Ajmera Realty Q3 FY26: Sales Surge 72% YoY to ₹1,431 Cr, Collections Double
Ajmera Realty reported a 72% YoY increase in sales to ₹1,431 Cr for 9M FY26. Q3 FY26 collections exceeded ₹300 Cr. The Wadala office project's GDV is revised to ₹5,300 Cr from ₹1,800 Cr. New business development projects worth ₹2,000 Cr were secured. Overall revenue visibility stands at ₹5,600 Cr.
The substantial increase in sales, record collections, and a significant upward revision in the GDV of a major project like Wadala are material developments that will likely have a high impact on investor perception and the company's financial trajectory.
The company reported record sales, strong collections, and significant upward revision in project GDV, indicating positive business performance and future outlook.
Ajmera Realty & Infra India Limited announced the transcript of their Earnings Call held on January 29, 2026, discussing the Un-audited Standalone & Consolidated Financial Results for the Quarter and Nine months ended December 31, 2025.
During the call, the company highlighted a strong operational performance for the first 9 months of FY26, achieving its highest ever sales of ₹1,431 crores, a 72% year-on-year increase. This performance was driven by the positive customer response to new launches. The company is poised to surpass its full-year guidance of ₹1,600 crores. Collections for Q3 FY26 also reached a record high of over ₹300 crores. A significant milestone was achieved with the occupation certificate for the Ajmera Eden project in Ghatkopar, delivered ahead of schedule.
New launches have shown promising traction. Ajmera Manhattan 2, Phase 2 in Wadala has sold over 40% of its inventory, and the commercial project Bandra 33Fifteen has sold 17%. The Ajmera Solis project at Vikhroli saw exceptional demand, with 84% of Phase 1 inventory sold within 48-60 hours of launch. The company attributes this success to its brand strength and asset-light strategy.
Financially, for 9M FY26, revenue stood at ₹664 crores, an 11% YoY growth. EBITDA and PAT were ₹196 crores and ₹99 crores, respectively, with healthy margins of 30% and 15%. The company maintained a robust financial position with a total debt of ₹754 crores and a debt-to-equity ratio of 0.58x.
Ajmera Realty announced a strategic revision to the master plan for its Boutique Office project in Wadala, significantly increasing the estimated carpet area from 6 lakh sq ft to 16 lakh sq ft. This revision is projected to raise the gross development value (GDV) from ₹1,800 crores to ₹5,300 crores. The total value of projects in Wadala is now estimated at ₹16,000 crores, expected to be unlocked over the next 4-5 years.
Additionally, the company secured new business development projects worth ₹2,000 crores, reinforcing its asset-light development strategy. The upcoming launch pipeline has an estimated GDV of ₹1,491 crores for FY26. The total revenue visibility stands at ₹4,098 crores, with an additional ₹1,500 crores from the upcoming pipeline, bringing the overall revenue visibility to approximately ₹5,600 crores.
During the Q&A, management discussed the revised Wadala project, expecting a launch in H1 FY27 with improved margins. The Kanjurmarg project's approvals are progressing, with a potential launch by Q1 FY27. Projects in Andheri and Ghatkopar have faced delays due to redevelopment negotiations and legal issues, respectively, with expected launches in the next financial year.
The company is open to partnerships for its Wadala project, aiming to enhance GDV and project value. The ultra-luxury residential project in Wadala is tentatively planned for launch beyond FY27, possibly in FY28. Discussions are ongoing with funds for potential partnerships on the Kanjurmarg land parcel, with details expected in FY27.
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