Ajmera Realty's Q2 profit rises 55% as new sales fall 69%

Ajmera Realty & Infra India Ltd reported a 55% rise in net profit for the quarter ended 30 September 2026, to ₹48.5 crore, even as new sales value fell 69%. The board approved the results at a meeting on 3 November 2026, held at the company's registered office at Citi Mall, New Link Road, Andheri (W), Mumbai. The real estate arm of the Ajmera Group is listed on NSE and BSE.

Profit and revenue rise on project recognition

Revenue for the quarter rose about 45% to ₹319.5 crore. EBITDA was ₹84.1 crore, up about 40% from ₹59.9 crore, and the EBITDA margin eased to 26% from 27%. Profit before tax rose 55.6% to ₹66.6 crore. Against the June quarter, net profit rose about 8% from ₹44.9 crore, while revenue was broadly flat.

The company said the commercial project 33Fifteen became eligible for revenue recognition in the quarter. Director – Corporate Affairs Dhaval Ajmera attributed the half-year performance to customer demand and project execution. For the six months to 30 September 2026, profit after tax was ₹93.4 crore, up 32.1% from ₹70.7 crore.

Sales and collections fall sharply

New sales value in the quarter fell 69% to ₹224 crore from ₹720 crore a year earlier. Carpet area sold dropped to 72,883 square feet from 2,29,772 square feet. Customer collections were about ₹190 crore, down 13.6%. For the half year, pre-sales were ₹370 crore and collections were ₹363 crore, down 20% from ₹454 crore.

The company said Ajmera Prive has been fully sold and pointed to its project pipeline as the driver of future business. It also said price realisation improved, but did not give a figure.

One independent analysis read the profit growth as the result of earlier bookings being recognised, not fresh demand. The gap between rising revenue and falling new sales is the central question for investors in the company.

Balance sheet and what to watch

Debt-to-equity stood at 0.44x on 30 September 2026, down from 0.55x a year earlier. The company reported corporate debt at zero and cut project debt by ₹34 crore to ₹646 crore. It said the reduction was supported by proceeds from the sale of its entire 36% stake in Ultra Tech Property Developers Private Limited.

Investors will look at the unaudited standalone and consolidated results, which the company is due to discuss on an earnings call on 3 November 2026. Key items are whether sales value recovers from the ₹224 crore booked in the quarter, the pace of collections, and updates on the ₹3,000 crore launch pipeline and the Wadala land bank. The company's land bank stands at 11.1 million square feet, and it has delivered more than 46,000 homes.