Ajmera Realty Q1 FY27 Earnings Call — Analysis (NSE: AJMERA)
Ajmera Realty Q1 FY27 revenue up 23% YoY to INR320 Cr, debt reduced to INR680 Cr; management guided a significantly lower D/E and an INR6,500 Cr launch pipeline anchored by the scaled-up Wadala boutique office Phase 1 in Q3, with Kanjurmarg land conversion targeted before December 2026.
The take
Ajmera Realty Q1 FY27 revenue up 23% YoY to INR320 Cr, debt reduced to INR680 Cr; management guided a significantly lower D/E and an INR6,500 Cr launch pipeline anchored by the scaled-up Wadala boutique office Phase 1 in Q3, with Kanjurmarg land conversion targeted before December 2026.
Results
Revenue INR320 Cr (+23% YoY), EBITDA INR94 Cr (+18% YoY, margin 29%), PAT INR45 Cr (+14% YoY); sales value INR146 Cr, collections INR173 Cr; net debt reduced by INR57 Cr to INR680 Cr (D/E 0.47x).
Guidance
FY27 D/E ratio expected to be 'much lower' than the earlier 1x target, driven by asset monetisation; FY27 launch pipeline of INR6,500+ Cr including Wadala boutique office Phase-1 (~INR3,600 Cr) in Q3FY27; Kanjurmarg land conversion before Dec-26.
Key themes
Wadala commercial launch, deleveraging, and land monetisation
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