AGI Infra Limited PAT rose 38% as expenses increased 1.57%

AGI Infra Limited reported profit after tax of Rs 58.27 crore in HY1 FY26-27, up 38.00% year on year, while total expenses increased 1.57% to Rs 131.74 crore and total revenue rose 11.97% to Rs 202.32 crore. The quarter ended September 30, 2026 recorded a 45% EBITDA margin and a 30% PAT margin.

How did AGI Infra perform in the first half of FY26-27?

AGI Infra increased profit before tax by 38.46% to Rs 70.59 crore and profit after tax by 38.00% to Rs 58.27 crore in HY1 FY26-27. In HY1 FY25-26, the comparable figures were Rs 50.98 crore of profit before tax and Rs 42.06 crore of profit after tax. The presentation labels both periods as unaudited consolidated half-yearly financial performance.

Revenue from operations rose 11.14% to Rs 196.63 crore from Rs 176.92 crore, while other income increased 51.04% to Rs 5.69 crore from Rs 3.77 crore. Total revenue consequently reached Rs 202.32 crore, compared with Rs 180.69 crore a year earlier. The Rs 21.64 crore increase in total revenue was larger than the Rs 2.03 crore increase in total expenses for the half year.

Why did AGI Infra's total expenses rise 1.57%?

AGI Infra reported total expenses of Rs 131.74 crore in HY1 FY26-27, 1.57% above Rs 129.71 crore in HY1 FY25-26, despite a 48.82% increase in material costs. Cost of materials consumed rose to Rs 215.01 crore from Rs 144.48 crore, employee-benefit expense increased 12.31% to Rs 24.15 crore, and financial costs increased 34.62% to Rs 9.23 crore.

The total included a negative Rs 133.14 crore line for changes in inventories of finished goods, work-in-progress and stock-in-trade, compared with negative Rs 59.96 crore in the prior-year half. This inventory-change entry was Rs 73.18 crore more negative year on year. Depreciation and amortisation declined 2.94% to Rs 9.59 crore, while other expenses fell 0.65% to Rs 6.89 crore.

The expense lines therefore moved differently during HY1 FY26-27. Materials, employee costs and finance costs rose, while the more negative inventory-change entry and declines in depreciation and other expenses coincided with the reported 1.57% rise in total expenses. Current tax expense was Rs 12.31 crore, compared with Rs 8.92 crore in HY1 FY25-26.

How did AGI Infra's September 2026 quarter margins change?

AGI Infra reported a 45% EBITDA margin and a 30% PAT margin for the quarter ended September 30, 2026, compared with 41% and 25%, respectively, in the quarter ended September 30, 2025. EBITDA means earnings before interest, tax, depreciation and amortisation, while PAT means profit after tax. The margins also exceeded the 43% EBITDA margin and 28% PAT margin reported for the quarter ended June 30, 2026.

Total income for the September 2026 quarter was Rs 102.77 crore, compared with Rs 87.14 crore in the September 2025 quarter and Rs 99.55 crore in the June 2026 quarter. EBITDA rose to Rs 46.22 crore from Rs 35.45 crore a year earlier and Rs 43.19 crore sequentially. PAT was Rs 30.74 crore, versus Rs 22.05 crore in September 2025 and Rs 27.54 crore in June 2026.

What changed in AGI Infra's balance sheet and cash flow?

AGI Infra's total assets stood at Rs 1,743.05 crore at September 30, 2026, compared with Rs 1,578.20 crore at March 31, 2026. Inventories increased to Rs 1,223.75 crore from Rs 1,082.30 crore, while investment property rose to Rs 225.90 crore from Rs 197.49 crore. Cash and cash equivalents on the balance sheet declined to Rs 52.24 crore from Rs 89.42 crore over the same dates.

Other equity was Rs 510.53 crore at September 30, 2026, compared with Rs 45.30 crore at March 31, 2026, while equity share capital remained Rs 12.50 crore. Non-current borrowings decreased to Rs 109.70 crore from Rs 125.51 crore, whereas current borrowings increased to Rs 60.66 crore from Rs 60.10 crore. Other current liabilities rose to Rs 980.41 crore from Rs 877.79 crore.

The unaudited consolidated cash-flow statement reported net cash from operating activities of Rs 17.90 crore for the half year ended September 30, 2026, net cash used in investing activities of Rs 29.77 crore, and net cash used in financing activities of Rs 23.56 crore. It reported cash and cash equivalents at the end of the period of Rs 63.03 crore, compared with Rs 98.45 crore at the beginning of the year. The statement separately reported an Rs 141.45 crore increase in inventories during operating-cash-flow adjustments.

Conclusion

AGI Infra's first-half figures show profit growth exceeding revenue growth: total revenue increased 11.97%, total expenses rose 1.57%, and PAT increased 38.00% to Rs 58.27 crore. The September 2026 quarter also showed higher reported margins, with EBITDA margin rising to 45% from 41% a year earlier and PAT margin rising to 30% from 25%.

The next reported results will show whether the September-quarter margin levels continue as inventories stood at Rs 1,223.75 crore at September 30, 2026, up from Rs 1,082.30 crore at March 31, 2026. The presentation lists 13 ongoing projects with 1,95,43,301 square feet of saleable area and four upcoming projects with 61,73,000 square feet, providing disclosed project activity to monitor alongside future financial performance.