Ajmera Realty & Infra India Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript Ajmera Realty & Infra India Ltd filed with BSE on 07 Aug 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Ajmera Realty reported Q1 FY27 total revenue of around INR320 crores, up 23% year-on-year, with EBITDA of INR94 crores and PAT of INR45 crores. Management said sales value for the quarter was INR146 crores with collections of about INR173 crores, and that debt was reduced by INR57 crores during the quarter to INR680 crores. Management also discussed progress across ongoing projects including Ajmera Manhattan, Greenfinity, Vihara, Solis, and the Wadala land bank, along with an INR89 crore realization from asset monetization.
Numbers mentioned
Total revenue: INR320 crores (Q1 FY27)
p. 5
“total revenue for Q1FY27 at around INR320 crores, which is up 23% Y-o-Y from INR265 crores Q1FY26, driven by continuous project execution.”
Nitin Bavisi, page 5 of the filed PDF · View the filing
EBITDA: INR94 crores (Q1 FY27)
p. 5
“EBITDA grew at 18% Y-o-Y to INR94 crores from INR79 crores in Q1FY26 with EBITDA margin at around 29%.”
Nitin Bavisi, page 5 of the filed PDF · View the filing
PAT: INR45 crores (Q1 FY27)
p. 5
“PAT at INR45 crores, which is also a 14% Y-o-Y growth over INR39 crores in Q1FY26 with margin stood at 14%.”
Nitin Bavisi, page 5 of the filed PDF · View the filing
Sales value: INR146 crores (Q1 FY27)
p. 5
“reporting sales value of INR146 crores with a sales active area of about 43,000 plus square feet sold out and collections being at around INR173 crores for the quarter.”
Nitin Bavisi, page 5 of the filed PDF · View the filing
Debt: INR680 crores (as on 30th June 2026)
p. 5
“we have reduced our debt by INR57 crores in this particular quarter from INR737 crores, which stood at around 31st March 2026 to INR680 crores as on 30th June 2026.”
Nitin Bavisi, page 5 of the filed PDF · View the filing
Debt equity ratio: 0.47x (as on 30th June 2026)
p. 5
“As a result, we achieved a debt equity ratio of 0.47x as on 30th June 2026.”
Nitin Bavisi, page 5 of the filed PDF · View the filing
Weighted average cost of debt: 11.01% (Q1 FY26)
p. 5
“Moreover, our weighted average cost of debt also came down and which is at 11.01% in Q1FY26, highlighting our enhanced credit profile and disciplined financial management.”
Nitin Bavisi, page 5 of the filed PDF · View the filing
Revenue visibility: INR3,846 crores
p. 5
“Revenue visibility from these projects stands at INR3,846 crores comprising of INR1,661 crores from committed sales and INR2,185 crores from available inventory to sell and upon the sale, the revenue gets recognized and recorded into the income statement.”
Nitin Bavisi, page 5 of the filed PDF · View the filing
Asset monetization received: INR89 crores (Q1 FY27)
p. 4
“We are pleased to announce that in this quarter, we have received an INR89 crores towards our share of investment and profit from a property sale out of the INR330 crores, which we had mentioned in our potential cash flows, which are coming.”
Dhaval Ajmera, page 4 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Revenue visibility (with launch pipeline) — INR10,000-plus crores
stated firmly by Nitin Bavisi
p. 6
“In addition, our upcoming launch pipeline is expected to contribute about INR6,500-plus crores, taking our overall revenue visibility to INR10,000-plus crores, providing a very solid foundation for sustained growth as we move forward on our ongoing and launch portfolio.”
Nitin Bavisi, page 6 of the filed PDF · View the filing
Estimated cash flow potential — INR3,380 crores
stated firmly by Nitin Bavisi
p. 6
“The estimated cash flow potential pretax and post debt on ongoing projects, upcoming projects and other revenues is estimated to about INR3,380 crores over the life cycle of the project.”
Nitin Bavisi, page 6 of the filed PDF · View the filing
Kanjurmarg land conversion — next 2 to 3 months
stated conditionally by Dhaval Ajmera
p. 6
“Hopefully, our target is we should be able to achieve that very soon, hopefully, in the next 2 to 3 months' time.”
Dhaval Ajmera, page 6 of the filed PDF · View the filing
Debt equity ratio — 1x · FY27
stated conditionally by Nitin Bavisi
p. 10
“And that's the reason we gave the guidance of FY27 to 1x, but with this asset monetization and another also absolutely sealed out kind of a thing, we are now seeing a much lower levered position as we go forward kind of a thing.”
Nitin Bavisi, page 10 of the filed PDF · View the filing
Whitefield project launch — INR389 crores · last quarter of FY27
stated as an aspiration by Nitin Bavisi
p. 10
“which is also we are aspiring to bring in into the last quarter of FY27.”
Nitin Bavisi, page 10 of the filed PDF · View the filing
Interest cost normalization — around INR20 crores · next quarter
stated firmly by Nitin Bavisi
p. 9
“Absolutely. As you see that my weighted average cost also coming down very gradually kind of a thing and the marginal loans which are at a much, much lower than the weighted average cost, once that particular component starts coming into the outstanding loan, the weighted average cost and hence, the overall cost finance cost amount also will come down gradually.”
Nitin Bavisi, page 9 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said conversion is being worked on actively and should be resolved within 2-3 months, and that the tie-up (either outright sale or JV) will only be concluded after conversion
Answered by Dhaval Ajmera
Asked by Dixit Doshi: Status of Kanjurmarg land conversion and strategic tie-up/sale for the 7-acre plot
p. 6
“we are in active talks with a few and discussions are already going on, site visits are happening. Preliminary discussions are on, but we and them principally have agreed that we will only conclude once the conversion is taking place.”
Dhaval Ajmera, page 6 of the filed PDF · View the filing
Management explained this was due to Solis project qualifying for revenue recognition, pulling in accumulated high-cost debt interest into the P&L
Answered by Nitin Bavisi
Asked by Dixit Doshi: Why did interest cost rise quarter-on-quarter on a consolidated basis from INR21 crores to almost INR30 crores?
p. 9
“So it is like the Solis project, which is entered as a qualified for the revenue recognition first time. So the entire accumulated cost pool, which is debited to the P&L and significant part of the cost has been interest cost on this particular project.”
Nitin Bavisi, page 9 of the filed PDF · View the filing
Management clarified it was a balance sheet transaction, not a P&L item
Answered by Nitin Bavisi
Asked by Dixit Doshi: Was there any profit booked in the P&L from the INR89 crore asset monetization?
p. 9
“This is actually the financial asset which was classified into the balance sheet. So it's a balance sheet transaction between the cost with what we incurred and as well the financial or the advances which we have done for this particular project.”
Nitin Bavisi, page 9 of the filed PDF · View the filing
Management said the project has been swapped out for the Whitefield project and will no longer be launched
Answered by Nitin Bavisi
Asked by Dixit Doshi: Why was the SV Concrete Bangalore project removed from the launch pipeline?
p. 10
“This is a solidary position that this particular project is not now turning out to be a project to come and launch.”
Nitin Bavisi, page 10 of the filed PDF · View the filing
Management said some near-term increase in debt is likely due to pre-RERA capital needs but expects deleveraging to resume as launches gain velocity
Answered by Nitin Bavisi
Asked by Dewang: What is the realistic debt equity ratio expectation by financial year-end given the 1x guidance?
p. 10
“we have the deep launch pipeline and a few of the projects which require a pre-RERA kind of a capital, which is going to create some kind of a requirement for the debt.”
Nitin Bavisi, page 10 of the filed PDF · View the filing
Management described the outlook as positive with continued demand in the luxury and mid-luxury segments despite some caution among buyers
Answered by Dhaval Ajmera
Asked by Dewang: What is the outlook on the real estate sector in the short and medium term?
p. 11
“The real estate outlook is at least if I have to particularly talk generally, it is looking positive.”
Dhaval Ajmera, page 11 of the filed PDF · View the filing
Management said a stake sale in a joint venture company has been sealed and will be reported as cash flow in Q2
Answered by Nitin Bavisi
Asked by Dewang: Any further cash flow expected from asset monetization this financial year?
p. 11
“we made another disclosure regarding our stake sale for the one of our joint venture company, and that is what we are going to report in Q2 because we just sealed the deal in the month of first week of July 2026.”
Nitin Bavisi, page 11 of the filed PDF · View the filing
Risks flagged
Global economic environment shaped by geopolitical tensions, new trade policies and macroeconomic uncertainty
p. 3
“The Q1FY27, we all know that the global economic environment continued to shape by the geopolitical tensions, new trade policies and persistent macroeconomic uncertainty.”
Dhaval Ajmera, page 3 of the filed PDF · View the filing
Seasonal moderation in presales and collections following a strong prior quarter
p. 3
“the industry witnessed a seasonally softer quarter, which I would say, which was more cautious with sequential moderation in presales and collections following a robust Q4 FY26.”
Dhaval Ajmera, page 3 of the filed PDF · View the filing
Regulatory delays pushing back project launch timelines
p. 8
“Some are regulatory issues, some are I mean, most of them are regulatory issues, which have come in, and we have actually commenced the work at Pune.”
Dhaval Ajmera, page 8 of the filed PDF · View the filing
Near-term subdued sales expected at Ajmera Vann due to project being at early excavation stage
p. 8
“We will see subdued sales this financial year for this project.”
Dhaval Ajmera, page 8 of the filed PDF · View the filing
Temporary increase in debt requirement due to pre-RERA capital needs across launch pipeline
p. 10
“we have the deep launch pipeline and a few of the projects which require a pre-RERA kind of a capital, which is going to create some kind of a requirement for the debt.”
Nitin Bavisi, page 10 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.