Ajmera Realty & Infra India Limited (AJMERA) share price
₹117.76 on NSE as of 2026-09-04. +2.00% on the day. market cap ₹2,317 Cr. P/E 8.4. 52-week range ₹99.98 to ₹214.74. Realty.
Ajmera Realty Q1 FY27: Revenue Up 23% to ₹317 Cr, Interest Cost Up 45%, and a 7-Acre Parcel Waiting on a Conversion Letter
At a glance
Ajmera Realty & Infra India reported June-quarter revenue of ₹317 crore, up 22.6% from ₹258 crore a year earlier, and down 26% from the ₹431 crore March quarter. Operating profit came in at ₹91 crore against ₹78 crore a year ago. PAT was ₹43.1 crore versus ₹38.3 crore. EPS: ₹2.19.
The line that moved most was none of those. Finance cost went from ₹21 crore to ₹30 crore, a 45% jump, and the company's CFO explained why on the earnings call: Ajmera Solis qualified for revenue recognition for the first time this quarter, which sent the entire accumulated cost pool — including interest on high-cost debt raised through a private equity deal for the acquisition — into the P&L in one go. He also said it normalises from next quarter.
Meanwhile debt fell. Net debt of ₹737 crore at March became ₹680 crore at June, with debt-to-equity at 0.47x. Sales value for the quarter was ₹146 crore on 43,737 sq ft, against ₹108 crore on 63,244 sq ft a year earlier — more money, less area, because realisation nearly doubled to ₹33,278 per sq ft. Management called the quarter seasonally softer and attributed the moderation to normal industry seasonality rather than a structural slowdown.
Also: Crisil reaffirmed its A-/Stable ratings on ₹500 crore of facilities. Also: the board re-appointed two directors and hired a chartered accountant from Puravankara and Piramal Realty. Also: there is a 7-acre parcel in Kanjurmarg that everybody on the call wanted to talk about.
We'll get to Kanjurmarg.
Introduction
Incorporated in 1985, Ajmera Realty and Infra India Limited builds and sells residential property, and rents commercial property. It operates in Mumbai, Bengaluru and Ahmedabad, and has had a presence in Bahrain and the UK. It is the flagship of the Ajmera group, which Crisil notes has been in real estate for over five decades, with roughly 207 lakh sq ft developed and delivered as of March 2026, mostly residential.
Operations are headed by Rajnikant S Ajmera as Chairman, Manoj Ajmera as Managing Director and Sanjay Chhotalal Ajmera as whole-time director. In the August 4, 2026 board meeting, Manoj Ajmera and Sanjay Ajmera were both re-appointed for three-year terms running from April 2027 to April 2030, subject to shareholder approval. The same meeting appointed Dhaval Ajmera, a relative of the Chairman & Managing Director, as Director – Corporate Affairs from October 1, 2026, and Keyur Mehta as AVP – Accounts & Taxation from August 4, 2026.
The recent record is a company doing corporate-structure work at a decent clip. December 2025: shareholders approved a 5:1 equity share sub-division through postal ballot, passed with 99.997% of votes in favour. February 2026: a ₹125 crore corporate guarantee extended for Ajmera Bora Associates' loan from ARKA Fincap, ABA being 67% owned by a subsidiary. March 2026: a ₹70.01 crore corporate guarantee approved for subsidiary Anirdesh Developers' RBL Bank loan. April 2026: FY26 pre-sales of ₹1,701 crore and collections of ₹1,103 crore reported.
The consolidated entity is not one company but a small municipality of them — the auditor's review lists fifteen subsidiaries and three associates or joint ventures, including a W.L.L. in Bahrain, a UK company, four LLPs and something called Ajmera Clean Green Energy Limited. Crisil consolidates sixteen entities, at holdings ranging from 60% to full.
Earlier deal history includes a partnership with Motilal Oswal for a Vikhroli project on land acquired from Tata Communications, and a January 2025 acquisition of a 1,341.1 sq m land parcel in Ghatkopar East for ₹51 crore for an ultra-luxury project of about 44,000 sq ft carpet area.
Business model
They buy land in Mumbai, wait a very long time, then sell apartments in it.
That is the entire model, and the numbers show how long "a very long time" is. The Wadala land bank — 41.7 lakh sq ft carpet, estimated GDV ₹17,841 crore — is being released in four tranches: a boutique office Phase 1 of 9.8 lakh sq ft planned for Q3 FY27, then residential, then boutique office Phase 2, then something the presentation labels Ultra Luxury, each with its own launch window stretching one to three years out. Kanjurmarg's 55 acres carries an estimated GDV of ₹22,618 crore across 71.7 lakh sq ft, with a development timeline stated as roughly nine years. A US architecture firm, Woods Bagot, has been appointed. Master planning is complete. Police housing approval has been received and that construction is in progress.
The current operating portfolio is nine ongoing projects at 2.1 MSF, eight in the launch pipeline at 3.8 MSF, and 10.4 MSF of owned land bank — 16.3 MSF total, against 20.7 MSF already completed and 46,000+ families housed. Four projects have received OC: Nucleus Commercial and Lugaano & Florenza in Bengaluru, Prive and Eden in Mumbai, with ₹30 crore of revenue still to be recognised on committed sales across them and ₹11 crore sitting in unsold stock.
The naming convention deserves its own paragraph. There is Manhattan 1 and Manhattan 2 in Wadala. There is Greenfinity, Vihara, Solis, Prive, Eden, Iris, Marina, Lugaano, Florenza, and — the standout — a project called Vann by Ajmera, alongside another called Ajmera One by Ajmera. Crisil notes that all group projects carry the 'Ajmera' suffix and that the majority of revenue comes from existing customers and their references, which is a polite way of saying the brand is the distribution channel.
Geographically it is two cities and a bit. Mumbai carries 13 completed projects, 7 under development and 3 future launches, with 15.6 lakh sq ft of future development potential. Bengaluru: 21 completed, 2 under development, 4 future launches, 5.9 lakh sq ft potential. Pune: 18 completed, zero under development, one future launch — Vishrantwadi, 47% owned, ₹654 crore GDV — and 16.1 lakh sq ft of potential, the largest future-potential figure of the three cities attached to the smallest current footprint.
Absorption across the ongoing book, as of June 2026: Greenfinity A&B at 94%, Manhattan 1 at 93%, Iris at 90%, Solis at 85–86%, Vihara at 81%, Marina at 69%, Manhattan 2 at 50%, 33Fifteen in Bandra at 19%, and Vann by Ajmera at 3%. An investor on the call flagged the zero quarterly sales at Vann. Management's answer: they are cautious in their sales and not pushing what they called a desperate sale, on the reasoning that larger-format demand appears once buyers can see a structure, and Vann is at piling and shoring. They expect subdued sales there this year.
Quarterly results, balance sheet, cash flow, ratios, shareholding and the filings themselves are on the full page for Ajmera Realty & Infra India Limited.
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