Anant Raj Ltd (₹466.65): Beyond Real Estate — The Land Bank, the 357 MW Data Centre Plan and the Demerger That Could Reprice the Stock

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Anant Raj Ltd (₹466.65): Beyond Real Estate — The Land Bank, the 357 MW Data Centre Plan and the Demerger That Could Reprice the Stock

Data centre revenue has jumped to ₹205.41 crore in H1FY27 from ₹58.42 crore a year ago, the balance sheet is net debt-free, and a 1:1 demerger of Ashok Cloud is in motion. Here is the full SumanSpeaks reading of the company, the stock and the sector.

1	The Quick Read

Anant Raj Ltd (₹466.65) is no longer just a Delhi-NCR property developer. It is a debt-free real estate business that is funding the growth of a second, much faster business: data centres and cloud services.

The latest numbers make the point. Data centre revenue rose to ₹205.41 crore in H1FY27 from ₹58.42 crore in H1FY26, a jump of about 252%. In Q2FY27 alone it was ₹115.41 crore, roughly 17.4% of consolidated revenue.

Interestingly, this is only the early part of the plan. Management targets 63 MW of IT load by FY27-end and 357 MW by FY32, against 28 MW operational today. An earlier FY32 target stood at 307 MW, so the ambition has gone up, not down.

Finally, the board has approved a composite scheme to carve the data centre and cloud business into Ashok Cloud, a separately listed company. Shareholders are to receive one Ashok Cloud share for every Anant Raj share held. At ₹466.65 the stock sits about 29% below its 52-week high of ₹657, which makes this a good moment to study it closely.

Case File: Anant Raj at a Glance

REFERENCE PRICE	₹466.65 (5 November 2026)
MARKET CAP	Approximately ₹16,800 crore
52-WEEK RANGE	₹403 (30 March 2026) to ₹657
TTM P/E | P/B	About 28x | about 2.8x
NET DEBT (FY26)	Nil, against ₹1,626 crore in FY21
LAND BANK	Approximately 320 acres, Delhi-NCR
DATA CENTRE CAPACITY	28 MW operational | 63 MW FY27-end target | 357 MW FY32 target
Q2FY27 PAT	₹156.49 crore, up 13.25% year-on-year

2	Who Anant Raj Is Today

Anant Raj was incorporated in 1985 and has developed more than 20 million sq ft across residential, commercial, IT park and hospitality projects. Its home turf is Delhi-NCR, with presence in Gurugram, Delhi, Manesar, Panchkula and Sonipat.

For years the story was simple: buy land early, get approvals, build and monetise. That model still pays the bills. What has changed is that the same land and the same Haryana relationships are now being used to build a digital infrastructure platform.

Business	What it does	Growth driver
Real Estate & Infrastructure	Townships, luxury housing, group housing, commercial and hospitality.	Premium Gurugram demand and monetisation of the land bank.
Digital Infrastructure	Data centres, colocation, sovereign cloud and AI-ready cloud services.	AI, cloud adoption, data localisation and government digitisation.

The real estate business pays for the ambition. The data centre business is the ambition.

3	The Real Estate Engine

The centre of gravity is Anant Raj Estate at Sector 63A on Golf Course Extension Road, Gurugram. The corridor has become one of the city’s premium residential addresses, with strong connectivity to the main commercial districts.

The company has been collecting licences and approvals one block at a time. The newest is Haryana RERA registration for The Estate One, a luxury project with a potential built-up area of about 1.22 million sq ft. The company has said it is in the process of launching the project and expects to do so soon.

Project	Status and scale
The Estate One (Sector 63A)	Haryana RERA registration received; about 1.22 million sq ft potential; launch expected soon.
Group Housing 2	About 5.09 acres; roughly 0.90 million sq ft saleable area; luxury segment.
Group Housing 3	About 6.38 acres; roughly 1.20 million sq ft saleable area; licence at an advanced stage.
Anant Raj Estate Phase IV	Commenced on about 6.075 acres; around 5 lakh sq ft potential.
Anant Raj Estate Phase V	About 9.12 acres; approvals under process.
Birla Navya	Phase I delivered; Phase II occupancy certificates received and deliveries under way; Phase III targeted for FY28.

The land bank advantage

The company holds approximately 320 acres across Delhi, Gurugram and the wider NCR, much of it acquired years ago. That matters because land in established urban markets costs far more today than it did then.

A developer sitting on land bought at historical prices has a structural cost edge, and it can choose when to launch rather than being forced to. Naturally, not every acre converts into saleable area on day one, since title, zoning, floor-area ratios and approvals set the pace. Even so, this is the asset that makes the second business possible.

4	The Data Centre Platform

Anant Raj Cloud currently runs two data centres with a combined 28 MW of IT load, 21 MW at Manesar and 7 MW at Panchkula. The company is expanding in Haryana and has extended its reach to Andhra Pradesh and Singapore.

Milestone	IT load capacity
Operational today (Manesar 21 MW + Panchkula 7 MW)	28 MW
FY27-end target	63 MW
Intermediate milestone cited by research houses	117 MW
FY32 target (raised from 307 MW)	357 MW

The revenue is already showing up

This is not a business plan on paper. Revenue from data centre, infrastructure and allied services has climbed quarter after quarter, and the company has reported EBITDA margins of around 75% in this segment.

Period	Data centre revenue (₹ crore)
Q2FY26	35.47
Q4FY26	74.51
Q1FY27	90.00
Q2FY27	115.41
H1FY26	58.42
H1FY27	205.41 (about 3.5 times H1FY26)
FY26 (full year)	176.49

Source: company investor presentations and exchange filings. Q2FY27 is derived from the reported H1FY27 and Q1FY27 figures.

Here is the interesting arithmetic. Motilal Oswal estimates the segment’s Q1FY27 EBITDA margin at about 71%. If a margin of 71% to 75% holds, data centres would account for roughly two-fifths of quarterly EBITDA while contributing under a fifth of revenue. This is our own estimate, not a company disclosure.

Management expects data centre revenue to grow three to three and a half times as new capacity comes online. That is the number to track over the next four quarters.

The partnerships and the pipeline

• A June 2026 MoU with the Haryana government to invest ₹20,000 crore in large-scale data centre infrastructure across the state.
• A commitment of ₹4,500 crore in Andhra Pradesh through Anant Raj Cloud, for a 50 MW facility in two phases.
• A wholly owned Singapore subsidiary, which signed an MoU with Orange Business Services and the Haryana government in October 2026 to host overseas data in the state.
• A partnership with Spain-based Submer on liquid cooling, which matters because AI servers run far hotter than conventional ones.
• Empanelment as a sovereign cloud service provider with MeitY and as a data centre service provider with BSNL.

Empanelment opens the door to government and telecom customers, though the orders still have to be won. That is where the next set of results will be watched.

5	The Demerger: Two Businesses, Two Valuations

In July 2026 the board approved a composite scheme of arrangement. All data centre and cloud operations are first brought under one roof and then carved out into Ashok Cloud Pvt Ltd, which is to be separately listed.

Eligible Anant Raj shareholders will receive one fully paid-up Ashok Cloud share of ₹2 face value for every Anant Raj share of ₹2 face value they hold. The company has said the scheme does not cancel its own existing shareholding in Ashok Cloud, which continues as a subsidiary. On 21 July 2026 Anant Raj completed the acquisition of 374.3 million Ashok Cloud shares for over ₹74.86 crore. Exactly how the one-for-one entitlement sits alongside that holding will be set out in the scheme documents filed with the NCLT and the exchanges.

The scheme needs approval from the NCLT, SEBI, the stock exchanges, shareholders and creditors. Ashok Cloud has also indicated that it proposes to raise funds for its data centre build-out and the cloud business acquisition.

Why this can matter for the share price

Real estate and data centres are valued on completely different yardsticks. A developer is judged on NAV, pre-sales, land bank and development margins. A data centre operator is judged on IT load, revenue per MW, occupancy, EBITDA per MW and contract length.

Inside one listed company, the two blur together. Once separate, a data centre investor can look at Ashok Cloud on its own numbers, and a real estate investor can do the same with Anant Raj. An Equirus Capital infrastructure head has observed that developers who have actually commissioned data centres have been re-rated, and that investors are now waiting for Anant Raj’s data centre results to show through.

A demerger does not create value by itself, of course. The value will come from the operating numbers of each business, and those are moving in the right direction.

6	The Numbers: FY26 and H1FY27

FY26 was a strong year. Revenue grew nearly 22%, EBITDA grew almost 36% and profit after tax grew about 31%. Because EBITDA grew faster than revenue, operating margins widened.

₹ crore	FY25	FY26	Change
Revenue from operations	2,059.97	2,511.60	+21.92%
EBITDA (incl. other income)	531.86	723.15	+35.94%
Profit after tax	425.82	557.02	+30.81%
EBITDA margin	25.33%	28.04%	+271 bps

Source: company consolidated financial statements and Q4FY26 investor presentation.

Q2FY27 and H1FY27

Q2FY27 (consolidated)	Q2FY26	Q2FY27	Growth
Revenue (₹ crore)	630.79	661.53	+4.87%
EBITDA (₹ crore)*	177.94	215.37	+21.04%
EBITDA margin*	27.76%	31.72%	Up about 396 bps
Profit after tax (₹ crore)	138.18	156.49	+13.25%
EPS (₹)	4.02	4.36	+8.46%

H1FY27 (consolidated)	H1FY26	H1FY27	Growth
Revenue (₹ crore)	1,223.20	1,292.93	+5.70%
EBITDA (₹ crore)*	338.58	418.11	+23.49%
Profit after tax (₹ crore)	264.11	305.68	+15.75%

* EBITDA as presented by the company, including other income. Some news reports show a lower Q2FY27 figure of about ₹197 crore because they exclude other income.

Profit is growing faster than revenue, and that gap appears to have two sources. Data centre revenue is scaling at very high margins, and real estate revenue is recognised as projects reach milestones, so it tends to move in steps. With The Estate One and the group housing blocks yet to launch, the real estate line has room to catch up.

7	Balance Sheet, QIP and Cash Flow

The balance sheet is the quiet strength here. Net worth stood at about ₹5,789 crore at the end of FY26. The company reached net debt-free status in FY26, down from ₹1,626 crore of net debt in FY21, and cash and equivalents rose to ₹899.46 crore from ₹330.02 crore a year earlier.

In October 2025 the company raised about ₹1,100 crore through a QIP at ₹662 a share, issuing roughly 1.66 crore new shares. It also prepaid ₹125 crore of debt and has raised its dividend payout to ₹1 a share, or 50% of face value.

Now to cash flow. FY26 operating cash flow was about −₹435 crore, with free cash flow of about −₹580 crore. The driver appears to be heavy spending on land, projects and inventory ahead of launches, which is normal for a developer preparing a big pipeline, while cash on the books still rose sharply, helped by the roughly ₹1,100 crore QIP raised in October 2025.

The test comes as The Estate One and the group housing projects launch and customer collections begin to flow. A developer’s earnings must eventually turn into cash, and the launch cycle is where that happens.

8	Who Owns the Company

Shareholder category (June 2026)	Holding
Promoters	57.42%
Foreign institutions (FII)	10.74%
Mutual funds	3.04%
Other domestic institutions	1.58%
Retail and others	27.22%

Source: June 2026 shareholding filings as reported by data platforms. Readers should check the latest quarterly filing on BSE or NSE.

The promoter stake of 57.42% has been steady for the last three quarters. It stood at about 60% in September 2025, and the arithmetic of the extra QIP shares, with the count rising from about 343 million to about 360 million, accounts for the whole change. It reflects dilution, not promoter selling. Promoter-group entity Shri Ashok Sarin Anant Raj LLP also bought shares in the market in December 2025 and on 31 March 2026, near ₹411, close to the 52-week low.

There has been no change in promoter pledging, and the family has brought in the next generation, with Anish Sarin appointed to the board.

9	Valuation at ₹466.65

Parameter	Approximate value
Share price	₹466.65
Market capitalisation	₹16,800 crore
TTM P/E	About 28x
Price-to-book	About 2.8x
ROE | ROCE	About 11% | about 12%
Debt-to-equity	About 0.1
Dividend yield	About 0.2%

Figures are approximate and depend on the data platform and price timestamp.

At about 28 times trailing earnings, Anant Raj is not a deep-value pick. Then again, it is a two-business company that the market is largely pricing as one. H1FY27 EPS is about ₹8.52, which annualises to ₹17.04 and puts the stock at roughly 27.4 times, although real estate earnings are uneven and that figure is not a forecast.

SumanSpeaks illustrative framework

Case	Illustrative EPS	P/E	Implied price
Cautious	₹17	23x	₹391
Base	₹19	27x	₹513
Constructive	₹21	31x	₹651

These are analytical illustrations, not company guidance or price targets.

The base case needs continued real estate sales, a visible lift in data centre revenue and no change in the stock’s current multiple. The constructive case adds faster commissioning, high utilisation and a premium rating for Ashok Cloud after the demerger.

What the brokerages say

Motilal Oswal reiterated Buy on 11 August 2026 with a target price of ₹710, using a sum-of-the-parts approach, which is about 52% above the reference price. Nomura also holds a Buy and trimmed its target to ₹650 from ₹700 in June 2026 on cloud ramp-up timing and launch schedules, while still expecting EBITDA to compound at 30% to 35% a year between FY26 and FY29.

A Mirae Asset Sharekhan analyst describes Anant Raj as the clearest direct-operator exposure to data centres among listed developers. That is a useful label for a stock that most investors still file under real estate.

10	Price Zones to Watch

The stock has corrected sharply from the ₹600 levels of September and trades about 29% below its 52-week high. The zones below are indicative reference areas, not readings from a live technical-indicator feed.

Price zone	Significance
₹403 to ₹410	Major reference support; the 52-week low of ₹403 was touched on 30 March 2026.
₹430 to ₹440	Intermediate support zone.
₹460 to ₹470	Current trading region.
₹490 to ₹500	First recovery zone.
₹520 to ₹535	Stronger resistance region.
₹575 to ₹600	Higher recovery objective.
₹657	Previous 52-week high.

A sustained move above ₹500 to ₹535 on rising delivery volumes would improve the structure considerably. A rising ADX counts only when it comes with positive directional movement and price above the 20-day and 50-day averages.

11	Sector Report I: Indian Real Estate

India’s residential market is in a premium-led phase. Prices are rising even where unit sales are flat, because developers are launching bigger homes at higher price points. NCR is the clearest example.

Indicator	Latest reading
NCR average price, Q3 2026 (Anarock)	Up 12% year-on-year to about ₹9,980 per sq ft; fastest among the top seven cities.
NCR sales, Q3 2026 (Anarock)	13,765 units, down 1% year-on-year.
NCR launches, Q3 2026 (Anarock)	Down 14%; homes above ₹2.5 crore were 34% of launches.
Gurugram share of NCR, Q2 2026 (Anarock)	About 46% of launches and 41% of sales.
Top seven cities, Q3 2026 (Anarock)	Sales up 3% to 1,00,220 units; sales value up 2% to about ₹1.55 lakh crore.
Nine cities, Q3 2026 (PropEquity)	Sales down 6% to about 1.03 lakh units.

The two surveys differ because they cover different city sets and use different methods.

The broader 2026 picture is one of moderation: in Q2 2026 NCR launches fell 40% year-on-year and Gurugram sales slipped 4%, according to Anarock, even as prices kept climbing. Gurugram sits at the premium end of this trend, and that is exactly where Anant Raj’s Sector 63A pipeline is positioned. Unsold inventory across the top seven cities has risen to about 6.3 lakh units according to Anarock, which tends to favour developers with strong balance sheets and clean land over those who need to sell quickly to service debt.

Commercial real estate

Office leasing was resilient, with Cushman & Wakefield reporting about 43 million sq ft in H1 2026, up 5% year-on-year, led by Global Capability Centres. India’s role as a global engineering, technology and finance back-office keeps feeding demand for office buildings, technology parks and managed spaces. Anant Raj’s history in IT parks gives it a foothold here.

Sector view: premium residential and well-located commercial assets remain the preferred themes, and developers with land, low debt and an approvals track record are the best placed to benefit.

12	Sector Report II: Indian Data Centres

This is the stronger half of the sector story. India’s operational data centre capacity reached 1,789 MW in H1 2026, according to Cushman & Wakefield, after the top seven markets added 178 MW in the half-year. India is also the second-largest data centre market in Asia Pacific by operational capacity.

Indicator	Reading
Operational capacity, H1 2026 (Cushman & Wakefield)	1,789 MW in the top seven markets.
Additional capacity by 2030 (Cushman & Wakefield)	About 3,860 MW, needing roughly US$29.9 billion of investment.
Mumbai, H1 2026	890 MW operational and 1,726 MW in the pipeline.
H1 2026 additions (Savills)	258 MW IT, up about 59% year-on-year; stock of 1.8 GW IT.
Capacity outlook (Crisil, 3 November 2026)	Fivefold rise to 7.5 GW by FY30 with over ₹3 lakh crore of investment.
Utilisation (Crisil)	About 90% on existing facilities.
Contracted share (Crisil)	More than 95% of capacity under construction is already contracted.

The Cushman & Wakefield and Savills figures differ because they cover different market sets and use different methods. The demand drivers are generative AI, cloud migration, enterprise digitalisation, data localisation and government digital programmes. Crisil adds that India has a structural cost edge, with development costs about one-fifth lower than in several competing Asia-Pacific markets and rentals 30% to 35% lower than in peer markets.

Where Anant Raj fits

Crisil points out that about three-fourths of the roughly 6 GW of upcoming capacity is concentrated in Visakhapatnam, Mumbai and Hyderabad, and that power connectivity will be the pacing factor in those cities. Delhi-NCR is not among the three, and Anant Raj’s Manesar, Panchkula and Rai sites sit in the Haryana belt, supported by the state’s data centre policy and the company’s own MoUs.

Mumbai remains the largest market, while Delhi-NCR offers proximity to government institutions, large enterprises and telecom infrastructure. It is a smaller base but a well-placed one. The industry is capital-intensive, so occupancy, pricing and power costs will decide returns, and that is why signed customer contracts matter more than capacity announcements.

Sector view: data centres sit on a multi-year demand curve that is largely independent of the property cycle. For a land-rich developer, converting acreage into powered, contracted IT load is among the most valuable uses of that land.

13	What to Keep an Eye On

• Commissioning of the next block, from 28 MW towards 63 MW, and how quickly it is occupied and billed.
• Customer wins under the MeitY and BSNL empanelments, since empanelment becomes revenue only through orders.
• The launch of The Estate One and the first sales and collections from it.
• Operating cash flow in the second half of FY27 as launches begin.
• NCLT and SEBI progress on the Ashok Cloud scheme, and the financing plan for Ashok Cloud.
• The September 2026 shareholding pattern, for promoter and institutional positions.

14	The SumanSpeaks Verdict

Anant Raj has done something rare in Indian realty. It has cut net debt from ₹1,626 crore to nil in five years, grown profit after tax to ₹557 crore, and built a data centre business that is already adding ₹115 crore of revenue a quarter.

The stock is not cheap on trailing earnings, but it is priced largely as a property developer while a second engine ramps up beside it. The 1:1 Ashok Cloud demerger is designed to let the market price each engine separately.

Our reading is positive. For investors with a two-to-three-year horizon, we prefer building exposure gradually in the ₹430 to ₹470 area rather than all at once, and tracking the commissioning of the next block of capacity as the key milestone.

Business fundamentals	Strong
Real estate portfolio	Positive
Land bank	Strong
Data centre opportunity	Very positive
Balance sheet	Comfortable (net debt nil)
Cash conversion	To track as launches begin
Earnings growth	Positive
Demerger potential	Significant
Current valuation	Reasonable for a two-business company
SumanSpeaks view	POSITIVE

Sources and verification: company Q2FY27 and Q4FY26 investor presentations and exchange filings; Business Standard (Q2FY27 results, demerger scheme, Crisil report); Motilal Oswal Financial Services (August 2026); Cushman & Wakefield India Data Centre H1 2026 Update; Savills India; Anarock Q2 and Q3 2026; PropEquity; Screener and StockAnalysis financial data. Management targets, proposed investments and regulatory approvals are distinguished from operational achievements throughout.

For personalized stock market insights and guidance, feel free to reach out at: sumanm2007s@gmail.com | suman2005s@rediffmail.com

Disclaimer: This article is published by SumanSpeaks (sumanspeaks.blogspot.com) for general informational and educational purposes only. The author has over 25 years of capital markets experience. This is not a recommendation to buy, sell, or hold any security. Data centre capacity targets, proposed investments and the Ashok Cloud demerger are plans that remain subject to execution and regulatory approvals. All data is sourced from public exchange filings, regulatory orders, and credible financial media. Readers must conduct independent due diligence before making any investment decision.

SumanSpeaks | Estd 2006 | sumanspeaks.blogspot.com