Announcement
Announcement under Regulation 30 (LODR)-Memorandum of Understanding /Agreements 7 Oct - Anant Raj Cloud and Orange Business signed Haryana MoU to market cloud/data centre services globally, supporting 307 MW plans.
Source: Bse
Anant Raj Limited (ANANTRAJ)
Small CapReal Estate stocks · Small cap · NSE
Anant Raj Limited is an Indian real estate developer with 5 decades of experience, primarily in Delhi-NCR. It has diversified into Data Centers & Cloud Services, with 28 MW operational capacity. The company holds ~320 acres of prime, debt-free land in Delhi-NCR and focuses on residential, commercial, and hospitality projects.
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm ISTDetails
Quote21 Oct, 03:31 pm IST
Base fundamentals20 Oct 2026 · screener
Latest result16 Aug, 12:38 am IST
Score22 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Real Estate P/E 22.2 (n=72)
Technical timing lens
Trend score and candlestick chart
38BearishSMA20 -4.9% / mo · RSI oversold · MACD − · sector -5.2pp vs Nifty 500 (3M)
Stock trend: 33
Sector RS: 45
Sector 3M: -10.8% vs Nifty 500 -5.6%
Real Estate FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
ANANTRAJD candles · FIT view-3.8%Latest close ₹481.65 on 2026-10-21
Bar
-3.5%
RSI
22
MACD hist
-11.37
52W pos
31%
2026-10-21O ₹498.95H ₹510.50L ₹478.10C ₹481.65Vol 20.9L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
ANANTRAJNifty RealtyNifty 500
- ANANTRAJ
- -20.9%
- Nifty 500
- -6.5%
- Nifty Realty
- -13.1%
- Vs Nifty 500
- -14.4 pp
Chart stats
21 Oct 2026- From 52W high
- -31.2%
- 52W range position
- 26%
- ATR (14)
- 4.7%
- Volume vs 20D
- 1.31x
- Avg traded value
- ₹95.8 Cr
- 20D price channel
- ₹478.1 - ₹636
₹700
₹403 - ₹700
₹22.6
Latest completed session
20-session average
40.8% annualized volatility
Research snapshot
What the evidence says now
Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · FAIR VALUE47
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Average50
Revenue +6.6% · PAT +18.3% YoY
Technical
Bearish38
Price trend and sector-relative-strength timing.
Valuation
Legacy model+11.1%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence75
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Average · 50/100Rev +7% YoY · PAT +18% YoY · margin expansion · operating leverage
Filed 30 Jun 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹631 Cr | +6.6% | -2.5% |
| EBITDA | ₹183 Cr | +21.2% | +9.6% |
| Operating margin | 29.0% | +400 bps | +300 bps |
| PAT | ₹149 Cr | +18.3% | +0.0% |
| PAT margin | 23.6% | +233 bps | +58 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 31.00
- P/B
- 3.09
- EV/EBITDA
- 24.95
- Market Cap
- 17906.00Cr
Profitability
- ROE
- 11.20%
- ROCE
- 12.10%
- ROA
- 8.44%
- Dividend Y
- 0.18%
Growth (CAGR)
- Revenue 5Y
- 59.00%
- EPS 5Y
- 120.00%
- Revenue 3Y
- 38.00%
- EPS 3Y
- 54.00%
Balance Sheet
- Debt/Equity
- 0.12
- Interest Coverage
- 62.55×
- Altman Z
- 8.17
- Book Value
- 161.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 6/5
- OCF
- -435.00 Cr
- EPS TTM
- 16.26
Shareholding
- Promoter Hold
- 57.43%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 37%
Financial History
Updated 21/10/2026
Revenue
₹ CrLatest: 2,551+1.6% vs prev
Net Profit
₹ CrLatest: 559+31.2% vs prev
Return on Equity
%Latest: 9.7-5.7% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 22.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 falling (~5.2% over last month) — short-term momentum negative.
- RSI(14) at 22 — oversold zone; bounce conditions.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 27% off 52W high · 20% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
29
RS percentile
Stage 1 Base / Transition
1M return
-19.1%
3M return
-20.9%
6M return
-5.6%
1Y return
-24.2%
RS 1D
-3
RS 20D
-25
Sector rank
#14
Industry rank
#19
Stage evidence
- Price is 12.6% below the 30-week proxy without full trend alignment.
- The 30-week proxy changed +2.1% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price below
Sector
lagging
Industry
weakening
Relative-strength line vs Nifty 500 (base 100)
262 observations
21 Oct 2026Value 71.73-2.30%
RS vs Nifty 50072
Valuation & peers
U-Score 47 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 47 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
FAIR_VALUE
Fundamental score breakdown
U band · FAIR VALUEValuation4/30
Growth23/25
Quality5/20
Balance Sheet9/15
Cash Flow3/10
Piotroski
6/9 (+3)
Penalties
0
Raw sum
47
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
47/100 · legacy band FAIR VALUE
Positive drivers
- Fair-value margin of safety is positive at 11.1%.
- Growth contributes 23/25 to the score.
- Balance sheet contributes 9/15 to the score.
Main drags
- Valuation is weaker at 4/30; verify the latest quarterly trend.
- Quality is weaker at 5/20; verify the latest quarterly trend.
- Cash flow is weaker at 3/10; verify the latest quarterly trend.
Sector valuation model
Real estate valuation: NAV, pre-sales, debt, and inventory quality
Real estate valuation depends more on project economics and balance sheet than simple PE.
Primary lens
NAV and market cap versus project pipeline and pre-sales.
Secondary checks
Inventory age, net debt, collections, execution record.
Main risk check
Book value can overstate value if inventory is slow or debt is high.
PE
31.0
PB
3.1
EV/EBITDA
24.9
ROE
11.2%
ROCE
12.1%
FCF Yield
—
Debt/Equity
0.1
MoS
+11.1%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 22 Oct 2026
v4.3-runtime-valuation
Final score
47
Previous: 47
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
+11.1%
Previous: +11.1%
Score history
12 stored score snapshots. Latest stored move: +2 points.
22 Oct 2026
v4.3-runtime-valuation
43
43
43
43
45
45
45
45
45
45
45
47
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹242.7
-98.5% MoS
Growth-justified P/E
33.3
Growth-justified Value
₹541.46
+11.1% MoS
PEG
0.33
Comparable companies
Peers
Business-comparable peers in Real Estate — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
BRIGADE
Small
Brigade Enterprises Limited
Real Estate
match 166
34
27.5
10.5%
+20%
WATCHLIST
SIGNATURE
Small
Signatureglobal (India) Limited
Real Estate
match 163
42
—
-30.3%
+71%
WATCHLIST
ABREL
Small
Aditya Birla Real Estate Limited
Real Estate
match 162
13
—
-2.6%
—
OVERVALUED
MAHLIFE
Small
Mahindra Lifespace Developers Limited
Real Estate
match 162
44
24.1
9.9%
+34%
WATCHLIST
MANINFRA
Small
Man Infraconstruction Limited
Real Estate
match 160
43
23.1
9.2%
+40%
WATCHLIST
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-04T08:39:39.270Z
Management commentary snapshot
Anant Raj reports strong Q4 & FY26 results: Q4 revenue up 19.64% YoY, EBITDA up 28.44% YoY, PAT up 25.19% YoY. FY26 revenue grew 21.92% YoY, EBITDA 35.94% YoY, and PAT 30.81% YoY, driven by real estate and data center segments.
The company delivered robust Q4 and FY26 results with double-digit growth in revenue, EBITDA, and PAT. Strategic expansion in luxury residential projects and aggressive scaling of data center capacity to 357 MW by FY2032, supported by a large debt-free land bank, indicate strong future growth potential.
Growth engines
Luxury Residential Development
Focus on luxury segment in Gurugram with Group Housing 2 (0.90 msf) and Group Housing 3 (1.20 msf) and expansion of Anant Raj Estate.
Data Center & Cloud Services Expansion
Aggressive plan to scale IT load capacity to 357 MW by FY2032, including new geographies like Andhra Pradesh.
Strategic Partnerships
MOU with Andhra Pradesh Govt. for 50 MW DC, empanelment with MeitY & BSNL, partnership with Submer for AI-ready DCs.
Debt-Free Land Bank
~320 acres of prime, debt-free land in Delhi-NCR provides significant opportunities for future development and strategic expansion.
Capacity and execution
Group Housing 2 (Gurugram)
License & approvals received for over 5.09 acres, 0.90 msf saleable area, RERA expected by end of Q1 FY27.
Group Housing 3 (Gurugram)
License for 6.38 acres with approx. 1.20 msf tentative saleable area is in advanced stage.
Anant Raj Estate Phase IV & V
Commenced Phase IV (6.075 acres, ~5 lakh sq. ft.). Approvals for Phase V (9.11875 acres) expected in Q2 FY27.
Data Center Capacity Expansion
28 MW IT load operational. Incremental 35 MW IT Load at Manesar and Rai to be operationalized in next financial year.
Tailwinds
Digital Infrastructure Demand
Favorable macro & regulatory factors, and strategic partnerships are fueling growth in data center and cloud services.
Government Empanelment
Empanelment with MeitY as a Sovereign Cloud Service Provider and BSNL as a Data Centre Service Provider.
Credit Rating Upgrade
Infomerics Valuation and Rating Ltd. has upgraded rating of the Company to 'A- Stable' outlook.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
Real estate is a project-based and often seasonal business, making year-over-year comparisons more meaningful for assessing underlying performance trends and project cadence rather than short-term sequential fluctuations. Data center capacity additions are also long-term.
Sector KPIs management disclosed
Revenue from Operations (incl. Data Centers) Q4 FY26
₹646.81 Cr, up 19.64% YoY
Revenue from Operations (incl. Data Centers) FY26
₹2,511.60 Cr, up 21.92% YoY
EBITDA Q4 FY26
₹196.02 Cr, up 28.44% YoY. EBITDA Margins for the quarter stood at 29.02 % up 132 bps YoY from 27.70%
EBITDA FY26
₹723.15 Cr, up 35.94% YoY. EBIDTA margins for the year FY26 stood at 28.04 % up 271 bps YoY from 25.33 %
Management forward view
Operational Excellence & Financial Resilience
Upholding core principles: location, permission, execution; driving operational excellence, maintaining financial resilience, executing with discipline.
Revenue Diversification & Strategic Partnerships
Diversifying revenue streams, enhancing strategic partnerships, and developing scalable, future-ready platforms.
AI-Enabled Infrastructure
Partnered with Submer to develop operational, AI-ready, liquid-cooled data centers across India.
Asset-Light Growth
Explore JV Opportunities and asset-light growth through JDA with other developers/landowners.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| RERA for Group Housing 2 | Expected by end of Q1 FY27 | Timely receipt of RERA approval and project launch. |
| License for Group Housing 3 | In advanced stage | Receipt of license and progress towards project launch. |
| Data Center IT Load Operationalization | 28 MW operational | Progress towards 117 MW by FY2028 and 357 MW by FY2032. |
| Net Debt | ₹50 Cr | Continued prudent management of debt levels amidst significant capacity expansion plans. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
75Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 78th percentile of the scored universe and 91st percentile within Real Estate. Main check: cash conversion is weak at 52/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 22 Oct 2026
management-trust-v1
61 docs text-extracted · 10 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
78th percentile
overall median 67 · Real Estate: 91st pctile, median 61 · Small: 80th pctile, median 66
Evidence depth
Financial-only
61 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
86
strong · holding, pledge, alignment
Cash flow
52
watch · profit to cash conversion
Balance sheet
89
strong · leverage and solvency
Discipline
68
acceptable · capital discipline
Results
87
strong · quarterly consistency
Trust positives
- ▸Promoter holding is 57.4%.
- ▸Promoter pledge is zero.
- ▸6 years of positive FCF.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸Operating cash flow is negative at ₹-435 Cr.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Anant Raj Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement Under Regulation 30 (LODR) - Analyst/Investor Meet-Intimation 23 Sep
Source: Bse
Announcement
Announcement Under Regulation 30 (LODR) - Analyst/Investor Meet-Intimation 15 Sep
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 8 Sep - Submission of Newspaper Publication of Notice to Physical Security holders/Investors informing about Special Window for Transfer and Dematerialisation of Physical Securities
Source: Bse
Investor presentationAug 2026
Aug 2026 · PPT
Source: Bse
Announcement
Announcement Under Regulation 30 (LODR)-Receipt Of RERA Registration Certificate 20 Aug - Received RERA registration for The Estate One, a 1.22 million sq. ft. luxury project in Gurugram on 20.08.2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 10 Aug
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Acquisition 20 Jul - Approved Rs74.86 crore additional investment in wholly owned subsidiary ACPL for data centers and cloud business.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 16 Jul
Source: Bse
Annual report
Business Responsibility and Sustainability Reporting (BRSR) 14 Jul - Submitted FY2025-26 BRSR and independent assurance report with annual report.
Source: Bse
Annual report
Reg. 34 (1) Annual Report. 14 Jul
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 4 Jul - Submission of Newspaper Publication of Notice to Physical Security holders/Investors informing about Special Window for Transfer and Dematerialisation of Physical Securities
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.