AJMERANSENovember 11, 2025

Ajmera Realty & Infra India Limited

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15analyst exchanges

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Management on call

Dhaval Ajmera

DIRECTOR -CORPORATE AFFAIRS

Nitin Bavisi

CHIEF FINANCIAL OFFICER

Abhishek Dakoria

- CHURCHGATE PARTNERS

Dhaval Ajmera And Will Be Followed By The Business Performance Discussion By Our Cfo

Mr. Nitin

Key numbers — 40 extracted

rs,

mpany may face. With that, I would now like to hand the call over to our Director, Corporate Affairs, Mr. Dhaval Ajmera. Thank you, and over to you, sir. Dhaval Ajmera: Thank you very much. Good e

INR 2,100

e is Thirty 3.15 in Bandra, which was a commercial project. Both of these combined JDV is about INR 2,100-plus crores. And very happy that these launches have been successfully done. The market has respo

INR 828 crore

s responded great. And this has resulted in our highest ever quarterly bookings and showing it at INR 828 crores of advanced sales, thereby showcasing over 50% of our full year guidance coming in just these tw

50%

er quarterly bookings and showing it at INR 828 crores of advanced sales, thereby showcasing over 50% of our full year guidance coming in just these two quarters. So, the overall performance by the m

38%

coming in September itself. Ajmera Manhattan has witnessed exceptional traction. We have about 38% of our inventory is already sold in less than a month of the launch. This clearly shows that comm

Our commercial launch of Thirty 3.15 in Bandra has also done good traction. We have sold about 5% to 6% of our inventory, and this was done just at the last week or the last few days of September

commercial launch of Thirty 3.15 in Bandra has also done good traction. We have sold about 5% to 6% of our inventory, and this was done just at the last week or the last few days of September. So,

89%

Amongst our ongoing projects, the Ajmera Manhattan Phase-1, that's the first tower has achieved 89% of its sales. The construction is progressing well. We are almost about 80% to 90% of progress

80%

st tower has achieved 89% of its sales. The construction is progressing well. We are almost about 80% to 90% of progress in terms of construction done. The next phase, that is Ajmera Gree

90%

r has achieved 89% of its sales. The construction is progressing well. We are almost about 80% to 90% of progress in terms of construction done. The next phase, that is Ajmera Greenfinity

74%

in terms of construction done. The next phase, that is Ajmera Greenfinity, has recorded 74% sales and even the construction of that, the structural work is almost completed, and we are now

98%

, and we are now gearing up for finishing. Ajmera Eden has completed its structure and achieved 98% sales. Ajmera Vihara Bhandup has achieved 81% sales and it's on the 9th floor for the rehab slab,

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Guidance — 20 items

Abhishek Dakoria

opening

“Dhaval Ajmera and will be followed by the business performance discussion by our CFO – Mr.”

Dhaval Ajmera

opening

“With approval processes and regulatory bottlenecks easing out, project execution time lines are also improving, reinforcing overall market stability.”

Coming to our performances at Ajmera Realty

opening

“In the late September, that is just a few weeks before the month was ending, we had two landmark launches, one is Ajmera Manhattan 2 at Wadala and one is Thirty 3.15 in Bandra, which was a commercial project.”

Coming to our performances at Ajmera Realty

opening

“And this has resulted in our highest ever quarterly bookings and showing it at INR 828 crores of advanced sales, thereby showcasing over 50% of our full year guidance coming in just these two quarters.”

Nitin Bavisi

“And on the Bahrain project, we exited and we received the down payment, and we do have the inventory entitlement there.”

Nitin Bavisi

“And upon the advanced stage of the completion of this project, we expect this inventory to get monetized.”

Dixit Doshi

“First of all, congratulations for successful launch of Wadala and Bandra project.”

Dixit Doshi

“Now, my second question is regarding the pipeline of the project.”

Dixit Doshi

“So, if you can update on our project as well.”

Dhaval Ajmera

“So, Vikhroli, I will give you project-wise.”

Risks & concerns — 3 flagged

This all has been possible because of the cumulative impact of the lower interest rates.

— Dhaval Ajmera

But for all our launches, what we have planned, I think we should be through that shouldn't be too much of a challenge.

— Dhaval Ajmera

And sir, what is the specific reason of decline in the margin in September quarter?

— Nilesh Sharma

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Q&A — 15 exchanges

Sir, just one question on my side. I went through our Annual Report and it says that we have an investment in Bahrain and U.K. So, wanted to understand if there's any outcome of these investments that we have made in these countries?

Nitin Bavisi

So, yes, we have started receiving and it has been while that we started receiving the repatriation from U.K. And the mix of the funding structure of loan and as well the equity investment is coming down sequentially. And on the Bahrain project, we exited and we received the down payment, and we do have the inventory entitlement there. And upon the advanced stage of the completion of this project, we expect this inventory to get monetized. And then after the repatriation of the Bahrain also is expected in about a couple of quarters from here on. Okay, sir. Thank you so much.

Thanks for the opportunity. First of all, congratulations for successful launch of Wadala and Bandra project. So, since both of the projects were launched at the fag end of the Q2, if you can just highlight how is the momentum in the October as well, if you can guide?

Dhaval Ajmera

So, as we said that Manhattan, we had launched just at the fag end, but obviously about a week prior to the quarter ending. And we have had a tremendous response, and we got really good numbers coming in. We have now moved into the sustenance phase in Manhattan, and we are looking at that sustenance sales continuing over the next few quarters because the launch pipeline will, I mean, sales pipeline will continue there. The Bandra one is continuing to see the momentum, and we are looking at good numbers coming in from that region. But yes, of course, as we said, this is commercial sales. So, th

Hi. A couple of questions. From a completion perspective or revenue recognition, Manhattan, one, when do we expect the milestones to be hit in terms of completion? That is A. Second, I was looking at MMRDA announcements, they have started to auction plots close to your plot for Wadala CBD. So, I wanted to understand how rates are panning out. I think there is some discussion for you guys for a commercial also in the area in the future. So, those are the two questions.

Nitin Bavisi

First part of your question regarding the revenue recognition, it is on the 25% threshold of completion on the cost basis versus the overall budget for the entire project. So, that is the benchmark and the threshold. Once we cross that, then after the revenue eligibility starts. And of course, there are other conditionalities of the critical permissions for the construction to begin for the project is being availed. And within the project recognition, the sales, whatever achieved, the 10% of the collection also been achieved and those are the criteria and the eligibility for the revenue recogn

Good afternoon. Thank you for the opportunity. Congratulations on the two launches. I just wanted to know your thoughts on the two metrics, the sales volume and the realization. These both have contributed fairly equally to the growth for the first half of this year. How do you see these metrics going forward? And what do you bank on for your growth in your sales value?

Dhaval Ajmera

So, as far as the sales volume is concerned, as you know that we have got this great traction coming in from the launches, and we are very confident with the kind of list what we have for our launches coming in the next half of the financial year. This momentum will continue, and it will also be supported by our existing projects, which are ongoing and sustainable sales coming in from that. As far as realization is concerned, I think if you see the first half of last year, we were at about INR 22,800 a square feet. This time, we are at INR 28,000 a square feet. And this is primarily because it

I just got to know that from our Wadala project, Manhattan project, from one and a half kilometer distance there is a project of Lodha and they are giving 70% open area and we are giving 50% open area. So, is there any challenges we are facing to sell our Wadala project, Manhattan?

Dhaval Ajmera

I think there is some mistake in some terms of numbers. I am not too sure about what the open spaces in Lodha are, but definitely for us it is above 50%. So, if I purely look at the openness, what we are, if I just give you one example of Manhattan where we have currently launched, we have a podium of 7 acres, which is completely open and car-free what we are launching, and we are going to have only four buildings coming in over there. So, technically, it's not 50%, but it will be in the range of about 80% or something. I do not know the exact numbers, but it will be around 80% openness coming

Yes. So, I have only one question, so it's regarding the three projects, Manhattan 1, Greenfinity AB and Vihara. The sales figure shows the same amount compared to previous quarter and the current quarter. So, can you just throw some light like why is that reason?

Dhaval Ajmera

So, Greenfinity, Manhattan and Vihara, all three projects, if you go to see Manhattan has sold about 90% of its velocity or like the total sales, 90%-odd have happened. Greenfinity, we are at about 74%, 75%. And Vihara also, we are at about 70%-odd. Typically, what happens is that when you have reached that kind of a level, the choice of flats become a little challenging for a customer to buy. And that is where you will see some sort of lower sales coming in because there is less number of flats available and people want to have a particular choice of flats coming in. So, that's where you will

Good afternoon, Mr. Bavisi. This is with reference to overseas investment in Bahrain as well as in London. So, we would like to understand, first of all, we would like to request you to put it a part of a presentation so that we can understand and we can track the cash flow. Second, in particular, I would like to understand that how far money we have received from Bahrain and in which area we will get it in particular?

Nitin Bavisi

So, Bahrain, we have received about INR 35-odd crores and that too when we exited the project in a few years before in FY '22, and balance of the inventory entitlement of 10,000-plus square meters, and it is ongoing and advanced stage of the completion of the project. And we are expecting to monetize this inventory because we do not intend to hold on the inventory in that particular geography, and that was the moot reason when we exited the project. And yes, we will be receiving the repatriation, and it will be appropriated against the loan and as well the equity funding, which is into the bal

Hello. Congratulations on –

Management

Good evening, sir. Congratulations for such a great set of results. Just going through one thing, what is the reason for the drop in the EBITDA margin for this quarter, if you could explain?

Nitin Bavisi

So, basically, sir, it is because of the composition of the project, which are participating into the top line revenue recognition. And as you know that we are recognizing the revenue on the percentage of completion and on the sustaining sales of the ongoing projects what we have been. And most of the projects are being that of the Bangalore and as well the relatively low-margin projects, that of the Vihara and such other project. So, that's how the relatively a couple of basis points drop into the EBITDA one. Got it, sir. And sir, second question, it's a very generic question I wanted to unde

Sir, I wanted to understand slide number 31, where you have given projections for the cash flow. So, the estimated cash flow from the ongoing projects is INR 1,526 crores, right? And from the upcoming projects is INR 2,872 crores.

Nitin Bavisi

Yes. The ongoing project has INR 1,526 crores and the upcoming projects, which are the pipeline of the projects, seven projects with a GDV of about INR 4,300 crores, having the cash flow estimation of about INR 1,000 crores. And INR 330 crores is the cash flow expected out of the asset monetization and repatriation. And that's how the combination is giving the overall cumulative cash flow of about INR 2,800-plus crores. Sir, the INR 2,872 crores is the addition of all these 3 figures, right, INR 1,526 crores, INR 1,016 crores and INR 330 crores. Yes, sir. Sir, how much time cash flows will com

From Slide 21, how much revenue we are going to book in next two quarters out of INR 3,508 crores, which is ongoing project, and INR 91 crores in which we have received OC.

Nitin Bavisi

So, as we have given the guidance, INR 91 crores, which is the completed and OC received in next about couple of quarters, we should be, and as we speak, we have the inventory sale post the quarter and which is going to definitely come into the income statement. And in terms of the revenue for INR 3,500 crores from the ongoing project, significant one that of the presales what we have clocked in the last quarter, and once the project becomes eligible, which we envisage from the couple of quarters from here on. And thereafter, the revenues will start coming into the income statement. And as I e

Hello again. On the approvals on Kanjurmarg, do you expect them to get those before the BMC election is announced?

Dhaval Ajmera

No. It will not happen that soon because there is a process of approvals, which needs to be taken first and then apply in BMC. So, I do not think it will happen prior to the BMC election. It will happen post BMC election. Okay. And on the new plots being auctioned in Wadala, I just want to clarify that you said that the realization would go up to Rs. 50,000 per square feet? Yes. Because today, if you see the minimum set price, which has been put in, it's roughly about INR 10,000-odd a square feet on the FSI area. Now if I have to add the premiums, the cost of construction and other things, I t

Thanks again for taking my questions. Sir, I have one question. So, as you said, you are planning to build a 7 acre podium in Manhattan, which has four buildings. Sir, can you just provide me the apportion podium cost in all projects or project? Can you just provide me the details?

Dhaval Ajmera

It's very variable, sir. I think if you can come down, we can explain to you in detail about the entire costing because podium is just not inclusive about structure and cement, but it also has a lot of amenities in terms of mechanical engineering and waterproofing and interiors and parking. So, it's not a portion, but if I have to give you a rough thumb number, it will be anywhere between INR 2,500 to INR 3,000 a square feet on the construction area. So, it's about one project or all the four projects? No, no, it's on construction area per square feet. Because the construction of that is also

Thank you, everybody, for participating in this earnings call and for your interaction through questions and helping us to get more insight out of your questions. Till we connect next time, stay safe. Thank you, everybody.

Dhaval Ajmera

Thank you. Have a good day.

1. This transcript has been edited for readability and does not purport to be a verbatim record of the proceedings. 2. Figures have been rounded off for convenience and ease of reference. 3. No part of this publication may be reproduced or transmitted in any form or by any means without the prior written consent of Ajmera Realty & Infra India Limited.

Management

Speaking time

Dhaval Ajmera

Moderator

Nitin Bavisi

Saurabh Sadhwani

Nilesh Sharma

Dixit Doshi

Avi Shah

Raaj Macwan

Manas Agrawal

Taruna Maheshwari

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Opening remarks

Abhishek Dakoria

Yes. Thank you. Good evening, everyone, and a warm welcome to you all. On behalf of the company, I would like to thank you all for participating in Ajmera Realty & Infra India Limited Earnings Conference Call for the quarter ended 30th September 2025. The call will commence with the opening remarks by our Director, Corporate Affairs – Mr. Dhaval Ajmera and will be followed by the business performance discussion by our CFO – Mr. Nitin Bavisi. We have already shared the operational updates of the quarter in the second week of October 2025. The investor presentation and the press release based on the financial results adopted by the Board have been uploaded on the stock exchange website, and can be downloaded from our company's website. Please do note that some of the statements in today's discussion may be forward-looking in nature, reflecting the company's outlook and may involve certain risks and uncertainties that the company may face. With that, I would now like to hand the call over

Dhaval Ajmera

Thank you very much. Good evening, everyone. Hope everyone is doing fine. I just want to begin our discussion by sharing the overall sector updates, how the market is performing, how the real estate market is, thereby taking you over to what the company has been performed and what do we see as the future outlook. So, just giving you an overall perspective. In our view and terms, the Indian real estate market is transacting to become a very matured market and is going in a steady growth in FY '26 following record sales achieved in FY '24 and '25 as well. So, I mean, the outlook remains balanced with momentum always being favorable with credible developers. Obviously, what we witness and personally see is in the luxury housing, primarily in Mumbai per se is performing really well. But the mid-income and the premium segment has also strengthened, that is what we have been seeing. This all has been possible because of the cumulative impact of the lower interest rates. The industry's ongoin

Coming to our performances at Ajmera Realty

I am very happy and proud to say that this has been our highest ever quarterly bookings and has been having a great collection as well. In the late September, that is just a few weeks before the month was ending, we had two landmark launches, one is Ajmera Manhattan 2 at Wadala and one is Thirty 3.15 in Bandra, which was a commercial project. Both of these combined JDV is about INR 2,100-plus crores. And very happy that these launches have been successfully done. The market has responded great. And this has resulted in our highest ever quarterly bookings and showing it at INR 828 crores of advanced sales, thereby showcasing over 50% of our full year guidance coming in just these two quarters. So, the overall performance by the market, from the people and also by the team has worked well to have two great launches coming in September itself. Ajmera Manhattan has witnessed exceptional traction. We have about 38% of our inventory is already sold in less than a month of the launch. This cl

Nitin Bavisi

Very good evening to everyone and thank you for joining us. Before we move on to Q&A session, allow me to summarize the consistent Operational and Financial Performance, what we have delivered for Q2 and H1 FY ‘26.

Coming to the operational performance

The company has achieved its highest ever quarterly sales with sales value tripling Y-o-Y basis, which is to INR 720 crores, which is sales adding up to INR 828 crores, which is 48% Y-o-Y growth. In H1 FY '26, in sales volume terms, it is 2,93,000 square feet carpet area sold, which is also a 20% Y-o-Y growth, and collection also with a 52% growth at INR 454 crores.

Coming to the financial performance

Revenue at INR 481 crores during the H1 FY '26, which is 20% growth Y-o-Y, supported by very consistent execution across the projects. EBITDA at 6% growth, which is at INR 139 crores and PAT at INR 71 crores with a growth of 2% on a Y-o-Y comparison. The company maintained a strong financial position with total debt of INR 690 crores as on the quarter end September 30, 2025, with a healthy debt equity ratio of 0.55x the net worth, well positioned to lever for its strong growth pipeline. Moreover, 24 bps reduction in the weighted average cost of debt to 11.51% highlights our enhanced credit profile and disciplined financial management. Our revenue visibility has strengthened significantly, driven by, of course, the exceptional sales we witnessed during these launches, a couple of launches, and steady progress across our ongoing and OC received projects. The total visibility from this stands at about INR 3,599 crores, comprising INR 1,582 crores from the committed sales and about INR 2,0

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