Anant Raj profit rises 13% in September quarter; data centre target set at 357 MW

Anant Raj Limited reported a 13.3% rise in consolidated net profit for the quarter ended 30 September 2026, to ₹156.49 crore, from ₹138.18 crore a year earlier. The board approved the results on Wednesday, 28 October 2026, and on the same day set a target of 357 megawatts (MW) of data centre capacity by FY32 across North and South India.

Revenue from operations rose 4.9% to ₹661.53 crore from ₹630.79 crore. Total income was ₹678.95 crore, against ₹640.89 crore. Basic and diluted earnings per share were ₹4.36, compared with ₹4.02. For the half year from April to September 2026, revenue from operations was ₹1,292.93 crore, up from ₹1,223.20 crore, and profit was ₹305.68 crore, against ₹264.08 crore.

What drove the quarter

Cost of sales fell to ₹427.75 crore from ₹439.16 crore. Total expenses, however, rose to ₹491.17 crore, which the company's filing links to higher depreciation and other operating costs. Pre-tax profit before exceptional items and share of associates was ₹187.78 crore, against ₹164.43 crore a year earlier. The filing reports no exceptional items. The statutory auditors issued an unmodified conclusion on the consolidated results. Net profit was also about 4.9% higher than the ₹149.19 crore reported for the June quarter.

The data centre plan

The company currently operates 28 MW of IT load across its campuses at Manesar and Panchkula. Management has estimated the build-out at about ₹25,000 crore, to be funded from internal accruals and cash flows rather than fresh borrowing. Analysts tracking the plan cite interim milestones of 63 MW by FY27 and 117 MW by FY28. The company's stated end target is 357 MW by FY32. One analyst commentary has flagged the risk of project delays and extended timelines.

The company has also taken several steps in the past few months:

• May 2026: a commitment of ₹4,500 crore in Andhra Pradesh through Anant Raj Cloud for data centre infrastructure and cloud services.
• June 2026: a memorandum of understanding with the Haryana government to invest ₹20,000 crore in large-scale data centre infrastructure.
• October 2026: a memorandum of understanding signed by Anant Raj Cloud Singapore Pte Ltd, a subsidiary, and Orange Business Services to facilitate hosting of overseas data in Haryana.

In July 2026, the board approved a scheme to demerge the data centre and cloud business into a separately listed entity, Ashok Cloud Private Limited, effective 21 July 2026. Shareholders will receive one share of the new entity for every Anant Raj share they hold. The scheme needs regulatory, shareholder, creditor and tribunal approvals before it can be completed.

Gurugram project registration

On the same day, the company said in an exchange filing that Haryana RERA had registered The Estate One, a luxury group housing project in Sector 63A on Golf Course Extension Road, Gurugram. The project spans 5.09 acres, with potential built-up area of about 1.22 million sq ft and 3 BHK and 4 BHK apartments. The company's investor presentation summary refers to 352 residences. The RERA effective date, which the company's disclosure also treats as the project's launch date, is 20 August 2026. The company now says the launch is likely soon. Registration under RERA, the state real estate regulator's framework, is required before a project can be marketed to buyers.

For investors, the project adds a near-term residential revenue source in a corridor the company already holds land in. The filing does not give a launch date or a price band, so the timing and value of sales from the project remain open.

What investors will watch

• Regulatory, shareholder, creditor and tribunal approvals for the Ashok Cloud demerger, and its completion date.
• Progress against the 63 MW interim capacity point for FY27 and whether the company keeps its 357 MW FY32 target.
• The commercial launch of The Estate One, including its pricing and the pace of bookings.
• Whether depreciation and operating costs keep rising faster than revenue in the coming quarters.

The next quarterly results will show how far the higher depreciation charge has affected margins, and whether the data centre build-out is on the timetable the company has set.