Ajmera Realty & Infra India Ltd.

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ajmera.comBSE: 513349NSE: AJMERA

Market Cap₹ 2,331 Cr.

Current Price

High / Low₹ 221 / 98

Stock P/E15.1

Book Value₹ 73

Price to Book1.41

Dividend Yield0.84 %

ROCE15.1 %

ROE12.1 %

Face Value₹ 2

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ABOUT

KEY POINTS

Revenue Breakup Mar 2015 • Construction: 96.2% • Renewable Energy: 3.8%

AI Sector View

AI GENERATED

Realty

Buy

Housing and construction indicators remain supportive for real estate. The housing index reached 105 (Mar/26), residential property prices rose 4.21% (Mar/26), construction output was 5.4% (Jul/26), and cement output accelerated to 13.1% YoY (2026-07). Bank lending rates are steady at 8.96% (Aug/26) rather than easing, but FPI flows turned positive with INR 1999 crore net inflow over 3 months to 2026-08-31 from INR -7216 crore previously.

Confidence

75%

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PROS

Company has delivered good profit growth of 37.9% CAGR over last 5 years
Company has consistently been profitable over the last 5 years
Company has delivered good sales growth of 25.8% CAGR over last 5 years
Working capital cycle has improved - days down from 793 to 630
Company generates healthy free cash flow
Company has a consistent dividend-paying track record

CONS

Promoter holding has decreased over last 2 years: -5.6pp
Valuation is stretched - P/E of 15.1 is well above its own 5-year median (5.6)
Equity base is being diluted - shares outstanding up 10.9%
Operating margins have contracted to 27.3% from 31.1%
Though reporting repeated profits, the company pays out little dividend (13.1%)

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

RealtyRealtyConstruction - Real Estate

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	DLF	655.00	36.47	162132.92	1.22	793.90	-89.59	1280.34	-52.87	6.81	49.68
2.	LODHA	1172.00	28.39	117122.07	0.36	1373.10	103.39	4996.70	43.10	16.89	38.51
3.	PHOENIXLTD	1890.00	52.81	67601.12	0.13	394.51	22.95	1074.94	12.80	15.41	59.77
4.	PRESTIGE	1543.95	58.39	66502.59	0.13	271.40	-12.87	2675.10	15.94	11.51	31.75
5.	OBEROIRLTY	1785.00	24.68	64903.00	0.45	543.51	29.02	1300.89	31.73	17.69	56.75
6.	GODREJPROP	1869.00	35.18	56299.23	0.54	349.38	-41.61	506.17	16.48	8.37	-57.98
7.	ANANTRAJ	608.70	37.86	21905.71	0.16	149.19	18.50	631.40	6.58	12.23	29.53
8.	BRIGADE	651.35	30.58	21250.90	0.23	216.94	37.35	1115.55	-12.93	11.02	32.33
9.	ABREL	1336.50	112.87	14928.13	0.19	-34.59	-27.73	188.85	30.95	-4.54	-30.02
10.	SOBHA	1237.20	57.37	13232.33	0.48	50.85	273.37	1278.15	50.03	6.96	6.07
11.	SIGNATURE	772.75	10.42	10871.51	0.00	-16.53	-148.00	551.99	-36.24	34.77	-8.10
12.	AJMERA	118.45	15.08	2331.04	0.84	44.94	13.95	316.97	22.61	15.13	28.89

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	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
	116	145	207	232	194	200	193	151	259	219	182	431	317
	79	108	147	166	129	140	130	108	180	161	127	324	258
Operating Profit	37	38	60	66	64	60	63	43	78	58	55	107	59
OPM %	32.06%	25.95%	29.00%	28.59%	33.20%	30.20%	32.47%	28.64%	30.26%	26.47%	30.37%	24.84%	18.67%
	2	2	2	2	2	4	6	2	1	2	2	3	3
Interest	9	10	21	28	23	18	24	12	21	17	14	22	30
Depreciation	0	0	1	0	1	1	1	1	1	1	1	1	2
Profit before Tax	29	29	41	40	43	46	45	33	57	42	42	87	62
Tax %	26.00%	21.66%	26.23%	25.92%	23.73%	22.03%	25.62%	26.63%	31.05%	27.22%	33.24%	32.75%	27.57%
Net Profit	0	0	0	0	33	36	33	24	39	31	28	59	45
	5.94	6.26	8.59	8.14	8.86	9.77	1.81	1.28	9.73	7.72	1.30	2.83	2.19

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	277	370	382	344	347	483	431	700	738	1,090	1,149
	171	231	254	240	251	367	307	499	507	792	869
Operating Profit	107	138	127	104	95	116	124	201	231	298	279
OPM %	38.55%	37.43%	33.33%	30.33%	27.52%	24.07%	28.86%	28.74%	31.26%	27.34%	24.32%
	14	17	19	6	5	6	10	8	15	8	9
Interest	36	46	50	66	58	59	36	69	76	73	83
Depreciation	2	3	2	2	2	2	2	2	3	4	5
Profit before Tax	83	106	94	43	41	62	96	139	167	229	233
Tax %	20.58%	20.69%	18.84%	22.79%	23.21%	24.94%	25.58%	25.13%	24.34%	31.36%	30.46%
Net Profit	66	84	76	33	31	46	72	104	126	157	162
EPS	18.41	23.33	21.05	9.17	8.71	12.75	20.23	28.93	32.06	7.64	—
Dividend Payout %	16.30%	14.15%	15.68%	15.27%	16.09%	17.65%	14.83%	13.82%	14.04%	13.08%	—

COMPOUNDED SALES GROWTH

10 Years:: 13%
5 Years:: 26%
3 Years:: 36%

COMPOUNDED PROFIT GROWTH

10 Years:: 13%
5 Years:: 37%
3 Years:: 28%

STOCK PRICE CAGR

10 Years:: 15%
5 Years:: 7%
3 Years:: 17%
1 Year:: -41%

RETURN ON EQUITY

10 Years:: 11%
5 Years:: 11%
3 Years:: 12%
Last Year:: 12%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	35	35	35	35	35	35	35	35	39	39
Minority Interest	72	83	95	105	102	101	119	128	117	120
	469	527	576	603	629	674	738	830	1,167	1,359
	461	634	1,006	966	971	994	873	848	705	752
Trade Payables	34	59	51	34	29	42	38	37	59	57
	344	197	117	228	131	171	116	85	166	264
Total Liabilities	1,416	1,536	1,880	1,972	1,897	2,018	1,920	1,963	2,253	2,592
	70	69	71	76	66	66	69	71	77	106
	22	24	86	67	50	25	66	110	124	120
	734	759	969	1,000	942	999	1,175	1,157	1,292	1,495
	0	0	0	0	0	0	0	215	316	424
Cash & Bank	22	20	28	22	43	35	40	117	101	87
	569	664	726	808	796	893	569	294	343	360
Total Assets	1,416	1,536	1,880	1,972	1,897	2,018	1,920	1,963	2,253	2,592

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	77	-94	-328	-8	210	-48	160	220	4	63
Cash from Investing	14	-4	-5	11	-9	29	-45	-76	-8	-43
Cash from Financing	-69	109	363	-1	-175	33	-86	-97	-1	-56
	5	-11	12	-7	17	-2	4	46	-5	-36

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	74.20	74.20	68.23	68.23	68.23	68.23	68.23	68.23	68.56
	0.19	0.32	0.98	0.65	0.48	0.78	0.53	0.78	0.95
	2.11	1.96	1.72	2.30	1.72	1.21	1.20	1.12	0.81
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	23.51	23.53	29.08	28.81	29.58	29.78	30.03	29.88	29.69

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-10

Outcome of Board Meeting

2026-09-10 - Ajmera Realty & Infra India Limited has informed the Exchange regarding Outcome of Board Meeting held on September 10, 2026 for consideration and approval of the proposal for Issuance of Non-Convertible Debentures (NCDs) / Bonds / other instruments on private placement basis.

2026-09-01

General Updates

2026-09-01 - The Company has acquired 51% stake into Step Down Subsidiary through its Wholly Owned Subsidiary Company.

2026-08-28

General Updates

2026-08-28 - Ajmera Realty & Infra India Limited has informed the Exchange pursuant to Regulation 36(1)(b) of SEBI LODR Regulations, 2015, letters providing weblink of the Integrated Annual Report for FY 25-26

2026-08-27

Copy of Newspaper Publication

2026-08-27 - Ajmera Realty & Infra India Limited has informed the Exchange about Newspaper Publication of dispatch of Notice of 39th AGM of the Company

2026-08-26

Updates

2026-08-26 - Ajmera Realty & Infra India Limited has informed the Exchange regarding 'Communication To Shareholders - Intimation On Tax Deduction On Dividend'.

2026-08-26

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-26 - Intimation of Schedule of Analyst/Institutional Investor Meeting under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

2026-08-26

Record Date

2026-08-26 - Ajmera Realty & Infra India Limited has informed the Exchange that Record date for the purpose of Dividend is 16-Sep-2026.

2026-08-26

Shareholders meeting

2026-08-26 - Ajmera Realty & Infra India Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 23, 2026

2026-08-25

Copy of Newspaper Publication

2026-08-25 - Newspaper Publication under Regulations 30 and 47 of SEBI (LODR) Regulations, 2015 for intimation of the 39th AGM

News

Recent coverage and analyst commentary for AJMERA

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