1. At a Glance
Anant Raj Ltd, born in the ’80s brick-and-mortar era, just posted a blockbuster Q1 FY26 with ₹602 Cr revenue and ₹126 Cr profit. That’s a 38% YoY profit jump and an EPS of ₹3.67—faster than cement drying in a Gurgaon summer. With data centers now part of the blueprint, the “Raj” seems ready for a digital coronation. But is the 42x P/E just a REIT-fueled fantasy?
2. Introduction with Hook
Imagine your uncle who built housing colonies in the 80s suddenly launching data centers and hosting tech investor days titled “Soil to Server.” Welcome to the Anant Raj plot twist.
What was once your classic NCR real estate stock is now adding server racks to its cement blocks. Revenue doubled in 2 years, profit 4x in 3, and now it wants to trade like a tech stock.
Just one question: Is this a real estate company or the next Hiranandani Data Parks?
3. Business Model (WTF Do They Even Do?)
Historically:
- Built 9.96 million sq. ft. of real estate: housing, malls, IT parks, hotels, SEZs
- Projects in: Delhi, Haryana, Andhra, Rajasthan
- Current land bank: Huge. Dusty. Profitable.
Now:
- Data centers (6 MW live, expansion ongoing)
- Commercial leasing
- Residential launches: premium and affordable
“Basically, they built buildings. Now they put servers inside them. #DiversificationLevelBoss”
4. Financials Overview
Q1 FY26:
- Revenue: ₹602 Cr (↑25% YoY)
- Net Profit: ₹126 Cr (↑38% YoY)
- EBITDA Margin: 25%
- EPS: ₹3.67
- Tax Rate: 17% (efficient or sketchy?)
TTM Snapshot:
- Revenue: ₹2,181 Cr
- PAT: ₹461 Cr
- ROE: 10.9%
- ROCE: 11.2%
Growth CAGR:
- Sales: 3Y = 65%, 5Y = 49%
- Profit: 3Y = 100%, 5Y = 77%
Margins growing, costs managed, debt down—someone give their CFO a brick-shaped medal.
5. Valuation
- CMP: ₹562
- P/E: 41.9
- Book Value: ₹121 → P/B = 4.64x
- Market Cap: ₹19,295 Cr
Valuation Models:
- P/E 25x on FY26E PAT ₹520 Cr → FV = ₹13,000 Cr → FV/share = ₹380–400
- EV/EBITDA 15x on FY26E EBITDA ₹650 Cr → EV = ₹9,750 Cr → FV/share = ₹300–340
“Current price implies they’re halfway between DLF and a datacenter unicorn. So… tread with a helmet.”
6. What’s Cooking – News, Triggers, Drama
- Q1 FY26 blowout
- New launches in Gurugram & South Delhi
- 6 MW data center live, expansion to 24 MW
- Concall keyword frequency: “cloud”, “digitization”, “Bharat stack”
- Promoter stake stable at 60.1%
No auditor drama. No pledges. Just quiet execution + internet servers = hype machine engaged.
7. Balance Sheet
| Metric | FY25 |
|---|---|
| Equity | ₹69 Cr |
| Reserves | ₹4,092 Cr |
| Borrowings | ₹482 Cr ↓ (from ₹1,283 Cr in FY22) |
| Total Liabilities | ₹5,235 Cr |
| Fixed Assets | ₹1,367 Cr |
| Investments | ₹311 Cr |
| Net Worth | ₹4,161 Cr |
| D/E | 0.12 |
“De-leveraged. De-risked. And possibly, now digitally blessed.”
8. Cash Flow – Sab Number Game Hai
| Year | Ops CF | Inv CF | Fin CF | Net CF |
|---|---|---|---|---|
| FY23 | ₹33 Cr | -₹20 Cr | ₹2 Cr | ₹15 Cr |
| FY24 | -₹26 Cr | ₹181 Cr | ₹116 Cr | ₹271 Cr |
| FY25 | ₹97 Cr | -₹72 Cr | ₹1 Cr | ₹25 Cr |
“Cash flow from ops finally turned positive after years of concrete-burning cash.”
9. Ratios – Sexy or Stressy?
| Ratio | FY25 |
|---|---|
| ROCE | 11.2% |
| ROE | 10.9% |
| OPM | 25% |
| P/E | 41.9x |
| D/E | 0.12 |
| Working Capital Days | 337 |
| Debtor Days | 22 |
“ROCE now 11%, up from 1% in 2020. Talk about a real estate resurrection arc.”
10. P&L Breakdown – Show Me the Money
| Year | Revenue (Cr) | EBITDA (Cr) | PAT (Cr) |
|---|---|---|---|
| FY23 | ₹1,483 | ₹334 | ₹271 |
| FY24 | ₹2,060 | ₹492 | ₹426 |
| FY25 (TTM) | ₹2,181 | ₹539 | ₹461 |
EPS: ₹13.45
Next milestone: crossing ₹600 Cr PAT. At current pace, possible in FY27.
11. Peer Comparison
| Company | Revenue | PAT | ROE | P/E |
|---|---|---|---|---|
| DLF | ₹7,994 Cr | ₹4,657 Cr | 11.4% | 44x |
| Oberoi Realty | ₹4,869 Cr | ₹2,062 Cr | 14.7% | 31x |
| Lodha | ₹13,779 Cr | ₹2,764 Cr | 14.7% | 48x |
| Anant Raj | ₹2,181 Cr | ₹461 Cr | 10.9% | 42x |
“More profitable than Prestige, smaller than Lodha, and cheaper than Godrej Prop. A mid-cap with momentum.”
12. Miscellaneous – Shareholding, Promoters
| Category | Mar 2025 | Jun 2025 |
|---|---|---|
| Promoters | 60.16% | 60.12% |
| FIIs | 12.88% | 10.62% ↓ |
| DIIs | 6.57% | 6.22% |
| Public | 20.38% | 23.04% ↑ |
Shareholders doubled in 12 months:
“Retail has arrived, probably with Concall screenshots and realty dreams.”
13. EduInvesting Verdict™
Anant Raj Ltd is morphing from real estate regular to a hybrid REIT-tech infra play. With clean financials, rising margins, and a surprisingly well-executed datacenter vertical, it’s no longer just a landbank story.
But…
Valuation is rich
FY25 gains already priced in
Tech buzz may fade if execution falters
“A classic North Indian builder learning cloud computing. What could go wrong?”
“Impressive evolution—but don’t buy the datacenter dream without checking the construction site.”
Metadata:
Written by EduInvesting Team | 24 July 2025
Tags: Anant Raj Ltd, Real Estate, Data Centers, FY26 Results, EduInvesting Premium
