DLF Ltd.
NSE: DLF
Real Estate · Real Estate - Development
₹657.00 last close on 23 Oct 2026 −0.94%
Research updated
Anant Raj Ltd.
NSE: ANANTRAJReal EstateReal Estate - Development
- Last close
- ₹460.40
- Day change
- −₹11.60 (−2.46%)vs
- Market cap
- ₹18,417 crIndian rupees
- Research updated
- 1 report
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About Anant Raj
Anant Raj Ltd. is a prominent real estate development company based in India, primarily engaged in the acquisition and development of land, as well as the construction of residential, commercial, and hospitality properties. The company's diverse portfolio includes high-tech office complexes, hotels, shopping malls, and special economic zones, catering to the growing demand for modern infrastructure in urban and semi-urban areas. With a focus on innovation and sustainable construction practices, Anant Raj Ltd. plays a significant role in reshaping the real estate landscape across major metropolitan cities and emerging towns in India. The company's commitment to quality and timely delivery has earned it a reputation as a reliable player in the real estate sector, contributing to the economic development of the regions it operates in.
- Sector
- Real Estate
- Industry
- Real Estate - Development
- Listing
- NSE: ANANTRAJ
- Next results
- Chief executive
- Mr. Aman Sarin
- Employees
- 403
- Headquarters
- New Delhi, India
- ISIN
- INE242C01024
- Website
- anantrajlimited.com
Public research · Report of
Business model & financial foundation
Anant Raj (NSE: ANANTRAJ), NCR residential development, commercial rentals and data centre/cloud infrastructure: revenue of ₹2,512 crore in FY26 (+21.9% on FY25), an EBITDA margin of 26.1%, net profit of ₹554.8 crore and net cash of ₹305.2 crore.
- Revenue, FY26 (₹ crore)
- 2,512
- consolidated
- Revenue growth, FY26
- +21.9%
- on FY25
- EBITDA margin, FY26
- 26.1%
- EBITDA excluding other income / revenue
- Net profit, FY26 (₹ crore)
- 554.8
- to owners
- Return on equity, FY26
- 11.1%
- on average equity
- Net debt, FY26 (₹ crore)
- -305.2
- Net debt excluding leases; negative is net cash
- Market capitalisation (₹ crore)
- 20,999
- at the close of 16 Oct 2026
Company profile
| Item | Value |
|---|---|
| Legal name | Anant Raj Limited |
| Exchange and ticker | NSE: ANANTRAJ; BSE: 515055 |
| ISIN | INE242C01024 |
| Sector | Real Estate |
| Industry | NCR residential development, commercial rentals and data centre/cloud infrastructure |
| Headquarters | New Delhi, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Ranjana Vandana & Co. (since 2022-07-11) |
| Market capitalisation | ₹20,999 crore (16 Oct 2026) |
| Shares outstanding | 35.10 crore shares (FY26) |
| Price | ₹524.0 (close, 16 Oct 2026) |
| 52-week range | ₹403.0 - ₹663.0 (to 16 Oct 2026) |
| Website | https://www.anantrajlimited.com |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Anant Raj Cloud Private Limited | 100% | Data centres and cloud infrastructure |
| Anant Raj Digital Private Limited | 100% | Group digital infrastructure subsidiary |
| Ashok Cloud Private Limited | 100% | Cloud infrastructure subsidiary |
| Anant Raj Cons. & Development Private Limited | 100% | Construction and real estate development |
| Jasmine Buildwell Private Limited | 100% | Group real estate subsidiary; recovery proceedings on outside advances |
46 subsidiaries reported in FY26; full company-level business descriptions unavailable. MKAR LLP holding conflicts (50% BRSR/55% AOC-1); recorded in gaps.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 57.41% | 57.41% | 57.42% | 57.42% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 11.14% | 10.88% | 10.74% | 10.96% |
| Domestic institutions | 5.20% | 4.83% | 4.60% | 4.53% |
| of which mutual funds | 3.38% | 3.23% | 3.04% | 3.08% |
| Retail | 26.26% | 26.89% | 27.22% | 27.09% |
| Other | 0.00% | 0.00% | 0.00% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
| Segment | revenue, FY26 (₹ crore) | Share |
|---|---|---|
| Sale of projects (revenue category; NOT reportable segment) | 2,320 | 92.4% |
| Rental and services (revenue category; NOT reportable segment) | 191.9 | 7.6% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| DLF (DLF) | NCR luxury residential and recurring commercial rentals |
| Godrej Properties (GODREJPROP) | Residential launches and asset-light development model comparator |
| Oberoi Realty (OBEROIRLTY) | Premium residential and annuity assets |
| Prestige Estates Projects (PRESTIGE) | Residential and commercial mixed developer |
| Signature Global (SIGNATURE) | Gurugram residential exposure |
| Lodha Developers (LODHA) | Large-scale residential developer |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 461.9 | 956.9 | 1,483 | 2,060 | 2,512 |
| Cost of revenue (vendor classification) * | 347.0 | 709.6 | 1,080 | 1,483 | 1,755 |
| Other operating costs (vendor classification) * | 34.5 | 33.5 | 48.2 | 60.8 | 62.7 |
| EBITDA (vendor classification) * | 115.3 | 242.1 | 367.3 | 528.7 | 720.2 |
| EBIT * | 98.6 | 228.1 | 351.7 | 501.0 | 674.3 |
| Finance costs | 27.1 | 31.4 | 34.6 | 11.0 | 12.3 |
| Profit before tax and associates | 71.5 | 196.7 | 318.6 | 490.5 | 661.9 |
| Total tax expense | 23.1 | 52.3 | 54.0 | 69.0 | 108.3 |
| Reported profit after tax including net associates | 54.9 | 149.0 | 265.9 | 425.8 | 557.0 |
| Diluted EPS (₹) | 1.74 | 4.66 | 7.96 | 12.43 | 15.81 |
| Cost of sales and construction | 1,080 | 1,483 | 1,755 | ||
| Employee benefits expense | 19.2 | 22.3 | 35.6 | ||
| Other expenses | 50.3 | 63.2 | 65.1 | ||
| EBITDA excluding other income | 333.8 | 491.7 | 655.7 | ||
| Other income | 37.4 | 40.3 | 67.5 | ||
| Depreciation and amortisation | 18.1 | 30.5 | 48.9 | ||
| Exceptional items | 0.00 | 0.00 | 0.00 | ||
| Profit attributable to non-controlling interests | 5.02 | 0.28 | 2.17 | ||
| Share of associates net of upstream NCI | 1.39 | 4.27 | 3.36 | ||
| Profit attributable to owners of parent | 260.9 | 425.5 | 554.8 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Group equity including NCI | 2,674 | 2,858 | 3,685 | 4,189 | 5,819 |
| Borrowings excluding lease liabilities | 1,293 | 1,079 | 626.7 | 466.7 | 606.2 |
| Cash plus other bank balances | 19.4 | 34.1 | 321.2 | 346.1 | 911.5 |
| Current plus noncurrent trade receivables | 21.8 | 51.3 | 122.1 | 148.4 | 271.0 |
| Inventories | 1,135 | 1,197 | 1,416 | 1,151 | 1,058 |
| Trade payables including MSME | 5.97 | 13.6 | 19.2 | 20.1 | 45.5 |
| Net property, plant and equipment * | 40.4 | 49.3 | 71.0 | 12.2 | 62.9 |
| Capital work in progress * | 47.6 | 18.5 | 21.5 | 223.8 | 202.3 |
| Total assets * | 4,385 | 4,357 | 4,868 | 5,235 | 6,869 |
| Separately recognised current investments | 0.00 | 0.00 | 0.00 | ||
| Net debt excluding leases; negative is net cash | 305.5 | 120.5 | -305.2 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash flow from operating activities | 408.7 | 31.5 | -25.5 | 253.3 | -434.8 |
| Free cash flow (vendor definition) * | 422.2 | -8.93 | -69.5 | 19.6 | -637.5 |
| Dividends paid (negative cash outflow) | -2.95 | -3.54 | -16.2 | -25.0 | -25.1 |
| PPE plus investment property plus CWIP cash expenditure | 42.6 | -38.1 | -44.2 | -86.9 | -261.4 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding * | 29.44 | 32.41 | 32.76 | 34.23 | 35.10 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 512.9 | 534.6 | 540.7 | 592.4 | 630.8 | 641.6 | 646.8 | 631.4 |
| Cost of revenue (vendor classification) * | 377.4 | 378.3 | 377.5 | 424.2 | 439.2 | 443.6 | 448.1 | 420.6 |
| Other operating costs (vendor classification) * | 17.6 | 17.6 | -3.41 | 11.5 | 14.8 | 18.3 | 20.5 | 16.8 |
| EBITDA (vendor classification) * | 123.7 | 142.9 | 149.4 | 160.6 | 177.9 | 188.6 | 196.0 | 202.7 |
| EBIT * | 115.6 | 134.7 | 143.4 | 152.8 | 167.3 | 175.1 | 179.2 | 186.5 |
| Finance costs | 1.51 | 2.92 | 2.98 | 2.37 | 2.87 | 3.31 | 3.80 | 1.20 |
| Profit before tax and associates | 114.1 | 131.8 | 140.9 | 150.4 | 164.4 | 171.8 | 175.4 | 185.3 |
| Total tax expense | 9.67 | 22.3 | 22.8 | 25.7 | 27.5 | 29.6 | 25.5 | 39.2 |
| Reported profit after tax including net associates | 105.7 | 110.4 | 118.8 | 125.9 | 138.2 | 144.2 | 148.7 | 149.2 |
| Diluted EPS (₹) | 3.09 | 3.23 | 3.47 | 3.67 | 4.02 | 4.14 | 4.18 | 4.16 |
| Cost of sales and construction | 377.4 | 378.3 | 377.5 | 424.2 | 439.2 | 443.6 | 448.1 | 420.6 |
| Employee benefits expense | 5.11 | 5.27 | 6.88 | 5.99 | 8.97 | 9.92 | 10.8 | 10.6 |
| Other expenses | 17.6 | 17.6 | 13.9 | 11.5 | 14.8 | 18.3 | 20.5 | 16.8 |
| EBITDA excluding other income | 112.8 | 133.6 | 142.4 | 150.7 | 167.8 | 169.8 | 167.4 | 183.4 |
| Other income | 10.9 | 9.33 | 10.3 | 9.99 | 10.1 | 18.8 | 28.6 | 19.4 |
| Depreciation and amortisation | 8.08 | 8.21 | 8.71 | 7.89 | 10.6 | 13.5 | 16.9 | 16.2 |
| Exceptional items | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Profit attributable to non-controlling interests | 0.07 | 0.05 | 0.15 | 0.02 | 0.06 | -0.02 | 2.11 | -0.45 |
| Net share of profit of associates and jointly controlled entities | 1.21 | 0.95 | 0.65 | 1.25 | 1.27 | 2.02 | -1.18 | 3.06 |
| Profit attributable to owners of parent | 105.6 | 110.3 | 118.6 | 125.9 | 138.1 | 144.3 | 146.6 | 149.6 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 85.0% | 107.2% | 55.0% | 38.9% | 21.9% |
| EBITDA margin | 22.5% | 23.9% | 26.1% | ||
| Net margin | 17.6% | 20.7% | 22.1% | ||
| Return on equity | 8.0% | 10.8% | 11.1% | ||
| Return on capital employed | 2.4% | 5.8% | 8.5% | 11.2% | 12.2% |
| Return on assets | 5.7% | 8.4% | 9.2% | ||
| Net debt (₹ crore) | 305.5 | 120.5 | -305.2 | ||
| Net debt / EBITDA | 0.92x | 0.25x | -0.47x | ||
| Interest cover | 3.64x | 7.27x | 10.2x | 45.6x | 54.6x |
| Asset turnover | 0.10x | 0.22x | 0.32x | 0.41x | 0.42x |
| Receivable days | 17 | 20 | 30 | 26 | 39 |
| Inventory days (on revenue) | 897 | 456 | 348 | 204 | 154 |
| Payable days (on revenue) | 5 | 5 | 5 | 4 | 7 |
| Cash conversion | -0.10x | 0.60x | -0.78x | ||
| Capex intensity | 9.2% | 4.0% | 3.0% | 4.2% | 10.4% |
| Free cash flow (₹ crore) | 366.1 | -6.63 | -69.7 | 166.4 | -696.2 |
| Dividend payout | 6.2% | 5.9% | 4.5% | ||
| EPS, diluted (₹) | 1.74 | 4.66 | 7.96 | 12.43 | 15.81 |
| Book value per share (₹) | 90.85 | 88.19 | 112.5 | 122.4 | 165.8 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA excluding other income / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt excluding leases; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA excluding other income.
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 16 Oct 2026); market data at the close of 16 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on Anant Raj includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on Anant Raj
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 16 Oct 2026; page updated 25 Oct 2026.
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