Key Financials Snapshot

TTM · Consolidated · ₹ in Cr
Market Cap
₹20795 Cr.
Stock P/E
37.6
P/B
3.5
Current Price
₹577.9
Book Value
₹ 164.7
Face Value
2
52W High
₹744.1
52W Low
₹ 403
Dividend Yield
0.17%

Anant Raj Overview

Business

Anant Raj Ltd. is a prominent real estate developer in India, primarily focused on projects in the Delhi-NCR (National Capital Region) and Haryana regions. The company is engaged in the development of residential, commercial, hospitality, IT parks, and integrated township projects. Its core business model involves acquiring land, developing properties, and then selling or leasing these properties to generate revenue. The company operates across various price segments, from affordable housing to premium developments, catering to a diverse customer base.

Revenue Mix

Anant Raj Ltd. primarily generates revenue from the sale of developed properties. While exact percentage breakdowns fluctuate based on project cycles, its portfolio broadly includes:

Residential Projects: Group housing, plotted developments, independent floors, and integrated townships. This is typically a major contributor to revenue.

Commercial Projects: Office spaces, retail establishments, and IT park developments.

Hospitality Projects: Development and sometimes operation of hotels.

Affordable Housing: A growing focus, aligning with government initiatives.

Industry

The Indian real estate industry is large, fragmented, and highly cyclical, influenced by economic growth, interest rates, and regulatory policies (like RERA). Anant Raj Ltd. is a well-established player with a long operating history, particularly strong in the Delhi-NCR and Haryana markets. It positions itself as a developer with a significant land bank, a diversified portfolio, and a track record of project execution. The company competes with both large national developers and numerous regional players within its operating zones.

MOAT

Anant Raj Ltd. possesses a few notable advantages:

Strategic Land Bank: The company holds a substantial land bank, particularly in prime locations across Delhi, Haryana, and NCR, acquired at competitive prices over time. This provides a significant cost advantage and barrier to entry for new players in land-scarce regions.

Execution Capability: A long track record of delivering projects across various segments helps build trust and brand reputation within its target markets.

Diversified Portfolio: Presence in residential, commercial, and hospitality segments, along with a focus on affordable housing, provides a degree of revenue stability and reduces over-reliance on a single segment.

Growth Drivers

Urbanization & Demographic Trends: Continued migration to urban centers and a growing young population in India drive sustained demand for housing and commercial spaces.

Government Initiatives: Policies like "Housing for All" and infrastructure development (e.g., highways, metro expansions) in NCR and Haryana directly benefit real estate developers operating in these regions.

Favorable Interest Rate Environment: Potential for stable or declining interest rates can boost home buyer affordability and real estate demand.

Disposable Income Growth: Rising disposable incomes among the middle and upper-middle classes support demand for quality housing and commercial properties.

Project Pipeline: Successful execution and launch of new projects from its extensive land bank.

Risks

Real Estate Cyclicality: The sector is highly sensitive to economic cycles, interest rate fluctuations, and property market sentiments.

Regulatory & Environmental Clearances: Delays in obtaining various government approvals (RERA, environmental, construction permits) can significantly impact project timelines and costs.

Funding & Interest Rate Risk: High capital requirements and reliance on debt make the company susceptible to rising borrowing costs.

Competition: Intense competition from both established and emerging developers can put pressure on pricing and sales velocity.

Land Acquisition & Pricing: Challenges in acquiring new land parcels at viable prices and potential litigation related to existing land holdings.

Slowdown in Economic Growth: A general economic slowdown can adversely impact consumer spending and investment in real estate.

Management & Ownership

Anant Raj Ltd. is promoted by the Shingal family. The company was founded by Mr. Ashok Sarin (now Chairman Emeritus) and is currently led by Mr. Amit Sarin (CMD). The promoters have a long history and experience in the real estate sector. The ownership structure typically shows a significant promoter holding, indicating their commitment to the business, with the remaining shares held by institutional investors and the public.

Outlook

Anant Raj Ltd. is well-positioned to capitalize on India's long-term real estate growth, particularly in the Delhi-NCR and Haryana markets, given its substantial land bank and diversified project portfolio. The company's focus on both residential and commercial developments, including affordable housing, offers avenues for stable revenue generation. However, the inherent cyclicality of the real estate sector, sensitivity to interest rates, and the complexities of regulatory clearances remain key challenges. Successful execution of its project pipeline, efficient capital management, and timely approvals will be critical for sustained growth in a competitive environment.

Anant Raj Share Price

Live · BSE / NSE · Inception: 1985
₹ | |
Volume
Price

Key Financials — Profit & Loss

₹ in Cr · Consolidated · annual

Anant Raj Quarterly Results

#(Fig in Cr.) Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026
Net Sales 443 472 513 535 541 592 631 642 647 631
Other Income 11 10 11 9 10 10 10 19 29 19
Total Income 453 482 524 544 551 602 641 660 675 651
Total Expenditure 338 369 400 401 398 442 463 472 479 448
Operating Profit 115 113 124 143 153 161 178 189 196 203
Interest 11 4 2 3 3 2 3 3 4 1
Depreciation 5 5 8 8 9 8 11 13 17 16
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 0
Profit Before Tax 99 104 114 132 141 150 164 172 175 185
Provision for Tax 11 14 10 22 23 26 28 30 25 39
Profit After Tax 88 90 104 109 118 125 137 142 150 146
Adjustments -9 1 1 1 1 1 1 2 -3 4
Profit After Adjustments 78 91 106 110 119 126 138 144 147 150
Adjusted Earnings Per Share 2.3 2.7 3.1 3.2 3.5 3.7 4 4 4.1 4.2

Anant Raj Profit & Loss

#(Fig in Cr.) Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026 TTM
Net Sales 431 466 480 350 276 250 462 957 1483 2060 2512 2551
Other Income 45 29 49 15 9 20 39 48 37 40 67 77
Total Income 476 495 529 364 286 270 501 1005 1521 2100 2579 2627
Total Expenditure 315 325 370 274 224 214 386 760 1149 1568 1856 1862
Operating Profit 161 169 159 90 62 55 115 245 371 532 723 766
Interest 46 55 55 28 15 31 27 32 35 11 12 11
Depreciation 27 27 26 22 18 17 17 17 18 30 49 57
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 0 0 0
Profit Before Tax 87 88 79 40 29 8 72 197 319 491 662 696
Provision for Tax 24 21 18 11 12 7 23 52 54 69 108 122
Profit After Tax 64 67 60 29 17 0 48 144 265 422 554 575
Adjustments 6 10 6 12 10 10 6 7 1 4 3 4
Profit After Adjustments 69 77 66 41 27 11 55 151 266 426 557 579
Adjusted Earnings Per Share 2.4 2.6 2.2 1.4 0.9 0.4 1.9 4.7 7.8 12.4 15.5 16.3

Anant Raj Balance Sheet

#(Fig in Cr.) Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Shareholder's Funds 4117 4246 4187 2501 2485 2500 2639 2825 3656 4161 5789
Minority's Interest 115 114 43 41 39 37 35 33 28 28 30
Borrowings 930 1245 2028 1170 1250 1411 900 874 467 389 521
Other Non-Current Liabilities 42 -4 106 43 45 125 195 244 252 166 153
Total Current Liabilities 1045 1038 1109 846 769 539 616 380 464 490 376
Total Liabilities 6249 6639 7473 4602 4588 4611 4385 4357 4868 5235 6869
Fixed Assets 380 387 557 39 43 43 40 49 71 116 438
Other Non-Current Assets 3900 3960 4073 2194 2286 2187 2190 2130 2059 2457 2764
Total Current Assets 1969 2293 2843 2369 2259 2381 2154 2177 2738 2662 3667
Total Assets 6249 6639 7473 4602 4588 4611 4385 4357 4868 5235 6869

Anant Raj Cash Flow

#(Fig in Cr.) Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Opening Cash & Cash Equivalents 57 43 76 216 54 8 27 19 34 305 330
Cash Flow from Operating Activities -73 -127 -305 810 -84 -150 423 33 -26 253 -435
Cash Flow from Investing Activities -50 -33 -229 1707 -5 85 31 -20 181 -147 -231
Cash Flow from Financing Activities 109 193 675 -2679 43 83 -461 2 116 -81 1235
Net Cash Inflow / Outflow -14 33 141 -162 -46 18 -7 15 271 25 569
Closing Cash & Cash Equivalent 43 76 216 54 8 27 19 34 305 330 899

Anant Raj Ratios

# Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Earnings Per Share (Rs) 2.35 2.61 2.24 1.4 0.91 0.36 1.86 4.66 7.78 12.41 15.48
CEPS(Rs) 3.08 3.19 2.92 1.73 1.17 0.59 2.21 4.97 8.27 13.17 16.74
DPS(Rs) 0.24 0.24 0.24 0.24 0.08 0.1 0.12 0.5 0.73 0.73 1
Book NAV/Share(Rs) 139.51 143.88 141.88 84.75 84.22 84.7 85.24 87.08 106.98 121.25 160.66
Core EBITDA Margin(%) 26.93 30.22 22.97 21.6 18.95 14.17 16.43 20.59 22.5 23.87 26.11
EBIT Margin(%) 31 30.49 27.79 19.52 15.97 15.29 21.35 23.88 23.81 24.35 26.85
Pre Tax Margin(%) 20.23 18.79 16.35 11.54 10.52 3.05 15.49 20.56 21.48 23.81 26.36
PAT Margin (%) 14.73 14.34 12.54 8.38 6.08 0.09 10.49 15.09 17.83 20.46 22.04
Cash Profit Margin (%) 21.1 20.22 17.96 14.64 12.5 6.97 14.1 16.82 19.05 21.94 23.99
ROA(%) 1.03 1.04 0.85 0.49 0.37 0.01 1.08 3.3 5.74 8.35 9.15
ROE(%) 1.54 1.6 1.43 0.88 0.67 0.01 1.93 5.41 8.17 10.78 11.14
ROCE(%) 2.41 2.46 2.09 1.25 1.07 0.92 2.44 5.84 8.63 11.26 12.23
Receivable days 81.01 81.6 82.05 87.07 88.36 84.18 25.82 13.93 18.57 19.97 22.11
Inventory Days 965.45 884.52 862.38 1100.95 1552.82 2079.24 1024.02 444.67 321.44 227.43 160.5
Payable days 11.43 8.71 10.06 10.43 6.36 9.03 8.89 5.47 5.63 4.84 6.88
PER(x) 14.02 18.28 20.98 23.9 21.8 151.05 35.65 26.25 40.05 39.65 26.2
Price/Book(x) 0.24 0.33 0.33 0.4 0.23 0.64 0.78 1.41 2.91 4.06 2.52
Dividend Yield(%) 0.73 0.5 0.51 0.72 0.41 0.18 0.18 0.41 0.23 0.15 0.25
EV/Net Sales(x) 5.5 6.43 7.74 7.2 8.17 12.95 6.95 5.2 7.39 8.25 5.69
EV/Core EBITDA(x) 14.73 17.67 23.32 27.93 36.47 58.43 27.84 20.32 29.51 31.96 19.76
Net Sales Growth(%) -10.89 8.02 3.04 -27.2 -20.99 -9.61 84.99 107.19 55 38.88 21.92
EBIT Growth(%) -41.89 6.24 -6.08 -48.87 -35.34 -13.48 158.35 131.72 54.59 42 34.45
PAT Growth(%) -55.28 5.19 -9.95 -51.32 -42.72 -98.61 0 197.94 83.19 59.35 31.34
EPS Growth(%) -51.29 11.14 -14.39 -37.21 -35.47 -60.18 415.52 150.68 66.82 59.49 24.77
Debt/Equity(x) 0.36 0.41 0.62 0.64 0.68 0.67 0.51 0.38 0.17 0.11 0.1
Current Ratio(x) 1.89 2.21 2.56 2.8 2.94 4.42 3.5 5.72 5.9 5.43 9.75
Quick Ratio(x) 0.8 1.18 1.53 1.72 1.14 1.92 1.66 2.58 2.85 3.08 6.95
Interest Cover(x) 2.88 2.61 2.43 2.45 2.93 1.25 3.64 7.19 10.21 45.64 54.61
Total Debt/Mcap(x) 1.53 1.22 1.88 1.61 2.9 1.03 0.66 0.27 0.06 0.03 0.04

Growth Rates

Compounded annual
# 1 Year 3 Year 5 Year 10 Year
Sales CAGR +22% +38% +59% +19%
Operating Profit CAGR +36% +43% +67% +16%
PAT CAGR +31% +57% — +24%
Share Price CAGR -17% +38% +50% +26%
ROE Average +11% +10% +7% +4%
ROCE Average +12% +11% +8% +5%

Anant Raj Shareholding Pattern

Latest · Jun 2026
100% held
Promoters 57.42 %
FII 10.74 %
DII (MF + Insurance) 4.61 %
Public (retail) 27.23 %
# Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026
Promoter 6060606060.1660.1260.1257.4157.4157.42
FII 11.5313.1113.0413.0712.8810.6110.7211.1410.8810.74
DII 3.646.526.76.716.576.225.825.134.834.61
Public 24.8320.3720.2620.2220.3923.0423.3326.3226.8927.23
Others 0000000000
Total 100100100100100100100100100100

Anant Raj Peer Comparison

Construction - Real Estate Edit Columns

Anant Raj Quarterly Price

10-year quarterly close · BSE
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News & Updates

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Anant Raj Pros & Cons

Pros

  • Company is almost debt free.

Cons

  • Company has a low return on equity of 10% over the last 3 years.
  • Debtor days have increased from 4.84 to 6.88days.
  • Stock is trading at 3.5 times its book value.
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