AG Ventures Ltd-$ financials and balance sheet

BSE: 506579Chemicals & PetrochemicalsSmall Cap

₹125.50₹4.15 (3.20%)

Share price at the BSE close on 23 Oct 2026. Previous close ₹129.65.

52-week range of traded prices to 23 Oct 2026

₹74.60Low, 30 Mar 2026₹167.80High, 30 Oct 2025

Market cap: ₹125 Cr2,818th largest listed
P/E: 5.6
P/B: 0.5
Dividend yield: Nonein the last 12 months
ROE: 8.4%
ROCE: 8.1%
Debt to equity: 0.09
Volume, BSE: 4,176

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.AG Ventures Ltd-$ annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Operating and net margin, per cent

Operating margin
Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 0.0% of operating profit in the first full year.

The years either side of a change of basis do not compare. From the year to Mar 2022, the company's revenue for that year, ₹444 Cr, differs from its quarters added, ₹438 Cr. From the year to Mar 2025, the company reports the part of the business demerged on 1 Jul 2024 as discontinued, and figures before the change include it.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue107
Materials and goods−60
Employee costs−21
Other expenses−18
Operating profit7.7
Depreciation−4.1
Other income+3.8
One-off items0.0
Finance costs−1.5
Profit before tax6.0
Tax+1.5
Net profit7.5

What the company owns

Plant, investments and other assets₹270 Cr
Current investments₹51 Cr
Inventory₹14 Cr
Receivables₹11 Cr
Cash and bank₹9 Cr

What pays for it: net worth and liabilities

Net worth₹302 Cr
Borrowings₹28 Cr
Other liabilities₹19 Cr
Owed to suppliers₹8 Cr

AG Ventures Ltd-$ business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them.AG Ventures Ltd-$ segment results by quarter

Revenue by segment

₹107 CrTotal

General Engineering Products₹80.7 Cr75.2% of total
Investments & Trading₹26.5 Cr24.8% of total

Profit by segment

General Engineering Products₹5.55 Cr83.8% of total
Investments & Trading₹1.07 Cr16.2% of total

Segment results by year

Consolidated, ₹ crore, years to March.

General Engineering Products
Revenue, ₹ crore
44
43
41
56
70
65
87
81
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
4
6
4
9
12
8
7
6
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Investments & Trading
Revenue, ₹ crore
10
9
13
22
27
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
10
8
13
6
1
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	432	387	374	444	536	464	213	107
Company revenue, as in its results	432	387	374	444	536	464	108	107
Revenue	44	43	41	56	70	65	87	81
Revenue growth	–	−2.4%	−4.4%	34.4%	25.7%	−7.1%	33.0%	−6.8%
Profit	4	6	4	9	12	8	7	6
Profit growth	–	42.6%	−26.1%	109.9%	45.7%	−34.7%	−16.3%	−18.5%
Margin	8.7%	12.7%	9.8%	15.3%	17.8%	12.5%	7.9%	6.9%
Return on capital	–	23.0%	21.6%	34.9%	52.9%	26.4%	29.2%	21.4%
Assets	–	32	30	39	40	45	41	45
Liabilities	–	8	11	14	16	14	17	19
Capital employed	–	24	19	24	24	31	23	26
Revenue	–	–	–	10	9	13	22	27
Revenue growth	–	–	–	–	−11.5%	47.5%	73.7%	18.8%
Profit	–	–	–	10	8	13	6	1
Profit growth	–	–	–	–	−14.1%	52.8%	−53.8%	−81.5%
Margin	–	–	–	96.8%	94.1%	97.4%	25.9%	4.0%
Return on capital	–	–	–	5.3%	3.6%	5.1%	2.1%	0.4%
Assets	–	–	–	182	226	246	276	300
Liabilities	–	–	–	0	0	0	0	25
Capital employed	–	–	–	182	226	246	275	275
Revenue	–	–	–	–	–	–	104	–
Profit	–	–	–	–	–	–	−2	–
Margin	–	–	–	–	–	–	−1.6%	–
Assets	–	–	–	–	–	–	0	–
Liabilities	–	–	–	–	–	–	0	–
Capital employed	–	–	–	–	–	–	0	–
Revenue	388	343	333	378	457	386	–	–
Revenue growth	–	−11.4%	−3.2%	13.7%	20.9%	−15.6%	–	–
Profit	108	83	95	53	65	59	–	–
Profit growth	–	−22.8%	14.3%	−44.0%	21.3%	−8.6%	–	–
Margin	27.9%	24.3%	28.7%	14.1%	14.2%	15.4%	–	–
Return on capital	–	13.8%	27.0%	13.4%	15.8%	14.0%	–	–
Assets	–	644	584	641	616	599	–	–
Liabilities	–	40	231	242	206	174	–	–
Capital employed	–	605	353	399	411	425	–	–

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March.AG Ventures Ltd-$ quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 14 May	Mar 2020Filed 19 Jun	Mar 2021Filed 18 Jun	Mar 2022Filed 27 May	Mar 2023Filed 7 Jun	Mar 2024Filed 13 Jun	Mar 2025Filed 13 Jun	Mar 2026Filed 22 May
Revenue from operations	332	374	432	387	374	444	536	464	108	107
	245	272	307	282	257	357	426	360	95	99
Materials and goods bought	92	101	130	114	103	165	217	171	59	60
Employee costs	–	–	54	54	53	57	62	69	20	21
Other expenses	–	–	124	113	101	135	147	121	16	18
Operating profit before depreciation	87	101	125	105	116	87	110	103	13	8
Operating margin	26.1%	27.1%	28.9%	27.1%	31.1%	19.6%	20.5%	22.3%	12.1%	7.2%
Materials, % of revenue	–	–	30.1%	29.6%	27.6%	37.3%	40.6%	36.8%	54.6%	55.8%
Employee costs, % of revenue	–	–	12.4%	14.0%	14.3%	12.8%	11.6%	14.9%	18.9%	20.0%
Other expenses, % of revenue	–	–	28.6%	29.3%	27.0%	30.4%	27.4%	26.0%	14.4%	16.9%
Depreciation and amortisation	17	18	20	21	22	24	29	30	4	4
Operating profit after depreciation	70	83	105	83	94	63	80	73	9	4
Other income	7	5	10	11	13	6	3	5	2	4
Finance costs	7	9	9	10	7	6	13	11	1	1
Profit before one-off items and tax	70	80	106	84	100	63	70	67	11	6
One-off items	0	0	0	−2	0	0	0	0	0	0
Profit before tax	70	80	106	83	100	63	70	67	11	6
	20	23	29	8	17	17	17	17	5	−1
Current tax	12	17	21	14	17	10	10	12	3	1
Deferred tax	8	6	8	−6	1	8	7	5	2	−3
Share of profit of joint ventures and associates	–	–	–	–	–	–	–	0	–	–
Profit from discontinued businesses	–	–	–	–	–	–	–	–	7	–
	50	57	77	75	83	46	54	50	13	8
Belonging to the company's shareholders	50	57	75	73	79	43	49	46	10	5
Belonging to outside owners of subsidiaries	–	–	1	2	4	3	5	3	3	3
Other comprehensive income	–	–	1	−3	0	2	7	3	1	−1
Total comprehensive income	–	–	77	72	83	48	60	53	14	7
Net margin	15.2%	15.2%	17.7%	19.3%	22.2%	10.4%	10.0%	10.7%	–	7.0%
Net margin without joint ventures and associates	–	–	–	–	–	–	–	10.7%	–	–

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the years to Mar 2017 and Mar 2018 they do not, so they are left blank. Net margin is left blank for the year to Mar 2025: the profit includes the result of a business the company has discontinued, which the revenue does not, so the two make no margin. Share of profit of joint ventures and associates is left blank for the year to Mar 2025: the filing states 0 for this share both for the period and for the year so far, which the form also writes for a line it does not fill, while the company's other filings for the same year show it was not 0 over those months.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 14 May	Mar 2020Filed 19 Jun	Mar 2021Filed 18 Jun	Mar 2022Filed 27 May	Mar 2023Filed 7 Jun	Mar 2024Filed 13 Jun	Mar 2025Filed 13 Jun	Mar 2026Filed 22 May
	418	476	548	579	626	664	296	302
	409	465	533	561	602	637	266	271
Share capital	10	10	10	10	10	10	10	10
Reserves	399	455	523	551	592	627	256	261
Belonging to outside owners of subsidiaries	10	11	15	18	23	27	29	31
	109	135	154	183	161	133	1	28
Repayable after a year	72	96	113	94	73	47	0	24
Repayable within a year	37	39	41	89	87	85	1	4
	110	95	123	155	141	134	18	22
Trade payables	22	19	25	31	26	27	6	8
Other financial liabilities	41	27	48	27	19	13	8	7
Other liabilities	8	9	7	7	6	6	3	2
Provisions	1	2	1	1	2	2	1	1
	103	126	142	131	119	98	13	33
Other financial liabilities	0	6	6	6	0	6	1	0
Other liabilities	0	0	0	0	6	0	–	–
Provisions	3	3	3	3	3	3	1	1
Deferred tax	28	21	21	28	37	41	11	8
Total assets	631	697	814	865	886	896	327	357
	382	422	503	577	585	600	201	264
Plant in use, after depreciation	360	354	342	453	478	464	68	63
Plant being built	3	25	113	41	1	1	–	0
Intangible assets	1	1	0	1	1	1	1	0
Intangible assets being developed	0	0	0	0	0	0	–	–
Property held to earn rent	0	0	0	0	0	0	–	66
Investments	10	15	31	70	94	122	130	134
Stakes in joint ventures and associates	0	0	0	0	0	1	–	–
Loans given	0	0	1	1	1	1	0	0
Other financial assets	7	7	7	8	10	9	0	0
Other assets	1	20	9	4	0	1	1	1
	249	275	310	288	301	295	126	92
Inventories	54	42	47	68	70	69	14	14
Trade receivables	89	71	81	87	82	81	6	11
Cash and cash equivalents	4	23	2	2	1	1	3	1
Other bank balances	2	119	7	7	7	9	9	9
Current investments	84	2	154	111	131	123	91	51
Loans given	1	1	1	1	1	1	0	0
Other financial assets	2	3	3	2	2	1	1	2
Tax paid in advance	0	2	1	1	1	1	1	3
Other assets	13	11	15	10	7	8	2	1
Net debt	20	−10	−9	63	22	−1	−101	−33

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021Filed 18 Jun	Mar 2022Filed 27 May	Mar 2023Filed 7 Jun	Mar 2024Filed 13 Jun	Mar 2025Filed 13 Jun	Mar 2026Filed 22 May
	91	53	105	97	15	−6
	107	64	114	109	15	−6
	−10	−27	1	−1	−9	−6
Receivables	−14	−2	7	0	−3	−6
Inventories	−5	−21	−2	1	1	0
Payables	9	5	−5	−2	−4	1
Other working capital	0	−9	1	0	−2	0
Tax paid	−16	−11	−9	−12	0	−3
Interest paid	0	0	0	0	0	1
Capital spending	85	55	22	21	6	68
Free cash flow	7	−2	83	76	9	−74
	−129	−33	−54	−43	12	−20
Plant and property sold	1	4	1	2	3	4
Interest received	10	1	1	1	1	1
	16	−20	−52	−54	−25	24
Borrowings raised	59	50	10	8	16	27
Borrowings repaid	−26	−48	−39	−36	−23	0
Interest paid	−7	−6	−9	−11	−3	0
Lease payments	0	0	0	0	−1	0
Dividends paid	10	17	14	14	8	1
Shares bought back	0	0	0	0	0	0
Shares issued	0	0	0	0	0	0
Net change in cash	−21	0	−1	1	1	−2

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.AG Ventures Ltd-$ dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 14 May	Mar 2020Filed 19 Jun	Mar 2021Filed 18 Jun	Mar 2022Filed 27 May	Mar 2023Filed 7 Jun	Mar 2024Filed 13 Jun	Mar 2025Filed 13 Jun	Mar 2026Filed 22 May
Earnings per share	₹49.04	₹55.19	₹73.45	₹73.21	₹79.08	₹43.11	₹48.69	₹46.19	₹10.48	₹5.08
Diluted earnings per share	₹49.04	₹55.19	₹73.45	₹73.21	₹79.08	₹43.11	₹48.69	₹46.19	₹10.48	₹5.08
Dividend per share	₹10.00	₹10.00	₹12.00	₹10.00	₹14.00	₹14.00	₹14.00	₹14.00	–	–
Book value per share	–	–	₹408.38	₹464.38	₹532.92	₹561.45	₹602.93	₹637.95	₹266.61	₹271.04
Dividend payout	20.4%	18.1%	16.0%	13.7%	17.7%	32.5%	28.8%	30.3%	–	–
Shareholder yield	–	–	–	–	1.1%	2.1%	2.1%	2.2%	4.8%	0.7%
Market cap at the year end (₹ crore)	942	1,040	1,158	558	916	797	670	657	158	75

Ratios

Consolidated, years to March.AG Ventures Ltd-$ PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 14 May	Mar 2020Filed 19 Jun	Mar 2021Filed 18 Jun	Mar 2022Filed 27 May	Mar 2023Filed 7 Jun	Mar 2024Filed 13 Jun	Mar 2025Filed 13 Jun	Mar 2026Filed 22 May
Revenue growth	−1.9%	12.7%	15.6%	−10.5%	−3.3%	–	20.8%	−13.5%	–	−1.0%
Operating profit growth	6.0%	17.0%	23.1%	−16.1%	11.0%	–	26.1%	−5.8%	–	−41.0%
Net profit growth	1.9%	12.7%	34.5%	−2.3%	11.0%	−44.3%	16.0%	−7.5%	–	−42.6%
Earnings per share growth	–	12.5%	33.1%	−0.3%	8.0%	−45.5%	12.9%	−5.1%	–	−51.5%
	–	–	18.4%	16.8%	15.8%	7.9%	8.4%	7.4%	2.3%	1.9%
	–	–	–	−1.6 pts	−0.9 pts	−8.0 pts	0.5 pts	−0.9 pts	−5.1 pts	−0.5 pts
From the net margin	–	–	–	1.6 pts	2.0 pts	−8.6 pts	−0.5 pts	0.8 pts	–	–
From asset turnover	–	–	–	−3.0 pts	−2.8 pts	0.5 pts	1.2 pts	−1.4 pts	–	–
From borrowing	–	–	–	−0.3 pts	−0.1 pts	0.1 pts	−0.2 pts	−0.4 pts	–	–
Return on capital employed	–	–	19.8%	13.6%	13.4%	8.2%	10.2%	9.2%	3.1%	1.1%
Cash conversion	–	–	–	–	109.9%	114.6%	196.1%	195.9%	111.0%	−81.1%
Interest cover	10.5	9.5	12.0	8.7	14.4	10.7	6.2	6.5	12.7	2.5
Debt to equity	–	–	0.26	0.28	0.28	0.32	0.26	0.20	0.00	0.09
Receivable days	–	–	75	67	79	71	56	64	19	39
Inventory days	–	–	152	134	168	151	118	148	87	87
Payable days	–	–	63	60	89	69	44	59	40	49
Cash conversion cycle, days	–	–	165	142	157	153	130	154	66	77
Working capital days	–	–	73	70	63	84	74	89	22	47
Asset turnover	–	–	0.68	0.58	0.49	0.53	0.61	0.52	0.18	0.31
Assets per rupee of net worth	–	–	1.54	1.52	1.51	1.53	1.51	1.44	1.35	1.27
Sales per rupee of plant	–	–	1.20	1.09	1.09	0.98	1.12	1.00	1.59	1.71
Capital spending to depreciation	–	–	–	–	3.83	2.26	0.76	0.69	1.46	16.54
Plant being built, % of plant in use	–	–	0.9%	7.2%	33.1%	9.1%	0.3%	0.1%	–	0.0%

Revenue growth and operating profit growth are left blank for the year to Mar 2022: between the two periods the company restated its earlier figures, so the two are on different bases and the change is not worked out. From the net margin, from asset turnover and from borrowing are left blank for the years to Mar 2025 and Mar 2026: the profit of this year or the year before includes a business the company has discontinued while its revenue does not, so the change in return on equity is not split into margin, turnover and borrowing. Revenue growth, operating profit growth, net profit growth and earnings per share growth are left blank for the year to Mar 2025: between the two periods the company began reporting a business as discontinued, so the two are on different bases and the change is not worked out. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 1.5%
Cash from operations against operating profit: −78.6%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	−10.9%	−22.1%	−41.5%
Profit growth, yearly rate	−20.5%	−42.4%	−53.2%
Return on equity, average	–	5.6%	3.9%
Return on capital employed, average	–	6.4%	4.5%
Operating margin, average	22.2%	16.3%	13.9%
Net margin, average	14.2%	9.5%	8.8%
Asset turnover, average	–	0.43	0.34
Cash conversion cycle, days, average	–	116	99
Interest cover, average	9.4	7.7	7.2
Debt to equity, average	–	0.17	0.10

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	264	106	−6
Cash from investing	−138	−51	−20
Cash from financing	−127	−54	24
Capital spending	172	94	68
Dividends paid	53	22	1
Shares bought back	0	0	0
Shares issued for cash	0	0	0
Borrowings raised	113	52	27
Borrowings repaid	146	59	0

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	6	6	8	7	6	4
Altman Z-scorePublished threshold 1.81	–	–	5.64	3.73	4.14	3.52	3.61	3.70	4.99	2.45
Beneish M-scorePublished threshold −1.78	–	–	–	–	−1.98	−2.64	−3.00	−2.70	−3.67	10.83
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	15.92	3.13	0.28	−0.56	−2.14	9.89
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	1.36	1.71	1.86	1.50
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	−9.53	16.34	−11.31	−26.57	13.13	−16.43	104.05
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	−10.42	22.44	−16.14	−28.23	19.91	−14.33	0.43
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	0.18	0.49	−1.14	−0.67	0.14	−5.66	1.38
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	1.71	10.75	0.31	0.02	0.04	–	–
Effective tax ratePublished threshold 17.16 per cent	28.80	28.70	27.59	9.48	17.34	27.05	23.87	25.48	48.76	−24.42
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	9.41	10.57	7.45	48.76	−68.60

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
18 Aug 2025	ICRA Limited (opens in a new tab)	Fund Based/Non Fund Based-OthersLong and short-term scales	[ICRA]A- /[ICRA]A2+Withdrawn	Stable	50

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.