1. At a Glance
If Punjab had a favourite construction child that loves both cement and attention, it would beAGI Infra Ltd. The Jalandhar-based developer reported aPAT of ₹22 crore in Q2 FY26, up 26% YoY, with anoperating margin of 39%— the kind of numbers that make auditors suspicious and investors curious. The company’sH1 FY26 consolidated revenue stood at ₹176.9 crore, withPAT at ₹42.06 crore, showing that AGI can lay bricksandstack profits.
At the current market price of₹279, AGI Infra is sitting pretty with amarket cap of ₹3,395 croreand aP/E of 44.2— which means it’s not cheap, but then again, Punjab weddings aren’t either. TheROE of 25.7%andROCE of 22%suggest it knows how to turn borrowed cement into gold-plated villas.
Over the last six months, the stock has returned60%, 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. Fromaffordable housing under Pradhan Mantri Awas Yojanato poshsky villas with elevators fancier than most people’s cars, AGI’s projects are literally changing skylines.
They’ve delivered over5,000 homesalready — enough to populate a mid-sized Punjabi town — and are now busy buildingseven more residential projectsspread across Jalandhar, Ludhiana, and Kapurthala. The combinedrevenue 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 intocommercial projectslikeAGI PrideandAGI 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 depositsandplanning 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 aroundreal 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 arelargely Punjab-centric, especially inJalandhar, 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’srevenue mix (FY23)wasSales 97%, Rent 1%, Other Income 2%— so clearly, this is a developer that sells dreams rather than holding them for rent. They even have asubsidiary 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 anISO 9001-2008 certifiedmember of theGreen Building Council of India, which means they makeeco-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 aP/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 ApproachAnnualized EPS = ₹7.2Industry P/E = 35.4→ Fair Range = 30× to 40× EPS = ₹216 to ₹288
Method 2: EV/EBITDA ApproachEV = ₹3,523 CrEBITDA (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
🎯 Educational Verdict:Fair value range ₹250–₹310.(Disclaimer: This range is for educational purposes only and not investment advice. Don’t mortgage your home to buy more homes.)
6. What’s Cooking – News, Triggers, Drama
AGI Infra has been on a corporate caffeine rush lately.
- Nov 2025:H1 FY26 results announced – ₹176.9 crore revenue, ₹42 crore PAT.
- Oct 2025:Board approved₹500 crore fundraiseand increase in authorised capital to ₹20 crore. (Because growth needs both money and bravado.)
- Aug 2025:Acquired60% of WorldNext Realty LLPfor ₹30 crore — maybe the next spin-off headline will beAGI WorldNext Heights Platinum.
- Jun 2025:Bagged a₹16.09 crore contractfor two towers atJalandhar Heights-IV.
- Apr 2025:LaunchedSmart Homes-II Extension(368 units, 23 floors).
- Apr 2025:Got RERA approval for new projects, because nothing screams legitimacy like government registration.
So yes — AGI
