Ajmera Realty & Infra India Ltd. is an established real estate developer with a significant footprint, particularly in the Mumbai Metropolitan Region and Bengaluru. The company positions itself as a "Pin code Creator," having played a foundational role in developing townships in key Mumbai micro-markets like Wadala, Andheri, and Borivali. With a history of delivering homes to over 46,000 families, the company has a substantial track record. Its portfolio is extensive, comprising over 20 million square feet (MSF) of completed projects. Currently, the company has 2.0 MSF under active development across eight ongoing projects and a near-term launch pipeline of 0.6 MSF. The most significant strategic asset is its future development potential, primarily from a large, owned land bank of 12.1 MSF, which underpins its long-term growth strategy. The company maintains a dedicated workforce of over 350 personnel to manage its operations from planning to delivery.

Official Website: http://www.ajmera.com/

• Revenue and Profitability (9M FY26)

• Total Revenue: Increased by 11% year-over-year (YoY) to INR 664 Cr from INR 599 Cr in 9M FY25.

• EBITDA: Recorded a slight decrease of 2% YoY, standing at INR 196 Cr compared to INR 200 Cr in the previous year.

• Profit Before Tax (PBT): Grew by 6% YoY to INR 142 Cr.

• Profit After Tax (PAT): Declined by 4% YoY to INR 99 Cr from INR 102 Cr in 9M FY25.

• Debt Profile and Management

• Debt-to-Equity Ratio: The company has successfully reduced its leverage, with the debt-to-equity ratio standing at 0.58x as of December 2025, down from 0.97x in September 2023.

• Total Debt: Total debt as of December 2025 is INR 754 Cr, composed of INR 654 Cr in project-specific debt and INR 100 Cr in corporate debt. The company has actively reduced its corporate debt from INR 540 Cr in September 2023.

• Cost of Debt: The average cost of debt was 11.59% as of December 2025, showing stability in a high-interest-rate environment.

• Cash Flow Potential

• Existing Projects: The company estimates a net cash flow of INR 1,443 Cr from its completed and ongoing projects after accounting for balance receivables, unsold inventory value, completion costs, and outstanding debt.

• Upcoming Projects: The launch pipeline is estimated to generate an additional pre-tax surplus of INR 543 Cr.

• Total Potential: The total estimated cash flow potential from ongoing projects, the launch pipeline, and other avenues is approximately INR 2,316 Cr over the projects' lifecycles.

The company has demonstrated steady revenue growth and a strong focus on deleveraging its balance sheet, though profitability has seen minor compression. Its future cash flow visibility from the existing project portfolio is robust.

• Township Development Legacy

• The company prides itself on being an early creator of large-scale townships in Mumbai's suburbs. This experience provides it with the expertise to execute complex, multi-phase projects that create entire ecosystems rather than standalone buildings.

• Significant Owned Land Bank

• Unlike many peers who rely on joint ventures (JVs) or joint development agreements (JDAs), Ajmera holds a substantial owned land bank of 12.1 MSF. This provides significant strategic advantages, including greater control over project timelines, flexibility in phasing launches based on market dynamics, and potentially higher profit margins due to lower land acquisition costs relative to current market values.

The company's key differentiators are its proven capability in large-scale township development and its strategic ownership of a large land bank in prime locations.

• Operational Performance (9M FY26 vs 9M FY25)

• Sales Value: Achieved a 72% YoY increase, reaching INR 1,431 Cr.

• Sales Volume: Grew by 36% YoY to 5,55,991 sq. ft.

• Collections: Increased by 70% YoY to INR 787 Cr, indicating strong execution and cash flow generation from sales.

• Realization: Average realization per sq. ft. improved to INR 25,740 from INR 20,246 in the prior year.

• Portfolio Expansion

• The company is actively scaling its operations, with the ongoing portfolio at 2.0 MSF and a near-term launch pipeline of 0.6 MSF.

• It has increased its geographical presence from 6 to 10 locations and the number of active projects from 8 to 12.

Ajmera Realty is in a high-growth phase, evidenced by the sharp YoY increase in all key operational metrics, including sales value, volume, and collections.

• Monetization of Owned Land Bank

• The largest opportunity lies in the phased development of its 12.1 MSF owned land bank.

• Wadala: This land parcel has a potential development of 38.8 lakh sq. ft. with an estimated Gross Development Value (GDV) of INR 14,200 Cr.

• Kanjurmarg: This is the company's flagship land parcel with a potential development area of 82.4 lakh sq. ft. (residential, retail, hospitality, commercial) and an estimated GDV of INR 29,000 Cr.

• The total GDV potential from these major land banks, along with other holdings, is approximately INR 46,441 Cr, which will be unlocked over the next decade.

• Immediate Revenue Visibility

• The company has a total revenue potential of INR 5,589 Cr from its existing portfolio (OC received and ongoing projects) and its immediate launch pipeline.

• This includes INR 1,956 Cr to be recognized from already committed sales in ongoing projects and INR 2,043 Cr from the sale of unsold inventory in the same projects.

The company's vast, owned land bank presents a multi-decade opportunity for value creation, supplemented by strong short-to-medium term revenue visibility from its current project portfolio.

• Strategic 5X Roadmap

• Organic Growth: The primary focus is on unlocking the value of its owned land bank in Wadala and Kanjurmarg through a streamlined, phased development process.

• Inorganic Growth: The company is actively evaluating asset-light models like Redevelopment projects, JVs, and JDAs to expand aggressively in established markets.

• Immediate Launch Pipeline

• The company plans to launch four new projects in Q4 FY26 with a combined carpet area of 6,43,319 sq. ft. and an estimated GDV of INR 1,491 Cr.

• These launches are located in Vikhroli, Versova, Central Mumbai Suburbs, and Bengaluru.

• Long-Term Phased Development

• The development of the Wadala and Kanjurmarg land banks will be executed in phases over the next 1-9 years to align with market demand and optimize cash flows.

The company has a clear, dual-pronged strategy focused on monetizing its owned assets for organic growth while pursuing asset-light opportunities for inorganic expansion.

• EBITDA Margin

• For 9M FY26, the EBITDA margin was 30%. This represents a contraction of 385 basis points from the 33% margin reported in 9M FY25.

• Profit After Tax (PAT) Margin

• The PAT margin for 9M FY26 stood at 15%, a decrease of 221 basis points from 17% in the corresponding period last year.

While the company has maintained healthy profitability, margins have experienced a slight compression in the current fiscal year, likely due to changes in project mix or rising input costs.

• Macroeconomic and Market Risks

• The business is susceptible to general economic conditions, changes in macroeconomic and political trends, and fluctuations in interest rates, which can impact borrowing costs and consumer demand.

• Regulatory and Policy Risks

• Changes in government policies, laws, regulations, and tax laws related to the real estate sector could materially affect operations and profitability.

• Execution and Development Risks

• The ability to implement growth and expansion plans is subject to execution risks, including obtaining timely approvals, managing construction timelines, and navigating potential technical or labor-related challenges.

The primary risks identified are external factors related to the economy and regulation, alongside the inherent operational risks of real estate development.

• New Launch Contribution

• New project launches have been highly successful, contributing 86% of the sales value in Q3 FY26. The launch of Ajmera Solis was a key contributor.

• Record Collections

• The company achieved its highest-ever quarterly collection of INR 333 Cr in Q3 FY26, demonstrating strong execution on sales and customer payments.

• Progress Towards Annual Guidance

• For FY26, the company has already achieved INR 1,431 Cr in sales value against a full-year guidance of INR 1,600 Cr.

• It has added new projects worth INR 2,015 Cr against a guidance of INR 3,750 Cr.

• The debt-to-equity ratio of 0.58x is well below the guided level of 0.85x.

The company is demonstrating excellent operational execution, with new launches driving sales and strong progress being made toward its annual financial and strategic goals.