Ajmera Realty Q2 FY27 Profit Rises 55% to Rs 48.5 Crore; Sales Value Falls 69%

What happened

Ajmera Realty & Infra India Ltd, the real estate arm of the Ajmera Group and listed on the NSE and BSE, reported its results for the second quarter of fiscal 2027. Net profit rose about 55% year on year to Rs 48.5 crore, from Rs 31.2 crore in the same quarter of the previous year. The board approved the results at a meeting held on 3 November 2026 at the company's registered office at Citi Mall, New Link Road, Andheri (West), Mumbai.

Revenue for the quarter rose about 45% to Rs 319.5 crore. Management attributed the half-year performance to customer demand and project execution. Director – Corporate Affairs Dhaval Ajmera said the commercial project 33Fifteen became eligible for revenue recognition during Q2 FY27, which contributed to the revenue increase.

Rounding differs slightly across published reports: some put the profit rise at 55.4% and the revenue rise at 44.6%. The Rs 48.5 crore profit and Rs 319.5 crore revenue figures are consistent across reports.

The main numbers

Compared with Q1 FY27, net profit rose about 8% from Rs 44.9 crore, while revenue was unchanged at Rs 319.5 crore.

Sales and collections

The sharper change in the quarter was in sales. New sales value fell 69% to Rs 224 crore from Rs 720 crore. Carpet area sold in the quarter was 72,883 sq ft, compared with 2,29,772 sq ft a year earlier, a fall of about 68%.

For the first half of FY27, the company reported pre-sales of Rs 370 crore and collections of Rs 363 crore. Half-year collections were down 20% from Rs 454 crore in H1 FY26.

The company said improved price realisation helped the business, but it did not give a figure for the change in realisation.

Debt and balance sheet

Corporate debt was reduced to zero. Project debt fell by Rs 34 crore to Rs 646 crore. The company said the reduction was supported by proceeds from the sale of its entire 36% equity stake in Ultra Tech Property Developers Private Limited. Debt-to-equity improved to 0.44x as on 30 September 2026, from 0.55x a year earlier.

What it means for buyers and investors

For buyers, the key signal in these results is the sales figure. A 69% fall in new sales value and a 13.6% fall in customer collections in the quarter show lower new bookings than a year earlier. Buyers considering a purchase from the company's current inventory should check the project-level details directly with the developer and the relevant RERA records.

For investors, the profit growth reflects revenue recognised from earlier bookings and project execution, along with the commercial project 33Fifteen moving into revenue recognition. Analysts have pointed out that the profit gain is driven largely by past bookings rather than fresh demand. The stock's direction will depend on whether new bookings recover in coming quarters.

Ajmera Prive, a residential project in Juhu, Mumbai, was reported as fully sold. The company points to its project pipeline as the source of future business.

Mumbai context: Wadala and transport links

The company's flagship Mumbai township is in Wadala, where Ajmera Manhattan is a 44-storey high-rise project. Two transport links affect the area.

• Metro Line 4 (Green Line): runs from Kasarvadavali in Thane to Bhakti Park in Wadala. A new six-car trainset for Lines 4 and 4A is expected in Mumbai in December 2026. This is the arrival of the train, not the start of passenger services. Full corridor operations are targeted for 2027.
• Metro Line 11 (proposed): the Maharashtra government approved the line in September 2025. It will link Wadala with Chhatrapati Shivaji Maharaj Terminus and the Gateway of India. Construction is expected to start around 2027, with completion projected by 2030. Estimated ridership is around 580,000 passengers a day by 2031. Reported cost estimates differ, at roughly Rs 23,500 to Rs 24,000 crore.

What comes next

The items to watch from here are the company's launch pipeline of about Rs 3,000 crore, its Wadala land bank, and how much of its available inventory converts into sales and collections. Future quarterly filings will show whether new sales recover from the Q2 level.

Metro Line 4 is expected to bring its first driverless trainset to Mumbai in December 2026. Full corridor operations are targeted for 2027. Metro Line 11 is still at the proposal stage, with construction expected from 2027.

At the 39th Annual General Meeting on 23 September 2026, shareholders approved a final dividend of Rs 1 per share for FY26, along with all eight resolutions on the agenda.