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 3.82 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 3d agoAnant Raj Ltd is an NCR-based real estate developer with a market cap of ₹22,150 crore, trading at a PE of 39.6x. The company delivered 60% PAT growth in FY25 to ₹426 crore on total income of ₹2,100 crore (up 38% YoY), while reducing net debt from ₹290 crore to ₹50 crore. It is pivoting aggressively into data centres with a planned $2.1 billion capex to scale from 28 MW to 307 MW by FY32.
- Profit after tax grew 60% YoY in FY25 to ₹426 crore, extending a 5-year profit CAGR of 120%
- Net debt reduced sharply from ₹290 crore in March 2024 to just ₹50 crore in March 2025, dramatically strengthening the balance sheet
- Data centre business provides a high-growth diversification runway — targeting 307 MW capacity and ₹9,000 crore revenue by FY32 from current 28 MW
- Total income grew 38% YoY to ₹2,100 crore in FY25, with 3-year compounded sales CAGR of 38%
- Q4 FY25 EBITDA rose 36.5% YoY to ₹142.4 crore, indicating improving operating leverage
- Stock has compounded at 57% CAGR over 5 years, reflecting sustained re-rating on execution
- Data centre demerger into Ashok Cloud Pvt Ltd (separately listed entity) could unlock value for shareholders
- Capex funding for data centre expansion reportedly lined up, reducing execution uncertainty on the 117 MW target by FY28
- PE of 39.6x is elevated for a realty company and prices in significant future growth; any execution miss could lead to de-rating
- Return on equity remains modest at 10.2% over 3 years and 11% last year, below top-tier peers despite profit growth
- Promoter holding has declined by 5.78% over the last 3 years, signalling potential dilution or selling pressure
- Price-to-book of 3.83x is rich for a real estate company carrying large land banks typically valued at historical cost
- Data centre capex plan of ₹20,000 crore ($2.1 billion) is massive relative to current net worth of ~₹5,062 crore, creating execution and funding risk
- Dividend yield of just 0.16% offers negligible income support if the stock re-rates downward
- Current data centre revenue is nascent (28 MW operational) versus a 307 MW target — the ₹9,000 crore FY32 revenue goal is largely aspirational at this stage
- TTM sales growth has moderated to 17% after the 38% three-year CAGR, suggesting the real estate business may be normalising
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 10h ago- FY26 PAT up 31% to ₹557Cr Jul 14
Anant Raj reported FY26 consolidated revenue of ₹2,512 crore (+22% YoY) and PAT of ₹557 crore (+31% YoY), with 28 MW operational data centre capacity.
- Q1FY27 profit grows 18.5% Aug 10
Q1FY27 consolidated net profit rose to ₹149.19 crore from ₹125.90 crore in Q1FY26, with revenue at ₹631.40 crore.
- 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 value.
- AGM approves all resolutions Aug 9
Shareholders approved all nine resolutions at the 41st AGM with 69.2% voting turnout, including FY26 dividend and board appointments.
- ₹74.86Cr invested in Ashok Cloud Jul 21
Anant Raj acquired 37.43 crore shares in Ashok Cloud for ₹74.86 crore via rights issue, funding data centre development. Ashok Cloud has reported nil turnover since incorporation.
- Analyst Day scheduled Aug 11 Aug 4
Physical Analyst & Investor Day planned in Mumbai on August 11, 2026 to cover demerger strategy and Ashok Cloud growth roadmap.
- BRSR filed for FY26 Jul 14
Anant Raj filed its Business Responsibility and Sustainability Report for FY2025-26 with ESG metrics and third-party assurance.
TL;DR: Anant Raj is delivering strong financial growth with FY26 revenue up 22% and PAT up 31%, supported by continued momentum in Q1FY27. The cloud and data centre demerger is a clear strategic bet to unlock value, though Ashok Cloud has zero revenue so far. No material headwinds are visible in recent news. The trend is firmly positive, with execution on the data centre buildout being the key variable to watch.
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]