Company Update : Anant Raj Ltd by Motilal Oswal Financial Services Ltd
Strong financials backed by growth in real estate and data centers
Operational highlights
* Real Estate: The company has received additional approvals and is in the advanced stages of launching its luxury high-rise residential project, The Estate One, located on Golf Course Extension Road, Sector-63A, Gurugram. The project spans 5.1 acres with a total development area of approximately 1.1msf.
* Phase-N of Anant Raj Estate has commenced at Golf Course Extension Road, Sector-63A, Gurugram, covering 6.075 acres with a development potential of around 0.5msf, adding further value to The Estate Apartments and The Estate Floors.
* Approvals for Group Housing-3, spread over 5.21 acres, are progressing as planned and are expected to be received by 4QFY26.
* Project Navya is expected to begin Phase-2 deliveries from Dec’25, while deliveries at Ashok Estate, comprising 1.34msf, are nearing completion.
* Data Centers: The capacity expansion at Manesar and Panchkula has strengthened the company’s presence in the data center business, with both facilities designed to function as mutual data center and disaster recovery (DR) sites.
* Anant Raj Cloud, a wholly owned subsidiary, is leading the expansion of data center, colocation, and cloud services across Manesar, Rai, and Panchkula, targeting a total IT load of 117MW by FY28, with full capex funding already secured.
* Data center expansion at Rai, Sonipat, has commenced, with an initial capacity of 20MW IT load and a total planned capacity of around 200MW.
* The company has successfully completed a QIP of INR11b to support its growth plans, receiving strong participation from both foreign portfolio investors (FPIs) and domestic institutional investors (DIIs).
* The company is net cash positive and has also prepaid INR1.3b of debt.
Performance highlights
* In 2QFY26, revenue came in at INR6.3b, up 23% YoY/6% QoQ (18% above estimates). In 1HFY26, revenue came in at INR12.2b, up 24% YoY.
* EBITDA was at INR1.7b, up 49% YoY/11% QoQ (11% below estimates). EBITDA margin stood at 26.6%, up 4.6pp YoY. In 1HFY26, EBITDA was at INR3.2b, up 48% YoY. EBITDA margin stood at 26%, up 4.1pp YoY.
* Adj. PAT was at INR1.4b, up 31% YoY/10% QoQ (12% above estimates). PAT margin was at 22%, up 1.3pp YoY. In 1HFY26, adj. PAT was at INR2.6b, up 34% YoY. PAT margin was at 21.6%, up 1.6pp YoY.
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