Ajmera Realty & Infra India Ltd H1 revenue up 33%, sales fall 55%

In the six months ended September 30, 2026, Ajmera Realty & Infra India Ltd reported revenue of Rs 639 crore, up 33% year on year, and profit after tax of Rs 93.4 crore, up 32%, while sales value fell 55% to Rs 370 crore and carpet area sold declined 60%.

How did ARIIL’s first-half revenue and profit change?

ARIIL’s reported first-half financial results increased across revenue, earnings before interest, tax, depreciation and amortisation (EBITDA), profit before tax (PBT), and profit after tax (PAT). Revenue rose to Rs 639 crore in H1FY27 from Rs 480.5 crore in H1FY26, while EBITDA increased to Rs 177.9 crore from Rs 139.2 crore and PAT rose to Rs 93.4 crore from Rs 70.7 crore.

ARIIL’s EBITDA margin was 28% in H1FY27, compared with 29% a year earlier, a decline of 113 basis points. One basis point equals one-hundredth of a percentage point. PAT margin was 15%, down 9 basis points from H1FY26, while earnings per share rose 28% to Rs 4.5 from Rs 3.5.

Why did ARIIL’s sales value and area sold fall?

ARIIL’s disclosed sales value fell to Rs 370 crore in H1FY27 from Rs 828 crore in H1FY26, a 55% decline. Carpet area sold fell to 1,16,620 square feet from 2,93,016 square feet, representing a 60% year-on-year reduction in volume.

The sales trend differed from reported income: revenue rose by Rs 158.5 crore year on year, while sales value declined by Rs 458 crore. ARIIL said its commercial project, 33Fteen, became eligible for revenue recognition from Q2FY27 following accelerated execution progress, but it did not disclose the project’s rupee contribution to revenue.

Collections declined by less than sales value or area sold. ARIIL collected Rs 363 crore in H1FY27, compared with Rs 454 crore in H1FY26, a 20% reduction; collections were Rs 7 crore below H1FY27 sales value, compared with a Rs 374 crore gap in H1FY26.

What changed for ARIIL in the September quarter?

ARIIL’s Q2FY27 sales value improved sequentially but remained below the previous year’s quarter. Sales value was Rs 224 crore in Q2FY27, up 54% from Rs 146 crore in Q1FY27, but down 69% from Rs 720 crore in Q2FY26.

Carpet area sold followed the same pattern, increasing 67% quarter on quarter to 72,883 square feet from 43,737 square feet in Q1FY27. It was nevertheless 68% below the 2,29,772 square feet sold in Q2FY26. Q2FY27 collections of Rs 190 crore were 10% above Rs 173 crore in Q1FY27 but 14% below Rs 220 crore a year earlier.

Reported Q2FY27 revenue was Rs 319.5 crore, unchanged from Q1FY27 and 45% above Rs 221 crore in Q2FY26. EBITDA was Rs 84.1 crore, up 40% year on year but down 10% from Rs 93.8 crore in Q1FY27, while the EBITDA margin declined to 26% from 29% sequentially and 27% a year earlier.

Q2FY27 PAT increased 55% year on year to Rs 48.5 crore from Rs 31.2 crore and rose 8% from Rs 44.9 crore in Q1FY27. The PAT margin was 15%, compared with 14% in both Q2FY26 and Q1FY27, while PBT margin was 21%, versus 19% in each comparator period.

What did ARIIL disclose about debt and upcoming launches?

ARIIL reported total debt of Rs 646 crore as of September 30, 2026, following a Rs 34 crore reduction during the quarter. Management attributed the reduction to collections and asset monetisation, including proceeds from divesting its entire 36% equity stake in Ultra Tech Property Developers Private Limited.

The debt-to-equity ratio was 0.44 times at September 30, 2026, and ARIIL said its cost of debt declined to 10.75% per annum from 11.01% in the previous quarter. The release did not disclose the consideration received for the 36% stake in Ultra Tech Property Developers Private Limited.

Management said ARIIL was actively pursuing required approvals for its project-launch pipeline and expected upcoming launches to support a stronger second half of FY27. This is management’s outlook rather than a disclosed target, as the release gives no launch dates, project-wise sales targets, or expected approval timing.

Conclusion

ARIIL’s H1FY27 disclosure shows a difference between reported financial results and current sales activity. Revenue increased 33% to Rs 639 crore and PAT rose 32% to Rs 93.4 crore, while sales value declined 55% and carpet area sold fell 60% from H1FY26. The eligibility of 33Fteen for revenue recognition from Q2FY27 provides a disclosed factor in the income trend, without quantifying its contribution.

The next issue to watch is the approval process for ARIIL’s planned project launches, which management said it is pursuing for the second half of FY27. Quarterly sales value rose sequentially to Rs 224 crore in Q2FY27, while debt stood at Rs 646 crore on September 30, 2026; future disclosures can show whether launches, sales value, collections and debt change further.