1. At a Glance
Ajmera Realty is that old-school real estate uncle who once built your neighborhood and is now trying to build your wealth. With ₹803 Cr in trailing 12-month revenue, a PAT of ₹133 Cr, and a land bank fatter than your startup founder cousin’s ego, the company is silently turning real estate into real returns—while flying just under the radar.
2. Introduction with Hook
If Ajmera Realty were a Netflix series, it’d be titled “The Quiet Climber”—zero drama, solid plot, and a slow burn that ends in surprising returns. From 46,000+ homes built to a consistent presence in Mumbai, Bangalore, and even Bahrain (yes, they crossed the Arabian Sea too), Ajmera isn’t playing the DLF/Oberoi flash game. Instead, they’re doing ₹259 Cr in quarterly revenue with a net profit of ₹39 Cr—and still getting ignored by most analysts. That’s like discovering Ranveer Singh was doing theatre in your backyard all along.
3. Business Model – WTF Do They Even Do?
Ajmera Realty sells the most glamorous thing in India: Square footage.
Here’s how they keep the engine running:
- Residential Projects (their bread, butter, and biryani)
- Commercial Spaces (rented properties, not the WeWork fantasy)
- Geography: Stronghold in Mumbai, Bengaluru, Ahmedabad. Foreign dabble in Bahrain and UK, because why not?
- Current & Upcoming:
- 1.3 million sq ft under development
- 1.7 million sq ft in the pipeline
- A juicy 11.1 million sq ft land bank (because hoarding land > hoarding crypto)
Basically, they build houses. But with enough flair to call it “Infra India Ltd.”
4. Financials Overview – Show Me the Digits
“Margins tighter than Mumbai parking spots, but profit ka plot twist is real.”
TTM Snapshot (₹ Cr):
| Metric | Value |
|---|---|
| Revenue | 803 |
| EBITDA | 245 |
| EBITDA Margin | 30.5% |
| Net Profit | 133 |
| Net Profit Margin | 16.5% |
| EPS (TTM) | ₹34.5 |
| ROE | 12.2% |
| ROCE | 12.8% |
Q1 FY26 YoY Highlights:
- Revenue: ₹259 Cr (up 32%)
- PAT: ₹39 Cr (up 20%)
- Collections up 42% (finally people are paying!)
- Debt reduced by 6% (not debt-free, but breathing easier)
5. Valuation – How Much Would You Pay for a Flat in Ajmera Tower?
“If you think paying 47x like Godrej is a deal, please also buy Maggi at the airport.”
Ajmera’s current P/E: 27x
Book Value per share: ₹307
Price-to-Book: 2.93x
Fair Value Estimate:
| Method | Range |
|---|---|
| P/E (20x TTM EPS) | ₹690–₹725 |
| EV/EBITDA (15x) | ₹750–₹800 |
FV Range: ₹700–₹800
Current Price: ₹898
Verdict: Slightly overheated. But you’re paying for low-debt, high-momentum real estate with a side of management discipline.
6. What’s Cooking – News, Triggers, Drama
“More plot twists than a daily soap… but cleaner floors.”
- Q1 FY26 Results:
- Revenue up 32%,
- PAT up 20%,
- Collection up 42%,
- Debt trimmed by 6%.
- Basically, they Marie-Kondo’d their balance sheet.
- Land Bank of 11.1 MSF:
- Mumbai + Bengaluru + Ahmedabad + UK + Bahrain = Netflix’s next real estate docu-series?
- Regulatory Stuff:
- Preferential issue proceeds of ₹225 Cr fully utilized. CRISIL gives a thumbs up.
- Revised SEBI-compliant insider trading policy. (Insiders can’t gossip anymore.)
7. Balance Sheet – Is the Foundation Strong?
| Particulars | FY25 (₹ Cr) |
|---|---|
| Equity Capital | 39 |
| Reserves | 1,167 |
| Total Borrowings | 676 |
| Other Liabilities | 372 |
| Total Liabilities | 2,255 |
| Fixed Assets | 77 |
| Investments | 124 |
| Other Assets | 2,053 |
“Debt: not Titanic-level, but the ship is wobbling less than last year.”
Net worth > ₹1,200 Cr
Borrowings down
Assets > Liabilities
No red flags. Just beige flags.
8. Cash Flow – Sab Number Game Hai
| Year | Ops (₹ Cr) | Invest (₹ Cr) | Finance (₹ Cr) | Net Cash |
|---|---|---|---|---|
| FY23 | +135 | -45 | -86 | +4 |
| FY24 | +220 | -72 | -97 | +51 |
| FY25 | +8 | +3 | -15 | -5 |
“Cash flow looks like your freelancer friend — always busy, rarely paid.”
Ops cash is swinging, but at least it’s positive. Could be better, but they’re not on ventilator support.
9. Ratios – Sexy or Stressy?
| Ratio | Value | Verdict |
|---|---|---|
| ROE | 12.2% | Decently attractive |
| ROCE | 12.8% | Twitter-worthy |
| P/E | 27x | A tad rich |
| PAT Margin | 16.5% | Juicy |
| D/E Ratio | 0.58 | Manageable, not alarming |
“ROCE is hotter than a Bandra café on a Sunday morning.”
10. P&L Breakdown – Show Me the Money
| Year | Revenue | EBITDA | PAT |
|---|---|---|---|
| FY23 | ₹431 Cr | ₹124 Cr | ₹72 Cr |
| FY24 | ₹738 Cr | ₹231 Cr | ₹126 Cr |
| FY25 TTM | ₹803 Cr | ₹245 Cr | ₹133 Cr |
“PAT grew 10%, but only if you squint really hard and ignore the base effect.”
11. Peer Comparison – The Real Estate Rumble
| Company | Rev (Cr) | PAT (Cr) | P/E | ROCE |
|---|---|---|---|---|
| DLF | 7,993 | 1,282 | 44 | 6.5% |
| Lodha | 13,779 | 922 | 47 | 15.6% |
| Oberoi Realty | 4,869 | 421 | 31 | 17.7% |
| Godrej Prop. | 4,923 | 378 | 57 | 6.6% |
| Ajmera Realty | 803 | 133 | 27 | 12.8% |
“Looks like the least drunk guest at a wedding full of finance bros.”
Ajmera = Lower scale, decent margins, respectable ROCE.
12. Miscellaneous – Promoters, Dilution & Gossip
- Promoters: 68.23% holding. Strong grip.
- Public: ~29.5%—mostly retail charmers.
- FIIs & DIIs: Starting to nibble.
- Equity Dilution: Capital raised via preferential issue, now deployed. Not shady.
- Management Drama: None. Boringly stable. Almost suspicious.
13. EduInvesting Verdict™
Ajmera Realty is like that underrated sitcom you never watched till Season 3—consistent, smartly written, and now finally getting noticed. While it’s not a Godrej or DLF-level beast, it’s quietly compounding wealth, cutting debt, and improving cash flow.
If you’re looking for explosive 3x growth, this might not be your bet. But if you like companies that sip their coffee while laying bricks and balance sheets, Ajmera’s a decent pit stop.
Just don’t expect business class legroom.
Written by EduInvesting Team | July 24, 2025
Tags: Ajmera Realty, Q1 FY26 Results, Real Estate, EduInvesting Premium, Analysis
