1. At a Glance
If Punjab had a favourite construction child that loves both cement and attention, it would be AGI Infra Ltd. The Jalandhar-based developer reported a PAT of ₹22 crore in Q2 FY26, up 26% YoY, with an operating margin of 39% — the kind of numbers that make auditors suspicious and investors curious. The company’s H1 FY26 consolidated revenue stood at ₹176.9 crore, with PAT at ₹42.06 crore, showing that AGI can lay bricks and stack profits.
At the current market price of ₹279, AGI Infra is sitting pretty with a market cap of ₹3,395 crore and a P/E of 44.2 — which means it’s not cheap, but then again, Punjab weddings aren’t either. The ROE of 25.7% and ROCE of 22% suggest it knows how to turn borrowed cement into gold-plated villas.
Over the last six months, the stock has returned 60%, proving that Jalandhar’s favourite builder has now become Dalal Street’s unlikely heartthrob. But can it continue constructing wealth while juggling debt, deposits, and dreams of ₹500 crore fundraising? Let’s find out.
2. Introduction
Once upon a time in Jalandhar, a small builder decided to take real estate seriously — and seriously, he did. AGI Infra Ltd, born in 2005, is now one of Punjab’s most talked-about developers. From affordable housing under Pradhan Mantri Awas Yojana to posh sky villas with elevators fancier than most people’s cars, AGI’s projects are literally changing skylines.
They’ve delivered over 5,000 homes already — enough to populate a mid-sized Punjabi town — and are now busy building seven more residential projects spread across Jalandhar, Ludhiana, and Kapurthala. The combined revenue potential is ₹1,799 crore, because apparently, every Punjabi now dreams of a penthouse with a jacuzzi.
The company is even diversifying its construction comedy into commercial projects like AGI Pride and AGI Business Centre, so you can live, work, and overpay all in the same ecosystem. But here’s the punchline — this ambitious builder is raising ₹60 crore in unsecured deposits and planning a ₹500 crore capital raise, because who needs peace when you can have leverage?
3. Business Model – WTF Do They Even Do?
In simpler words, AGI Infra builds dreams with EMI options attached.
The company’s business model revolves around real estate development and construction services — from affordable flats to fancy penthouses. Its projects cater to all classes: the “I-got-PMAY-subsidy” crowd and the “I-want-a-helicopter-pad” crowd.
The operations are largely Punjab-centric, especially in Jalandhar, where AGI has built an empire of housing colonies that sound more like premium smartphones —
Sky Villas, Maxima, Smart Homes, Palace, Urbana. If Apple made apartments, they’d look like this.
AGI’s revenue mix (FY23) was Sales 97%, Rent 1%, Other Income 2% — so clearly, this is a developer that sells dreams rather than holding them for rent. They even have a subsidiary in cold storage, literally — AGI Cold Chain Pvt Ltd — which lost ₹1.95 crore in FY23 because freezing vegetables apparently isn’t as profitable as selling penthouses.
The company is also an ISO 9001-2008 certified member of the Green Building Council of India, which means they make eco-friendly excuses for price escalation.
4. Financials Overview
| Metric | Latest Qtr (Sep ’25) | YoY Qtr (Sep ’24) | Prev Qtr (Jun ’25) | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue (₹ Cr) | 85.3 | 77.6 | 92.0 | +9.98% | -7.3% |
| EBITDA (₹ Cr) | 33.2 | 27.4 | 30.0 | +21.2% | +10.7% |
| PAT (₹ Cr) | 22.0 | 17.4 | 20.0 | +26.4% | +10.0% |
| EPS (₹) | 1.80 | 1.43 | 1.64 | +26.0% | +9.7% |
Commentary:
AGI’s margins are as muscular as a Ludhiana gym bro — EBITDA margin at 39%, up from 34%. PAT of ₹22 crore in the latest quarter might sound modest, but for a regional developer, it’s like hitting a six in a T20 final. The annualized EPS of ₹7.2 gives us a P/E of ~38–44, depending on how bullish you feel after your morning lassi.
5. Valuation Discussion – Fair Value Range Only
Let’s get nerdy (and educational, not financial-advisory, of course).
Method 1: P/E Approach
Annualized EPS = ₹7.2
Industry P/E = 35.4
→ Fair Range = 30× to 40× EPS = ₹216 to ₹288
Method 2: EV/EBITDA Approach
EV = ₹3,523 Cr
EBITDA (TTM) = ₹120 Cr (approx)
EV/EBITDA = 29.3× → expensive, like Punjabi wedding décor.
Fair range (20×–25×) → ₹2,400–₹3,000 Cr EV → Equity value = ₹260–₹325/share
Method 3: DCF (Simplified)
Assume 18% PAT growth for 5 years, terminal at 6%, discount 12%
→ Fair Range = ₹250–₹310/share
