Ajmera Realty & Infra India Ltd.

AJMERANSERealtyConstruction - Real EstateSmall Cap

₹140.94

▲ 4.15%

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Composite

The company is primarily engaged in real estate development. Its real estate business caters to the mid and hi-end housing segments. It also operates in the hospitality and entertainment, which includes dome theatres, retail and malls, etc.

www.ajmera.comSector: RealtyIndustry: Construction - Real Estate

Q-DITS fundamental score

62Composite

Growth

Profitability

Valuation

Quality

Solvency

Earnings

Key metrics

MCap

₹2.8K Cr

TTM PE

18.5x

Industry PE

44.5x

TTM EPS

₹7.61

Book Value

₹71.06

Face Value

₹2

Div Yield

0.71%

PEG

0.66x

2.9x

ROE

12.2%

ROCE

13.7%

EBITDA mgn

33.3%

D/E

0.56

Int. Cover

3.2x

Curr. Ratio

5.96x

EPS

₹6.41

Growth — CAGR across horizons

Metric	1Y	3Y	5Y	10Y
Net Sales	47.7%	36.3%	25.8%	12.9%
EBITDA	29.3%	33.9%	25.6%	12.5%
Net Profit	18.9%	28%	37.8%	13.4%

Score snapshot

Piotroski

6/9

Altman Z

1.77

Quality

51.8

Growth

76.4

Valuation

Earn. Qual

31.7

PEAD

SURGE

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Revenue, profitability & returns

Revenue & Net Profit (₹ Cr)

RevenueNet Profit

Margins (%)

EBITDA%PAT%

Return ratios (%)

ROEROCEROA

Annual financials — last 10 years

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Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
›RevenueCr	316	277	370	382	344	347	483	431	700	738
›EBITDACr	92	121	156	147	111	100	123	134	209	246
›EBITDA margin	29.1%	43.8%	42.1%	38.4%	32.1%	29%	25.4%	31.1%	29.9%	33.3%
›Net profitCr	46	66	84	76	33	31	46	72	104	126
›PAT margin	14.4%	23.8%	22.8%	20%	9.6%	9.1%	9.6%	16.6%	14.8%	17.1%
›EPS₹	₹2.39	₹3.68	₹4.67	₹4.21	₹1.83	₹1.74	₹2.55	₹4.04	₹5.79	₹6.41
›Revenue growth	92%	-12.2%	33.2%	3.2%	-9.7%	0.7%	39.2%	-10.7%	62.4%	5.4%
›PAT growth	74.3%	45%	27.8%	-9.7%	-56.8%	-4.4%	47.2%	54.5%	45.2%	21.7%
›ROE	10.5%	13.9%	15.8%	13%	5.3%	4.8%	6.7%	9.7%	12.7%	12.2%
›ROCE	12.2%	13.8%	15.1%	11.3%	7%	6.5%	7.7%	8%	12.6%	13.7%
›ROA	3.7%	4.9%	5.7%	4.5%	1.7%	1.6%	2.4%	3.6%	5.4%	6%
›P/E	2.3x	2.2x	2.1x	1.8x	1.4x	2.7x	5.1x	2.7x	5x	5.6x
›P/B	1.1x	1.4x	1.5x	1.1x	0.4x	0.6x	1.6x	1.3x	3x	2.9x
›D/E	0.7	0.9	0.9	1.4	1.5	1.2	1.4	1.1	0.9	0.6
›Current ratio	4.3x	2.3x	4.2x	8x	5.5x	5.4x	5.5x	8.6x	10.2x	6x
›Interest cover	2.9x	3.3x	3.3x	2.9x	1.6x	1.7x	2x	3.7x	3x	3.2x

Quarterly results

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Metric	2023-12	2024-03	2024-06	2024-09	2024-12	2025-03	2025-06	2025-09	2025-12	2026-03
›RevenueCr	207	232	194	200	193	151	259	219	182	431
›Rev growth YoY	161.5%	102.9%	66.9%	37.6%	-6.7%	-34.7%	33.4%	9.6%	-5.8%	184.8%
›EBITDACr	60	66	64	60	63	43	78	58	55	107
›EBITDA margin	29%	28.6%	33.2%	30.2%	32.5%	28.6%	30.3%	26.5%	30.4%	24.8%
›Net profitCr	30	29	33	36	33	24	39	31	28	58
›PAT growth YoY	174.8%	99.3%	51.8%	58.1%	10.8%	-17.7%	20.4%	-14.7%	-15.1%	140.7%
›EPS₹	₹8.59	₹8.11	₹8.86	₹9.77	₹8.61	₹6.42	₹9.73	₹7.72	₹1.3	₹2.83

Balance sheet — last 10 years (₹ Cr)

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Metric	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026
›Shareholders' equityCr	505	563	611	639	665	710	774	866	1,207	1,398
›ReservesCr	469	527	576	603	629	674	738	830	1,167	1,359
›Total borrowingsCr	0	0	0	0	0	0	0	0	0	0
›InvestmentsCr	381	354	454	495	549	531	389	275	282	0
›Total assetsCr	1,000	1,271	1,704	1,710	1,658	1,756	1,749	1,804	1,932	2,594
›Current assetsCr	966	1,113	1,407	1,433	1,298	1,431	1,472	1,628	1,926	2,237
›Current liabilitiesCr	417	265	176	262	239	262	171	160	323	356
›Trade payablesCr	34	59	51	34	29	42	38	37	59	57
›Gross blockCr	80	82	86	93	86	87	92	95	101	64

Cash flow statement (₹ Cr)

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Metric	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026
›Operating CF (CFO)Cr	59	-116	-345	-18	201	-64	135	220	8	69
›Investing CF (CFI)Cr	14	-4	-5	11	-9	29	-45	-76	-12	-48
›Financing CF (CFF)Cr	-69	109	363	-1	-175	33	-86	-97	-1	-56
›Net cash changeCr	5	-11	12	-7	17	-2	4	46	-5	-36
›Closing cashCr	15	4	16	8	25	23	27	74	69	33

Cash flow components

CFO · CFI · CFF (₹ Cr)

CFOCFICFF

Q-DITS scorecard

Composite score

Quality (25%)51.8

Growth (25%)76.4

Valuation (20%)72

Piotroski (15%)67

Earnings Quality (10%)31.7

Momentum (5%)—

Weighted blend, rescaled to the components available for this stock.

Piotroski F-Score

6/9

✓ROA positiveROA 6.0%

✓CFO positiveCFO ₹68.63 Cr

✓ROA improving5.35% → 6.0%

✗CFO > PAT (low accruals)CFO 68.63 vs PAT 126.42

✓Leverage decreasedD/E 0.93 → 0.56

✗Liquidity improvedCR 10.21 → 5.96

✓No share dilutionEPS 5.79 → 6.41

✓Margin improvedEBITDA mgn 29.87% → 33.31%

✗Asset turnover upAsset TO 0.36 → 0.35

Altman Z-Scoregrey

1.77

0.725

0.524

0.094

0.539

0.285

>2.9 safe · 1.23–2.9 grey · <1.23 distress

Quality

51.8/100

ROE

12.2%

ROCE

13.7%

Margin

17.1%

Debt

0.6

Int. cover

3.2x

Growth

76.4/100

Revenue 3Y

36.3%

Profit 3Y

28%

EPS

10.8%

Valuation

72/100

5.6x

2.9x

EV/EBITDA

5.2x

vs universe median: PE 25.6x · PB 2.81x · EV 13.41x

Earnings quality

31.7/100

CFO₹69 Cr

PAT₹126 Cr

Accrual ratio0.022

CFO/PAT0.54x

PEAD · SURGE

0 / 0

Revenue SUE2.49

EPS SUE-1.98

Latest quarter2026-03

Rev growth YoY184.8%

Shareholding pattern

Promoter68.2%

FII/FPI0.8%

DII1.1%

Public31.8%

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Metric	2024-03	2024-06	2024-09	2024-12	2025-03	2025-06	2025-09	2025-12	2026-03
›Promoter	74.2%	74.2%	74.2%	68.2%	68.2%	68.2%	68.2%	68.2%	68.2%
›FII / FPI	0.3%	0.2%	0.3%	1%	0.7%	0.5%	0.8%	0.5%	0.8%
›DII	2.1%	2.1%	2%	1.7%	2.3%	1.7%	1.2%	1.2%	1.1%
›Public / Retail	25.8%	25.8%	25.8%	31.8%	31.8%	31.8%	31.8%	31.8%	31.8%
›Promoter pledge	7.4%	7.4%	1.1%	1.1%	1.1%	0.2%	0.2%	0.2%	0.2%

Documents & filings

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Peer comparison

Company	MCap (Cr)	Revenue	PAT	PE	PB	ROE%	ROCE%	D/E
DLF Ltd.	1,54,534	8,194	2,622	35x	3.4x	6.6	5.9	0.09
Lodha Developers Ltd.	91,789	16,676	3,422	26.8x	4x	15.2	15.9	0.36
The Phoenix Mills Ltd.	67,261	4,423	1,557	55x	6.1x	13.1	13.7	0.45
Prestige Estates Projects Ltd.	64,504	12,685	1,323	54x	4x	4.6	8.6	0.69
Oberoi Realty Ltd.	61,242	6,009	2,491	24.4x	3.4x	14.9	17.7	0.16
Godrej Properties Ltd.	54,052	5,131	1,877	29.2x	2.8x	10.2	7.6	0.71
Anant Raj Ltd.	18,708	2,512	554	33.7x	3.2x	10.8	11.3	0.11