Anant Raj Ltd

RERA registration and project details

• RERA registration for The Estate One luxury project in Gurugram received on 20 Aug 2026.
• Built-up area potential approx 1.22 million sq ft.
• Launch date 20 August 2026.
• Category: Residential Group Housing - Luxury.
• Markets: domestic and international.
• HARERA certificate number RC/REP/HARERA/GGM/1084/816/2026/56.

Non-deal roadshow details

• Non-deal roadshow organized by Kotak Institutional Equities scheduled for 24–26 August 2026 in Singapore.
• Meetings will be in-person with one-on-one and group sessions.
• Schedule subject to change; no unpublished price-sensitive information will be discussed.

Business Overview

• Two independent listed entities post-demerger: Real Estate & Infrastructure; Digital Cloud Services (Ashok Cloud).
• Core real estate includes residential townships, luxury housing, commercial developments, and hospitality.
• Annuity business includes data centers, commercial buildings, hotels, and IT parks.
• Demerger sharpens focus and unlocks shareholder value through independent growth trajectories.

Key Operational Highlights

• Q1 FY27 revenue from operations ₹631.40 Cr, up 6.58% YoY.
• Q1 FY27 EBITDA ₹202.74 Cr, margin 31.15%.
• PBT ₹185.33 Cr; PAT ₹149.19 Cr; PAT margin 22.93%.
• Data Center & Cloud Services revenue ₹90 Cr in Q1.
• Infomerics upgraded rating to A- Stable.
• Data Center capacity 28 MW IT load; 21 MW operational, 7 MW in progress.
• FY32 target: 357 MW IT load; FY27 target: 63 MW IT load.
• Anant Raj Cloud Singapore established to source clients.
• MoU with Haryana HEPC to promote Data Center and Cloud services.
• Group Housing approvals for Gurugram projects 2 & 3; ready for launch.
• Birla Navya project Phase I delivered; Phase II occupancy certificates; Phase III planned FY28.
• Estate One expansion: 5.09 acres; 0.90 msf saleable area.

Financial Performance

• Revenue from operations growth, quarterly visibility; Data Center contribution rising.
• EBITDA margin solid at 31.15%; PAT margin 22.93% in Q1 FY27.
• Data Center & Cloud revenue contributed ₹90 Cr in Q1.
• Credit rating upgraded to A- Stable.

Capital Structure & Liquidity

• Net debt-free as of 31 March 2026.
• Reduced net debt with consistent dividend payouts.

Strategic Priorities & Outlook

• Demerger creates two focused independent listed companies.
• Deepen 63A leadership; unlock Delhi land portfolio; expand annuity engine.
• Reinvest operating cash into land and future developments; self-funded growth.
• 92 msf commercial leasing portfolio; 320 acres Delhi land bank.
• Capex: Ashok Cloud scaling; 357 MW IT load by FY32; 63 MW by FY27; 50 MW greenfield.
• Cloud allocation: 25% of capacity for cloud services.
• JV opportunities; asset-light growth via JDA.

Risks & Mitigation

• Execution risk in large land and township developments.
• Regulatory approvals required for demerger and projects.
• Macro-economic and market risks affecting demand.
• Mitigation: diversified land bank and self-funded growth.

Governance & Leadership

• Board-approved composite Scheme of Arrangement for demerger.
• Consolidation of DC & Cloud into a single entity prior to demerger.
• Two independent listed companies to pursue focused growth.

AGM Details

• Date and time: 7 August 2026, 10:00 AM.
• Mode: Physical AGM at IMT Manesar, Gurugram.
• Cut-off date for voting: 31 July 2026.
• Remote e-voting period: 4–6 August 2026.
• Shareholders present: 6 promoter group, 43 public.

Resolutions approved

• Resolution 1: Adoption of audited financial statements; approved.
• Resolution 2: Declaration of final dividend; approved.
• Resolution 3: Reappointment of Aman Sarin by rotation; approved.
• Resolution 4: Appointment of Anish Sarin as Director and WTD; remuneration fixed.
• Resolution 5: Increase in managerial remuneration limit for Amit Sarin; approved.
• Resolution 6: Increase in managerial remuneration limit for Aman Sarin; approved.
• Resolution 7: Increase in managerial remuneration limit for Ashim Sarin; approved.
• Resolution 8: Commission to Non-Executive Independent Directors; approved.
• Resolution 9: Ratify remuneration of Cost Auditors for 2026-27; approved.

Director changes

• Aman Sarin: retires by rotation and reappointment approved.
• Anish Sarin: appointed Director and Wholetime Director; remuneration fixed.

Auditors

• Cost Auditors remuneration for 2026-27 ratified.

Issue Overview

• Type: QIP of equity shares (private placement).
• Total size: fully subscribed; net proceeds available after expenses.
• Main objectives: data centres investment, project construction, land, debt repayment, general corporate purposes.

Utilisation of Proceeds

• Utilisation as per Offer Document: as disclosed; no material deviations.
• Deviations/changes: Nil; no reallocation or cost revisions.
• Data centres (subsidiary): partially utilised; ongoing.
• Construction projects: partially utilised; ongoing.
• Land acquisitions/development: partially utilised; ongoing.
• Borrowings repayment: fully utilised.
• GCP: no expenditure in Q1 FY27; funds unutilised.
• Unutilised funds: parked in fixed deposits with SBI; multiple FDRs.

Governance and Compliance

• Approvals obtained: listing approvals from BSE and NSE; statutory approvals obtained.
• Material events: no events affecting viability disclosed.
• Fund flows: proceeds moved from escrow to monitoring to fixed deposits; no deviations.
• Delay: no delays reported for data centres; borrowings repayment completed.
• MA remarks: report confirms utilisation as per Offer Document.

General Corporate Purpose (GCP)

• GCP status: no expenditure in Q1 FY27; allocations managed by management.
• Board approvals: not explicitly required; allocations described as management-approved.

Financial performance (Q1 FY27)

• Consolidated total income Rs 650.75 cr; up ~8% YoY.
• Consolidated revenue from operations Rs 631.40 cr; up ~6.6% YoY.
• Consolidated PBT Rs 185.33 cr; PAT Rs 149.19 cr; PAT up ~18.6% YoY.
• Standalone total income Rs 414.68 cr; up ~11% YoY.
• Standalone PAT Rs 79.10 cr; up ~13.5% YoY.
• Standalone EPS Basic Rs 2.20; Diluted Rs 2.20.
• Consolidated EPS Rs 4.16; Diluted Rs 4.16.
• NCD liability Rs 6.50 cr discharged; converted to term loan; no NCDs outstanding.
• Group operates a single segment: Real Estate Development.

Strategic actions & capital movements

• QIP: 1,66,16,314 shares allotted in Dec 2025; Rs 1,099.99 cr raised.
• QIP proceeds utilised Rs 60.01 cr in Q1; total utilisation Rs 410 cr.
• Unutilised QIP funds as of 30 Jun 2026: Rs 689.99 cr.
• RPPL stake increased to 100% on Apr 30, 2026; RPPL becomes wholly owned.
• Anant Raj Cloud Singapore formed on Jun 15, 2026.
• Composite Scheme approved; ARCPL amalgamates into ARL; data centre/dems to ACPL.
• ACPL to list on NSE and BSE; subject to approvals.
• Pending approvals; no impact on current results.
• Real estate remains the single reportable segment.

AGM Details

• Date/time: Aug 7, 2026, 10:00–11:25 AM; venue: registered office, Gurugram.
• Mode: physical AGM; remote e-voting available Aug 4–6, 2026.
• Total 49 members represented 11,12,29,771 equity shares.
• Chairman: Amit Sarin; Company Secretary: Neeraj Kumar.
• No proxies attended the meeting.

Key Resolutions

• Resolution 1: Adopt audited standalone and consolidated financial statements for FY 2025-26.
• Resolution 2: Declare final dividend for FY 2025-26.
• Resolution 3: Re-appoint Aman Sarin, retiring by rotation.
• Resolution 4: Appoint Anish Sarin as Director and Whole-time Director; fix remuneration.
• Resolution 5: Increase limit of managerial remuneration for Amit Sarin (MD).
• Resolution 6: Increase limit of managerial remuneration for Aman Sarin (WTD/CEO).
• Resolution 7: Increase limit of managerial remuneration for Ashim Sarin (WTD/COO).

Voting Results

• Voting results for Resolution 1 not disclosed.
• Voting results for Resolution 2 not disclosed.
• Voting results for Resolution 3 not disclosed.
• Voting results for Resolution 4 not disclosed.
• Voting results for Resolution 5 not disclosed.
• Voting results for Resolution 6 not disclosed.
• Voting results for Resolution 7 not disclosed.

Director Changes

• Aman Sarin retires by rotation; reappointment sought.
• Anish Sarin appointed as Director and Whole-time Director; remuneration to be fixed.

Auditor Appointments

• Statutory Auditors were present at AGM; no appointment changes announced.
• Secretarial Auditor and Scrutinizer attended.

Target and deal overview

• Target: Ashok Cloud Private Limited, data center and cloud business, India.
• ACPL is a wholly owned subsidiary; investment via right issue.
• Acquisition via subscription to ACPL shares; related party transaction exempt under Reg.23(5).
• Rights issue to issue 37,43,22,553 new ACPL equity shares; total post-issue 37,45,72,553.
• Shareholding remains 100% post-issue; no change in control.
• Existing ARL stake in ACPL: 2,50,000 shares; post-issue: 37,45,72,553 shares.
• Consideration: cash Rs 74,86,45,106.
• Completion timeline: Immediate.
• Regulatory approvals: None required.
• Target background: incorporated Oct 11, 2021; turnover Nil for FY 23-24 to 25-26; presence in India.