Ajmera Realty & Infra India Limited — Q2 FY26 earnings call

Call held 7 Nov 2025

Management summary

Ajmera Realty reported a strong Q2 FY26, marked by its highest ever quarterly bookings and robust H1 FY26 sales and collections growth. The company successfully launched two significant projects, Ajmera Manhattan 2 and Thirty 3.15, which saw strong initial traction. Management highlighted a healthy financial position with reduced debt costs and a substantial launch pipeline, despite a slight dip in EBITDA margins due to project mix.

Highlights

  • Achieved highest ever quarterly bookings of INR 828 crores, representing 48% Y-o-Y growth in Q2 FY26.

  • H1 FY26 sales volume reached 2,93,000 sq ft, a 20% Y-o-Y increase.

  • H1 FY26 collections grew 52% Y-o-Y to INR 454 crores.

  • H1 FY26 Revenue stood at INR 481 crores, up 20% Y-o-Y, with EBITDA at INR 139 crores (6% growth) and PAT at INR 71 crores (2% growth).

  • Total debt as of September 30, 2025, was INR 690 crores, with a healthy debt-equity ratio of 0.55x.

  • Weighted average cost of debt reduced by 24 bps to 11.51%.

  • Launched two landmark projects in Q2 FY26: Ajmera Manhattan 2 (Wadala) and Thirty 3.15 (Bandra commercial), with a combined GDV of INR 2,100+ crores.

  • Ajmera Manhattan 2 sold 38% of its inventory in less than a month, while Thirty 3.15 sold 5-6% of its inventory in the last week of September.

Key financials

3 periods

Headline

  • Total Debt
    ₹690 Cr
  • Debt Equity Ratio
    0.55×
  • Weighted Avg Cost of Debt
    11.5%

Q2 FY26

  • Sales Value
    ₹828 Cr
    YoY +48%

H1

  • FY26 Sales Volume
    2,93,000 sq ft
    YoY +20%
  • FY26 Collections
    ₹454 Cr
    YoY +52%
  • FY26 Revenue
    ₹481 Cr
    YoY +20%
  • FY26 EBITDA
    ₹139 Cr
    YoY +6%
  • FY26 PAT
    ₹71 Cr
    YoY +2%

What they filed

Q1 FY27: revenue up 22.9%, net profit up 15.4% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue200 193 151 258 219 +10%182 −6%431 +185%317 +23%
EBITDA60 63 43 78 58 −3%55 −13%107 +149%91 +17%
Net profit36 33 24 39 31 −14%28 −15%59 +146%45 +15%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Guidance & targets

Launch Pipeline

  • GDV of FY26 launch pipeline Launch Pipeline · FY26 · High confidence INR 6,400 crores
    So, while all of this, it has been on track, and we see a great momentum in terms of work and in terms of sales in our launch projects and in our existing projects as well. We are extremely on track, and we remain to see our estimated GDV of INR. 6,400 crores in FY '26 of the launch pipeline, what we are going to do, and out of which two projects have already been launched of INR 2,100 crores.

    — Dhaval Ajmera, Director - Corporate Affairs

  • GDV of upcoming seven projects Launch Pipeline · Upcoming · High confidence INR 4,300 crores
    So, looking ahead, our upcoming seven projects with a combined GDV of INR 4,300 crores across 1.6 million square feet of carpet area, we are very confident that this will have a great run, both in terms of booking and construction.

    — Dhaval Ajmera, Director - Corporate Affairs

  • Total GDV of 15-16 projects Launch Pipeline · Next 3-4 years · High confidence INR 8,000+ crores
    Overall, 15 to 16 projects with a total GDV looking in and around INR 8,000-odd crores is what the company is looking to deliver, construct and sell in the next three to four years' time.

    — Dhaval Ajmera, Director - Corporate Affairs

Deliveries

  • Possessions Deliveries · FY26 · High confidence ~1,000 homes
    On delivery side, we are gearing up to have almost about 1,000 possessions to be done in this financial year. Out of which 533 homes have been already given, and I am very happy to say that we have delivered 533 homes in the H1 FY '26.

    — Dhaval Ajmera, Director - Corporate Affairs

Project Completion

  • Manhattan 1 completion Project Completion · FY26-FY27 · Medium confidence December FY26 to March FY27
    Manhattan 1 as a project, we should be able to complete, our target is by next year, December. But in RERA timelines, obviously, they are higher, but our target is between December FY '26 to March FY '27 is what we are looking at completing it.

    — Dhaval Ajmera, Director - Corporate Affairs

Business Development

  • Revenue targets from new land parcels Business Development · Upcoming · Medium confidence INR 3,000+ crores
    So, hopefully, we are looking at about Rs. 3000-odd plus crores of revenue targets coming from two, three land parcel what we are talking to.

    — Dhaval Ajmera, Director - Corporate Affairs

Revenue

  • FY26 Top Line growth Revenue · FY26 · High confidence Significant growth

    From INR 750 crores (last year) today

    So, this financial year, definitely, last one, which we closed, which is INR 750 crores top line, and there would be significant growth over the last year's number.

    — Nitin Bavisi, CFO

Profitability

  • Margin traction Profitability · Coming quarters · Medium confidence Upward traction
    Margin definitely, as I explained, relatively the low-margin projects being participating into the revenue. That's how the EBITDA and the PAT margin being stable. But going forward, because we have such a healthy high-margin presales already booked like in Manhattan and other projects kind of a thing, there would be a margin upward traction in terms of the coming quarters.

    — Nitin Bavisi, CFO

Risks & concerns

  • Project approval delays due to BMC elections

    medium

    Management expects delays in project approvals once BMC elections are announced and officials become busy, potentially impacting launch timelines for projects not yet approved.

    Management acknowledged

  • Margin volatility due to project mix

    low

    EBITDA margins may fluctuate quarter-to-quarter, potentially dipping when lower-margin redevelopment or slum projects contribute significantly to revenue, compared to higher-margin greenfield projects.

    Management acknowledged

Q&A highlights

3 direct
Outcome of overseas investments in Bahrain and UK Direct
And on the Bahrain project, we exited and we received the down payment, and we do have the inventory entitlement there. And upon the advanced stage of the completion of this project, we expect this inventory to get monetized. And then after the repatriation of the Bahrain also is expected in about a couple of quarters from here on. ... So, Bahrain, we have received about INR 35-odd crores and that too when we exited the project in a few years before in FY '22, and balance of the inventory entitlement of 10,000-plus square meters, and it is ongoing and advanced stage of the completion of the project.

Analysts inquired about the status and monetization of the company's overseas assets, which are expected to contribute to cash flow in the near future.

Asked by Dhaval Jain / Taruna Maheshwari

Sales momentum post Q2 launches and regulatory approvals for upcoming projects Direct
So, as we said that Manhattan, we had launched just at the fag end, but obviously about a week prior to the quarter ending. And we have had a tremendous response, and we got really good numbers coming in. We have now moved into the sustenance phase in Manhattan, and we are looking at that sustenance sales continuing over the next few quarters because the launch pipeline will, I mean, sales pipeline will continue there. ... Vikhroli, we are in advanced stage of getting approvals. Hopefully, in the next few days, I would say, or next few weeks, we should be able to complete all the approvals in place, and we should be able to start launching the project.

This question sought clarity on the sales performance of recently launched projects and the readiness of the next phase of launches, which are crucial for future growth.

Asked by Dixit Doshi

Reason for the drop in EBITDA margin for the September quarter Direct
So, basically, sir, it is because of the composition of the project, which are participating into the top line revenue recognition. And as you know that we are recognizing the revenue on the percentage of completion and on the sustaining sales of the ongoing projects what we have been. And most of the projects are being that of the Bangalore and as well the relatively low-margin projects, that of the Vihara and such other project. So, that's how the relatively a couple of basis points drop into the EBITDA one.

Analysts probed into the profitability trend, and management explained the margin compression was due to the mix of projects recognized in the quarter, with an expectation of improvement in future quarters.

Asked by Karan Bhatelia / Nilesh Sharma

3 min read 6 chapters

Detailed narrative

Q2 FY26 Performance and H1 FY26 Financials

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.

New Project Launches and Sales Traction

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.

Ongoing Project Progress and Inventory Status

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.

Future Launch Pipeline and Revenue Visibility

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 Trends and Margin Outlook

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.

Overseas Investments and Cash Flow Generation

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.

This is an AI-generated summary of a publicly available earnings call transcript.
View original transcript

More Realty earnings calls