Develops residential and commercial real estate projects as its main line of business, with operations spread across four states, and is separately building a data centre and cloud services operation offering data centre, co-location, cloud and AI services through a Singapore subsidiary. In FY26, revenue from operations was Rs 2,511.6 crore with an EBITDA margin of 28.79 percent, against total assets of Rs 6,868.66 crore and net profit of Rs 557.02 crore. The board has approved a composite scheme to demerge the data centre business into a separate listed entity, with the demerged undertaking recording turnover of Rs 145.90 crore. The data centre business currently runs at 28 MW of capacity, with a stated target of 357 MW by FY32. Materials and construction inputs are the dominant cost at 69.9 percent of revenue, while employee cost is just 1.4 percent, reflecting an asset-heavy real estate model. The developer was net debt free with a 0.10 debt-to-equity ratio and employed 403 permanent staff. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Residential and commercial real estate development, Data centre and cloud services. Asset-heavy, capital-intensive real estate developer with a scaling data centre and cloud business
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 462 | 957 | 1,483 | 2,060 | 2,512 |
| EBITDA (ex other income) | 76 | 197 | 334 | 492 | 656 |
| margin % | 16.4 | 20.6 | 22.5 | 23.9 | 26.1 |
| Owners' profit | 57 | 153 | 261 | 426 | 555 |
| EPS, as reported (₹) | 1.92 | 4.73 | 7.96 | 12.43 | 15.81 |
| ROE % · ROCE % | 2.1 · 2.6 | 5.3 · 5.7 | 7.2 · 8.0 | 10.2 · 10.6 | 9.6 · 10.4 |
| Debt / equity (x) | 0.37 | 0.33 | 0.17 | 0.11 | 0.10 |
| Cash from operations | 458 | (6) | 24 | 97 | (435) |
| Capex | (1) | (12) | (41) | (50) | (142) |
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 513 | 535 | 541 | 592 | 631 | 642 | 647 | 631 |
| Profit before tax | 114 | 132 | 141 | 150 | 164 | 172 | 175 | 185 |
| Net profit | 106 | 110 | 119 | 126 | 138 | 144 | 149 | 149 |
| EPS (₹) | 3.09 | 3.23 | 3.47 | 3.67 | 4.02 | 4.14 | 4.18 | 4.16 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| DLF LIMITED | 1,59,533 | 35.9 | 3.51 | 48.1 | 9.7 | 6.0 | 8.6 | 37.1 |
| LODHA DEVELOPERS LIMITED | 1,11,589 | 27.0 | 4.76 | 22.1 | 14.6 | 15.7 | 25.1 | 40.5 |
| THE PHOENIX MILLS LTD | 67,594 | 52.8 | 4.73 | 26.2 | 10.9 | 9.9 | 32.7 | 63.4 |
| PRESTIGE ESTATE LTD | 64,519 | 56.6 | 3.85 | 18.5 | 7.8 | 6.8 | 11.8 | 38.1 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 8 Sept 2026 · Notice informs physical holders of special transfer and dematerialisation window | compliance | minimal | — | — |
| 4 Sept 2026 · Volume increase clarification, no undisclosed price-sensitive info | regulatory legal | medium | — | — |
| 3 Sept 2026 · NSE seeks clarification on sudden jump in trading volume | regulatory legal | high | — | — |
| 20 Aug 2026 · Anant Raj gets RERA registration for Gurugram luxury housing project | business updates | medium | — | — |
| 19 Aug 2026 · Anant Raj non-deal roadshow in Singapore from 24 to 26 Aug 2026 | board shareholder meetings | low | — | — |
| 11 Aug 2026 · Investor Day Outlines Demerger Into Ashok Cloud And 357 MW Data Center Target | investor communications | medium | — | — |
| 10 Aug 2026 · Anant Raj Q1 FY27 Results: Standalone PAT Up 19% YoY to 149 Cr | compliance | minimal | — | — |
| 9 Aug 2026 · All 9 AGM resolutions passed, final dividend approved | board shareholder meetings | medium | — | — |
| 8 Aug 2026 · Monitoring Agency Report on QIP proceeds for Q1 FY27 | compliance | low | — | — |
| 8 Aug 2026 · Anant Raj Q1 FY27: PAT up 18.5% at Rs 149 cr; consolidated revenue Rs 631 cr | results | high | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions |
| OBEROI REALTY LIMITED | 63,306 | 20.8 | 3.53 | 18.2 | 14.0 | 15.5 | 24.0 | 61.1 |
| GODREJ PROPERTIES LTD | 52,653 | 32.9 | 2.72 | 23.7 | 9.5 | 11.4 | 46.3 | 107.7 |
| ANANT RAJ LIMITED ◆ | 21,490 | 36.2 | 3.69 | 29.3 | 9.6 | 10.2 | 58.7 | 32.1 |
| BRIGADE ENTER. LTD | 20,941 | 24.4 | 2.78 | 15.7 | 9.6 | 6.8 | 23.9 | 41.9 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 36.2 | 21.8 | 45 of 57 | 21% |
| P/B | 3.7 | 2.1 | 53 of 64 | 18% |
| ROCE | 10.2 | 6.8 | 24 of 67 | 65% |
| ROE | 9.6 | 8.2 | 28 of 67 | 59% |
| Debt / Equity | 0.1 | 0.4 | 18 of 67 | 74% |
| EBITDA margin | 32.1 | 29.6 | 31 of 66 | 54% |
| Revenue growth | 6.6 | 12.8 | 39 of 67 | 42% |
| Profit growth | 18.5 | 7.5 | 29 of 66 | 57% |
| Market cap | 21490 | 2250 | 7 of 67 | 91% |
| an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
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