Anant Raj Limited Q4 FY26: Real Estate Execution Meets a Bigger Data Center Ambition

Anant Raj Limited closed Q4 FY26 with another step up in scale. Consolidated revenue from operations for the quarter stood at ₹646.81 crore, up 19.64% year-on-year. EBITDA for Q4 was ₹196.02 crore, up 28.44% YoY, with EBITDA margin expanding to 29.02%. Profit after tax rose to ₹148.71 crore, up 25.19% YoY.

For FY26, consolidated revenue from operations increased 21.92% YoY to ₹2,511.60 crore. EBITDA rose 35.94% YoY to ₹723.15 crore and margin expanded to 28.04% from 25.33% in FY25. PAT grew 30.81% YoY to ₹557.02 crore. The year also included contribution from Data Center, Infrastructure and Allied services revenue of ₹176.49 crore.

FY26 in numbers: growth with improving margins

Anant Raj’s FY26 story is largely about operating leverage. Management highlighted margin expansion both in the quarter and in the full year, along with an improvement in credit rating. The investor presentation noted Infomerics upgraded the company’s rating to A- Stable and also cited IVR A-/Stable (long term) and IVR A2+ (short term).

The company also continued to signal balance sheet strengthening. The investor presentation showed net debt reducing steadily from ₹1,626 crore in FY21 to nil in FY26, alongside a higher dividend payout. The board recommended a final dividend of 50%, which is Re 1 per equity share of face value ₹2.

Real estate pipeline: Sector 63A remains the anchor

The presentation kept the focus on Gurugram’s Sector 63A, positioned as the flagship township location. In FY26, the company shared multiple project updates that span approvals, construction progress, and future launches.

A key near-term launch is Group Housing 2 in Sector 63A. The company stated it has received the license and other approvals for over 5.09 acres, including revised FAR, Green Building FAR, zoning plan, and AAI approval. RERA is expected by the end of Q1 FY27. The project is planned in the luxury segment with 0.90 million sq. ft. of saleable area.

Group Housing 3, over 6.38 acres, is said to be in an advanced stage of licensing, with a tentative saleable area of about 1.20 million sq. ft. Both projects are described as luxury developments intended to add to the value of the company’s existing development footprint.

Within Anant Raj Estate, Phase IV has commenced over 6.075 acres, with potential development of around 5 lakh sq. ft. The company also expects approvals for an additional 9.11875 acres for Phase V in Q2 FY27.

On deliveries, the presentation stated that Phase I of the Birla Navya project has been delivered, Phase II occupancy certificates have been received and deliveries have begun, and Phase III deliveries are planned by end of FY28. It also stated that delivery of Ashok Estate across more than 20 acres with about 1.34 million sq. ft. of development area is almost completed. Construction of The Estate Residences (Group Housing 1) is described as ahead of schedule.

Data center and cloud services: from adjacency to a second engine

The investor presentation positions data centers and cloud services as a scaled annuity opportunity. Anant Raj Cloud Pvt. Ltd. is stated to have 21 MW IT load operational at Manesar and 7 MW at Panchkula, implying 28 MW operational capacity.

The bigger point is ambition. The company stated it is targeting 357 MW total IT load capacity by FY2032, with a mix of colocation and cloud services. The presentation also noted that 117 MW IT load is planned to commence by FY2028 and that 25% of the 357 MW capacity will be used for cloud services.

The roadmap slide outlines 50 MW at Manesar, another 57 MW at Panchkula, and additional capacity at Rai and Andhra Pradesh. The company also stated it has signed an MOU with the Government of Andhra Pradesh for an additional 50 MW IT load data center capacity.

Partnerships are used as proof points. The presentation cited empanelment with MeitY as a Sovereign Cloud Service Provider and with BSNL as a Data Centre Service Provider. It also mentioned a strategic partnership with Spain-based Submer for liquid-cooled, AI-ready data centers.

In the board outcome disclosure dated May 11, 2026, the company stated that it will be investing about ₹20,000 crore to reach total planned data center capacity of 357 MW IT load.

Corporate actions: dividend, appointments, and a possible demerger

The May 11, 2026 board outcome included several shareholder-facing decisions. These include approval of audited financial results, recommendation of final dividend of 50%, and appointment of Anish Sarin as Additional Director and designated Whole-time Director with effect from May 11, 2026.

The same disclosure also points to a structural possibility. The board stated the company is engaged in two distinct undertakings: Real Estate Development and Data Center Services. It noted differences in nature, risk profile, competitive dynamics, and capital requirements, and formed a committee to evaluate merger or demerger options. The stated rationale is improved management focus, independent strategies for growth and funding, better capital allocation, and potential unlocking of shareholder value.

Takeaways

Anant Raj’s FY26 is defined by stronger scale and margin expansion in its consolidated numbers, alongside a growing narrative around annuity-led digital infrastructure. The real estate pipeline in Sector 63A remains central, with approvals and launches expected over FY27. The data center plan is substantial in magnitude, and the company has tied it to partnerships and government empanelments, while also acknowledging the capital intensity through its stated ₹20,000 crore investment plan.

The next chapters to track are execution on approvals and launches in Gurugram, progress on incremental IT load being operationalised in the next financial year, and clarity on the committee’s recommendations around a potential demerger of real estate and data center businesses.