Ajmera Realty & Infra India Limited: Strong H1 FY26 Sales Driven by New Launches and Strategic Vision

Ajmera Realty & Infra India Limited has reported a robust performance for the first half of fiscal year 2026, showcasing significant growth in sales and collections, primarily propelled by successful new project launches. The company, a prominent player in the Indian real estate sector, delivered its highest ever quarterly sales in Q2 FY26, underscoring a positive market response to its offerings. The consolidated financial summary for H1 FY26 reveals a total revenue of INR 480.5 crore, marking a 20% year-on-year increase from INR 400.3 crore in H1 FY25. Despite this revenue growth, EBITDA for H1 FY26 stood at INR 139.2 crore, a 6% increase from INR 131.3 crore in the prior year, with EBITDA margins seeing a slight compression from 33% to 29%. Profit After Tax (PAT) also grew by 2% to INR 70.7 crore from INR 69.0 crore, with PAT margins at 15% compared to 17% previously.

The strong operational performance was largely attributed to the successful launch of two key projects: Ajmera Manhattan 2 in Wadala and Thirty3.15 in Bandra. Ajmera Manhattan 2, a residential development, witnessed exceptional traction, with 38% of its inventory sold within less than a month of its launch. Thirty3.15, a commercial project, also garnered a positive response, selling 5-6% of its inventory shortly after its launch. These projects collectively represent a Gross Development Value (GDV) of over INR 2,100 crore. The company's sales value for H1 FY26 reached INR 828 crore, a substantial 48% year-on-year increase, while collections surged by 52% to INR 454 crore. This momentum is further supported by ongoing projects like Ajmera Manhattan Phase-1, which has achieved 89% sales, and Ajmera Eden, with 98% sales and completed structure.

Management highlighted that the Indian real estate market is evolving into a mature landscape, experiencing steady growth following record sales in FY24 and FY25. The outlook remains balanced, with a favorable momentum for credible developers across luxury, mid-income, and premium segments. The company's strategy, outlined in its '5X ROAD MAP', focuses on organic growth through unlocking the potential of its owned land bank, inorganic growth via aggressive expansion and evaluation of asset-light structures, strategic locational advantage, and robust execution efficiency. Ajmera Realty aims to deliver 15 to 16 projects with a total GDV of approximately INR 8,000 crore over the next three to four years.

Financially, the company maintained a strong position with total debt at INR 690 crore as of September 30, 2025, and a healthy debt-to-equity ratio of 0.55x. The weighted average cost of debt also saw a reduction of 24 basis points to 11.51%, reflecting disciplined financial management and an enhanced credit profile. The revenue visibility remains strong, with INR 3,599 crore from committed sales and available inventory in OC received and ongoing projects, complemented by an additional INR 4,357 crore from upcoming launches, bringing the total revenue potential to nearly INR 8,000 crore. The company is also on track to deliver approximately 1,000 possessions in FY26, having already delivered 533 homes in H1 FY26.

In conclusion, Ajmera Realty & Infra India Limited's H1 FY26 performance demonstrates strategic clarity and disciplined execution. The successful new launches, coupled with a strong pipeline and a focus on de-leveraging, position the company for sustained growth and value creation in the evolving Indian real estate market. The management's proactive approach to market dynamics and project execution reinforces investor confidence in its long-term trajectory.