Detailed Narrative
Record Sales and Collections Drive Strong Q3 and 9M FY26 Performance
Ajmera Realty reported a stellar Q3 and 9M FY26, achieving its highest-ever sales of ₹1,431 crores for the nine-month period, a robust 72% year-on-year growth. Q3 FY26 alone saw sales double to ₹603 crores, with collections also doubling to ₹333 crores, marking the highest quarterly collection to date. Total collections for 9M FY26 surged 70% year-on-year to ₹787 crores, reflecting strong project execution and customer response. The company is poised to surpass its full-year sales guidance of ₹1,600 crores.
Strategic Revision of Wadala Boutique Office Project Unlocks Significant Value
The company announced a strategic revision to the master plan for its Wadala Boutique Office project, significantly increasing the estimated carpet area from 6 lakh square feet to 16 lakh square feet under the 33(20)(B) scheme. This revision is projected to boost the Gross Development Value (GDV) from ₹1,800 crores to ₹5,300 crores. Management aims to launch this project in phases, with the first phase expected in Q1 or Q2 of FY27, positioning it as a luxurious office-plus-retail development.
Robust Launch Pipeline and New Business Development
Ajmera Realty secured new business development projects with a Gross Development Value (GDV) of ₹2,000 crores, primarily through asset-light redevelopment models, including one in Mumbai (₹1,500 crores GDV) and one in Pune (₹500 crores GDV). The planned launch pipeline for FY26 is estimated at ₹1,491 crores GDV. The company's total revenue visibility, including committed sales and available inventory, now stands at approximately ₹5,600 crores, with an estimated cash flow generation of ₹2,316 crores from ongoing and OC-received projects.
Mixed Progress on Key Projects and Market Outlook
While Ajmera Solis Phase 1 in Vikhroli saw exceptional demand, selling 84% of its inventory within 48-60 hours, the Kanjurmarg project faces approval complexities, making its Q4 FY26 launch a 'touch-and-go situation' with a revised H1 FY27 target. Two other projects in Andheri and Ghatkopar were removed from the immediate launch pipeline due to ongoing renegotiations and legal issues, respectively, now pushed to FY27. Management noted a 'lull' in the overall market during Q3 FY26 but anticipates a steady sales spurt in the current quarter.
Disciplined Financial Management and Healthy Margins
For 9M FY26, revenue grew 11% year-on-year to ₹664 crores, with EBITDA at ₹196 crores and PAT at ₹99 crores. The company maintained healthy margins, with EBITDA margin at 30% and PAT margin at 15%. Ajmera Realty also demonstrated strong financial discipline, keeping its total debt at ₹754 crores as of December 31, 2025, and a debt-equity ratio of 0.58x, with a weighted average cost of debt at 11.59%, indicating a well-positioned balance sheet for future growth.