Synopsis: Ajmera Realty & Infra India Ltd reported mixed Q2FY26 results, with net profit falling 20.5 percent QoQ and 13.9 percent YoY to Rs. 31 crore, while revenue slipped 15.1 percent sequentially but rose 10 percent annually to Rs. 220 crore. The company also announced a 5:1 share split.
A real estate stock witnessed mild selling pressure after reporting a dip in quarterly profitability despite strong sales growth and launch momentum. While sales volumes and project launches remained encouraging, margins softened due to cost escalation and slower collections. The company also declared a 5:1 sub-division of shares.
Ajmera Realty & Infra India Ltd, a Mumbai-based developer with presence across residential and commercial projects, has a market capitalization of Rs. 4,006.96 crore. The stock opened at Rs. 1,060 and touched an intraday low of Rs. 1,011.70 against its previous close of Rs. 1,051.55, marking a 3.8 percent decline from the previous close.
What’s the News?
Ajmera Realty delivered a softer performance sequentially in Q2FY26. On a quarter-on-quarter basis, sales declined 15.1 percent from Rs. 259 crore to Rs. 220 crore. Profit before tax dropped 24.6 percent from Rs. 57 crore to Rs. 43 crore, while net profit contracted 20.5 percent from Rs. 39 crore to Rs. 31 crore.
On a year-on-year basis, the company’s topline increased 10 percent from Rs. 200 crore to Rs. 220 crore, indicating continued project execution momentum. Profit before tax, however, declined 8.5 percent from Rs. 47 crore to Rs. 43 crore, while net profit dropped 13.9 percent from Rs. 36 crore to Rs. 31 crore.
The company also announced a sub-division of shares, splitting 1 equity share of Rs. 10 each fully paid-up into 5 shares of Rs. 2 each fully paid-up. The record date for the share split will be announced in due course.
Comments from the Management
Commenting on the Q2 & H1FY26 performance, Mr. Dhaval Ajmera, Director – Corporate Affairs said: “The Q2 and H1FY26 performance further reinforces our focus on disciplined growth, timely execution, and prudent financial management. During the quarter, we launched two marquee projects — Ajmera Manhattan 2 and Thirty3.15 — with a combined GDV of ₹2,100 crore, both receiving an encouraging market response.
Strengthened balance sheet with a healthy debt-to-equity ratio of 0.55x, supported by robust sales momentum and strong collections, resulting in a well-optimized debt structure. With a strong project pipeline of GDV of INR 4,357 Cr across seven projects and strong demand visibility, we remain focused on maintaining this growth trajectory through strategic launches, robust pipeline, operational excellence, and a balanced approach to financial prudence.
The outlook on development potential of Wadala stands robust with a lucrative line-up projected to generate a topline sales value of over INR 12,000 Cr. During H2FY26, we plan to launch a boutique office space with estimated carpet area over ~6 lakh sq.ft with an estimated GDV of INR 1800 Cr.
Further FY27 onwards, we aim to foray into uber-luxury residential space and launch a project spreading across ~13.8 lakh sq.ft, estimated to generate a GDV of INR ~5700 Cr. Further, the next phases of Ajmera Manhattan to be developed across ~9 lakh sq.ft that will add an estimated GDV of INR ~3200 Cr.”
Operational Highlights
Ajmera Realty reported strong operational growth during Q2FY26. The total carpet area sold rose 263 percent QoQ to 2,29,772 sq.ft from 63,244 sq.ft and doubled year-on-year, rising 101 percent from 1,14,046 sq.ft.
Sales value showed an even sharper rise, surging 567 percent sequentially from Rs. 108 crore to Rs. 720 crore, and increasing 184 percent compared to Rs. 254 crore in the previous year’s same quarter.
Collections, however, were slightly lower sequentially, slipping 6 percent from Rs. 234 crore to Rs. 220 crore, though they rose 66 percent annually from Rs. 133 crore, reflecting healthy cash inflows from project handovers.
About the Company
Ajmera Realty & Infra India Limited (ARIIL) is among India’s trusted developers with projects spanning Mumbai and Bengaluru. The company has significant land reserves at Ajmera I-Land, Bhakti Park, Wadala, and Kanjurmarg. Current projects include Ajmera Manhattan, Ajmera Greenfinity, Ajmera Vihara, and Ajmera Eden in Mumbai, and Ajmera Lugaano, Florenza, Iris, and Marina in Bengaluru. Ajmera Realty focuses on the mid-luxury and luxury residential segment, backed by a reputation for quality and trust.
-Manan Gangwar
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