Any current/future new fundraising through debt or equity?

Ajmera Realty plans to acquire INR 3,500 crores worth of projects through a mix of organic growth and inorganic acquisitions. Funding will involve a combination of asset-light models, Joint Developments (JDs), Joint Ventures (JVs), and use of company-owned land parcels. The company currently has about INR 800 crores of debt and aims to manage new funding without fully leveraging upfront capital. There is a strategic focus on minimizing capital commitment with asset-light and non-capital intensive projects. No explicit mention of fresh equity fundraising was made; emphasis is on strategic acqui

Any current/future capex/capital investment/strategic investment?

Ajmera Realty plans to acquire projects worth INR 3,500 crores to deepen its launch pipeline in FY25 and FY26, comprising a mix of joint development (JD), joint ventures (JV), and asset-light, non-capital-intensive projects. The company is incurring business development and CapEx expenses related to these acquisitions and new launches, with a focus on MHADA redevelopment, SRA redevelopment, and society redevelopment projects. Seven new projects, totaling about 1.7 million sq. ft. with a GDV of INR 4,270 crores, are under various approval and planning stages, targeted for launches primarily in

Future growth expectations in sales/revenue/volumes?

Ajmera Realty targets presales of INR 1,350 crore for FY25, with INR 306 crore already achieved in Q1, indicating confidence in meeting annual guidance. Launch pipeline includes 7 projects with a GDV of INR 4,270 crore spanning approximately 1.7 million sq ft, set for launch mainly within the next 3-4 years. Total land bank is about 11.1 million sq ft, primarily in Mumbai areas like Wadala and Kanjurmarg, with plans to increase yearly development run rate. Sales momentum is strong in flagship projects: Ajmera Manhattan (80% sold), Ajmera Greenfinity (51% sold), Ajmera Eden (60% sold), and new

Future growth expectations in earnings/operating earnings/profits/EPS?

Q1 FY25 showed strong growth: sales value up 36%, revenue up 67%, EBITDA up 72%, PAT up 52% YoY. Presales guidance for FY25 is INR 1,350 crore, with INR 306 crore already secured in Q1. Pipeline includes 7 projects totaling 1.7 million sq.ft with GDV around INR 4,270 crores. Estimated revenue visibility of approx INR 6,243 crore from existing, ongoing, and upcoming projects. Cash flow from ongoing projects estimated at about INR 850 crore; launch pipeline expected to generate INR 1,200 crore cash. Average IRR targeted around 30%+ across different project types. Company aims for 5x growth and c

Current/ Expected Orderbook/ Pending Orders?

Ajmera Realty & Infra India Limited has total revenue visibility of approximately INR 6,243 crores from existing, ongoing, and upcoming projects. Upcoming launches this financial year include 7 projects totaling 1.7 million square feet with a Gross Development Value (GDV) of around INR 4,270 crores. The company expects around INR 87 crores revenue from projects at an advanced stage or with Occupation Certificate (OC) in the next 6 months. Revenue from mid-stage ongoing projects is expected to contribute approximately INR 1,886 crores over the next 27-30 months. Estimated net cash flow from OC

Ajmera RealtyQ1 FY25Realty

Ajmera Realty Q1 FY25 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹120P/E: 15.4Market Cap: ₹2.4K CrSector: Realty

Management growth scorecard

Revenue

Category 2

Margin

Category 3

Fundraise

Yes

Order

Yes

Capex

Yes

3 of 5 growth signals are positive.

Full analysis

Revenue guidance

Category 2

Ajmera Realty targets presales of INR 1,350 crore for FY25, with INR 306 crore already achieved in Q1, indicating confidence in meeting annual guidance.
Launch pipeline includes 7 projects with a GDV of INR 4,270 crore spanning approximately 1.7 million sq ft, set for launch mainly within the next 3-4 years.
Total land bank is about 11.1 million sq ft, primarily in Mumbai areas like Wadala and Kanjurmarg, with plans to increase yearly development run rate.
Sales momentum is strong in flagship projects: Ajmera Manhattan (80% sold), Ajmera Greenfinity (51% sold), Ajmera Eden (60% sold), and new Ajmera Vihara (24% sold after launch).
Revenue visibility stands at INR 6,243 crore from existing, ongoing, and upcoming projects; with expected revenue inflows over 27-30 months.
Company expects healthy volume growth supported by ongoing launches, approvals, and festivity-season demand.

Margin guidance

Category 3

Q1 FY25 showed strong growth: sales value up 36%, revenue up 67%, EBITDA up 72%, PAT up 52% YoY.
Presales guidance for FY25 is INR 1,350 crore, with INR 306 crore already secured in Q1.
Pipeline includes 7 projects totaling 1.7 million sq.ft with GDV around INR 4,270 crores.
Estimated revenue visibility of approx INR 6,243 crore from existing, ongoing, and upcoming projects.
Cash flow from ongoing projects estimated at about INR 850 crore; launch pipeline expected to generate INR 1,200 crore cash.
Average IRR targeted around 30%+ across different project types.
Company aims for 5x growth and continued debt reduction.
Asset-light and JV models emphasized to expand project pipeline of INR 3,500 crores over next few years.
Confident in maintaining strong financial momentum and improving credit ratings (CRISIL A- stable outlook).
Earnings growth expected to continue driven by project launches, completions, and monetization.

See what Ajmera Realty management said on margin guidance — free account, 30 seconds.

Fundraise plans

Yes

Ajmera Realty plans to acquire INR 3,500 crores worth of projects through a mix of organic growth and inorganic acquisitions.
Funding will involve a combination of asset-light models, Joint Developments (JDs), Joint Ventures (JVs), and use of company-owned land parcels.
The company currently has about INR 800 crores of debt and aims to manage new funding without fully leveraging upfront capital.
There is a strategic focus on minimizing capital commitment with asset-light and non-capital intensive projects.
No explicit mention of fresh equity fundraising was made; emphasis is on strategic acquisition and launch of new projects primarily via debt and JV models.
The company is aggressively working on debt reduction and improving its debt profile, as reflected in recent repayment of INR 58 crores and a reduction in weighted average cost of debt to 11.6%.

Order book

Yes

Ajmera Realty & Infra India Limited has total revenue visibility of approximately INR 6,243 crores from existing, ongoing, and upcoming projects.
Upcoming launches this financial year include 7 projects totaling 1.7 million square feet with a Gross Development Value (GDV) of around INR 4,270 crores.
The company expects around INR 87 crores revenue from projects at an advanced stage or with Occupation Certificate (OC) in the next 6 months.
Revenue from mid-stage ongoing projects is expected to contribute approximately INR 1,886 crores over the next 27-30 months.
Estimated net cash flow from OC received and ongoing projects is about INR 850 crores moving forward.
The launch pipeline includes MHADA redevelopment, SRA redevelopment, and society redevelopment projects.
The company is targeting presales of INR 1,350 crores for FY25 and has plans to acquire projects worth INR 3,500 crores to deepen the launch pipeline.

See what Ajmera Realty management said on order book — free account, 30 seconds.

Capex plans

Yes

Ajmera Realty plans to acquire projects worth INR 3,500 crores to deepen its launch pipeline in FY25 and FY26, comprising a mix of joint development (JD), joint ventures (JV), and asset-light, non-capital-intensive projects.
The company is incurring business development and CapEx expenses related to these acquisitions and new launches, with a focus on MHADA redevelopment, SRA redevelopment, and society redevelopment projects.
Seven new projects, totaling about 1.7 million sq. ft. with a GDV of INR 4,270 crores, are under various approval and planning stages, targeted for launches primarily in the last quarter of FY25 and extending over the next 3-4 years.
Cash flow from ongoing and new projects is expected to be significant, with estimated INR 850 crores from existing projects and about INR 1,200 crores from the new pipeline.
The Wadala commercial land parcel, demerged to a subsidiary, is planned for phased commercial development starting next year, with construction beginning when market demand suits.

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