Anant Raj logo

Anant Raj

ANANTRAJ NSE

Key Fundamentals

SmallcapResidential Commercial ProjectsRealty
Market Cap
₹21,305 Cr
Volatility
Moderate
P/E Ratio
36.8
EBITDA
₹723 Cr
Return on Equity
9.51%
Debt to Equity
0.12
Book Value
₹160.66
EPS
₹8.81
52W High
₹743.65
52W Low
₹403

Tapetide Score

Data-driven rating, 0–100. How it works →

Key Insights

Strengths

1
  • Company has delivered good profit growth of 120% CAGR over last 5 years

Weaknesses

3
  • Stock is trading at 3.72 times its book value
  • Company has a low return on equity of 10.2% over last 3 years.
  • Promoter holding has decreased over last 3 years: -5.78%

Growth Rate

Revenue Growth
22.8% lower than 3Y
Net Income Growth
31.36% lower than 3Y
Cash Flow Change
-272%
ROE
-5.47% lower than 3Y
ROCE
-1.7% lower than 3Y
EBITDA Margin (Avg.)
10.7% lower than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 2d ago
AI opinion · based on fundamentals
Risk high

Anant Raj Ltd is a mid-cap realty company with a market capitalization of ₹21,305 Cr, trading at a P/E of 37.7x and P/B of 3.79x. The company has delivered exceptional profit growth of 120% CAGR over five years and 54% CAGR over three years, though its 3-year average ROE remains modest at 10% and promoter holding has declined by 5.78% over three years.

Bull Case 7
  • Exceptional 5-year compounded profit growth of 120% CAGR indicates a sharp earnings trajectory and improving profitability
  • Strong 3-year compounded profit growth of 54% CAGR suggests the earnings momentum has sustained in recent years
  • TTM profit growth of 26% shows continued earnings expansion in the most recent period
  • Compounded sales growth of 38% over 3 years and 59% over 5 years reflects robust revenue scaling
  • Stock price CAGR of 54% over 5 years and 34% over 10 years demonstrates long-term wealth creation for shareholders
  • Last year ROE of 11% marks an improvement over the 5-year average of 8% and 10-year average of 5%, suggesting an upward trend in capital efficiency
  • TTM sales growth of 17% indicates the company continues to grow its topline in the current environment
Bear Case 8
  • P/B ratio of 3.79x is elevated for a realty company, where asset-heavy balance sheets typically trade closer to book value
  • 3-year average ROE of just 10% is modest relative to the P/E of 37.7x, implying the market is pricing in significant future improvement
  • Promoter holding has decreased by 5.78% over the last 3 years, which may signal reduced insider confidence
  • P/E of 37.7x is a premium valuation for the Indian realty sector, leaving limited margin of safety if growth decelerates
  • Dividend yield of just 0.16% offers negligible income return to shareholders
  • 10-year ROE average of only 5% highlights that the company historically struggled to generate adequate returns on equity
  • 10-year compounded sales CAGR of 19% is significantly lower than the 5-year figure of 59%, indicating that much of the growth is recent and may not yet be proven as durable
  • 1-year stock price CAGR of 15% has cooled sharply from the 3-year CAGR of 41%, suggesting momentum may be fading

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 3h ago
Headwinds 4
  • Negative operating cash flow FY26 Aug 23

    Operating cash flow was negative around ₹435 crore in FY26, indicating revenue booked ahead of collections and lagging cash conversion.

  • Demerger value unlock 18-24 months away Aug 23

    The Ashok Cloud demerger requires NCLT, SEBI, and stock exchange approvals, with actual value unlocking estimated at least 18 months out despite a 15% potential valuation upside.

  • 'Me-too' data centre positioning Aug 23

    Motilal Oswal categorizes Anant Raj in the least-advantaged 'me-too colocation landlord' archetype among India's four data centre market segments, lacking clear differentiation.

  • Elevated valuation vs peers Sep 3

    P/E ratio of 36.57x trades at a significant premium to the peer median of 24.4x, limiting margin of safety at current levels.

Positives 7
  • Strong Q1 FY27 earnings beat Sep 3

    Net profit rose 19% to ₹150 crore, revenue grew 7% to ₹631 crore, and EBITDA jumped 22% to ₹183 crore with margin expanding to 29.1% from 25.4% YoY.

  • Data centre demerger approved Aug 23

    Board approved on 21 July 2026 a composite scheme to demerge data centre and cloud business into Ashok Cloud Private Limited with a 1:1 share entitlement; data centre business valued at ₹123 billion (₹341/share), roughly 48% of total value.

  • Massive data centre expansion pipeline Aug 23

    Current capacity of 28 MW IT load targets 63 MW by FY27, 117 MW by FY28, and 357 MW by FY32, with revenue guidance of ₹1,200 crore by FY27 and ₹9,000 crore by FY32.

  • RERA for luxury Gurugram project Aug 20

    Received RERA registration for 'The Estate One', a 1.22 million sq ft luxury residential project in Gurugram, advancing its premium housing portfolio.

  • Multi-year revenue and profit surge Aug 23

    Revenue grew from ₹249.66 crore in FY21 to ₹2,511.60 crore in FY26, while net profit surged from ₹0.23 crore to ₹557.02 crore over the same period.

  • Singapore cloud subsidiary incorporated Sep 3

    Incorporated Anant Raj Cloud Singapore Pte Ltd in June to resell co-location, cloud, and AI services to overseas customers, expanding international reach.

  • Romano Projects now wholly owned Sep 3

    Completed acquisition of remaining 25% stake in Romano Projects in April, making it a 100% subsidiary.

Neutral 1
  • Singapore non-deal roadshow planned Aug 19

    Anant Raj will conduct a Kotak-organized non-deal roadshow in Singapore from August 24-26, 2026, with no unpublished price-sensitive information to be shared.

TL;DR: Anant Raj is executing well on both fronts — real estate delivering strong Q1 FY27 earnings with 22% EBITDA growth and margin expansion, while the data centre pivot offers significant long-term upside with capacity scaling from 28 MW to 357 MW by FY32. Key risks include negative operating cash flow of ₹435 crore in FY26, a premium valuation at 36.57x P/E, and the 18-24 month timeline before the Ashok Cloud demerger unlocks value. The trend is improving on earnings and strategic positioning, but investors need to watch cash conversion and execution on ambitious data centre targets.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
316
332
392
443
472
513
535
541
592
631
642
647
631
Expenses
257
252
302
338
369
400
401
398
442
463
472
479
448
Operating Profit
60
80
90
104
103
113
134
142
151
168
170
167
183
OPM %
19%
24%
23%
24%
22%
22%
25%
26%
25%
27%
26%
26%
29%
Other Income
10
9
9
11
10
11
9
10
10
10
19
29
19
Interest
7
8
8
11
4
2
3
3
2
3
3
4
1
Depreciation
4
4
5
5
5
8
8
9
8
11
13
17
16
PBT
57
76
86
99
104
114
132
141
150
164
172
175
185
Tax %
16%
23%
19%
11%
14%
8%
17%
16%
17%
17%
17%
15%
21%
Net Profit
50
60
71
84
91
106
110
119
126
138
144
149
149
EPS in Rs
1.56
1.85
2.22
2.29
2.66
3.09
3.23
3.46
3.67
4.02
4.01
4.07
4.16
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
484
431
466
480
350
276
250
462
957
1,483
2,060
2,512
2,551
Expenses
233
295
325
370
274
224
214
386
760
1,149
1,568
1,856
1,862
Operating Profit
251
137
141
110
75
52
35
76
197
334
492
656
688
OPM %
52%
32%
30%
23%
22%
19%
14%
16%
21%
23%
24%
26%
27%
Other Income
8
24
29
49
15
10
20
39
48
37
40
67
77
Interest
55
46
54
55
28
15
31
27
32
35
11
12
11
Depreciation
28
27
27
26
22
18
17
17
17
18
30
49
57
PBT
175
87
88
79
40
29
8
72
197
319
491
662
697
Tax %
19%
27%
24%
23%
27%
42%
97%
32%
27%
17%
14%
16%
—
Net Profit
142
70
76
66
40
24
9
53
149
271
426
559
580
EPS in Rs
4.82
2.35
2.61
2.29
1.45
0.91
0.36
1.86
4.73
7.63
12.4
15.42
16.26
Div. Payout %
5%
10%
9%
10%
17%
9%
28%
6%
11%
10%
6%
0%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
59
59
59
59
59
59
59
59
65
68
69
72
Reserves
4,075
4,058
4,187
4,128
2,442
2,426
2,440
2,580
2,760
3,588
4,092
5,717
Borrowings
1,356
1,489
1,721
2,600
1,591
1,691
1,663
1,283
1,079
627
482
681
Other Liabilities
601
643
726
686
509
412
448
463
452
585
592
399
Total Liabilities
6,091
6,249
6,692
7,473
4,602
4,588
4,611
4,385
4,357
4,868
5,235
6,869
Fixed Assets
2,555
380
2,627
2,789
1,351
1,342
1,326
1,310
1,305
1,314
1,367
1,793
CWIP
169
169
145
192
146
140
90
48
18
22
36
39
Investments
663
2,876
649
594
402
461
423
460
460
302
311
183
Other Assets
2,704
2,824
3,272
3,899
2,703
2,645
2,772
2,567
2,573
3,231
3,520
4,853
Total Assets
6,091
6,249
6,692
7,473
4,602
4,588
4,611
4,385
4,357
4,868
5,235
6,869
Figures in ₹ Crores

Cash Flow

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
249
-73
-127
-305
810
-84
-150
423
33
-26
253
-435
Investing
-123
-50
-33
-229
1,707
-5
85
31
-20
181
-147
-231
Financing
-82
109
193
675
-2,679
43
83
-461
2
116
-81
1,235
Net Cash Flow
43
-14
33
141
-162
-46
18
-7
15
271
25
569
Free Cash Flow
238
-44
-162
-544
1,352
-82
-118
466
-5
-55
177
-796
CFO/OP
114
-42
-73
-263
1,088
-137
-403
588
43
9
66
-50
Figures in ₹ Crores

Ratios

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
71
82
87
80
65
95
64
17
20
25
22
26
Cash Conversion Cycle
71
82
87
80
65
95
64
17
20
25
22
26
Working Capital Days
772
708
877
1,113
1,522
1,946
2,638
1,191
659
480
323
346
ROCE %
4%
3%
2%
2%
1%
1%
1%
2%
6%
9%
11%
12%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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Shareholding Pattern

DIIs4.61%Promot.57.42%Others7.56%FIIs10.74%Public19.66%As ofJun 2026

Documents

Frequently Asked Questions about Anant Raj

What does Anant Raj Ltd do?
Anant Raj Ltd was incorporated in 1985 as Anant Raj Clay Products by Ashok Sarin. It is primarily engaged in the development and construction of IT parks, hospitality projects, SEZs, office complexes, shopping malls and residential projects in the State of Delhi, Haryana, Andhra Pradesh, Rajastha...
Where is Anant Raj Ltd (ANANTRAJ) listed?
Anant Raj Ltd trades as ANANTRAJ on the NSE and under code 515055 on the BSE.
Which sector does Anant Raj Ltd belong to?
Anant Raj Ltd is classified under the Realty sector, in the Residential Commercial Projects industry.
What is the market capitalisation of Anant Raj Ltd?
Anant Raj Ltd has a market capitalisation of ₹21,305 Cr, which places it in the Large Cap band.
What is the PE ratio of Anant Raj Ltd?
Anant Raj Ltd trades at a PE ratio of 36.80, on earnings per share of ₹8.81, against a book value of ₹160.66 per share.
What is the 52-week high and low of Anant Raj Ltd?
Over the last 52 weeks Anant Raj Ltd has traded between ₹403 and ₹743.65.
Does Anant Raj Ltd pay dividends?
Anant Raj Ltd has a dividend yield of 0.16%.
What is the Return on Equity (ROE) of Anant Raj Ltd?
Anant Raj Ltd reported a return on equity of 9.51%. Its debt-to-equity ratio is 0.12.

Company Information

Anant Raj Ltd was incorporated in 1985 as Anant Raj Clay Products by Ashok Sarin. It is primarily engaged in the development and construction of IT parks, hospitality projects, SEZs, office complexes, shopping malls and residential projects in the State of Delhi, Haryana, Andhra Pradesh, Rajasthan and NCR. The Company has successfully developed more than 20 msf of real estate projects in the Housing, Commercial, IT Parks, Shopping Malls, Hospitality, Residential and Affordable Housing sub-segments. [1] [2]

Website anantrajlimited.com
CEO Mr. Aman Sarin
Listed 2006-09-27
Face Value ₹ 2
Issued Size 35,98,76,930

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