Anant Raj Limited (ANANTRAJ) share price

₹625.45 on NSE as of 2026-09-04. -0.45% on the day. market cap ₹22,509 Cr. P/E 37.9. 52-week range ₹405.70 to ₹735.60. Realty.

Anant Raj Q1 FY27: Revenue ₹631 Cr, 28 MW of Data Centres, and a Board That Voted to Split the Company in Half

At a glance

A company that began life in 1985 making clay products has just reported a quarter with ₹631.40 Cr of revenue, 28 MW of operational data centre IT load, and a board resolution to cut itself into two listed pieces. Clay to sovereign cloud is a long commute.

Revenue from operations for the quarter ended June 2026 came in at ₹631.40 Cr, up 6.58% from ₹592.41 Cr a year earlier. Operating profit was ₹183.39 Cr against ₹150.65 Cr. Profit for the period was ₹149.19 Cr versus ₹125.90 Cr, an 18.5% rise. EPS was ₹4.16 against ₹3.67.

Around this, the quarter was busy in ways that don't fit a P&L row. A wholly owned subsidiary was incorporated in Singapore on 15 June 2026. The remaining 25% of Romano Projects Private Limited was bought on 30 April 2026, taking it to 100%. An outstanding NCD liability of ₹6.50 Cr was discharged and converted into an SBI term loan, retiring the last of the debentures — a line item that left with all the ceremony of someone slipping out of a wedding early.

Then, three weeks after quarter-end, on 21 July 2026, the board approved a composite scheme merging Anant Raj Cloud Private Limited into the parent and demerging the data centre and cloud undertaking into Ashok Cloud Private Limited. Market cap stands at ₹22,492 Cr; borrowings at March 2026 were ₹680.55 Cr. The consolidation covers 47 subsidiaries.

Introduction

Anant Raj Ltd was incorporated in 1985 as Anant Raj Clay Products by Ashok Sarin. It develops and constructs IT parks, hospitality projects, SEZs, office complexes, shopping malls and residential projects across Delhi, Haryana, Andhra Pradesh, Rajasthan and NCR, and has developed more than 20 msf of real estate across housing, commercial, IT parks, malls, hospitality and affordable housing.

The company's own timeline reads like a man who kept finding new hobbies and refusing to abandon the old ones. Land acquisition and government contracting through 1969–90. Residential real estate and one of the largest townships in Gurugram after that. Commercial and hospitality leasing. Low-cost housing. A JV with the Aditya Birla Group in 2012. A data centre business commenced in 2019. TARC Ltd demerged out in 2020. A ₹1,100 Cr QIP. Cloud services launched. Nothing gets dropped; the portfolio just accretes, like a house where every generation added a room and nobody ever knocked one down.

The recent stretch has been dense. In the quarter ended December 2025, 1,66,16,314 equity shares of ₹2 each were allotted to qualified institutional buyers at ₹662 per share, aggregating ₹1,099.99 crores. Of that, ₹410 Cr had been utilised by 30 June 2026, leaving ₹689.99 Cr unutilised — money currently doing its best impression of a patient person in a waiting room. In February 2026 the company entered a collaboration with Submer Technologies for AI-ready, liquid-cooled, high-density data centres. On 1 June 2026 it signed an MoU with the Haryana government covering ₹25,000 Cr of data centre and cloud investment. On 11 May 2026 the board approved FY26 results, a Re.1 final dividend, appointed Anish Sarin as Whole-time Director, and formed a committee for the demerger.

The founder chairman's photograph appears in company material above the line "His Vision is our Mission," which is either touching or a load-bearing corporate structure, depending on the reader.

Business model

Two things, increasingly, and they have almost nothing to do with each other — which is precisely the board's stated point.

Business one is real estate. The FY25 revenue mix was roughly 96% real estate sales and 4% rental and services. The portfolio spans residential townships, group housing, IT parks, hotels, commercial complexes, malls, service apartments, warehousing and data centres. The anchor is Anant Raj Estate in Sector 63A, Gurugram: The Estate Floors (phase 1 completed and occupied), Ashok Estate across 20.14 acres (sold, infrastructure complete), The Estate Apartments launched in Q1 FY26 with 0.40 msf and estimated revenue of ₹750 Cr, and The Estate Residences — 248 four-BHK units on 5.43 acres, 0.99 msf saleable, at an average selling price management reports at ₹18,000 per sq ft. Group Housing 2 and 3 carry estimated revenues of ₹2,180 Cr and ₹2,886 Cr. Birla Navya, the JV with Birla Estates, runs in four phases with expected cash flows of ₹1,000 Cr. Aashray 2 at Tirupati is 1,848 units on 10.14 acres, completion expected June 2027, projected revenue ₹350 Cr.

Commercial leasing is the quiet annuity: 1.92 msf leased, including a LEED-certified Grade A building of 0.12 msf in Gurugram and Anant Raj Centres 1 and 2 at 70,000 and 90,000 sq ft. Following FSI enhancement from 0.15 to 1.75 — a number that went up by a factor of nearly twelve, which in real estate is the equivalent of finding eleven extra floors in your pocket — an additional 4.9 lakh sq ft is under development at Centre 1 and 6.1 lakh sq ft planned at Centre 2, with incremental annual rentals put at ₹55 Cr and ₹75 Cr. Ashok Tower adds 1.60 lakh sq ft on 0.80 acres with a 2-screen multiplex, expected rental of ₹100 per sq ft per month and completion targeted FY29.

Business two is digital infrastructure: 28 MW of operational IT load, 21 MW at Manesar and 7 MW at Panchkula, targeting 357 MW by FY32 across Manesar, Panchkula, Rai and Andhra Pradesh. Ashok Cloud offers IaaS in partnership with Orange Business Services, with MeitY sovereign cloud and BSNL empanelments, and go-to-market tie-ups with RailTel, TCIL and CSC. Roughly 25% of the 357 MW is earmarked for cloud.

The land bank is 83.43 acres of fully paid freehold land in Delhi, within a broader ~320 acres of NCR land the company describes as debt-free. A real estate company whose land has no lender attached to it is a rarer creature than the sector's brochures suggest.

Quarterly results, balance sheet, cash flow, ratios, shareholding and the filings themselves are on the full page for Anant Raj Limited.

Companies in the same industry as Anant Raj Limited

Residential, Commercial Projects

All listed companies