AJMERANSEMay 29, 2026

Ajmera Realty & Infra India Limited

6,726words
121turns
13analyst exchanges
3executives
Management on call
Dhaval Ajmera
DIRECTOR, CORPORATE AFFAIRS
Nitin Bavisi
CHIEF FINANCIAL OFFICER
Gaurang Chotalia
HEAD, INVESTOR RELATIONS
Key numbers — 40 extracted
rs,
1st March 2026. The call will commence with the opening remarks by our Director of Corporate Affairs, Mr. Dhaval Ajmera; and will be followed by the business performance discussion by our CFO, Mr. Nit
5.1x
erational excellence for us at Ajmera Reality. Since the year FY21, we have achieved a staggering 5.1x, that is 5x growth in our increase in our net profit reaching to 157 Crores, a phenomenal 38% CAG
5x
llence for us at Ajmera Reality. Since the year FY21, we have achieved a staggering 5.1x, that is 5x growth in our increase in our net profit reaching to 157 Crores, a phenomenal 38% CAGR, alongside
157 Crore
have achieved a staggering 5.1x, that is 5x growth in our increase in our net profit reaching to 157 Crores, a phenomenal 38% CAGR, alongside a 3.1x surge in revenue, that is about INR1,098 crores and 3
38%
ng 5.1x, that is 5x growth in our increase in our net profit reaching to 157 Crores, a phenomenal 38% CAGR, alongside a 3.1x surge in revenue, that is about INR1,098 crores and 3.0x EBITDA growth tha
3.1x
owth in our increase in our net profit reaching to 157 Crores, a phenomenal 38% CAGR, alongside a 3.1x surge in revenue, that is about INR1,098 crores and 3.0x EBITDA growth that is about INR306 crore
INR1,098 crore
t reaching to 157 Crores, a phenomenal 38% CAGR, alongside a 3.1x surge in revenue, that is about INR1,098 crores and 3.0x EBITDA growth that is about INR306 crores. The robust top line and bottom line expansio
3.0x
es, a phenomenal 38% CAGR, alongside a 3.1x surge in revenue, that is about INR1,098 crores and 3.0x EBITDA growth that is about INR306 crores. The robust top line and bottom line expansion is a dir
INR306 crore
gside a 3.1x surge in revenue, that is about INR1,098 crores and 3.0x EBITDA growth that is about INR306 crores. The robust top line and bottom line expansion is a direct result of our enhanced market positio
INR25,770
sult of our enhanced market positioning reflected in our average realization, which is scaling to INR25,770 per square feet in FY26 from INR12,083 in FY21. Most importantly, we achieved this aggressive grow
INR12,083
reflected in our average realization, which is scaling to INR25,770 per square feet in FY26 from INR12,083 in FY21. Most importantly, we achieved this aggressive growth while maintaining strict financial d
1.13x
discipline. We successfully deleveraged our balance sheet, reducing our debt-to-equity ratio from 1.13x down to highly resilient 0.53x. These metrics are a testament to our robust business model and ou
Guidance — 20 items
Gaurang Chotalia
opening
“Dhaval Ajmera; and will be followed by the business performance discussion by our CFO, Mr.”
Dhaval Ajmera
opening
“The fiscal year's growth forecast has been moderately trimmed.”
Dhaval Ajmera
opening
“Moving towards the residential side, the India's residential market in FY26 was defined by a strong presumption with luxury housing, branded residences and township developments, driving demand across key urban markets, while the mid-income housing remains resilient on the back use of end user demand and affordable housing continued to face supply pressure amid elevated land and construction costs.”
Dhaval Ajmera
opening
“Consequently, our primary focus for FY27 will be centered squarely towards disciplined execution and financial prudence, though we maintain absolute confidence in market underlying structural demand, but we are moving with a highly calibrated approach.”
Dhaval Ajmera
opening
“Since the year FY21, we have achieved a staggering 5.1x, that is 5x growth in our increase in our net profit reaching to 157 Crores, a phenomenal 38% CAGR, alongside a 3.1x surge in revenue, that is about INR1,098 crores and 3.0x EBITDA growth that is about INR306 crores.”
Dhaval Ajmera
opening
“The robust top line and bottom line expansion is a direct result of our enhanced market positioning reflected in our average realization, which is scaling to INR25,770 per square feet in FY26 from INR12,083 in FY21.”
Dhaval Ajmera
opening
“Now speaking for our operational performance for the year FY26.”
Dhaval Ajmera
opening
“We are very happy that Ajmera Realty has done a stellar performance, and it has been we have got our highest achieving presales number of INR1,701 crores, surpassing our guidance of INR1,600 crores, which is marking a nominal 57% growth year-on-year.”
Dhaval Ajmera
opening
“To further strengthen our growth pipeline, the Company undertook business development of INR2,433 crores across 5 projects during the FY26, which are asset-light in nature.”
Dhaval Ajmera
opening
“Discussing the progress for our newly launched projects in FY26, Ajmera Manhattan 2, our luxury offering in Wadala, witnessed an encouraging customer response with 48% of its inventory sold.”
Risks & concerns — 5 flagged
Reflecting on the sector updates, I would like to say the year has gone by pretty volatile in terms of exceptional complex landscape where we began the year by managing the regional ripples of the India-Pakistan war-like situation followed closely by the volatility of the U.S.
— Dhaval Ajmera
Moving towards the residential side, the India's residential market in FY26 was defined by a strong presumption with luxury housing, branded residences and township developments, driving demand across key urban markets, while the mid-income housing remains resilient on the back use of end user demand and affordable housing continued to face supply pressure amid elevated land and construction costs.
— Dhaval Ajmera
So there is not much relatively speaking about the regulatory permission challenge kind of a thing.
— Nitin Bavisi
Right now, people have become cautious with the current geopolitical scenario.
— Dhaval Ajmera
It has got nothing to do with AI, but it is more with the current geopolitical scenario, people have become cautious and they are trying to analyze and assess and take their decisions accordingly.
— Dhaval Ajmera
Q&A — 13 exchanges
Q
Thank you, sir, for the opportunity. Sir, my first question is that we were planning to convert the Kanjurmarg land from leasable to freehold. So by when you will do that? And is there any timeline before which you have to do that?
Dhaval Ajmera
Well, the conversion process is on. We have already applied for the conversion. But since it's a regulatory process, it takes a little while, and there are issues which we need to resolve within the regulatory framework, which we are constantly doing, we are hoping to resolve this in the next quarter or so. Okay. Got it. And sir, what is the time line for launch of first project on 11 acre plot of Kanjurmarg? Earlier we were planning in Q4 FY26, then in Q1 FY27. So what is the status as of now? Well, we are still under process, but as a mark of line of strategy for the larger project, we are f
Q
Thank you for the opportunity. Am I audible?
Nitin Bavisi
Yes, sir. So actually, we have 2 big launches in FY27, Boutique offices and Borivali redevelopment. What is the status of both? Have you received the IOD and all and can we expect this in Q3? At our Wadala location, we have the sequential phases, which is coming up. So there is not much relatively speaking about the regulatory permission challenge kind of a thing. We have started and we are working in that particular timelines to get the launch within the Q3 FY27. In terms of the Borivali project, we -- it is also a part of the Q3 FY27 when we have started working on the plans of this particul
Q
Hello. Hi congratulations on a good results. And just I had one question on the Versova project. As to we have seen a very good traction in the Vikhroli project that we just launched, the same thing with the commercial project we launched in Bandra. But at the same time, in the Versova side I saw that like during the launch, we did not sell much because the trails are not that great. Why is the case and what is our outlook on the same?
Dhaval Ajmera
So this project is a luxury project, and it is not a normal mid-income housing projects. So where the traction is pretty fast. While this is luxury project, the micro market, obviously demands that kind of size and the pricing. But at the same time, we will have to -- we go by the entire requirement of the demand supply and that is where we were mindful that we will not see good numbers or great velocity of sales coming. But during the life cycle of the project, we will see the tractions coming for the sales. So that's how we are working and that's the strategy which we had adopted from day on
Q
Hi, good afternoon everyone. I had one question on the demand side. So we are looking at how AI has sort of disrupted the job market. It might have -- it might not be giving benefits as of such. But it has disrupted a white collar job market. So I believe the real estate demand would get hampered in some way. So I was just wondering, what do you think of that?
Dhaval Ajmera
Well, AI is definitely taking over a lot of demand or the work efficiencies within the working culture. But at the same time, what we see is that real estate housing and sales of flats is more towards looking at actual usage from customers. We see this disruption coming in our working efficiencies and making it better. But I don't see we will have a lot of disruption coming for sales. In fact, I feel with the growing efficiencies, I think demand for real estate will also continue to grow with the AI coming in place, I feel people will become more efficient and with that growth will also become
Q
Thank you for taking my question and first of all congratulations on a great set of numbers. Sustainably tell us about the EBITDA margin going to sustain for the next 5 to 6 years and what was your capex plan?
Nitin Bavisi
So going forward, our guidance in terms of the presales and as well the cash generation from this particular launch pipeline, which is INR6,300 crores and about INR1,400-plus crores of the cash generation from that. So that particular number really indicates and gives us the confidence that EBITDA margin is a sustainable number going forward as well. Okay. My second question is, can you please share the figure of unsold inventory? So as on March '26, we have about INR2,200 crores worth of the unsold inventory, both from OC completed projects and as well ongoing projects. And that is something
Q
Thank you so much, sir. And my question is how much the current revenue visibility backed by committed sales, though you just mentioned? Unsold invent around INR2,200 crores, right?
Nitin Bavisi
Yes. Sir, may I know the number of committed sales? So committed sales on the ongoing projects, on which the revenue is pending, which is about INR1,800 crores and which is mentioned on the Slide 31 of the investor presentation and OC received and completed a project, which is around INR40 crores. So both put together about INR1,850 crores worth of the revenue from the committed sales position. Okay. Sir how much revenue we can expect in the next 12 to 18 months or we can say FY28? That is something which is the function of the execution and the life cycle of the project. But as we have been d
Q
Congratulations to the team for great set of result. So, I wanted to get an idea about Vann Ajmera project. So, what would be the average carpet size of the project?
Dhaval Ajmera
The average carpet size in Vann is around 1,700 square feet. We have larger 4 bedrooms around 2,000-odd square feet, but we also have some 3 bedrooms. But overall, it's about 1,700 to 1,800 square feet flats. So, do we have any unit below 1,500 square feet by any chance? We have a few, but that is very miniscule because of the planning and all, but mostly it is larger 4 bedrooms, which is around 2,000 square feet... So why I'm asking you this question is because on Slide #10, I got a little confused on the sales volume of the project, which is 3,000 square feet, and we sold 3 units. So, I just
Q
How is the business development pipeline? And how much we are planning in FY27?
Dhaval Ajmera
We are currently shortlisted. We have given an inventory that we will be doing new business development. But currently, we are looking at more new project launches, and we are also looking at existing projects, which we have taken into our portfolio. But the new one is around INR1,500 crores to INR1,800 crores where we currently are targeting with the existing dialogues which are currently going on, which is about 2 or 3 projects. And while the year passes by, once we have a few opportunities coming in some close tie-ups coming in, we will add those on. But as of today, we are looking and targ
Q
Yes. Actually, the answer was for the previous participant. Yes, I'm done with my questions.
Management
Q
Sir, I have 1 question. What is the increase in price in Manhattan 2? And what we can expect the increase in prices in all the projects we are launching and existing projects are there in the pipeline? So, what incremental increase in prices we can expect in future?
Dhaval Ajmera
Currently, in Manhattan, we are selling on an average of INR30,000 to INR35,000 a square feet depending upon the floor and the view and everything. Going forward, we are looking to launch different, different projects or different towers within Manhattan at an incremental rate of at least 10% to 15% plus year-on-year. With the existing demand and the supply, which has been loaded, we feel that we'll be able to steadily achieve at least 10% to 15% growth minimum year-on-year. Okay. And regarding the Manhattan 2, have you increased any prices with Raymond actually coming in. So, do you face any
Q
Yes, hi, thank you. Good evening, Dhaval. So, a quick question on Kanjurmarg, you mentioned about certain issues, which are holding back the conversion. So, is it possible to talk about that? And can that delay beyond the timelines that you just mentioned?
Dhaval Ajmera
No, there are no issues, but it is a regulatory framework and the procedure, which we need to do for conversion of the land, and that is what we've already applied and we are awaiting some approvals to come in soon. Hopefully, that should happen in the next quarter or so. In the next 3 to 4 months' time, we are targeting or awaiting those clearances to come in. So as such, there is no challenges in terms of approval. But it is a regulatory framework, which we have to abide by it and that's what we are continuing to do so. Okay. Got it. And after that, EC and IOD, can that be secured within 3,
Q
Thanks for the follow-up. I have one question regarding that we have got that you are selling 7- acre land outright in Kanjurmarg. So, is it true? Or is it just a rumor?
Dhaval Ajmera
Well, there are obviously offers coming on the table, discussions happening. We've not yet narrowed down unless we get a better offer and if we feel in the overall scheme of things of our value proposition, adding to it. We are open to it, but we've not yet closed down on anything. We are currently working as if we are only going to develop and the approval processes are going ahead accordingly. But when you have such a clear clean and clear land available, obviously, people will come with offers. And if we get offer and if we feel the overall it is complementing with our growth and developmen
Q
Thank you, everybody, for participating in Q4 and FY26 interaction, and we look forward to continue our interactions going forward till then stay safe, stay happy. Thank you.
Dhaval Ajmera
Thank you.
Speaking time
Dhaval Ajmera
31
Nitin Bavisi
20
Moderator
15
Apoorv
10
Sameer Baisiwala
10
Abhi Shah
8
Nilesh Sharma
7
Karan Bhatelia
6
Jahnvi Shah
4
Tanishk
3
Opening remarks
Gaurang Chotalia
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 call for the quarter ended 31st March 2026. The call will commence with the opening remarks by our Director of 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 update of the quarter in the second week of April 2026. The investor presentation and the press release based on the financial results adopted by the Board has been uploaded on the stock exchange website and can be downloaded from our Company 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. I would now like to hand over the call to our Director, Mr. Dhaval Ajmera. T
Dhaval Ajmera
Thank you. Good evening, everyone, and thank you for joining us today. I will begin the discussion by giving the overall sector updates, thereafter taking you over our performance of the Company over the financial year. And thereafter, we will take forward specific questions. Reflecting on the sector updates, I would like to say the year has gone by pretty volatile in terms of exceptional complex landscape where we began the year by managing the regional ripples of the India-Pakistan war-like situation followed closely by the volatility of the U.S. tariffs uncertainty and more recently, the intensifying geopolitical tensions in the Middle East. While these escalations have injected uncertainty in the global supply chain and energy markets. The fiscal year's growth forecast has been moderately trimmed. India's economic fundamentals remains meaningful stronger than during previous external shock episodes and India's real estate sector has always been resilient and demonstrated remarkable
Nitin Bavisi
Very good evening to you all, and very thankful to you all for joining us on this Q4 and FY26 post earnings call. Before we move on to Q&A session, allow me to summarize the consistent operational and financial performance we have delivered for Q4 and FY26. Ajmera Realty delivered a landmark FY26 performance. achieving its highest ever annual sales and collections. Sales value surged 57% Y-o-Y to INR1,701 crores, surpassing the Company's annual guidance. While collection rose sharply by 71% Y-o-Y to an all-time high of INR1,103 crores. In terms of volume, the company recorded sales value of 6,60,000 carpet area basis, reflecting 11% Y-o-Y growth, driven by strong market absorption across new project launches and sustained execution momentum across projects. Coming to financial performance, FY26, the Company achieved its highest ever total sales revenue of INR1,098 crores, registering a robust growth of 46% Y-o-Y, driven by strong project execution and healthy momentum across key launch
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