Ajmera Realty Q2 profit rises 55% as debt falls to Rs 646 crore

Ajmera Realty & Infra India Limited reported Q2 FY27 profit after tax of Rs 49 crore, up 55% year on year, as revenue increased 45% to Rs 320 crore and debt fell by Rs 34 crore to Rs 646 crore at September 30, 2026. Management attributed revenue growth to continued project execution and said debt had declined for a second consecutive quarter.

How did Ajmera Realty perform in Q2 FY27?

Ajmera Realty recorded total revenue of Rs 320 crore in Q2 FY27, compared with Rs 221 crore in Q2 FY26, a 45% year-on-year increase. Earnings before interest, tax, depreciation and amortisation, or EBITDA, rose 40% to Rs 84 crore from Rs 60 crore, while the EBITDA margin was 26%.

Profit after tax, or PAT, rose to Rs 49 crore in Q2 FY27 from Rs 31 crore a year earlier, a 55% increase. PAT margin was stable at 15%, meaning the reported profit increase came without a disclosed expansion in the net-profit margin.

First-half results also increased from the prior year. H1 FY27 revenue reached Rs 639 crore, up 33% from Rs 481 crore in H1 FY26; EBITDA grew 28% to Rs 178 crore from Rs 139 crore; and PAT rose 32% to Rs 93 crore from Rs 71 crore. The company reported H1 FY27 EBITDA margin of 28% and PAT margin of 15%.

What drove Ajmera Realty’s revenue and sales in Q2 FY27?

Ajmera Realty said continued project execution drove Q2 FY27 revenue growth, and its Bandra commercial project, 33Fifteen, began revenue recognition during the quarter. Management linked the recognition to fast-track execution and customer response following the project’s launch.

Q2 FY27 sales were Rs 224 crore across 72,883 square feet of carpet area, while collections were Rs 190 crore. H1 FY27 sales totalled Rs 370 crore across 1,16,620 square feet and collections were Rs 363 crore, implying first-quarter sales of Rs 146 crore before quarterly sales increased to Rs 224 crore in Q2.

Sales progress differed by project and construction stage. Ajmera Manhattan 1 in Wadala was 95% sold and in mechanical, electrical and plumbing, or MEP, and finishing work, with management preparing for possession next year. Ajmera Manhattan 2 was 56% sold and at excavation and raft-work stages, while Ajmera Greenfinity phase two was more than 94% sold and nearing completion.

In Bengaluru, Ajmera Iris was about 94% sold and in finishing work, while Ajmera Marina was 76% sold, with eight slabs completed out of 21. By comparison, 33Fifteen was 25% sold and Vann by Ajmera was 4% sold, with excavation work under way at both projects.

How much did Ajmera Realty reduce debt in Q2 FY27?

Ajmera Realty reduced debt by Rs 34 crore in Q2 FY27 to Rs 646 crore, which management described as the second consecutive quarter of debt reduction. Debt was also lower than Rs 793 crore in September 2024, a reduction of Rs 147 crore over the two-year period.

The debt-to-equity ratio was 0.44 times at September 30, 2026. Management said the weighted average cost of debt declined below 11% for the first time, reaching 10.75% per annum in Q2 FY27, and attributed this to its improving credit profile and disciplined financial management.

Management said asset monetisation and prudent financial management would support further deleveraging. That plan is being pursued alongside execution at projects including Ajmera Manhattan 2, Ajmera Solis and 33Fifteen, where construction was at excavation, raft-work or other early stages during the September 2026 quarter.

What revenue visibility and launch plans has Ajmera Realty disclosed?

Ajmera Realty reported Rs 3,510 crore of revenue visibility from ongoing and occupation-certificate-received projects. This comprised Rs 1,550 crore of committed sales already achieved and Rs 1,960 crore of inventory available for future sales and revenue recognition.

Management said its upcoming launch pipeline could generate about Rs 7,008 crore, taking stated overall revenue visibility to more than Rs 10,500 crore. It also 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.

The stated visibility is larger than Q2 FY27 revenue of Rs 320 crore, but its conversion depends on sales, project execution and revenue recognition. The quarter’s recognition at 33Fifteen provides an example of that mechanism, as management said revenue began to be recognised after execution progress and customer response.

Management said it had estimated about eight launches covering 38 lakh square feet and about Rs 7,000 crore of top line in the second half of FY27. It was targeting the boutique-office launch by mid-February or, at the latest, end-February; expected Borivali and Whitefield launches by March; and expected the Doddabalapur project by February, subject to approvals.

Conclusion

Ajmera Realty paired faster Q2 FY27 revenue recognition with lower borrowings: revenue rose 45% to Rs 320 crore, PAT rose 55% to Rs 49 crore and debt declined to Rs 646 crore. The results also showed differing project positions, from more than 94% sales at Ajmera Manhattan 1, Ajmera Greenfinity phase two and Ajmera Iris to early-stage work at 33Fifteen and Vann by Ajmera.

The next developments to watch are management’s planned second-half launches, particularly the boutique office project targeted by mid- or end-February and Borivali and Whitefield projects expected by March, subject to approvals. Management also expects occupation-certificate or possession progress at Ajmera Greenfinity phase two, Ajmera Iris and Ajmera Manhattan 1, while it continues its stated asset-monetisation and debt-management plan.