Ajmera Realty targets ₹2,200 cr in FY27 sales despite project delays
Management reported record collections of ₹1,103 cr for FY26 but pushed back key launches in Kanjurmarg and Wadala.
What's new
- Pre-sales climbed 57% to ₹1,701 cr in FY26.
- Kanjurmarg land conversion delay pushes launch to H2 FY27 or later.
- Wadala office project launch deferred to Q3.
Why this matters
Ajmera is balancing strong operational growth with execution friction. The debt-to-equity ratio dropped to 0.53x from 1.13x, but the plan to increase debt to 1x for new development makes the timing of these delayed project launches a test of cash flow.
What we're watching
- Actual launch dates for the Kanjurmarg and Wadala projects.
- Ability to hit the 29% growth target for FY27.
- The pace of debt accumulation as the company shifts back to a 1x debt-to-equity ratio.
The full read
Ajmera Realty reported a strong FY26 with pre-sales rising 57% to ₹1,701 crore and record collections of ₹1,103 crore. Management flagged execution hurdles. The Kanjurmarg land conversion is delayed, pushing the expected launch to the second half of the fiscal year or later, while the Wadala boutique office project is now slated for the third quarter. The company enters the new year with a leaner balance sheet, having cut its debt-to-equity ratio to 0.53x from 1.13x. This is a temporary state. Management plans to increase debt to 1x in FY27 to fund further development. The open question is whether the delayed launches will impact the ₹2,200 crore pre-sales target, which represents a 29% growth over the year just ended.
Questions answered
- What were the primary operational highlights for FY26?
- The company achieved a 57% increase in pre-sales, reaching ₹1,701 crore, alongside record collections of ₹1,103 crore.
- Why are the Kanjurmarg and Wadala projects delayed?
- The Kanjurmarg project is delayed due to land conversion issues, while the Wadala boutique office project has been pushed to the third quarter.
- How has the company's debt profile changed?
- Ajmera reduced its debt-to-equity ratio to 0.53x, down from 1.13x in the previous year.
- What is the company's strategy for debt in FY27?
- Management plans to increase debt to a 1x ratio in FY27 to fund new development projects.