Nuvama Starts Coverage on AGI Infra with 'BUY' Rating, Target Price Rs 1448

Nuvama initiates coverage with a 'BUY' rating and a TP of INR1,448, valuing the stock at 1x FY26E NAV.

- TBG NETWORK

AGI Infra (AGIIL) is among the few reputed real estate players in Punjab, with a dominant presence in Jalandhar, aided by a strong track record of well-received, high-quality projects. Operating in a market with limited branded competition, it has established a strong position and is strategically expanding into high-demand micro-markets across Punjab.

With a robust development pipeline and a sizable, well-located land bank, it is well-positioned to capitalize on Punjab's growing housing demand. Our confidence in its long-term growth story is aided by a structurally buoyant home market.

Key growth drivers are highlighted below:

i. Presales CAGR of 13% over FY26-30E on the back of a strong launch pipeline of ~INR5,120cr (9.8msf) and ongoing inventory of ~INR1,280 (4.98msf);

I. Strong demand for its product and further price realization;