Anant Raj Ltd Q3 FY26 Earnings Analysis

- Data Center revenue expected to scale up substantially, targeting INR 1,200 crores by FY 2027-28 from 63 MW capacity expanding to 117 MW (87 MW Colocation, 36 MW Cloud). - Cloud segment to increase from 6 MW in FY 2026 to 36 MW by FY 2028, with managed services and infrastructure offerings growing. - Colocation projected to remain stable; margins expected to improve as additional services are added. - Real estate launches planned: Phase-IV of Anant Raj Estate (5 lakh sq ft), luxury high-rise Estate One in Gurugram (1.1 million sq ft), and another Group Housing over 5.2 acres, all targeted for launch by FY 2026-27. - Residential sales gaining traction with significant demand in luxury segments, especially in Gurugram and Delhi markets. - Overall revenue growth supported by Data Center, Cloud, and real estate segments; company confident in achieving targets and sustainable growth.

- Anant Raj Limited projects strong revenue growth, targeting INR 1,200 crores revenue from Data Center by FY '27, driven by expansion to 63 MW capacity. - By FY '28, Data Center capacity is expected to increase to 117 MW, with a Cloud-Colocation mix of 36 MW and 87 MW respectively, further boosting revenues. - EBITDA margins for Data Center business (including Cloud and Colocation) are high, around 75%, with potential for margin improvement through added managed services. - Cloud business offers scalable revenue with payback roughly in 2 years, providing managed services and bulk license benefits to customers. - The company aims to maintain disciplined execution and strong financial health, with net cash positive status and reduced debt. - Growth in Data Center and Cloud segments will complement steady real estate business, supporting sustainable long-term earnings and profit expansion. - Specific future PAT and EPS guidance is not provided, but management indicates confidence in meeting targets based on past performance.

- The company is focused on expanding its Data Center business with a target of 307 megawatts by FY 2031-32. - Current CAPEX split is approximately 75% Colocation and 25% Cloud, with plans to maintain or increase Cloud share based on demand. - Additional CAPEX for existing buildings is INR 26 crores per megawatt. - Expansion plans include commissioning 63 megawatts by December 2026, consisting of roughly 14 MW Cloud and the balance Colocation. - The company has sufficient capital for ongoing expansion with no immediate need to raise funds. - Capital employed in the Data Center business reached about INR 700 crores as of H1 FY 2026, with INR 187 crores added recently. - Real estate projects are on track with ongoing launches and development in Delhi and Haryana, including Ashok Towers and other commercial projects expected to complete by FY 2028.

- The company successfully completed a Qualified Institutional Placement (QIP) of INR 1,100 crores recently, strengthening its financial position. - The promoters converted warrants worth INR 100 crores ahead of schedule, providing additional funds. - The company is currently net cash positive and has prepaid INR 125 crores of debt, indicating strong cash reserves. - According to management, there is sufficient capital available for ongoing and upcoming Data Center expansions. - No explicit plans for future fundraising through debt or equity were mentioned; the company states it is fully funded for its current 63 MW Data Center capacity target. - They plan to maintain a near-zero debt position and focus on internal accruals and existing capital for growth.

- The transcript does not explicitly mention the current or expected order book or pending orders in precise figures. - However, it indicates strong demand in the Data Center segment, particularly in Cloud and Colocation services, with 63 megawatts expected to generate INR 1,200 crores revenue by FY '27. - The company has ongoing projects, including 35 megawatts commissioned across Rai and Manesar locations. - Residential projects under advanced stages of launch include Phase-IV of Anant Raj Estate (5 lakh sq ft), a high rise of 1.09 million sq ft, and another project over 5.5 acres with 1 million sq ft potential, targeting majority approvals by Q4 FY '26. - The company expresses confidence in leasing out the full 307 megawatts of Data Center capacity by FY 2032, supported by growing demand and government data localization trends. - No exact outstanding order book values are disclosed, but the tone reflects a healthy pipeline and strong visibility.