Ajmera Realty & Infra India Ltd Q3 FY2026 Concall Summary

Key Takeaways

• Record 9M sales, poised to beat FY26 guidance: 9M FY26 sales hit Rs. 1,431 crores, putting the company on track to surpass its full-year target of Rs. 1,600 crores, driven by a stellar launch at Ajmera Solis.
• Wadala commercial GDV triples on master plan revision: Carpet area for the Boutique Office project jumped from 6 lakh sq ft to 16 lakh sq ft, lifting GDV from Rs. 1,800 crores to Rs. 5,300 crores and total Wadala micro market value to ~Rs. 16,000 crores.
• Kanjurmarg launch is a "touch-and-go" Q4 event: The flagship project's Q4 launch hinges on CFO and collector approvals that are still in process; management commits to Q1 if Q4 slips, but the timeline remains tight.
• Asset-light BD engine adds Rs. 2,000 crores in new projects: Two redevelopment projects secured, one SRA in Mumbai and one in Pune, fueling future expansion without heavy land cost.
• What to watch next quarter: Whether Kanjurmarg launches in Q4 or slips to Q1, the FY27 launch calendar guidance, and the pace of sales velocity at Manhattan 2 after a soft Q3.

Sales Performance & Project Velocity

• Ajmera Solis validated the asset-light model: 84% of inventory sold within 48-60 hours of launch, attributed to brand strength, prime connectivity and views; the success is seen as proof of capability to expand into new micro markets.
• Manhattan 2 sales slowed post-launch spike: Q3 saw a deceleration in units sold after 40% was absorbed at launch; price was increased and the market was soft. Management expects a steady ~30 units per quarter going forward.
• Overall market conditions were steady but muted: Diwali and Christmas vacations slowed decision-making toward the financial year-end; management reports a good sales spurt has returned this quarter across projects.
• Wadala micro market is gaining structural lift: Connectivity upgrades (Eastern Freeway, metro lines, Atal Setu) and MMRDA's planned 100+ acre BKC 2 opposite the property have made Wadala the most preferred micro market; land prices there have been "humongous."

Dhaval Ajmera: "We intend to make this project as the most luxurious project of that micro market and that eastern suburb. And this will eventually become one of the most luxurious projects."

Wadala Portfolio & Value Unlocking

• Boutique Office GDV tripled via FSI increase: Carpet area revised from 6 lakh sq ft to 16 lakh sq ft under the 33(20)(B) scheme for PAP development, allowing an additional 1 FSI. GDV rose from Rs. 1,800 crores to Rs. 5,300 crores.
• Land cost is practically zero, so margins improve with scale: Management stated the additional area carries proportionate cost but land cost is near zero; margins will be better due to upscale planning and higher selling prices, though no specific margin figure was given.
• Boutique Office launch shifted to H1 FY27: Originally planned for the current quarter, the launch is now targeted between Q1 and Q2 of next financial year, with phase-wise development.
• Uber-luxury residential targeted for FY28: Management is building market readiness so buyers do not feel a "pinch" at the price point; the project will launch after Manhattan 3.
• Boutique offices will be sold progressively like residential: Larger office spaces will be retained as income-generating assets, while boutique offices follow a sell-as-you-build model.

Dhaval Ajmera: "So it doesn't matter what area it is, because land cost, technically even earlier and now, has been practically as good as 0. So our margins definitely, in fact, will be a little more because when we look at such kind of scale in operations, obviously, our planning of offices are little on a upscale thing."

Kanjurmarg: The "Touch-and-Go" Flagship

• Q4 launch is possible but tight: CFO approvals have been applied for, and revenue department and collector office processes have started; however, the environmental clearance only comes after CFO approval, making Q4 a "touch-and-go situation."
• If Q4 slips, Q1 is "100% confirmed": Management acknowledged the timeline pressure but committed to a Q1 FY27 launch at the latest, framing the delay as typical for a project of this scale and complexity involving two departments (MCGM and collector).
• Work on the police housing component has begun: Construction of the police housing to be handed over to the government has commenced; respective NOCs (EC, BMC approvals, collector NOC) for that portion are already received.
• The 55-acre larger parcel is an FY27 event: Active discussions with a few funds and players are underway, but management declined to reveal details, calling it "very early in the stage." The event is "110% confirmed" for FY27.
• Design and planning for the 55-acre parcel is not finalized: Internal assessment and discussions are still ongoing; no concrete plan has been locked.

Dhaval Ajmera: "So yes, you're right. It is kind of a touch-and-go situation for Kanjurmarg. But look, in a long term with a project like this and there are a lot of complexities with related to approvals, which is because it is a larger layout, because of all the approvals with 2 different departments, one is MCGM and the collector office and the revenue department."

Project Execution & Completions

• Ajmera Eden (Ghatkopar) delivered early: The project received its OC well above the defined timeline, described as "very early towards delivery."
• Manhattan 1 nearing completion: 89% sales achieved; RCC superstructure for both towers is nearly complete; project expected to finish in the next financial year.
• Greenfinity A & B Wing at finishing stage: 79% sales; finishing works are in progress and possessions will start soon.
• Vihara, Bhandup progressing steadily: 81% sales; construction has reached the 15th floor slab for the rehab building and the first floor for the sale building.
• Bangalore portfolio advancing: Ajmera Iris at 76% sales; Ajmera Marina at 68% sales with foundation works in progress.

Business Development & Pipeline

• Two asset-light projects added, worth Rs. 2,000 crores GDV: One SRA redevelopment in Mumbai (~Rs. 1,500 crores GDV) and one in Pune (~Rs. 500 crores GDV); both are moving at the site level.
• Andheri and Ghatkopar projects pushed to FY27: Andheri was a society redevelopment where the development agreement is now being finalized after renegotiation; Ghatkopar is held up at the Trust and Charity Commissioner's Office, with resolution expected in 2-3 months.
• FY26 project addition guidance will be surpassed: Management is "very confident" and in active discussion with 2-3 properties; once closed, additions will definitely exceed the numbers given.
• FY27 launch calendar guidance coming with March numbers: Management declined to give launch timelines for the two new BD projects, saying guidance will be provided when FY26 results are rolled out.
• Leasehold-to-freehold conversion still in progress: The process has slowed due to ongoing elections but efforts are continuing.

Financial Position

• Revenue up 11% YoY in 9M FY26: Supported by consistent execution, revenue reached Rs. 664 crores.
• Profitability stable: EBITDA and PAT held at Rs. 196 crores and Rs. 99 crores respectively, with healthy margins maintained.
• Balance sheet discipline intact: Debt-to-equity ratio at 0.58x; weighted average cost of debt at 11.59%.
• Revenue visibility strengthened to ~Rs. 5,600 crores: Rs. 4,098 crores from committed sales and available inventories, plus Rs. 1,500 crores from upcoming launches.
• Portfolio cash flow estimated at Rs. 2,316 crores: This is the OC received and ongoing portfolio estimate over the balance life cycle.
• Record quarterly collections: Q3 FY26 was the highest-ever quarter for collections at over Rs. 300 crores.

Guidance & Commitments

Key Metrics