Ajmera Realty Q2 FY26 Results & Concall Highlights: Revenue, Margins & Order Book

Q2 FY26 earnings call: what management guided on revenue, margins and order book.

Published 30 May 2026 | Realty | Market Cap: ₹2.3K Cr

Sales value has shown strong growth, with highest-ever quarterly sales reaching INR 720 crores (48% Y-o-Y growth) and sales volume growing 20% Y-o-Y in H1 FY '26. Ajmera Realty expects strong growth in sales and revenue driven by a robust launch pipeline valued around INR 4,300 crores across seven upcoming projects.

From Ajmera Realty's Q2 FY26 earnings-call transcript · updated 23 Aug 2026.

📊 Revenue & Sales Performance

→Sales value has shown strong growth, with highest-ever quarterly sales reaching INR 720 crores (48% Y-o-Y growth) and sales volume growing 20% Y-o-Y in H1 FY '26.
→Upcoming launches expected to drive growth, with seven projects totaling INR 4,357 crores GDV in the pipeline.
→Existing projects like Manhattan, Vikhroli, and Bangalore launches are expected to sustain sales momentum.
→Revenue visibility stands robust at around INR 8,000 crores, comprising committed sales (INR 1,582 crores) and inventory sales potential.
→Cash flow from ongoing projects and new launches estimated at around INR 1,526 crores and INR 1,016 crores respectively over the next 4-5 years.
→Confident of achieving sales guidance for the year with steady project launches and execution.
→Margin improvement anticipated as higher-margin projects like Manhattan contribute more revenue in coming quarters.

📈 Profitability & Margins

→Ajmera Realty expects strong growth in sales and revenue driven by a robust launch pipeline valued around INR 4,300 crores across seven upcoming projects.
→Sales momentum from recent and upcoming launches is projected to continue through FY '26, supported by ongoing and sustainable sales.
→Revenue visibility stands at around INR 8,000 crores, combining committed sales and available inventory, indicating solid income prospects over 3-5 years.
→EBITDA and PAT margins are currently stable but expected to improve due to high-margin projects like Manhattan entering revenue recognition.
→Net cash flow from ongoing and upcoming projects is estimated at approximately INR 2,800+ crores over the next 4-5 years, reflecting healthy operational cash generation.
→Delivery of nearly 1,000 home possessions in FY '26, enhancing cash flow and profitability.
→Expectation of continued aggressive launches and construction to sustain growth in earnings and EPS.

See what Ajmera Realty said on profitability & margins — free account, 30 seconds.

🏗️ Capital Expenditure Plans

→Ajmera Realty is actively working on multiple projects with a combined GDV of around INR 8,000 crores planned over the next 3-4 years, reflecting significant future capital deployment.
→The company is gearing up for aggressive launches, with about six to seven projects expected to be launched soon, including Vikhroli, Versova, Bangalore, Wadala office, Kanjurmarg, Shastri Nagar, and Ghatkopar.
→Investment in building a 7-acre podium in the Manhattan project involving four buildings, with podium construction costs roughly INR 2,500 to 3,000 per square foot, including amenities and mechanical services.
→Ongoing efforts are made in acquiring regulatory approvals for various projects.
→Ajmera has investments overseas (Bahrain and UK) with ongoing monetization and repatriation expected.
→The company is bidding for 30-40 societies for redevelopment, indicating strategic investment in slum/society redevelopment projects.

💰 Fundraising & Capital Structure

→There is no explicit mention of any current or planned fundraising through debt or equity in the provided transcript.
→The company maintains a strong financial position with total debt of INR 690 crores as of September 30, 2025, and a healthy debt-to-equity ratio of 0.55x.
→The CFO highlighted disciplined financial management and a reduction in the weighted average cost of debt to 11.51%, indicating efficient use of existing funds.
→Discussions about cash flows focus on monetization of projects and repatriation from overseas investments rather than raising new capital.
→The company appears focused on self-funding through project cash flows and asset monetization, with no announced plans for new debt or equity fundraising.

See what Ajmera Realty said on fundraising & capital structure — free account, 30 seconds.

📋 Order Book & Pipeline

→Ajmera Realty & Infra India Limited's revenue visibility (order book equivalent) stands robust at around INR 8,000 crores.
→This includes INR 3,599 crores from committed sales and ongoing projects.
→Upcoming launch pipeline contributes approximately INR 4,357 crores GDV from seven projects.
→The committed sales component features INR 1,582 crores from confirmed sales and over INR 2,000 crores from available inventory across projects.
→The company is actively working on project additions with about Rs. 3,000+ crores of revenue targets from 2-3 land parcels under negotiation.
→Cash flow from ongoing projects is INR 1,526 crores expected over the next 2-4 years.
→Additional cash flow of around INR 1,000 crores expected from pipeline projects over 4.5 to 5 years.
→Management is bidding for 30-40 redevelopment projects, indicating growth in future orders.
→Regulatory approvals for multiple projects (Vikhroli, Versova, Kanjurmarg) are in advanced or processing stages.

Key Metrics

How does Ajmera Realty rank vs peers in Realty?

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1Ajmera Realty

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Price

₹118

Market Cap

₹2.3K Cr

P/E Ratio

15.1

Ajmera Realty — Quarterly revenue & net profit

Revenue Net Profit

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Reported quarterly figures (₹ Cr). Latest: revenue ₹431 Cr, net profit ₹59 Cr.

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Frequently Asked Questions

What were Ajmera Realty Q2 FY26 results?

What is Ajmera Realty share price analysis?

Ajmera Realty currently shows a neutral. The stock trades at a P/E of 15.1 with a market cap of ₹2,327 Cr. Investors should review the full earnings analysis for detailed insights.

Is Ajmera Realty planning capital expenditure?

Ajmera Realty is actively working on multiple projects with a combined GDV of around INR 8,000 crores planned over the next 3-4 years, reflecting significant future capital deployment.

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This analysis is AI-generated based on publicly available earnings data and concall transcripts. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.