01 — At a Glance
A Real Estate Veteran Becoming A Data Centre Player. Quietly.
- 52-Week High / Low₹744 / ₹366
- Q3 FY26 Revenue₹642 Cr
- Q3 FY26 PAT₹144 Cr
- Q3 FY26 EPS₹4.01
- Annualised EPS (Q3×4)₹16.04
- Book Value₹122
- Price to Book3.95x
- Dividend Yield0.15%
- Debt / Equity0.13x
- QIP Raised (Oct 2025)₹1,100 Cr
Opening Auditor’s Note: Anant Raj closed Q3 FY26 with ₹642 crore revenue (+20% YoY), ₹144 crore PAT (+30.8% YoY), and data centre business hitting ₹43.57 crore in a single quarter. The company just raised ₹1,100 crore through QIP at ₹662/share to fund a 357 MW data centre roadmap by 2032. Credit agencies upgraded them to IVR A-/Stable in January 2026. Stock returned -5.35% in 1 year, despite delivering growth that would make most CEOs weep. Retail investors remain clueless. PE funds understand the vision. That’s the real story here.
02 — Introduction
The Real Estate Company That Started Selling Data Centres
Anant Raj Limited. Founded in 1985 by Ashok Sarin (still Chairman, now 70+, still calling the shots). For nearly 40 years, they built things. Residential complexes in Sector 63A Gurugram. Commercial towers in Delhi. Hotels. Shopping malls. The boring stuff. 9.96 million square feet of real estate. Zero losses in living memory. Promoters still own 57.4% (down from 60.16% in March 2025 post-QIP).
Then, around 2019-2021, something changed. They started building data centres. First 6 MW in Manesar. Then 7 MW in Panchkula. Now they’re talking about 357 MW by 2032. Not 35 MW. Not even 107 MW. Three hundred and fifty-seven megawatts of IT infrastructure across India and Andhra Pradesh.
Here’s the thing: most real estate companies love talking about residential ambitions. Anant Raj just raised ₹1,100 crore in October 2025 (QIP at ₹662/share, now trading at ₹482) to fund exactly that. The board approved it quietly. FIIs and DIIs participated. Rating agencies upgraded them. And the stock promptly fell 27% in 4 months because apparently the market hasn’t figured out that a data centre company that also happens to have 300+ acres of prime land in Delhi-NCR is possibly not a bad investment at this valuation.
Q3 FY26 delivered highest-ever data centre revenue. Margins hit 21.84% — up 155 bps YoY. PAT grew 30.8%. And yet here we are, discussing a company that’s probably undervalued by its own management’s admission.
Management Concall (Jan 2026): “Data centre is now 7% of revenue but 20%+ of runway.”— That’s the quote that should have turned heads. It didn’t.
03 — Business Model: Two Horses, One Cart
Real Estate (The Past). Data Centres (The Future).
The business divides cleanly into three buckets. First: Real estate sales. Residential projects — luxury group housing, affordable housing, plots, villas. That’s ~90% of revenue but shrinking as a percentage. Second: Annuity business. Leased commercial properties, hotels, office parks. These generate ₹1.5+ crore annually in recurring rental income. Third: Data centres. 28 MW operational. Another 357 MW planned. Started generating meaningful cash only in Q3 FY25. Now contributing ₹43.57 crore per quarter.
Real estate remains the profit driver today. But data centres are the optionality. The company has land (320 acres of freehold land). They have execution capability (50 years track record, zero failed projects). They have balance sheet strength (₹50 crore net cash post-QIP adjustment). And they have partnerships — CSC Data Services for cloud, Orange Business for cloud services in Manesar and Panchkula, government MoU for Andhra Pradesh at 50 MW capacity.
The bet is simple: India’s data centre capacity is undersupplied. Hyperscalers are building. New regulations favor indigenous infrastructure. Anant Raj’s 357 MW roadmap becomes viable if they execute 50% of it at reasonable pricing.
Real Estate Sales~90%Of Current Revenue
Annuity Income₹1.5+ CrAnnual Recurring
Data Centre Ops28 MWLive Today
Planned Capacity357 MWBy 2032
Land Moat Note: 320 acres of freehold land in Delhi NCR. Cost basis probably ₹40-60 crores (historical). Current replacement value if marketed independently: ₹3,000+ crores. This is a hidden asset most investors don’t price in. At the QIP price of ₹662, you were essentially getting it for free.
💬 What would a pure-play data centre company trade at? And why isn’t Anant Raj being valued like one?
04 — Financials Overview
Q3 FY26: The Triple Threat
Result type: Quarterly Results | Q3 FY26 EPS: ₹4.01 | Annualised EPS (Q3×4): ₹16.04 | Full-year FY25 EPS: ₹12.40
| Metric (₹ Cr) |
Q3 FY26
Dec 2025 |
Q3 FY25
Dec 2024 |
Q2 FY26
Sep 2025 |
YoY % |
QoQ % |
| Revenue (incl. Other Income) | 642 | 535 | 631 | +20.0% | +1.7% |
| Operating Profit | 170 | 134 | 168 | +26.9% | +1.2% |
| OPM % | 26.5% | 25.0% | 26.6% | +150 bps | -10 bps |
| PAT | 144 | 110 | 138 | +30.8% | +4.3% |
| EPS (₹) | 4.01 | 3.23 | 4.02 | +24.1% | -0.2% |
P/E Reality Check: Full-year FY25 EPS ₹12.40 ÷ CMP ₹482 = P/E 38.8x. But Q3 EPS alone annualised to ₹16.04 ÷ ₹482 = P/E 29.9x. Growth is happening NOW. Not in some forward guidance fantasy land. The company is delivering 20%+ revenue growth, 30%+ PAT growth, with margin expansion happening QoQ. Infomerics upgraded them. CRISIL reaffirmed with positive outlook. Why is the stock down 27% from QIP price? That’s the question nobody’s asking loudly enough.
05 — Valuation: Fair Value Range
What’s A 357 MW Data Centre Rodeo Really Worth?
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