Ajmera Realty Hits Record Sales; Wadala Project GDV Surges Fivefold

REAL-ESTATE
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AuthorAarav Shah|Published at:
Ajmera Realty Hits Record Sales; Wadala Project GDV Surges Fivefold
Overview

Ajmera Realty reported its highest-ever 9M FY26 sales at ₹1,431 Cr, up 72% YoY, driven by strong project execution. Collections surged 70% YoY to ₹787 Cr. The company revised its Wadala Boutique Office project's GDV to ₹5,300 Cr from ₹1,800 Cr, significantly boosting revenue visibility. Management expects to easily surpass the ₹1,600 Cr full-year sales guidance amid a strengthening real estate market. New business development projects worth ₹2,000 Cr were secured.

📉 The Financial Deep Dive

Ajmera Realty & Infra India Limited (NSE: AJMERA) has delivered its strongest operational and financial performance for the nine months ended December 31, 2025 (9M FY26), reporting record sales of ₹1,431 crores, a remarkable 72% year-on-year (YoY) increase. Quarterly sales in Q3 FY26 also showed strength, reaching ₹603 crores. This top-line surge was complemented by a 70% YoY jump in collections, totalling ₹787 crores for 9M FY26.

Revenue for the period grew 11% YoY to ₹664 crores, reflecting consistent project delivery. Profitability metrics remained robust, with EBITDA at ₹196 crores and PAT at ₹99 crores for 9M FY26. The company maintained healthy margins, achieving a 30% EBITDA margin and approximately 15% PAT margin. These figures indicate effective cost management and operational efficiency.

The Quality: The company's financial health appears sound. Total debt stands at ₹754 crores, resulting in a Debt-to-Equity ratio of 0.58x, which is prudent leverage for the real estate sector. The weighted average cost of debt is 11.59%. While specific figures for CapEx, operating cash flow, and free cash flow were not detailed, the strong collection trends suggest healthy cash generation capabilities.

The Grill: Management expressed high confidence in exceeding the full-year sales guidance of ₹1,600 crores, signalling strong demand and execution pipeline. A major strategic highlight was the significant upward revision of the Wadala Boutique Office project's master plan. This expansion increases the carpet area from 6 lakh to 16 lakh sq ft and escalates the Gross Development Value (GDV) from ₹1,800 crores to an impressive ₹5,300 crores. This single project revision substantially enhances future revenue visibility, now projected at ₹5,600 crores, including committed sales and inventory (₹4,098 crores) and the upcoming pipeline (₹1,500 crores). The company also secured new business development projects worth ₹2,000 crores, underscoring its asset-light growth strategy.

🚩 Risks & Outlook

The real estate market, particularly in Mumbai, is perceived as strengthening, buoyed by redevelopment opportunities and improved connectivity. Macroeconomic tailwinds, including a projected 7.3% GDP growth and supportive monetary policies, are expected to sustain market liquidity.

However, potential risks include delays in project approvals, as seen with the Kanjurmarg project targeting a Q1 FY27 launch. Broader economic downturns could also impact demand. The company's long-term strategy hinges on leveraging its land bank and asset-light model. Investors should monitor the execution of new projects and the progress of partnership discussions for commercial developments. The phased launch of the Wadala micro-market project starting FY27 and the uber-luxury residential project planned for FY28 are key milestones to watch. Management's confidence in brand strength and strategic positioning in high-demand micro-markets like Mumbai points towards continued growth, contingent on effective execution and favourable market conditions.

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