Motilal Oswal Maintains 'Buy' on Anant Raj Post Q4 FY26 Results; Projects ₹3,050 Crore Pre-Sales for FY27
Analyst Reiteration: Motilal Oswal Backs Anant Raj's Near-Term Launch Pipeline
Following Anant Raj's Q4 FY26 results, Motilal Oswal Financial Services (MOFSL) expects the company to receive RERA registration for the Group Housing 2 project in Sector 63A, Gurugram, in Q1 FY27, with the project planned to have a saleable area of 0.9 million square feet and a gross development value of ₹2,000 crore.
The brokerage projected that in FY27, Anant Raj plans to launch two projects with a combined GDV of ₹4,000–4,500 crore spanning 2 million square feet, which is expected to drive pre-sales. Factoring in the launch pipeline and residual potential in Sector 63A, MOFSL sees ₹3,050 crore and ₹3,340 crore in pre-sales in FY27 and FY28 respectively, with collections of ₹2,020 crore and ₹2,250 crore in the same periods.
Operational Performance and Underlying Strength
In Q4 FY26, Anant Raj reported consolidated revenue of ₹646.81 crore, an increase of 0.81% sequentially and 19.63% year-on-year from ₹540.65 crore in Q4 FY25. For the full year FY26, consolidated net profit reached ₹554.85 crore, a 30.39% year-on-year increase from ₹425.54 crore in FY25.
EBITDA grew faster at 28.44% year-on-year to ₹196.02 crore, lifting the quarterly EBITDA margin to 29.02% from 27.70% a year earlier. Net debt declined from ₹1,626 crore in FY21 to nil in FY26.
Residential Pipeline and Sector 63A Dominance
Sector 63A in Gurugram continues to be the centre of gravity. The company received the license and other approvals for Group Housing 2 on 5.09 acres, including revised FAR, green building FAR, zoning plan and AAI approval, with RERA expected by end of Q1 FY27 and the project planned with 0.90 million square feet of saleable area in the luxury segment. The license for Group Housing 3 on 6.38 acres in the same sector is at an advanced stage, with tentative saleable area of about 1.20 million square feet.
Within the township, Phase IV of Anant Raj Estate has commenced, covering an additional 6.075 acres with potential development of about 5 lakh square feet. Phase I of the Birla Navya project has been delivered, occupancy certificates for Phase II units have been received and deliveries have started, while Phase III deliveries are planned by end of FY28.
Data Centre Business Scaling
The company plans to scale data centre capacity to 357 MW IT load by 2032, of which 117 MW is expected to be operational by FY28. Construction at the Rai facility has commenced with an initial capacity of 20 MW IT load, which would eventually be scaled to 200 MW IT load through a mix of greenfield and brownfield expansions.
MOFSL baked in a 134% CAGR in data centre revenue over FY26-28, reaching ₹960 crore, supported by capacity ramp-up and improvement in utilization.
Developer Context: Five Decades of Operations
Founded in 1969, Anant Raj Limited has delivered 21 million square feet across Delhi NCR, spanning luxury residences, IT parks, commercial complexes, and data centres in four states. The group's affordable housing credentials trace back to its origins as a DDA contractor, when it delivered nearly 30,000 homes across Delhi between 1969 and 1990. The group controls approximately 220 acres on Golf Course Extension Road alone, giving it a multi-phase residential pipeline without reliance on new land acquisition.
Anant Raj Limited was incorporated in 1985 as Anant Raj Clay Products by Ashok Sarin 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.