Ajmera Realty & Infra India Limited (NSE: AJMERA) Q1 2026 Earnings Call dated Jul. 24, 2025
Corporate Participants:
Dhaval Ajmera — Director
Nitin Bavisi — Chief Financial Officer
Analysts:
Abhishek Dakoria — Analyst
Vishal Dudhwala — Analyst
Dixit Doshi — Analyst
Pranav Gandhi — Analyst
Raj Vyas — Analyst
Vignesh Iyer — Analyst
Devang — Analyst
Amish Shah — Analyst
Presentation:
Operator
Ladies and gentlemen, good day and welcome to the Q1 FY ’26 Earnings Conference Call of Ajmera Realty and Infra India Limited. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the call, please signal an operator by pressing star then zero on your touchstone phone. I now hand the conference over to Mr Abhishek Dakoria of Churchgate Partners. Thank you, and over to you, sir.
Abhishek Dakoria — Analyst
Thank you. Thank you,. Good evening, everyone, and thank you for joining Ajmera Reality and Infra India Limited earnings conference call for the quarter ended 30th June 2025. The call will commence with the opening remarks by the Director, Mr Daval Ajmera and will be followed by the business performance discussion by the CFO, Mr Nitin Bhavisi. We have already shared the operational update of the quarter in the second week of July 2025.
The investor presentation and the press release based on the financial results adopted by the Board has been uploaded on the stock exchange and can be downloaded from the company’s website. Please do note that some of the statements in today’s discussion may be forward-looking in nature, reflecting the company’s outlook and may involve certain risks and uncertainties that the company may face. With that, I would now like to hand the call over to Mr Daval Ajmera. Thank you, and over to you, sir.
Dhaval Ajmera — Director
Thank you and good evening, everyone. Welcome to our earnings and conference call. I will begin this discussion by sharing what the real-estate updates are and what the sector looks like, and then I will take you forward with how our company has been performed over this quarter. The real-estate sector has been seeing Sustained growth momentum dropped by very good user — end-user demand, rising price escalation, realizations and stable collection efficiencies. Basically, we have seen one of the most important macroeconomic wise I have to say the monetary policy, the rate cut, which has been very encouraging and has become like a boost to the real-estate market, accompanying by coming liquidity measures, which injected renewed optimism across the economy and expected to provide a significant boost to real-estate demand. A softer interest-rate enhanced housing affordability, particularly benefiting mid-income and premium residential segments, which continued to witness healthy absorption despite limited new launches in some markets due to approval-related delays. Focused project execution and strategic inventory monetization has also become the norm of the industry, driving improved cash flows, fortified balance sheet and disciplined operational approach across the US sector. Overall, I would say the sector remains constructive, supported by robust housing demand, growth monetary policies and steady institutional participation and a strategic industry shift towards capital-efficient execution focused development models. It’s been a little — it’s been always positive and real-estate has always been looking positive in the Indian real-estate market or Indian economy. During this quarter, our portfolio continued to demonstrate strong performance with several projects advancing well-ahead of its VERA timelines and moving closely towards the delivery of its upcoming quarters. I’m very happy to state that this year, obviously, when Nitin my will show you the numbers whenever we discuss and he will explain to you, but this has been our best-performing quarter-over the last five years and it’s been one of our biggest milestone, I would say in this financial year, the start of this financial year. Coming back to our projects, our flagship development project Manhattan has significant — has achieved significant traction with about 89% of the inventory sold, construction is progressing significantly and steadily and RPC work is almost there up till the 30th floor of the tower and 28th floor of Tower B. The next one is Ajmera, which has also recorded robust sales within inventory nearly about 75% sold. Even there, the progress at the site has been good. We’ve completed 17 flows out of 21 and I think we should be poised for possession of this property very soon. Similarly, Ajmera and is a premium residential project which has completed its RCG structure and achieved 95% inventory. We are hopeful to get possession of this property in the coming quarters. Ajmera Vihara in Bhandu, which was launched in May ’24 has sold about 77% of its inventory and construction is progressing towards the fourth floor of the rehab building and almost you know ongoing work at the basement level of the sale building. I’m very happy to state that our project in Jivu, Ajmera Prive has received its occupation certificate and has been handed over one year in advance of the RERA timeline. So the team has been working significantly well in terms of execution and the sales and the overall performance of the company has been steadily growing all across in the Mumbai market. Going towards the Bangalore market where we also operate in a good way where we see our project Lugano and Florenza nearly 97% sold and on-track of completion during 2026. And Ajmera Iris, which is — which was recently launched, has almost sold about two-thirds of its inventory and even that is looking at good progress in terms of construction. Azmera Marina, which was launched last quarter, has seen encouraging demand with 68% inventory already sold-out and the progress at site has been also functioning well where we’ve almost completed all the foundation work of the building and full construction is going on in-full swing. Are very excited for this year because we bring in two, three new exciting things where we are on-track and we are targeting to deliver about 1,000 homes in this financial year, probably towards the end-of-the financial year And it has always been — these projects has been working and we are ensuring that all these projects come up with at a faster execution in different places of Mumbai and Bangalore. The progress is supported by a steady construction movement and healthy inventory absorption. However, despite delays in securing approvals for our key projects, we remain optimistic that although there were a few projects which we wanted to launch earlier, but we couldn’t do it because of the regulatory approvals. But we are very optimistic that in the coming financial year or the coming few months, we shall be launching projects worth INR6,500 crores. And these planned launches not only reinforce our commitment to strategic growth, but also position us well to capitalize on the market positive momentum in the remainder of the financial year, which offers compelling opportunities for expansion and value creations. While obviously, all these execution fronts and the developments are happening in a good way. I think this coming few months is looking very exciting in terms of 1,000 homes delivery and INR6,500 crores of new projects to be lost in a few months’ time. Now I will hand over to our CFO, Mr, who will take you through the performance highlights of the company. Thank you.
Nitin Bavisi — Chief Financial Officer
Thank you, Mr Atmera. Very good evening to you all, and thank you very much for joining us. Before we move on to the Q&A session and more interactive session, allow me to summarize the consistent operational and financial performance we have delivered for quarter one FY ’26. During the quarter, company demonstrated strong financial discipline with collections rising 42% Y-o-Y to INR234 crores, reflecting very healthy cash-flow realizes from ongoing projects.
Sales stood at INR108 crore with a sales area of 63,244 square feet carpet area basis. Performance was partially impacted by delays in approvals for new launches and limited inventory availability in existing projects. The company achieved a strong financial performance in-quarter one FY ’26 with revenue hitting INR260 crores. And as Mr Ajmera mentioned, it is the highest-ever in last about five years, the highest quarterly figure in terms of the revenue parameter, marking 32% Y-o-Y increase driven by consistent project execution and solid collections.
EBITDA increased by 19% Y-o-Y to INR79 crore, maintaining a healthy EBITDA margin of 31%, driven by effective cost management and operating efficiency. Net profit stood at INR39 crore, up 20% Y-o-Y, resulting in a PAT margin of 15%, underscoring our continued focus on profitability and financial discipline. Notably, Ajmera, Vihara and Ajmera, both projects have qualified for the revenue recognition in this particular quarter as we are speaking.
The company continued to reinforce its financial position in-quarter one FY ’26, reducing overall debt by 6% to INR619 crore from INR662 crore as of March 31st March 2025. The debt-equity ratio improved to 0.5x to the — to the network, the lowest in our recent history, providing substantial headroom to capitalize on our strong launch pipeline and fuel future growth. Moreover, a 45 basis-point reduction in the weighted-average cost of debt to 11.75% per annum highlights our enhanced credit profile and disciplined financial management.
Let me now briefly mention the revenue visibility with OC received and ongoing project estimated to be at INR1,637 crore. Out of this INR1,082 crore is from the — from where the sales performance is already achieved and the balance about INR55 crore upon inventory to sell. Additionally, our projects in the launch pipeline estimated to contribute INR6,457 crores. And as a result, our total revenue visibility stands stronger at about INR6,000 INR8,100 crores.
The estimated net cash-flow pre-tax post debt from our OC received and ongoing project is estimated to be around INR66 crores. With this concise summary of our business highlights and financial performance. I now invite your questions and look-forward to further interaction. Thank you.
Questions and Answers:
Operator
Thank you very much. We will now begin the question-and-answer session. Anyone who wishes to ask questions may press star and one on the touchstone telephone . If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking questions. Ladies and gentlemen, we will wait for a moment while the question queue assembles to ask questions, please press star and 1. The first question is from Vishal Dudwala from Asset Managers. Please go-ahead.
Vishal Dudhwala
Hi. Am I audible?
Dhaval Ajmera
Yeah.
Vishal Dudhwala
So I have couple of questions. First question macro side, Indian residential utilization is increasingly driven by the brand trust with —
Abhishek Dakoria
Sorry, sorry, your voice is not coming well.
Vishal Dudhwala
Okay, let me repeat, like Indian residential real-estate is increasing driven by the brand trust with affordable and reforms and ruler recovery gain space. So in this changing landscape, how are you calibrating your project mix and pricing in?
Dhaval Ajmera
Okay, you want to answer so just to understand correctly, what you’re trying to say is that the Indian real-estate market is moving towards the urbanization and more towards the affordable segment. Am I correct?
Vishal Dudhwala
Yeah. Absolutely.
Dhaval Ajmera
Yeah. So look, the market where we are operating that is Mumbai and Bangalore has been thriving over the last five, seven years. Urbanization and redevelopment and new projects in these cities have been significantly moving faster. Every location and every suburb of the city has a different requirement in terms of the housing, whereas just to give an example, if it is Bangalore, some places where only plotting or villas will work someplaces, affordable housing or two bedrooms will work or probably in a better location, a bigger three-bedroom or a four-bedroom pool.
And similarly is the case in Mumbai. So we need to analyze based on those projects and based on those micro markets and that’s how we take our decisions to design. But just to give a general feedback, I think more important in Mumbai right now because of the affordable housing policies is not very favorable in terms to the customer and the developer. That’s not moving too well, but the mid-income and the luxury segment primarily in Mumbai, I would say, is moving significantly well and that is seeing a good traction.
And that will continue to do so in my sense over the next few years more, unless there is a change in the affordable housing policies, which will take and then that may pick-up also too good.
Vishal Dudhwala
Okay. Very nicely. Like second question was on the debt side, like in your Q1 presentation, highlights 6% Y-o-Y reduction in the net-debt, right, and a little bit cut in a borrowing cost as well. And you got the early OP. So your — you had a free-cash flow, like how will you deploy that like in the debt repayment or a new acquisition of land, which will out all of it.
Dhaval Ajmera
So our endeavor always been to remain very prudent on the debt side and which is very visible basis the INR234 crore of the cross-sales collection, we deployed all-round kind of a thing, be it a production cost like the construction approval and as well the other overheads and then after investing onto the new acquisition and about INR43 crores the cash-flow has been utilized for the deleveraging and which has come from INR662 crores to INR619 crore as we speak.
So it is all-around that the growth pipeline, which is the launch pipeline to invest on to the current existing projects and as well the deleveraging of the balance sheet.
Vishal Dudhwala
Okay. Like this was the question from my end. I will wait in the queue for further questions. Thank you.
Operator
Thank you. The next question is from Dixit Doshi from Whitestone Financial Advisors. Please go-ahead.
Dixit Doshi
Yeah, thanks for the opportunity. My first question is regarding the Varala project. So I think we are — we were awaiting the CRZ approval and the meeting to happen. And recently on the 17 July, there was a CRZ meeting where our project was listed. So is this the same project which we are planning to launch this quarter and have we got the approval, if you can mention.
Dhaval Ajmera
Thank you,. I think you are really keeping a good track about our company. I’m very happy to know that. But yes, you’re right, that is where the we had the hearing, it has positively gone well. We are awaiting the minutes of the meeting to come and then we will start the further submissions in the BMC to get the approvals and then move it to.
Dixit Doshi
Okay. So this approval, let’s say, if the minutes come and this approval comes, then this is for both the project, the residential and commercial?
Dhaval Ajmera
No, right now this is for the residential one. And commercial one, we will have to subsequently start which we have already started and that will come up in the next few months.
Dixit Doshi
Okay.
Dhaval Ajmera
So we are — right now we’ve got like the basics here that like obviously within the same layout when this year as it has been cleared, but we will have to again go as per the regulation, but then it will come as a mere formality.
Dixit Doshi
Okay. Okay, understood. And let’s say this residential approval comes from the CRZ, let’s say, when the minutes come, then what is the next process and what kind of timeline you expect to get the final rare approval and launch?
Dhaval Ajmera
So we are expecting the approvals from the BMC to come in by August end. And subsequently by mid what do you Call-IT about 10th or 15th of September, we should be having the RERA in-place. That’s our target and then we’ll launch the project. So — but we’ll definitely launch it in this quarter.
Dixit Doshi
Okay. So hopefully, we’ll launch in this quarter — that’s good to hear. And my next question is regarding the — any update on the Supreme Court you know outcome for?
Dhaval Ajmera
Well, our weight is as good as everyone’s weight, but we are hopeful that the next date of hearing is on 28, that is on Monday, that’s what has been shown online and we are hopeful to await to listen to the orders by the Honorable court at that point in time.
Dixit Doshi
Okay. Okay. Great. Thank you. And my next question is regarding the Bandra project. So this is also listed for the Q2 launch. So are we on-track for that?
Dhaval Ajmera
Yeah, we are on-track. We have got the recent necessary approvals and now I think in the next few weeks, we should be also — we’ve got the IoD. Now we are applying for the relevant CC and taking the approval of RERA. So I think by August 10, September, even that should launch.
Dixit Doshi
Okay. And my last question is if you can elaborate broadly on the BD pipeline or what we are doing there because this quarter nothing has been added.
Dhaval Ajmera
So we are in active negotiations with three, four large projects in different suburbs of Mumbai and in Bangalore. While some things will materialize soon, I think we should be able to have some announcements coming in probably by the end of next quarter and then another subsequent quarter.
Dixit Doshi
Okay, that’s it from my side for now. I will join back-in the queue. Thank you.
Dhaval Ajmera
Thank you.
Operator
Thank you. Before we take the next question, a reminder to participants that you may press star and one to join the question queue. The next question is from Pranav Gandhi from Lotus Wealth. Please go-ahead.
Pranav Gandhi
Congratulations on the numbers. I just wanted to know what are the potential launches for the year.
Dhaval Ajmera
We have about seven to eight project launches happening in this financial year, where we have got totaling to about INR6,500 crores as the GDV for all these projects. We are looking at Vadala, Bandra, Versova,, again, Vadala Bhuti Corpuses, a redevelopment project in, a plot which we bought-out here in and a broad in development of Bangalore scheme in Bangalore
Pranav Gandhi
Also could throw some light on the development potential. Could you throw us some light on the development potential on the PPT, I’ve mentioned that some INR37,000 crores GDV, that is the development potential. Could you throw some light on it?
Dhaval Ajmera
So these are our two large projects, which we — where we own the land and all these are brownfield projects where the land is already being paid and we need to I mean, launch the projects as and how we feel deemed right and the market is okay. So if you look at Vadala, where we are looking at residential and commercial or probably Probably only residential in a high-end way, where we are looking at about 25 lakh square feet of development coming with a top-line of estimated to about INR9,000 odd crores. And Kanjur is our another land where we would be very soon starting the development potential, which is about 8.2 million square feet and looking at about INR2930,000 crores of GDV coming from there.
Pranav Gandhi
That’s great. One last question. Could you just let us know which projects are going to receive 4C this year and what could be the potential revenue from them?
Dhaval Ajmera
So as of now, we have received OC in our project and currently with our existing portfolio, we have totaled about INR80-odd crores of revenue to come in from nucleus in Bangalore, due Prive and there is a commercial property in Bangalore again known as Nucleus Commercial. So that all put together is about INR80 crores.
Pranav Gandhi
Sorry, what’s the figure crores?
Dhaval Ajmera
No, INR80 crores,
Pranav Gandhi
Okay, okay thank you so much.
Operator
Thank you. Participants who wish to ask questions please press star and 1 on a touchtone ladies and gentlemen, to ask a question, please press star and one. The next question is from Dixit Doshi from Whitestone Financial Advisors. Please go-ahead.
Dixit Doshi
Yeah. Thanks for the opportunity again. One more question is regarding the — any update on Vadala demerged lend, any partner we are finalizing this year?
Dhaval Ajmera
So we are honestly talking to a few, we are also exploring some options of doing some different kind of master planning to look at some kind of branded residences or something which is all options which are on the table right now. So which — however, whichever adds value to the entire community and to the project at large is what we are looking at. Very soon, we will be about to close that and bring in an announcement in that land as well. But right now it’s under planning and master planning phase.
Dixit Doshi
So can we expect the announcement this financial year?
Dhaval Ajmera
Hopefully, yes.
Dixit Doshi
Okay. Okay. That’s it from my side. Thank you.
Operator
Thank you. Participants who wish to ask questions, please press star and one. Next question is from Raj Vayas, who is an Individual Investor. Please go-ahead.
Raj Vyas
Yeah, thanks for the opportunity. So basically, update with respect to one of the online projects that is Alham, which is in Mumbai in Malaya. So our channel check suggests that it’s been a few weeks or months that the project has been stopped. So wanted the update like why the projects have been stopped and will this be — will have this any effect on the position of the customers?
Dhaval Ajmera
Firstly, Ajmera project is not stalled. It has been — there were some approvals which we were required to take and the work is going on over the last three, four — two, three months at a very steady pace. Number two, this project, particularly Ajmera Arham is not part of our listed entity portfolio. This was taken also before we really started to merge our listed and our real-estate projects in our listed entity. And obviously, this had some legal complications and hence, we did not bring this project into our listed arm.
So this is not part of the listed arm. But also to answer while we are here, the project is not stalled and it is currently under execution.
Raj Vyas
But there won’t be any delay right in terms of position or of new or not any delay.
Dhaval Ajmera
We will continue with our error tangle.
Raj Vyas
I understand. Thank you.
Operator
Thank you. Participants who wish to ask questions, please press star and 1 on your touchstone telephone Ladies and gentlemen to ask a question please press star and 1 anyone who wishes to ask a question at this time please press star and 1 participants who wish to ask a question may press star and one on the touchstone telephone. The next question is from Vignesh Ayer from Seque Investments. Please go-ahead.
Vignesh Iyer
Hello, sir. Just one question from my side. And what would be the amount happen in nature of the capex that would be involved in the projects that we are, you know, planning to launch it in this year? And if you could just give me a split of what would be the upfront cost and what would be the cost that we might have to incur over the project cycle.
Dhaval Ajmera
So typically the entire GDV is about INR6,500 and we will continue to operate in the EBITDA margin of about 30%, so balance about 70% of the — is about the entire cost kind of a thing. Typically, the — it’s a mix of our own land-bank and as well the redevelopment or the asset-light strategy. So typically like the approval cost on both the nature of the development, which becomes the immediate the upfront cash outflow kind of a thing as the cost parameter and there is an installment facility available from the AMC.
So maybe the part payment and then after — as per the life-cycle, ARPOS in terms of the construction and other overheads, which is also towards the entire life-cycle of the project and other software costs like the finance and the other sales marketing as per the entire life-cycle. So about 70%, so about INR4,200 to INR4,400 is what the entire you know the set of costs, including the premium and the hard cost and as well as the soft cost we up.
Vignesh Iyer
So what is usually, I mean this call approval cost that comes and I mean what would be that basically be for a project as a percentage of project, if you could just say on this roughly
Dhaval Ajmera
So approval costs are very different for different projects because it is related to the areas where the land — where the project is. Typically in a city of Mumbai, on an average, I would say on the carpet area what we have, it will be about INR5,000 odd rupees a square feet, plus/minus and obviously areas like Bandra, South Mumbai, which will be little more, but 5,000 to 7,000 is where I would say will be cost of approvals on normaly.
Vignesh Iyer
Right, got it. Got it. Thank you. That’s all from.
Operator
Thank. Participants who wish to ask questions, please press star and 1. The next question is from Devang, who is an individual investor. Please go-ahead.
Devang
Yeah, good evening all. Can you just give us the debt guideline for the year? And what could be the debt at the end-of-the year we are expecting for the company.
Dhaval Ajmera
So currently, we are at about INR620 crore and we have been in the robust development pipeline — launch pipeline, which is about INR6,500 crores. Of the project we will be acquiring the working capital or the project loan and which has got a few projects which is immediate to launch on which we have the financial closure already achieved kind of a thing. So project-level loans, we will be having some kind of a debt going-forward. But somewhere in the debt-equity ratio, as we have given the annual guidance of 0.85 of the debt-equity ratio kind of things we should be in that range only by the year end.
Devang
Okay, thank you.
Operator
Thank you. Ladies and gentlemen, to ask questions please press star and 1. Next question is from Amish Shah from Vision Securities. Please go-ahead.
Amish Shah
Hello, sir. Sir, if I remember correctly, in the last meeting, you said that our sales target for current year was around INR1,600 Crores. Now in the first-quarter due to some delays — delays in launches and approvals, we have done around 108 crores. So sir, do we think we need to revise any sales target for the year or how confident are we for achieving that, sir?
Dhaval Ajmera
Are absolutely very confident about achieving our targets. The numbers will definitely match. Definitely there has been a delay because of the approval, regulatory approvals. But having said that, we are right on-track with the kind of launches what we are seeing and the momentum, which we are already seeing within our sites in terms of the sales and their requirements coming in. Obviously, they require approvals to start officially launching the project and throwing and taking checks from the customers.
But with the way our team has been already talking to our existing customers, our investors market at large, we are very confident of achieving these numbers are probably surpassing it also.
Amish Shah
Okay, sir, all the best for that. Thank you.
Dhaval Ajmera
Thank you.
Operator
Thank you. Before we take the next question, a reminder to participants that you may press star and 1 to join the question queue. The next question is from Dixit Doshi from Whitestone Financial Advisors. Please go-ahead.
Dixit Doshi
Yeah, thanks for the opportunity again. Sir, one question. Let’s assume that or if this Supreme Court order says that our approval will go to the state government then in best assumption how much time it will take for EC, BMC rare approvals.
Dhaval Ajmera
So once the Supreme Court order comes in we are away — we are hopeful that few of our projects, but usually if I have to say EC would be about a month and BMC would be about next which can work simultaneously, but another 15 20 days and there are another 15 20 days. So 2.5 months or maximum three months, we should be able to clear all of it.
Amish Shah
Okay. Okay. Okay. That’s it from my side.
Operator
Thank you. Thank you ladies and gentlemen, to ask questions please press star and 1 on your touchstone telephone ask questions, please press star and 1. As there are no further questions, I would now like to hand the conference over to the management team for closing comments.
Dhaval Ajmera
Thank you. Thank you everybody for your participation and a very interactive session. And till we next split, stay safe, care. Thank you, everybody.
Abhishek Dakoria
Thank you. Thank you. Have a good day.
Operator
Thank you very much. On behalf of Ajmera Realty and Intra India Limited, that concludes the conference. Thank you for joining us. Ladies and gentlemen, you may now disconnect your lines.