1. Opening Hook
While most real estate players are still arguing over carpet area definitions and approvals stuck in babudom limbo, Anant Raj casually raised ₹1,100 Cr via QIP and told everyone it’s now a data center + cloud story too.
Yes, the same old NCR landlord is suddenly talking in MWs, AI infrastructure, and cloud margins—because apparently selling apartments alone is so 2015.
Q3 FY26 was one of those quarters where revenue, EBITDA, PAT—all decided to move in the same direction for once. Margins expanded, debt vanished, and ratings agencies suddenly sounded impressed instead of cautious.
But the real masala isn’t the quarter—it’s the roadmap to 357 MW of data center capacity and a land bank that hasn’t been monetised yet.
Read on. The interesting stuff comes after the glossy slides.
2. At a Glance
- Revenue up 20% YoY – Real estate sales showed up, data centers brought their lunch too.
- EBITDA up 32% YoY – Margins expanded like approvals finally came on time.
- EBITDA margin at 28.6% – Rare sight in real estate; enjoy while it lasts.
- PAT up 31% YoY – Profits didn’t just grow, they behaved.
- ₹1,100 Cr QIP raised – Balance sheet now looks gym-trained.
- Net debt almost nil – From leveraged developer to near debt-free landlord.
3. Management’s Key Commentary
“We raised ₹1,100 Cr through QIP to scale data center and cloud infrastructure.”
(Translation: Equity dilution hurts less than missing this once-in-a-decade DC cycle 😏)
“Total planned data center capacity now stands at 357 MW.”
(Translation: We’re done thinking small; MW
