Agni Green Power Limited

Sector n/a · NSE

₹51.80+₹0.75 (+1.47%)

DalalBaazaar Score

48 / 100

🟡 Moderate

Verdict

CAUTION

Risk

High

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

In simple words: The business is earning a fairly low return on the money invested in it, but sales are shrinking. Cash generation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:03 pm

Understanding the Business

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

How does it make money?

Turns over ₹39 Cr a year. Of every ₹100 of sales, about ₹2 reaches shareholders as profit, with ₹11 left at the operating level before interest, tax and depreciation.

What is its competitive advantage?Little sign of one

Returns on capital of 9.9% are at or below what the capital likely costs. That is the financial pattern of a business competing largely on price, where advantage has to come from execution rather than position.

What has been driving growth?

Profit has moved mainly because margins changed, not because the business sold much more. Over 3 years revenue moved +75% while net margin moved -134% 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+75%

Margin effect-134%

DalalBaazaar Score

48/ 100

Moderate

Weighted across six categories. Every point is explained below.

✗ Micro Cap: thinner liquidity and sharper drawdowns are normal
✗ Profits have swung sharply from year to year — earnings are hard to forecast
✗ Negative free cash flow means dependence on external funding

Quality vs. Valuation

Company Quality

51/ 100

Average

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

Valuation

18/ 100

Expensive

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.

vs. its own history

Not enough price and earnings history

vs. sector peers

Not enough peers with a usable P/E

vs. generic bands

No P/E available

EV/EBITDA

28.2x

PEG

—

What's Good / What's Bad

🟢 What's Going Well3

Margins are improving
EBITDA margin is up from 9.2% to 10.8% over 3 years.
Return on equity is rising
ROE has improved from -4.6% to 2.6%.
Return on capital is rising
ROCE has improved from 0.7% to 9.9%.

🔴 What Needs Attention0

Nothing stands out as clearly deteriorating on the years of data available.

Red Flags

4 items require attention · 3 high · 1 watch

🔴Debt has risen sharplyFinancial
Total debt is up 70% over 3 years, from ₹10 Cr to ₹16 Cr.
🔴Thin interest coverageFinancial
Operating profit covers interest only 1.5x — little room if earnings dip.
🔴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.
🟡Free cash flow is negativeFinancial
Free cash flow was -₹2 Cr in the latest year.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Margin expansion has further to run
EBITDA margin has risen from 9.2% to 10.8%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.

🔴 Bear CaseWhat could go wrong?

The debt load needs earnings to hold up
Debt is 4.0x EBITDA. At that level a downturn in earnings turns a manageable balance sheet into a refinancing problem, and lenders get paid before shareholders.
Earnings are hard to forecast
Profit has swung sharply from year to year, so any single year — good or bad — is a weak guide to the next. Cyclical earnings deserve lower multiples for that reason.
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 15% a year✓ 20.6% CAGR
Latest reported year was -6.0%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 9%✓ 10.8%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Debt / EBITDA falls below 3x✗ 4.0x
Already stretched, so this is a reduction target rather than a level to hold. Around 3x is where lenders typically start attaching conditions.
4Free cash flow remains positive✗ -₹2 Cr
Profit that never becomes cash eventually stops being profit.
5Interest cover stays above 3x✗ 1.5x
How much operating profit can fall before interest stops being comfortably covered.

Investment Checklist

3 / 9 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
✗ Short-term technical trend isn't bearish

Price history

Quick Metrics

2 good · 6 neutral · 3 weak

Market Cap

₹101 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

Not available

No data

Source didn't return this field

P/B Ratio

Not available

No data

Source didn't return this field

EPS (TTM)

Not available

No data

Source didn't return this field

ROE

2.6%

Weak

Weak capital efficiency

ROCE

9.9%

Moderate

Moderate return on the capital in the business

Debt/Equity

0.51x

Low

Conservative leverage

Revenue Growth (YoY)

-6.0%

Shrinking

Sales are contracting

Profit Growth (YoY)

34.8%

Healthy

Profits growing at a healthy clip

Dividend Yield

None

No dividend yield reported — usually means no payout, but verify if one was recently initiated

Free Cash Flow

-₹2 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

Gross Margin

27.5%

Proxy

Operating margin unavailable — showing gross margin instead

Net Margin

2.2%

Weak

Very little revenue reaches the bottom line

Current Ratio

1.75

Comfortable

Healthy short-term liquidity

Technical Snapshot

SMA 20 / SMA 50

14.8 / 15.4

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

26.2

Oversold zone

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹22 Cr	₹35 Cr	₹41 Cr	₹39 Cr	+20.6%
EBITDA	₹2 Cr	₹2 Cr	₹3 Cr	₹4 Cr	+27.1%
EBITDA Margin	9.2%	7.1%	7.7%	10.8%	—
PAT (Net Profit)	-₹1 Cr	₹0 Cr	₹1 Cr	₹1 Cr	—
EPS	₹-0.88	₹0.2	₹0.32	—	—
ROE	-4.6%	1.2%	2.0%	2.6%	—
ROCE	0.7%	6.9%	8.4%	9.9%	—
Total Debt	₹10 Cr	₹9 Cr	₹13 Cr	₹16 Cr	+19.4%
Free Cash Flow	-₹1 Cr	-₹0 Cr	₹1 Cr	-₹2 Cr	—

🟢 Revenue has grown at 20.6% a year over 3 years.

🟢 EBITDA has grown at 27.1% a year over 3 years.

🟢 EBITDA Margin has risen from 9.2% to 10.8% over 3 years (+1.6 pts).

🟢 PAT (Net Profit) has turned positive, from -₹1 Cr to ₹1 Cr.

🟢 ROE has risen from -4.6% to 2.6% over 3 years (+7.3 pts).

🟢 ROCE has risen from 0.7% to 9.9% over 3 years (+9.2 pts).

🔴 Total Debt has grown at 19.4% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹54 Cr

Total Liabilities

₹22 Cr

Cash & Equivalents

₹0 Cr

Operating Cash Flow

-₹2 Cr

Capex

-₹0 Cr

Recent News

6 general

With EPS Growth And More, Agni Green Power (NSE:AGNI) Makes An Interesting Case

Simply Wall Street, 09 Apr

AGNI GREEN POWER LTD Share Price

Upstox, 05 May

Compare CG Power & Industrial with

Equitymaster, 07 Oct

Agni Green Power Ltd. Key Financial Ratios – Valuation, Profitability & More

Value Research, 30 Aug

Agni Green Power wins Rs 9.14 crore order from Government of Mizoram

scanx.trade, 24 Sept

Agni Green Power Ltd. Peer Comparison – Compare with Others

Value Research, 30 Aug

Watch Items

Revenue growth is negative (-6.0%) on the latest reported period — check if this is one-off or a trend.
Cross-check against the company's latest quarterly filing / investor presentation before acting.
Sector/industry classification unavailable — verify manually for peer comparison.
3 metrics couldn't be retrieved for this stock — this is more common for smaller or thinly-covered listings.
RSI is in oversold territory — could mean either a bargain or a stock still falling for good reason. Check the 'why' before assuming reversal.

DalalBaazaar Thesis

StrongGrowth

MiddlingFinancial Health · Profitability · Valuation

WeakBusiness Quality · Risk

Points for each in the Score ↑

Unremarkable in both directions

A reasonable business at a reasonable price. Nothing here is alarming and nothing is compelling, which usually means the decision rests on things this data cannot see — the industry's direction, management's intent, and what else is available to you. 3 high-severity red flags sit above this conclusion and should be read first.

3 of 5 tripwires tripped — Debt / EBITDA falls below 3x; Free cash flow remains positive; Interest cover stays above 3x · see Key things to watch ↑