Ajmera Realty & Infra India Limited (AJMERA)

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Ajmera Realty & Infra India Limited (AJMERA) · mywealthgrid

About

Ajmera Realty & Infra India Limited develops residential and commercial real estate projects in India's consumer discretionary sector. With a ₹2,326.77 Cr market cap and recent standalone quarterly revenues of ₹100–431 Cr, the company operates through project-based cycles with margins between 24.84% and 40.44%. The company maintains 68.56% promoter ownership and has paid dividends annually since 2023.

Face value: ₹2

Market cap

₹2,354 Cr

P/E

14.7×

P/B

1.7×

Dividend yield

0.8%

ROE

11.5%

ROCE

14.5%

Debt / equity

0.51

OPM

27.4%

EPS (TTM)

₹8.1

Book value

₹71.1

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Operating margins swing from 24.84% to 40.44% across recent quarters—clarify whether this reflects normal project-mix variance or inconsistent execution quality
Share price fell 32.18% over 12 months despite positive earnings; verify whether this reflects cyclical weakness, valuation reversion, or unresolved pipeline risks
Real estate development is interest-rate sensitive and capital-intensive; confirm that D/E 0.51 and project cash flows remain adequate if lending costs rise
Minimal institutional investor base (FII 0.95%, DII 0.82%) may constrain valuation multiples and amplify volatility in market corrections

Generated analysis · source review pending

Growth drivers

Operating margins of 24–40% across recent quarters show project-delivery capability that could drive profitable scaling if pipeline volumes increase
Consistent annual dividends (2023–2025) evidence strong cash generation available for reinvestment in new project launches or accelerated completions
Moderate debt (D/E 0.51) provides room to finance new projects without balance-sheet stress or refinancing pressure
Verify residential and commercial demand in company's core markets to confirm organic expansion opportunity beyond current project cycle

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹119.6-0.5%1Y

Quick read

rule-based

Pros

+Healthy operating margin of 27.4%
+Profit CAGR of 36.6% over the last 5 years
+Revenue CAGR of 25.8% over the last 5 years
+High promoter holding of 68.6% with no pledge

Cons

No red flags triggered.

Research score

Structured signal from quality, growth, valuation and momentum.

72/100

Business quality: 46
Growth: 87
Valuation: 82

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Screen this industry Compare top 5 side-by-side

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Lodha Developers LimitedLODHALODHA	₹1,10,460 Cr	₹1,20,344 Cr	₹18,181 Cr	₹5,859 Cr	29.5%	₹4,126 Cr	20.6%	20.1%	15.8%	1,405
The Phoenix Mills LimitedPHOENIXLTDPHOENIXLTD	₹69,017 Cr	₹74,313 Cr	₹4,545 Cr	₹2,714 Cr	59.6%	₹1,280 Cr	35.2%	12.4%	11.4%	734
Prestige Estates Projects LimitedPRESTIGEPRESTIGE	₹64,006 Cr	₹78,992 Cr	₹13,053 Cr	₹3,675 Cr	29.2%	₹1,139 Cr	10.3%	13.6%	7.5%	2,755
Oberoi Realty LimitedOBEROIRLTYOBEROIRLTY	₹63,797 Cr	₹66,613 Cr	₹6,322 Cr	₹3,572 Cr	55.9%	₹2,630 Cr	41.7%	17.5%	14.9%	1,581
Godrej Properties LimitedGODREJPROPGODREJPROP	₹48,065 Cr	₹63,680 Cr	₹5,203 Cr	₹-458 Cr	-8.1%	₹1,600 Cr	35.9%	12.5%	10.1%	6,464
Anant Raj LimitedANANTRAJANANTRAJ	₹20,797 Cr	₹21,403 Cr	₹2,551 Cr	₹688 Cr	26.1%	₹579 Cr	22.2%	12%	11.2%	236
Brigade Enterprises LimitedBRIGADEBRIGADE	₹18,579 Cr	₹24,688 Cr	₹5,532 Cr	₹1,465 Cr	25.1%	₹695 Cr	12.7%	11.1%	10.3%	938
Horizon Industrial Parks LimitedHORIZONINDHORIZONIND	₹14,025 Cr	₹20,910 Cr	₹691 Cr	₹531 Cr	76.9%	₹-198 Cr	-29.5%	3.3%	-5.9%	-46
Sobha LimitedSOBHASOBHA	₹12,968 Cr	₹13,970 Cr	₹5,617 Cr	₹364 Cr	6%	₹231 Cr	3.7%	7.4%	4.2%	17,827
Aditya Birla Real Estate LimitedABRELABREL	₹12,293 Cr	₹17,929 Cr	₹450 Cr	₹-375 Cr	-88.2%	₹-116 Cr	-83%	-4.4%	-2.7%	22,467
Sri Lotus Developers And Realty LimitedLOTUSDEVLOTUSDEV	₹11,244 Cr	₹11,374 Cr	₹840 Cr	₹299 Cr	36.5%	₹257 Cr	31.6%	22.3%	16.7%	840
Signatureglobal (India) LimitedSIGNATURESIGNATURE	₹10,376 Cr	₹13,317 Cr	₹2,282 Cr	₹-126 Cr	-1.9%	₹1,044 Cr	42.2%	3.4%	85%	1,407

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2017	Mar 2018	Mar 2019	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	370	370	382	347	483	431	700	738	1,090
COGS	203	203	—	175	280	289	458	468	732
Gross profit	167	167	—	171	203	142	242	270	358
	31	31	254	76	87	18	42	39	67
	136	136	127	95	116	124	200	230	291
OPM %	36.8%	36.8%	33.3%	27.5%	24.1%	28.8%	28.6%	31.2%	26.7%
Depreciation	3	3	2	2	2	2	2	3	4
Interest	46	46	50	58	59	36	69	76	73
	17	17	19	5	6	10	8	15	8
Profit before tax	104	104	—	41	62	96	138	167	222
Tax	22	22	—	10	15	25	35	41	72
Tax %	21.1%	21.1%	—	23.2%	24.9%	25.6%	25.3%	24.4%	32.4%
	82	82	83	31	46	72	103	126	150
PAT margin %	22.3%	22.3%	21.7%	9.1%	9.6%	16.6%	14.7%	17.1%	13.7%
EPS (₹)	23.3	23.3	—	8.7	12.8	20.2	28.9	34	7.6
EPS adjusted (₹)	4.6	4.6	4.7	1.8	2.6	4	5.8	6.4	7.6
	12.9%	14.1%	—	16.1%	17.6%	14.8%	13.8%	13.2%	13.1%
Annual report	Annual report for Mar 2017	Annual report for Mar 2018	Annual report for Mar 2019	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	—

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	35	35	35	35	35	35	35	35	35	39	39
Reserves	414	396	469	576	603	629	674	738	830	1,167	1,359
Minority interest	—	—	—	—	—	102	101	119	128	117	120
	200	200	178	796	866	775	868	826	808	676	711
	612	630	734	473	467	356	339	203	162	255	364
Total equity & liabilities	1,261	1,261	1,416	1,880	1,972	1,897	2,018	1,922	1,963	2,255	2,594
	72	72	70	71	76	66	66	69	71	77	106
CWIP	—	—	—	—	—	—	—	0	0	0	0
Investments	39	22	22	86	67	50	25	66	110	124	120
	1,150	1,168	1,325	1,722	1,829	1,781	1,928	1,787	1,782	2,053	2,368
Total assets	1,261	1,261	1,416	1,880	1,972	1,897	2,018	1,922	1,963	2,255	2,594

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2018	Mar 2019	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	45.1%	—	49.4%	42%	33%	34.6%	36.5%	32.9%
EBITDA margin %	37.4%	33.3%	27.5%	24.1%	28.9%	28.7%	31.3%	27.4%
EBIT margin %	36.7%	32.7%	27%	23.7%	28.5%	28.5%	30.8%	27%
PAT margin %	22.3%	21.7%	9.1%	9.6%	16.6%	14.7%	17.1%	13.7%
Working capital
Receivable days	129	185	189	200	116	112	156	142
Inventory days	1,320	1,390	1,961	1,303	1,486	923	1,007	746
Payable days	62	—	60	55	48	30	46	28
NWC days	1,387	—	2,090	1,448	1,553	1,005	1,117	859
Leverage
Current ratio	2.32	8	5.42	5.46	13.4	10.19	5.96	6.28
Debt to EBITDA	1.29	6.26	8.12	7.47	6.64	4.01	2.93	2.38
Debt to equity	0.35	1.3	1.17	1.22	1.07	0.93	0.56	0.51
Interest coverage	3.3	2.9	1.7	2	3.7	3	3.2	4.1
Asset turnover	0.26	0.2	0.18	0.24	0.22	0.36	0.33	0.42
Return ratios
Return on assets %	5.8%	4.4%	1.7%	2.3%	3.7%	5.2%	5.6%	5.8%
Return on capital employed %	14.9%	10.7%	5.9%	7.1%	7.4%	11.5%	13%	14.5%
Return on equity %	16.3%	13.5%	4.7%	6.5%	9.2%	11.9%	10.4%	10.7%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	69.73%	69.73%	74.2%	74.2%	74.2%	68.23%	68.23%	68.23%	68.23%	68.23%	68.23%	68.56%
	0.04%	0.02%	0.29%	0.19%	0.32%	0.97%	0.65%	0.48%	0.78%	0.53%	0.77%	0.95%
	1.6%	1.77%	2.11%	2.11%	1.96%	1.76%	2.31%	1.74%	1.22%	1.21%	1.13%	0.82%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	28.63%	28.48%	23.4%	23.5%	23.52%	29.04%	28.81%	29.55%	29.77%	30.03%	29.87%	29.67%
No. of shareholders	—	—	—	—	—	—	—	—	27,596	27,299	25,013	27,336

Promoter holding down 1.17 percentage points since Sep 2023.

5 deals · 10 Oct 2023 – 19 Dec 2023

Date	Client	Type	Venue	Side	Quantity	Price	Value
19 Dec 2023	FAHRENHEIT FUN AND GAMES PRIVATE LIMITED	Bulk	NSE	Sell	7,00,100	₹425.00	₹29.75 Cr
19 Dec 2023	QUEST INVESTMENT ADVISORS PRIVATE LIMITED - PMS	Bulk	NSE	Buy	3,01,207	₹424.98	₹12.80 Cr
19 Dec 2023	QUEST INVESTMENT ADVISORS PRIVATE LIMITED - PMS MULTI	Bulk	NSE	Buy	2,00,236	₹425.00	₹8.51 Cr
10 Oct 2023	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	3,45,264	₹420.05	₹14.50 Cr
10 Oct 2023	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	3,45,264	₹419.24	₹14.47 Cr

1–5 of 5

1 / 1

Bulk deals are a client trading over 0.5% of the equity in a session, aggregated across their trades; block deals are single negotiated trades in the exchange’s block window. Each is reported by the exchange it was crossed on, so NSE and BSE rows are separate trades rather than the same trade twice.

Mr. RAJNIKANT SHAMALJI AJMERAExecutive Director-Chairperson related to Promoter-MD
Mr. SANJAY C AJMERAExecutive Director
Mr. MANOJ I AJMERAExecutive Director-MD
Mrs. HEMANTI PRASHANT SUTARIANon-Executive - Independent Director
Mr. JAYESH JAYANTILAL MEHTANon-Executive - Independent Director
Mrs. SHRUTI ANUP SHAHNon-Executive - Independent Director
Mr. Nitin BavisiChief Financial Officer
Ms. Reema SolankiCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

No fund holdings on record

No scheme among the 32 fund houses on record reported a position in Ajmera Realty & Infra India Limited. Portfolios are published monthly by each AMC; coverage is still partial.

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

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Events

Upcoming dates and the company’s corporate-action history.

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

20 announcementsExport CSV

18 Sept 2026, 3:35 pmCompany Update

Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation

Analyst / Investor Meet PDF

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Ratio	Mar 2018	Mar 2019	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	45.1%	—	49.4%	42%	33%	34.6%	36.5%	32.9%
EBITDA margin %	37.4%	33.3%	27.5%	24.1%	28.9%	28.7%	31.3%	27.4%
EBIT margin %	36.7%	32.7%	27%	23.7%	28.5%	28.5%	30.8%	27%
PAT margin %	22.3%	21.7%	9.1%	9.6%	16.6%	14.7%	17.1%	13.7%
Working capital
Receivable days	129	185	189	200	116	112	156	142
Inventory days	1,320	1,390	1,961	1,303	1,486	923	1,007	746
Payable days	62	—	60	55	48	30	46	28
NWC days	1,387	—	2,090	1,448	1,553	1,005	1,117	859
Leverage
Current ratio	2.32	8	5.42	5.46	13.4	10.19	5.96	6.28
Debt to EBITDA	1.29	6.26	8.12	7.47	6.64	4.01	2.93	2.38
Debt to equity	0.35	1.3	1.17	1.22	1.07	0.93	0.56	0.51
Interest coverage	3.3	2.9	1.7	2	3.7	3	3.2	4.1
Asset turnover	0.26	0.2	0.18	0.24	0.22	0.36	0.33	0.42
Return ratios
Return on assets %	5.8%	4.4%	1.7%	2.3%	3.7%	5.2%	5.6%	5.8%
Return on capital employed %	14.9%	10.7%	5.9%	7.1%	7.4%	11.5%	13%	14.5%
Return on equity %	16.3%	13.5%	4.7%	6.5%	9.2%	11.9%	10.4%	10.7%

Date	Category	Subject	Filing
18 Sept 2026, 3:35 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation	PDF
10 Sept 2026, 1:16 pm	Company Update Raising of Funds	Announcement under Regulation 30 (LODR)-Raising of Funds	PDF
10 Sept 2026, 1:11 pm	Board Meeting Outcome of Board Meeting	Board Meeting Outcome for For Consideration And Approval Of Proposal For Issuance Of Non-Convertible Debentures (Ncds) / Bonds / Other Instruments On Private Placement Basis	PDF
4 Sept 2026, 6:33 pm	Board Meeting	Board Meeting Intimation for Consideration And Approval Of The Fund-Raising Proposal By Way Of Issuance Of Non-Convertible Debentures.	PDF
1 Sept 2026, 6:36 pm	Company Update Acquisition	Announcement under Regulation 30 (LODR)-Acquisition	PDF
28 Aug 2026, 2:44 pm	Company Update General	Letters To Members	PDF
27 Aug 2026, 11:01 am	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF
26 Aug 2026, 6:11 pm	Company Update General	Communication To Shareholders - Intimation On Tax Deduction On Dividend.	PDF

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	119	59	-116	-260	-18	201	-64	-36	220	8	68
	-9	14	-4	-15	11	-9	29	-5	-72	3	-48
	-98	-69	109	283	-1	-175	33	44	-97	-15	-56
Net cash flow	11	5	-11	8	-7	17	-2	4	51	-5	-36
Free cash flow	119	—	—	—	—	179	-66	-36	217	8	40
CFO / Operating profit %	—	43%	-83.9%	-204.4%	—	210.3%	-54.8%	-28.6%	109.2%	3.3%	22.9%

Ajmera Realty & Infra India Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Events

Announcements

Not in the F&O segment

No fund holdings on record

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

21

1

1

Compounded sales growth

Compounded profit growth

Return on equity

Ajmera Realty & Infra India Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Events

Announcements

Not in the F&O segment

Ratio timeline

Quarterly record

Bulk & block deals

Board and management

No fund holdings on record

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Dividends21

Board meetings1

Stock splits1

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

21

1

1