Any current/future new fundraising through debt or equity?

The company currently has debt of about INR 620 crores with a target debt-equity ratio of around 0.85 by year-end. They expect project-level loans and working capital loans to support their robust INR 6,500 crores launch pipeline. Cash flow from sales collections is being used prudently for construction, approvals, new land acquisitions, and debt reduction. During Q1 FY '26, the company reduced debt by 6% (from INR 662 crores to INR 619 crores) and lowered borrowing costs by 45 basis points to 11.75% per annum. No specific announcements about new equity fundraising were made during the call. T

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

Ajmera Realty has a robust development and launch pipeline worth approximately INR 6,500 crores for the financial year. Total estimated costs (capex/capital investment) for these projects are around INR 4,200 to 4,400 crores, constituting about 70% of the GDV. Capital costs include upfront approval costs, construction (hard costs), overheads, finance, and marketing (soft costs), spread over the project lifecycle. The company is actively negotiating 3-4 large projects in Mumbai suburbs and Bangalore, with announcements expected by next two quarters. For the Wadala demerged land, Ajmera is explo

Future growth expectations in sales/revenue/volumes?

The company is very confident of achieving or potentially surpassing its annual sales target of INR 1,600 crores for the current year despite initial delays due to regulatory approvals. Planned project launches worth INR 6,500 crores GDV in the coming financial year will fuel growth. The total revenue visibility stands strong at about INR 8,100 crores, combining INR 1,637 crores from ongoing projects and INR 6,457 crores from the launch pipeline. The company targets delivery of around 1,000 homes this financial year, supporting volume growth. Steady construction progress, healthy sales momentu

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

Ajmera Realty & Infra India Limited is optimistic about future growth with multiple project launches worth INR 6,500 crores planned in FY '26, indicating strong revenue growth potential. Revenue visibility stands strong at about INR 8,100 crores from ongoing and pipeline projects, with an estimated net cash flow (pre-tax, post-debt) of INR 666 crores. Q1 FY '26 reported a 32% YoY revenue increase to INR 260 crores and 20% YoY net profit growth to INR 39 crores, reflecting improved profitability and operational efficiency. EBITDA margin of 31% maintained through cost management and operational

Current/ Expected Orderbook/ Pending Orders?

Current order book (ongoing + to-be-sold inventory) totals approximately INR 1,637 crores. Sales already achieved from ongoing projects amount to INR 1,082 crores. Remaining inventory available for sale from ongoing projects is about INR 555 crores. Launch pipeline projects are valued at around INR 6,500 crores GDV. Total revenue visibility including current and launch pipeline stands strong at approximately INR 8,100 crores. The company plans 7 to 8 project launches this financial year accounting for INR 6,500 crores GDV. Projects in the pipeline include key locations such as Wadala, Bandra,

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Ajmera Realty & Infra India LtdQ2 FY25Realty

Ajmera Realty & Infra India Ltd Q2 FY25 Earnings Call Analysis

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

Price: ₹139P/E: 20.8Market Cap: ₹2.5K 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

→The company is very confident of achieving or potentially surpassing its annual sales target of INR 1,600 crores for the current year despite initial delays due to regulatory approvals.
→Planned project launches worth INR 6,500 crores GDV in the coming financial year will fuel growth.
→The total revenue visibility stands strong at about INR 8,100 crores, combining INR 1,637 crores from ongoing projects and INR 6,457 crores from the launch pipeline.
→The company targets delivery of around 1,000 homes this financial year, supporting volume growth.
→Steady construction progress, healthy sales momentum, and inventory absorption are expected to drive sustained revenue expansion.
→Reduction in debt and improved financial discipline provide headroom to capitalize on growth opportunities.
→Launches are planned across multiple locations including Wadala, Bandra, Versova, Vikhroli, Andheri West, Ghatkopar, and Bangalore.

Margin guidance

Category 3

→Ajmera Realty & Infra India Limited is optimistic about future growth with multiple project launches worth INR 6,500 crores planned in FY '26, indicating strong revenue growth potential.
→Revenue visibility stands strong at about INR 8,100 crores from ongoing and pipeline projects, with an estimated net cash flow (pre-tax, post-debt) of INR 666 crores.
→Q1 FY '26 reported a 32% YoY revenue increase to INR 260 crores and 20% YoY net profit growth to INR 39 crores, reflecting improved profitability and operational efficiency.
→EBITDA margin of 31% maintained through cost management and operational discipline.
→The company targets timely project executions and possession deliveries, which are expected to drive sustained cash flows and profits.
→Robust sales momentum and maintaining debt-equity ratio guidance (~0.85) supports controlled financial leverage and profitability.
→Overall, strategic growth initiatives and favorable real estate market conditions point to growth in earnings, operating profits, and EPS in the near term.

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Fundraise plans

Yes

→The company currently has debt of about INR 620 crores with a target debt-equity ratio of around 0.85 by year-end.
→They expect project-level loans and working capital loans to support their robust INR 6,500 crores launch pipeline.
→Cash flow from sales collections is being used prudently for construction, approvals, new land acquisitions, and debt reduction.
→During Q1 FY '26, the company reduced debt by 6% (from INR 662 crores to INR 619 crores) and lowered borrowing costs by 45 basis points to 11.75% per annum.
→No specific announcements about new equity fundraising were made during the call.
→The company aims to maintain financial discipline and improve credit profile while supporting growth and launches through project-level and working capital debt.

Order book

Yes

→Current order book (ongoing + to-be-sold inventory) totals approximately INR 1,637 crores.
→Sales already achieved from ongoing projects amount to INR 1,082 crores.
→Remaining inventory available for sale from ongoing projects is about INR 555 crores.
→Launch pipeline projects are valued at around INR 6,500 crores GDV.
→Total revenue visibility including current and launch pipeline stands strong at approximately INR 8,100 crores.
→The company plans 7 to 8 project launches this financial year accounting for INR 6,500 crores GDV.
→Projects in the pipeline include key locations such as Wadala, Bandra, Versova, Vikhroli, Andheri West, Ghatkopar, and Bangalore.
→The company targets to deliver about 1,000 homes this financial year.

Capex plans

Yes

→Ajmera Realty has a robust development and launch pipeline worth approximately INR 6,500 crores for the financial year.
→Total estimated costs (capex/capital investment) for these projects are around INR 4,200 to 4,400 crores, constituting about 70% of the GDV.
→Capital costs include upfront approval costs, construction (hard costs), overheads, finance, and marketing (soft costs), spread over the project lifecycle.
→The company is actively negotiating 3-4 large projects in Mumbai suburbs and Bangalore, with announcements expected by next two quarters.
→For the Wadala demerged land, Ajmera is exploring master planning options including branded residences and plans to finalize partners and announce this within the current financial year.
→Capital allocation prioritizes investing in new project launches and ongoing developments while actively managing debt reduction.

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