Ajmera Realty & Infra India Ltd Q2FY26 Concall Decoded: “Wadala’s Manhattan Moment – Mumbai Goes Vertical, Ajmera Goes Viral”
1. Opening Hook
While Mumbai debates potholes and metro delays, Ajmera Realty quietly dropped its version of the “Big Apple” – Ajmera Manhattan. The company’s Q2FY26 call felt more like a housewarming party than a corporate ritual. With ₹828 crore of bookings and a launch pipeline fatter than a Diwali sweet box, the Ajmeras sounded more bullish than brokers on a bull run. But wait till you hear how they plan to turn Bandra glass towers into cash towers — the punchline gets richer as we go.
2. At a Glance
Sales Value ₹828 crore – 50% of full-year guidance achieved already; the festive season came early.
Revenue ₹481 crore – Up 20%; buildings under construction, enthusiasm fully constructed.
EBITDA ₹139 crore – Up 6%; margins took a rain check.
PAT ₹71 crore – Up 2%; profits moved slower than BMC approvals.
Collections ₹454 crore – Up 52%; money raining like Mumbai monsoon.
Debt ₹690 crore – Debt/equity at 0.55x; borrowing just enough to keep it spicy.
3. Management’s Key Commentary
“The Indian real estate market is maturing with steady growth and strong luxury demand.” (Translation: Mumbai’s rich are still rich, and they’re still buying more square feet than sense.)
“We achieved our highest ever quarterly bookings of ₹828 crore.” (Translation: We sold homes faster than Mumbai sold Navratri passes. 😏)
“Ajmera Manhattan Phase-2 and Thirty 3.15 Bandra have a combined GDV of ₹2,100 crore.” (Translation: We just dropped ₹2,100 crore worth of temptation on Bandra and Wadala.)
“Manhattan saw 38% inventory sold within a month of launch.” (Translation: Apparently, everyone in Wadala wants a Manhattan address — minus the New York taxes.)
“Total project pipeline is ₹8,000 crore across 15–16 projects.” (Translation: Our to-do list is longer than Mumbai’s metro map.)
“Weighted average cost of debt reduced to 11.51%.” (Translation: Banks finally believe our PowerPoint slides.)
“Bahrain exit and UK repatriation progressing; cash inflow expected soon.” (Translation: Global detox underway — we’re coming home with the money bags. 💼)
