NSE: ANANTRAJ · BSE: 515055
ANANT RAJ LIMITED
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
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ 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) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ 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 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| DLF LIMITED | 1,64,917 | 37.1 | 3.63 | 49.7 | 9.7 | 6.0 | 8.6 | 37.1 |
| LODHA DEVELOPERS LIMITED | 1,01,079 | 24.5 | 4.31 | 20.2 | 14.6 | 15.7 | 25.1 | 40.5 |
| THE PHOENIX MILLS LTD | 67,952 | 53.1 | 4.75 | 26.3 | 10.9 | 9.9 | 32.7 | 63.4 |
| PRESTIGE ESTATE LTD | 59,932 | 52.6 | 3.58 | 17.4 | 7.8 | 6.8 | 11.8 | 38.1 |
| OBEROI REALTY LIMITED | 58,212 | 19.1 | 3.25 | 16.8 | 14.0 | 15.5 | 24.0 | 61.1 |
| GODREJ PROPERTIES LTD | 47,804 | 29.9 | 2.47 | 22.0 | 9.5 | 11.4 | 46.3 | 107.7 |
| BRIGADE ENTER. LTD | 17,613 | 20.5 | 2.34 | 13.7 | 9.6 | 6.8 | 23.9 | 41.9 |
| ANANT RAJ LIMITED ◆ | 16,622 | 28.0 | 2.86 | 22.6 | 9.6 | 10.2 | 58.7 | 32.1 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 28.0 | 20.5 | 36 of 57 | 38% |
| P/B | 2.9 | 1.9 | 46 of 64 | 27% |
| ROCE | 10.2 | 6.4 | 23 of 66 | 66% |
| ROE | 9.6 | 8.0 | 26 of 64 | 60% |
| Debt / Equity | 0.1 | 0.4 | 15 of 64 | 78% |
| 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 | 16622 | 1781 | 8 of 67 | 89% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Anant Raj posts strong Q2 FY27 growth and advances Ashok Cloud separation | investor communications | medium | — | — |
| 28 Oct 2026 · Rs 526.52 crore of placement funds used, with no deviations | compliance | minimal | — | — |
| 28 Oct 2026 · Q2 FY27 net profit rises 13% as revenue grows 5% | results | high | — | — |
| 28 Oct 2026 · Q2 FY27 revenue rises 4.9%, profit rises 13.3%; expansion updates | results | high | — | — |
| 8 Oct 2026 · Reg 74(5) Certificate from RTA for Q2 FY26-27 | compliance | minimal | — | — |
| 7 Oct 2026 · Anant Raj Cloud and Orange Business sign MoU with Haryana Govt for global cloud push | strategic transactions | medium | — | — |
| 7 Oct 2026 · Anant Raj Cloud signs MoU with Haryana Govt and Orange Business for global cloud push | strategic transactions | high | — | — |
| 30 Sept 2026 · Board Meeting on Oct 28, 2026, Trading Window Closed from Oct 1 | compliance | minimal | — | — |
| 30 Sept 2026 · Board Meeting on 28 Oct 2026 to consider Q2/H1FY27 unaudited results | results | low | — | — |
| 23 Sept 2026 · Anant Raj to meet Capital Group analysts on Sep 28 | board shareholder meetings | low | — | — |
How to read this document
| 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 | 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 |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.