Ajmera Realty & Infra India LtdQ1 FY26
Ajmera Realty & Infra India Ltd Q1 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 2
Margin
Category 3
Fundraise
Yes
Order
Yes
Capex
Yes
3 of 5 growth signals are positive.
Full analysisRevenue guidance
Category 2- →Ajmera Realty targets presales of around INR 2,200 crores for FY27, building on strong FY26 momentum.
- →The company plans project additions worth approximately INR 1,800 crores in FY27.
- →Upcoming launch pipeline is valued at INR 6,324 crores, supporting overall revenue visibility of INR 10,432 crores.
- →Forecasted revenue growth includes a projected 50% jump over last year's revenue in FY28.
- →The company expects steady price appreciation of 10%-15% year-on-year across new and existing projects.
- →Focus remains on disciplined execution and financial prudence amid calibrated growth strategy.
- →Strong pipeline, ongoing project execution, and asset-light strategy enable sustained growth in volumes and collections.
Margin guidance
Category 3- →Ajmera Realty achieved a 38% CAGR over past 5 years in net profit, reaching INR157 crores in FY26.
- →EBITDA grew 25% YoY in FY26 to INR306 crores, indicating operational efficiency and sustainable margins.
- →The company has a robust revenue visibility of INR10,432 crores, with INR4,108 crores from committed sales and INR6,324 crores from upcoming launches.
- →Presales for FY27 are targeted at around INR2,200 crores, with a launch pipeline of INR6,324 crores.
- →The firm expects steady revenue growth driven by selective project additions (~INR1,800 crores in FY27) and new project launches.
- →Price increases of 10-15% year-on-year are expected across projects, supporting value and profitability growth.
- →Debt-equity ratio is guided to move to 1.0x, reflecting moderate financial leverage supporting growth.
- →Overall, Ajmera Realty is positioned for accelerated top-line and profit growth over the next 4-5 years.
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Fundraise plans
Yes- →The company plans to fund the Kanjurmarg project at the Special Purpose Vehicle (SPV) level through equity partners rather than at the top Holdco level.
- →Despite this, a conservative estimate anticipates net gearing for the listed company moving up from 0.5x to 1.0x, considering land conversion and launching 8 new projects in FY27.
- →The guidance for debt equity ratio moving to 1.0x reflects prudence and includes potential leverage from these new projects.
- →Selective project additions targeting around INR 1,800 crores in FY27 are planned, which may involve fundraising.
- →No specific timelines or finalized amounts for outright sale or fresh fundraising were disclosed; discussions and evaluations are ongoing.
Order book
Yes- →The upcoming launch pipeline for FY27 is expected to contribute about INR 6,324 crores.
- →The company is targeting around INR 1,800 crores of new project additions in FY27 through selective business development.
- →Currently shortlisted dialogues involve 2-3 new projects worth around INR 1,500-1,800 crores.
- →Total revenue visibility including committed sales and available inventory stands at INR 4,108 crores.
- →Overall revenue visibility including upcoming launches reaches approximately INR 10,432 crores.
- →The estimated net cash flow pretax cost of debt from OC received and ongoing portfolio is around INR 3,150 crores.
- →In FY26, the company achieved highest ever sales value of INR 1,701 crores, surpassing guidance and supporting growth momentum.
Capex plans
Yes- →The company is targeting highly selective project additions worth around INR1,800 crores in FY27, focusing on new project launches and existing projects in the portfolio. (Page 12)
- →The upcoming FY27 launch pipeline is expected to contribute about INR6,324 crores. (Page 6)
- →Significant capital expenditure includes additions to PPE related to Mivan slidings capitalized for multiple projects, moving from INR35 crores to INR60+ crores. (Page 12)
- →Asset-light strategy involves redevelopment projects that take time to bring to the market, with five projects worth INR2,500 crores done as business development. (Page 9)
- →The company is working on project launches such as Boutique offices in Wadala planned for Q3 FY27 and Manhattan Phase 3 as part of further launches. (Page 7)
- →Discussions and tie-ups for funding at the SPV level are underway to fund conversion and regulatory processes, particularly for the Kanjurmarg project. (Page 14-15)
How does Ajmera Realty & Infra India Ltd rank vs peers in Realty?
Pro feature1Ajmera Realty & Infra India Ltd
Rev 2Mar 3
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