Ajmera Realty

Ajmera Realty achieved its highest ever quarterly bookings in Q2 FY26, totaling INR 828 crores, a 48% Y-o-Y growth. For H1 FY26, sales volume reached 2,93,000 sq ft, up 20% Y-o-Y, with collections growing 52% Y-o-Y to INR 454 crores. Revenue for H1 FY26 was INR 481 crores (20% Y-o-Y growth), EBITDA was INR 139 crores (6% growth), and PAT was INR 71 crores (2% growth). The company maintained a strong financial position with total debt of INR 690 crores and a debt-equity ratio of 0.55x as of September 30, 2025.

The company successfully launched two landmark projects in Q2 FY26: Ajmera Manhattan 2 in Wadala and Thirty 3.15, a commercial project in Bandra, with a combined GDV exceeding INR 2,100 crores. Ajmera Manhattan 2 demonstrated exceptional traction, selling 38% of its inventory in less than a month. The commercial project, Thirty 3.15, also saw good initial sales, with 5-6% of its inventory sold within the last few days of September.

Existing projects continue to perform well. Ajmera Manhattan Phase-1 has achieved 89% sales, with construction progressing to 80-90% completion. Ajmera Greenfinity recorded 74% sales, and its structural work is nearly complete. In Bangalore, Lugaano & Florenza are 97% sold out with OC received, while Ajmera Iris and Ajmera Marina have achieved 70% and 68% sales respectively. The company aims to deliver approximately 1,000 possessions in FY26, having already delivered 533 homes in H1 FY26.

Ajmera Realty has a robust launch pipeline with an estimated GDV of INR 6,400 crores for FY26, including seven upcoming projects with a combined GDV of INR 4,300 crores across 1.6 million sq ft. Overall, the company plans to deliver, construct, and sell 15-16 projects with a total GDV of around INR 8,000 crores over the next three to four years. The total revenue visibility, including committed sales and available inventory, stands at INR 3,599 crores.

Realization per square foot increased from INR 22,800 in H1 last year to INR 28,000 in H1 FY26, primarily driven by higher-value projects like Manhattan (INR 30,000-32,000 per sq ft). The EBITDA margin for the September quarter saw a slight dip due to the revenue recognition of relatively lower-margin projects, particularly from Bangalore and Vihara. However, management anticipates an upward margin traction in coming quarters as high-margin presales from projects like Manhattan contribute to the income statement.

The company provided an update on its overseas investments. The Bahrain project has been exited, with a down payment received and inventory entitlement expected to be monetized in a couple of quarters. Approximately INR 35 crores have already been received from Bahrain. Repatriation from UK investments is also ongoing. These asset monetizations are expected to contribute to the estimated net cash flow of INR 1,526 crores from ongoing projects and INR 1,016 crores from projects to launch, totaling over INR 2,800 crores.