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Anant Raj Q2 FY27 results: net profit up 13.3% to ₹156.49 crore, revenue up 4.9%
Anant Raj Limited reported consolidated revenue of ₹661.53 crore in Q2 FY27, up 4.9% from Q2 FY26, while EBITDA rose 17.9% to ₹197.95 crore and profit after tax increased 13.3% to ₹156.49 crore. The September 2026 quarter also recorded higher revenue, EBITDA and profit than Q1 FY27, with basic EPS of ₹4.36.
Key points
- Consolidated revenue was ₹661.53 crore in Q2 FY27, up 4.9% from ₹630.79 crore in Q2 FY26.
- EBITDA was ₹197.95 crore, up 17.9% from ₹167.84 crore, while the EBITDA margin was 29.9% against 26.6%.
- Profit after tax was ₹156.49 crore, up 13.3% from ₹138.18 crore, and basic EPS was ₹4.36.
- Against Q1 FY27, revenue rose 4.8%, EBITDA increased 7.9% and profit after tax rose 4.9%.
- H1 FY27 revenue was ₹1,292.93 crore and profit after tax was ₹305.68 crore, up 5.7% and 15.8% from H1 FY26.
How did Anant Raj perform in Q2 FY27?
Anant Raj’s consolidated revenue was ₹661.53 crore in the September 2026 quarter, up ₹30.74 crore or 4.9% from ₹630.79 crore in Q2 FY26 and ₹30.13 crore or 4.8% from ₹631.40 crore in Q1 FY27. Total income was ₹678.95 crore. The quarter also included ₹402.83 crore of standalone revenue and standalone profit after tax of ₹80.96 crore, compared with standalone profit before tax of ₹74.21 crore.
EBITDA increased to ₹197.95 crore from ₹167.84 crore a year earlier and ₹183.39 crore in the previous quarter. The EBITDA margin was 29.9%, compared with 26.6% in Q2 FY26 and 29.0% in Q1 FY27. Profit before tax was ₹187.78 crore, against ₹164.43 crore and ₹185.33 crore, respectively.
Profit after tax was ₹156.49 crore, up from ₹138.18 crore in Q2 FY26 and ₹149.19 crore in Q1 FY27. The profit margin was 23.7%, against 21.9% a year earlier and 23.6% in the previous quarter. Basic EPS was ₹4.36, compared with ₹4.02 and ₹4.16.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 661.53 | 631.40 | 630.79 | +4.9% | +4.8% |
| Other income | 17.42 | 19.35 | 10.10 | +72.5% | −10.0% |
| Total expenses | 491.17 | 465.42 | 476.46 | +3.1% | +5.5% |
| EBITDA | 197.95 | 183.39 | 167.84 | +17.9% | +7.9% |
| EBITDA margin | 29.9% | 29.0% | 26.6% | +3.3 pp | +0.9 pp |
| Profit before tax | 187.78 | 185.33 | 164.43 | +14.2% | +1.3% |
| Tax | 33.08 | 39.20 | 27.52 | +20.2% | −15.6% |
| Net profit | 156.49 | 149.19 | 138.18 | +13.3% | +4.9% |
| EPS (₹) | 4.36 | 4.16 | 4.02 | +8.5% | +4.8% |
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 Anant Raj's costs and profit?
Total expenses were ₹491.17 crore in Q2 FY27, up ₹14.71 crore or 3.1% from ₹476.46 crore in Q2 FY26. Cost of sales fell ₹11.41 crore or 2.6% to ₹427.75 crore, while finance costs declined ₹1.78 crore or 62.0% to ₹1.09 crore. Other income rose ₹7.32 crore or 72.5% to ₹17.42 crore.
Employee benefits expense rose ₹1.92 crore or 21.4% to ₹10.89 crore, depreciation and amortisation increased ₹15.86 crore or 149.1% to ₹26.50 crore, and other expenses rose ₹10.12 crore or 68.3% to ₹24.94 crore. Tax expense was ₹33.08 crore, up ₹5.56 crore or 20.2% from ₹27.52 crore. There was no exceptional item.
Against Q1 FY27, total expenses increased ₹25.75 crore or 5.5%. Cost of sales rose ₹7.15 crore, employee benefits expense increased ₹0.26 crore, depreciation and amortisation rose ₹10.29 crore, and other expenses increased ₹8.16 crore; finance costs fell ₹0.11 crore. Other income declined ₹1.93 crore and tax expense fell ₹6.12 crore to ₹33.08 crore. The filing did not state reasons for these movements.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 427.75 | 439.16 | −11.41 | −2.6% |
| Employee cost | 10.89 | 8.97 | +1.92 | +21.4% |
| Finance costs | 1.09 | 2.87 | −1.78 | −62.0% |
| Depreciation | 26.50 | 10.64 | +15.86 | +149.1% |
| Other expenses | 24.94 | 14.82 | +10.12 | +68.3% |
| Total expenses | 491.17 | 476.46 | +14.71 | +3.1% |
| Other income | 17.42 | 10.10 | +7.32 | +72.5% |
| Tax | 33.08 | 27.52 | +5.56 | +20.2% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In the first half of FY27, consolidated revenue was ₹1,292.93 crore, up ₹69.73 crore or 5.7% from ₹1,223.20 crore in H1 FY26. Total income rose 7.0% to ₹1,329.70 crore, while profit before tax increased 18.5% to ₹373.11 crore from ₹314.81 crore.
Profit after tax for H1 FY27 was ₹305.68 crore, compared with ₹264.08 crore in H1 FY26, an increase of ₹41.60 crore or 15.8%. Basic EPS rose from ₹7.69 to ₹8.52, with the change reported as 10.8%. The consolidated results were unaudited and accompanied by limited review reports.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 1,293 | 1,223 | +5.7% |
| Profit before tax | 373.11 | 314.81 | +18.5% |
| Net profit | 305.68 | 264.08 | +15.8% |
| EPS (₹) | 8.52 | 7.69 | +10.8% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 30 September 2026, total assets were ₹7,599.07 crore, compared with ₹6,868.66 crore at 31 March 2026. Total equity was ₹6,087.26 crore against ₹5,818.78 crore, while borrowings were ₹603.09 crore compared with ₹606.23 crore. Cash fell to ₹718.33 crore from ₹899.46 crore.
Inventories increased to ₹1,507.37 crore from ₹1,057.59 crore. Trade receivables declined to ₹169.78 crore from ₹178.51 crore, and trade payables rose to ₹50.78 crore from ₹45.53 crore. H1 FY27 operating cash flow was ₹31.82 crore, compared with ₹194.42 crore in H1 FY26.
Investing cash flow was negative ₹255.58 crore in H1 FY27, compared with negative ₹190.04 crore a year earlier. Financing cash flow was positive ₹42.63 crore against negative ₹42.60 crore, while capital expenditure was ₹1.39 crore compared with ₹55.27 crore.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 7,599 | 6,869 |
| Total equity | 6,087 | 5,819 |
| Borrowings | 603.09 | 606.23 |
| Cash and equivalents | 718.33 | 899.46 |
| Inventories | 1,507 | 1,058 |
| Trade receivables | 169.78 | 178.51 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 31.82 | 194.42 |
| Cash from investing | −255.58 | −190.04 |
| Cash from financing | 42.63 | −42.60 |
| Capital expenditure | 1.39 | 55.27 |
Source: Company's results filing (XBRL).
How has Anant Raj done over the last 8 quarters?
Revenue increased year on year in each of the last eight quarters. Across the reported series, revenue was lowest at ₹534.64 crore in Q3 FY25 and highest at ₹661.53 crore in Q2 FY27. Profit after tax also rose in each of the last eight quarters, reaching ₹156.49 crore in Q2 FY27 from ₹110.37 crore in Q3 FY25.
The EBITDA margin bottomed at 25.0% in Q3 FY25 and peaked at 29.9% in Q2 FY27. Revenue and profit rose from their Q4 FY26 levels of ₹646.81 crore and ₹148.71 crore to ₹661.53 crore and ₹156.49 crore in the latest quarter, while the margin increased from 25.9%.
What else did the company announce?
The board approved the unaudited standalone and consolidated financial results, along with the limited review reports, for the quarter and half year ended 30 September 2026. It also noted that Anant Raj Cloud Singapore and Orange Business had signed an MoU with the Haryana government to promote data-centre, sovereign-cloud and AI infrastructure and expand international market access.
The company received RERA registration for The Estate One, a 352-unit Gurugram housing project, and said it was likely to be launched soon. It also reported two operational data-centre campuses with combined capacity of 28 MW and said the Ashok Cloud expansion was progressing as scheduled. The composite scheme separating the real-estate and Ashok Cloud businesses remained pending NOCs from the exchanges and SEBI.
What did Anant Raj's management say?
Management said Anant Raj expects to achieve an aggregate data-centre IT load capacity of 63 MW by the end of FY 2026–27 and is targeting 357 MW by FY 2031–32. It also said AI-enabled services are on track to commence during FY27. Management identified pending approvals and the timing of project launches and deliveries as execution-sensitive elements of the pipeline.
Management said The Estate One is to be launched soon. It expects to receive the licence for a second 6.38-acre Gurugram group-housing project in Q3 FY27 and approvals for an additional 9.11875 acres for Anant Raj Estate Phase V in Q4 FY27. The Ashok Cloud demerger remains conditional on NOCs and observation letters from NSE, BSE and SEBI, which management expects shortly.
How did Anant Raj shares react?
After the filing appeared, the stock was up 0.2% after five minutes, 1.8% after 15 minutes and 0.4% after 30 minutes. It closed 1.5% lower on the reaction day from its pre-results close, and by the next day’s close it was down 1.3% from that close; by the fifth session, it was down 1.7%.
Earlier reaction-day moves were negative 1.7% on 8 August 2026, negative 6.4% on 11 May 2026, positive 3.0% on 21 January 2026 and negative 5.4% on 7 October 2025.
| After the filing | Stock | Residential Commercial Projects median |
|---|---|---|
| 5 minutes | +0.2% | |
| 15 minutes | +1.8% | |
| 30 minutes | +0.4% | |
| Reaction day | −1.5% | −0.0% |
| Next day | −1.3% | +1.4% |
| 5 days | −1.7% | +3.0% |
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 |
|---|---|
| 8 August 2026 | −1.7% |
| 11 May 2026 | −6.4% |
| 21 January 2026 | +3.0% |
| 7 October 2025 | −5.4% |
| 24 July 2025 | +2.6% |
| 1 February 2025 | −1.8% |
| 28 October 2024 | −0.1% |
| 27 July 2024 | +3.6% |
Source: MarketPing price-reaction measurement.
How did other Residential Commercial Projects companies do?
Anant Raj’s revenue growth of 4.9% was below the median revenue growth of 22.4% reported for 34 Residential Commercial Projects peers. Eleven peers grew more slowly than Anant Raj, while 23 grew faster. Nineteen of 34 peers reported higher profit, with profit comparisons available for all 34 companies.
| Anant Raj revenue growth (YoY) | +4.9% |
|---|---|
| Median of 34 other Residential Commercial Projects companies | +22.4% |
| Companies with slower revenue growth than Anant Raj | 11 of 34 |
| Companies with faster revenue growth than Anant Raj | 23 of 34 |
| Companies whose net profit rose | 19 of 34 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Anant Raj's revenue in Q2 FY27?
Revenue from operations was ₹661.53 crore, up 4.9% from ₹630.79 crore in Q2 FY26 (consolidated).
Did Anant Raj make a profit in Q2 FY27?
Yes. Net profit was ₹156.49 crore, against a net profit of ₹138.18 crore in Q2 FY26.
What was Anant Raj's EPS in Q2 FY27?
Basic earnings per share were ₹4.36, against ₹4.02 in Q2 FY26.
How did Anant Raj shares react to the Q2 FY27 results?
On the reaction day the stock moved −1.5% from the previous close; the median Residential Commercial Projects stock moved −0.0%.
When did Anant Raj announce its Q2 FY27 results?
On 28 October 2026, in a filing to the BSE.
Sources
- Board Meeting Outcome for Financial Results (BSE, 28 October 2026) · PDF
- Results-Financial Results (Standalone And Consolidated) For The Quarter And Half Year Ended September 30, 2026 (BSE, 28 October 2026) · PDF
- The investor presentation (28 October 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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