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Ajmera Realty & Infra India Ltd

AJMERA

NSE

₹127.48-1.31%19 Oct 2026

Reports

Realty Construction and Contracting

Ajmera Realty & Infra India Ltd

AJMERA

NSE

₹127.48

-1.31%

19 Oct 2026

SOICxStockScans Reports

Ask AI

Realty Construction and Contracting

Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Guidance Report: Management guidance vs outcomes.Forensic Report: Accounting quality and red flags.Deep Dive Report: In-depth business analysis.

Ajmera Realty & Infra India is a pincode creator - a developer that buys large, undervalued land tracts early, then builds entire neighbourhoods on them over decades, shaping the micro-markets of Mumbai and Bengaluru. Founded in 1968 and listed since 1992, the company has delivered over 20 million square feet to more than 46,000 families across three generations of family leadership. Everything it does flows from one recurring approach: secure land at a cost advantage, then unlock it phase by phase through a mix of outright sales on owned land and asset-light redevelopment partnerships - keeping debt minimal throughout.

Business segments

Three engines at different stages - a residential sales machine built on a historic land bank, a small but growing commercial office business, and a deep land reserve that feeds both - each reinforcing the next.

1. Residential development: the core sales engine

The company makes money by building and selling apartments on land it already owns at a fraction of today's market value, or by redeveloping old buildings where it earns a share of the new units without buying the land.

Land-cost advantage on owned projects - the company holds large parcels in Wadala and Kanjurmarg acquired decades ago at historically low prices, so its own-land projects can deliver margins of roughly 40-50%, about twice what it earns on redevelopment work.
Asset-light redevelopment fills the pipeline - for society, MHADA, and slum redevelopment projects, the company does not pay for land; it constructs new buildings and takes its compensation in saleable apartments, earning margins of roughly 18-35% depending on the scheme.
Pre-sales fund construction - the company collects money from homebuyers before project completion under the percentage-of-completion method, so customer advances, not debt, carry the build.
Priced for the premium buyer - average sales realisation has more than doubled from about ₹12,000 per square foot in FY21 to nearly ₹26,000 in FY26, reflecting a shift toward luxury and ultra-luxury projects like Ajmera Manhattan and Ajmera Prive in Juhu.
Execution speed protects margins - the company completed the 22-storey Greenfinity superstructure in roughly 14 months using Mivaan technology, which cuts construction time, cost, and manpower.

2. Commercial development: the boutique office play

A small but deliberate commercial portfolio - mostly strata-sold as individual office units - that converts land-bank potential into upfront cash rather than waiting for rental income.

Sold, not leased - the company shifted from a rental model to outright sale of commercial units, so it realises value immediately; Sikova in Ghatkopar sold more than half of its roughly 400 boutique offices even during the pandemic.
Small offices near transit - Sikova is a 14-storey tower offering compact, saleable office space a ten-minute walk from Ghatkopar Station, aimed at buyers who want owned premises rather than leased desks.
A future lease asset in reserve - the Wadala land bank holds an estimated 18.5 lakh square feet of commercial carpet area at full ownership, earmarked as a lease-model project that could generate recurring income when the time is right.

3. Land bank: the buried treasure

The company's true moat is land it bought long ago - over 100 acres across Wadala and Kanjurmarg in Mumbai - that it develops in phases, turning a one-time acquisition into decades of project launches.

Two giant Mumbai parcels - the Wadala land bank carries an estimated development potential of 47 lakh square feet of carpet area and a gross development value of roughly ₹18,600 crore; Kanjurmarg adds another 72 lakh square feet and an estimated ₹22,600 crore.
Phase-by-phase, not all at once - the company launches projects from its land bank only when market conditions are favourable, so it never floods its own market or sells at a discount.
Small bolt-on acquisitions add spice - alongside the legacy land, the company picks up smaller parcels like the Ghatkopar East plot (expected to yield about 44,000 square feet of ultra-luxury carpet area) and the Vikhroli site acquired from Tata Communications with a clean title and full development control.

Group structure and partners

The company runs its projects through a web of subsidiaries, joint ventures, and development agreements - keeping its own balance sheet light while sharing risk and extending its brand into new micro-markets.

Partners bring capital, the company brings the brand - four of nine projects in the current launch pipeline use capital-light models (JV, JDA, or redevelopment), including projects in Bandra, Versova, Shastri Nagar, and Bengaluru.
First private-equity deal done - the company closed a strategic ₹88 crore transaction with a marquee investor for its Vikhroli project, signalling a willingness to bring in outside capital for individual projects.
International exposure is residual - the company once developed projects in London and Bahrain, but it sold its Bahrain stake in 2021 for roughly ₹240 crore and now holds only an inventory entitlement of about 10,300 square metres in that project, plus some unsold UK units awaiting the right market moment.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Price

Charts

Documents

Edit Ratios

Mkt Cap

Market Capitalization

₹2,490Cr

Close Price

₹126.54

Industry

Realty Construction and Contracting

Price To Earnings

18.55

Price To Sales

2.17

Revenue

₹1,149Cr

Rev Gr TTM

Revenue Growth TTM

43.14%

PAT Gr TTM

PAT Growth TTM

22.12%

Consolidated

Standalone

Numbers

Percentage

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	145	207	232	194	200	193	151	258	219	182	431	317
Growth YoY Revenue Growth YoY%	-21.6	161.5	102.9	66.9	37.5	-6.7	-34.7	33.4	9.6	-5.8	184.8	22.6
Expenses ExpensesCr	108	147	166	129	140	130	108	180	161	127	324	226
Operating Profit Operating ProfitCr	38	60	66	64	60	63	43	78	58	55	107	91
OPM OPM%	25.9	29.0	28.6	33.2	30.2	32.5	28.6	30.2	26.5	30.4	24.8	28.8
Other Income Other IncomeCr	2	2	2	2	4	6	2	1	2	1	3	3
Interest Expense Interest ExpenseCr	10	21	28	23	18	24	12	21	17	14	22	30
Depreciation DepreciationCr	0	1	0	1	1	1	1	1	1	1	1	2
PBT PBTCr	29	41	40	43	47	45	33	57	43	42	87	62
Tax TaxCr	6	11	10	10	10	11	9	18	12	14	28	17
PAT PATCr	23	30	29	33	36	33	24	39	31	28	59	45
Growth YoY PAT Growth YoY%	-33.1	174.8	99.3	51.8	58.3	10.7	-17.8	20.4	-13.9	-15.9	141.5	13.9
NPM NPM%	15.8	14.5	12.7	16.9	18.1	17.2	16.0	15.3	14.3	15.3	13.6	14.2
EPS EPS₹	1.3	1.7	1.6	1.8	1.9	1.8	1.3	1.9	1.5	0.3	2.8	2.2

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	145	207	232	194	200	193	151	258	219	182	431	317
Growth YoY Revenue Growth YoY%	-21.6	161.5	102.9	66.9	37.5	-6.7	-34.7	33.4	9.6	-5.8	184.8	22.6
Expenses ExpensesCr	108	147	166	129	140	130	108	180	161	127	324	226
Operating Profit Operating ProfitCr	38	60	66	64	60	63	43	78	58	55	107	91
OPM OPM%	25.9	29.0	28.6	33.2	30.2	32.5	28.6	30.2	26.5	30.4	24.8	28.8
Other Income Other IncomeCr	2	2	2	2	4	6	2	1	2	1	3	3
Interest Expense Interest ExpenseCr	10	21	28	23	18	24	12	21	17	14	22	30
Depreciation DepreciationCr	0	1	0	1	1	1	1	1	1	1	1	2
PBT PBTCr	29	41	40	43	47	45	33	57	43	42	87	62
Tax TaxCr	6	11	10	10	10	11	9	18	12	14	28	17
PAT PATCr	23	30	29	33	36	33	24	39	31	28	59	45
Growth YoY PAT Growth YoY%	-33.1	174.8	99.3	51.8	58.3	10.7	-17.8	20.4	-13.9	-15.9	141.5	13.9
NPM NPM%	15.8	14.5	12.7	16.9	18.1	17.2	16.0	15.3	14.3	15.3	13.6	14.2
EPS EPS₹	1.3	1.7	1.6	1.8	1.9	1.8	1.3	1.9	1.5	0.3	2.8	2.2

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	316	277	370	382	344	347	483	431	700	738	1,090	1,149
Growth Revenue Growth%	92.0	-12.2	33.2	3.2	-9.7	0.7	39.2	-10.7	62.4	5.4	47.8	43.1
Expenses ExpensesCr	233	171	231	254	240	251	367	307	499	507	792	837
Operating Profit Operating ProfitCr	83	107	138	127	104	95	116	124	201	231	298	312
OPM OPM%	26.3	38.5	37.4	33.3	30.3	27.5	24.1	28.9	28.7	31.3	27.4	27.1
Other Income Other IncomeCr	9	14	17	19	6	5	6	10	8	15	8	10
Interest Expense Interest ExpenseCr	31	36	46	50	66	58	59	36	69	76	73	83
Depreciation DepreciationCr	2	2	3	2	2	2	2	2	2	3	4	5
PBT PBTCr	59	83	106	94	43	41	62	96	139	167	229	234
Tax TaxCr	13	17	22	18	10	10	15	25	35	41	72	71
PAT PATCr	46	66	84	76	33	31	46	72	104	126	157	163
Growth PAT Growth%	74.3	45.0	27.8	-9.7	-56.8	-4.4	47.2	54.5	45.2	21.6	24.3	22.1
NPM NPM%	14.4	23.8	22.9	20.0	9.6	9.1	9.6	16.6	14.8	17.1	14.4	14.2
EPS EPS₹	2.4	3.7	4.7	4.2	1.8	1.7	2.5	4.0	5.8	6.8	7.6	6.8

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	316	277	370	382	344	347	483	431	700	738	1,090	1,149
Growth Revenue Growth%	92.0	-12.2	33.2	3.2	-9.7	0.7	39.2	-10.7	62.4	5.4	47.8	43.1
Expenses ExpensesCr	233	171	231	254	240	251	367	307	499	507	792	837
Operating Profit Operating ProfitCr	83	107	138	127	104	95	116	124	201	231	298	312
OPM OPM%	26.3	38.5	37.4	33.3	30.3	27.5	24.1	28.9	28.7	31.3	27.4	27.1
Other Income Other IncomeCr	9	14	17	19	6	5	6	10	8	15	8	10
Interest Expense Interest ExpenseCr	31	36	46	50	66	58	59	36	69	76	73	83
Depreciation DepreciationCr	2	2	3	2	2	2	2	2	2	3	4	5
PBT PBTCr	59	83	106	94	43	41	62	96	139	167	229	234
Tax TaxCr	13	17	22	18	10	10	15	25	35	41	72	71
PAT PATCr	46	66	84	76	33	31	46	72	104	126	157	163
Growth PAT Growth%	74.3	45.0	27.8	-9.7	-56.8	-4.4	47.2	54.5	45.2	21.6	24.3	22.1
NPM NPM%	14.4	23.8	22.9	20.0	9.6	9.1	9.6	16.6	14.8	17.1	14.4	14.2
EPS EPS₹	2.4	3.7	4.7	4.2	1.8	1.7	2.5	4.0	5.8	6.8	7.6	6.8

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	35	35	35	35	35	35	35	35	35	39	39
Reserves ReservesCr	414	469	527	576	603	629	674	738	830	1,167	1,359
Current Liabilities Current LiabilitiesCr	187	417	265	176	262	239	262	110	160	323	356
Non Current Liabilities Non Current LiabilitiesCr	535	423	625	997	966	891	945	918	810	608	719
Total Liabilities Total LiabilitiesCr	1,261	1,416	1,536	1,880	1,972	1,897	2,018	1,922	1,963	2,255	2,594
Current Assets Current AssetsCr	801	966	1,113	1,407	1,433	1,298	1,431	1,474	1,628	1,926	2,237
Non Current Assets Non Current AssetsCr	460	451	423	473	539	599	588	447	335	328	357
Total Assets Total AssetsCr	1,261	1,416	1,536	1,880	1,972	1,897	2,018	1,922	1,963	2,255	2,594

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	35	35	35	35	35	35	35	35	35	39	39
Reserves ReservesCr	414	469	527	576	603	629	674	738	830	1,167	1,359
Current Liabilities Current LiabilitiesCr	187	417	265	176	262	239	262	110	160	323	356
Non Current Liabilities Non Current LiabilitiesCr	535	423	625	997	966	891	945	918	810	608	719
Total Liabilities Total LiabilitiesCr	1,261	1,416	1,536	1,880	1,972	1,897	2,018	1,922	1,963	2,255	2,594
Current Assets Current AssetsCr	801	966	1,113	1,407	1,433	1,298	1,431	1,474	1,628	1,926	2,237
Non Current Assets Non Current AssetsCr	460	451	423	473	539	599	588	447	335	328	357
Total Assets Total AssetsCr	1,261	1,416	1,536	1,880	1,972	1,897	2,018	1,922	1,963	2,255	2,594

Consolidated

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	119	59	-116	-345	-18	201	-64	135	220	8	69
Investing Cash Flow Investing Cash FlowCr	-9	14	-4	-5	11	-9	29	-45	-76	-12	-48
Financing Cash Flow Financing Cash FlowCr	-98	-69	109	363	-1	-175	33	-86	-97	-1	-56
Net Cash Flow Net Cash FlowCr	11	5	-11	12	-7	17	-2	4	46	-5	-36
Free Cash Flow Free Cash FlowCr	119	55	-120	-350	-25	179	-66	131	217	2	40
CFO To PAT CFO To PAT%	260.6	89.9	-137.4	-453.0	-54.2	637.4	-137.3	189.0	211.4	6.0	43.7
CFO To EBITDA CFO To EBITDA%	143.2	55.5	-83.9	-271.7	-17.1	210.3	-54.8	108.7	109.2	3.3	23.0

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	119	59	-116	-345	-18	201	-64	135	220	8	69
Investing Cash Flow Investing Cash FlowCr	-9	14	-4	-5	11	-9	29	-45	-76	-12	-48
Financing Cash Flow Financing Cash FlowCr	-98	-69	109	363	-1	-175	33	-86	-97	-1	-56
Net Cash Flow Net Cash FlowCr	11	5	-11	12	-7	17	-2	4	46	-5	-36
Free Cash Flow Free Cash FlowCr	119	55	-120	-350	-25	179	-66	131	217	2	40
CFO To PAT CFO To PAT%	260.6	89.9	-137.4	-453.0	-54.2	637.4	-137.3	189.0	211.4	6.0	43.7
CFO To EBITDA CFO To EBITDA%	143.2	55.5	-83.9	-271.7	-17.1	210.3	-54.8	108.7	109.2	3.3	23.0

Consolidated

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	489	722	854	676	227	417	1,161	982	2,572	3,543	1,968	2,490
Price To Earnings Price To Earnings	11.5	11.1	10.4	9.0	6.9	13.8	25.6	13.7	25.0	140.7	13.1	18.6
Price To Sales Price To Sales	1.6	2.6	2.3	1.8	0.7	1.2	2.4	2.3	3.7	4.8	1.8	2.2
Price To Book Price To Book	1.1	1.4	1.5	1.1	0.4	0.6	1.6	1.3	3.0	14.7	1.4	1.8
EV To EBITDA EV To EBITDA	8.1	8.2	8.6	11.3	10.3	12.1	17.2	14.2	16.2	17.9	8.7	10.2
Profitability Ratios Profitability Ratios
GPM GPM%	56.7	59.8	56.3	50.8	52.2	49.4	42.0	47.0	50.9	52.5	44.8	44.8
OPM OPM%	26.3	38.5	37.4	33.3	30.3	27.5	24.1	28.9	28.7	31.3	27.4	27.1
NPM NPM%	14.4	23.8	22.9	20.0	9.6	9.1	9.6	16.6	14.8	17.1	14.4	14.2
ROCE ROCE%	13.8	17.5	16.6	10.3	7.2	6.9	7.7	8.3	12.4	12.9	14.3	14.3
ROE ROE%	10.2	13.1	15.0	12.5	5.2	4.7	6.5	9.3	12.0	10.5	11.2	11.2
ROA ROA%	3.6	4.7	5.5	4.1	1.7	1.7	2.3	3.7	5.3	5.6	6.1	6.1
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	489	722	854	676	227	417	1,161	982	2,572	3,543	1,968	2,490
Price To Earnings Price To Earnings	11.5	11.1	10.4	9.0	6.9	13.8	25.6	13.7	25.0	140.7	13.1	18.6
Price To Sales Price To Sales	1.6	2.6	2.3	1.8	0.7	1.2	2.4	2.3	3.7	4.8	1.8	2.2
Price To Book Price To Book	1.1	1.4	1.5	1.1	0.4	0.6	1.6	1.3	3.0	14.7	1.4	1.8
EV To EBITDA EV To EBITDA	8.1	8.2	8.6	11.3	10.3	12.1	17.2	14.2	16.2	17.9	8.7	10.2
Profitability Ratios Profitability Ratios
GPM GPM%	56.7	59.8	56.3	50.8	52.2	49.4	42.0	47.0	50.9	52.5	44.8	44.8
OPM OPM%	26.3	38.5	37.4	33.3	30.3	27.5	24.1	28.9	28.7	31.3	27.4	27.1
NPM NPM%	14.4	23.8	22.9	20.0	9.6	9.1	9.6	16.6	14.8	17.1	14.4	14.2
ROCE ROCE%	13.8	17.5	16.6	10.3	7.2	6.9	7.7	8.3	12.4	12.9	14.3	14.3
ROE ROE%	10.2	13.1	15.0	12.5	5.2	4.7	6.5	9.3	12.0	10.5	11.2	11.2
ROA ROA%	3.6	4.7	5.5	4.1	1.7	1.7	2.3	3.7	5.3	5.6	6.1	6.1
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	HEMIPROP	AGIIL	ARVSMART	AJMERA	HUBTOWN	OMAXE	CAPACITE
Market CapitalizationMkt CapCr	3,172	3,059	2,767	2,490	2,181	2,080	1,421
Close PriceClose₹	111.30	244.75	602.50	126.54	153.50	113.75	168.00
IndustryIndustry	Realty Construction and Contracting	Realty Construction and Contracting	Realty Construction and Contracting	Realty Construction and Contracting	Realty Construction and Contracting	Realty Construction and Contracting	Realty Construction and Contracting
Price To EarningsPE		29.59	14.77	18.55	22.98		7.64
Price To SalesPS	3,485.77	8.56	3.55	2.17	3.57	1.51	0.53
RevenueRevenueCr	1	357	780	1,149	612	1,377	2,662
Revenue Growth TTMRev Gr TTM%	-4.2%	3.9%	5.3%	43.1%	28.6%	-8.3%	12.4%
PAT Growth TTMPAT Gr TTM%	-46.1%	41.7%	49.3%	22.1%	-14.1%	29.6%	-5.8%

	HEMIPROP	AGIIL	ARVSMART	AJMERA	HUBTOWN	OMAXE	CAPACITE
Market CapitalizationMkt CapCr	3,172	3,059	2,767	2,490	2,181	2,080	1,421
Close PriceClose₹	111.30	244.75	602.50	126.54	153.50	113.75	168.00
IndustryIndustry	Realty Construction and Contracting	Realty Construction and Contracting	Realty Construction and Contracting	Realty Construction and Contracting	Realty Construction and Contracting	Realty Construction and Contracting	Realty Construction and Contracting
Price To EarningsPE		29.59	14.77	18.55	22.98		7.64
Price To SalesPS	3,485.77	8.56	3.55	2.17	3.57	1.51	0.53
RevenueRevenueCr	1	357	780	1,149	612	1,377	2,662
Revenue Growth TTMRev Gr TTM%	-4.2%	3.9%	5.3%	43.1%	28.6%	-8.3%	12.4%
PAT Growth TTMPAT Gr TTM%	-46.1%	41.7%	49.3%	22.1%	-14.1%	29.6%	-5.8%

FY2026

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Jun 26