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Ajmera Realty & Infra India Q2 FY27 results: net profit up 55.2% to ₹48.47 crore, revenue up 44.7%
Ajmera Realty & Infra India Limited reported consolidated revenue of ₹316.96 crore for Q2 FY27, up 44.7% from ₹219.04 crore a year earlier, while net profit rose 55.2% to ₹48.47 crore. EBITDA was ₹81.58 crore at a 25.7% margin, and basic EPS was ₹2.29. On a standalone basis, revenue was ₹198.76 crore and profit after tax was ₹31.76 crore.
Key points
- Consolidated Q2 FY27 revenue of ₹316.96 crore was up 44.7% from ₹219.04 crore in Q2 FY26.
- EBITDA of ₹81.58 crore was up 40.7%, while the margin was 25.7%, down 0.8 percentage points year on year.
- Net profit rose to ₹48.47 crore from ₹31.24 crore, an increase of 55.2%, and basic EPS was ₹2.29.
- H1 FY27 revenue was ₹633.93 crore, up 32.8%, and PAT was ₹93.4 crore, up 32.1%.
- Total borrowings fell to ₹654.26 crore from ₹711.23 crore at 31 March 2026, while operating cash flow was ₹122.18 crore.
How did Ajmera Realty & Infra India perform in Q2 FY27?
Ajmera Realty & Infra India reported consolidated revenue of ₹316.96 crore for Q2 FY27, up 44.7% from ₹219.04 crore in the year-ago quarter, while total income rose 44.6% to ₹319.47 crore from ₹221.01 crore. EBITDA was ₹81.58 crore against ₹57.97 crore, up 40.7%, and the EBITDA margin was 25.7% against 26.5%, a fall of 0.8 percentage points.
Profit before tax rose 55.3% to ₹65.96 crore from ₹42.47 crore, and net profit rose 55.2% to ₹48.47 crore from ₹31.24 crore, taking the profit margin to 15.3% from 14.3%. Basic EPS was ₹2.29 against ₹7.72 in Q2 FY26. Against Q1 FY27, revenue was nearly unchanged at ₹316.97 crore, EBITDA fell 10.6% to ₹81.58 crore from ₹91.26 crore and the margin narrowed 3.1 percentage points, while net profit rose 7.9% and EPS rose 4.6%.
On a standalone basis for the same quarter, revenue was ₹198.76 crore, up 62.9% year on year, and profit after tax was ₹31.76 crore against ₹26.19 crore in the year-ago period. The board approved the unaudited standalone and consolidated results for the quarter and half year ended 30 September 2026 on 3 November 2026.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 316.96 | 316.97 | 219.04 | +44.7% | −0.0% |
| Other income | 2.51 | 2.55 | 1.97 | +27.4% | −1.6% |
| Total expenses | 253.51 | 257.78 | 178.54 | +42.0% | −1.7% |
| EBITDA | 81.58 | 91.26 | 57.97 | +40.7% | −10.6% |
| EBITDA margin | 25.7% | 28.8% | 26.5% | −0.8 pp | −3.1 pp |
| Profit before tax | 65.96 | 61.74 | 42.47 | +55.3% | +6.8% |
| Tax | 18.08 | 17.11 | 11.56 | +56.4% | +5.7% |
| Net profit | 48.47 | 44.94 | 31.24 | +55.2% | +7.9% |
| EPS (₹) | 2.29 | 2.19 | 7.72 | −70.3% | +4.6% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Ajmera Realty & Infra India's costs and profit?
Total expenses for Q2 FY27 rose to ₹253.51 crore from ₹178.54 crore in Q2 FY26, an increase of ₹74.97 crore, or 42.0%. Cost of materials was the largest cost line at ₹189.79 crore, up ₹25.11 crore or 15.2% from ₹164.68 crore, while employee cost rose ₹0.33 crore to ₹14.63 crore and depreciation rose ₹0.88 crore to ₹1.73 crore.
Finance costs fell ₹0.22 crore to ₹16.40 crore from ₹16.62 crore in the year-ago quarter. Other income rose ₹0.54 crore to ₹2.51 crore from ₹1.97 crore, and there was no exceptional item in either quarter. Tax expense was ₹18.08 crore, up ₹6.52 crore or 56.4% from ₹11.56 crore.
Against Q1 FY27, total expenses fell ₹4.27 crore to ₹253.51 crore, with cost of materials down ₹12.22 crore to ₹189.79 crore, employee cost down ₹1.39 crore to ₹14.63 crore and finance costs down ₹14.07 crore to ₹16.40 crore. Other income was ₹2.51 crore against ₹2.55 crore, and tax was ₹18.08 crore against ₹17.11 crore.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 189.79 | 164.68 | +25.11 | +15.2% |
| Employee cost | 14.63 | 14.30 | +0.33 | +2.3% |
| Finance costs | 16.40 | 16.62 | −0.22 | −1.3% |
| Depreciation | 1.73 | 0.85 | +0.88 | +103.5% |
| Total expenses | 253.51 | 178.54 | +74.97 | +42.0% |
| Other income | 2.51 | 1.97 | +0.54 | +27.4% |
| Tax | 18.08 | 11.56 | +6.52 | +56.4% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
For the first half of FY27, Ajmera Realty reported consolidated revenue of ₹633.93 crore, up 32.8% from ₹477.47 crore in H1 FY26, and total income of ₹638.99 crore, up 33.0% from ₹480.55 crore. Profit before tax rose 28.2% to ₹127.69 crore from ₹99.6 crore, and net profit rose 32.1% to ₹93.4 crore from ₹70.68 crore.
Basic EPS for H1 FY27 was ₹4.48, against ₹17.44 in H1 FY26. The investor presentation filed on 3 November 2026 showed H1 FY27 sales value of ₹370 crore, collections of ₹363 crore and EBITDA of ₹178 crore, with total revenue of ₹639 crore and PAT of ₹93 crore.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 633.93 | 477.47 | +32.8% |
| Profit before tax | 127.69 | 99.60 | +28.2% |
| Net profit | 93.40 | 70.68 | +32.1% |
| EPS (₹) | 4.48 | 17.44 | −74.3% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 30 September 2026, total assets were ₹2,515.37 crore against ₹2,593.51 crore at 31 March 2026, and total equity rose to ₹1,596.8 crore from ₹1,518.67 crore. Inventories fell to ₹1,332.27 crore from ₹1,495.23 crore, while trade receivables rose to ₹564.47 crore from ₹424.03 crore and trade payables fell to ₹48.37 crore from ₹56.66 crore.
Borrowings fell to ₹654.26 crore from ₹711.23 crore, and cash and cash equivalents were ₹32.62 crore against ₹33.03 crore. For the first half, operating cash flow was ₹122.18 crore against ₹42.74 crore in H1 FY26, investing cash flow was ₹0.92 crore against ₹6.71 crore, financing cash flow was a net outflow of ₹123.51 crore against ₹79.46 crore, and capital expenditure was ₹8.8 crore against ₹0.05 crore.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 2,515 | 2,594 |
| Total equity | 1,597 | 1,519 |
| Borrowings | 654.26 | 711.23 |
| Cash and equivalents | 32.62 | 33.03 |
| Inventories | 1,332 | 1,495 |
| Trade receivables | 564.47 | 424.03 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 122.18 | 42.74 |
| Cash from investing | 0.92 | 6.71 |
| Cash from financing | −123.51 | −79.46 |
| Capital expenditure | 8.80 | 0.05 |
Source: Company's results filing (XBRL).
How has Ajmera Realty & Infra India done over the last 8 quarters?
Revenue over the last eight quarters ranged from ₹151.39 crore in Q4 FY25 to ₹431.13 crore in Q4 FY26. Q2 FY27 revenue of ₹316.96 crore was nearly flat against Q1 FY27's ₹316.97 crore and up from Q2 FY26's ₹219.04 crore, with revenue rising year on year in each of the last three quarters.
Net profit reached a peak of ₹58.53 crore in Q4 FY26 and a low of ₹25.28 crore in Q4 FY25. Profit rose to ₹48.47 crore in Q2 FY27 from ₹44.94 crore in Q1 FY27 and ₹31.24 crore in Q2 FY26, with profit rising year on year in each of the last three quarters. The EBITDA margin was highest at 32.5% in Q3 FY25 and lowest at 24.8% in Q4 FY26, and eased to 25.7% in Q2 FY27 from 28.8% in Q1 FY27.
What else did the company announce?
The board of Ajmera Realty & Infra India met on 3 November 2026 and approved the unaudited standalone and consolidated financial results for the quarter and half year ended 30 September 2026, along with the limited review report, as stated in the filing. The meeting began at 1.10 p.m. and concluded at 1.45 p.m. The company also filed an investor presentation for the same results on 3 November 2026 and said it would be uploaded on its website. No dividend, fund raise or appointment was disclosed in the same-day filings.
What did Ajmera Realty & Infra India's management say?
On launches, management said Ajmera Solis was expected in early December 2026 or around mid-December 2026, Bengaluru launches between mid-January and mid-February 2027, Borivali and Whitefield by March 2027, and the Wadala boutique office for mid-February 2027, with end-February 2027 as the outer aim. The Wadala annuity tower's second phase was estimated for FY28.
Management said debt fell ₹34 crore to ₹646 crore in Q2, taking debt-to-equity to 0.44x, and the CFO said the company had headroom to roughly double leverage while funding the launch pipeline. Management said Kanjurmarg land conversion remains dependent on government approvals and an interlinked court and legal process, with no firm date, and identified a possible repo-rate increase, water scarcity, launch slippage and commodity cost inflation as risks.
How did Ajmera Realty & Infra India shares react?
Ajmera Realty & Infra India's shares closed 2.6% higher on the reaction day from the previous close of ₹132.5. By the next day's close, the stock was up 6.8% from its pre-results close. The industry median move was 0.3% on the reaction day and 2.6% by the next day's close, so the stock moved 2.4 percentage points more than the sector on the reaction day and 4.2 percentage points more by the next day's close.
Earlier results-day moves were mixed: the stock fell 5.1% on 4 August 2026 and 6.1% on 29 January 2026, rose 8.0% on 25 May 2026 and 8.2% on 4 February 2025, and moved 0.0% on 14 May 2025. In the first minutes after the filing, the price was down 0.3% after five minutes and down 1.1% after fifteen minutes.
| After the filing | Stock | Residential Commercial Projects median |
|---|---|---|
| 5 minutes | −0.3% | |
| 15 minutes | −1.1% | |
| 30 minutes | −0.4% | |
| Reaction day | +2.6% | +0.3% |
| Next day | +6.8% | +2.6% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 4 August 2026 | −5.1% |
| 25 May 2026 | +8.0% |
| 29 January 2026 | −6.1% |
| 6 November 2025 | −3.9% |
| 24 July 2025 | +0.6% |
| 14 May 2025 | +0.0% |
| 4 February 2025 | +8.2% |
| 28 October 2024 | +6.5% |
Source: MarketPing price-reaction measurement.
How did other Residential Commercial Projects companies do?
Among the 42 Residential Commercial Projects companies compared that had filed this quarter, the median revenue growth was 15.7%, against Ajmera Realty's revenue growth of 44.7%. Twenty-five peers grew slower than the company and 17 grew faster. Of the 42 peers whose profit was compared, 23 reported higher profit.
| Ajmera Realty & Infra India revenue growth (YoY) | +44.7% |
|---|---|
| Median of 42 other Residential Commercial Projects companies | +15.7% |
| Companies with slower revenue growth than Ajmera Realty & Infra India | 25 of 42 |
| Companies with faster revenue growth than Ajmera Realty & Infra India | 17 of 42 |
| Companies whose net profit rose | 23 of 42 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Ajmera Realty & Infra India's revenue in Q2 FY27?
Revenue from operations was ₹316.96 crore, up 44.7% from ₹219.04 crore in Q2 FY26 (consolidated).
Did Ajmera Realty & Infra India make a profit in Q2 FY27?
Yes. Net profit was ₹48.47 crore, against a net profit of ₹31.24 crore in Q2 FY26.
What was Ajmera Realty & Infra India's EPS in Q2 FY27?
Basic earnings per share were ₹2.29, against ₹7.72 in Q2 FY26.
How did Ajmera Realty & Infra India shares react to the Q2 FY27 results?
On the reaction day the stock moved +2.6% from the previous close; the median Residential Commercial Projects stock moved +0.3%.
When did Ajmera Realty & Infra India announce its Q2 FY27 results?
On 3 November 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Unaudited Standalone And Consolidated Financial Results Of The Company For The Quarter And Half Year Ended September 30, 2026. (BSE, 27 October 2026) · PDF
- Board Meeting Outcome for The Un-Audited Standalone And Consolidated Financial Results For The Quarter And Half Year Ended September 30, 2026 (BSE, 3 November 2026) · PDF
- Un-Audited Standalone And Consolidated Financial Results For The Quarter And Half Year Ended September 30, 2026 (BSE, 3 November 2026) · PDF
- The earnings call (5 November 2026)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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