Any current/future new fundraising through debt or equity?

The company has recently completed an equity raise, which has helped reduce its debt by about 14% (INR107 crores) over the past 9 months. The weighted average cost of debt remains stable at approximately 12.22%. There is no explicit mention of any immediate or planned future fundraising through debt or equity in the provided transcript. Management emphasizes leveraging improved financial health and cash flows for growth but did not indicate new fundraising plans. Future capital needs or fundraising intentions may be communicated after the financial year-end, as indicated by comments about work

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

Ajmera Realty is undertaking infrastructure-related work on land parcels, including laying roads and fixing boundaries, which is expected to take 6-8 months. They are planning commercial projects on the Wadala land, with backend planning ongoing and discussions for joint ventures in progress. Construction activity is prioritized to begin soon after necessary approvals, including environment clearances, are obtained. New project launches planned include the Wadala residential project targeted for Q4 FY25 and several launches in Q1 FY26, totaling a launch pipeline of INR4,300 crores. Str

Future growth expectations in sales/revenue/volumes?

Ajmera Realty expects a presales guidance of INR 1,350 crores for FY 2025, maintaining strong sales momentum. Launch pipeline increased to INR 4,300 crores with six projects planned in next two quarters, targeting around 1.7 million sq ft. Revenue visibility stands at INR 1,700+ crores from ongoing projects and INR 6,000+ crores overall including the launch pipeline. EBITDA margins are expected to be sustainable around 33%-35% going forward. Sales area for Q3 FY25 increased by 59% YoY; revenue up 27% YoY; PAT up 37% YoY indicating strong growth and efficiency. New project launches in Wadala an

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

Ajmera Realty & Infra India Limited expects sustainable margin growth supported by faster project execution and recent equity raised, which has deleveraged the balance sheet. Revenue visibility stands strong at over INR 6,000 crores from ongoing and pipeline projects. The company anticipates maintaining EBITDA margins around 33-35%, with steady PAT margin at about 17%. Presales guidance for FY 25 is INR 1,350 crores, translating into healthy top-line and EBITDA growth over 4-5 quarters post achieving project cost milestones and approvals. Launch pipeline for FY 25 and FY 26 continues r

Current/ Expected Orderbook/ Pending Orders?

Ajmera Realty & Infra India Limited has strong revenue visibility of over INR 1,700 crores from ongoing projects with Occupation Certificates (OC) received. The launch pipeline is estimated to contribute approximately INR 4,300 crores. Overall, total revenue visibility exceeds INR 6,000 crores combining ongoing projects and upcoming launches. Six projects are scheduled for launch in the next two quarters, collectively offering about 1.7 million sq. ft with a GDV of INR 4,300 crores. The company has added projects worth INR 2,450 crores in GDV over the last 9 months, with an expected sales velo

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Ajmera Realty & Infra India LtdQ4 FY26Realty

Ajmera Realty & Infra India Ltd Q4 FY26 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 3

Margin

Category 3

Fundraise

N/A

Order

Yes

Capex

Yes

2 of 4 growth signals are positive.

Full analysis

Revenue guidance

Category 3

→Ajmera Realty expects a presales guidance of INR 1,350 crores for FY 2025, maintaining strong sales momentum.
→Launch pipeline increased to INR 4,300 crores with six projects planned in next two quarters, targeting around 1.7 million sq ft.
→Revenue visibility stands at INR 1,700+ crores from ongoing projects and INR 6,000+ crores overall including the launch pipeline.
→EBITDA margins are expected to be sustainable around 33%-35% going forward.
→Sales area for Q3 FY25 increased by 59% YoY; revenue up 27% YoY; PAT up 37% YoY indicating strong growth and efficiency.
→New project launches in Wadala and Kanjurmarg expected in Q4 FY25 and Q1 FY26, boosting future sales.
→Market conditions remain positive with good demand and improved liquidity projected from recent budget and RBI policies.

Margin guidance

Category 3

→Ajmera Realty & Infra India Limited expects sustainable margin growth supported by faster project execution and recent equity raised, which has deleveraged the balance sheet.
→Revenue visibility stands strong at over INR 6,000 crores from ongoing and pipeline projects.
→The company anticipates maintaining EBITDA margins around 33-35%, with steady PAT margin at about 17%.
→Presales guidance for FY 25 is INR 1,350 crores, translating into healthy top-line and EBITDA growth over 4-5 quarters post achieving project cost milestones and approvals.
→Launch pipeline for FY 25 and FY 26 continues robust with INR 4,300 crores in upcoming project launches aimed to drive future revenue and earnings.
→Positive sector outlook supported by government initiatives, home loan accessibility, and market liquidity is expected to contribute to continued earnings expansion.
→Final FY 26 guidance will be shared closer to year-end, indicating ongoing efforts to optimize growth targets.

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Fundraise plans

→The company has recently completed an equity raise, which has helped reduce its debt by about 14% (INR107 crores) over the past 9 months.
→The weighted average cost of debt remains stable at approximately 12.22%.
→There is no explicit mention of any immediate or planned future fundraising through debt or equity in the provided transcript.
→Management emphasizes leveraging improved financial health and cash flows for growth but did not indicate new fundraising plans.
→Future capital needs or fundraising intentions may be communicated after the financial year-end, as indicated by comments about working on future guidance.

Order book

Yes

→Ajmera Realty & Infra India Limited has strong revenue visibility of over INR 1,700 crores from ongoing projects with Occupation Certificates (OC) received.
→The launch pipeline is estimated to contribute approximately INR 4,300 crores.
→Overall, total revenue visibility exceeds INR 6,000 crores combining ongoing projects and upcoming launches.
→Six projects are scheduled for launch in the next two quarters, collectively offering about 1.7 million sq. ft with a GDV of INR 4,300 crores.
→The company has added projects worth INR 2,450 crores in GDV over the last 9 months, with an expected sales velocity of one million sq. ft.
→Approvals for various projects are underway and progressing, with launches targeted in Q4 FY25 and Q1 FY26.

Capex plans

Yes

→Ajmera Realty is undertaking infrastructure-related work on land parcels, including laying roads and fixing boundaries, which is expected to take 6-8 months.
→They are planning commercial projects on the Wadala land, with backend planning ongoing and discussions for joint ventures in progress.
→Construction activity is prioritized to begin soon after necessary approvals, including environment clearances, are obtained.
→New project launches planned include the Wadala residential project targeted for Q4 FY25 and several launches in Q1 FY26, totaling a launch pipeline of INR4,300 crores.
→Strategic investments include potential partnerships (JVs) for certain projects to share capital and execution responsibilities.
→The company has reduced debt by 14% (INR107 crores) post equity raise, indicating improved financial capacity for future investments.
→Ongoing redevelopment and premium projects are being fast-tracked, indicating significant capital deployment in construction.

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