1. At a Glance
A 40-year-old realty player turned data center dabbling darling. Stock up 118% in 5 years. P/E touching 49. Built 20+ msf. Now eyeing Bharat’s tech backbone with server farms. But is it all just a Gurgaon-sized illusion?
2. Introduction with Hook
Imagine a developer who made a fortune in land, then thought—wait, what if we stack servers instead of sofas? That’s Anant Raj Ltd.
- 5Y Profit CAGR: 77%
- ROCE up to 11%
- Debt down to ₹482 Cr from ₹2,600 Cr peak
- Data center capacity: 6 MW (and counting)
This is a real estate phoenix—but is it flying, or flapping?
3. Business Model (WTF Do They Even Do?)
Anant Raj is not just your plot-selling uncle anymore:
Segments:
- Real Estate: Residential, townships, luxury villas (Gurgaon, Haryana, Delhi NCR).
- Commercial/IT Parks: SEZs and tech parks.
- Hospitality: Hotels, serviced apartments (because why not).
- Data Centers: New frontier—server infrastructure projects like Panchkula’s 6 MW unit.
Mixing concrete with silicon. Old school RE + new tech pivot.
4. Financials Overview
| Metric | FY23 | FY24 | FY25 |
|---|---|---|---|
| Revenue | ₹957 Cr | ₹1,483 Cr | ₹2,060 Cr |
| Net Profit | ₹149 Cr | ₹271 Cr | ₹426 Cr |
| EPS | ₹4.7 | ₹7.6 | ₹12.4 |
| OPM | 21% | 23% | 24% |
3Y Profit CAGR: 100%
Margins expanding like DLF bungalows—every quarter’s better.
5. Valuation
| Metric | Value |
|---|---|
| CMP | ₹607 |
| Market Cap | ₹20,848 Cr |
| P/E | ~49x |
| Book Value | ₹121 |
| CMP/BV | 5.01x |
Fair Value Range
- Base Case (25x FY25 EPS ₹12): ₹300
- Bull Case (DCF + RE revaluation): ₹650–₹750
- Bear Case (RE correction + Data hype burst): ₹250–₹300
FV Range: ₹300 – ₹750
At ₹600+, the story’s priced like it owns half of Gurugram’s future. Which… it kinda does.
6. What’s Cooking – News, Triggers, Drama
- Data Center push: 2nd data center at Panchkula launched July 2025.
- Q1 FY26 results on July 24—expect a good quarter.
- Reduced debt to ₹482 Cr from ₹1,079 Cr in FY23.
- FIIs + DIIs pouring in = smart money likes the “soil to server” narrative.
7. Balance Sheet
| Item | FY25 (₹ Cr) |
|---|---|
| Equity Capital | 69 |
| Reserves | 4,092 |
| Borrowings | 482 |
| Total Liabilities | 5,235 |
| Fixed Assets | 1,367 |
| Investments | 311 |
| Other Assets | 3,520 |
Highlights:
- Net worth rising, debt falling
- Strong land bank = NAV cushion
- Data infra + residential revenue = dual engine
8. Cash Flow – Sab Number Game Hai
| Year | CFO | CFI | CFF | Net Flow |
|---|---|---|---|---|
| FY25 | ₹97 Cr | ₹-72 Cr | ₹1 Cr | ₹25 Cr |
| FY24 | ₹-26 Cr | ₹181 Cr | ₹116 Cr | ₹271 Cr |
Narrative:
- Mostly self-funded ops
- Capex for data infra funded by divestments
- Not burning, but not gushing either
9. Ratios – Sexy or Stressy?
| Ratio | FY25 |
|---|---|
| ROCE | 11.2% |
| ROE | 10.9% |
| OPM | 24% |
| P/E | 49.0 |
| Debtor Days | 22 |
Verdict:
Returns improving, efficiency up.
P/E? Maybe too “DLF-esque” for a company still pivoting.
10. P&L Breakdown – Show Me the Money
| Year | Revenue | OPM | PAT | EPS |
|---|---|---|---|---|
| FY25 | ₹2,060 Cr | 24% | ₹426 Cr | ₹12.4 |
| FY24 | ₹1,483 Cr | 23% | ₹271 Cr | ₹7.6 |
| FY23 | ₹957 Cr | 21% | ₹149 Cr | ₹4.7 |
Observation:
Each year they add ₹500–₹600 Cr in revenue and ₹100+ Cr in PAT.
More predictable than Delhi’s summer.
11. Peer Comparison
| Company | CMP | P/E | OPM | ROE | Market Cap |
|---|---|---|---|---|---|
| Anant Raj | ₹607 | 49 | 24% | 10.9% | ₹20,848 Cr |
| DLF | ₹833 | 45 | 26.3% | 11.2% | ₹2.06 L Cr |
| Lodha | ₹1,434 | 51.7 | 28.9% | 14.7% | ₹1.43 L Cr |
| Oberoi Realty | ₹1,820 | 30.5 | 58.7% | 14.7% | ₹66K Cr |
Punchline:
Anant Raj = smaller, cheaper, but growing faster.
Margins not quite Oberoi, but improving fast.
12. Miscellaneous – Shareholding, Promoters
| Category | Mar 2025 |
|---|---|
| Promoters | 60.16% (down from 65%) |
| FIIs | 12.88% |
| DIIs | 6.57% |
| Public | 20.38% |
Takeaways:
- FIIs + DIIs doubled in 2 years
- Public dilution = healthy float
- 2 lakh+ shareholders = the hype is democratized
13. EduInvesting Verdict™
Anant Raj is that old uncle who finally joined the gym, got a tech job, and opened a crypto wallet. Classic RE firm pivoting hard into infra + data.
Positives:
- Strong profit growth
- Great project pipeline
- Data center narrative = hot
- Debt halved. ROE doubled.
Red Flags:
- P/E is high. Expectations are… sky-high.
- Promoter stake declined
- Results-driven stock = whiplash if any quarter disappoints
Bottom Line:
This isn’t your sleepy REIT. Anant Raj is playing the RE + Tech hybrid game. It’s working—for now. But you better believe the street’s watching every data byte and revenue square foot.
Metadata
Written by EduInvesting Analyst | July 15, 2025
Tags: Anant Raj Ltd, Data Center Stocks, Real Estate, NCR Projects, Profit Growth, Smart Infra, Midcap Realty, Bharat Infra, Tech + Realty
