Ajmera Realty & Infra India Ltd Q1 FY27 Earnings Analysis

- Ajmera Realty targets presales of around INR 2,200 crores for FY27, building on strong FY26 momentum. - The company plans project additions worth approximately INR 1,800 crores in FY27. - Upcoming launch pipeline is valued at INR 6,324 crores, supporting overall revenue visibility of INR 10,432 crores. - Forecasted revenue growth includes a projected 50% jump over last year's revenue in FY28. - The company expects steady price appreciation of 10%-15% year-on-year across new and existing projects. - Focus remains on disciplined execution and financial prudence amid calibrated growth strategy. - Strong pipeline, ongoing project execution, and asset-light strategy enable sustained growth in volumes and collections.

- Ajmera Realty achieved a 38% CAGR over past 5 years in net profit, reaching INR157 crores in FY26. - EBITDA grew 25% YoY in FY26 to INR306 crores, indicating operational efficiency and sustainable margins. - The company has a robust revenue visibility of INR10,432 crores, with INR4,108 crores from committed sales and INR6,324 crores from upcoming launches. - Presales for FY27 are targeted at around INR2,200 crores, with a launch pipeline of INR6,324 crores. - The firm expects steady revenue growth driven by selective project additions (~INR1,800 crores in FY27) and new project launches. - Price increases of 10-15% year-on-year are expected across projects, supporting value and profitability growth. - Debt-equity ratio is guided to move to 1.0x, reflecting moderate financial leverage supporting growth. - Overall, Ajmera Realty is positioned for accelerated top-line and profit growth over the next 4-5 years.

- The company is targeting highly selective project additions worth around INR1,800 crores in FY27, focusing on new project launches and existing projects in the portfolio. (Page 12) - The upcoming FY27 launch pipeline is expected to contribute about INR6,324 crores. (Page 6) - Significant capital expenditure includes additions to PPE related to Mivan slidings capitalized for multiple projects, moving from INR35 crores to INR60+ crores. (Page 12) - Asset-light strategy involves redevelopment projects that take time to bring to the market, with five projects worth INR2,500 crores done as business development. (Page 9) - The company is working on project launches such as Boutique offices in Wadala planned for Q3 FY27 and Manhattan Phase 3 as part of further launches. (Page 7) - Discussions and tie-ups for funding at the SPV level are underway to fund conversion and regulatory processes, particularly for the Kanjurmarg project. (Page 14-15)

- The company plans to fund the Kanjurmarg project at the Special Purpose Vehicle (SPV) level through equity partners rather than at the top Holdco level. - Despite this, a conservative estimate anticipates net gearing for the listed company moving up from 0.5x to 1.0x, considering land conversion and launching 8 new projects in FY27. - The guidance for debt equity ratio moving to 1.0x reflects prudence and includes potential leverage from these new projects. - Selective project additions targeting around INR 1,800 crores in FY27 are planned, which may involve fundraising. - No specific timelines or finalized amounts for outright sale or fresh fundraising were disclosed; discussions and evaluations are ongoing.

- The upcoming launch pipeline for FY27 is expected to contribute about INR 6,324 crores. - The company is targeting around INR 1,800 crores of new project additions in FY27 through selective business development. - Currently shortlisted dialogues involve 2-3 new projects worth around INR 1,500-1,800 crores. - Total revenue visibility including committed sales and available inventory stands at INR 4,108 crores. - Overall revenue visibility including upcoming launches reaches approximately INR 10,432 crores. - The estimated net cash flow pretax cost of debt from OC received and ongoing portfolio is around INR 3,150 crores. - In FY26, the company achieved highest ever sales value of INR 1,701 crores, surpassing guidance and supporting growth momentum.