Agni Green Power Limited (AGNI)
Latest quarterly results (H2 FY26)
In its latest reported quarter, H2 FY26, Agni Green's revenue was ₹21.6 Cr (-13.4% year on year, +27.0% on the previous half-year), and net profit ₹0.6 Cr (+29.8% year on year); the operating margin was 12.7%.
| H2 FY26 (₹ Cr) | Value | YoY vs H2 FY25 | vs prev. half |
|---|---|---|---|
| Revenue | ₹21.6 | -13.4% | +27.0% |
| Operating profit | ₹2.7 | +60.2% | +140.4% |
| Net profit | ₹0.6 | +29.8% | +165.2% |
| EPS (₹) | 0.31 | +29.2% | +158.3% |
| Operating margin | 12.7% | — | — |
AGNI delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 80.0% of the AGNI shares traded on NSE were taken to delivery, against the stock's own 20-session average of 83.41%. That is close to its usual level. Turnover was only ₹2 lakh, so a handful of trades can move this figure. It closed at a price band (circuit) on 4 sessions in about the last 20.
Delivery in the last 5 sessions: 77.8% · 100.0% · 50.0% · 80.0% · 80.0%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Agni Green Power Limited has announced the closure of its trading window starting Thursday, October 01, 2026. The closure applies to all Designated Persons under SEBI (Prohibition of Insider Trading) Regulations, 2015. It will remain in effect until 48 hours after the dissemination of the unaudited financial results for the half year ended September 30, 2026. The date for the Board of Directors meeting to approve the results will be intimated in due course.
- Trading window closed with effect from Thursday, October 01, 2026
- Closure will last until 48 hours post declaration of half-year financial results
- Financial results pertain to the half year ended September 30, 2026
- Board meeting date to approve the financial results to be announced in due course
Agni Green Power Limited has accepted a Letter of Acceptance (LOA) from the Power & Electricity Department, Government of Mizoram, for a contract valued at ₹9.14 Cr. The scope involves the installation of a 1.5 MWp Grid Connected Solar Photovoltaic Power Plant at Zoram Medical College & Hospital, Falkawn. The order value represents approximately 11.4% of the company's TTM revenue (₹80 Cr) and nearly 29.5% of its market capitalization (₹31 Cr). The project has a completion timeline set on or before July 2027.
- Contract value stands at ₹9,14,29,800 (₹9.14 Cr)
- Project capacity involves installation of a 1.5 MWp Grid Connected Solar Photovoltaic Power Plant
- Awarded by Government of Mizoram, Power & Electricity Department
- Scheduled completion date is on or before July 2027
- Non-related party transaction with domestic government entity
Agni Green Power Limited has announced Tuesday, 22nd September 2026, as the cut-off date to determine member eligibility for remote e-voting at its 31st Annual General Meeting (AGM). The AGM is scheduled to take place physically on 29th September 2026 at 3:00 PM. The remote e-voting window will open on 26th September 2026 at 9:00 AM and close on 28th September 2026 at 5:00 PM. This is a procedural corporate governance update with no direct impact on the company's financial performance.
- Cut-off date for AGM e-voting eligibility set for Tuesday, 22nd September 2026
- 31st Annual General Meeting to be conducted physically on 29th September 2026 at 3:00 PM
- Remote e-voting period runs from 26th September 2026 (9:00 AM) to 28th September 2026 (5:00 PM)
Agni Green Power has issued the notice for its 31st Annual General Meeting scheduled for September 29, 2026. In the accompanying Annual Report commentary, management reported an FY26 PAT growth of 120% to ₹84.45 Lakh after absorbing an exceptional write-off of ₹74.96 Lakh for legacy receivables. The company outlined long-term internal targets to scale operational capacity from 7.3 MW (₹38 Cr revenue in FY26) to 25 MW (₹75 Cr revenue) by FY28 and 50 MW (₹150 Cr revenue) by FY30.
- 31st Annual General Meeting scheduled for September 29, 2026 at 3:00 PM
- FY26 PBT before exceptional items rose 123.28% to ₹1.89 Cr vs ₹84.69 Lakh in FY25
- Absorbed a one-time exceptional write-off of ₹74.96 Lakh to resolve legacy receivables
- Outlined multi-year scale-up targets from 7.3 MW (₹38 Cr revenue in FY26) to 50 MW (₹150 Cr turnover) by FY30
Agni Green Power Limited has announced that its Board of Directors approved the Notice and Annual Report for the fiscal year ended March 31, 2026. The company's 31st Annual General Meeting (AGM) is scheduled to take place on Tuesday, September 29, 2026, at 3:00 PM at its registered office in Kolkata. Additionally, M/s. Shubham Sinha and Associates has been appointed as the Scrutinizer for the e-voting process, with NSDL providing the e-voting platform.
- 31st Annual General Meeting scheduled for September 29, 2026, at 3:00 PM
- Board approved the Notice and Annual Report for the year ended March 31, 2026
- Appointed M/s. Shubham Sinha and Associates as Scrutinizer for the e-voting process
- Selected NSDL to provide the e-voting facility for the AGM
Agni Green Power Limited has secured a domestic work order worth ₹2.72 crore from the Selco Foundation. The contract involves the supply, installation, and commissioning of off-grid Solar Photovoltaic (SPV) systems for 300 Anganwadi Centres in Mizoram. The project includes a one-year comprehensive maintenance period and is scheduled for completion by November 30, 2026. This order represents approximately 3.4% of the company's TTM revenue of ₹80 crore.
- Total contract value of ₹2,71,55,228 inclusive of all duties and taxes
- Scope covers 300 Anganwadi Centres across the State of Mizoram
- Project completion deadline set for 30 November 2026
- Order value constitutes ~3.4% of the company's TTM revenue of ₹80 crore
- Includes one-year comprehensive maintenance of the off-grid systems
Agni Green Power Limited has submitted its Structured Digital Database (SDD) compliance certificate for the quarter ended June 30, 2026, as mandated by SEBI PIT Regulations. The company confirmed that 2 specific events involving Unpublished Price Sensitive Information (UPSI) occurred and were correctly recorded during the quarter. The filing indicates zero non-compliances for the previous period, maintaining a non-tamperable audit trail. This is a standard procedural disclosure for listed entities to demonstrate internal controls against insider trading.
- 100% compliance achieved with 2 out of 2 required UPSI events captured in the database
- Zero non-compliances reported for the previous quarter ending March 2026
- Database is confirmed to be non-tamperable with an 8-year record maintenance capability
- Compliance pertains to the quarter ended June 30, 2026, under SEBI (PIT) Regulations
Financial Performance
Revenue Growth by Segment
Revenue from operations for H1 FY26 was INR 1,700.50 Lacs, a 5.22% increase from INR 1,616.06 Lacs in H1 FY25. Full-year FY25 revenue grew 16.5% to INR 4,108.89 Lacs from INR 3,526.71 Lacs in FY24. Segments include EPC and O&M services.
Profitability Margins
Net Profit Margin for FY25 was 1.52%, up from 1.09% in FY24. H1 FY26 Net Profit was INR 23.32 Lacs, a 51.4% increase YoY from INR 15.40 Lacs in H1 FY25.
EBITDA Margin
Operating profit before working capital changes for H1 FY26 was INR 115.38 Lacs, representing a 6.72% margin on total revenue of INR 1,715.66 Lacs, compared to a 6.29% margin in H1 FY25.
Capital Expenditure
Historical capital expenditure for FY25 was INR 3.78 Lacs for new asset acquisition. H1 FY26 saw fixed asset purchases of INR 1.33 Lacs.
Credit Rating & Borrowing
Borrowing costs (finance expense) for H1 FY26 were INR 94.55 Lacs, a 28.6% increase from INR 73.53 Lacs in H1 FY25. Proceeds from long-term borrowings in H1 FY26 were INR 7.20 Cr. Credit rating is not disclosed.
Operational Drivers
Raw Materials
Components for Solar Power Conditioning Units, Inverters, MPPT Chargers, and Photovoltaic Junction Boxes.
Raw Material Costs
Cost of materials consumed in H1 FY26 was INR 979.26 Lacs, representing 57.6% of revenue from operations, down from 64.4% in H1 FY25.
Strategic Growth
Expected Growth Rate
16.50%
Growth Strategy
The company plans to achieve growth by expanding into new geographical areas and offering value-added services. It aims to leverage the government's focus on renewable energy to boost demand for its EPC and O&M services, while maintaining ISO-certified quality standards to secure high-value contracts.
Products & Services
Solar Power Conditioning Unit, Solar Inverter (Hybrid & Grid Connected), Solar MPPT Charger, Remote Monitoring and Diagnostic System, Solar Photovoltaic Junction Box, Control Panel, Digital DC Energy Meter, Solar Adapter, Solar Pump Controller, EPC services, and O&M services.
Brand Portfolio
AGNI
Market Expansion
The company is targeting expansion into new geographical areas and emerging energy verticals to diversify its operational footprint.
External Factors
Industry Trends
The solar industry is experiencing growth driven by government renewable energy goals and private infrastructure investments. However, the sector faces low entry barriers and competitive bidding in tenders, which drives tariffs down and compresses margins for EPC providers like AGNI.
Competitive Landscape
The company faces stiff competition from peers with greater financial strength and deeper backward integration. This competition, combined with limited pricing power due to industry fragmentation, forces the company to focus on cost efficiency and market studies to maintain its 1.52% net margin.
Competitive Moat
AGNI's moat is built on its integrated turnkey project execution, in-house manufacturing of components like MPPT chargers and inverters, and strong MNRE accreditation. These factors provide a competitive edge in reliability and performance, which is sustainable as long as they maintain their technical certifications and government trust.
Consumer Behavior
Increased demand for renewable energy solutions and solar pump controllers driven by government incentives.
Regulatory & Governance
Industry Regulations
Operations are governed by MNRE accreditation standards and ISO certifications (9001, 14001, 45001). Compliance with these standards is essential for participating in government tenders and ensuring project quality.
Environmental Compliance
ISO 14001 certification for environmental management systems.
Taxation Policy Impact
The company's tax expense for FY25 was INR 22.03 Lacs, representing a 26% effective tax rate on Profit Before Tax of INR 84.69 Lacs. Fiscal policy changes regarding solar subsidies directly impact the company's bottom line.
Legal Contingencies
There are no ongoing tax litigations or disputes involving the company for the reporting quarter ended September 30, 2025. Secretarial audit for FY25 confirmed compliance with the Companies Act and SEBI regulations.
Risk Analysis
Key Uncertainties
The primary uncertainty is the high reliance on government incentives; if these are reduced or revoked, it could significantly impact financial health. Additionally, high debtor days (INR 24.70 Cr) pose a risk to liquidity and the ability to execute projects in a timely manner.
Third Party Dependencies
Dependence on suppliers for raw materials and components is a key risk factor that may constrain margins in the future.
Technology Obsolescence Risk
The company mitigates technology risks by manufacturing advanced components like Remote Monitoring and Diagnostic Systems and Solar MPPT Chargers, ensuring their solar solutions remain competitive in a rapidly evolving renewable energy market.
Credit & Counterparty Risk
Trade receivables increased 11.6% to INR 24.70 Cr as of March 31, 2025. The company uses internal controls to try to reduce debtor days and improve financial discipline to manage this credit exposure.
