Ajmera Realty & Infra India Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Ajmera Realty & Infra India Ltd filed with BSE on 29 May 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 FY26 presales of Rs 1,701 crore, up 57% year-on-year, and collections of Rs 1,103 crore, up 71% year-on-year, surpassing its annual sales guidance. Revenue rose 46% to Rs 1,098 crore, EBITDA grew 25% to Rs 306 crore, and PAT increased 24% to Rs 157 crore, while the debt-to-equity ratio improved to 0.53x against a guidance of 0.85x. Management outlined a FY27 presales target of around Rs 2,200 crore backed by a launch pipeline of Rs 6,324 crore and discussed progress on projects including Kanjurmarg, Wadala Manhattan, and Versova.
3 statements from this call are not shown because their supporting quotes could not be reproduced within our quoting limits. Nothing shown here is affected: every statement on this page carries its verified quote.
Numbers mentioned
Presales: Rs 1,701 crores (FY26)
p. 4
“we have got our highest achieving presales number of INR1,701 crores, surpassing our guidance of INR1,600 crores, which is marking a nominal 57% growth year-on-year”
Dhaval Ajmera, page 4 of the filed PDF · View the filing
Collections: Rs 1,103 crores (FY26)
p. 4
“our record-breaking collections, INR1,103 crores, which was up 71% year-on-year, reflect our strong execution capabilities”
Dhaval Ajmera, page 4 of the filed PDF · View the filing
Revenue: Rs 1,098 crores (FY26)
p. 6
“the Company achieved its highest ever total sales revenue of INR1,098 crores, registering a robust growth of 46% Y-o-Y”
Nitin Bavisi, page 6 of the filed PDF · View the filing
EBITDA: Rs 306 crores (FY26)
p. 6
“EBITDA grew by 25% Y-o-Y to INR306 crores while PAT increased by 24% Y-o-Y to INR157 crores underscoring the operational efficiency and disciplined execution”
Nitin Bavisi, page 6 of the filed PDF · View the filing
PAT: Rs 157 crores (FY26)
p. 6
“EBITDA grew by 25% Y-o-Y to INR306 crores while PAT increased by 24% Y-o-Y to INR157 crores underscoring the operational efficiency and disciplined execution”
Nitin Bavisi, page 6 of the filed PDF · View the filing
Debt-to-equity ratio: 0.53x (FY26)
p. 6
“we achieved a debt-equity ratio of 0.53x, well below our annual guidance of 0.85x”
Nitin Bavisi, page 6 of the filed PDF · View the filing
Total debt: Rs 737 crores (as on March 31, 2026)
p. 6
“The Company maintained a robust financial discipline with the total debt stood at INR737 crores as on March 31, 2026”
Nitin Bavisi, page 6 of the filed PDF · View the filing
Weighted average cost of debt: 11.15% (FY26)
p. 6
“our weighted average cost of debt stood at 11.15% in FY26 versus 12.20% in FY25, highlighting our advanced credit profile and disciplined financial management”
Nitin Bavisi, page 6 of the filed PDF · View the filing
Collection efficiency: 65% (FY26)
p. 6
“Our collection efficiency improved to 65%, up from 60% in FY25, providing the liquidity to significantly outperform our leverage targets”
Nitin Bavisi, page 6 of the filed PDF · View the filing
Total revenue visibility: Rs 10,432 crores
p. 6
“taking our overall revenue visibility to a robust INR10,432 crores, reflecting strong growth momentum ahead”
Nitin Bavisi, page 6 of the filed PDF · View the filing
Estimated net cash flow pretax cost of debt: around Rs 3,150 crores
p. 6
“The estimated net cash flow pretax cost debt from our OC received and ongoing portfolio is expected to be estimated to be around INR3,150 crores”
Nitin Bavisi, page 6 of the filed PDF · View the filing
Unsold inventory: Rs 2,200 crores (as on March 2026)
p. 10
“So as on March '26, we have about INR2,200 crores worth of the unsold inventory, both from OC completed projects and as well ongoing projects”
Dhaval Ajmera, page 10 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.
Presales — around Rs 2,200 crores · FY27
stated firmly by Dhaval Ajmera
p. 5
“we are setting a presales target of around INR2,200 crores for FY27”
Dhaval Ajmera, page 5 of the filed PDF · View the filing
Debt-to-equity ratio — 1.00x · FY27
stated firmly by Dhaval Ajmera
p. 5
“As a result, you will see our debt-to-equity guidance move to 1.00x”
Dhaval Ajmera, page 5 of the filed PDF · View the filing
Business development / project additions — Rs 1,800 crores · FY27
stated firmly by Dhaval Ajmera
p. 5
“To maintain this growth, we are targeting INR1,800 crores of highly selective project additions”
Dhaval Ajmera, page 5 of the filed PDF · View the filing
Boutique office launch (Wadala) — Q3 FY27
stated conditionally by Nitin Bavisi
p. 7
“So Boutique office, as we have guided in our launch pipeline, something which is the Q3 FY27 event, and we are working towards that, particularly in time lines”
Nitin Bavisi, page 7 of the filed PDF · View the filing
Borivali redevelopment launch — Q3 FY27
stated conditionally by Nitin Bavisi
p. 8
“In terms of the Borivali project, we -- it is also a part of the Q3 FY27 when we have started working on the plans of this particular project”
Nitin Bavisi, page 8 of the filed PDF · View the filing
Kanjurmarg conversion approval — next quarter
stated as an aspiration by Dhaval Ajmera
p. 6
“we are hoping to resolve this in the next quarter or so”
Dhaval Ajmera, page 6 of the filed PDF · View the filing
Manhattan price growth — 10% to 15% · year-on-year
stated as an aspiration by Dhaval Ajmera
p. 12
“we feel that we'll be able to steadily achieve at least 10% to 15% growth minimum year-on-year”
Dhaval Ajmera, page 12 of the filed PDF · View the filing
Kanjurmarg project launch after regulatory clearance — 3 to 4 months after clearances
stated conditionally by Dhaval Ajmera
p. 11
“once the regulatory approvals and everything are in place, we will take another 3 to 4 months for the project to launch”
Dhaval Ajmera, page 11 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.
Conversion process is underway; regulatory issues being resolved, expected next quarter
Answered by Dhaval Ajmera
Asked by Apoorv: Timeline for converting Kanjurmarg land from leasehold to freehold
p. 6
“the conversion process is on. We have already applied for the conversion. But since it's a regulatory process, it takes a little while”
Dhaval Ajmera, page 6 of the filed PDF · View the filing
Customer preference for freehold land drove the decision
Answered by Dhaval Ajmera
Asked by Apoorv: Why did the company change strategy from launching on leasehold land to waiting for freehold conversion
p. 7
“the customers feel more comfortable if the land is completely converted and it's a freehold land, and that is what we've got as a review from the market”
Dhaval Ajmera, page 7 of the filed PDF · View the filing
Management does not see AI disrupting real estate demand and expects efficiency gains to support the sector
Answered by Dhaval Ajmera
Asked by Saurabh Sadhwani: Whether AI-driven job market disruption could hurt real estate demand
p. 9
“I don't see we will have a lot of disruption coming for sales. In fact, I feel with the growing efficiencies, I think demand for real estate will also continue to grow with the AI coming in place”
Dhaval Ajmera, page 9 of the filed PDF · View the filing
Conversion timelines have lengthened slightly due to geopolitical caution, but underlying demand continues
Answered by Dhaval Ajmera
Asked by Saurabh Sadhwani: Are customers deferring purchases in the near term
p. 9
“if a person was coming today and within 30 days or 45 days, there would be a conversion for the flat, it has now moved or pushed to 40 days to 50 or 60 days”
Dhaval Ajmera, page 9 of the filed PDF · View the filing
Increase driven by capitalization of Mivan shuttering for multiple projects
Answered by Nitin Bavisi
Asked by Karan Bhatelia: Reason for the increase in property, plant and equipment from Rs 35 crore to Rs 64 crore
p. 12
“the significant part of the PPE is pertaining to the Mivan slidings, which we have capitalized and for multiple projects, so that is what it has moved from about INR35 crores to INR60 plus crores”
Nitin Bavisi, page 12 of the filed PDF · View the filing
Guidance takes a conservative view including land conversion leverage and eight new project launches planned for FY27
Answered by Nitin Bavisi
Asked by Sameer Baisiwala: Why is net gearing guided to move from 0.5x to 1.0x if Kanjurmarg is to be funded via SPV-level equity
p. 15
“we have considered and taken the conservative approach alongside the land conversion as a part of the financial leverage and as well the further 8 projects which we are aiming to launch in FY27”
Nitin Bavisi, page 15 of the filed PDF · View the filing
Offers are under discussion but nothing finalized
Answered by Dhaval Ajmera
Asked by Abhi Shah: Is the company selling 7 acres of Kanjurmarg land outright
p. 15
“there are obviously offers coming on the table, discussions happening. We've not yet narrowed down unless we get a better offer”
Dhaval Ajmera, page 15 of the filed PDF · View the filing
Risks flagged
Global geopolitical volatility including India-Pakistan tensions, US tariff uncertainty, and Middle East conflict
p. 3
“the year has gone by pretty volatile in terms of exceptional complex landscape where we began the year by managing the regional ripples of the India-Pakistan war-like situation followed closely by the volatility of the U.S. tariffs uncertainty and more recently, the intensifying geopolitical tensions in the Middle East”
Dhaval Ajmera, page 3 of the filed PDF · View the filing
Rising input costs from global supply chain disruption
p. 3
“there has been a disruption in the supply side, where costs have escalated”
Dhaval Ajmera, page 3 of the filed PDF · View the filing
Affordable housing facing supply pressure from elevated land and construction costs
p. 4
“affordable housing continued to face supply pressure amid elevated land and construction costs”
Dhaval Ajmera, page 4 of the filed PDF · View the filing
Regulatory framework delays affecting Kanjurmarg land conversion
p. 14
“it is a regulatory framework and the procedure, which we need to do for conversion of the land, and that is what we've already applied and we are awaiting some approvals to come in soon”
Dhaval Ajmera, page 14 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.