1. Opening Hook
Real estate companies usually sell dreams, brochures, and a little hope.
Anant Raj this quarter sold something rarer—numbers that actually behaved.
While most developers are still arguing about approvals and inventory cycles, Anant Raj casually slipped in 30% profit growth, expanded data centers, raised ₹1,100 Cr, and still claimed to be debt-light. All in one quarter.
Margins expanded, cash flows showed discipline, and the company spoke less about “aspirations” and more about MW, msf, and rental yields—music to any jaded investor’s ears.
And just when you think this is another Gurgaon housing story, the data center business walks in, steals the spotlight, and asks for 357 MW by 2032.
Read on. It gets interesting—and slightly uncomfortable for traditional real estate peers.
2. At a Glance
- Revenue up 20% YoY – Growth with receipts, not just site visits.
- EBITDA up 32% YoY – Operating leverage finally clocked in on time.
- PAT up 31% YoY – Profits didn’t just grow, they stayed.
- EBITDA margin +229 bps – Costs behaved. Management smiled.
- ₹1,100 Cr QIP raised – Institutions bought the story and the valuation.
- Data center revenue ₹44 Cr – Still small, but very loud.
3. Management’s Key Commentary
“Revenue from operations stood at ₹641.59 Cr, up 20% YoY.”
(Translation: Demand didn’t flinch despite rate noise.)
“EBITDA margins improved to 28.55%.”
(Translation: Execution > excuses 😏)
“We raised ₹1,100 Cr through QIP with strong FII and DII participation.”
(Translation: Big money believes the capex won’t evaporate.)
“Total planned data center capacity now stands at 357 MW.”
(Translation: We’re no longer flirting with infra—we’ve committed.)
“117 MW IT load will commence by FY28.”
(Translation: Timelines provided. Accountability implied.)
“Net debt reduced to nearly negligible levels.”
(Translation: Balance sheet diet worked.)
4. Numbers Decoded
Metric Q3 FY26 YoY Change
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Revenue ₹641.6 Cr +20%
EBITDA ₹188.6 Cr +32%
EBITDA Margin 28.55% +229 bps
PAT ₹144.2 Cr +31%
PAT Margin 21.84% +155 bps
- Revenue growth wasn’t margin-destructive—rare for real estate.
- Profit growth tracked EBITDA closely—no accounting gymnastics.
- Data centers
