Construction - Real Estate · Founded 1985 · www.anantrajlimited.com · BSE 515055 · NSE ANANTRAJ · ISIN INE242C01024
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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.
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| #(Fig in Cr.) | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 392 | 443 | 472 | 513 | 535 | 541 | 592 | 631 | 642 | 647 |
| Other Income | 9 | 11 | 10 | 11 | 9 | 10 | 10 | 10 | 19 | 29 |
| Total Income | 401 | 453 | 482 | 524 | 544 | 551 | 602 | 641 | 660 | 675 |
| Total Expenditure | 302 | 338 | 369 | 400 | 401 | 398 | 442 | 463 | 472 | 479 |
| Operating Profit | 99 | 115 | 113 | 124 | 143 | 153 | 161 | 178 | 189 | 196 |
| Interest | 8 | 11 | 4 | 2 | 3 | 3 | 2 | 3 | 3 | 4 |
| Depreciation | 5 | 5 | 5 | 8 | 8 | 9 | 8 | 11 | 13 | 17 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 86 | 99 | 104 | 114 | 132 | 141 | 150 | 164 | 172 | 175 |
| Provision for Tax | 17 | 11 | 14 | 10 | 22 | 23 | 26 | 28 | 30 | 25 |
| Profit After Tax | 70 | 88 | 90 | 104 | 109 | 118 | 125 | 137 | 142 | 150 |
| Adjustments | 2 | -9 | 1 | 1 | 1 | 1 | 1 | 1 | 2 | -3 |
| Profit After Adjustments | 72 | 78 | 91 | 106 | 110 | 119 | 126 | 138 | 144 | 147 |
| Adjusted Earnings Per Share | 2.2 | 2.3 | 2.7 | 3.1 | 3.2 | 3.5 | 3.7 | 4 | 4 | 4.1 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 484 | 431 | 466 | 480 | 350 | 276 | 250 | 462 | 957 | 1483 | 2060 | 2512 |
| Other Income | 9 | 45 | 29 | 49 | 15 | 9 | 20 | 39 | 48 | 37 | 40 | 68 |
| Total Income | 493 | 476 | 495 | 529 | 364 | 286 | 270 | 501 | 1005 | 1521 | 2100 | 2578 |
| Total Expenditure | 234 | 315 | 325 | 370 | 274 | 224 | 214 | 386 | 760 | 1149 | 1568 | 1856 |
| Operating Profit | 259 | 161 | 169 | 159 | 90 | 62 | 55 | 115 | 245 | 371 | 532 | 724 |
| Interest | 55 | 46 | 55 | 55 | 28 | 15 | 31 | 27 | 32 | 35 | 11 | 12 |
| Depreciation | 28 | 27 | 27 | 26 | 22 | 18 | 17 | 17 | 17 | 18 | 30 | 49 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 175 | 87 | 88 | 79 | 40 | 29 | 8 | 72 | 197 | 319 | 491 | 661 |
| Provision for Tax | 33 | 24 | 21 | 18 | 11 | 12 | 7 | 23 | 52 | 54 | 69 | 109 |
| Profit After Tax | 142 | 64 | 67 | 60 | 29 | 17 | 0 | 48 | 144 | 265 | 422 | 554 |
| Adjustments | 0 | 6 | 10 | 6 | 12 | 10 | 10 | 6 | 7 | 1 | 4 | 1 |
| Profit After Adjustments | 142 | 69 | 77 | 66 | 41 | 27 | 11 | 55 | 151 | 266 | 426 | 555 |
| Adjusted Earnings Per Share | 4.8 | 2.4 | 2.6 | 2.2 | 1.4 | 0.9 | 0.4 | 1.9 | 4.7 | 7.8 | 12.4 | 15.8 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 39% | 65% | 49% | 16% |
| Operating Profit CAGR | 43% | 67% | 54% | 7% |
| PAT CAGR | 59% | 106% | 90% | 12% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -0% | 53% | 54% | 28% |
| ROE Average | 11% | 8% | 5% | 3% |
| ROCE Average | 11% | 9% | 6% | 4% |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 4134 | 4117 | 4246 | 4187 | 2501 | 2485 | 2500 | 2639 | 2825 | 3656 | 4161 |
| Minority's Interest | 115 | 115 | 114 | 43 | 41 | 39 | 37 | 35 | 33 | 28 | 28 |
| Borrowings | 813 | 930 | 1245 | 2028 | 1170 | 1250 | 1411 | 900 | 874 | 467 | 389 |
| Other Non-Current Liabilities | 44 | 42 | -4 | 106 | 43 | 45 | 125 | 195 | 244 | 252 | 166 |
| Total Current Liabilities | 985 | 1045 | 1038 | 1109 | 846 | 769 | 539 | 616 | 380 | 464 | 490 |
| Total Liabilities | 6091 | 6249 | 6639 | 7473 | 4602 | 4588 | 4611 | 4385 | 4357 | 4868 | 5235 |
| Fixed Assets | 2555 | 380 | 387 | 557 | 39 | 43 | 43 | 40 | 49 | 71 | 116 |
| Other Non-Current Assets | 1424 | 3900 | 3960 | 4073 | 2194 | 2286 | 2187 | 2190 | 2130 | 2059 | 2457 |
| Total Current Assets | 2112 | 1969 | 2293 | 2843 | 2369 | 2259 | 2381 | 2154 | 2177 | 2738 | 2662 |
| Total Assets | 6091 | 6249 | 6639 | 7473 | 4602 | 4588 | 4611 | 4385 | 4357 | 4868 | 5235 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 14 | 57 | 43 | 76 | 216 | 54 | 8 | 27 | 19 | 34 | 305 |
| Cash Flow from Operating Activities | 249 | -73 | -127 | -305 | 810 | -84 | -150 | 423 | 33 | -26 | 97 |
| Cash Flow from Investing Activities | -123 | -50 | -33 | -229 | 1707 | -5 | 85 | 31 | -20 | 181 | -72 |
| Cash Flow from Financing Activities | -82 | 109 | 193 | 675 | -2679 | 43 | 83 | -461 | 2 | 116 | 1 |
| Net Cash Inflow / Outflow | 43 | -14 | 33 | 141 | -162 | -46 | 18 | -7 | 15 | 271 | 25 |
| Closing Cash & Cash Equivalent | 57 | 43 | 76 | 216 | 54 | 8 | 27 | 19 | 34 | 305 | 330 |
| # | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 4.82 | 2.35 | 2.61 | 2.24 | 1.4 | 0.91 | 0.36 | 1.86 | 4.66 | 7.78 | 12.41 |
| CEPS(Rs) | 5.78 | 3.08 | 3.19 | 2.92 | 1.73 | 1.17 | 0.59 | 2.21 | 4.97 | 8.27 | 13.17 |
| DPS(Rs) | 0.24 | 0.24 | 0.24 | 0.24 | 0.24 | 0.08 | 0.1 | 0.12 | 0.5 | 0.73 | 0.73 |
| Book NAV/Share(Rs) | 140.09 | 139.51 | 143.88 | 141.88 | 84.75 | 84.22 | 84.7 | 85.24 | 87.08 | 106.98 | 121.25 |
| Core EBITDA Margin(%) | 51.61 | 26.93 | 30.22 | 22.97 | 21.6 | 18.95 | 14.17 | 16.43 | 20.59 | 22.5 | 23.87 |
| EBIT Margin(%) | 47.54 | 31 | 30.49 | 27.79 | 19.52 | 15.97 | 15.29 | 21.35 | 23.88 | 23.81 | 24.35 |
| Pre Tax Margin(%) | 36.25 | 20.23 | 18.79 | 16.35 | 11.54 | 10.52 | 3.05 | 15.49 | 20.56 | 21.48 | 23.81 |
| PAT Margin (%) | 29.35 | 14.73 | 14.34 | 12.54 | 8.38 | 6.08 | 0.09 | 10.49 | 15.09 | 17.83 | 20.46 |
| Cash Profit Margin (%) | 35.23 | 21.1 | 20.22 | 17.96 | 14.64 | 12.5 | 6.97 | 14.1 | 16.82 | 19.05 | 21.94 |
| ROA(%) | 2.32 | 1.03 | 1.04 | 0.85 | 0.49 | 0.37 | 0.01 | 1.08 | 3.3 | 5.74 | 8.35 |
| ROE(%) | 3.49 | 1.54 | 1.6 | 1.43 | 0.88 | 0.67 | 0.01 | 1.93 | 5.41 | 8.17 | 10.78 |
| ROCE(%) | 4.23 | 2.41 | 2.46 | 2.09 | 1.25 | 1.07 | 0.92 | 2.44 | 5.84 | 8.63 | 11.26 |
| Receivable days | 62.79 | 81.01 | 81.6 | 82.05 | 87.07 | 88.36 | 84.18 | 25.82 | 13.93 | 18.57 | 19.97 |
| Inventory Days | 848.49 | 965.45 | 884.52 | 862.38 | 1100.95 | 1552.82 | 2079.24 | 1024.02 | 444.67 | 321.44 | 227.43 |
| Payable days | 22.11 | 11.43 | 8.71 | 10.06 | 10.43 | 6.36 | 9.03 | 8.89 | 5.47 | 5.63 | 4.84 |
| PER(x) | 8.25 | 14.02 | 18.28 | 20.98 | 23.9 | 21.8 | 151.05 | 35.65 | 26.25 | 40.05 | 39.65 |
| Price/Book(x) | 0.28 | 0.24 | 0.33 | 0.33 | 0.4 | 0.23 | 0.64 | 0.78 | 1.41 | 2.91 | 4.06 |
| Dividend Yield(%) | 0.6 | 0.73 | 0.5 | 0.51 | 0.72 | 0.41 | 0.18 | 0.18 | 0.41 | 0.23 | 0.15 |
| EV/Net Sales(x) | 5.01 | 5.5 | 6.43 | 7.74 | 7.2 | 8.17 | 12.95 | 6.95 | 5.2 | 7.39 | 8.25 |
| EV/Core EBITDA(x) | 9.39 | 14.73 | 17.67 | 23.32 | 27.93 | 36.47 | 58.43 | 27.84 | 20.32 | 29.51 | 31.96 |
| Net Sales Growth(%) | 0.14 | -10.89 | 8.02 | 3.04 | -27.2 | -20.99 | -9.61 | 84.99 | 107.19 | 55 | 38.88 |
| EBIT Growth(%) | 58.76 | -41.89 | 6.24 | -6.08 | -48.87 | -35.34 | -13.48 | 158.35 | 131.72 | 54.59 | 42 |
| PAT Growth(%) | 36.52 | -55.28 | 5.19 | -9.95 | -51.32 | -42.72 | -98.61 | 0 | 197.94 | 83.19 | 59.35 |
| EPS Growth(%) | 41.83 | -51.29 | 11.14 | -14.39 | -37.21 | -35.47 | -60.18 | 415.52 | 150.68 | 66.82 | 59.49 |
| Debt/Equity(x) | 0.33 | 0.36 | 0.41 | 0.62 | 0.64 | 0.68 | 0.67 | 0.51 | 0.38 | 0.17 | 0.11 |
| Current Ratio(x) | 2.14 | 1.89 | 2.21 | 2.56 | 2.8 | 2.94 | 4.42 | 3.5 | 5.72 | 5.9 | 5.43 |
| Quick Ratio(x) | 0.98 | 0.8 | 1.18 | 1.53 | 1.72 | 1.14 | 1.92 | 1.66 | 2.58 | 2.85 | 3.08 |
| Interest Cover(x) | 4.21 | 2.88 | 2.61 | 2.43 | 2.45 | 2.93 | 1.25 | 3.64 | 7.19 | 10.21 | 45.64 |
| Total Debt/Mcap(x) | 1.15 | 1.53 | 1.22 | 1.88 | 1.61 | 2.9 | 1.03 | 0.66 | 0.27 | 0.06 | 0.03 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 63.3 | 60 | 60 | 60 | 60 | 60.16 | 60.12 | 60.12 | 57.41 | 57.41 |
| FII | 8.96 | 11.53 | 13.11 | 13.04 | 13.07 | 12.88 | 10.61 | 10.72 | 11.14 | 10.88 |
| DII | 1.59 | 3.64 | 6.52 | 6.7 | 6.71 | 6.57 | 6.22 | 5.82 | 5.13 | 4.83 |
| Public | 26.15 | 24.83 | 20.37 | 20.26 | 20.22 | 20.39 | 23.04 | 23.33 | 26.32 | 26.89 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 20.51 | 20.51 | 20.51 | 20.51 | 20.51 | 20.65 | 20.64 | 20.64 | 20.66 | 20.66 |
| FII | 2.9 | 3.94 | 4.48 | 4.46 | 4.47 | 4.42 | 3.64 | 3.68 | 4.01 | 3.92 |
| DII | 0.52 | 1.24 | 2.23 | 2.29 | 2.29 | 2.25 | 2.14 | 2 | 1.85 | 1.74 |
| Public | 8.47 | 8.49 | 6.96 | 6.93 | 6.91 | 7 | 7.91 | 8.01 | 9.47 | 9.68 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 32.41 | 34.19 | 34.19 | 34.19 | 34.19 | 34.33 | 34.33 | 34.33 | 35.99 | 35.99 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | +39% | +65% | +49% | +16% |
| Operating Profit CAGR | +43% | +67% | +54% | +7% |
| PAT CAGR | +59% | +106% | +90% | +12% |
| Share Price CAGR | 0% | +53% | +54% | +28% |
| ROE Average | +11% | +8% | +5% | +3% |
| ROCE Average | +11% | +9% | +6% | +4% |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 63.3 | 60 | 60 | 60 | 60 | 60.16 | 60.12 | 60.12 | 57.41 | 57.41 |
| FII | 8.96 | 11.53 | 13.11 | 13.04 | 13.07 | 12.88 | 10.61 | 10.72 | 11.14 | 10.88 |
| DII | 1.59 | 3.64 | 6.52 | 6.7 | 6.71 | 6.57 | 6.22 | 5.82 | 5.13 | 4.83 |
| Public | 36.7 | 40 | 40 | 40 | 40 | 39.84 | 39.88 | 39.88 | 42.59 | 42.59 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 20.51 | 20.51 | 20.51 | 20.51 | 20.51 | 20.65 | 20.64 | 20.64 | 20.66 | 20.66 |
| FII | 2.9 | 3.94 | 4.48 | 4.46 | 4.47 | 4.42 | 3.64 | 3.68 | 4.01 | 3.92 |
| DII | 0.52 | 1.24 | 2.23 | 2.29 | 2.29 | 2.25 | 2.14 | 2 | 1.85 | 1.74 |
| Public | 11.9 | 13.67 | 13.67 | 13.67 | 13.67 | 13.67 | 13.69 | 13.69 | 15.33 | 15.33 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 32.41 | 34.19 | 34.19 | 34.19 | 34.19 | 34.33 | 34.33 | 34.33 | 35.99 | 35.99 |
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