Pick of the week - Ajmera Realty & Infra India Limited

Ajmera Realty and Infra India Ltd (Ajmera), the flagship company of the Ajmera Group, continues to strengthen its position as one of the leading real estate developers in India with a strong acumen in the MMR micro market. With a legacy of more than 55 years in the real estate sector in India, Ajmera has created a well-known brand name for itself with presence in MMR, Bengaluru, Pune and Ahmedabad. Ajmera has delivered over 20.3 million square feet of projects and built more than 46,000 homes so far.

The Company has been a pioneer in township development, shaping communities in key regions like Mira Road, Andheri, Borivali, and Wadala in Mumbai and some key projects in Bengaluru. It also has a substantial land bank of 10.8 msf in Wadala and Kanjurmarg in Mumbai. The company operates through various models such as greenfield and brownfield developments, society redevelopment, regulatory redevelopment and JV/JD/stressed asset acquisitions.

Ajmera has come a long way since its initial township development of more than 17,000 units in Mira Road’s Shanti Nagar. It owns a total portfolio of ~14.5 msf (1.5 msf ongoing, 2.2 msf potential launches and 10.8 msf future development potential) as of June 2025. The company aims to seize opportunities in its key micro markets of MMR and Bengaluru through both organic and inorganic expansion to bolster its portfolio, optimise its sales inventory and broaden its geographical presence for future growth. The company is also on an active lookout for inorganic growth through the asset-light JV/JD model.

The company announced another robust quarter, with the highest-ever quarterly pre-sales of Rs 720 crores in Q2FY26, witnessing strong demand in both its ongoing and newly launched projects. The company has a robust pipeline of new launches, with an estimated GDV of Rs 6,457 cr. Of this, Ajmera already launched 2 milestone projects in Q2FY26, namely, Ajmera Manhattan 4A & 4B at Wadala and Thirty 3.15 at Bandra, with 50% ownership in the latter. Ajmera continues to deliver in both pre-sales momentum and project execution across launches. Its large land bank in premium areas of Wadala and Kanjurmarg provides visibility for the long term.

We had issued a report on Ajmera Realty and Infra India Ltd on November 11, 2024, and both our targets were achieved within the investment horizon.

Ajmera has delivered 35.8% CAGR of pre-sales between FY22-25. The company has lined up nine launches in H2FY26 with a GDV of Rs 6,457 cr. Further, its current projects (OC received and ongoing) have a revenue potential of Rs 1637 cr. A combined potential of Rs 8,094 cr over the next 3 to 4 years provides revenue visibility. Moreover, the company also plans to unlock potential from its 10.8 msf land banks in Wadala and Kanjurmarg by launching a mix of township development and commercial projects in a phased manner. The company has 100% ownership of its land bank and expects to accrue all of the potential revenue on its own books. With a net cash flow expectation (post-debt and costs) of Rs 99 cr from ongoing projects and Rs 567 cr, the company’s balance sheet and cash position remain healthy. The management has reiterated its sales guidance of Rs 1,600 cr in FY26 (Rs 828 cr in H1FY26), and we believe it is on track to achieve its target on the back of traction in ongoing projects and potential from the line-up of new launches.