Anant Raj Limited – Q3 FY2025 Results

Anant Raj Limited

Value Pick Multibagger stock for long term

Q3 FY2025 Results

Stock Overview

Market Cap ₹21,834 Cr

Current Price ₹638

52-Week High/Low ₹948 / ₹281

Stock P/E 56.7x

Book Value per Share ₹112

Key Financial Metrics

Dividend Yield 0.11%

ROCE 8.56%

ROE 8.05%

Debt ₹386 Cr

Reserves ₹3,759 Cr

Q3 FY2025 Financial Results

Particulars	Q3 FY2025	Q3 FY2024	% Change YoY
Revenue from Operations	₹534.64 Cr	₹392.27 Cr	+36.3%
Total Income	₹543.97 Cr	₹401.02 Cr	+35.7%
EBITDA	₹123.50 Cr	₹93.44 Cr	+32.1%
EBITDA Margin	23.1%	23.8%	Stable
Profit Before Tax (PBT)	₹131.75 Cr	₹86.30 Cr	+52.7%
Net Profit (PAT)	₹110.37 Cr	₹71.43 Cr	+54.6%
Earnings Per Share (EPS)	₹3.23	₹2.22	+45.5%

Key Q3 FY2025 Highlights

Revenue grew by 36.3% YoY, driven by strong sales in luxury residential and commercial projects
Net Profit surged by 54.6%, reflecting operational efficiencies
Debt remains low at ₹386 Cr, ensuring a strong balance sheet
EPS growth of 45.5%, indicating rising shareholder value

Business & Expansion Strategy

Residential Segment

Launch of new luxury residential projects in Gurugram, Noida, and Manesar
Targeting HNIs with premium apartments and villas
Strengthening presence in Delhi NCR, Bangalore, and Pune

Commercial & IT Parks

Expansion of Anant Raj IT Park in Manesar
Development of Grade A office spaces
Flexible co-working infrastructure

Hospitality & Retail

Entering luxury hospitality segment
High-end serviced apartments and hotels
Expansion of retail spaces

Affordable Housing

New focus on affordable housing projects
Mid-segment housing expansion
Capturing India’s urbanization trends

Capital Expenditure & Strategic Investments

Capex Plan (FY2025-FY2027): ₹1,000 Cr+

Land Acquisitions ₹500 Cr

IT Park Expansion ₹300 Cr

Infrastructure Development ₹200 Cr

Strategic Financial Moves

NCD Repayment: ₹103.75 Cr in Q3 FY2025
Convertible Warrants: ₹99.99 Cr raised via preferential issue at ₹730/share

Competitive Landscape & Industry Outlook

Company	Market Cap (₹ Cr.)	Revenue (₹ Cr.)	P/E Ratio	ROE (%)
Anant Raj Ltd	₹21,834	₹1,962	56.7x	8.05%
DLF Ltd	₹1,63,000	₹7,800	62.3x	11.2%
Godrej Properties	₹66,500	₹4,200	55.5x	9.4%
Prestige Estates	₹41,700	₹7,150	38.8x	13.5%

Industry Overview

Real estate demand remains strong, fueled by urbanization and infrastructure growth
Luxury housing segment is booming, driven by HNI and NRI investments
Commercial real estate demand is increasing, especially in IT hubs

Competitive Analysis

Anant Raj trades at a lower P/E than DLF and Godrej Properties
ROE is lower than competitors but showing improvement potential
Revenue growth outpacing most peers

Financial Projections (FY2025-FY2027)

Metric	FY2025E	FY2026E	FY2027E
Revenue (₹ Cr)	2,150	2,700	3,200
EBITDA Margin	24.0%	25.5%	26.0%
Net Profit (₹ Cr)	430	525	630
EPS (₹)	13.5	16.4	19.8
ROE (%)	9.2%	10.8%	12.1%

Growth Drivers

Expansion into luxury residential & IT parks
Higher rental income from commercial real estate
Margin improvement from premium projects

Valuation & Investment Thesis

Current Valuation Metrics

Stock P/E 56.7x

Price-to-Book (P/B) 5.7x

Valuation Estimate (FY2026)

Projected EPS ₹16.4

Industry Avg. P/E ~50x

Target Price ₹820

Potential Upside 29%

Investment Rationale

Why Invest in Anant Raj Ltd?

High Revenue & Profit Growth – 48.5% YoY sales growth & 67.4% profit growth
Expanding Asset Base – IT parks, commercial & luxury housing
Debt Under Control – ₹386 Cr total debt, NCD repayments underway
Valuation Upside – Estimated price target of ₹820 (~29% upside)

Risk Assessment

Key Risk Factors

🚨 Market Risks: Potential slowdowns in real estate demand due to macroeconomic factors
🚨 Regulatory Risks: Land acquisition and RERA compliance could impact project timelines
🚨 Interest Rate Risks: Rising borrowing costs could pressure profit margins

Anant Raj Q3FY25 Results: 54.6% PAT Growth, ₹1000Cr Expansion Plan