Anant Raj logo

Anant Raj

ANANTRAJ NSE

Key Fundamentals

SmallcapResidential Commercial ProjectsRealty
Market Cap
₹21,341 Cr
Volatility
Moderate
P/E Ratio
35.54
EBITDA
₹723 Cr
Return on Equity
9.51%
Debt to Equity
0.12
Book Value
₹160.66
EPS
₹8.81
52W High
₹743.65
52W Low
₹403

Tapetide Score

Data-driven rating, 0–100. How it works →

Key Insights

Strengths

1
  • Company has delivered good profit growth of 120% CAGR over last 5 years

Weaknesses

3
  • Stock is trading at 3.59 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: -5.88%

Growth Rate

Revenue Growth
22.8% lower than 3Y
Net Income Growth
31.36% lower than 3Y
Cash Flow Change
-272%
ROE
-5.47% lower than 3Y
ROCE
-1.7% lower than 3Y
EBITDA Margin (Avg.)
10.7% lower than 3Y

AI Analysis — Bull vs Bear

6d ago
AI opinion · based on fundamentals
Risk high

Anant Raj Ltd is a Realty sector company with a market capitalisation of about ₹22,438 crore. It trades at a P/E of 38.7x and a P/B of 3.88x. Over the last 5 years it grew sales at a 59% CAGR and profit at a 120% CAGR, while return on equity stayed modest at 10% over 3 years and 11% last year. The stock returned a 53% CAGR over 5 years but fell 9% over the past year, and promoter holding has dropped 5.78% over 3 years.

Bull Case 7
  • Profit has compounded at 120% CAGR over the last 5 years and 54% CAGR over 3 years, which shows strong earnings scale-up from a low base.
  • Sales grew at a 59% CAGR over 5 years and a 38% CAGR over 3 years, far above the 10-year sales CAGR of 19%. This points to faster business execution in recent years.
  • Momentum has continued recently: TTM sales growth is 17% and TTM profit growth is 26%, with profit growing faster than revenue. That suggests operating leverage or margin gains.
  • ROE has trended up, from a 10-year average of 5% to a 5-year average of 8%, a 3-year average of 10% and 11% last year. Capital efficiency is improving gradually.
  • The stock has compounded at 53% CAGR over 5 years, 41% over 3 years and 34% over 10 years, showing a long record of value creation for shareholders.
  • The 1-year stock return of -9% happened while TTM profit grew 26%. Earnings growth running ahead of the share price has compressed valuation compared with the recent past.
  • With a market cap of about ₹22,438 crore, the company has the scale to access capital for new project launches in the Realty sector.
Bear Case 8
  • Valuation is demanding: the stock trades at 38.7x earnings and 3.88x book value, which leaves limited room for execution slippage.
  • Return on equity is low at 10.2% on a 3-year average and 11% last year. That is modest compared with a P/B of 3.88x, which usually implies expectations of much higher returns.
  • Promoter holding has fallen 5.78% over the last 3 years, which could be read as reduced promoter stake or dilution.
  • Long-term ROE is weak, averaging just 5% over 10 years and 8% over 5 years. This raises questions about whether returns can be sustained through a full real estate cycle.
  • Growth is slowing: TTM sales growth of 17% and TTM profit growth of 26% are well below the 3-year CAGRs of 38% and 54%, which could pressure a premium multiple.
  • The stock returned -9% over the last year after strong multi-year gains (41% 3-year CAGR), which suggests momentum and sentiment may be fading.
  • The dividend yield is minimal at 0.16%, so shareholder returns depend almost entirely on price appreciation.
  • The 120% 5-year profit CAGR comes off a low base, and the 10-year profit CAGR of 21% is far lower. Recent growth rates may not be representative of long-run earnings power in a cyclical sector.

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

1d ago
Headwinds 6
  • Ambitious data centre revenue target Sep 25

    The ₹650 crore FY27 data centre revenue target needs a sharp ramp-up from the ₹90 crore June-quarter run-rate. The company must also add 35MW, taking capacity from 28MW to 63MW, by 31 March 2027.

  • Rich valuation versus peers Sep 3

    P/E of 36.57x is well above the peer median of 24.4x, and P/B is 3.57x. That leaves less room for error if execution slips.

  • Heavy capex funded internally Sep 25

    Planned capex this fiscal is about ₹1,100 crore against ₹899.46 crore of cash at FY26-end. The bigger ₹25,000 crore plan relies mainly on internal accruals, which strains cash flow if real estate collections slow.

  • Deep-pocketed data centre competition Sep 25

    Lodha has announced a ₹1.3 trillion, 1GW data centre plan, and Hiranandani's Yotta plans to raise over $1.5 billion (₹12,500+ crore) this fiscal. Both are much better funded than Anant Raj.

  • Slow topline growth Sep 3

    Q1 FY27 revenue grew only 7% YoY to ₹631 crore from ₹592 crore, while profit grew faster. The core real estate business is growing slowly.

  • Weak one-year stock performance Sep 25

    Shares are down 7.8% over one year and hit a 52-week low of ₹403 on 30 March, despite the rebound since.

Positives 5
  • ₹25,000 cr expansion without dilution Sep 25

    The data centre expansion will be funded largely from internal accruals, with no new debt or promoter share sales, and targets 357MW by 2032. Management sees the business reaching about $1 billion in annual revenue at full capacity.

  • Strong Q1 margin expansion Sep 3

    Q1 FY27 net profit rose 19% to ₹150 crore and EBITDA rose 22% to ₹183 crore. EBITDA margin widened to 29.1% from 25.4%.

  • Data centres scaling quickly Sep 25

    Data centre revenue was ₹176.49 crore in FY26 and ₹90 crore in the June quarter alone, about 14% of quarterly revenue. It could reach about ₹1,200 crore annually once 63MW is operational.

  • Stock rallies 7% to ₹634.6 Sep 3

    Shares rose 7.94% intraday to ₹634.6, beating the sector by 5.04 percentage points, while the Sensex rose only 0.24% to 76,889. The stock is up 39% this fiscal from its ₹403 low.

  • Strong long-term returns Sep 3

    Three-year return of 186.22% and five-year return above 890%, against Sensex gains of 17.39% and 32.04%. ROE of 11.14% and ROCE of 12.23% are well above peer medians.

Neutral 4
  • Data centre business demerger Sep 3

    In July the board approved a scheme to demerge data centres and cloud into Ashok Cloud Pvt Ltd, with a 1:1 share swap. It still needs NCLT, SEBI and stock exchange approvals.

  • Capital Group meeting Sep 28 Sep 23

    Anant Raj will host an institutional investor meeting with Capital Group in Gurugram on September 28, 2026. No unpublished price-sensitive information will be shared.

  • Singapore cloud subsidiary formed Sep 3

    Anant Raj Cloud Singapore Pte Ltd was set up in June as a wholly owned subsidiary to sell co-location, cloud and AI services to overseas customers.

  • Romano Projects now wholly owned Sep 3

    In April the company bought the remaining 25% stake (12,500 shares) in Romano Projects, taking its holding from 75% to 100%.

TL;DR: Anant Raj is shifting toward digital infrastructure, and Q1 FY27 showed it, with EBITDA margins up to 29.1% and data centres now about 14% of revenue. The plan to fund a ₹25,000 crore expansion without dilution is unusual in the sector. The main risks are hitting the ₹650 crore data centre target, a premium 36.57x P/E, slow real estate growth and well-funded rivals like Lodha and Yotta. Momentum is improving, with the stock up 39% this fiscal, and the next triggers are progress on the Ashok Cloud demerger and adding the 35MW of capacity by March 2027.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 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
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
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%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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
Figures in ₹ Crores

Cash Flow

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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
Figures in ₹ Crores

Ratios

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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Shareholding Pattern

DIIs4.61%Promot.57.42%Others7.56%FIIs10.74%Public19.66%As ofJun 2026

Documents

Frequently Asked Questions about Anant Raj

What does Anant Raj Ltd do?
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, Rajastha...
Where is Anant Raj Ltd (ANANTRAJ) listed?
Anant Raj Ltd trades as ANANTRAJ on the NSE and under code 515055 on the BSE.
Which sector does Anant Raj Ltd belong to?
Anant Raj Ltd is classified under the Realty sector, in the Residential Commercial Projects industry.
What is the market capitalisation of Anant Raj Ltd?
Anant Raj Ltd has a market capitalisation of ₹21,341 Cr, which places it in the Large Cap band.
What is the PE ratio of Anant Raj Ltd?
Anant Raj Ltd trades at a PE ratio of 35.54, on earnings per share of ₹8.81, against a book value of ₹160.66 per share.
What is the 52-week high and low of Anant Raj Ltd?
Over the last 52 weeks Anant Raj Ltd has traded between ₹403 and ₹743.65.
Does Anant Raj Ltd pay dividends?
Anant Raj Ltd has a dividend yield of 0.17%.
What is the Return on Equity (ROE) of Anant Raj Ltd?
Anant Raj Ltd reported a return on equity of 9.51%. Its debt-to-equity ratio is 0.12.

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]

Website anantrajlimited.com
CEO Mr. Aman Sarin
Listed 2006-09-27
Face Value ₹ 2
Issued Size 35,98,76,930

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