Ajmera Realty Cut to Sell by Stock-Rating Service

What happened

On 28 October 2026, a stock-rating service lowered its grade on Ajmera Realty & Infra India Ltd from Hold to Sell. The company is listed on the BSE under code 513349 and on the NSE under the symbol AJMERA. Its registered office is at Citi Mall, Link Road, Andheri (W), Mumbai.

The rating service linked the change to the company's recent share underperformance and to sector headwinds. It described the move as a more conservative outlook for the stock. The service's Mojo Score for the company is 48.0.

Share performance and valuation

According to the rating service, the share price was down about 30.47% year to date and about 33.67% over one year. Over the same periods the Sensex fell about 14.05% and 13.45%. A one-year figure from a different broker page, dated 15 October 2026, shows a steeper fall of about 40.49%, because it uses a different date and measurement basis.

The rating service's valuation figures include a price-to-earnings ratio of 16.93, price-to-book of 1.87, EV/EBITDA of 10.31 and a PEG ratio of 1.03. It also reports return on capital employed of 14.75%, return on equity of 10.71% and a dividend yield of 0.75%. Its valuation grade moved from very attractive to attractive. The service says the stock is no longer a deep value bargain, but still looks reasonably priced against its earnings and book value.

Over longer periods the company has done better. The rating service reports a three-year return of 76.21%, against 14.84% for the Sensex, and a ten-year return of 342.95%, against 162.14%. It classifies the stock as small-cap.

On the rating service's own figures, the 52-week high is ₹221.23 and the low is ₹98.10. A different data page, dated 5 October 2026, gives a 52-week range of about ₹98.03 to ₹221.4.

Sales and collections in the latest quarter

The downgrade follows the company's operational update of 9 October 2026. For the second quarter of FY27 (July to September 2026), Ajmera reported sales value of ₹224 crore, down 69% from ₹720 crore in Q2 FY26. The area sold was 72,883 sq ft of carpet area, down 68% from 2,29,772 sq ft a year earlier. Sales value rose about 54% from ₹146 crore in Q1 FY27.

• Q2 FY27 collections: ₹190 crore, down 14% from ₹220 crore in Q2 FY26.
• H1 FY27 pre-sales: ₹370 crore across 1,16,620 sq ft.
• H1 FY27 collections: ₹363 crore.
• The company said its completed residential project, Ajmera Prive, had sold out.

Commenting on the quarter, Dhaval Ajmera, director of Corporate Affairs, said the company had seen sustained sales momentum across its ongoing projects, supported by continued customer demand and disciplined execution.

Background on the company

Ajmera Realty & Infra India Ltd was incorporated on 18 March 1985 in Mumbai and was founded as Percolated Steels. It is a flagship company of the Ajmera group, which has interests in real estate, construction, cement and steel. Rajnikant Ajmera is Chairman and Managing Director of the Ajmera Group of Companies.

The company says it has delivered more than 46,000 homes. It is developing 1.3 million sq ft, has 1.7 million sq ft in the pipeline and holds an 11.1 million sq ft land bank. Its Mumbai land bank includes about 3.15 million sq ft at Wadala and 7.9 million sq ft at Kanjurmarg, to be developed in phases over four to seven years. Residential projects of the group in Mumbai include Manhattan (Wadala), Prive (Juhu), Eden (Ghatkopar), Solis (Vikhroli) and Shikhar (Malad West).

What it means for buyers, investors and the market

A stock rating is a third-party opinion on the share. It is not a company disclosure, a regulatory filing or a change to any project. The rating does not itself alter prices, booking terms or possession dates for homes the company is selling.

• Buyers: The company's own sales figures show a sharp fall in value sold in Q2 FY27, while collections were lower year on year. Buyers evaluating a specific project should check that project's approvals and status directly with the developer and the relevant regulator.
• Investors: The rating service points to sector risks, including regulatory uncertainty, interest-rate swings and variable demand, and to possible project-execution challenges.
• Market: The coverage relates to one listed developer. None of the reporting cited here describes a wider effect on Mumbai property prices.

What comes next

The company says it is progressing with approvals for upcoming projects and expects launches to support its development pipeline in the second half of FY27. No specific launch dates or approval deadlines have been announced. The next quarterly operational update will show whether sales value and collections recover from the Q2 FY27 levels.