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    Ajmera Realty & Infra India Limited

    AJMERA
    Realty·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

    6

    • 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

    2

    • 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

    Single quarter

    06 metrics
    1. 01Presales Value₹1,701 Cr+57.0%YoY
    2. 02Collections₹1,103 Cr+71%YoY
    3. 03Total Sales Revenue₹1,098 Cr+46%YoY
    4. 04EBITDA₹306 Cr+25%YoY
    5. 05PAT₹157 Cr+24%YoY

    Order Book

    high confidence

    Total Value

    ₹ 1,701 crores

    as of 2026-03-31

    quantified
    57.0% YoY

    Composition

    4 new launches (FY26)(project)
    ₹ 1,394.82 crores82.0%
    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

    3
    high confidence
    CategoryHeadline
    Capex

    Capex disclosed

    Debt

    Gross ₹737 crores

    Cost 11.2%

    Liquidity

    Liquidity disclosed

    Estimated net cash flow pretax cost debt from OC received and ongoing portfolio is INR 3,150 crores.

    Guidance & targets

    7
    CategoryTargetPriority
    Presales
    Annual Presales
    INR 2,200 crores
    		High
    Business Development
    Project Additions
    INR 1,800 crores
    		High
    Debt
    Debt-to-Equity Ratio
    1.00x
    		High
    Realization
    Incremental Price Increase
    10-15% year-on-year
    		High
    Project Launch
    Kanjurmarg Project Launch
    H2 FY27
    		Medium
    Project Launch
    Boutique Offices Launch
    Q3 FY27
    		High
    Project Launch
    Manhattan Phase 3 Launch
    within FY27
    		High

    What to watch in Q1 FY27

    5

    Kanjurmarg Land Conversion Status

    Next quarter or so
    CurrentApplied, regulatory process ongoing, issues to resolve
    TargetResolution 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

    3
    RiskSeverity

    Geopolitical Tensions and Market Volatility

    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

    medium

    Buyer Caution and Extended Decision Timelines

    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

    medium

    Regulatory Delays for Kanjurmarg Project

    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

    medium

    Q&A highlights

    7

    “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

    2 min read7 chapters

    Detailed Narrative

    01

    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.

    02

    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.

    03

    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.

    04

    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.

    05

    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.

    06

    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.

    07

    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.

    This is an AI-generated summary of a publicly available earnings call transcript. It is for informational purposes only and does not constitute investment advice, a recommendation, or an endorsement. inve.money is not a SEBI-registered investment advisor. Please consult a qualified financial advisor before making any investment decisions.