Ajmera Realty: PAT growth of 33% & revenue growth of 27% in 9M-25 at a PE of 28

Guidance of 25-30% revenue & PAT CAGR for FY25-30. Growth supported by strong revenue visibility and expectation of strong cash flows. Ambition of AJMERA to 10X market cap to $5 bn

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1. Real Estate Developer

aril.co.in | NSE: AJMERA

2. FY20-24: Weak Performance

3. FY24: PAT up 44% & Revenue up 61% YoY

4. Q3-25: PAT up 11% & Revenue down 5% YoY

5. 9M-25: PAT up 33% & Revenue up 27% YoY

6. Business metrics: Improving return ratios

7. Outlook: Revenue & PAT CAGR of 25-30%for FY25-30

i. FY25-30: Revenue & PAT CAGR of 25-30%

The company is targeting at least 25-30% growth each year in terms of volumes, sales, and profitability.

ii. Strong revenue visibility: 6X+ expected revenue for FY25

8. PAT growth of 33% & Revenue growth of 27% in 9M-25 at a PE of 24

9. Hold?

If I hold the stock then one may continue holding on to AJMERA.

• Based on 9M-25 performance one can look forward to a strong FY25 in line with the guidance of 25-30% growth.

• AJMERA is indicating to a strong FY26 even though formal guidance would be given after Q4-25 results.

FY26 guidance: We are working on those numbers right now. And we are as excited as you are, but we will come back to you towards the end of the financial year, and we'll give you the exact numbers.

• Longer term outlook 25-30% revenue & PAT growth is strong and supported by revenue visibility of Rs 6,012 cr which is 6.5X+ of expected revenue of FY25

• Growth of 25-30% supported by the strong revenue visibility will be converted to strong cashflows of Rs 2,350 cr which is about 68% of current market cap

Cash flow potential from ongoing projects, upcoming projects & from other avenues is estimated to be about INR 2,350 Cr over the lifecycle of projects.

• AJMERA has ambition of growing into $5bn market cap with is 10X of the current market cap of less than $0.5 bn

Ajmera Realty and Infra India Ltd aims to expand its market capitalization (m-cap) by 10x to $5 billion through acquisitions and joint ventures (JVs), said Dhaval Ajmera, director at Ajmera Group.

10. Buy?

If I am looking to enter AJMERA then

• AJMERA has delivered PAT growth of 33% & Revenue growth of 27% in 9M-25 at a PE of 24 which makes valuations reasonable in the short term.

• AJMERA is guiding for 25-30% revenue & PAT CAGR for FY25-30 which at a PE of 24 which makes valuations attractive over the longer term.

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