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.💼)
4. Numbers Decoded
| Metric | Q2FY26 | Q2FY25 | YoY Change | Comment |
|---|---|---|---|---|
| Bookings | ₹828 Cr | ₹540 Cr | +53% | Mumbai buyers on fire. |
| Revenue | ₹481 Cr | ₹401 Cr | +20% | Execution catching up. |
| EBITDA | ₹139 Cr | ₹131 Cr | +6% | Margins diluted by mix. |
| PAT | ₹71 Cr | ₹69 Cr | +2% | Still profitable amid launch blitz. |
| Debt | ₹690 Cr | ₹710 Cr | ↓3% | Balance sheet on a protein diet. |
| Debt/Equity | 0.55x | 0.58x | Stable | Room left for cranes and loans. |
Margins dipped slightly as lower-margin projects (Vihara, Eden) entered revenue recognition. High-margin Manhattan to kick in from FY27 — that’s when the real fireworks begin.
5. Analyst Questions
- Sequent Investments:“What’s happening with Bahrain and UK projects?”Mgmt:“Bahrain exit done, ₹35 crore received; UK repatriation ongoing.”(Translation:We’re collecting global rent one cheque at a time.*)
- Whitestone Advisors:“Approvals before BMC elections?”Mgmt:“We’re sprinting — because post-elections, everything sleeps.”(Translation:Pray for early clearances, not early voters.*)
- Bernstein:“Wadala auction prices hitting ₹50k/sq ft?”Mgmt:“Exactly. Makes our Manhattan look like a discount offer.”(Translation:Even our rivals are helping us look premium.*)
- Sahasrar Capital:“Sales drivers ahead?”Mgmt:
