AGI Infra FY2026: Higher margins and a long Punjab pipeline

AGI Infra Limited closed FY2026 with steady top line growth and a sharp improvement in profitability, even as working capital continued to absorb cash. For the year ended March 31, 2026, revenue from operations rose to Rs 352.54 crore, up from Rs 324.87 crore in FY2025. EBITDA expanded to Rs 132.69 crore, and profit after tax increased to Rs 94.86 crore. Reported margins strengthened materially, with EBITDA margin at 37% and PAT margin at 26% for FY2026.

The presentation positions AGI Infra as a Punjab-focused real estate developer with both affordable and premium group housing exposure. Alongside residential, the company also has limited exposure to commercial, retail, and office space through parts of its portfolio. As of March 31, 2026, it reported 21+ years of experience, 10,000+ happy families, and 26 projects across Punjab.

Financial performance: growth with higher margins

Across FY2023 to FY2026, the company reported a consistent rise in operating revenue, while profitability grew faster than revenue. Revenue from operations moved from Rs 241.11 crore in FY2023 to Rs 352.54 crore in FY2026. Over the same period, EBITDA increased from Rs 64.18 crore to Rs 132.69 crore, and PAT increased from Rs 48.12 crore to Rs 94.86 crore.

A notable point in FY2026 is the sharp step up in margins versus prior years. The EBITDA margin increased to 37% compared with 31% in FY2025, and PAT margin increased to 26% compared with 20% in FY2025.

At the quarterly level, the company reported total income of Rs 92.12 crore in Q4 FY2026 (quarter ended March 31, 2026). EBITDA for the quarter was Rs 25.09 crore, with an EBITDA margin of 27%. PAT for the quarter was Rs 26.69 crore, with a PAT margin of 29%. The quarter also shows margin volatility versus the immediately preceding quarter, where Q3 FY2026 EBITDA margin is presented at 45%.

Balance sheet and cash flow: inventory build and funding mix

The audited balance sheet shows a sharp rise in total assets to Rs 1,578.20 crore as of March 31, 2026 from Rs 1,196.38 crore as of March 31, 2025. A large portion of this asset base is driven by inventories, which increased to Rs 1,082.30 crore from Rs 818.43 crore. Cash and cash equivalents increased to Rs 89.42 crore from Rs 16.79 crore.

On the liabilities side, borrowings increased, with non-current borrowings at Rs 125.51 crore and current borrowings at Rs 60.10 crore as of March 31, 2026. The balance sheet also reports other current liabilities of Rs 877.79 crore, which is consistent with a real estate developer model where customer advances and project-related liabilities can be substantial.

Cash flow performance highlights the trade-off between reported earnings and cash generation. In FY2026, net cash used in operating activities was Rs -32.38 crore, compared with Rs -19.91 crore in FY2025. The key driver presented is working capital movement, especially the increase in inventories of Rs -263.87 crore and an increase in other current liabilities of Rs 132.58 crore.

Investing cash outflow was Rs -25.00 crore, including purchase of fixed assets and other non-current investments. Financing cash inflow was Rs 128.26 crore. This includes Rs 75.00 crore proceeds from issue of share capital (including premium) and Rs 19.97 crore proceeds from non-controlling interest, along with increases in long-term and short-term borrowings.

Project portfolio: scale in execution and long runway

AGI Infra’s project pipeline is the central pillar of the presentation. As of March 31, 2026, the company reported 10 completed projects with total saleable area of 95,18,616 sq. ft. and area sold of 91,44,256 sq. ft. Completed projects listed include Jalandhar Heights I and II, AGI Smart Homes, AGI Sky Garden, AGI Business Centre, AGI Pride (rented), AGI Smart Homes Maxima, AGI Palace, Urbana by AGI, and Jalandhar Heights III.

The ongoing portfolio comprises 12 projects with total saleable area of 1,68,26,201 sq. ft. and area sold (registered units) of 71,53,262 sq. ft. These include Urbana Township, Urbana Square, AGI Sky Garden II and III, Jalandhar Heights II Extension, AGI Smart Homes II and its extension, AGI Sky Villas, Jalandhar Heights IV, Prestige by AGI, AGI Green Crest, and Utopia by AGI in New Chandigarh.

The company provides project-level completion percentages and estimated completion timelines ranging from September 2026 to March 2031 for the ongoing set, with two large projects, AGI Green Crest and Utopia by AGI, shown at 5% completion and with no area sold as of March 31, 2026.

It also lists 4 upcoming projects with total saleable area of 78,73,000 sq. ft. These include AGI Gateway (Ludhiana), Gateway by AGI (Jalandhar), a commercial project in Jalandhar (24 floors), and AGI Urban Crest (Ludhiana).

Land reserves and longer-term targets

The presentation reports land reserves totaling 71,65,320 sq. ft. (164.25 acres) across 12 locations, with the company’s stake shown as 100% for each parcel. It also states that the company has purchased FAR of 625,000 sq ft.

For longer-term direction, the presentation provides a FY32 aspiration stating saleable area of 176.46 lakh sq. ft. and PAT margin around 25%.

Takeaways from the document

FY2026 reflects a phase where profitability has expanded meaningfully, while the balance sheet continues to scale alongside the project pipeline. The document also makes clear that working capital, especially inventory build, remains a central driver of cash flow outcomes, with operating cash flow negative in FY2026 despite strong EBITDA and PAT.

The company’s near-to-medium term execution will be shaped by the cadence of project completions listed for 2026 and 2027, and the ramp-up of large projects slated for 2028 to 2031. The stated FY32 targets provide a directional benchmark, but the presentation does not provide a year-wise financial guidance path or segment-level revenue split to independently model progression.