AGI Infra expands operating margin as revenue outpaces expenses
Q2FY27 consolidated profit rose +11.62% qoq despite a +14.88% increase in interest expense.
Filed 06 Nov 2026, 17:18 IST · after market close · AGI Infra Ltd (AGIIL)
Key takeaways
- Consolidated operating profit rose 8.88% sequentially as revenue grew 3.89% while expenses increased only 0.34%.
- Operating margin expanded 2.00 percentage points to 43.56%, despite interest costs rising 14.88%.
- Net profit increased 11.62% sequentially, while other income contributed 6.93% of pre-tax profit and declined 17.04%.
Price around the results
Revenue growth outpaced expenses in Q2FY27
AGI Infra's consolidated revenue increased 3.89% sequentially, while expenses were nearly flat at 0.34% growth. That operating leverage lifted operating profit by 8.88% and net profit by 11.62%. EPS rose 11.82% to Rs 2.46.
Margin improved despite higher interest costs
Operating margin widened by 2.00 percentage points because revenue growth outpaced expense growth. Interest costs rose 14.88%, but depreciation fell 26.40%, helping pre-tax profit increase 11.54%. The tax rate was almost unchanged, declining 0.05 percentage points, while other income fell 17.04% and accounted for 6.93% of pre-tax profit.
Margin remains well above the reported peer median
AGI Infra's 43.56% operating margin was 32.17 percentage points above the 11.39% median among 290 Consumer Discretionary peers that had reported the same quarter. The available trend shows an improvement from the 41.56% margin in Q1FY27, rather than a sequential decline.
Results were filed after market close
The consolidated results were filed after market close. The stock's post-results move is therefore not covered here.
Q2FY27 at a glance
Consolidated figures as filed with NSE — cross-checked against an independent source.
| Line item | Q2FY27 | Q1FY27 | QoQ |
|---|---|---|---|
| Revenue | ₹100 cr | ₹96 cr | +3.89% |
| Other income | ₹3 cr | ₹3 cr | -17.04% |
| Expenses | ₹57 cr | ₹56 cr | +0.34% |
| Operating profit | ₹44 cr | ₹40 cr | +8.88% |
| Operating margin (%) | 43.56% | 41.56% | — |
| Interest | ₹5 cr | ₹4 cr | +14.88% |
| Depreciation | ₹4 cr | ₹6 cr | -26.40% |
| Profit before tax | ₹37 cr | ₹33 cr | +11.54% |
| Tax | ₹6 cr | ₹6 cr | +11.15% |
| Net profit | ₹31 cr | ₹28 cr | +11.62% |
| EPS (₹) | ₹2.46 | ₹2.20 | +11.82% |
Operating margin of 43.56% compares with a Consumer Discretionary sector median of 11.39% across 290 peers that have reported Q2FY27.
What to watch
- Whether operating margin holds above 43.56%.
- Whether expense growth remains below the 3.89% revenue growth rate.
- Whether interest-cost growth moderates from 14.88%.