Agi Infra Ltd. (AGIIL) AI Stock Analysis

• Market Cap: ₹37.04B
• Dividend Yield: 0.04%
• Average Volume (3M): 56.81K
• Price to Earnings (P/E): 44.5
• Beta (1Y): 1.19
• Revenue Growth: 16.12%
• EPS Growth: 36.94%
• Country: IN
• Employees: 342
• Sector: Real Estate
• Sector Strength: 53
• Industry: Real Estate - Development
• EPS (TTM): 2.14
• Shares Outstanding: 122,167,200
• 10 Day Avg. Volume: 56,033
• 30 Day Avg. Volume: 56,810
• PEG Ratio: 0.03
• Price to Book (P/B): 1.36
• Price to Sales (P/S): 1.23
• P/FCF Ratio: -5.90
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): 5.2
• Revenue Forecast (FY): ₹3.57B

• Rating: 71 Outperform
• Price Target: ₹266.00 ▼(-0.13% Downside)
• Action: Upgraded Date: 01/08/26
• Date: Action: Upgraded 01/08/26

The score is driven primarily by strong income-statement profitability and solid balance-sheet leverage/returns, but it is meaningfully held back by negative operating and free cash flow. Technicals are supportive with the stock above major moving averages and positive momentum, while valuation remains a headwind due to the high P/E despite a moderate dividend yield.

Positive Factors

Profitability & Margins

Consistently high gross and EBITDA margins indicate structural cost control, pricing power on projects, and efficient project execution. These margins provide a durable earnings cushion through project cycles, supporting reinvestment, contracting competitiveness, and long-term profitability.

Revenue Growth & ROE

Mid-single-digit to double-digit revenue growth coupled with a strong ROE reflects effective use of equity and expanding business scale. This combination supports sustainable capital allocation, attractive returns for shareholders, and the ability to win larger, higher-margin projects over a multi-month horizon.

Moderate Leverage & Capital Structure

A sub-0.5 debt-to-equity ratio signals moderate leverage that balances growth funding with solvency resilience. The equity base gives borrowing capacity for new contracts while limiting financial distress risk, enabling the firm to pursue multi-year infrastructure projects without excessive refinancing pressure.

Negative Factors

Negative Operating Cash Flow

Negative operating cash flow despite reported profits shows a structural cash conversion issue. Over a 2-6 month horizon this can increase reliance on working capital lines, delay supplier payments, and constrain the firm’s ability to fund project execution without external financing, raising liquidity risk.

Material Negative Free Cash Flow

Large negative free cash flow and a negative FCF-to-net-income ratio indicate capital and working capital outflows exceed operating receipts. This reduces internal funding for maintenance, growth, or dividends and creates durable pressure to secure external capital or delay investments, weakening financial flexibility.

Dependence on Government Contracts & Bidding

A business model concentrated on public-sector contracts and bidding cycles creates structural revenue visibility and timing risk. Delays in awards or payments, or increased competition in tenders, can materially affect cash receipts and backlog conversion over months, amplifying existing cash-flow stress.

Agi Infra Ltd. Business Overview & Revenue Model

Company Description

Agi Infra Limited, together with its subsidiary, engages in the real estate and construction businesses in India. It primarily constructs and develops commercial building and residential housing projects in Punjab. The company also operates cold storage facilities that provide storing, trading, dealing, and distribution of vegetables, fruits, dry fruits, etc., as well as leases or rents the cold chain facilities. The company was formerly known as G. I. Builders Private Limited and changed its name to AGI Infra Limited in June 2012. Agi Infra Limited was incorporated in 2005 and is based in Jalandhar, India.

How the Company Makes Money

Agi Infra Ltd. generates revenue primarily through its construction and engineering services, which include the execution of large-scale public and private sector projects. Key revenue streams include contract payments for completed projects, consultancy fees for engineering services, and maintenance contracts for ongoing infrastructure. The company also benefits from strategic partnerships with government agencies and private firms, which often lead to joint ventures for significant infrastructure developments. Additionally, AGIIL may engage in bidding for government contracts, providing a reliable source of income as infrastructure spending increases. Factors such as market demand for infrastructure, government investments in public works, and the company's ability to secure contracts are critical to its financial performance.

Agi Infra Ltd. Financial Statement Overview

Summary

Strong profitability and growth (revenue up 11.13% YoY, net margin 20.52%, EBITDA margin 32.36%) and solid ROE (22.61%) are tempered by material cash flow weakness (operating cash flow -199.15M and free cash flow -678.27M), which raises liquidity and funding-risk concerns.

Income Statement

Agi Infra Ltd. has demonstrated strong revenue growth with a 11.13% increase from 2024 to 2025. The gross profit margin stands at 46.84%, and the net profit margin is 20.52%, indicating robust profitability. EBIT and EBITDA margins are healthy at 23.06% and 32.36%, respectively, reflecting efficient operational management.

Balance Sheet

The company's debt-to-equity ratio is 0.47, showing a moderate level of leverage. Return on equity is impressive at 22.61%, indicating effective use of equity to generate profits. The equity ratio is 24.64%, suggesting a stable financial structure with a solid equity base.

Cash Flow

The cash flow situation presents challenges, with a negative operating cash flow of -199.15 million and a free cash flow of -678.27 million in 2025. The free cash flow to net income ratio is negative, indicating cash flow constraints despite profitability.

Breakdown	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	3.25B	2.92B	2.41B	1.97B
Gross Profit	1.52B	1.26B	998.17M	869.03M
EBITDA	1.05B	845.99M	641.83M	524.95M
Net Income	666.64M	520.95M	481.14M	364.21M
Balance Sheet
Total Assets	11.96B	10.80B	7.59B	6.09B
Cash, Cash Equivalents and Short-Term Investments	272.10M	992.74M	443.35M	309.65M
Total Debt	1.37B	1.38B	489.66M	418.98M
Total Liabilities	9.02B	8.55B	5.87B	4.84B
Stockholders Equity	2.95B	2.25B	1.72B	1.26B
Cash Flow
Free Cash Flow	-678.27M	275.76M	676.49M	676.49M
Operating Cash Flow	-199.15M	614.60M	1.06B	1.06B
Investing Cash Flow	-386.70M	-880.77M	-762.58M	-762.58M
Financing Cash Flow	-141.47M	814.34M	-157.15M	-157.15M

Agi Infra Ltd. Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 266.35
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:AGIIL, the sentiment is Positive. The current price of 266.35 is above the 20-day moving average (MA) of 265.82, below the 50-day MA of 266.74, and above the 200-day MA of 237.98, indicating a bullish trend. The MACD of 11.38 indicates Negative momentum. The RSI at 67.70 is Neutral, neither overbought nor oversold. The STOCH value of 85.95 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:AGIIL.

Agi Infra Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
AGIIL	71 Outperform	₹37.04B	44.47	―	0.04%	16.12%	36.94%
Sector *	65 Neutral	$2.17B	12.19	3.79%	4.94%	3.15%	1.96%
ARVSMART	63 Neutral	₹23.68B	33.97	―	0.98%	13.62%	34.30%
GPTINFRA	61 Neutral	₹15.17B	17.45	―	1.80%	15.97%	28.83%
ARIHANTSUP	52 Neutral	₹11.39B	41.34	―	0.48%	16.36%	28.21%
UNITECH	39 Underperform	₹12.97B	-0.56	―	―	-10.36%	46.24%
OMAXE	39 Underperform	₹14.16B	-2.17	―	―	-22.30%	-8.72%

Agi Infra Ltd. Corporate Events

Agi Infra Launches Urbana Square Commercial Project in Jalandhar

Agi Infra Limited has launched a new commercial real estate project named Urbana Square in Village Pholriwal, Jalandhar, Punjab, expanding its portfolio in the region. The project, registered with the Punjab Real Estate Regulatory Authority, comprises 142 commercial shops and 218 office spaces, with bookings having commenced on January 3, 2026, signaling the company’s continued push into mixed-use commercial development to attract both domestic and international clientele in India.

Agi Infra Ltd. Secures Shareholder Approval for Strategic Resolutions

Agi Infra Ltd. announced the successful conclusion of its postal ballot process, where shareholders approved key resolutions. These include increasing the company’s authorized share capital, raising funds through equity shares or other securities, and increasing investment limits for non-resident Indians and overseas citizens. The approval of these resolutions is expected to enhance the company’s financial flexibility and attract more international investors, potentially strengthening its market position.

Agi Infra Limited Increases Authorized Share Capital to Boost Growth

Agi Infra Limited has announced an amendment to its Memorandum of Association, increasing its authorized share capital from Rs. 15 crore to Rs. 20 crore. This strategic move, approved by a resolution passed through a postal ballot, is aimed at enhancing the company’s financial capacity, potentially allowing for expanded operations and improved market positioning.