Ajmera Realty & Infra India Limited (AJMERA)
₹129.17 +5.76% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Ajmera Realty's revenue was ₹317 Cr (+22.6% year on year, -26.5% on the previous quarter), and net profit ₹44.9 Cr (+13.9% year on year); the operating margin was 28.8%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹317 | +22.6% | -26.5% |
| Operating profit | ₹91.3 | +16.7% | -14.7% |
| Net profit | ₹44.9 | +13.9% | -23.8% |
| EPS (₹) | 2.19 | +12.5% | -22.6% |
| Operating margin | 28.8% | — | — |
EPS restated for the ₹10 to ₹2 split of Jan 2026: Q1 FY26 ₹9.73 to ₹1.95.
AJMERA delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 45.02% of the AJMERA shares traded on NSE were taken to delivery, against the stock's own 20-session average of 49.81%. That is close to its usual level. It traded 5.1 times its average daily volume.
Delivery in the last 5 sessions: 37.2% · 66.2% · 48.7% · 55.3% · 45.0%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Ajmera Realty reported its operational update for Q2FY27 with pre-sales value falling 69% YoY to ₹224 crore, down from ₹720 crore in Q2FY26. Carpet area sold declined 68% YoY to 72,883 sq. ft., while collections dropped 14% YoY to ₹190 crore. On a sequential basis, pre-sales improved 54% QoQ from ₹146 crore in Q1FY27. For H1FY27, cumulative pre-sales stood at ₹370 crore (vs ₹828 crore in H1FY26, down 55%) against a TTM revenue baseline of ₹1,149 crore.
- Q2FY27 sales value plunged 69% YoY to ₹224 crore compared to ₹720 crore in Q2FY26
- Carpet area sold in Q2FY27 dropped 68% YoY to 72,883 sq. ft. from 2,29,772 sq. ft.
- H1FY27 sales value fell 55% YoY to ₹370 crore against ₹828 crore in H1FY26
- Q2FY27 collections stood at ₹190 crore, down 14% YoY but up 10% sequentially
- Ajmera Prive reached fully sold-out status during the period
Ajmera Realty & Infra India Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate was issued by the company's Registrar and Share Transfer Agent, MUFG Intime India Private Limited, on October 3, 2026. It confirms that share certificates received for dematerialisation during the period were processed, confirmed or rejected, and mutilated in line with statutory timelines. This is a recurring administrative filing and carries no financial or operational impact.
- Compliance certificate filed under Regulation 74(5) of SEBI (DP) Regulations, 2018
- Covers the quarter ended September 30, 2026
- Issued by RTA MUFG Intime India Private Limited dated October 3, 2026
- Confirmation that received share certificates were duly verified, mutilated, and cancelled within prescribed timelines
Ajmera Realty & Infra India Limited announced the voting results and Scrutinizer's report for its 39th Annual General Meeting held on September 23, 2026. All 8 resolutions were approved by shareholders with substantial majorities exceeding 99%. Key approved items include the declaration of a final dividend of Re. 1 per equity share (face value Rs. 2) for FY26, the re-appointment of Mr. Manoj I. Ajmera as Managing Director, and the revision in remuneration of Chairman & Managing Director Mr. Rajnikant S. Ajmera.
- Final dividend of Re. 1/- per equity share (face value Rs. 2/-) approved unanimously with 100% assent (14,67,28,137 votes)
- Re-appointment of Managing Director Mr. Manoj I. Ajmera passed with 99.52% votes in favor
- Revision in remuneration of CMD Mr. Rajnikant S. Ajmera approved with 99.44% majority
- Appointment of Mr. Dhaval R. Ajmera as Senior Management Personnel (Director - Corporate Affairs) approved with 99.50% assent
- A total of 72 shareholders attended the meeting via Video Conferencing (2 promoters, 70 public)
Ajmera Realty & Infra India Ltd has scheduled a 1-on-1 in-person meeting with First Water Capital on Wednesday, September 23, 2026. The intimation is filed under Regulation 30 of the SEBI Listing Regulations. The meeting schedule is subject to changes based on exigencies from either party. No financial results, order details, or price-sensitive presentations were disclosed in the filing.
- One-on-one in-person meeting scheduled with First Water Capital
- Meeting date: Wednesday, September 23, 2026
- Filed under SEBI LODR Regulation 30
Ajmera Realty's Board of Directors has approved a proposal to raise funds up to Rs 500 crore through the issuance of Non-Convertible Debentures (NCDs), bonds, or other instruments on a private placement basis. The issuance may be conducted in one or more tranches and is subject to shareholder approval. The proposed Rs 500 crore debt fundraise is substantial, representing approximately 37% of the company's market cap of Rs 1,349 crore and nearly matching its existing debt of Rs 550 crore. The capital will likely support ongoing pipeline executions and launches across core Mumbai and Bangalore markets.
- Board approved issuance of NCDs/Bonds/instruments up to an aggregate amount of Rs 500 Crores
- Instruments to be issued on a private placement basis in one or more tranches
- Proposed raise represents ~37% of current market cap (Rs 1,349 Cr) and ~91% of current debt (Rs 550 Cr)
- Issuance is subject to approval from the Members of the Company
Ajmera Realty & Infra India Limited's wholly owned subsidiary, Shree Yogi Realcon Private Limited, has acquired a 51% stake in Ajmera MD Realty LLP for a cash consideration of Rs 51,000. Following the acquisition, Ajmera MD Realty LLP has become a step-down subsidiary of the company. The target entity is in the real estate business and has reported nil turnover over the last three financial years. The transaction is a related-party transaction at arm's length, structured to act as a vehicle for future project expansion.
- Acquired 51% stake in Ajmera MD Realty LLP via wholly owned subsidiary Shree Yogi Realcon Private Limited
- Total cash consideration paid is Rs 51,000 against LLP's total capital contribution of Rs 1,00,000
- Target entity reported nil turnover for the last three financial years
- Entity is a related party with promoter group members holding designated partner/partner roles
Ajmera Realty & Infra India Limited has issued an intimation under Regulation 36(1)(b) of SEBI LODR regarding the dispatch of letters containing the weblink to its FY25-26 Integrated Annual Report for shareholders with unregistered email addresses. The company's 39th Annual General Meeting is scheduled to be held virtually on Wednesday, September 23, 2026, at 4:00 PM IST. The cut-off date for electronic distribution was August 21, 2026. This is a routine administrative compliance filing with no immediate financial impact.
- 39th Annual General Meeting (AGM) scheduled for September 23, 2026, at 4:00 PM IST via Video Conferencing
- Cut-off date for sending AGM notice and Annual Report electronically was August 21, 2026
- Integrated Annual Report for FY25-26 made accessible via company website and designated portal links
- Filing made pursuant to SEBI LODR Regulation 36(1)(b) for shareholders without registered email addresses
Ajmera Realty & Infra India Limited has issued a tax deduction communication to shareholders regarding the final dividend of Re 1 per equity share (face value Rs 2) recommended for FY 2025-26. Resident shareholders will face a 10% TDS if aggregate dividend exceeds Rs 10,000 and valid PAN is available, or 20% if PAN is invalid or unlinked to Aadhaar. Non-resident shareholders are subject to a 20% base withholding tax plus applicable surcharge/cess, or treaty rates subject to documentation. Shareholders must submit tax exemption forms (Form 121, Form 41, TRC) on or before September 11, 2026.
- Recommended final dividend of Re 1 per equity share (face value Rs 2) for FY 2025-26
- TDS rate of 10% on resident shareholder payouts exceeding Rs 10,000 with valid PAN; 20% for missing or inoperative PAN
- Non-resident dividend withholding set at 20% plus surcharge/cess or relevant DTAA rate upon document submission
- Deadline to submit tax exemption documents and forms via RTA portal is September 11, 2026
Ajmera Realty & Infra India Limited has scheduled a virtual one-on-one institutional investor meeting with Sakman Capital Advisors LLP on Monday, August 31, 2026. This intimation is submitted under Regulation 30 of the SEBI (LODR) Regulations, 2015. The company currently has a market capitalization of ₹1,381 crore with TTM revenues of ₹1,149 crore and TTM PAT of ₹162 crore.
- One-on-one investor meeting scheduled for Monday, August 31, 2026
- Interaction to take place virtually with Sakman Capital Advisors LLP
- Filing submitted under Regulation 30 of SEBI LODR Regulations
Ajmera Realty & Infra India Limited has fixed Wednesday, September 16, 2026, as the record date for determining shareholder eligibility for its final dividend. The company recommended a final dividend of Re. 1 per equity share of face value Rs. 2 each for FY26 (50% payout on face value). Subject to approval at the upcoming Annual General Meeting, the dividend will be disbursed on or before October 22, 2026. At the current share price of Rs 119.5, this translates to a dividend yield of approximately 0.84%.
- Final dividend fixed at Re. 1/- per equity share of face value Rs. 2/- each for FY26
- Record date established as September 16, 2026
- Dividend payment scheduled to be completed on or before October 22, 2026
- Represents a 50% dividend payout on equity share face value
Ajmera Realty & Infra India has issued the notice for its 39th Annual General Meeting scheduled for September 23, 2026, via video conferencing. Key resolutions include shareholder approval for a final dividend of ₹1 per equity share (face value ₹2) for FY26. Additionally, the AGM will vote on 3-year term extensions for Managing Director Manoj I. Ajmera and Whole-time Director Sanjay C. Ajmera starting April 2027, along with a revision in remuneration for CMD Rajnikant S. Ajmera.
- 39th Annual General Meeting scheduled for September 23, 2026 at 4:00 PM IST via VC/OAVM
- Final dividend approval of ₹1 per equity share of face value ₹2 for FY26
- Re-appointment of Manoj I. Ajmera as MD for 3 years from April 24, 2027 (last drawn remuneration ₹154.47 Lakhs)
- Re-appointment of Sanjay C. Ajmera as Whole-time Director for 3 years from April 24, 2027 (last drawn remuneration ₹57.94 Lakhs)
- Proposed revision in remuneration for CMD Rajnikant S. Ajmera effective August 1, 2026 (last drawn remuneration ₹238.77 Lakhs)
Ajmera Realty reported a steady Q1 FY27 with revenue growing 23% YoY to Rs 320 Cr and PAT increasing 14% to Rs 45 Cr. Despite a seasonally softer quarter, the company achieved sales of Rs 146 Cr and collections of Rs 173 Cr. Management highlighted a massive GDV opportunity of Rs 21,000 Cr, anchored by the Wadala land bank (Rs 18,000 Cr) and a Rs 3,000 Cr launch pipeline for FY27. Liquidity was bolstered by receiving Rs 89 Cr from asset monetization, part of a projected Rs 330 Cr cash flow.
- Revenue increased 23% YoY to Rs 320 Cr, while EBITDA grew 18% to Rs 94 Cr.
- Total GDV opportunity estimated at Rs 21,000 Cr, which is approximately 19x the TTM revenue.
- Received Rs 89 Cr as profit share from property sales, part of a Rs 330 Cr asset monetization plan.
- Sales value of Rs 146 Cr recorded for 43,000+ sq. ft. area in Q1 FY27.
- Debt-to-Equity ratio remains healthy at 0.47x, with management guiding for a 1x cap despite upcoming project launches.
Ajmera Realty & Infra India Limited has scheduled an interaction with institutional investors and analysts for August 13, 2026. The meeting will take place at the Emkay Confluence 2026 annual investor conference in an in-person format, including both group and one-to-one sessions. This is a routine investor relations activity for the company, which currently maintains a TTM revenue of Rs 1,091 Cr and a PAT of Rs 157 Cr. Investors should note the company's low P/E of 5.7 relative to its growth guidance.
- Meeting scheduled for August 13, 2026, at the Emkay Confluence 2026 conference
- Interaction format includes both in-person Group and One-to-one meetings
- Company is managing a significant project pipeline of 22 lakh sq. ft. planned for FY26
- Current TTM revenue stands at Rs 1,091 Cr with a market capitalization of Rs 901 Cr
Ajmera Realty & Infra India Limited has scheduled a one-on-one in-person meeting with Jainam Broking on August 11, 2026. This comes as the company manages a significant project pipeline of Rs 4,723 Cr and a planned launch of 22 lakh sq. ft. for FY26. With a TTM revenue of Rs 1,091 Cr and a relatively low P/E of 5.7, the company is actively engaging with institutional participants to discuss its growth strategy in Mumbai and Bangalore. Such meetings are standard procedural disclosures under SEBI regulations.
- One-on-one in-person meeting scheduled for August 11, 2026
- Interaction is specifically with Jainam Broking
- Company is executing a 22 lakh sq. ft. launch pipeline for FY26
- Current project pipeline is valued at approximately Rs 4,723 Cr
- TTM revenue stands at Rs 1,091 Cr with a PAT of Rs 157 Cr
CRISIL has reaffirmed Ajmera Realty & Infra India Limited's corporate credit rating and long-term bank loan rating at 'CRISIL A-/Stable'. This rating indicates an adequate degree of safety regarding the timely servicing of financial obligations and low credit risk. The company currently manages a debt of Rs 550 Cr against a net worth of Rs 1206 Cr, resulting in a stable Debt-to-Equity ratio of 0.46. This reaffirmation supports the company's financial credibility as it prepares for a significant 22 lakh sq. ft. launch pipeline in FY26.
- CRISIL reaffirmed the Corporate Credit Rating at A-/Stable on August 05, 2026
- Long Term Bank Loan Rating also reaffirmed at CRISIL A-/Stable
- Company maintains a Debt-to-Equity ratio of 0.46 with total debt at Rs 550 Cr
- Ajmera is targeting a robust launch pipeline of 22 lakh sq. ft. for FY26
Financial Performance
Revenue Growth by Segment
The Group primarily operates in the Real Estate segment, which achieved a revenue of INR 481 Cr in H1 FY26, representing a 20% YoY growth compared to H1 FY25. This growth was driven by strong sales traction and project execution.
Geographic Revenue Split
Operations are highly concentrated in the micro-markets of Mumbai and Bangalore. While specific percentage splits per city are not provided, the company identifies this concentration as a key risk factor, as any regional slowdown directly impacts the total top line.
Profitability Margins
EBITDA and PAT margins remained stable in Q2 FY26 despite participating revenue from relatively lower-margin projects. Management expects upward margin traction in coming quarters as high-margin presales from projects like 'Manhattan' begin to be recognized in the revenue stream.
EBITDA Margin
Core profitability is expected to improve from current stable levels. The company reported a 20% YoY revenue growth in H1 FY26, and the transition toward high-margin premium projects is projected to drive EBITDA margin expansion beyond the historical baseline.
Capital Expenditure
The company has planned a massive expansion with a total project cost of INR 4,723 Cr for launching approximately 22 lakh sq. ft. of area in FY26. This represents a significant scale-up in investment compared to previous years.
Credit Rating & Borrowing
The company's debt to adjusted Cash Flow from Operations (CFO) was high at 3.97 times for fiscal 2024. Borrowing costs are moderate, with an adjusted CFO to interest ratio of 2.87 times. The company plans to fund new projects with additional debt of INR 1,348 Cr.
Operational Drivers
Raw Materials
Key construction inputs include steel, cement, sand, and labor. While specific cost breakdowns are not listed, construction costs for ongoing projects are funded by debt at a level of approximately 96%.
Import Sources
Not disclosed in available documents; however, materials are typically sourced locally within India to support projects in Mumbai and Bangalore.
Capacity Expansion
The company has completed 155 projects totaling 20.3 million sq. ft. Current expansion plans include launching 22 lakh sq. ft. in FY26, which will increase the active development pipeline significantly.
Raw Material Costs
Construction costs represent a major portion of the project cost. For ongoing projects, cumulative construction costs reached a level where debt represents 28% of the total cost as of March 31, 2025.
Manufacturing Efficiency
Efficiency is measured by sales velocity and construction milestones. For example, Ajmera Eden achieved 98% sales upon structural completion, and Ajmera Greenfinity reached 74% sales with structural work nearly finished.
Strategic Growth
Expected Growth Rate
20%
Growth Strategy
Growth will be achieved through a robust launch pipeline of 22 lakh sq. ft. in FY26, focusing on high-margin premium projects in Mumbai and mid-market housing in Bangalore. The company is also leveraging redevelopment opportunities, such as the Vihara Bhandup project (81% sold).
Products & Services
Residential apartments ranging from mid-segment housing (e.g., Lugaano, Florenza) to premium residential skyscrapers (e.g., Manhattan, Eden).
Brand Portfolio
Ajmera Realty, Ajmera Greenfinity, Ajmera Eden, Ajmera Vihara, Ajmera Iris, Ajmera Marina, Ajmera Manhattan.
New Products/Services
Recent launches include Ajmera Iris and Ajmera Marina (launched Q4 FY25), which have already achieved 70% and 68% sales respectively, contributing to the INR 828 Cr H1 FY26 sales value.
Market Expansion
The company is deepening its presence in its core markets of Mumbai and Bangalore, with 22 lakh sq. ft. of new launches planned for FY26 to capture demand in premium and mid-market segments.
Strategic Alliances
The Group operates through various subsidiaries, joint ventures, and associates to execute large-scale real estate developments.
External Factors
Industry Trends
The industry is seeing a shift toward premiumization and branded developers. Ajmera is positioning itself by launching premium projects and maintaining a 'Built on Trust' brand image to capture 81% sell-out rates in 24 hours.
Competitive Landscape
Operates in a highly fragmented market with intense competition from both local and national developers in the Mumbai and Bangalore micro-markets.
Competitive Moat
The moat is built on a 50-year legacy, brand trust, and a strong execution track record (155 projects). This allows for high sales velocity (e.g., 98% sold in Ajmera Eden) even before project completion.
Macro Economic Sensitivity
Highly sensitive to interest rates and urban housing demand. Real estate cyclicality and volatile prices are cited as inherent industry risks that impact project viability.
Consumer Behavior
There is a strong trend toward mid-to-premium residential units with modern amenities, evidenced by the robust demand for the company's recent launches in Bangalore and Mumbai.
Geopolitical Risks
Primary risks are domestic, related to Indian regulatory changes and regional economic shifts in Maharashtra and Karnataka.
Regulatory & Governance
Industry Regulations
Operations are subject to RERA (Real Estate Regulatory Authority) norms, local municipal building codes in Mumbai and Bangalore, and environmental clearances for large-scale constructions.
Environmental Compliance
The company maintains an ESG framework, including insurance renewals and health checkups, though specific compliance costs in INR are not disclosed.
Taxation Policy Impact
The company accounts for current tax liabilities (INR 12.70 Lakhs as of March 2025) and follows Ind AS for financial reporting.
Legal Contingencies
The company discloses contingent liabilities in its financial notes, though specific aggregate values for pending court cases were not detailed in the provided snippets.
Risk Analysis
Key Uncertainties
The primary uncertainty is the timely collection of sales advances to service high debt obligations. Failure to meet sales targets for the 22 lakh sq. ft. FY26 launch pipeline could lead to liquidity stress.
Geographic Concentration Risk
Approximately 100% of operations are concentrated in Mumbai and Bangalore, making the company vulnerable to regional regulatory changes or economic downturns in these two cities.
Third Party Dependencies
High dependency on construction contractors and labor providers to execute the INR 4,723 Cr project pipeline on schedule.
Technology Obsolescence Risk
The company is mitigating tech risks by implementing an ERP platform for supply chain management and a structured digital database for governance.
Credit & Counterparty Risk
Credit risk is managed through a focus on collections, which grew 52% YoY to INR 454 Cr in H1 FY26, ensuring steady cash inflows from homebuyers.
