Ajmera Realty & Infra India Limited

Real Estate — Real Estate - Development · NSE

₹130.00+₹7.87 (+6.44%)

DalalBaazaar Score

70 / 100

🟢 Good

Verdict

REASONABLE

Risk

Moderate

Driven by micro-cap size, which brings thin liquidity.

In simple words: Reasonable but unspectacular business quality, with both sales and profits growing well. Nothing on this snapshot stands out as an immediate concern — the usual checks on business quality and management still apply.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:49 pm

Understanding the Business

Company site ↗

The 60-second version of Ajmera Realty & Infra India Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Ajmera Realty & Infra India Limited, together with its subsidiaries, engages in the real estate development business.

IndustryReal Estate - Development

SectorReal Estate

Employees385

Annual revenue₹1,090 Cr

How does it make money?

Turns over ₹1,090 Cr a year. Of every ₹100 of sales, about ₹14 reaches shareholders as profit, with ₹28 left at the operating level before interest, tax and depreciation. Each of its 385 employees supports ₹2.83 Cr of revenue a year, the signature of a capital- or asset-led business.

Revenue / employee₹2.83 Cr

Who are its competitors?

The closest listed comparisons in its industry are DLF LIMITED, GODREJ PROPERTIES LTD, OBEROI REALTY LIMITED. These are the companies its valuation and returns are measured against elsewhere in this report.

Compared side by side in Peers ↓

What is its competitive advantage?Little sign of one

Returns on capital of 13.5% are at or below what the capital likely costs. That is the financial pattern of a business competing largely on price, where advantage has to come from execution rather than position.

Peer median ROE10.3%

What is the outlook?

1 analysts covering the stock expect revenue to grow about 81.6% and earnings to grow about 118.7% in the year to 2028. These are estimates by people who follow the company, not a forecast for the wider industry.

Est. revenue growth+81.6%

Est. earnings growth+118.7%

Analysts1

What has been driving growth?

Growth has come mainly from selling more, rather than from keeping more of each sale. Over 3 years revenue moved +153% while net margin moved -17% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+153%

Margin effect-17%

DalalBaazaar Score

70/ 100

Good

Weighted across six categories. Every point is explained below.

✓ Beta of 0.55 — historically steadier than the index
✗ Micro Cap: thinner liquidity and sharper drawdowns are normal

Quality vs. Valuation

Company Quality

72/ 100

Good

How good the business is, ignoring the share price entirely.

Valuation

77/ 100

Cheap

What you are being asked to pay, ignoring how good the business is.

A good business currently available at an undemanding price — the combination this framework is built to look for.

Historical Valuation

Current P/E

19.1x

3Y Median

28.1x

40 monthly readings · mean 26.2x · range 14.7x–41.1x

Sector Median

30.2x

median of 3 sector peers

🟢Current valuation is approximately 32% below its 3y median of 28.1x. Cheaper than its own history, which is worth a reason too: the market may be pricing in something the backward-looking numbers do not show.

🟢Against its sector it trades 37% below the peer median of 30.2x.

vs. its own history

Cheap

28.1x median over 40 months · -32%

vs. sector peers

Cheap

30.2x median of 3 peers · -37%

vs. generic bands

Fair

15x–35x

EV/EBITDA

10.5x

PEG

0.68

What's Good / What's Bad

🟢 What's Going Well3

Debt is being paid down
Total debt is down 16% over 3 years.
Return on capital is rising
ROCE has improved from 7.6% to 13.5%.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention0

Nothing stands out as clearly deteriorating on the years of data available.

Red Flags

2 items require attention · 1 high · 1 watch

🔴Receivables growing faster than salesFinancial
Receivables up 214% against revenue up 153% — sales are being booked faster than they are collected.
🟡Margins are compressingFinancial
EBITDA margin is down 2.7 points over 3 years.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Deleveraging frees up earnings
Debt is down 16% over 3 years. Every rupee of interest not paid drops to the bottom line, so profit can grow even if revenue does not.
Priced below its own history
The stock trades 32% below its own median multiple. If the business performs as it has and simply re-rates back to normal, that gap is return on its own.
Cheaper than its peers
It trades 37% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.
Self-funding with balance-sheet headroom
Positive free cash flow of ₹40 Cr alongside low debt means growth, buybacks or dividends need no outside money — and a downturn can be absorbed rather than refinanced.
Earnings have proved durable
Profitable in every one of the last 4 reported years. Consistency lowers the risk that any single bad year is structural rather than cyclical.

🔴 Bear CaseWhat could go wrong?

Margins are being competed away
EBITDA margin has fallen from 31.1% to 28.3%. If the trend continues, profit falls even on flat sales — and margin decline rarely reverses quickly.
Sales are being booked faster than collected
Receivables are up 214% against revenue up 153%. If customers keep taking longer to pay, reported profit will not turn into cash — and write-offs follow if some never do.
Size brings its own risk
Micro Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1Revenue growth stays above 27% a year✓ 36.2% CAGR
Latest reported year was 22.6%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 26%✓ 28.3%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Debt / EBITDA stays below 2x✗ 2.3x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
4Free cash flow remains positive✓ ₹40 Cr
Profit that never becomes cash eventually stops being profit.
5ROCE stays above 10%✓ 13.5%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

10 / 12 checks passed

✗ Strong return on equity (ROE ≥ 15%)
✗ Strong return on capital employed (ROCE ≥ 15%)
✓ Healthy net margin (≥ 10%)
✓ Generates positive free cash flow
✓ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✓ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✓ Analyst consensus isn't majority-sell
✓ Short-term technical trend isn't bearish

Price history

Quick Metrics

5 good · 6 neutral · 0 weak

Market Cap

₹2,558 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

19.1x

Fair

Fairly valued against the generic band

P/B Ratio

1.83x

Fair

Moderate premium to the company's book value

EPS (TTM)

₹6.82

Profitable

Profitable on a per-share basis

ROE

10.7%

Moderate

Moderate capital efficiency

ROCE

13.5%

Moderate

Moderate return on the capital in the business

Debt/Equity

0.47x

Low

Conservative leverage

Revenue Growth (YoY)

22.6%

Healthy

Healthy top-line growth

Profit Growth (YoY)

12.5%

Healthy

Profits growing at a healthy clip

Dividend Yield

0.77%

Modest

Small cash return — most of the return has to come from the price

Free Cash Flow

₹40 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

P/E (Forward)

6.5x

Improving

Below the trailing multiple — the street expects earnings to grow into the price

Operating Margin

28.3%

Good

Healthy core-business profitability

Net Margin

13.5%

Good

Strong bottom-line conversion

Current Ratio

6.28

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.55

Defensive

Steadier than the market

52W Range Position

26%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

119.1 / 118.3

Bullish alignment (short > long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

66.9

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹431 Cr	₹700 Cr	₹738 Cr	₹1,090 Cr	+36.2%
EBITDA	₹134 Cr	₹209 Cr	₹239 Cr	₹309 Cr	+32.1%
EBITDA Margin	31.1%	29.8%	32.4%	28.3%	—
PAT (Net Profit)	₹71 Cr	₹103 Cr	₹126 Cr	₹150 Cr	+28.0%
EPS	₹4.05	₹5.79	₹6.8	₹7.61	+23.4%
ROE	9.2%	11.9%	10.4%	10.7%	—
ROCE	7.6%	11.5%	12.6%	13.5%	—
Total Debt	₹844 Cr	₹808 Cr	₹677 Cr	₹711 Cr	-5.5%
Free Cash Flow	₹131 Cr	₹217 Cr	₹2 Cr	₹40 Cr	-32.7%

🟢 Revenue has grown at 36.2% a year over 3 years.

🟢 EBITDA has grown at 32.1% a year over 3 years.

🔴 EBITDA Margin has fallen from 31.1% to 28.3% over 3 years (-2.7 pts).

🟢 PAT (Net Profit) has grown at 28.0% a year over 3 years.

🟢 EPS has grown at 23.4% a year over 3 years.

🟢 ROE has risen from 9.2% to 10.7% over 3 years (+1.5 pts).

🟢 ROCE has risen from 7.6% to 13.5% over 3 years (+5.9 pts).

🟢 Total Debt has shrunk at 5.5% a year over 3 years.

🔴 Free Cash Flow has shrunk at 32.7% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹2,594 Cr

Total Liabilities

₹1,075 Cr

Cash & Equivalents

₹33 Cr

Operating Cash Flow

₹69 Cr

Capex

-₹29 Cr

Shareholding (proxy)

Institutional Holding

2.4%

Insider Holding

72.1%

Corporate Actions

Dividend Rate

₹1

Ex-Dividend Date

16 Sept 2026

Analyst Consensus

Recommendations

1 Buy · 0 Hold · 0 Sell

Target Price (Mean)

₹175

+34.6% vs CMP

Target Range

₹175 – ₹175

Peer Comparison

Company	P/E	ROE
DLF LIMITED	36.6x	10.3%
GODREJ PROPERTIES LTD	30.2x	8.4%
OBEROI REALTY LIMITED	23.5x	14.7%

Recent News

1 positive5 general

If EPS Growth Is Important To You, Ajmera Realty & Infra India (NSE:AJMERA) Presents An Opportunity

Simply Wall Street, 02 Jun

Ajmera Realty & Infra India (AJMERA.NS) Trades Nearly Flat Near ₹120.5 as Range Boundaries Come Into Focus - Rating Change

https://www.siam.in/, 27 Sept

Ajmera Realty Share Price: Buy or Sell

Univest, 04 Sept

Ajmera Realty & Infra India consolidated net profit rises 12.49% in the June 2026 quarter

Business Standard, 04 AugResults

🟢Potentially positiveReported improvement. Check whether it came from volume, price or a one-off item before treating it as a trend.

Ajmera Realty & Infra India Ltd. Key Financial Ratios – Valuation, Profitability & More

Value Research, 30 Aug

Ajmera Realty FY26 PAT rises 24% to ₹157 Cr, sales value up 57%

scanx.trade, 25 May

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

StrongBusiness Quality · Financial Health · Profitability · Valuation

MiddlingGrowth · Risk

Points for each in the Score ↑

Attractive on both counts

A good business currently available at an undemanding price — the combination this framework exists to look for. The work left is qualitative: whether the advantage the numbers imply is one you can identify and expect to last. 1 high-severity red flag sits above this conclusion and should be read first.

1 of 5 tripwires tripped — Debt / EBITDA stays below 2x · see Key things to watch ↑