Detailed Narrative
Data Center Vertical Emerges as Growth Engine
The Data Center business is rapidly scaling, contributing ₹58.42 crore in H1 FY26. Management has set a clear roadmap to reach 63 MW of operational capacity by December 2026, which is expected to generate an annual revenue run-rate of ₹1,200 crore. The segment boasts high profitability with a 75% EBITDA margin. The company is diversifying its offering with 'Ashok Cloud,' which yields significantly higher realizations of approximately ₹12 crore per MW per month compared to ₹90 lakhs for colocation.
Balance Sheet Transformation to Zero-Debt
Anant Raj has achieved a significant milestone by becoming a net zero-debt company. Following a successful ₹1,100 crore QIP and a ₹100 crore warrant conversion by promoters, the company has prepaid ₹125 crore of debt. Net debt has remained below ₹50 crore for five consecutive quarters. This strong liquidity position allows the company to fund its aggressive Data Center expansion and real estate launches through internal accruals and surplus cash.
Real Estate Execution and Launch Pipeline
The core residential business remains robust with a planned launch pipeline of 2.6 million sq ft for the current year. Key projects include 'The Estate One' in Sector 63A, Gurugram (1.1 million sq ft) and Phase-IV of Anant Raj Estate (5 lakh sq ft), for which RERA approvals have been received. Management expects another 1.1 million sq ft project license in Q4 FY26. The company is also expanding into the Delhi market with a 7 lakh sq ft mixed-use development in Mehrauli, targeted for completion by FY28.
Strategic Pivot to Cloud Services
Beyond basic infrastructure, Anant Raj is moving up the value chain into Cloud services (SaaS and PaaS). Management noted that moving from Infrastructure-as-a-Service to Platform-as-a-Service can potentially double revenues per MW. They have already applied for MeitY empanelment and expect approval within November 2025, which will open doors to government contracts. The current mix for Cloud services is 50% government and 50% private clients.
Long-term Capacity Roadmap to 307 MW
The company reiterated its long-term vision of reaching 307 MW of total Data Center capacity by FY32. While the immediate focus is on the 63 MW and 117 MW milestones, the infrastructure for the full 307 MW is being developed across locations in Manesar, Rai, and Panchkula. Management expressed high confidence in demand absorption, citing that India currently houses only 1% of the world's data despite generating 28% of it, creating a massive tailwind for data localization.