Any current/future new fundraising through debt or equity?

Ajmera Realty has completed a preferential equity allotment of ₹225 crore to marquee strategic investors. The proceeds from this equity raise are earmarked for multiple debt repayments, project launches, promoter contributions, and general corporate purposes. Company is open to project-level partnerships especially for capital-intensive commercial developments, like Wadala and Kanjurmarg. Debt funding at the project level (working capital loans) will continue, supported by operating cash flow from ongoing projects. Weighted average cost of debt rose slightly to 12.22% due to a recent p

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

Ajmera Realty is planning significant project launches with a gross development value (GDV) of approximately ₹4,270 crores over the next 2-3 years. Capital expenditure for these projects includes construction costs estimated around ₹800 to ₹1,000 crores. The company plans to fund these via a mix of equity raise (recent preferential allotment of ₹225 crores), project-level debt, and operating cash flows. Asset-light strategies like redevelopment and joint ventures will spread costs over the project lifecycle, reducing upfront capital pressure. Strategic partnerships are being considered, especi

Future growth expectations in sales/revenue/volumes?

Ajmera Realty targets significant growth with a vision to achieve a 5x increase. Sales value for H1 FY25 reached ₹560 crore, marking 18% YoY growth with strong sales momentum. Launch pipeline projects have a Gross Development Value (GDV) of about ₹4,270 crore, expected to be executed over 2-3 years. Ongoing projects contribute revenue visibility of about ₹17,000 crore. Cash generation estimated at around ₹2,300 crore over the next 3-3.5 years supports the growth plans. Future launches include large projects like Wadala (₹1,550 crore) and Kanjurmarg (₹800 crore). Margins for own land bank proje

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

Ajmera Realty aims for a significant growth leap in FY25, supported by strong project performances and sales momentum. Sales value for H1 FY25 was ₹560 crore, showing 18% YoY growth; revenue increased 51% YoY to ₹400 crore. EBITDA grew 67% YoY to ₹131 crore, with a margin of 33%; PAT rose 55% YoY to ₹69 crore (17% margin). Future launch pipeline GDV of ₹4,270 crore expected to be executed over 2-3 years, with sales growth targeted at roughly 50%. Ongoing projects and upcoming launches provide robust revenue visibility of about ₹17,000 crore. Margins expected to remain healthy: 35%-45% EBITDA f

Current/ Expected Orderbook/ Pending Orders?

Ajmera Realty has a strong revenue visibility of Rs. 1780 crore from OC received and ongoing projects. The launch pipeline projects have an estimated GDV of about Rs. 4270 crore to be executed over the next 2-3 years. The total launch pipeline is planned over approximately three and a half years. Potential launches include 17 lakh square feet with a gross development value of over Rs. 4200 crore. The company expects to generate cash flows of around Rs. 2300 crore over the next 3-3.5 years combining ongoing projects, new launches, and asset monetization. Ongoing projects will contribute cash in

Ajmera RealtyQ2 FY25Realty

Ajmera Realty Q2 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 1

Margin

Category 3

Fundraise

Yes

Order

Yes

Capex

Yes

4 of 5 growth signals are positive — a strong management growth story.

Full analysis

Revenue guidance

Category 1

Ajmera Realty targets significant growth with a vision to achieve a 5x increase.
Sales value for H1 FY25 reached ₹560 crore, marking 18% YoY growth with strong sales momentum.
Launch pipeline projects have a Gross Development Value (GDV) of about ₹4,270 crore, expected to be executed over 2-3 years.
Ongoing projects contribute revenue visibility of about ₹17,000 crore.
Cash generation estimated at around ₹2,300 crore over the next 3-3.5 years supports the growth plans.
Future launches include large projects like Wadala (₹1,550 crore) and Kanjurmarg (₹800 crore).
Margins for own land bank projects are targeted at 35%-45% EBITDA; redevelopment/JV projects target 20%-30%.
Strategic partnerships are being explored for commercial, retail, and hospitality segments to enhance value and sales potential.
The company expects continuous and robust collections to support aggressive project launches through FY25 and beyond.

Margin guidance

Category 3

Ajmera Realty aims for a significant growth leap in FY25, supported by strong project performances and sales momentum.
Sales value for H1 FY25 was ₹560 crore, showing 18% YoY growth; revenue increased 51% YoY to ₹400 crore.
EBITDA grew 67% YoY to ₹131 crore, with a margin of 33%; PAT rose 55% YoY to ₹69 crore (17% margin).
Future launch pipeline GDV of ₹4,270 crore expected to be executed over 2-3 years, with sales growth targeted at roughly 50%.
Ongoing projects and upcoming launches provide robust revenue visibility of about ₹17,000 crore.
Margins expected to remain healthy: 35%-45% EBITDA for own land projects; 20%-30% for redevelopment/JVs.
Company plans to remain well-capitalized with equity raises and project-level debt, supporting fast growth and potential partnerships.
Overall outlook optimistic for 5x growth in strategic vision, with sustained profitability and cash flows.

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

Fundraise plans

Yes

Ajmera Realty has completed a preferential equity allotment of ₹225 crore to marquee strategic investors.
The proceeds from this equity raise are earmarked for multiple debt repayments, project launches, promoter contributions, and general corporate purposes.
Company is open to project-level partnerships especially for capital-intensive commercial developments, like Wadala and Kanjurmarg.
Debt funding at the project level (working capital loans) will continue, supported by operating cash flow from ongoing projects.
Weighted average cost of debt rose slightly to 12.22% due to a recent project-level private equity deal.
No explicit mention of imminent large-scale future fundraises, but the company remains well capitalized with equity and operating cash flows to fund growth.
Possibility of future fundraises exists if opportunities to grow fast or acquire new projects arise, as mentioned in response to investor queries.

Order book

Yes

Ajmera Realty has a strong revenue visibility of Rs. 1780 crore from OC received and ongoing projects.
The launch pipeline projects have an estimated GDV of about Rs. 4270 crore to be executed over the next 2-3 years.
The total launch pipeline is planned over approximately three and a half years.
Potential launches include 17 lakh square feet with a gross development value of over Rs. 4200 crore.
The company expects to generate cash flows of around Rs. 2300 crore over the next 3-3.5 years combining ongoing projects, new launches, and asset monetization.
Ongoing projects will contribute cash inflows of approximately Rs. 760 crore from completions.
Asset monetization is expected to yield about Rs. 330 crore.
The company continues to explore partnerships and funding options to support the launch and development pipeline.

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

Capex plans

Yes

Ajmera Realty is planning significant project launches with a gross development value (GDV) of approximately ₹4,270 crores over the next 2-3 years.
Capital expenditure for these projects includes construction costs estimated around ₹800 to ₹1,000 crores.
The company plans to fund these via a mix of equity raise (recent preferential allotment of ₹225 crores), project-level debt, and operating cash flows.
Asset-light strategies like redevelopment and joint ventures will spread costs over the project lifecycle, reducing upfront capital pressure.
Strategic partnerships are being considered, especially for commercial, retail, or hospitality segments, to bring in capital, brand value, and expertise.
Ajmera has also closed a private equity deal for part funding the acquisition and approval costs of a Vikhroli project.
Additionally, asset monetization is expected to contribute ₹330 crores in cash flows over the next few years.
The company aims to remain well-capitalized and liquid to support growth and future investments.

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