Anant Raj started life as a clay product maker in 1985 and now wants to be the AWS of Gurugram. From malls and villas to data centers and “Ashok Cloud,” this is the glow-up story no one saw coming. With sales of ₹2,181 Cr, profit ₹460 Cr, and debt slashed from ₹1,691 Cr in FY20 to ₹482 Cr now, the company looks like a landlord who just paid off his loan and suddenly wants to code.
2. Introduction
Imagine if your neighbourhood builder, who was once selling marble flooring and promising “golf-facing villas,” suddenly announced a 300 MW data center plan. That’s Anant Raj.
Their portfolio has everything:
Old school: malls, hotels, housing.
New school: cloud infra, data centers, and IT parks.
Middle class dreams: affordable housing and DDJAY plots.
In FY24, 96% of revenue still came from plain-vanilla real estate sales, but management is already pitching the stock as a “digital infrastructure play.” Investors are confused: is this DLF’s chota bhai or India’s Equinix in disguise?
QIP of ₹2,000 Cr was raised in Oct 2024, promoters pumped in ₹100 Cr via warrants, and debt is tumbling. The story sounds cleaner than most realty cousins, but the P/E at 40 is spicy.
Question: Would you trust a mall-builder to manage your cloud?
3. Business Model – WTF Do They Even Do?
Anant Raj is running a double life:
Real Estate Development (96% revenue): Villas, group housing, affordable homes, office complexes, IT parks. Basically, anything that needs bricks.
Rental & Services (4%): Office leasing, malls, hospitality. Small but steady cash flow.
Data Centers & Cloud (future): 6 MW operational, 22 MW under development, ambition of 307 MW. Plus, “Ashok Cloud” launched with Orange Business, offering IaaS. Sounds fancy, but initial IT load was just 0.5 MW.
So yes, they are trying to move from selling “plots” to selling “cloud slots.”
4. Financials Overview
Metric
Latest Qtr (Jun’25)
YoY Qtr (Jun’24)
Prev Qtr (Mar’25)
YoY %
QoQ %
Revenue
592
472
541
+25.6%
+9.4%
EBITDA
151
103
142
+46.6%
+6.3%
PAT
126
91
119
+38.3%
+5.9%
EPS (₹)
3.7
3.2
3.5
+38.3%
+5.9%
Commentary: Growth is strong—Q1 FY26 saw double-digit YoY gains. Annualised EPS ~₹15. P/E ~36x. Clearly, market is valuing this builder like a SaaS company.
Fair Value Range: ₹300 – ₹540. CMP ₹535 is right at the top—priced for perfection, as if all 307 MW of data center dreams will magically appear on time.
Disclaimer: For education only, not investment advice.
6. What’s Cooking – News, Triggers, Drama
Data Center Ambition: 307 MW plan in 5–6 years. Current = 6 MW. Still, they already hosted roadshows in New York, Boston, and SF, pitching to global investors. Confidence much?
Ashok Cloud: Launched Oct 2024 with Orange Business. 0.5 MW IT
