Ajmera Realty & Infra India Ltd(AJMERA)

NSE: AJMERABSE: 513349

₹ 123.35-3.18%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 2,427 crWebsite: www.aril.co.inUpdated: 24 Oct 2026

About

Ajmera Realty & Infra India Ltd is a Mumbai-based residential and commercial developer with projects across Mumbai micro-markets (Wadala, Vikhroli, Versova, Ghatkopar, Bandra), Bengaluru and Bahrain. Its portfolio is anchored by a large Wadala land parcel with an estimated total GDV of ₹17,841 Cr and a 71.7-lakh-sqft Kanjurmarg site with estimated GDV of ₹22,618 Cr.^[1][2][3]

Pre-sales and collections

FY26 pre-sales reached ₹1,701 Cr (+57% YoY), surpassing the ₹1,600 Cr annual guidance; sales volume was 6,60,246 sq ft carpet (+11% YoY).^[1]
FY26 collections hit an all-time high of ₹1,103 Cr (+71% YoY), with collection efficiency improving to 65% from 60% in FY25.^[1]
Q1 FY27 pre-sales value was INR 146 Cr (+35% YoY) even as volume fell 31% YoY to 43,737 sqft, reflecting a shift to luxury/premium mix.^[3]
H1 FY27 sales value was INR 370 Cr with collections of INR 363 Cr; Q2 FY27 alone recorded INR 224 Cr sales value and 72,883 sqft carpet area sold.^[4]

Average selling price and realisation

Average realisation scaled from ₹12,083/sqft in FY21 to ₹25,760/sqft in FY26, a 16% CAGR, driven by portfolio mix shift toward premium and luxury micro-markets.^[1]
Q1 FY27 realisation reached INR 33,278/sqft vs INR 17,081/sqft in Q1 FY26, reflecting the luxury/premium project mix in that quarter.^[3]
Ajmera Manhattan 2 (Wadala) is priced at ₹35,000+/sqft; Manhattan 1 averages ₹37,000+/sqft, with management targeting 10 - 15% annual price increases.^[1]

Key projects and inventory

Ajmera Solis Phase 1 (Vikhroli) sold 86% of inventory in FY26, contributing ₹462 Cr in sales across 353 units; the project qualified for revenue recognition for the first time in Q1 FY27.^[1][3]
Ajmera Manhattan 2 (Wadala luxury) reached 48% inventory sold in FY26 with ₹836 Cr in full-year sales bookings as of March 2026.^[1]
Vann by Ajmera (Versova), the company's first premium luxury collective project, launched in Q4 FY26 with only 3% inventory sold; subdued sales are expected through FY27.^[1][3]
Ajmera Iris (Bengaluru) reached 76% inventory sold; Ajmera Marina (Bengaluru, launched Q4 FY25) reached 68% sold as of Q3 FY26 with foundation work in progress.^[5]
Unsold inventory across ongoing projects was approximately ₹2,270 Cr (Mar-26); revenue visibility from ongoing projects and OC-received stock was ₹3,846 Cr as of Q1 FY27.^[1][3]

Wadala land bank and pipeline

Total Wadala portfolio GDV is estimated at ₹17,841 Cr across all phases (Manhattan 2, upcoming residential, boutique office), to be unlocked over approximately 4 years.^[3]
Boutique Office Wadala Phase 1 (9.82 lakh sqft, GDV ₹3,650 Cr) is targeted for launch in Q3 FY27; an FSI approval added ~1 mn sqft, expanding the earlier ~4 - 5 lakh sqft plan to 8 - 8.5 lakh sqft.^[3][1]
Upcoming Wadala residential and uber-residential phases total 21.7 lakh sqft carpet with GDV of ₹9,583 Cr, planned for phase-launch within 1 - 3 years from FY26.^[1]

Kanjurmarg development

Kanjurmarg site spans 71.7 lakh sqft total development with estimated GDV of ₹22,618 Cr, targeting a ~9-year phased development timeline from FY26.^[1]
Freehold land conversion for Kanjurmarg is still pending regulatory approval; management targeted completion within 2 - 3 months of the Q1 FY27 call, before a December 2026 deadline.^[3]
First residential, commercial and retail launch at Kanjurmarg is targeted for H2 FY27, approximately 3 - 4 months after conversion approval; strategic tie-up discussions (outright sale or JV for the 7-acre parcel) are ongoing.^[1][3]

Business development and launch pipeline

FY26 business development totalled ₹2,433 Cr across 5 asset-light (redevelopment/JV/JDA) projects, short of the ₹3,750 Cr guidance.^[1]
FY27 launch pipeline stands at 8 projects with aggregate GDV of ₹6,508 Cr (updated from ₹6,324 Cr); total revenue visibility including pipeline exceeds INR 10,000 Cr as of Q1 FY27.^[3][1]
A new asset-light project in Whitefield, Bengaluru (GDV INR 389 Cr, 2.69 lakh sqft carpet) was added in Q1 FY27; the previously planned SV Concrete Bangalore project was exited.^[3]
FY27 business development target is INR 1,800 Cr across 2 - 3 selective asset-light projects.^[1]

Debt and balance sheet

Net debt fell from ₹737 Cr (Mar-26) to INR 680 Cr (Jun-26), with debt-to-equity at 0.47x vs 0.53x at Mar-26; weighted average cost of debt was 11.01% as of Jun-26.^[3]
Debt reduction was supported by INR 89 Cr received in Q1 FY27 from an asset monetisation pool of INR 330 Cr total potential cash flow; a JV stake sale sealed in July 2026 is to be reported in Q2 FY27.^[3]
FY27 D/E ceiling is guided at 1.0x, with debt expected to rise as pre-RERA launch capex is deployed over 1 - 2 quarters.^[1]

Market Cap

₹2,427 Cr

High / Low

₹221 / 98

Stock P/E

16.1

Price / Book

1.8

Book Value

₹71

EPS

₹7.6

No. of Shares

19.68 Cr

ROCE

13.9%

ROE

11.5%

OPM

27.5%

Debt / Equity

0.51

Sales

₹1,090 Cr

Net Profit

₹150 Cr

Promoter holding

68.6%

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