AGI Infra Q1 FY27 Results (NSE: AGIIL)

13 Aug 2026 · Analysis by Alpha Inflection

Signal: Steady quarter

The read

The operating trajectory strengthened: revenue grew 5.3% YoY to 9644.15 lakh, EBITDA grew 33.8% with a 44.8% margin, and PAT grew 37.5% to 2752.00 lakh; the key quality issue is the reported EPS divergence after the 7500 lakh QIP, while finance costs rose 36.3% YoY.

P&L walk

Revenue increased 5.3% YoY and 9.4% QoQ to 9644.15 lakh, while EBITDA grew 33.8% and margin reached 44.8%; PAT rose 37.5% to 2752.00 lakh, supported by operating profitability rather than other income.

Segments

The company reports only one segment, Construction and Real Estate Development; the negligible 3.73 lakh gap between consolidated PAT of 2752.00 lakh and standalone PAT of 2749.18 lakh indicates subsidiaries neither materially lifted nor dragged group earnings.

Key positives

• EBITDA grew 33.8% YoY versus revenue growth of 5.3%, a 28.5 percentage-point growth gap; employee costs declined 1.7% YoY and EBITDA margin was reported at 44.8%.
• PAT grew 37.5% YoY to 2752.00 lakh while other income was 311.04 lakh against PBT of 3336.91 lakh, indicating the profit increase was primarily operating-led.
• Standalone PAT of 2749.18 lakh was within 3.73 lakh of consolidated PAT of 2752.00 lakh, limiting evidence of subsidiary-related earnings volatility.
• QIP proceeds of 7500 lakh had been fully utilised by June 30, 2026, including 5600 lakh for ongoing construction projects and 1625 lakh for general corporate purposes.

Key concerns

• Cost of materials consumed rose 70.4% YoY to 11680.01 lakh against 5.3% revenue growth, making the inventory-change line and project-cost accounting important to monitor.
• Finance costs increased 36.3% YoY to 429.58 lakh, materially outpacing revenue growth despite the sequential decline from 445.04 lakh.

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