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.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, while price trend supports entry. This looks more like momentum/speculation than a clean fundamental investment setup.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Average · 50/100Rev +7% YoY · PAT +18% YoY · margin expansion · operating leverage
| 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.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
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.
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.
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.
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
Management accountability
What management said, and what results must prove
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.
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.
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 %
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.
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.
Trend score and candlestick chart
72Bullishfull bull SMA stack · SMA20 +1.8% / mo · MACD −
Technical chart
ANANTRAJdaily · 1Y · AUTO+27.2%Daily technical trend read
Bullish setupTrend is constructive — long-term uptrend intact. RSI 58.
- Price > SMA20 > SMA50 > SMA200 — full bullish stack.
- SMA20 rising (~1.7% over last month) — short-term momentum positive.
- RSI(14) at 58 — rising, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 16% off 52W high · 55% 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.
Relative Strength & Trend Stage
- Price is 16.8% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +2.1%.
- Both 3-month and 6-month returns are positive.
Valuation & score drivers
U-Score 42 · WATCHLIST · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 42 · WATCHLIST · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
WATCHLISTWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Growth contributes 23/25 to the score.
- Balance sheet contributes 9/15 to the score.
- Cash flow contributes 3/10 to the score.
Main drags
- Fair-value margin of safety is negative at -7.5%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Quality is weaker at 4/20; verify the latest quarterly trend.
Real estate valuation: NAV, pre-sales, debt, and inventory quality
Real estate valuation depends more on project economics and balance sheet than simple PE.
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.
Score history
12 stored score snapshots. Latest stored move: -1 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 72nd percentile of the scored universe and 91st percentile within Real Estate. Main check: cash conversion is weak at 52/100.
Healthy Trust Lite: Promoter holding is 57.4%. Key concern: Operating cash flow is negative at ₹-435 Cr.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Real Estate: 91st pctile, median 61 · Small: 75th pctile, median 66
57 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead 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.
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.
- ▸Promoter holding fell 2.7%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 38.90
- P/B
- 3.88
- EV/EBITDA
- 31.13
- Market Cap
- 22508.00Cr
Profitability
- ROE
- 11.20%
- ROCE
- 12.10%
- ROA
- 8.44%
- Dividend Y
- 0.16%
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
- 65%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
Business-comparable names in Real Estate, ranked by similarity
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.