Current/ Expected Orderbook/ Pending Orders?

Ajmera Realty & Infra India Limited has an improved revenue visibility with an order book comprising OC received and ongoing projects estimated at around INR 1,897 crores. Of this, over INR 1,200 crores worth of sales have already been achieved. Approximately INR 650+ crores revenue is expected from inventory yet to be sold. The company has a launch pipeline estimated to contribute around INR 6,400+ crores. Overall revenue visibility, combining ongoing projects and the launch pipeline, stands at approximately INR 8,354 crores. The estimated net cash flow from OC received and ongoing projects i

Any current/future new fundraising through debt or equity?

Ajmera Realty plans to maintain a debt-to-equity ratio of around 0.85x for FY '26. The company will not shy away from taking project-level loans to support growth and an aggressive launch pipeline. Debt will be mapped to specific projects, avoiding general corporate debt accumulation. Equity raised money will be used as promoter/project contribution alongside internal accruals. The company aims to prepay some existing loans aggressively to reduce overall debt but acknowledges debt is inevitable in construction business. New project acquisitions worth INR 3,500-3,600 crores are planned, likely

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

Ajmera Realty has a capex plan tied to 9 projects with a total area of 2.2 million sq. ft. and GDV of INR 6,457 crores. Total estimated cost for these projects is around INR 4,500–4,800 crores, to be spent over the next 3-4 years. Capex includes upfront payments for approvals and regulatory costs, with construction and other costs spread over the project timelines. The projects have a 4-5 year timeline for completion, involving phased investment. The company plans aggressive launches supported by project-level loans, maintaining a target debt-equity ratio of 0.85x for FY '26. Additional capita

Future growth expectations in sales/revenue/volumes?

Ajmera Realty plans to launch 9 new projects totaling 2.2 million square feet with an estimated GDV of around INR 6,457 crores over the next 4-5 years. New project launches contribute significantly to revenue visibility, with pipeline projects estimated to add INR 6,400+ crores, leading to a total revenue visibility of approximately INR 8,354 crores. Sales growth has been robust with a 6% Y-o-Y increase in sales value and a 26% Y-o-Y growth in sales area in FY '25. The company expects sustained strong demand, supported by 40% of sales coming from recent project launches. Operating cash flow an

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

Ajmera Realty plans aggressive launches with 9 new projects totaling 2.2 million sq ft and a GDV of around INR 6,457 crores, positioning for strong growth. EBITDA margin was 33% in FY '25 with a PAT margin of 17%, showing healthy profitability. The company aims to maintain or improve these margins while growing revenue and profit along with project launches. Operating cash flows are expected to be robust, supported by ongoing and upcoming projects with a pipeline revenue visibility of about INR 8,354 crores. Debt-to-equity ratio guidance of 0.85x for FY '26 indicates controlled leverage while

IN US

Sale is live|00:00:00left today

Ajmera Realty & Infra India LtdQ1 FY25Realty

Ajmera Realty & Infra India Ltd Q1 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 3

Margin

Category 3

Fundraise

Yes

Order

Yes

Capex

Yes

3 of 5 growth signals are positive.

Full analysis

Revenue guidance

Category 3

→Ajmera Realty plans to launch 9 new projects totaling 2.2 million square feet with an estimated GDV of around INR 6,457 crores over the next 4-5 years.
→New project launches contribute significantly to revenue visibility, with pipeline projects estimated to add INR 6,400+ crores, leading to a total revenue visibility of approximately INR 8,354 crores.
→Sales growth has been robust with a 6% Y-o-Y increase in sales value and a 26% Y-o-Y growth in sales area in FY '25.
→The company expects sustained strong demand, supported by 40% of sales coming from recent project launches.
→Operating cash flow and equity infusion strengthen the company's capacity for aggressive project launches and growth.
→EBITDA and PAT margins are targeted to be maintained alongside revenue growth.
→Overall, Ajmera Realty is confident about growth driven by new launches, active project progress, and regulatory clearances expected soon.

Margin guidance

Category 3

→Ajmera Realty plans aggressive launches with 9 new projects totaling 2.2 million sq ft and a GDV of around INR 6,457 crores, positioning for strong growth.
→EBITDA margin was 33% in FY '25 with a PAT margin of 17%, showing healthy profitability.
→The company aims to maintain or improve these margins while growing revenue and profit along with project launches.
→Operating cash flows are expected to be robust, supported by ongoing and upcoming projects with a pipeline revenue visibility of about INR 8,354 crores.
→Debt-to-equity ratio guidance of 0.85x for FY '26 indicates controlled leverage while supporting growth.
→Cost control (capex INR 4,500 - 4,800 crores over 3-4 years) and operational efficiencies are expected to sustain profit growth.
→Strong sales momentum with consistent collections and inventory depletions support positive operating earnings outlook.

3 more insights locked — sign up free to unlock

Fundraise plans

Yes

→Ajmera Realty plans to maintain a debt-to-equity ratio of around 0.85x for FY '26.
→The company will not shy away from taking project-level loans to support growth and an aggressive launch pipeline.
→Debt will be mapped to specific projects, avoiding general corporate debt accumulation.
→Equity raised money will be used as promoter/project contribution alongside internal accruals.
→The company aims to prepay some existing loans aggressively to reduce overall debt but acknowledges debt is inevitable in construction business.
→New project acquisitions worth INR 3,500-3,600 crores are planned, likely involving added leverage mapped to specific projects.
→No explicit mention of fresh equity fundraising was made; focus seems on internal accruals, existing equity, and controlled debt financing.

Order book

Yes

→Ajmera Realty & Infra India Limited has an improved revenue visibility with an order book comprising OC received and ongoing projects estimated at around INR 1,897 crores.
→Of this, over INR 1,200 crores worth of sales have already been achieved.
→Approximately INR 650+ crores revenue is expected from inventory yet to be sold.
→The company has a launch pipeline estimated to contribute around INR 6,400+ crores.
→Overall revenue visibility, combining ongoing projects and the launch pipeline, stands at approximately INR 8,354 crores.
→The estimated net cash flow from OC received and ongoing projects is about INR 769 crores.

Capex plans

Yes

→Ajmera Realty has a capex plan tied to 9 projects with a total area of 2.2 million sq. ft. and GDV of INR 6,457 crores.
→Total estimated cost for these projects is around INR 4,500–4,800 crores, to be spent over the next 3-4 years.
→Capex includes upfront payments for approvals and regulatory costs, with construction and other costs spread over the project timelines.
→The projects have a 4-5 year timeline for completion, involving phased investment.
→The company plans aggressive launches supported by project-level loans, maintaining a target debt-equity ratio of 0.85x for FY '26.
→Additional capital infusion is expected from operating cash flows and equity.
→Ajmera is also actively acquiring new projects, with INR 3,500–3,600 crores planned for new project acquisitions in the coming financial year.

How does Ajmera Realty & Infra India Ltd rank vs peers in Realty?

Pro feature

1Ajmera Realty & Infra India Ltd

Rev 3Mar 3

See full Realty sector rankings

Want more stocks like Ajmera Realty & Infra India Ltd?

Build an AI portfolio filtered by sector, market cap, and growth rank. Takes 2 minutes.

Build my portfolio