Ajmera Realty & Infra India Limited — Q4 FY26 earnings call

Call held 25 May 2026

Management summary

Ajmera Realty delivered a strong Q4 and FY26, achieving record presales of INR 1,701 crores and collections of INR 1,103 crores, driven by new launches and robust execution. The company significantly improved its financial health, reducing debt-to-equity to 0.53x and expanding revenue and profit. While geopolitical uncertainties are causing some buyer caution, Ajmera remains optimistic about future growth, with a substantial launch pipeline and focus on disciplined execution.

Highlights

  • FY26 presales of INR 1,701 crores, up 57% YoY, exceeding guidance of INR 1,600 crores.

  • Record collections of INR 1,103 crores in FY26, up 71% YoY.

  • Net profit grew 5.1x to INR 157 crores (38% CAGR) and revenue surged 3.1x to INR 1,098 crores since FY21.

  • EBITDA grew 3.0x to INR 306 crores since FY21.

  • Debt-to-equity ratio significantly reduced to 0.53x from 1.13x, demonstrating strong financial discipline.

  • Average realization scaled to INR 25,770 per square feet in FY26 from INR 12,083 in FY21.

Concerns

  • Geopolitical tensions are causing buyers to be more cautious, extending decision-making time from 30-45 days to 40-60 days.

  • Kanjurmarg project launch is delayed due to ongoing regulatory conversion processes, now expected in H2 FY27.

Key financials

  1. Presales Value ₹1,701 Cr +57%YoY
  2. Collections ₹1,103 Cr +71%YoY
  3. Total Sales Revenue ₹1,098 Cr +46%YoY
  4. EBITDA ₹306 Cr +25%YoY
  5. PAT ₹157 Cr +24%YoY
  6. Debt-to-Equity Ratio 0.53×

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.

Order book

high confidence

Total value

₹1,701 Cr

as of 2026-03-31 quantified

57% YoY

Composition

  • 4 new launches (FY26) (project) ₹1,394.82 Cr 82%
  • Ajmera Manhattan 2 (Wadala) (project)
  • Bandra 33Fifteen (Commercial) (project)
  • Solis at Vikhroli (Phase 1) (project)
  • Vann by Ajmera (Versova) (project)

Pipeline

other

Total revenue visibility from committed sales, available inventory, and upcoming launch pipeline.

The company achieved its highest ever annual sales and collections, driven by strong market absorption across new project launches and sustained execution momentum across projects.

Source: Prepared remarks

Capital allocation

high confidence
  • Capex Capex disclosed
    • Mivan slidings capitalized for multiple projects ₹29 Cr
    It's more of a granular kind of a thing. I'll park and then clarify that later on, please. So, in terms of your question regarding the additions to PPE, the significant part of the PPE is pertaining to the Mivan slidings, which we have capitalized and for multiple projects, so that is what it has moved from about INR35 crores to INR60 plus crores.
  • Debt Gross ₹737 Cr Cost 11.2%
    The Company maintained a robust financial discipline with the total debt stood at INR737 crores as on March 31, 2026. Moreover, our weighted average cost of debt stood at 11.15% in FY26 versus 12.20% in FY25, highlighting our advanced credit profile and disciplined financial management.
  • Liquidity Liquidity disclosed Estimated net cash flow pretax cost debt from OC received and ongoing portfolio is INR 3,150 crores.
    The estimated net cash flow pretax cost debt from our OC received and ongoing portfolio is expected to be estimated to be around INR3,150 crores.

Guidance & targets

Presales

  • Annual Presales Presales · FY27 · High confidence INR 2,200 crores
    Complemented by steady value realization from our existing sustaining portfolio, building on FY26 performance momentum, we are setting a presales target of around INR2,200 crores for FY27.

    — Dhaval Ajmera

Business Development

  • Project Additions Business Development · FY27 · High confidence INR 1,800 crores
    To maintain this growth, we are targeting INR1,800 crores of highly selective project additions.

    — Dhaval Ajmera

Debt

  • Debt-to-Equity Ratio Debt · FY27 · High confidence 1.00x

    From 0.53x today

    As a result, you will see our debt-to-equity guidance move to 1.00x.

    — Dhaval Ajmera

Realization

  • Incremental Price Increase Realization · Year-on-year · High confidence 10-15% year-on-year
    Going forward, we are looking to launch different, different projects or different towers within Manhattan at an incremental rate of at least 10% to 15% plus year-on-year.

    — Dhaval Ajmera

Project Launch

  • Kanjurmarg Project Launch Project Launch · H2 FY27 · Medium confidence H2 FY27

    Previously Q4 FY26, then Q1 FY27 → H2 FY27

    Well, we are still under process, but as a mark of line of strategy for the larger project, we are first trying to finish off the conversion regulatory process. And once that is done, probably we will try and also see if we can launch this project... hopefully, by H2, we should be able to do that.

    — Dhaval Ajmera

  • Boutique Offices Launch Project Launch · Q3 FY27 · High confidence Q3 FY27
    So Boutique office, as we have guided in our launch pipeline, something which is the Q3 FY27 event, and we are working towards that, particularly in time lines.

    — Nitin Bavisi

  • Manhattan Phase 3 Launch Project Launch · FY27 · High confidence within FY27
    Manhattan 3, as we have guided, it is a part of the further launches. The Boutique office and which is the very, very significant value proposition and which is what we are aiming to bring into the launch within FY27.

    — Nitin Bavisi

What to watch in Q1 FY27

Kanjurmarg Land Conversion Status

Next quarter or so
Current Applied, regulatory process ongoing, issues to resolve
Target Resolution of regulatory issues, conversion to freehold

Why it matters

Unlocks significant GDV (INR 13,194 crores) and enables the launch of a landmark project.

Well, the conversion process is on. We have already applied for the conversion. But since it's a regulatory process, it takes a little while, and there are issues which we need to resolve within the regulatory framework, which we are constantly doing, we are hoping to resolve this in the next quarter or so.

Risks & concerns

  • Geopolitical Tensions and Market Volatility

    medium

    Global and regional geopolitical tensions (India-Pakistan, US tariffs, Middle East) have injected uncertainty into global supply chains and energy markets, moderately trimming fiscal year growth forecasts.

    Management acknowledged

  • Buyer Caution and Extended Decision Timelines

    medium

    Due to the current geopolitical scenario, buyers have become more cautious, extending the time for conversion of flats from 30-45 days to 40-60 days, though inherent demand remains.

    Both acknowledged

  • Regulatory Delays for Kanjurmarg Project

    medium

    The conversion of Kanjurmarg land from leasable to freehold is a regulatory process with issues to resolve, delaying the project launch, now expected in H2 FY27.

    Both acknowledged

Q&A highlights

6 direct
Kanjurmarg Land Conversion and Project Launch Timeline Partial
Well, we are still under process, but as a mark of line of strategy for the larger project, we are first trying to finish off the conversion regulatory process. And once that is done, probably we will try and also see if we can launch this project... hopefully, by H2, we should be able to do that.

Analyst questioned the delay in converting Kanjurmarg land to freehold and the subsequent launch timeline, which is critical for unlocking significant GDV.

Asked by Apoorv

Versova Project Sales Traction Direct
So this project is a luxury project, and it is not a normal mid-income housing projects. So where the traction is pretty fast. While this is luxury project, the micro market, obviously demands that kind of size and the pricing. But at the same time, we will have to we go by the entire requirement of the demand supply and that is where we were mindful that we will not see good numbers or great velocity of sales coming. But during the life cycle of the project, we will see the tractions coming for the sales.

Analyst noted slower sales for the luxury Versova project; management explained it's a strategic choice for value over velocity in a niche market.

Asked by Jahnvi Shah

Impact of AI on Real Estate Demand Direct
Well, Al is definitely taking over a lot of demand or the work efficiencies within the working culture. But at the same time, what we see is that real estate housing and sales of flats is more towards looking at actual usage from customers. I don't see we will have a lot of disruption coming for sales. In fact, I feel with the growing efficiencies, I think demand for real estate will also continue to grow with the AI coming in place, I feel people will become more efficient and with that growth will also become better.

Analyst raised a macro concern about AI's potential impact on job markets and real estate demand; management provided a positive outlook.

Asked by Saurabh Sadhwani

Geopolitical Scenario Impact on Buyer Decisions Direct
Right now, people have become cautious with the current geopolitical scenario. It has got nothing to do with AI, but it is more with the current geopolitical scenario, people have become cautious and they are trying to analyze and assess and take their decisions accordingly. But we are seeing inheritant demand. Let's say, if a person was coming today and within 30 days or 45 days, there would be a conversion for the flat, it has now moved or pushed to 40 days to 50 or 60 days.

Management acknowledged that geopolitical tensions are extending buyer decision-making timelines, indicating a market headwind.

Asked by Saurabh Sadhwani

Increase in Property, Plant and Equipment (PPE) Direct
So, in terms of your question regarding the additions to PPE, the significant part of the PPE is pertaining to the Mivan slidings, which we have capitalized and for multiple projects, so that is what it has moved from about INR35 crores to INR60 plus crores.

Analyst inquired about a significant increase in PPE, and management clarified it was due to capitalization of Mivan slidings for projects.

Asked by Karan Bhatelia

Kanjurmarg Project Funding and Debt-to-Equity Guidance Direct
So, while giving the guidance, we have considered and taken the conservative approach alongside the land conversion as a part of the financial leverage and as well the further 8 projects which we are aiming to launch in FY27. So those all things culminating into the 1.0x as a guidance of the debt equity. But as well, we are working towards the SPV level as Dhaval bhai mentioned, and it would be more conservative approach while giving the guidance as such.

Analyst questioned the increase in debt-to-equity guidance despite SPV funding plans, leading to management clarifying the conservative nature of the guidance.

Asked by Sameer Baisiwala

Kanjurmarg Land Outright Sale Rumor Direct
Well, there are obviously offers coming on the table, discussions happening. We've not yet narrowed down unless we get a better offer and if we feel in the overall scheme of things of our value proposition, adding to it. We are open to it, but we've not yet closed down on anything.

Analyst asked about a rumor of an outright sale of a portion of the Kanjurmarg land, revealing that management is actively considering monetization options.

Asked by Abhi Shah

2 min read 7 chapters

Detailed narrative

Strong FY26 Financial and Operational Performance

Ajmera Realty achieved a landmark FY26, with net profit growing 5.1x to INR 157 crores (38% CAGR) and revenue surging 3.1x to INR 1,098 crores since FY21. EBITDA also saw a 3.0x growth to INR 306 crores. The company reported record presales of INR 1,701 crores, exceeding its guidance of INR 1,600 crores by 57% YoY, and collections of INR 1,103 crores, up 71% YoY.

Enhanced Market Positioning and Realization

The company's average realization scaled to INR 25,770 per square foot in FY26, a significant increase from INR 12,083 in FY21, reflecting improved market positioning. This was supported by strong demand for luxury housing, branded residences, and township developments in key urban markets, with projects like Solis at Vikhroli achieving 86% inventory absorption in Phase 1 and Ajmera Manhattan 2 selling 48% of its inventory.

Disciplined Financial Management and Deleveraging

Ajmera Realty maintained strict financial discipline, successfully reducing its debt-to-equity ratio from 1.13x to a resilient 0.53x. Total debt stood at INR 737 crores as of March 31, 2026, with the weighted average cost of debt improving to 11.15% in FY26 from 12.20% in FY25. Collection efficiency also improved to 65% from 60% in FY25, providing liquidity to outperform leverage targets.

Robust Launch Pipeline and Revenue Visibility

The company has a substantial future growth pipeline, including an estimated GDV of INR 13,194 crores from its Wadala land bank and an FY27 launch pipeline of INR 6,324 crores, totaling INR 19,518 crores in GDV. Overall revenue visibility stands at INR 10,432 crores, comprising INR 1,837 crores from committed sales, INR 2,270 crores from available inventory, and INR 6,324 crores from upcoming launches.

Strategic Project Launches and Micro-Market Dominance

Ajmera successfully launched four new projects in FY26, contributing nearly 82% of its presales. These include Ajmera Manhattan 2 and Vann by Ajmera in Versova, marking entry into new luxury micro-markets. The company emphasizes an asset-light strategy for business development, undertaking INR 2,433 crores across 5 projects, and aims to scale and dominate high-potential micro-markets.

Kanjurmarg Project Development and Regulatory Hurdles

The Kanjurmarg land conversion from leasable to freehold is underway, with applications submitted and resolution expected in the next quarter. While the company has appointed a master planner and started back-end processes, the launch of the first project on the 11-acre plot is contingent on regulatory clearances, with a target of H2 FY27 for an official launch of residential, commercial, and retail towers. Discussions are also ongoing for potential outright sale of a 7-acre portion of the land.

Market Outlook and Buyer Behavior

Management noted that while the real estate sector is optimistic, geopolitical tensions have introduced caution, extending buyer decision-making timelines from 30-45 days to 40-60 days. Despite this, inherent demand remains strong. The company anticipates a 10-15% YoY price increase for new projects and towers, especially in luxury segments like Manhattan, due to its township development model and amenities.

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