Anant Raj Ltd
Anant Raj Ltd
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BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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35 extracted metrics + investor summaries across FY15–FY26.
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Technical Indicators
Key Insights
Strengths
1- Company has delivered good profit growth of 120% CAGR over last 5 years
Weaknesses
3- Stock is trading at 3.90 times its book value
- Company has a low return on equity of 10.2% over last 3 years.
- Promoter holding has decreased over last 3 years: -5.78%
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 19h agoAnant Raj Ltd is a ₹22,642 crore market-cap NCR-focused real estate developer that delivered 120% profit CAGR over five years and is pivoting aggressively into data centers with a $2.1 billion capex plan. The stock trades at a PE of 39x and 3.92x book value while FY25 total income grew 38% to ₹2,100 crore and PAT rose 60% to ₹426 crore, though 3-year ROE remains modest at ~10%.
- Exceptional 5-year profit CAGR of 120%, with FY25 PAT jumping 60% YoY to ₹426 crore
- FY25 total income grew 38% YoY to ₹2,100 crore, following a 3-year sales CAGR of 38%
- Data center pivot targets ₹1,200 crore revenue by FY27 and ~$1 billion by FY32, with current operational capacity of 28 MW and planned expansion to 307 MW
- Net debt reduced by 81% since FY21, down to ₹54 crore as of Q3 FY25, with management targeting zero net debt
- Q4 FY25 net profit grew 51.5% YoY to ₹118.6 crore with EBITDA margin expanding (EBITDA up 36.5% YoY to ₹142.4 crore)
- Stock CAGR of 60% over 5 years and 47% over 3 years reflects sustained re-rating amid improving fundamentals
- ₹4,500 crore investment planned in Andhra Pradesh for data centres and IT parks, expected to create 16,000 jobs and diversify geographic concentration
- TTM revenue growth of 17% and profit growth of 26% indicate continued momentum even on a higher base
- PE of 39x is elevated for a real estate company with 3-year average ROE of only 10.2%
- Price-to-book of 3.92x is high relative to sector peers and historical averages for mid-cap realtors
- Promoter holding has decreased by 5.78% over the last 3 years, signalling potential dilution or reduced skin in the game
- Data center capex plan of $2.1 billion (₹~17,500 crore) is massive relative to current market cap of ₹22,642 crore, creating significant execution and funding risk
- 10-year sales CAGR of 19% and profit CAGR of 21% show that the recent acceleration is relatively recent and may not sustain at current scale
- Dividend yield of just 0.16% provides negligible income support at current valuations
- ROE has improved to 11% last year but the 5-year average of 8% and 10-year average of 5% indicate historically weak capital efficiency
- Heavy concentration in NCR real estate exposes the company to regional demand cycles; diversification into data centers is still early-stage with unproven returns
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 19h ago- Strong Q1FY27 profit growth Aug 10
Consolidated net profit rose 18.5% to ₹149.19 crore from ₹125.90 crore in Q1FY26, with revenue reaching ₹631.40 crore.
- Cloud demerger to unlock value Jul 21
Board approved composite scheme merging Anant Raj Cloud and demerging data centre business into Ashok Cloud, creating separate listed entities to unlock segment value.
- AGM resolutions unanimously approved Aug 9
All nine resolutions passed at 41st AGM with 69.2% voting turnout, including FY26 dividend declaration and key board appointments of Aman Sarin and Anish Sarin.
- ₹74.86 Cr data centre investment Jul 21
Completed acquisition of 37.43 crore shares in Ashok Cloud for ₹74.86 crore to fund data centre and cloud business development, retaining 100% ownership.
- Analyst Day scheduled Aug 11 Aug 4
Physical Analyst & Investor Day planned in Mumbai on August 11, 2026 covering demerger overview, company vision, and Ashok Cloud growth roadmap.
- Romano Projects fully acquired Aug 10
Full acquisition of Romano Projects Private Limited completed as part of Q1FY27 strategic moves alongside the cloud demerger approval.
TL;DR: Anant Raj is executing well on both its core realty business (18.5% profit growth) and its strategic pivot into data centres through the cloud demerger scheme. No material headwinds are visible currently. The key risk is execution on the nascent data centre business which has nil turnover so far despite significant capital deployment. The trend is improving with clear strategic direction and shareholder support for the demerger roadmap.
Quarterly Results
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 316 | 332 | 392 | 443 | 472 | 513 | 535 | 541 | 592 | 631 | 642 | 647 | 631 |
| Expenses | 257 | 252 | 302 | 338 | 369 | 400 | 401 | 398 | 442 | 463 | 472 | 479 | 448 |
| Operating Profit | 60 | 80 | 90 | 104 | 103 | 113 | 134 | 142 | 151 | 168 | 170 | 167 | 183 |
| OPM % | 19% | 24% | 23% | 24% | 22% | 22% | 25% | 26% | 25% | 27% | 26% | 26% | 29% |
| Other Income | 10 | 9 | 9 | 11 | 10 | 11 | 9 | 10 | 10 | 10 | 19 | 29 | 19 |
| Interest | 7 | 8 | 8 | 11 | 4 | 2 | 3 | 3 | 2 | 3 | 3 | 4 | 1 |
| Depreciation | 4 | 4 | 5 | 5 | 5 | 8 | 8 | 9 | 8 | 11 | 13 | 17 | 16 |
| PBT | 57 | 76 | 86 | 99 | 104 | 114 | 132 | 141 | 150 | 164 | 172 | 175 | 185 |
| Tax % | 16% | 23% | 19% | 11% | 14% | 8% | 17% | 16% | 17% | 17% | 17% | 15% | 21% |
| Net Profit | 50 | 60 | 71 | 84 | 91 | 106 | 110 | 119 | 126 | 138 | 144 | 149 | 149 |
| EPS in Rs | 1.56 | 1.85 | 2.22 | 2.29 | 2.66 | 3.09 | 3.23 | 3.46 | 3.67 | 4.02 | 4.01 | 4.07 | 4.16 |
Profit & Loss
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 484 | 431 | 466 | 480 | 350 | 276 | 250 | 462 | 957 | 1,483 | 2,060 | 2,512 | 2,551 |
| Expenses | 233 | 295 | 325 | 370 | 274 | 224 | 214 | 386 | 760 | 1,149 | 1,568 | 1,856 | 1,862 |
| Operating Profit | 251 | 137 | 141 | 110 | 75 | 52 | 35 | 76 | 197 | 334 | 492 | 656 | 688 |
| OPM % | 52% | 32% | 30% | 23% | 22% | 19% | 14% | 16% | 21% | 23% | 24% | 26% | 27% |
| Other Income | 8 | 24 | 29 | 49 | 15 | 10 | 20 | 39 | 48 | 37 | 40 | 67 | 77 |
| Interest | 55 | 46 | 54 | 55 | 28 | 15 | 31 | 27 | 32 | 35 | 11 | 12 | 11 |
| Depreciation | 28 | 27 | 27 | 26 | 22 | 18 | 17 | 17 | 17 | 18 | 30 | 49 | 57 |
| PBT | 175 | 87 | 88 | 79 | 40 | 29 | 8 | 72 | 197 | 319 | 491 | 662 | 697 |
| Tax % | 19% | 27% | 24% | 23% | 27% | 42% | 97% | 32% | 27% | 17% | 14% | 16% | — |
| Net Profit | 142 | 70 | 76 | 66 | 40 | 24 | 9 | 53 | 149 | 271 | 426 | 559 | 580 |
| EPS in Rs | 4.82 | 2.35 | 2.61 | 2.29 | 1.45 | 0.91 | 0.36 | 1.86 | 4.73 | 7.63 | 12.4 | 15.42 | 16.26 |
| Div. Payout % | 5% | 10% | 9% | 10% | 17% | 9% | 28% | 6% | 11% | 10% | 6% | 0% | — |
Balance Sheet
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 59 | 59 | 59 | 59 | 59 | 59 | 59 | 59 | 65 | 68 | 69 | 72 |
| Reserves | 4,075 | 4,058 | 4,187 | 4,128 | 2,442 | 2,426 | 2,440 | 2,580 | 2,760 | 3,588 | 4,092 | 5,717 |
| Borrowings | 1,356 | 1,489 | 1,721 | 2,600 | 1,591 | 1,691 | 1,663 | 1,283 | 1,079 | 627 | 482 | 681 |
| Other Liabilities | 601 | 643 | 726 | 686 | 509 | 412 | 448 | 463 | 452 | 585 | 592 | 399 |
| Total Liabilities | 6,091 | 6,249 | 6,692 | 7,473 | 4,602 | 4,588 | 4,611 | 4,385 | 4,357 | 4,868 | 5,235 | 6,869 |
| Fixed Assets | 2,555 | 380 | 2,627 | 2,789 | 1,351 | 1,342 | 1,326 | 1,310 | 1,305 | 1,314 | 1,367 | 1,793 |
| CWIP | 169 | 169 | 145 | 192 | 146 | 140 | 90 | 48 | 18 | 22 | 36 | 39 |
| Investments | 663 | 2,876 | 649 | 594 | 402 | 461 | 423 | 460 | 460 | 302 | 311 | 183 |
| Other Assets | 2,704 | 2,824 | 3,272 | 3,899 | 2,703 | 2,645 | 2,772 | 2,567 | 2,573 | 3,231 | 3,520 | 4,853 |
| Total Assets | 6,091 | 6,249 | 6,692 | 7,473 | 4,602 | 4,588 | 4,611 | 4,385 | 4,357 | 4,868 | 5,235 | 6,869 |
Cash Flow
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | 249 | -73 | -127 | -305 | 810 | -84 | -150 | 423 | 33 | -26 | 253 | -435 |
| Investing | -123 | -50 | -33 | -229 | 1,707 | -5 | 85 | 31 | -20 | 181 | -147 | -231 |
| Financing | -82 | 109 | 193 | 675 | -2,679 | 43 | 83 | -461 | 2 | 116 | -81 | 1,235 |
| Net Cash Flow | 43 | -14 | 33 | 141 | -162 | -46 | 18 | -7 | 15 | 271 | 25 | 569 |
| Free Cash Flow | 238 | -44 | -162 | -544 | 1,352 | -82 | -118 | 466 | -5 | -55 | 177 | -796 |
| CFO/OP | 114 | -42 | -73 | -263 | 1,088 | -137 | -403 | 588 | 43 | 9 | 66 | -50 |
Ratios
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 71 | 82 | 87 | 80 | 65 | 95 | 64 | 17 | 20 | 25 | 22 | 26 |
| Cash Conversion Cycle | 71 | 82 | 87 | 80 | 65 | 95 | 64 | 17 | 20 | 25 | 22 | 26 |
| Working Capital Days | 772 | 708 | 877 | 1,113 | 1,522 | 1,946 | 2,638 | 1,191 | 659 | 480 | 323 | 346 |
| ROCE % | 4% | 3% | 2% | 2% | 1% | 1% | 1% | 2% | 6% | 9% | 11% | 12% |
Documents
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Company Information
Anant Raj Ltd was incorporated in 1985 as Anant Raj Clay Products by Ashok Sarin. It is primarily engaged in the development and construction of IT parks, hospitality projects, SEZs, office complexes, shopping malls and residential projects in the State of Delhi, Haryana, Andhra Pradesh, Rajasthan and NCR. The Company has successfully developed more than 20 msf of real estate projects in the Housing, Commercial, IT Parks, Shopping Malls, Hospitality, Residential and Affordable Housing sub-segments. [1] [2]