Ajmera Realty & Infra India Ltd

Financial Performance

• Q1 FY27 revenue was ₹320 crores, up 23% YoY from ₹265 crores.
• EBITDA ₹94 crores, up 18% YoY; margin 29%.
• PAT ₹45 crores, up 14% YoY; margin 14%.
• Debt declined ₹57 crores to ₹680 crores; D/E ratio 0.47x.
• Interest cost surged due to Solis revenue recognition; normalization expected next quarter.
• Asset monetization of ₹89 crores realized from ₹330 crores unlocked.

Revenue Visibility & Guidance

• Revenue visibility from projects stands at ₹3,846 crores, with ₹1,661 crores committed.
• ₹2,185 crores are in inventory to sell.
• Upcoming launch pipeline exceeds ₹6,500 crores; total visibility crosses ₹10,000 crores.
• Pre-tax and post-debt cash flow potential is about ₹3,380 crores.

Operational Highlights

• Manhattan 1 93% sold; finishing and MEP work in progress.
• Manhattan 2 in Wadala: over 50% inventory sold; excavation ongoing.
• Greenfinity A and B: 94% sold; nearing completion and occupation certificates.
• Vihara and Bhandup: 81% sold; RCC work progressing.
• Solis: 86% absorption; excavation started.
• 33Fifteen Bandra: 19% sold; piling and shoring in progress.
• Ajmera One by Ajmera, Versova: 3% sold; progress steady.
• Iris Bangalore: 90% sold; Marina 69% sold.

Land & Pipeline Updates

• Kanjurmarg land conversion targeted within 2–3 months; active talks with several parties.
• 7-acre site will be a single deal; some outright, some JV.
• 55 acres master plan frozen; Phase 2 technical evaluation underway.
• Pune and Borivali launches delayed to Q4 due to regulatory issues.

Outlook & Leverage

• Pune/Borivali delay due to regulatory; demand remains positive.
• FY27 debt-to-equity target near 1x; asset monetization supports deleveraging.
• SV Concrete replaced by Whitefield; Whitefield BD added at ₹389 crores.
• Asset monetization: ₹89 crores realized; stake sale to be reported in Q2.
• Solis debt cost spike; expected to ease with lower-cost loans.
• Net cash flow guidance from ongoing and upcoming projects remains supportive.

Meeting Details

• Date: August 13, 2026
• Mode: In-person
• Type: Group and one-to-one interactions
• Event: Emkay Confluence 2026: India: Full Throttle Ahead – Annual Investor Conference

Participants

• Key participant: Company Secretary & Compliance Officer

Purpose

• Purpose: Analyst/institutional meeting as part of investor conference
• Focus: Investor interaction with Ajmera Realty & Infra India Ltd

Meeting Details

• Meeting Date: August 11, 2026.
• Interaction with: Jainam Broking.
• Mode: In-person.
• Type: One-to-One.
• Event: Analysts/Institutional Investor Meeting.

Participants

• Key company participant: Company Secretary & Compliance Officer.

Purpose

• Purpose: Schedule/participation in Analyst/Institutional Investor Meeting.

Rating actions and rated instruments

• Corporate Credit Rating reaffirmed at CRISIL A-/Stable
• Long-Term Bank Loan Rating reaffirmed at CRISIL A-/Stable
• Bank facilities rated Rs 500 crore; Crisil A-/Stable reaffirmed
• YES Bank Term Loan Rs 75 crore; Crisil A-/Stable
• Standard Chartered Term Loan Rs 230 crore; Crisil A-/Stable
• ICICI Bank Term Loan Rs 195 crore; Crisil A-/Stable

Rationale

• Adequate safety for timely debt servicing; low credit risk
• Rating kept under surveillance; may be withdrawn or revised with new information

Outlook and surveillance

• Outlook: Stable
• Rating under continuous surveillance; Crisil may withdraw or revise if information changes