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Ajmera Realty & Infra India Results: Latest Quarterly Results & Analysis

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Ajmera Realty & Infra India Ltd. 06 Nov 2025 15:03 PM
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Q2FY26 Quarterly Result Announced for Ajmera Realty & Infra India Ltd.

Realty company Ajmera Realty & Infra India announced Q2FY26 results

  • Total Revenue: Rs 221.0 crore compared to Rs 204.1 crore during Q2FY25, change 8%.
  • EBIDTA: Rs 59.9 crore compared to Rs 64.5 crore during Q2FY25, change -7%.
  • EBIDTA Margin: 27% for Q2FY26.
  • PBT: Rs 42.8 crore compared to Rs 46.5 crore during Q2FY25, change -8%.
  • PAT: Rs 31.2 crore compared to Rs 36.3 crore during Q2FY25, change -14%.
  • PAT Margin: 14% for Q2FY26.
  • EPS: Rs 7.72 for Q2FY26.

Dhaval Ajmera, Director, Corporate Affairs said: “The Q2 and H1FY26 performance further reinforces our focus on disciplined growth, timely execution, and prudent financial management. During the quarter, we launched two marquee projects Ajmera Manhattan 2 and Thirty 3.15 with a combined GDV of Rs 2,100 crore, both receiving an encouraging market response. Strengthened balance sheet with a healthy debt-to-equity ratio of 0.55x, supported by robust sales momentum and strong collections, resulting in a well-optimized debt structure. With a strong project pipeline of GDV of Rs 4,357 crore across seven projects and strong demand visibility, we remain focused on maintaining this growth trajectory through strategic launches, robust pipeline, operational excellence, and a balanced approach to financial prudence.

The outlook on development potential of Wadala stands robust with a lucrative line-up projected to generate a topline sales value of over Rs 12,000 crore. During H2FY26, we plan to launch a boutique office space with estimated carpet area over ~6 lakh sq.ft with an estimated GDV of Rs 1800 crore. Further FY27 onwards, we aim to foray into uber-luxury residential space and launch a project spreading across ~13.8 lakh sq.ft, estimated to generate a GDV of Rs ~5700 crore. Further, the next phases of Ajmera Manhattan to be developed across ~9 lakh sq.ft that will add an estimated GDV of Rs ~3200 crore.”

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Realty company Ajmera Realty & Infra India announced Q1FY26 results

  • Revenue grew by 32% YoY to Rs 260 crore in Q1FY26, compared to Rs 196 crore in Q1FY25.
  • EBITDA increased by 19% YoY to Rs 79 crore in Q1FY26, compared to Rs 67 crore in Q1FY25 with an EBITDA margin of 31%.
  • PAT rose by 20% YoY to Rs 39 crore in Q1FY26, compared to Rs 33 crore in Q1FY25.
  • Sales volume stood at 63,244 sq. ft., generating sales value of Rs 108 crore in Q1FY26.
  • Collections increased by 42% to Rs 234 crore in Q1FY26 from Rs 165 crore in Q1FY25.
  • Debt decreased by 6% to Rs 619 crore in Q1FY26, compared to Rs 662 crore in FY25, bringing down the debt-to-equity ratio to 0.50x.

Dhaval Ajmera, Director, Corporate Affairs said: “The Q1FY26 performance showcases our unwavering commitment to consistent and timely project deliveries, backed by the trust our customers place in us, even amid a dynamic market landscape. We enhanced our execution capabilities, leading to a remarkable 42% YoY increase in collections significantly strengthening our cash flows and clocked the highest quarterly revenue in the last five years. We have strategically reduced our overall debt by 6%, including a significant 40% reduction in corporate debt. This, coupled with a 45 bpsreduction in our weighted average cost of debt compared to FY25, further strengthens our balance sheet. Demonstrating our operational excellence, we secured the Occupation Certificate for Ajmera Prive and completed the handover almost a year ahead of RERA deadlines. Looking ahead, despite the regulatory delays in securing approvals for our key projects, we remain optimistic about our nine projects set to launch, collectively representing a Gross Development Value of ?6,460 crore. This positions us well to drive growth and deliver value to our stakeholders.”

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Realty company Ajmera Realty & Infra India announced Q4FY25 & FY25 results

Q4FY25 Financial Highlights:

  • Total Revenue: Rs 154 crore in Q4FY25 vs. Rs 234 crore in Q4FY24 — down 34%
  • EBITDA: Rs 46 crore in Q4FY25 vs. Rs 69 crore in Q4FY24 — down 33%
  • EBITDA Margin: 30% in Q4FY25 vs. 29% in Q4FY24 — up 100 bps
  • PBT: Rs 33 crore in Q4FY25 vs. Rs 40 crore in Q4FY24 — down 17%
  • PAT: Rs 24 crore in Q4FY25 vs. Rs 29 crore in Q4FY24 — down 18%
  • EPS: Rs 6.4 in Q4FY25 vs. Rs 8.1 in Q4FY24 — down 21%

FY25 Financial Highlights:

  • Revenue grew by 6% YoY to Rs 753 crore in FY25, compared to Rs 708 crore in FY24
  • EBITDA increased by 18% YoY to Rs 246 crore in FY25, with an improved EBITDA margin of 33%, up 300 bps in FY25
  • PAT rose by 22% YoY to Rs 126 crore in FY25, with a PAT margin of 17%, up 200 bps in FY25
  • Sales volume grew by 26% YoY to 5,95,902 sq. ft, driven by strong project launches, while sales value grew by 6% YoY to Rs 1,080 crore in FY25
  • Collections increased by 13% to Rs 646 crore in FY25 from Rs 570 crore in FY24
  • Debt was reduced by 15% to Rs 662 crore in FY25, lowering debt-to-equity ratio to 0.55x

Commenting on the Q4 & FY25 performance, Dhaval Ajmera, Director (Operation & Strategy) – Ajmera Realty & Infra India said: “FY25 has been a year of strong performance backed by operational excellence, financial discipline and sustained market demand. Our results reflect consistent delivery, customer confidence, and the ability to adapt in a dynamic environment. New project launches contributed 40% of our total sales value, highlighting the market’s robust response to our developments. Enhanced execution capabilities and improved collection efficiency from 56% in FY24 to 60% in FY25 further boosted our cash flows. Supported by healthy operating cash flow and successful equity raised, we strategically reduced debt by 15%, thereby fortifying our balance sheet. With nine highpotential projects lined up for launch, representing an estimated Gross Development Value of Rs 6,460 crore, we are well-positioned to accelerate growth and create enduring value for all stakeholders.”

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Realty company Ajmera Realty & Infra India announced Q3FY25 results

  • Revenue: Rs 199 crore compared to Rs 209 crore during Q3FY24, change -5%.
  • EBIDTA: Rs 69 crore compared to Rs 62 crore during Q3FY24, change 11%.
  • EBIDTA Margin: 35% for Q3FY25.
  • PBT: Rs 45 crore compared to Rs 41 crore during Q3FY24, change 10%.
  • PBT margin: 22% for Q3FY25.
  • PAT: Rs 33 crore compared to Rs 30 crore during Q3FY24, change 11%.
  • PAT margin: 17% for Q3FY25.
  • EPS: Rs 9 for Q3FY25.

Dhaval Ajmera, Director, Ajmera Realty & Infra India, said: "The company continues to progress on its robust growth trajectory, delivering consistent results that highlight the success of our strategic initiatives. The exceptional response to our newly launched portfolio further strengthens our confidence as we gear up for upcoming launches of six projects with GDV of Rs 4,300 crore in the quarters ahead. The equity raised has significantly enhanced our capital base and enabled us to successfully reduce corporate debt, in line with our stated guidance. With our aggressive business development strategies, we have added one mn sq.ft worth INR 2,450 crore GDV, in our legacy markets where we are well-positioned to advance to the next phase of our growth journey. These strategic milestones reinforce our market leadership and drive sustainable, long-term value creation for our stakeholders."

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Realty company Ajmera Realty & Infra India announced H1FY25 & Q2FY25 results

  • Revenue in Q2FY25 grew by 38% on a YoY basis to Rs 204 crore from Rs 148 crore in Q2FY24, while H1FY25 recorded a YoY growth of 51% to Rs 400 crore from Rs 265 crore in H1FY24.
  • PAT in Q2FY25 grew by 58% on a YoY basis to Rs 36 crore as compared to Rs 23 crore in Q2FY24, while H1FY25 PAT grew by 55% YoY to Rs 69 crore from Rs 44 crore in H1FY24.
  • Sales Value grew by 18% in H1FY25 to Rs 560 crore from Rs 476 crore in H1FY24.
  • Collections remained robust in H1FY25 with a 34% growth surging to Rs 298 crore from Rs 222 crore in H1FY24, driven by strong sales and efficient project execution.
  • Company has on boarded marquee investors in its Equity raise of Rs 225 crore on preferential allotment basis and successfully closed its maiden private equity deal with domestic institutional investor.

Dhaval Ajmera, Director – Ajmera Realty & Infra India said: “The company remains steadfast on its growth trajectory, delivering impressive results that reflect our strategic initiatives. We are happy to increase the equity through preferential allotment which is testimony of the growth potential of the company from the investors who are strategically aligned with our objectives. A robust pipeline comprising seven projects with a Gross Development Value of ?4,270 crores is set to launch, positioning the second half of FY25 for significant optimism and value creation. These developments collectively enhance the company’s prospects and stakeholder value.”

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Realty company Ajmera Realty & Infra India announced Q1FY25 results:

Financial Highlights: 

  • Revenue grew by 67% in Q1FY25 on YoY basis to Rs 196 crore from Rs 118 crore in Q1FY24.
  • PAT grew by 52% in Q1FY25 on a YoY basis, surging to Rs 33 crore from Rs 22 crore in Q1FY24.
  • Sales value grew by 36% YoY in Q1FY25, increasing to Rs 306 crore from Rs 225 crore in Q1FY24, which was buoyed by the successful launch of Ajmera Vihara at Bhandup and sustained sales of Ajmera Manhattan Ajmera Prive and Ajmera Greenfinity AB.
  • Collections remained healthy in Q1FY25 with a 49% YoY growth, surging to Rs 165 crore from Rs 111 crore in Q1FY24.
  • Debt has been reduced by Rs 58 crore in Q1FY25 from Operating cash flow.

Commenting on the Q1FY25 performance, Dhaval Ajmera, Director – Ajmera Realty & Infra India Limited said: “In Q1FY25, Ajmera Realty continued its robust growth momentum with a stellar performance across all financial metrics, driven by strong sales growth and excellent collection efficiencies across all projects. This growth trajectory is a testament to the company’s coveted launch pipeline and paves the way further towards our fullyear guidance.

Given the powerful tailwinds fanning buoyancy in demand across the sector, along with favorable government policies boosting domestic sales and inclination from NRIs and overseas institutional investors, the industry is witnessing an active growth fuelled by end-users driven demand. We are banking on this opportunity and look forward to leveraging this to drive high-octane growth for the company. With an estimated Gross Development Value (GDV) of about Rs 4,270 crore spread across 7 projects, we are bullish about achieving our goals and look forward to a promising year ahead.”

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Ajmera Realty & Infra India announced Q4FY24 & FY24 results:

Q4FY24 Financial Highlights:

  • Sales Value grew by an impressive twofold in Q4FY24, surging to Rs 287 crore from Rs 140 crore in Q4FY23.
  • Collections remained robust in Q4FY24 with a 91% YoY growth, surging to Rs 197 crore from Rs 103 crore in Q4FY23.
  • Total Revenue in Q4FY24 grew by 99% on YoY basis to Rs 234 crore from Rs 118 crore in Q4FY23.
  • PAT in Q4FY24 grew by 90% on a YoY basis to Rs 29 crore as compared to Rs 15 crore in Q4FY23.
  • Debt-equity ratio being 0.90:1 as against 0.94:1 as at Q3FY24 & 1.00:1 at the end of the Q4FY23.

FY24 Financial Highlights:

  • For FY24, Sales Value was Rs 1,017 crore, recording a 21% YoY growth.
  • FY24 collections surged to Rs 197 crore from Rs 103 crore in FY23, marking a robust 91% YoY growth.
  • Total Revenue in FY24 recorded a YoY growth of 61% to Rs 708 crore from Rs 441 crore in FY23.
  • FY24 PAT grew by 44% YoY basis to Rs 103 crore from Rs 72 crore in FY23.

Commenting on the Q4 & FY24 performance, Dhaval Ajmera, Director – Ajmera Realty & Infra India said: “I’m pleased to announce that FY24 marked a structural shift in our company’s illustrious history, with many major milestones being achieved. Ajmera Realty recorded its robust annual topline of Rs 700 crore and a bottomline of Rs 100 crore. The pre-sales for the company clocked over Rs 1,000 crore which is remarkable despite the higher base effect. Looking ahead, we are more confident than ever of achieving our strategic vision of 5x growth, considering our exceptionally strong pipeline of launches, project additions, managing leverage despite growth momentum; we hereby are taking a leap ahead with our guidance for FY25E with a 33% growth in Pre-Sales.”

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Realty Company Ajmera Realty & Infra India announced Q1FY24 results:

  • Sales value at Rs 225 crore; up 60% QoQ
  • Sales volume at 1,35,460 Sq. ft; up 96% QoQ
  • Collection at Rs 111 crore; up 8% QoQ
  • Revenue at Rs 118 crore; up 113% YoY
  • PAT at Rs 21 crore; up 82% YoY, PAT Margin at 18%
  • The debt-equity ratio at 0.97x; achieves breakthrough at sub 1x

Commenting on the performance of Q1FY24, Dhaval Ajmera, Director –ARIIL said, “We are pleased to announce that our company has delivered a stellar performance in Q1FY24, witnessing a remarkable 96% quarter-on-quarter sales growth at 1,35,460 sq. ft. This phenomenal sales growth is attributed to the launch of a premium residences project in Ghatkopar along with Bengaluru having a multiplier effect. Sales are expected to continue being driven by the strong demand for quality housing throughout the rest of the year.

Our company recorded tremendous YoY growth in revenue of 113% to Rs 118 crore and 82% in PAT amounting to Rs 21 crore, the contribution of revenue-eligible projects to the bottom line showcases our operational efficiency. Our efficient debt management efforts resulted in a reduction of the weighted avg. cost of debt to 11.9% for Q1 FY24, as compared to 13.7% for Q4FY23 on account of financial performance and credit profile improvements, also we successfully achieved a debt/equity ratio of 0.97 vs 1.12 YoY, a sub 1x ratio.

Our primary goal is to achieve a five-fold increase in sales by the year 2025. To accomplish this, we have set clear priorities, including ensuring the timely delivery of projects within committed timelines, enhancing overall execution efficiency and strategically launching three new projects during this fiscal year with a gross development value of ~Rs 1,800 crore. We remain confident with our strong revenue visibility estimated at Rs 3,960 crore from our ongoing projects and future launches. Our business objective is to not only grow exponentially but also create supply to meet the demands of end users.

Key factors driving the demand for real estate will be the sustenance of macro factors through interest rate pause and conducive economic growth. Additionally, the completion of major transit infrastructure projects will create new micro markets, particularly in MMR, opening fresh business opportunities. To capitalize on these opportunities, we plan to venture into new micro-markets in H2 FY24.”

 

Result PDF

Ajmera Realty & Infra India announced FY23 results:

  • Sales Value increased by 95% YoY to Rs 842 crore
  • Sales Volume grew by 50% YoY to 3,70,219 lakh sq. ft.
  • Collections increased by 35% YoY to Rs 532 crore
  • PAT increased by 58% YoY to Rs 72 crore, with PAT Margin at 16%
  • Debt decreased by 7% YoY to Rs 776 crore
  • Launched 2 projects for a Gross Development Value of around Rs 1,650 crore
  • Acquired land with a Gross Development Value of around Rs 550 crore

Commenting on the performance during Q4FY23 & FY23, Dhaval Ajmera, Director –ARIIL said, “We are pleased to announce that our company has achieved strong performance throughout FY23, with sales reaching Rs 842 crore. This success is due to sales momentum gained in our existing as well as the new launches of Ajmera Manhattan & Ajmera Prive during the year, fast-paced execution, and the strong demand for quality homes in the sector. Backed by industry reforms and continued demand from homebuyers along with the unchanged repo rate, we are highly optimistic about our growth strategy and the future of the real estate sector.

Our company achieved a remarkable 58% growth in PAT to Rs 72 crore, with PAT margin increasing by 695 bps to 16%, which has been a testimony to our operational efficiency in faster execution capability showcased for Sikova & Greenfinity project. We also deleveraged debt by 7% on a YoY basis, yielding to our debt/equity ratio of 1:1 for FY23 which has been primarily on account of our debt management efforts and growth in our sales collection.

Looking forward, we are confident in our 5x growth strategy, with a promising launch pipeline of four projects with Gross Development Value (GDV) of about Rs 2000 crore, this includes our upcoming sales launch for Ajmera Eden during this quarter. We are also excited to share that we recently acquired a land parcel at Vikhroli East, which is expected to further fuel our growth journey. Our brand's legacy and commitment to providing homes across segments and customer satisfaction are key to our growth moving forward, and we remain optimistic about our prospects in the coming year.”

 

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Ajmera Realty & Infra India announced Q4FY22 results:

  • FY22:
    • Sale Value at Rs 431 crore; 344 Number of units sold
    • Collections at Rs 394 crore
    • Revenue at Rs 489 crore; up 39% YoY
    • EBIDTA at Rs 123 crore; up 22% YoY, EBIDTA Margin at 25%
    • PBT at Rs 62 crore; up 51% YoY, PBT Margin at 13%
    • PAT at Rs 45 crore; up 50% YoY, PAT Margin at 9% 
  • Q4FY22:
    • Sale Value at Rs 122 crore; 128 Number of units sold
    • Collections at Rs 93 crore,
    • Revenue at Rs 184 crore; up 130% YoY
    • EBIDTA at Rs 43 crore; up 64% YoY, EBIDTA Margin at 23%
    • PBT at Rs 20 crore; up 21% YoY, PBT Margin at 11%
    • PAT at Rs 14 crore; up 12% YoY, PAT Margin at 8%
    • Realization at INR 13,452 per sq. ft.; up 11% YoY 

Commenting on the Q4 & FY22 performance, Mr. Dhaval Ajmera, Director – Ajmera Realty & Infra India Limited said:

“India’s real estate sector has shown significant improvement in every quarter of FY22, reinforcing growth momentum. As the pandemic begins to wane across the country, we expect the real estate sector to continue positive growth over the next few years.

Today’s millennial homebuyer decisions are influenced by their need to upgrade to modern larger living spaces furthered by an upsurge in quality projects, lucrative offers from real estate companies and low interest rates on home loans. These, along with a significant change in work culture driven by hybrid working, enhanced hiring data led by tech companies and rising disposable incomes are some important factors that have improved the outlook for the sector. The Union Budget 2022-23 announcements such as digitisation of land records, increased allocation under PM Awas Yojna, PM Gati Shakti, are further expected to boost investments in this sector.

With a stronger demand for quality housing quarter on quarter, Ajmera Realty has delivered a strong performance in FY22. In line with the current demand during the year, Ajmera Realty has projected strong execution in its projects, coupled with greater revenue visibility.

All our advanced stage projects have been brought to OC stage with significant inventory being sold. Our project Greenfinity, has showcased ahead of schedule execution with a 22-storey superstructure completed in a short span of ~14 months. This is a self-funded project through sales subvention at a competitive interest rate. Our project Sikova, a boutique office development in Ghatkopar, Mumbai witnessed 50% of sales during the Covid-19 pandemic period, is now eligible for revenue recognition. We also strategically moved one of our commercial project Nucleus in Bangalore, from a cash flow generating revenue model to an outright sale model. We expect to accrue revenue of Rs 800 crores from our existing projects in Mumbai and Bengaluru.

With a robust launch pipeline, we maintain sustained momentum towards our 5x growth plan, as we look forward to building on this momentum in next 3- 5 years. In line with our objective to grow exponentially, we plan to launch five projects in Mumbai and one project in Bangalore, during the FY23 & FY24, with a total revenue potential of Rs 4,000 Cr and an estimated saleable area of ~2.8 msf. Of these, we have already launched Ajmera Manhattan, Wadala during the month of April 2022. This brings the total estimated revenue of Rs 4,800 crores in the next 3-5 years from our future launches as well as existing projects.

In the coming years, the company also plans to integrate inorganic growth, through low capex acquisition in the form of JV / JDA / DA Model. Despite rising prices and the current geopolitical situation, we foresee the residential and commercial real estate outlook to remain optimistic with strong sales activity supported by continued dynamic policy support, high vaccination coverage, improving infrastructure and positive business environment."

 

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