Ajmera Realty & Infra India Ltd. Achieves Record Sales, Unlocks Significant Value in 9M FY26

Ajmera Realty & Infra India Limited, a prominent player in the Indian real estate sector, has reported an exceptional performance for the first nine months of the financial year 2026 (9M FY26). The company achieved its highest-ever sales value of INR 1,431 crores, marking a robust 72% year-on-year (YoY) growth. This strong operational momentum, coupled with disciplined financial management, positions Ajmera Realty to outperform its annual guidance and capitalize on strategic growth opportunities.

The company's total revenue for 9M FY26 stood at INR 664 crores, an 11% increase YoY, supported by consistent execution across its diverse project portfolio. Despite a slight dip in EBITDA and PAT margins to 30% and 15% respectively, profitability remained stable at INR 196 crores (EBITDA) and INR 99 crores (PAT). This performance underscores Ajmera Realty's resilience and strategic focus in a dynamic market environment.

Operational Excellence and Strategic Launches

A significant driver of this quarter's success was the blockbuster launch of Ajmera Solis at Vikhroli, Mumbai. Phase 1 of the project witnessed an overwhelming response, with 84% of its inventory being absorbed within a remarkable 48 to 60 hours of launch. This rapid sell-out highlights the strong market demand for well-configured residential offerings and the trust in the Ajmera brand. The company's ability to successfully expand into new micro-markets through an asset-light strategy has been validated by this success.

In terms of sales volume, 9M FY26 saw a 36% YoY increase to 5,55,991 square feet, with collections surging 70% YoY to INR 787 crores. This reflects disciplined inventory management and robust execution across the portfolio. Furthermore, the company achieved a key milestone with Ajmera Eden in Ghatkopar receiving its occupation certificate, demonstrating timely project delivery.

Ongoing projects also showed strong progress. Ajmera Manhattan Phase 1 achieved approximately 89% sales, with the RCC superstructure for both towers nearing completion. Ajmera Vihara in Bhandup reached 81% sales, while Ajmera Iris and Ajmera Marina in Bangalore recorded 76% and 68% sales respectively, indicating consistent demand across geographies.

Unlocking Value and Future Pipeline

Ajmera Realty is strategically enhancing its portfolio value, particularly in Wadala. A significant revision to the master plan for the Boutique Office project in Wadala has unlocked substantial value. The estimated carpet area for this project has been revised from 6 lakh square feet to 16 lakh square feet, leading to a substantial increase in the Gross Development Value (GDV) from INR 1,800 crores to INR 5,300 crores. This strategic move is expected to contribute to a total project value of almost INR 16,000 crores from the Wadala micro-market over the next 4 to 5 years, leveraging the area's growing connectivity and emergence as a commercial hub.

The company has also secured new business development projects worth INR 2,000 crores, primarily asset-light redevelopment projects in Mumbai and Pune. This further fuels future expansion and reinforces the commitment to capital-efficient growth. The planned launch pipeline for FY26 includes projects with an estimated GDV of INR 1,491 crores, indicating a robust future outlook.

Financial Discipline and Market Outlook

Ajmera Realty maintains a strong financial position, with a total debt of INR 754 crores as of December 31, 2025, and a healthy debt-to-equity ratio of 0.58x. This disciplined approach to financial management ensures the company is well-positioned to leverage its strong launch pipeline and selectively pursue new business development activities. The weighted average cost of debt stood at 11.59%, reflecting an enhanced credit profile.

Management noted that while the real estate market has seen a cyclical phase of consolidation, FY26 is characterized by steadier volume growth, disciplined pricing, and greater selectivity in demand and supply. Mumbai's redevelopment market, contributing 50-60% of new housing supply, presents significant opportunities for established and rational players. The company's focus on brand reliability and strategic location advantages has enabled it to command premium pricing, even in competitive micro-markets.

Looking ahead, Ajmera Realty is confident of outperforming its yearly guidance of INR 1,600 crores. The company plans to aggressively fast-track upcoming launches and capitalize on strategic business development opportunities, while ensuring faster project execution and continued deleveraging of its balance sheet. The overall revenue visibility stands at approximately INR 5,600 crores, with an estimated cash flow potential of INR 2,316 crores from OC received and ongoing projects over their lifecycle.