Infomerics Reaffirms IVR A-/Stable Rating for Anant Raj Limited in May 2026 Annual Review
Infomerics Reaffirms IVR A-/Stable Rating for Anant Raj Limited
Infomerics Valuation and Rating Ltd. has reaffirmed Anant Raj Limited's long-term credit rating at IVR A-/Stable, reflecting significant improvement in the company's scale of operations and profitability, supported by a comfortable capital structure and strengthened debt protection metrics, along with the group's established track record, diversified asset base, and favourable locations of its real estate projects.
Rating and Facility Coverage
The reaffirmation follows an earlier upgrade in January 2026, when Infomerics upgraded long-term facilities of ₹272.00 crore to IVR A-/Stable from IVR BBB/Stable, while short-term facilities of ₹79.00 crore improved to IVR A2+ from IVR A3+. The May 2026 annual review maintains this rating at stable outlook.
Key Credit Strengths
The reaffirmation reflects the company's significant improvement in scale and profitability, aided by prepayment of debt, and draws comfort from strong growth visibility in the data centre business. The IVR A- rating for long-term facilities signifies adequate degree of safety regarding timely servicing of financial obligations with low credit risk.
Diversified Revenue Base
Anant Raj's data centre business generated ₹58.42 crore revenue in H1 FY26, with 28 MW operational capacity across Manesar, Panchkula, and Rai locations, contributing 75% to absolute EBITDA and 43.23% to PAT. Management expects rentals from the data centre business to exceed ₹50 crore in fiscal 2026 and cross ₹100 crore in the medium term as operational capacity scales and rent-free periods conclude.
The company is targeting 63 MW capacity by December 2026 and 117 MW by FY28, offering integrated colocation and cloud services through its subsidiary.
Scale and Delivery Progress
Anant Raj Ltd was incorporated in 1985 and is primarily engaged in the development and construction of IT parks, hospitality projects, SEZs, office complexes, shopping malls and residential projects in the State of Delhi, Haryana, Andhra Pradesh, Rajasthan and NCR, having successfully developed more than 20 msf of real estate projects.
In Q4 FY26, Anant Raj closed with another step-up in scale and profitability, with revenue from operations rising 19.64% year-on-year to ₹646.81 crore, and EBITDA growing 28.44% to ₹196.02 crore, lifting quarterly EBITDA margin to 29.02% from 27.70% a year ago. For the full fiscal year, revenue from operations increased 21.92% year-on-year to ₹2,511.60 crore, EBITDA expanded 35.94% to ₹723.15 crore with margin widening to 28.04% from 25.33%, and PAT rose 30.81% to ₹557.02 crore.
About Infomerics
Infomerics Valuation and Rating Ltd. is a SEBI-registered and RBI-accredited credit rating agency dedicated to delivering independent, transparent, and research-driven ratings, licensed for credit rating operations since 2015.