Ajmera Realty & Infra India Ltd (AJMERA) Q2FY27 Concall Transcript - Sep-2026 Qtr
Moderator: Ladies and gentlemen, good day, and welcome to Ajmera Realty & Infra India Limited Q2 FY24 Earnings Conference Call. As a reminder, all participant lines will be in the listen-only mode,
Moderator: Ladies and gentlemen, good day and welcome to the Ajmera Realty and Infra India Limited Q2 and H1 FY '27 earnings conference call. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touch-tone phone. Please note that this conference is being recorded. I would now hand the conference over to Mr. Mohit Parwani from Ajmera Realty and Infra Limited. Thank you, and over to you, sir.
Mohit Parwani (Ajmera Realty and Infra India Limited): Good evening, everyone. And a warm warm welcome warm welcome to you all. On behalf of the company, I would like to thank you for participating in Ajmera Realty and Infra Infra India Limited earnings call for the quarter ended 30th September 2026. The call will commence with opening remarks by our Director of Corporate Affairs, Mr. Dhaval Ajmera, and will be followed by the business performance discussion by our CFO CFO, Mr. Nitin Bavishi. We have already shared the operation update for the quarter in the second week of October 2026. The investor presentation and the press release based on the financial results adopted by the board have been uploaded on the stock exchange website and can be downloaded from our company website. Please do note that some of the statement in today's discussion may be forward-looking in nature, reflecting the company outlook and may involve certain risks and uncertainties that the company may face. I would now like hand over the call to our Director of Corporate Affairs, Mr. Dhaval Ajmera. Thank you and over to you, sir.
Dhaval Ajmera (Ajmera Realty and Infra India Limited): Thank you. Good evening, everyone, and thank you for joining us today. I hope you are all doing well. And I would like to begin our conference call with giving you an overall economic development and review about the real estate sector which is happening in India, and followed by some updates of our company, after which the financial numbers and everything will be told by our CFO in detail. The real estate sector, I would say, is resiliently doing well primarily in the city of Mumbai, and which is evident from the latest reports of the registrations which are happening. And also looking at the overall sector, if I have to look across India, I mean, we've we've witnessed a good number of you know, sales still steadily happening as in in the overall market. The like primarily major cities, I would say, like Mumbai, Bangalore, where we also operate in these cities have seen a great, positive response. We are also witnessing a contributed preference for premium and lifestyle-oriented housing with the home priced above INR 1 crore accounting for a growing share of the overall sales. We believe that this trend presents opportunities for developers with established brands and distinct offerings. I mean, this is a great time for at least developers like us who's been in this business, and and there has been a good demand for such products. The commercial market, if I have to say, is been very, very hot. They are seeing a great you know, response in leasing, in in you know, outright and even primarily coming from a lot of GCC players. And also we are looking at you know, all Grade A offices, wherever, however they are being announced, we're seeing a good response coming in this asset class. Today demand for commercial has been pretty decent. At the same time, the interest rate environment remains an important factor for the sector, as we all know. In its October policy, RBI raised the repo rate by 25 basis point, citing to inflationary pressure pressure alongside resilient economic growth. While the impact on home loan cost and affordability will be still monitored, we believe there will be some pressure coming, but you know, underlying demand for housing and quality housing continues to grow. So I think it should not have too much of an impact, unless there is a larger growth of interest rates. Looking ahead, I'm confident that the long-term perspective of the Indian real estate sector is looking promising with good demand in quality housing and obviously, with well-connected locations. We at Ajmera Realty are focused on disciplined execution
Dhaval Ajmera (Ajmera Realty and Infra India Limited): prudent capital allocation and timely project launches with market demand. Our priority remains to build on this foundation to drive sustainable growth and long-term value for our stakeholders. Let me take you for our ongoing projects and just to give you some updates about few projects, what how has it performed over the last one quarter. Our flagship project, Ajmera I-Land and obviously the project underneath the underneath that, Ajmera Manhattan 1, which has achieved 95% sales and you know, work for MEP and finishing is going pretty progressively steady. We are gearing up for its possession next year, so working towards that. Ajmera Manhattan 2, our second project in Wadala is also giving a very is going great. We've sold about 56% of its inventory and the work is at excavation level and raft works are in progress. We are hoping to see a great run of that development also coming soon. Next one at Wadala, Ajmera Greenfinity second phase has also achieved 94% plus sales and it is soon towards completion, and we are hoping to have the occupation certificate coming very soon, hopefully in the next few days. And the Ajmera Vihara in Bhandup has achieved 84% sales and with RCC work is going all across the project. And rehabilitation wings are also been under completion in in that project. Ajmera Solis, which saw a great run for sales on the phase one where we have, you know, 87% of its inventory has been sold while excavation and building raft worked are still underway. So, this all shows that even though we are still, you know, about to complete or we are under progress of foundation or in or probably some slab completion, but we are still having a great run of inventory sales happening in most of our projects. Our commercial project 33/15 in Bandra has also seen a positive response with its quarter this quarter where 25% of its inventory sold while we are still under excavation work in that project as well. Our our premium offer, the Luxury Collection 1 by Ajmera has seen 4% sales across while shoring and piling works and excavation works are underway. In Bangalore, which is our mid-market housing portfolio, it is continuing to perform well. Ajmera Iris has achieved about 94% sales with finishing works underway and hoping to get a you know, occupation certificate of that project also very soon. Ajmera Marina has seen a 76% sales with construction progressing well up to eighth floor slabs out of the 21. So, that's also been progressing good. So, overall, a good run into excavation of different projects and execution of different projects in different places. I would now like to hand over this call to our CFO, Mr. Nitin Bavisi, who will take you through the financial and operational highlights. Thank you, everyone.
Nitin Bavishi (Ajmera Realty and Infra India Limited): Thank you. Very good evening to you all, and thank you for joining us for this conference call for Q2 and H1 FY '25. Before we move on to the Q&A session, allow me to summarize the consistent operational and financial performance, what we have delivered. Coming to the operational performance, company has continued to witness sustained sales momentum during Q2 FY '25, recording sales of 224 crore representing carpet area of 72,883 square feet along with collections of 190 crore. For H1 '25, the company has achieved 375 crore representing total carpet area of 1,16,620 square feet with collections of 363 crore. Notably, H1 FY '25 sales were achieved through sustained sales, reflecting consistent customer demand across our on company's ongoing projects. Coming to the financial numbers, and which is quite growth-oriented and fulfilling. Total revenue for Q2 FY '25, 320 crore, 45% YoY from 221 crore in Q2 FY '24, driven by continued project execution. EBITDA grew 40% YoY to 84 crore from 60 crore last year.
Nitin Bavishi (Ajmera Realty and Infra India Limited): 1 FY '27, total revenue at 639 crore, which is 33% YoY increase from 481 crore in H1 FY '26. EBITDA grew 28% YoY to 178 crore from 139 crore in HY H1 FY '26 with EBITDA margin of 28%. PAT at 93 crore, which is 32% YoY from 71 crore in H1 FY '26 with PAT margin at 15%. Additionally, 3315, the Bandra commercial project, achieved revenue recognition this quarter due to fast track execution and exceptional cus- customer response since its launch. During the quarter, we reduced our debt by 34 crore to 646 crore, may- marking the second consecutive quarter of debt reduction, which is consistent over YoY, year on year. This reflects our continued progress in deleveraging, with debt declining from 793 crore in September 2024 to 646 crore in September 2026. Consequently, debt-equity ratio at 0.44x as on 30th September 2026. Additionally, for the first time, the company's weighted average cost of debt declined be- below 11%, reaching 10.75% per annum in Q2 FY '27, reflecting our improving credit profile and disciplined financial management. We remain focused on disciplined debt management with asset monetization and prudent financial management supporting our continued deleveraging journey. Our revenue visibility remains very healthy, supported by strong sales from our ongoing and OC-received projects. Revenue visibility from this project stands at 3,510 crore, comprising 1,050 550 crore from committed sales, on which the sales performance has already been achieved, and 1,960 crore from which is the inventory to sell and recognize the revenue as we move forward. In addition, our com- upcoming launch pipeline, which is also expected to generate about 7,008 crore, taking our overall revenue visibility more than 10,500 crore, which is also providing a very solid foundation for our sustained financial growth on the P&L side. Estimated cash flow potential pre-tax, post-debt from ongoing projects, upcoming projects, and other cash generation avenues is estimated about 3,900-plus crores over the lifecycle of the projects. With this concise summary of our business highlights and financial performance, I now invite your questions and look forward to further interaction. Thank you.
Moderator: Thank you very much. We will now begin the question-and-answer session. Anyone who wishes to ask a question may press star and one on their touchtone telephone. If you wish to remove yourself from question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we'll wait for a moment while the question queue assembles. The first question is from the line of Darshit Doshi from Whitestone Financial Advisors. Please go ahead.
Darshit Doshi (Whitestone Financial Advisors): Yeah. Hi. Good evening, sir. So congratulations for a consistent performance on the execution side. So my first question is, you know, related to the Kanjurmarg. So, in our previous call, during Q1 concall, you have mentioned that, you know, we are, hopefully we should complete some strategic tie-up for seven-acre plot in two, three months. So, if you can update, on that part and also the land conversion part.
Dhaval Ajmera (Ajmera Realty and Infra India Limited): So, you know, we've been talking to few people, and, there has been a consistent talk which is happening. But, obviously, they we are, all awaiting to see the, conversion thing happening, and even so are the strategic partners. While we are pushing ourselves within the, system to ensure that we get this conversion happening, and we are still absolutely hopeful and knowing that this will happen, but, you know, with time is just, getting a little bit here and there. But, maybe happening in a quarter or the next quarter also, something like that, or probably two quarters. But, the efforts and performance to convert is the primary thing where we are putting our best bids on.
Darshit Doshi (Whitestone Financial Advisors): So, as per our
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