Ajmera Realty Targets Eight H2 Launches Worth Rs 7,000 Crore

Ajmera Realty is targeting about eight H2 FY27 launches worth Rs 7,000 crore and spanning 38 lakh square feet, led by a Wadala boutique-office project planned by mid-February, while management said approvals remain the condition for the timetable and that one or two launches could slip.

What is Ajmera Realty planning to launch in H2 FY27?

Ajmera Realty plans about eight launches across Mumbai, Bengaluru and Pune in H2 FY27, with an estimated 38 lakh square feet of launch area and Rs 7,000 crore of top line. Management said the projects span eight micro-markets and multiple cities, rather than one concentrated geography, and therefore should not create internal competition between developments.

Ajmera Solis is the earliest planned launch, with management saying it was very confident of launching either early in the following month or around mid-December. Bengaluru projects had applications filed and were targeted for launches between mid-January and February. These are management timelines, not confirmed dates, because regulatory permissions must be received before launches can proceed.

When will Ajmera Realty launch its Wadala boutique offices?

Ajmera Realty is aiming to launch its Wadala boutique-office project by mid-February, with end-February described as the latest target, subject to regulatory approvals. Management said its team had started speaking with market participants but formal launch activity could only follow the completion of the approval process.

An analyst described the Wadala development as the largest launch in the Rs 7,000 crore pipeline and referred to a 10 lakh-square-foot office project. Management did not confirm that area or give development-cost details in its response. It said commercial leasing and outright sales had received a good response, including from global capability centre, or GCC, occupiers.

Ajmera Realty cited 33Fifteen in Bandra as its existing commercial project. The company said 25% of inventory at 33Fifteen was sold while excavation was underway, and that the development achieved revenue recognition in Q2 FY27 because of fast-track execution and customer response after launch. This commercial performance does not establish sales outcomes for Wadala, which remains subject to its separate approvals.

How much revenue visibility does Ajmera Realty report?

Ajmera Realty reported Rs 3,510 crore of revenue visibility from ongoing and occupation-certificate-received projects, including Rs 1,550 crore of committed sales and Rs 1,960 crore of inventory yet to be sold and recognised. It said its upcoming launch pipeline could generate about Rs 7,008 crore, taking total visibility above Rs 10,500 crore.

The committed-sales component differs from the unsold-inventory component. The Rs 1,550 crore of committed sales has already been achieved, whereas the Rs 1,960 crore of inventory depends on future transactions and revenue recognition. The Rs 7,008 crore launch pipeline is further prospective and depends on approvals, launch timing and demand in each market.

Management estimated pre-tax, post-debt cash-flow potential of more than Rs 3,900 crore over the life cycle of ongoing projects, upcoming projects and other cash-generation avenues. This was a management estimate rather than reported H1 FY27 operating cash flow, and the company did not provide a project-level allocation for Wadala, Borivali, Pune or Bengaluru.

What operating performance supports Ajmera Realty's launch plan?

Ajmera Realty reported Q2 FY27 sales of Rs 224 crore from 72,883 square feet of carpet area and collections of Rs 190 crore. H1 FY27 sales were Rs 370 crore from 1,16,620 square feet, while collections were Rs 363 crore; management attributed the result to sustained customer demand across ongoing projects.

Sales progress varied by project and construction stage. Ajmera Manhattan 1 in Wadala was 95% sold and being prepared for possession in the following year, while Ajmera Manhattan 2 was 56% sold with excavation and raft work underway. Ajmera Greenfinity Phase 2 was more than 94% sold and nearing completion, compared with Ajmera Vihara in Bhandup at 84% sold while reinforced cement concrete work continued.

In Bengaluru, Ajmera Iris was about 94% sold and in finishing stages, while Ajmera Marina was 76% sold with eight of 21 floor slabs completed. Ajmera Solis Phase 1 was 87% sold during excavation and raft work. Vann by Ajmera had 4% sales while shoring, piling and excavation continued; management said the Versova market generally responds as construction becomes visible rather than during pre-launch.

Can Ajmera Realty fund several launches at once?

Ajmera Realty said debt fell by Rs 34 crore during Q2 FY27 to Rs 646 crore, compared with Rs 793 crore in September 2024. Debt-to-equity stood at 0.44 times on September 30, 2026, while the weighted average cost of debt fell below 11% to 10.75% per annum in Q2 FY27.

EBITDA means earnings before interest, tax, depreciation and amortisation, while PAT means profit after tax. For H1 FY27, revenue rose 33% year on year to Rs 639 crore, EBITDA rose 28% to Rs 178 crore and PAT rose 32% to Rs 93 crore. EBITDA margin was 28% and PAT margin was 15% in H1 FY27.

In response to a balance-sheet question, the chief financial officer said Ajmera Realty had operating cash flow and headroom to double leverage from the 0.44-times debt-to-equity ratio to fund launches. Management said approvals were the principal scheduling risk and that, in a worst-case outcome, one or two projects could slip, although it remained confident of achieving its presales target.

Conclusion

Ajmera Realty's H2 FY27 programme combines about Rs 7,000 crore of proposed launches with Rs 3,510 crore of reported visibility from existing and occupation-certificate-received projects. Q2 FY27 revenue increased 45% year on year to Rs 320 crore, while debt reduced to Rs 646 crore and project sales ranged from 4% at Vann by Ajmera to 95% at Ajmera Manhattan 1.

The next milestones are Ajmera Solis around December, Bengaluru and Doddabalapur around January or February, Wadala by mid-February to end-February, and Borivali, Whitefield and Vishrantwadi by March. The key unresolved matter is regulatory clearance: management said approvals could delay one or two of the eight planned launches.