AJMERA

Ajmera Realty & Infra India share price & financials

Real estate developer of residential and commercial projects across Mumbai, Bengaluru and Pune.

Price: ₹140.94
Market cap: ₹2.4k Cr
Sector: Realty
Calls analysed: 8

Latest concall · Q1 FY27 · call held 04 Aug 2026

Ajmera Realty & Infra India Limited Q1 FY27

Revenue ₹320 cr +23%EBITDA ₹94 cr +18%EBITDA Margin 29% PAT ₹45 cr +14%

What went well

Total revenue grew 23% YoY to ₹320 crores, driven by continuous project execution.
EBITDA increased 18% YoY to ₹94 crores, with a healthy margin of 29%.
PAT grew 14% YoY to ₹45 crores, maintaining a 14% margin.

What to watch

Consolidated interest cost increased from ₹21 crores to ₹30 crores due to high-cost debt associated with the Ajmera Solis project's revenue recognition.
The real estate industry experienced a seasonally softer quarter, leading to sequential moderation in presales and collections.

Read the full call →

What Ajmera Realty & Infra India Limited does

Ajmera Realty & Infra India Limited is a real estate developer that builds and sells residential townships and commercial/boutique-office space, earning revenue from the sale of constructed carpet area to homebuyers. It operates primarily in the Mumbai Metropolitan Region (Mira Road, Andheri, Borivali, Wadala, Bandra, Bhandup, Versova, Vikhroli) with additional projects in Bengaluru (Yehlanka, Electronic City) and Pune. The company runs projects under wholly-owned, part-owned and asset-light (JV/JDA/redevelopment) structures, and also holds large owned land parcels such as Wadala and Kanjurmarg for future development.

Homes/families delivered (possessions handed over): 46,000+
Completed development: 20.7 Mn sq.ft. carpet area across 176 projects (Mumbai, Bengaluru, Pune)
Workforce: 400+ personnel
Ongoing projects: 9 projects (2.0 Mn sq.ft.) across Mumbai and Bengaluru
Owned land bank - future development potential: 10.4 Mn sq.ft. carpet area
Launch pipeline: 8 projects (3.7 Mn sq.ft. potential launches)

Founded 1968Headquarters Mumbai Company website

Guidance record · Q1 FY27

what the last two calls moved 27 tracked 5 delivered 7 missed 15 open

South Mumbai Land Sale went quiet said Q2 FY25 Promised: Implied near-term sale to reduce debt Q1 FY27: Not mentioned in the call.
Kanjurmarg Project Launch delayed said Q2 FY25 Promised: March, April 2025 Q1 FY27: Launch timeline for the larger 55-acre parcel is now pushed to FY28. 'by the next year, FY28 when we launch, everything will be in order.'
Total Revenue Visibility on track said Q3 FY26 Promised: INR 5,600 crores Q1 FY27: Revenue visibility maintained at a high level. 'taking our overall revenue visibility to INR10,000-plus crores'.

All 27 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

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.

Performance −88.1% 1Y

1Y: ₹984.7 on 10 Sept 2025 → ₹116.75. High ₹1,073.7 (23 Sept 2025), low ₹99.98 (30 Mar 2026).

How the price took the results

close before → close after

Q1 FY27: −5.7%; 4 Aug
Q4 FY26: +9.5%; 25 May
Q3 FY26: −3.7%; 29 Jan
Q2 FY26: +0.5%; 7 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 36.3% a year over 3 years, FY23 to FY26. Operating margin narrowed to 27.3%.

Year ending	FY23	FY24	FY25	FY26
Revenue	₹430 Cr	₹700 Cr	₹738 Cr	₹1.1k Cr
Operating profit	₹124 Cr	₹201 Cr	₹230 Cr	₹298 Cr
Operating margin	28.8%	28.7%	31.2%	27.3%
Interest	₹36 Cr	₹68 Cr	₹77 Cr	₹74 Cr
Depreciation	₹0 Cr	₹1 Cr	₹4 Cr	₹4 Cr
Net profit	₹72 Cr	₹104 Cr	₹126 Cr	₹157 Cr
Net margin	16.7%	14.9%	17.1%	14.4%
Cash from operations	₹135 Cr	₹220 Cr	₹8 Cr	₹69 Cr
Free cash flow	₹131 Cr	₹217 Cr	₹2 Cr	₹40 Cr
ROCE	8.0%	12.0%	13.0%	14.0%

How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year ending	FY21	FY22	FY23	FY24	FY25	FY26
Equity capital	₹35 Cr	₹35 Cr	₹35 Cr	₹35 Cr	₹39 Cr	₹39 Cr
Reserves	₹629 Cr	₹674 Cr	₹738 Cr	₹830 Cr	₹1.2k Cr	₹1.4k Cr
Borrowings	₹775 Cr	₹868 Cr	₹843 Cr	₹808 Cr	₹652 Cr	₹711 Cr
Other liabilities	₹457 Cr	₹441 Cr	₹305 Cr	₹290 Cr	₹411 Cr	₹484 Cr
Total liabilities	₹1.9k Cr	₹2.0k Cr	₹1.9k Cr	₹2.0k Cr	₹2.3k Cr	₹2.6k Cr
Fixed assets	₹66 Cr	₹66 Cr	₹69 Cr	₹71 Cr	₹77 Cr	₹106 Cr
Capital work in progress	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr
Investments	₹50 Cr	₹25 Cr	₹66 Cr	₹110 Cr	₹96 Cr	₹120 Cr
Other assets	₹1.8k Cr	₹1.9k Cr	₹1.8k Cr	₹1.8k Cr	₹2.2k Cr	₹2.4k Cr
Total assets	₹1.9k Cr	₹2.0k Cr	₹1.9k Cr	₹2.0k Cr	₹2.3k Cr	₹2.6k Cr

How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

All earnings calls (7)

Read the Q1 FY27 call →

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