AG Ventures Ltd (506579)
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, AG Ventures' revenue was ₹26.0 Cr (+24.4% year on year, +3.1% on the previous quarter), and net profit ₹20.3 Cr (+434.9% year on year); the operating margin was 91.7%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹26.0 | +24.4% | +3.1% |
| Operating profit | ₹23.8 | +769.9% | — |
| Net profit | ₹20.3 | +434.9% | — |
| EPS (₹) | 20.29 | +540.1% | from loss |
| Operating margin | 91.7% | — | — |
📢 Recent Corporate Announcements
AG Ventures Ltd has announced the formal appointment of Ms. Muskaan Suhag as Company Secretary and Compliance Officer, effective August 10, 2026. This follows the Board of Directors' approval on August 7, 2026, based on the recommendation of the Nomination and Remuneration Committee. The appointment is a routine regulatory requirement for listed companies to ensure compliance with corporate governance standards. The company is currently transitioning its business model toward investment management and commodity trading following the demerger of its chemical business.
- Appointment of Ms. Muskaan Suhag as Company Secretary and Compliance Officer effective August 10, 2026
- Board approval for the appointment was granted on August 7, 2026
- The company reported a TTM revenue of Rs 107 Cr and a net worth of Rs 271 Cr as of the latest financial context
AG Ventures reported a massive surge in consolidated net profit to ₹20.72 Cr for Q1 FY27, compared to ₹3.17 Cr in the year-ago period. Total revenue grew 136% YoY to ₹48.06 Cr, primarily driven by the 'Investments & Trading' segment which contributed ₹24.55 Cr to segment profits. The company also strengthened its leadership by appointing Sandeep Garg (15+ years experience) as CFO and Muskaan Suhag as Company Secretary. The company has transitioned to the concessional tax regime (25.17%) starting this fiscal year.
- Consolidated Net Profit (Owners) surged to ₹20.72 Cr in Q1 FY27 from ₹3.17 Cr in Q1 FY26.
- Total Revenue for the quarter stood at ₹48.06 Cr, representing ~45% of the entire TTM revenue of ₹107 Cr.
- Investments & Trading segment delivered a profit of ₹24.55 Cr on a revenue of ₹25.90 Cr.
- General Engineering segment revenue grew to ₹22.16 Cr from ₹18.03 Cr YoY.
- Appointed Sandeep Garg as CFO and Muskaan Suhag as CS & Compliance Officer effective August 2026.
AG Ventures reported a significant surge in Q1 FY27 performance, with consolidated revenue growing 137% YoY to ₹48.06 Cr. Net profit rose sharply to ₹21.18 Cr from ₹3.79 Cr in the same quarter last year, primarily driven by the 'Investments & Trading' segment. The company also filled key leadership roles, appointing Sandeep Garg as CFO and Muskaan Suhag as Company Secretary. Additionally, its subsidiary Duncan Engineering has expanded into Saudi Arabia through a new step-down subsidiary, DEL Arabia.
- Consolidated Net Profit surged 458% YoY to ₹21.18 Cr in Q1 FY27 compared to ₹3.79 Cr in Q1 FY26
- Total Revenue increased 137% YoY to ₹48.06 Cr, which is approximately 45% of the TTM revenue of ₹107 Cr
- Investments & Trading segment revenue grew significantly to ₹25.90 Cr from just ₹2.27 Cr in the year-ago period
- General Engineering segment revenue increased 23% YoY to ₹22.16 Cr from ₹18.03 Cr
- Appointed Sandeep Garg as CFO (15+ years experience) and Muskaan Suhag as CS to strengthen corporate governance
AG Ventures (formerly Oriental Carbon & Chemicals) reported a massive jump in consolidated net profit to ₹20.72 Cr for Q1 FY27, up from ₹3.17 Cr in Q1 FY26. Total revenue grew 136% YoY to ₹48.06 Cr, primarily fueled by the 'Investments & Trading' segment which contributed ₹25.90 Cr to revenue and ₹24.35 Cr to segment profits. The company also strengthened its leadership by appointing Sandeep Garg as CFO and Muskaan Suhag as Company Secretary. Additionally, its subsidiary Duncan Engineering has expanded into Saudi Arabia with a new step-down subsidiary.
- Consolidated Net Profit attributable to owners surged to ₹20.72 Cr from ₹3.17 Cr in the previous year's quarter.
- Investments & Trading segment revenue jumped to ₹25.90 Cr compared to just ₹2.27 Cr in Q1 FY26.
- General Engineering Products segment revenue increased 23% YoY to ₹22.16 Cr from ₹18.01 Cr.
- Consolidated EPS for the quarter stood at ₹20.96, a significant increase from ₹3.21 YoY.
- Post-quarter equity infusion of ₹158.82 lakhs made into the newly incorporated Saudi Arabian subsidiary, DEL Arabia Company.
AG Ventures Ltd (formerly Oriental Carbon and Chemicals Limited) has scheduled a board meeting for August 07, 2026, to consider and approve the unaudited financial results for the quarter ended June 30, 2026. This is a routine regulatory filing following the company's transition into an investment and commodity trading firm. Investors will be monitoring for performance improvements after the March 2026 quarter saw a marginal loss with an EPS of -0.03 on revenue of ₹25.22 Cr. The trading window for insiders has been closed since July 1, 2026, as per SEBI regulations.
- Board meeting scheduled for August 07, 2026, to approve quarterly results.
- Financial results pertain to the quarter ended June 30, 2026.
- Trading window for insiders closed from July 1, 2026, until 48 hours post-results.
- Company reported TTM revenue of ₹107 Cr and TTM PAT of ₹7 Cr prior to this period.
AG Ventures Ltd has announced the resignation of Mr. Vipin from his role as Company Secretary and Compliance Officer, effective July 17, 2026. As a Key Managerial Personnel (KMP), this change is a mandatory disclosure under SEBI Regulation 30. The company has acknowledged the resignation and relieved him of his duties as of the closing of business hours on the same day. No successor was named in this specific filing.
- Resignation of Mr. Vipin as Company Secretary and Compliance Officer effective July 17, 2026
- The individual served as a Key Managerial Personnel (KMP) under SEBI regulations
- Disclosure follows SEBI Master Circular dated 30th January, 2026
- The resignation was effective from the closing of business hours on 17th July, 2026
Financial Performance
Revenue Growth by Segment
Consolidated operating income grew 33.7% YoY to INR 108.3 Cr in FY2025 from INR 81.0 Cr in FY2024. Standalone Q4 FY24 income grew 4% YoY to INR 108 Cr.
Profitability Margins
Consolidated PAT margin declined significantly from 65.3% in FY2024 to 12.1% in FY2025. Standalone net profit margin for FY2025 was 4.41% compared to 51.50% in the previous year, primarily due to extra tax from re-statement of investment income and the demerger of the high-margin chemical business.
EBITDA Margin
Consolidated OPBDITA margin fell to 12.1% in FY2025 from 22.8% in FY2024. Standalone EBIDTA margin was 26% in FY2025 compared to 58% in FY2024, impacted by lower income from liquid funds following the demerger.
Capital Expenditure
In the near future, CAPEX will be restricted to maintenance and payback-oriented projects. Net cash used in investing activities was INR 42.6 Cr in FY2024.
Credit Rating & Borrowing
ICRA assigned [ICRA]A- (Stable)/[ICRA]A2+ ratings to INR 50.0 Cr bank facilities, which were subsequently withdrawn in August 2025 at the company's request. Interest coverage ratio dropped from 166.2x in FY2024 to 18.0x in FY2025.
Operational Drivers
Raw Materials
Steel and special alloys are the primary raw materials for the subsidiary Duncan Engineering Limited, representing a significant portion of its manufacturing costs.
Capacity Expansion
The company aims to improve capacity utilization and capital efficiency as demand recovers. Specific installed capacity in MT/units is not disclosed.
Raw Material Costs
Profitability is vulnerable to volatility in steel and special alloy prices. Raw material costs are a key driver for the engineering subsidiary's margins.
Manufacturing Efficiency
Focus on operating efficiency and unit economics in portfolio companies. Capacity utilization is expected to improve with demand recovery.
Strategic Growth
Growth Strategy
The company is transitioning into a focused investment and commodity trading firm following the demerger of its chemical business. Strategy includes identifying businesses at the intersection of real-world demand and digital enablement, scaling commodity trading in gold, silver, and agri-commodities, and supporting sustainable enterprises with tangible revenue visibility.
Products & Services
Investment management services (PE/VC/AIFs), commodity trading (gold, silver, metals, agri-commodities), and engineering process equipment (valves and actuators via Duncan Engineering).
Brand Portfolio
AG Ventures, Duncan Engineering.
New Products/Services
Expansion into commodity trading and trade-linked businesses is expected to drive future revenue growth.
Market Expansion
Exploring geographical expansion and targeting big tier customers to increase the addressable market for the engineering segment.
Market Share & Ranking
The company faces stiff competition from large players in the engineering segment and has limited bargaining power due to its small scale of operations.
Strategic Alliances
Strategic Growth Advisors Pvt. Ltd. serves as Investor Relations advisors. MUFG Intime (India) Pvt. Ltd. is the Registrar and Share Transfer Agent.
External Factors
Industry Trends
The Indian investment ecosystem is recalibrating toward unit economics and profitability over growth. There is a notable shift toward risk-adjusted returns, private debt, and sustainable/ESG-compliant businesses.
Competitive Landscape
The company operates in a highly competitive environment with pressure from larger players and volatility in startup valuations affecting the PE/VC landscape.
Competitive Moat
Competitive advantages include balance sheet hygiene (Total outside liabilities/TNW of 0.1x), established customer approvals in the engineering segment, and a sharpened focus on long-term value creation in the investment portfolio.
Macro Economic Sensitivity
Sensitive to global economic uncertainties and domestic policy shifts in taxation, FDI norms, and data governance.
Consumer Behavior
Rising disposable incomes and changing preferences are creating opportunities for scalable consumer brands within the company's investment portfolio.
Geopolitical Risks
Geopolitical tensions are identified as external shocks that can disrupt market stability and investor confidence.
Regulatory & Governance
Industry Regulations
Compliant with SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 and SEBI (Depositories and Participants) Regulations 2018.
Environmental Compliance
The company emphasizes ESG commitments and supports sustainable enterprises compliant with green technology regulations.
Taxation Policy Impact
The standalone net profit margin was impacted by extra tax due to the re-statement of investment income in FY2025.
Legal Contingencies
An appeal has been filed in NCLAT regarding the appointed date of the demerger scheme, following the NCLT order in April 2024.
Risk Analysis
Key Uncertainties
Ongoing correction in startup valuations could lead to significant mark-to-market losses in the investment portfolio. Frequent shifts in regulatory policy (taxation, FDI) pose risks to business continuity.
Third Party Dependencies
Dependency on the performance of underlying assets in liquid mutual funds and alternate investment funds.
Technology Obsolescence Risk
The company prioritizes digital enablement in its portfolio companies to mitigate technology risks and improve operational efficiency.
Credit & Counterparty Risk
Consolidated trade receivables were INR 81.3 Cr as of March 31, 2024. Receivables quality is supported by repeat orders from established customers in the engineering segment.
