AGI Infra inventory increased Rs 141.4485 crore in six months

AGI Infra Limited increased inventory by Rs 141.4485 crore in the six months ended September 30, 2026, while cash and cash equivalents plus other bank balances fell by Rs 35.4212 crore to Rs 63.0269 crore. The half-year disclosures show inventory expansion alongside lower long-term borrowings and higher reported profit.

Why did AGI Infra's inventory rise in six months?

AGI Infra's inventory rose to Rs 1,223.7505 crore on September 30, 2026 from Rs 1,082.3020 crore on March 31, 2026, a Rs 141.4485 crore increase. The consolidated cash-flow statement records the same amount as an increase in inventories within operating working-capital adjustments for the half year ended September 30, 2026.

The presentation does not divide the inventory balance between land, construction materials, work in progress, finished units or specific projects. It does, however, show a portfolio of 13 ongoing projects with 1,95,43,301 square feet of total saleable area as of September 30, 2026, compared with 11 completed projects covering 1,02,19,516 square feet.

AGI Infra's total assets increased by Rs 164.8478 crore to Rs 1,743.0479 crore at September 30, 2026. Alongside the inventory increase, investment property rose by Rs 28.4122 crore to Rs 225.9004 crore, while property, plant and equipment fell by Rs 6.9342 crore to Rs 75.5032 crore.

How did inventory affect AGI Infra's operating cash flow?

AGI Infra reported operating profit before working-capital changes of Rs 88.1111 crore for the half year ended September 30, 2026. The Rs 141.4485 crore inventory increase was the largest named negative working-capital adjustment, and the statement reports cash generated from operations of negative Rs 57.8941 crore.

Other asset movements also used cash in the statement. Trade receivables increased by Rs 0.3624 crore and other current assets increased by Rs 45.7082 crore, while short-term loans and advances declined by Rs 1.7011 crore. The cash-flow movement in other current assets differs from the Rs 43.5265 crore balance-sheet increase, and the presentation does not explain that difference.

Liability movements partly offset the stated asset outflows. Other current liabilities increased by Rs 102.6266 crore, short-term provisions increased by Rs 12.3143 crore, and trade payables increased by Rs 5.9490 crore. The balance sheet shows other current liabilities of Rs 980.4140 crore at September 30, 2026, up from Rs 877.7874 crore at March 31, 2026, but does not provide their components.

AGI Infra reported direct taxes paid of Rs 12.3143 crore and net cash from operating activities of Rs 17.9027 crore. On the printed figures, negative Rs 57.8941 crore of cash generated from operations less Rs 12.3143 crore of direct taxes paid does not equal the reported positive Rs 17.9027 crore, and the supplied presentation contains no reconciliation for that arithmetic difference.

Why do AGI Infra's cash balances use different classifications?

AGI Infra's cash-flow statement reports closing cash and cash equivalents of Rs 63.0269 crore at September 30, 2026, down Rs 35.4212 crore from Rs 98.4481 crore at the beginning of the year. The balance-sheet cash-and-cash-equivalents line alone declined by Rs 37.1736 crore to Rs 52.2426 crore over the same period.

The difference is accounted for by the separately reported bank balances other than cash and cash equivalents. Adding Rs 10.7843 crore of these bank balances to the September balance-sheet cash figure produces Rs 63.0269 crore, while the March cash figure of Rs 89.4162 crore plus Rs 9.0319 crore produces the Rs 98.4481 crore opening cash-flow balance.

The cash-flow statement records net investing cash use of Rs 29.7678 crore in the half year, compared with Rs 24.9985 crore in the column headed March 31, 2026. Other non-current investments accounted for Rs 28.4122 crore of the half-year investing outflow, and fixed-asset purchases including capital work in progress accounted for Rs 2.6606 crore, partly offset by Rs 1.3050 crore of interest or dividend income.

Did AGI Infra reduce borrowings while its inventory expanded?

AGI Infra's long-term borrowings declined by Rs 15.8173 crore to Rs 109.6973 crore at September 30, 2026 from Rs 125.5146 crore at March 31, 2026. The financing cash-flow statement reports the same Rs 15.8173 crore decrease in long-term borrowing, while current borrowings increased by Rs 0.5566 crore to Rs 60.6572 crore.

Net cash used in financing activities was Rs 23.5561 crore for the half year ended September 30, 2026, following net cash provided by financing activities of Rs 128.2564 crore in the March 31, 2026 column. The half-year financing section includes Rs 9.2326 crore of financial costs, a Rs 15.8173 crore long-term borrowing reduction, a Rs 0.5566 crore increase in short-term borrowings and Rs 0.9372 crore of proceeds from non-controlling interest.

Financial costs rose 34.62% year on year to Rs 9.2326 crore in HY1 FY26-27 from Rs 6.8585 crore in HY1 FY25-26. Revenue from operations increased 11.14% to Rs 196.6299 crore, while profit before tax increased 38.46% to Rs 70.5887 crore and profit after tax increased 38.00% to Rs 58.2744 crore.

The half-year income statement also shows cost of materials consumed increasing 48.82% to Rs 215.0097 crore from Rs 144.4811 crore a year earlier. Changes in inventories of finished goods, work in progress and stock in trade were negative Rs 133.1404 crore in HY1 FY26-27, compared with negative Rs 59.9569 crore in HY1 FY25-26.

Conclusion

AGI Infra's September 2026 disclosures show that the Rs 141.4485 crore inventory increase was the largest identified working-capital outflow in the half year. Reported profit after tax rose Rs 16.2116 crore year on year to Rs 58.2744 crore, while long-term borrowings fell Rs 15.8173 crore and combined cash and bank balances declined Rs 35.4212 crore.

The next reporting periods should show whether inventory converts into revenue, collections and operating cash as AGI Infra develops its 13 ongoing projects. Readers can also watch for clarification of the reported operating-cash-flow arithmetic, particularly the relationship between negative Rs 57.8941 crore of cash generated from operations and positive Rs 17.9027 crore of net operating cash flow.