Concall AI

Ajmera Realty & Infra India Limited — Q3 FY26 earnings call

Call held 29 Jan 2026

Management summary

Ajmera Realty delivered a strong Q3 and 9M FY26, marked by record sales and collections, driven by successful new launches and strategic project revisions. The company maintained healthy margins and a disciplined financial approach, while also expanding its development pipeline and revenue visibility for future growth. Key projects like Wadala Boutique Office saw significant value unlocking, though some projects faced approval delays.

Highlights

9M FY26 sales reached a record ₹1,431 crores, growing 72% YoY.
Q3 FY26 sales doubled to ₹603 crores, with collections also doubling to ₹333 crores.
9M FY26 revenue stood at ₹664 crores, an 11% YoY increase.
9M FY26 EBITDA was ₹196 crores and PAT was ₹99 crores, maintaining EBITDA margin at 30% and PAT margin at 15%.
Net debt as of December 31, 2025, was ₹754 crores, with a healthy debt-equity ratio of 0.58x.
The Wadala Boutique Office project's GDV was significantly revised from ₹1,800 crores to ₹5,300 crores, increasing carpet area from 6 lakh to 16 lakh sq ft.
New business development projects worth ₹2,000 crores GDV were secured, focusing on asset-light redevelopment.
Ajmera Solis Phase 1 in Vikhroli saw exceptional demand, selling 84% of its inventory within 48-60 hours of launch.

Key financials

3 periods

Headline

EBITDA Margin
30%
PAT Margin
15%
Net Debt (as of Dec 31, 2025)
₹754 Cr
Debt-Equity Ratio
0.58×

Q3 FY26

Sales
₹603 Cr
Collections
₹333 Cr

9M

FY26 Sales
₹1,431 Cr
YoY +72%
FY26 Collections
₹787 Cr
YoY +70%
FY26 Revenue
₹664 Cr
YoY +11%
FY26 EBITDA
₹196 Cr
FY26 PAT
₹99 Cr
FY26 Volume
5.56 lakh sq ft
YoY +36%

What they filed

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

₹ Cr · quarterly

Line item	Q2 FY25	Q3 FY25	Q4 FY25	Q1 FY26	Q2 FY26	Q3 FY26	Q4 FY26	Q1 FY27
Revenue	200	193	151	258	219 +10%	182 −6%	431 +185%	317 +23%
Expenses	140	130	108	180	161	127	324	226
EBITDA	60	63	43	78	58 −3%	55 −13%	107 +149%	91 +17%
Margin	30%	32%	29%	30%	26%	30%	25%	29%
Other income	4	6	2	1	2	2	3	3
Interest	18	24	12	21	17	14	22	30
Depreciation	1	1	1	1	1	1	1	2
Profit before tax	47	45	33	57	43 −9%	42 −7%	87 +164%	62 +9%
Tax rate	22%	26%	27%	31%	27%	33%	33%	28%
Net profit	36	33	24	39	31 −14%	28 −15%	59 +146%	45 +15%
EPS	1.95	1.72	1.28	1.95	1.54	1.30	2.83	2.19

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

Sales

Full Year Sales Sales · FY26 · High confidence surpass ₹1,600 crores

Previously ₹1,600 crores → surpass ₹1,600 crores

Given this momentum, we are poised to surpass our one full year guidance, which is of Rs. 1,600 crores very easily.

— Dhaval Ajmera, Director, Corporate Affairs

Project GDV

Wadala Boutique Office GDV Project GDV · next 4-5 years · High confidence ₹5,300 crores

Previously ₹1,800 crores → ₹5,300 crores

gross development value from Rs. 1,800 crores to Rs. 5,300 crores.

— Dhaval Ajmera, Director, Corporate Affairs

New Business Development

New BD Projects GDV New Business Development · High confidence ₹2,000 crores

with our consistent 5x growth strategy, we've secured new business development projects worth Rs. 2,000 crores.

— Dhaval Ajmera, Director, Corporate Affairs

Launch Pipeline

Planned Launch Pipeline GDV Launch Pipeline · FY26 · High confidence ₹1,491 crores

our focus on executing the planned launch pipeline with an estimated GDV of Rs. 1,491 crores in FY26.

— Dhaval Ajmera, Director, Corporate Affairs

Revenue Visibility

Total Revenue Visibility Revenue Visibility · High confidence ₹5,600 crores

taking our overall revenue visibility to about Rs. 5,600 crores approximately

— Nitin Bavisi, Chief Financial Officer

Cash Flow

Cash Flow Generation Cash Flow · balance life cycle of projects · High confidence ₹2,316 crores

our OC received and ongoing project portfolio is estimated to generate about Rs. 2,316 crores over the balance life cycle of the projects.

— Nitin Bavisi, Chief Financial Officer

Project Launch

Wadala Boutique Office Launch Project Launch · next financial year (FY27) · Medium confidence Q1/Q2

we are doing it in next financial year, we're trying for the first quarter, but it should be between first or second.

— Dhaval Ajmera, Director, Corporate Affairs
Kanjurmarg Launch Project Launch · next financial year (FY27) · Low confidence H1

Previously Q4 FY26 → H1

So still it will be like H1 of the next financial year.

— Dhaval Ajmera, Director, Corporate Affairs
Uber-luxury Residential Wadala Launch Project Launch · FY28 · Medium confidence around FY28

So we are looking at somewhere around FY28.

— Dhaval Ajmera, Director, Corporate Affairs

Sales Velocity

Manhattan 2 Sales Velocity Sales Velocity · a quarter · Medium confidence 30-odd units

And when I say sales sales velocity, we are looking at, at least 30-odd units a quarter roughly.

— Dhaval Ajmera, Director, Corporate Affairs

Partnerships

Kanjurmarg 55 acres Partnerships Partnerships · FY27 · High confidence FY27 event

No, definitely, 110%, it's a FY27 event.

— Dhaval Ajmera, Director, Corporate Affairs

Risks & concerns

Kanjurmarg Project Approval Delays
medium

EC approval not yet applied, making Q4 FY26 launch 'touch-and-go' and likely pushing to H1 FY27 due to complexities with multiple departmental approvals.

Analyst acknowledged
Removal of Projects from Launch Pipeline (Andheri, Ghatkopar)
medium

Andheri project delayed due to renegotiation with tenants; Ghatkopar project delayed due to legal issues from plot owners, both pushed to next financial year.

Management acknowledged
Overall Market Lull/Steadiness in Q3 FY26
low

Market was 'steady but not uplifting' in Q3 due to holiday season, but management expects a 'good steady sales spurt' in the current quarter.

Management downplayed
Delays in Leasehold to Freehold Conversion
low

Progress on leasehold to freehold conversion has slowed due to ongoing elections.

Management acknowledged

Areas of evasion (3)

Exact timeline for Kanjurmarg EC approval
Detailed plans for Kanjurmarg 55-acre partnerships
Specific cost implications for Wadala FSI increase beyond a range

Q&A highlights

2 direct

Kanjurmarg Project Approval Delays and Launch Timeline Partial

So yes, you're right. It is kind of a touch-and-go situation for Kanjurmarg. But look, in a long term with a project like this and there are a lot of complexities with related to approvals...

Analyst questioned the feasibility of the Q4 FY26 launch for a significant project due to unapplied EC approvals, revealing potential further delays into H1 FY27 and complexities.

Asked by Dixit Doshi

Manhattan 2 Sales Slowdown and FY26 Project Additions Confidence Direct

So yes, the Manhattan 2 in Q3, if I look at the number of units which we sold in the last quarter versus this quarter, there has been a slowdown but that is generally the case of a project when we launch and when we have a spot of usually, these kind of projects have a 10% to 15% of sale velocity when it is launched.

Addressed concerns about a key project's sales performance and management's confidence in meeting the annual project additions target, providing context on sales strategy and pipeline.

Asked by Karthik Srinivas

Wadala Boutique Office Expansion, Launch, and JV Strategy Direct

So firstly, I'll just give you a little highlight about the Wadala micro market. Over the last few years, Wadala has been emerged as the most preferred micro market and across the residential and commercial development.

Provided detailed rationale for the significant GDV revision of a flagship project, its phased launch strategy, and the company's openness to JV partners, outlining future growth drivers.

Asked by Bharat Sheth

2 min read 5 chapters

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.

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

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