on the existing base working harder.
Size brings its own risk
Micro Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.
Several serious flags at once
3 high-severity checks triggered. Individually each has an explanation; together they raise the chance that something structural is wrong rather than a one-off.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1Revenue growth stays above 10% a year✓ 13.5% CAGR
Latest reported year was 5.3%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 36%✓ 37.6%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Free cash flow remains positive✗ -₹52 Cr
Profit that never becomes cash eventually stops being profit.
4Debt / EBITDA stays below 2x✓ 1.4x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
5ROCE stays above 15%✓ 18.1%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

9 / 11 checks passed

✓ Strong return on equity (ROE ≥ 15%)
✓ Strong return on capital employed (ROCE ≥ 15%)
✓ Healthy net margin (≥ 10%)
✗ Generates positive free cash flow
✓ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✓ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✗ Short-term technical trend isn't bearish

Price history

Quick Metrics

5 good · 4 neutral · 2 weak

Market Cap

₹3,125 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

30.2x

Fair

Fairly valued against the generic band

P/B Ratio

6.74x

Rich

Steep premium to book — needs high, durable returns to justify

EPS (TTM)

₹8.27

Profitable

Profitable on a per-share basis

ROE

20.4%

Strong

Strong capital efficiency

ROCE

18.1%

Strong

Earns comfortably above its likely cost of capital

Debt/Equity

0.38x

Low

Conservative leverage

Revenue Growth (YoY)

5.3%

Modest

Modest growth

Profit Growth (YoY)

34.3%

Healthy

Profits growing at a healthy clip

Dividend Yield

0.08%

Modest

Small cash return — most of the return has to come from the price

Free Cash Flow

-₹52 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

CMP

₹250

Operating Margin

39.1%

Good

Healthy core-business profitability

Net Margin

28.6%

Good

Strong bottom-line conversion

Current Ratio

1.31

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.10

Defensive

Steadier than the market

52W Range Position

Near low

Near its 52-week low

Technical Snapshot

SMA 20 / SMA 50

260.1 / 276.1

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

35.4

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹241 Cr	₹292 Cr	₹325 Cr	₹353 Cr	+13.5%
EBITDA	₹64 Cr	₹85 Cr	₹105 Cr	₹133 Cr	+27.4%
EBITDA Margin	26.6%	28.9%	32.4%	37.6%	—
PAT (Net Profit)	₹48 Cr	₹52 Cr	₹67 Cr	₹95 Cr	+25.4%
EPS	₹3.94	₹4.26	₹5.46	₹7.75	+25.3%
ROE	27.9%	23.2%	22.6%	20.4%	—
ROCE	28.7%	26.3%	22.1%	18.1%	—
Total Debt	₹49 Cr	₹138 Cr	₹137 Cr	₹186 Cr	+55.9%
Free Cash Flow	₹68 Cr	₹28 Cr	-₹68 Cr	-₹52 Cr	—

🟢 Revenue has grown at 13.5% a year over 3 years.

🟢 EBITDA has grown at 27.4% a year over 3 years.

🟢 EBITDA Margin has risen from 26.6% to 37.6% over 3 years (+11.0 pts).

🟢 PAT (Net Profit) has grown at 25.4% a year over 3 years.

🟢 EPS has grown at 25.3% a year over 3 years.

🔴 ROE has fallen from 27.9% to 20.4% over 3 years (-7.5 pts).

🔴 ROCE has fallen from 28.7% to 18.1% over 3 years (-10.6 pts).

🔴 Total Debt has grown at 55.9% a year over 3 years.

🔴 Free Cash Flow has turned negative, from ₹68 Cr to -₹52 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹1,578 Cr

Total Liabilities

₹1,093 Cr

Total Debt

₹186 Cr

Cash & Equivalents

₹79 Cr

Operating Cash Flow

-₹32 Cr

Capex

-₹20 Cr

Shareholding (proxy)

Institutional Holding

0.3%

Insider Holding

83.1%

Corporate Actions

Dividend Rate

₹0.2

Ex-Dividend Date

23 Sept 2026

Peer Comparison

Company	P/E	ROE
DLF LIMITED	36.6x	10.3%
GODREJ PROPERTIES LTD	30.2x	8.4%
OBEROI REALTY LIMITED	23.5x	14.7%

Recent News

1 positive2 mixed3 general

Do AGI Infra's (NSE:AGIIL) Earnings Warrant Your Attention?

Simply Wall Street, 02 MayResults

🟡Mixed / dependsA results event. The figures on this page update once the new statements reach the data feed, which usually lags the announcement.

AGI Infra (NSE:AGIIL): What Does Its Q2 FY27 Depository Compliance Certificate Mean?

Kalkine India, 12 OctResults

🟡Mixed / dependsA results event. The figures on this page update once the new statements reach the data feed, which usually lags the announcement.

AGI Infra FY26 net profit rises 42%, recommends dividend

scanx.trade, 20 MayCapital return

🟢Potentially positiveCash or shares returned to holders. A buyback is only good value if the shares were cheap when bought.

AGI Infra Stock Prediction 2026: Expert Analysis, Forecast Scenarios and Full Stock Review

Univest, 19 Jun

AGI Infra Ltd. Shareholding Pattern – Promoters, FIIs & DIIs

Value Research, 31 Aug

Multibagger Stock Alert! AGI Infra Down 4.2%, Delivers 661% Returns In 3 Yrs | What's Next For Investors?

Goodreturns, 16 Apr

Watch Items

Trading very close to its 52-week low — worth checking whether this reflects a temporary setback or a structural problem.
Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

🟢Business QualityStrong14.3/20

🟡Financial HealthAdequate12/20

🟢GrowthStrong13.3/20

🟢ProfitabilityStrong11/15

🟡ValuationFair7.9/15

🔴RiskHigh4.4/10

Good business at a fair price

A sound business at a reasonable valuation. Suitable for a long-term holding, with the valuation and the direction of margins worth watching rather than the business itself. 3 high-severity red flags sit above this conclusion and should be read first.

This thesis breaks if

✓Revenue growth stays above 10% a year13.5% CAGR
✓EBITDA margin holds above 36%37.6%
✗Free cash flow remains positive-₹52 Cr
✓Debt / EBITDA stays below 2x1.4x
✓ROCE stays above 15%18.1%