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