Ajmera Realty & Infra India Ltd (AJMERA) AI Stock Analysis

• Market Cap: ₹23.17B
• Dividend Yield: 0.47%
• Average Volume (3M): 3.17K
• Price to Earnings (P/E): 37.0
• Beta (1Y): 1.92
• Revenue Growth: -1.25%
• EPS Growth: -5.48%
• Country: IN
• Employees: 305
• Sector: Real Estate
• Sector Strength: 53
• Industry: Real Estate - Development
• EPS (TTM): 1.30
• Shares Outstanding: 196,795,650
• 10 Day Avg. Volume: 2,920
• 30 Day Avg. Volume: 3,173
• PEG Ratio: 1.48
• Price to Book (P/B): 2.71
• Price to Sales (P/S): 4.43
• P/FCF Ratio: 1.70K
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 56 Neutral
• Price Target: ₹129.00 ▼(-87.15% Downside)
• Action: Reiterated Date: 02/03/26
• Date: Action: Reiterated 02/03/26

The score is primarily supported by strong profitability and revenue growth, but is held back by weakened cash flow generation and leverage risk. Technicals are the biggest near-term negative, with a clear downtrend despite oversold readings. Valuation is only moderate due to a P/E of 25 and a low dividend yield.

Positive Factors

Profitability & margins

Healthy and sustained operating and profitability margins indicate efficient project execution and pricing power. Margins near 30%+ on EBIT/EBITDA and double-digit net margin support internal funding capacity and resilience to cost pressures across development cycles, aiding durable cash generation when sales pace is steady.

Improving leverage and ROE

Reported reduction in total debt and a higher equity ratio alongside rising ROE signal progress in capital structure management. Gradual deleveraging increases financial flexibility, lowers refinancing vulnerability and supports sustainable returns to shareholders over multiple quarters as the company monetizes projects.

Established developer business model

A core development model focused on residential sales and contract-stage revenue recognition provides predictable revenue levers: project launches, pre-sales and construction milestones. This repeatable model allows phased cash conversion and the ability to structure JV or sale arrangements, supporting durable revenue generation over project cycles.

Negative Factors

Weak operating cash flow

A sharp fall in operating cash flow and near-zero free-cash-flow-to-net-income constrain the firm's ability to self-fund ongoing construction and new project launches. Persistent weak cash conversion forces reliance on external financing, increasing vulnerability to higher financing costs and slowing organic growth over the medium term.

Remaining leverage risk

Although leverage metrics have improved, elevated absolute debt levels maintain refinancing and interest-rate sensitivity. In a capital-intensive industry such debt can limit strategic flexibility, pressure margins if funding costs rise, and necessitate asset monetization or slower project pacing during adverse market conditions.

Execution & approval dependence

The business is structurally exposed to project execution, regulatory approvals and sales timing. Delays or weaker presales directly defer revenue recognition and cash inflows, magnifying working capital needs. This operational dependency creates persistent execution risk that can materially affect multi-quarter performance.

Ajmera Realty & Infra India Ltd Business Overview & Revenue Model

Company Description

Ajmera Realty & Infra India Limited, together with its subsidiaries, engages in the real estate development business in India, the United Kingdom, and Bahrain. It undertakes residential and commercial construction projects. The company was incorporated in 1985 and is based in Mumbai, India.

How the Company Makes Money

Ajmera Realty & Infra India Ltd primarily makes money through real estate development: it acquires or ties up land (through purchase, joint development, or redevelopment arrangements where applicable), develops projects, and generates revenue by selling completed units (e.g., apartments) and/or recognizing revenue from customer contracts as construction progresses in accordance with applicable accounting practices. Key revenue streams typically include (1) proceeds from sale of residential units and other developed real estate within its projects, and (2) income related to project execution and allied real estate activities connected to development and delivery (to the extent reported by the company). Project cash flows are driven by launch timing, sales velocity, pricing, construction progress, and the ability to secure approvals and complete projects on schedule. Specific details on material partnerships, project-wise revenue mix, or other significant income streams: null.

Ajmera Realty & Infra India Ltd Financial Statement Overview

Summary

Strong revenue growth and healthy profitability (2025 gross margin ~36.5%, net margin ~17.1%, EBIT/EBITDA margins ~31.2%) support the score. Balance sheet leverage is improving but still a risk, and cash flow is the main constraint due to a sharp drop in operating cash flow and very low free-cash-flow-to-net-income (0.015).

Income Statement

Ajmera Realty & Infra India Ltd has shown solid revenue growth over the years, with a significant increase in total revenue from 2024 to 2025. The gross profit margin for 2025 is approximately 36.5%, indicating strong profitability. The net profit margin has improved to 17.1% in 2025, reflecting efficient cost management and increased profitability. The EBIT and EBITDA margins are also healthy, both at 31.2% in 2025, showing strong operational efficiency. However, the reduction in gross profit margin from 2024 to 2025 suggests rising cost of goods sold, which could be a concern if it continues.

Balance Sheet

The company's debt-to-equity ratio has improved, with a decrease in total debt, indicating better financial leverage management. However, the equity ratio stands at 53.5% for 2025, which is decent but suggests potential leverage risks. The return on equity (ROE) has increased to 10.4% in 2025, signaling improved profitability for shareholders. The balance sheet reflects a stable financial position, but the relatively high debt level remains a risk.

Cash Flow

Ajmera Realty & Infra India Ltd experienced a significant drop in operating cash flow in 2025 compared to 2024, which is a concern for liquidity. The free cash flow to net income ratio is positive but low at 0.015 in 2025, indicating limited cash flow generation relative to earnings. The free cash flow growth rate is negative, which could impact future investment capabilities. Overall, the cash flow position requires improvement to support growth and reduce financial pressure.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	8.22B	7.38B	7.00B	4.31B	4.83B	3.47B
Gross Profit	2.75B	2.70B	3.56B	1.42B	2.03B	1.71B
EBITDA	2.51B	2.31B	2.09B	1.34B	1.23B	1.00B
Net Income	1.28B	1.26B	1.03B	715.00M	453.86M	301.76M
Balance Sheet
Total Assets	23.25B	22.55B	19.63B	19.22B	20.18B	18.97B
Cash, Cash Equivalents and Short-Term Investments	1.01B	1.33B	1.27B	492.97M	374.80M	438.83M
Total Debt	6.52B	6.76B	8.08B	8.44B	9.95B	7.77B
Total Liabilities	9.43B	9.31B	9.70B	10.28B	12.07B	11.31B
Stockholders Equity	12.61B	12.07B	8.66B	7.74B	7.10B	6.65B
Cash Flow
Free Cash Flow	426.90M	19.20M	2.17B	1.33B	-659.81M	1.79B
Operating Cash Flow	427.40M	75.30M	2.20B	1.37B	-636.12M	2.01B
Investing Cash Flow	67.10M	28.50M	-717.46M	-469.70M	285.43M	-94.88M
Financing Cash Flow	-794.60M	-153.90M	-973.22M	-861.50M	332.56M	-1.75B

Ajmera Realty & Infra India Ltd Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 1004.20
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Positive
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:AJMERA, the sentiment is Negative. The current price of 1004.2 is above the 20-day moving average (MA) of 130.83, above the 50-day MA of 152.30, and above the 200-day MA of 181.22, indicating a bearish trend. The MACD of -8.78 indicates Negative momentum. The RSI at 29.58 is Positive, neither overbought nor oversold. The STOCH value of 33.92 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:AJMERA.

Ajmera Realty & Infra India Ltd Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	65 Neutral	$2.17B	12.19	3.79%	4.94%	3.15%	1.96%
ARVSMART	63 Neutral	₹24.54B	23.57	―	0.98%	13.62%	34.30%
MARATHON	62 Neutral	₹25.57B	28.99	―	0.19%	-21.43%	18.96%
KOLTEPATIL	57 Neutral	₹29.11B	195.93	―	1.01%	3.05%	―
AJMERA	56 Neutral	₹23.17B	36.99	―	0.47%	-1.25%	-5.48%
ASHIANA	56 Neutral	₹30.04B	12.74	―	0.85%	24.58%	122.16%
HUBTOWN	55 Neutral	₹28.19B	39.33	―	―	64.29%	―

Ajmera Realty & Infra India Ltd Corporate Events

Ajmera Realty Schedules Virtual Meet With HSBC Mutual Fund

Ajmera Realty & Infra India Ltd has announced the schedule of an upcoming interaction with market participants under SEBI’s listing and disclosure regulations. The company will hold a virtual one-on-one meeting with HSBC Mutual Fund on Friday, March 6, 2026, as part of its regular analyst and institutional investor engagement, with the company noting that the schedule may change if required by either party.

Ajmera Realty Completes Five-for-One Stock Split, Updates Share Capital Structure

Ajmera Realty & Infra India Ltd has completed a sub-division of its equity shares, splitting each fully paid share of face value Rs 10 into five fully paid shares of face value Rs 2, with the new shares credited under a new ISIN by NSDL and CDSL. Following this split, the company’s authorised share capital has increased from 15,00,00,000 shares of Rs 10 to 75,00,00,000 shares of Rs 2, and its subscribed, issued and paid-up share capital has expanded from 3,93,59,130 shares of Rs 10 to 19,67,95,650 shares of Rs 2, a move typically aimed at improving liquidity and affordability of the stock for investors.

Ajmera Realty Posts Record 9M FY26 Sales of ₹1,431 Crore on Strong Q3 Launch Momentum

Ajmera Realty & Infra India Ltd reported its highest-ever nine-month sales for FY26, booking ₹1,431 crore in 9M FY26, a 72% year-on-year rise, on sales volume of 5,55,991 sq ft and collections of ₹787 crore, up 70% year-on-year, underscoring strong operational momentum and cash flow visibility. In Q3 FY26, driven by the highly successful launch of Ajmera Solis in Vikhroli, where 84% of Phase 1 inventory was absorbed post launch, the company’s sales value surged 123% year-on-year to ₹603 crore, sales area grew 59% to 2,62,975 sq ft, and collections nearly doubled to ₹333 crore, positioning the developer to exceed its annual sales guidance and accelerate project launches, execution, and balance-sheet deleveraging.