AMJ Land Holdings Ltd. (AMJLAND) AI Stock Analysis

• Market Cap: ₹1.71B
• Dividend Yield: 0.39%
• Average Volume (3M): 4.81K
• Price to Earnings (P/E): 8.1
• Beta (1Y): 1.37
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: IN
• Employees: 4
• Sector: Real Estate
• Sector Strength: 53
• Industry: Real Estate - Development
• EPS (TTM): 1.18
• Shares Outstanding: 41,000,000
• 10 Day Avg. Volume: 2,422
• 30 Day Avg. Volume: 4,813
• PEG Ratio: 0.11
• Price to Book (P/B): 0.85
• Price to Sales (P/S): 2.28
• P/FCF Ratio: 5.18
• 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: 73 Outperform
• Price Target: ₹46.00 ▼(-10.68% Downside)

The score is driven primarily by strong FY2025 financial performance and a very conservative balance sheet (debt reduced to zero), supported by a modest valuation (P/E ~10). Offsetting these positives, technical signals are mixed-to-weak with the price below key longer-term moving averages and a negative MACD, and the business shows historical cash flow and performance volatility.

Positive Factors

Zero Net Debt / Conservative Balance Sheet

Eliminating debt materially reduces financial risk and interest burden, increasing strategic optionality for land acquisition or project funding. A conservative capital structure improves resilience through cycles and lowers refinancing risk for the 2–6 month horizon and beyond.

Strong FY2025 Revenue and Margin Expansion

Substantial revenue growth alongside wide gross and net margins indicates improved project execution, pricing power, and cost control. If sustained, this supports durable profitability, higher cash generation and better internal funding of future developments over coming quarters.

Robust Cash Generation in FY2025

Strong operating and free cash flow that roughly equals net income demonstrates earnings quality and funds organic growth, dividends or buybacks without new borrowing. Reliable cash conversion enhances long-term flexibility for project timing and capital allocation.

Negative Factors

Historic Cash-Flow Volatility

Intermittent negative operating and free cash flows in prior years highlight execution and working-capital timing risk common in development cycles. This reduces predictability of available capital for new projects and can force opportunistic financing in adverse periods.

Earnings Variability from Development Cycle

Project-based revenue recognition and cycle timing drive uneven annual results, complicating forecasting and capital planning. Such variability undermines sustained margin visibility and can constrain consistent reinvestment or steady shareholder returns over medium term.

Moderate Return on Equity

ROE near 9% is an improvement but remains modest for a development firm, suggesting limited capital efficiency. Lower long-run returns may pressure management to choose between slower growth, higher leverage, or riskier projects to lift returns, affecting long-term strategy.

AMJ Land Holdings Ltd. Business Overview & Revenue Model

Company Description

AMJ Land Holdings Limited, together with its subsidiary, develops and leases real estate properties in India. It operates through Real Estate Business and Wind Power Generation segments. It operates 3 wind power plants with an aggregate generation capacity of 4.6 MW located at Satara and Sangli in Maharashtra. The company was formerly known as Pudumjee Pulp & Paper Mills Limited and changed its name to AMJ Land Holdings Limited in December 2017. AMJ Land Holdings Limited was incorporated in 1964 and is based in Mumbai, India.

How the Company Makes Money

AMJ Land Holdings Ltd. Financial Statement Overview

Summary

FY2025 showed sharply higher revenue growth (~41%), materially improved profitability (gross margin ~55%, net margin ~24%), and strong free cash flow (~₹375M). Balance sheet strength is a major positive with debt reduced to zero and solid equity levels. The main constraint on the score is historical volatility in earnings and cash flows, which reduces visibility typical for development businesses.

Income Statement

Revenue growth accelerated sharply in FY2025 (up ~41% vs. ~1% in FY2024), and profitability improved materially with higher gross margin (~55%) and strong net margin (~24%). EBIT margin also strengthened, supporting a healthier earnings profile. Offsetting this, results show some historical variability across years, which is common in real-estate development but still raises visibility risk around the sustainability of margins and growth.

Balance Sheet

Leverage is very low and improving: total debt fell from ₹150M in FY2024 to ₹0 in FY2025, taking debt-to-equity to 0. Equity is sizable (₹2.27B) relative to assets (₹2.69B), indicating a conservative capital structure. Return on equity improved to ~9.0% in FY2025 from ~6.2% in FY2024—solid, though not exceptional—suggesting the balance sheet is strong but returns could still be higher.

Cash Flow

Cash generation was strong in FY2025 with operating cash flow of ₹381M and free cash flow of ~₹375M, closely tracking net income (free cash flow roughly equal to earnings). However, cash flows have been volatile historically (including negative operating/free cash flow in FY2023 and FY2020), which adds execution and working-capital timing risk despite the current-year strength.

Breakdown	TTM	Dec 2025	Dec 2023	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	662.18M	850.35M	353.42M	564.59M	286.95M	112.06M
Gross Profit	379.24M	463.74M	168.21M	250.16M	111.99M	44.73M
EBITDA	338.55M	345.09M	129.02M	181.16M	143.39M	85.72M
Net Income	199.94M	204.67M	68.10M	110.96M	88.42M	44.25M
Balance Sheet
Total Assets	0.00	2.69B	1.80B	2.30B	1.77B	1.34B
Cash, Cash Equivalents and Short-Term Investments	892.64M	893.43M	240.91M	619.50M	207.00M	139.13M
Total Debt	0.00	0.00	50.00M	150.00M	73.18M	110.03M
Total Liabilities	-2.28B	414.07M	341.47M	498.12M	357.47M	192.18M
Stockholders Equity	2.28B	2.27B	1.46B	1.79B	1.41B	1.15B
Cash Flow
Free Cash Flow	0.00	374.78M	-75.63M	237.31M	90.17M	35.60M
Operating Cash Flow	0.00	381.00M	-57.69M	238.30M	98.00M	39.52M
Investing Cash Flow	0.00	-49.62M	-7.29M	-206.39M	42.53M	-25.91M
Financing Cash Flow	0.00	-177.48M	-40.80M	74.14M	-45.71M	-38.08M

AMJ Land Holdings Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
AMJLAND	73 Outperform	₹1.71B	8.13	―	0.39%	―	―
CORALFINAC	69 Neutral	₹1.41B	10.86	―	1.00%	―	―
ATALREAL	68 Neutral	₹3.01B	93.36	―	―	49.74%	-26.42%
Sector *	65 Neutral	$2.17B	12.19	3.79%	4.94%	3.15%	1.96%
RUCHINFRA	60 Neutral	₹1.41B	14.31	―	―	-3.62%	459.63%
RVHL	50 Neutral	₹2.71B	7.27	―	―	625.91%	―

AMJ Land Holdings Ltd. Corporate Events

AMJ Land Publishes Postal Ballot and E-Voting Notice for Shareholders

AMJ Land Holdings Limited has notified the stock exchanges that it has published a notice of postal ballot and remote e-voting information for its shareholders in The Financial Express (all editions) in English and Loksatta (Pune edition) in Marathi. The company has also made these advertisements available on its website, underscoring regulatory compliance with SEBI’s disclosure norms and ensuring wider shareholder awareness and participation in forthcoming shareholder decisions via postal ballot and e-voting.

AMJ Land Holdings Reports Strong Financial Results for Q2 2025

AMJ Land Holdings Limited has announced its financial results for the quarter and half-year ending September 30, 2025. The company reported a total income of Rs. 1,190.90 lakhs for the half-year, with a profit before tax of Rs. 881.13 lakhs. The total comprehensive income for the period was Rs. 2,035.97 lakhs, indicating a strong financial performance. The board meeting where these results were approved took place on November 1, 2025.