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

• Market Cap: ₹26.71B
• Dividend Yield: 0.47%
• Average Volume (3M): 3.17K
• Price to Earnings (P/E): 22.4
• Beta (1Y): 2.10
• 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: ₹140.00 ▼(-86.06% Downside)

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

Strong Profitability

High and broad-based margins indicate durable operational efficiency in project execution. Sustained profitability supports internal funding for new developments, cushions against construction cost inflation, and enhances ability to deliver shareholder returns across real estate cycles.

Improving Leverage

Reduction in total debt alongside a rising ROE reflects better balance sheet management and improved capital efficiency. Lower leverage enhances refinancing flexibility and reduces solvency risk, enabling the company to pursue new projects and partnerships with fewer constraints.

Revenue Expansion

Year-over-year revenue growth signals demand and execution strength in project sales. Durable top-line expansion improves scale economics, supports presales-driven project funding, and increases the company's capacity to invest in pipelines and absorb fixed development costs.

Negative Factors

Weak Cash Conversion

A sharp decline in operating cash flow and almost negligible free-cash-flow-to-net-income indicate poor cash conversion. This raises reliance on external financing for construction, constrains reinvestment, and increases liquidity and execution risk over multiple quarters.

Residual Leverage Risk

While leverage has improved, the company still carries notable debt that poses refinancing and interest-rate exposure. Elevated indebtedness can raise fixed financial costs, limit capacity for new launches, and increase vulnerability during tighter credit conditions.

Declining EPS

A negative EPS growth rate signals pressure on reported earnings versus the prior period. Persistent EPS decline can reduce retained earnings for reinvestment, weaken investor confidence, and may reflect margin, volume, or cost issues that affect medium-term profitability.

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 generates revenue primarily through the sale and lease of residential and commercial properties. The company's revenue model is built on various key streams, including direct sales of residential units, rental income from commercial properties, and project development services. Additionally, AJMERA may engage in joint ventures and collaborations with other developers and infrastructure firms, which can provide substantial income through profit-sharing arrangements. The company's focus on strategic partnerships and its ability to navigate the real estate market effectively contribute significantly to its earnings, allowing it to capitalize on growing demand in urban areas.

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	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	8.03B	7.38B	7.00B	4.31B	4.83B	3.47B
Gross Profit	2.89B	2.70B	3.56B	1.42B	2.03B	1.71B
EBITDA	2.56B	2.31B	2.09B	1.34B	1.23B	1.00B
Net Income	1.33B	1.26B	1.03B	715.00M	453.86M	301.76M
Balance Sheet
Total Assets	0.00	22.55B	19.63B	19.22B	20.18B	18.97B
Cash, Cash Equivalents and Short-Term Investments	1.33B	1.33B	1.27B	492.97M	374.80M	438.83M
Total Debt	0.00	6.76B	8.08B	8.44B	9.95B	7.77B
Total Liabilities	-13.23B	9.31B	9.70B	10.28B	12.07B	11.31B
Stockholders Equity	13.23B	12.07B	8.66B	7.74B	7.10B	6.65B
Cash Flow
Free Cash Flow	0.00	19.20M	2.17B	1.33B	-659.81M	1.79B
Operating Cash Flow	0.00	75.30M	2.20B	1.37B	-636.12M	2.01B
Investing Cash Flow	0.00	28.50M	-717.46M	-469.70M	285.43M	-94.88M
Financing Cash Flow	0.00	-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: Positive
• RSI: Neutral
• 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 166.54, above the 50-day MA of 183.82, and above the 200-day MA of 184.85, indicating a bearish trend. The MACD of -12.62 indicates Positive momentum. The RSI at 34.01 is Neutral, neither overbought nor oversold. The STOCH value of 27.63 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%
MARATHON	64 Neutral	₹33.96B	12.21	―	0.19%	-21.43%	18.96%
ARVSMART	63 Neutral	₹24.20B	26.08	―	0.98%	13.62%	34.30%
KOLTEPATIL	57 Neutral	₹32.45B	42.91	―	1.01%	3.05%	―
AJMERA	56 Neutral	₹26.71B	22.35	―	0.47%	-1.25%	-5.48%
ASHIANA	56 Neutral	₹29.18B	40.81	―	0.85%	24.58%	122.16%
HUBTOWN	55 Neutral	₹29.07B	22.53	―	―	64.29%	―

Ajmera Realty & Infra India Ltd Corporate Events

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.

Ajmera Realty Extends Rs. 75 Crore Corporate Guarantee for Subsidiary

Ajmera Realty & Infra India Ltd has announced that its Finance and Investment Committee has approved a corporate guarantee for Rs. 75 crore in favor of Catalyst Trusteeship Limited, benefiting Axis Bank Limited. This guarantee is for a credit facility availed by its wholly-owned subsidiary, Shree Yogi Realcon Private Limited. The move is part of the company’s financial strategy to support its subsidiary’s operations, with no immediate impact on Ajmera Realty’s financial statements beyond disclosure requirements.

Ajmera Realty Reports Strong H1 FY26 Performance with 20% Revenue Growth

Ajmera Realty & Infra India Ltd. reported a significant financial performance for the first half of FY26, with a 20% increase in revenue and a 48% rise in presales, driven by strong demand for new launches. The company launched two major projects, Ajmera Manhattan 2 and Thirty3.15, which have been well-received in the market. With a robust project pipeline and a healthy debt-to-equity ratio, Ajmera Realty is poised for continued growth, planning further expansions in both office and uber-luxury residential spaces. The outlook for development in Wadala remains strong, with significant sales value expected from upcoming projects.