Ajmera Realty & Infra India Limited is a prominent real estate developer, established in 1968 and headquartered in Mumbai, India. The company, formerly incorporated as Shree Precoated Steels Limited, rebranded to Ajmera Realty & Infra India Limited in 2008. Specializing in township development, Ajmera Realty has a strong presence across the Mumbai Metropolitan Region (MMR) and Bangalore. To date, the company has successfully delivered over 46,000 homes, with an ongoing development pipeline of 1.3 million sq ft and an additional 1.7 million sq ft in the works. Its substantial land bank of 11.1 million sq ft offers significant potential for future projects. Ajmera Realty's operational network extends to local markets in Mumbai, Ahmedabad, and Bangalore, as well as an international project in Bahrain.
Ajmera Realty & Infra India Limited operates within the dynamic Indian real estate sector. As of May 30, 2025, the company's market capitalization stands at ₹3,169 Crore. For the trailing twelve months (TTM), its revenue was ₹818.37 Crore, with a net profit of ₹126 Crore. The company exhibits a Price-to-Earnings (P/E) ratio of 25.16 times and a Price-to-Book (P/B) ratio of 2.63 times as of May 30, 2025. Its Return on Equity (ROE) is reported at 11%, with a Debt-to-Equity ratio of 88% (though this is noted to have been reduced to 0.55x in FY25).
For the full financial year 2024–25, Ajmera reported a 6% year-on-year rise in revenue to ₹753 Crore, compared to ₹708 Crore in FY24. Its net profit also saw a significant increase of 22% year-on-year, reaching ₹126 Crore in FY25. The company achieved its pre-sales figures totaling ₹1,080 Crores and maintained an efficient sales collection rate of ₹646 Crores.
In the fourth quarter of FY25, Ajmera reported an 18% year-on-year drop in consolidated profit after tax (PAT) to ₹24 Crore, down from ₹29 Crore in the corresponding period of the previous year. Revenue from operations also declined by 34% year-on-year to ₹154 Crore, from ₹234 Crore in Q4 FY24. This decline in performance was attributed to weaker sales value and collections during the quarter. Ajmera's sales value in Q4 fell 13% year-on-year to ₹250 Crore, while collections declined 8% to ₹182 Crore.
• Market Capitalization: ₹ 3,169 Cr (as of 30-May-2025)
• Revenue (TTM): ₹ 818.37 Cr
• Net Profit (TTM): ₹ 126 Cr
• P/E Ratio: 25.16 times (as of 30-May-2025)
• P/B Ratio: 2.63 times (as of 30-May-2025)
• Return on Equity: 11%
• Debt to Equity: 88% (reduced to 0.55x in FY25)
• Promoter Holding: 68.23% (as of Mar 2025)
The company's operations are structured across two primary segments: Construction and Renewable Energy. Ajmera Realty focuses on premium developments, catering to both luxury and mid-luxury segments within the residential real estate market. The company possesses significant development potential on its balance land parcels, particularly at Ajmera I-Land, Bhakti Park, Wadala, and in Central Mumbai.
Its strategic positioning in the premium real estate market is reflected in its project portfolio, which includes luxury residential towers and commercial developments. Notable projects include Ajmera Aeon, Zeon and Treon; Ajmera Greenfinity; Ajmera Sikova; Ajmera Nucleus; Ajmera Lugaano; Ajmera Florenza; Casa Vyoma, and Ajmera Enigma.
Ajmera Realty & Infra India (ARIIL) recently achieved a significant milestone by receiving the Occupation Certificate (OC) for its luxurious residential project, Ajmera Prive, on May 16, 2025. This project is situated in the upscale Juhu neighborhood of Mumbai and was launched in October 2022. The Company is on track to hand over possession to homebuyers more than a year ahead of the RERA-mandated completion date of June 2026, demonstrating efficient execution from launch to completion.
The inventory of recently launched projects, Ajmera Iris and Ajmera Vihara, has shown strong sales traction. Ajmera Iris recorded 47% sales, while Ajmera Vihara achieved 61% sales during the first 9 months of FY25. This performance highlights the significant contribution of new launches in driving overall sales within the company's portfolio.
Ajmera Realty has strategically expanded its project pipeline by adding three new projects, covering approximately 7 lakh sq ft. These new developments have an estimated Gross Development Value (GDV) of Rs 2,300 crore. The expansion includes a mix of organic growth, outright land acquisitions, and society redevelopment initiatives, aligning with the company's robust growth strategy.
The company has demonstrated a strong commitment to financial prudence, evidenced by a 15% reduction in its debt to ₹662 Crore in FY25. This strategic debt reduction has successfully lowered the debt-to-equity ratio to 0.55x. "Supported by healthy operating cash flow and successful equity raised, we strategically reduced debt by 15 per cent, thereby fortifying our balance sheet," stated Ajmera. This focus on debt management positions the company for future expansion while maintaining a stable financial foundation.
Ajmera Realty & Infra India Ltd. holds a substantial land bank valued between INR 40,000 and INR 42,000 Crores, which is a key asset for its future growth. The company plans to launch new projects that are expected to significantly enhance revenue visibility and operational performance. Its ambitious "5x growth strategy" is actively progressing, underscoring its dedication to aggressive expansion and market leadership.
The Chairman and Managing Director of Ajmera Realty & Infra India Ltd. is Rajnikant S Ajmera. As of March 2025, the promoter holding in the company stood at 68.23%, a decrease from 74.20% recorded in September 2024.
Ajmera Realty is well-positioned to capitalize on the robust growth observed in India's real estate sector, fueled by strong demand and supportive government policies, particularly in the luxury housing and ready-to-move-in segments. While the company may encounter regulatory challenges or legal issues on specific projects, management maintains an optimistic outlook for resolving these hurdles and adhering to project timelines. The company's diversified project portfolio across multiple cities, strong execution capabilities, and strategic emphasis on debt reduction position it favorably for future expansion within India's evolving real estate market. Investors are advised to monitor the company's ongoing sales momentum and its effectiveness in managing regulatory challenges.
