Ajmera Realty FY26: Record pre-sales, stronger pipeline, and a more calibrated FY27

Ajmera Realty and Infra India Limited closed FY26 with its strongest operating year on record, led by a sharp jump in pre-sales and collections and a step-up in reported revenue recognition. On a consolidated basis, total revenue rose to INR 1,098 crore in FY26, up 46 percent year on year. EBITDA increased to INR 306 crore, up 25 percent, while profit after tax grew to INR 157.1 crore, up 24 percent.

The operating narrative was dominated by launches. FY26 pre-sales reached INR 1,701 crore and collections were INR 1,103 crore. The company also stated that new launches contributed 82 percent of FY26 sales value, reinforcing that the year’s acceleration was largely launch-led.

FY26 operations: launches drove volumes, value and collections

Ajmera reported FY26 sales volume of 6,60,246 square feet (carpet area basis), up 11 percent year on year, with sales value up 57 percent to INR 1,701 crore. Collections increased 71 percent to INR 1,103 crore. The presentation also tracked improvement in collection efficiency to 65 percent from 60 percent in FY25.

Project-level disclosures show that the company’s Wadala projects remained central to the story. Ajmera Manhattan 1 was disclosed at around 90 percent inventory sold, while Ajmera Manhattan 2, launched in FY26, stood at 48 percent inventory sold. Among FY26 launches, Ajmera Solis Phase 1 recorded 86 percent inventory sold. 33Fifteen (Bandra) was at 17 percent, and Vann by Ajmera (Versova) was at 3 percent at the time of the update. In the concall, management described Versova as a luxury micro market where the sales curve is expected to be steadier rather than front-loaded.

The company also shared revenue visibility for OC received projects and ongoing projects. OC received projects had a sales book of INR 805 crore, with INR 39 crore of balance revenue recognition on committed sales and an additional INR 27 crore from unsold stock, translating to total revenue potential of INR 66 crore over the next three months (as stated in the slide).

Ongoing projects had a sales book of INR 3,620 crore as of 31 March 2026, with INR 1,799 crore of balance revenue recognition on committed sales and INR 2,243 crore expected from unsold inventory. The slide presented a total revenue potential of INR 4,042 crore over the next 48 months.

Financial summary (Consolidated)

Profit growth with margin compression and mixed cash conversion

While the company delivered strong growth in revenue, EBITDA and PAT, margins moved lower in FY26. Consolidated EBITDA margin fell to 28 percent from 33 percent in FY25. PAT margin declined to 14 percent from 17 percent.

Cash flow disclosure also shows a divergence between earnings and operating cash flow for the full year. FY26 operating inflows were INR 1,102.7 crore and operating outflows were INR 1,080.3 crore, resulting in gross operating cash flow of INR 22.4 crore. After taxes of INR 52.3 crore, net operating cash flow was negative at INR -29.9 crore for FY26.

The company’s balance sheet shows net worth of INR 1,398.5 crore at FY26 (FY25: INR 1,206.5 crore). Total borrowings included non-current borrowings of INR 671.3 crore and current borrowings of INR 39.9 crore, with the investor presentation highlighting secured debt of INR 737 crore as of March 2026 and debt to equity of 0.53x.

The presentation also tracks a steady decline in average cost of debt to 11.15 percent by March 2026, compared with 12.20 percent at March 2025.

Pipeline and land bank: Wadala and FY27 launches set the near-term agenda

Ajmera’s portfolio disclosures position Wadala as a key lever. The company presented a post changes in FSI view where Wadala’s total development could expand to 47.2 lakh square feet of carpet area with an estimated GDV of INR 18,594 crore. The FY27 pipeline slide lists an estimated GDV of INR 6,324 crore across eight projects planned through FY27, spread across Mumbai, Pune and Bengaluru.

In the guidance slide, management set FY27E sales value guidance at INR 2,200 crore and project additions guidance at INR 1,800 crore. Debt to equity is guided at 1.00x for FY27E, indicating that leverage could rise versus FY26 as the company pushes scale.

Management also highlighted that its focus for FY27 would be disciplined execution and financial prudence, while operating in what it described as a more mature and calibrated cycle for the sector.

Kanjurmarg: conversion and tie-up discussions before launch sequencing

Kanjurmarg remains a longer-duration strategic opportunity in the disclosures. The presentation describes a 55-acre land parcel and provides a development roadmap with approvals and master planning activities, including appointment of Woods Bagot as master planner and completion of master planning.

In the concall, management said it is pursuing conversion of the land from leasehold to freehold first, largely due to customer preference for freehold land. It indicated it is targeting conversion approvals in the next quarter or so, followed by additional regulatory steps. Management also stated that after approvals are in place, it would typically take another three to four months to launch.

On funding, management mentioned discussions with partners for a tie-up to fund conversion and initial capex at the SPV level.

Takeaways

FY26 establishes Ajmera’s ability to deliver record pre-sales, scale collections and expand revenue visibility with a launch-driven model. The company exceeded its FY26 sales guidance and ended the year with debt to equity materially below what it had guided.

At the same time, FY26 saw margin compression and a negative net operating cash flow for the full year, which investors will likely track alongside execution progress. FY27 guidance points to higher scale but also higher leverage. With boutique office in Wadala guided for Q3 FY27 and a broader FY27 pipeline disclosed, the year ahead appears anchored on disciplined execution and timely approvals across projects and geographies.