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Beats estimates, DC business scaling up

Operational highlights

* Real Estate: Anant Raj launched a new version of independent floors under the brand "The Estate Apartments" at Anant Raj Estate, Sector 63A, Gurugram. The offering received a strong customer response, reaffirming market confidence in the brand and its product.

* The company secured approvals and commenced development of a Community Center and Commercial Tower at its "Ashok Estate" project in Sector 63A, Gurugram, with total area of 0.16msf.

* Preparations for the Group Housing-2 project at Anant Raj Estate, Sector 63A, Gurugram, with a planned area of 1.09msf are in advanced stages and the project is expected to launch soon.

* Data centers: The second data center facility at Panchkula is being operationalized, with a special event titled "BHARAT BUILT: Soil to Server" scheduled for 1st-2nd Aug’25, to showcase the expanded capacities at both Manesar and Panchkula.

* This development enhances the company’s presence in the data center space, with both sites capable of functioning as data center and disaster recovery units for each other.

* Integration of cloud services across the Panchkula and Manesar facilities has commenced, in collaboration with Orange Business as the technical partner.

* The company has secured a major private sector client for colocation and cloud services at its Manesar facility, with an estimated IT load capacity of ~3 MW, supplementing its existing client base

Performance highlights

* In 1QFY26, revenue came in at INR5.9b, up 26% YoY/10% QoQ (35% above our estimate).

* EBITDA was at INR1.5b, up 46% YoY/6% QoQ (in line with est.). EBITDA margin stood at 25.4%, up 3.6pp YoY.

* Adj PAT was at INR1.3b, up 38% YoY/6% QoQ (23% above estimate). PAT margin was at 21%, up 2pp YoY.

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