Ajmera Realty & Infra India Limited — Q3 FY26
Ajmera Realty delivered a stellar 9M FY26 with 1,431 cr in sales (+72% YoY) and 787 cr in collections (+70% YoY), driven by the blockbuster launch of Solace at Vikhroli (84% sol...
bullish
high
✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
75%Questions answered0Evaded / deflected12Questions audited
Partial answer
High priority
Impact of FSI increase on margins and launch timeline for Vadala boutique office.
Asked by Dakshit Dhoshi, Whiteststone Financial Advisor
Management gave directional answer but avoided specific cost and margin numbers.
no specific cost figure givenmargin improvement claim not quantified
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Question
how much this additional FSI will cost us and will that impact our margins... when you are expecting the launch and how much square ft out of this 16 lakh square ft.
Management (not individually named)
our margins definitely in fact will be little more... we have shifted our launch... next financial year... between 1st or second quarter.
Partial answer
High priority
Status of approvals and launch timeline for Kurar project.
Asked by Dakshit Dhoshi, Whiteststone Financial Advisor
Management clarified current stage but did not commit to a firm launch date.
no specific timeline for EC application
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Question
we have not yet applied for the EC... where are we standing in terms of approval have we already applied for the EC?
Management (not individually named)
we have already applied for the CFO approvals... EC only comes after we take the CFO approvals.
Answered
High priority
Realistic timeline for Kurar launch given approval delays.
Asked by Dakshit Dhoshi, Whiteststone Financial Advisor
Management gave a clear affirmative timeline for Q1 launch.
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Question
if it doesn't happen in March but late by on a conservative side what you feel by when we can launch?
Management (not individually named)
Yeah. Yeah of course 100%. [that it will happen in Q1]
Answered
Medium priority
Reason for slowdown in Manhattan 2 units sold this quarter.
Asked by Karthik Shrias, Unifi Mutual Fund
Management explained the slowdown due to launch spike and price increase, and gave expected run rate.
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Question
there has been a little slowdown in the number of units sold for this quarter... could you please elaborate?
Management (not individually named)
we sold about almost 40 odd percent in the launch pipeline itself... we've also increased bit a little bit of price... we are looking at at least 30 odd units a quarter.
Partial answer
High priority
Confidence in meeting FY26 project addition guidance of 3,750 cr.
Asked by Karthik Shrias, Unifi Mutual Fund
Management expressed confidence but provided no concrete details on pending deals.
no specific closure timelineno names of properties
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Question
we are still at 2,000 crores. So how confident are we to meet the incremental project additions for Q4?
Management (not individually named)
we are very confident on the additional project additions... we are in active discussion with two or three properties which once we close we will definitely surpass this number.
Partial answer
High priority
Details on Vadala boutique office plan change, timeline, and financing.
Asked by Bharat S, Quest Investment Advisor
Management gave launch timeline but was vague on partnership and completion.
no specific JV partner detailsno completion timeline
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Question
what has changed these re strategizes... how do we see in this particular micro market on commercial side... what time frame we expect to launch and complete... JV partner?
Management (not individually named)
we are looking at starting this project between the first and the second quarter of next financial year... we are open to discussions however to be honest we've not yet discussed with any of the partners.
Answered
Medium priority
Current selling price of Manhattan 2.
Asked by Dakshit Dhoshi, Whiteststone Financial Advisor
Management provided a specific price.
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Question
at what price we are selling Manhattan to now?
Management (not individually named)
We are selling around 32,000 rupees a square ft.
Partial answer
Medium priority
Details on 2,000 cr project additions: location, type, and launch timeline.
Asked by Dakshit Dhoshi, Whiteststone Financial Advisor
Management gave location and GDV but deferred launch timeline to future guidance.
no launch timeline givendeferred to FY27 guidance
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Question
if you can elaborate how many square ft and which area in Mumbai or and is it like a JV or society redevelopment.
Management (not individually named)
Both are SR project. One in Mumbai and one in Pune location. Mumbai location having the GDP of about 1,500 K and Pune location about 500 crores.
Answered
Medium priority
What is driving the FSI increase by 1 million sq ft in Vadala?
Asked by Samir Basarala, Sakman Capital (formerly Morgan Stanley)
Management clearly identified the scheme.
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Question
what's really driving this FSI increase by 1 million square ft in Vadala? under what provision or what scheme?
Management (not individually named)
We are doing this under 3320B scheme which is PAB development and where you are allowed to increase the FSI from an additional one FSI.
Answered
Medium priority
Potential cost of the additional FSI in Vadala.
Asked by Samir Basarala, Sakman Capital (formerly Morgan Stanley)
Management provided a specific cost range.
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Question
what could be the potential cost for this?
Management (not individually named)
my sense would be around the same as what the earlier FSI cost was which is around 4 to 5,000 rupees a square feet roughly.
Answered
Medium priority
Launch timeline for uber luxury residential in Vadala.
Asked by Samir Basarala, Sakman Capital (formerly Morgan Stanley)
Management gave a specific fiscal year timeline.
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Question
on the Uber luxury resi park in Vadala what's the potential launch timelines for that?
Management (not individually named)
my sense is not probably next year I mean not next financial year but beyond that. So we are looking at somewhere around FY27 sorry 28.
Partial answer
High priority
Potential partnerships for Kurar 55-acre land parcel and milestone timing.
Asked by Samir Basarala, Sakman Capital (formerly Morgan Stanley)
Management confirmed discussions and FY27 timing but withheld specifics.
no specific partner detailsno milestones shared
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Question
any thoughts on the potential partnerships for commercial retail... milestones that we should expect?
Management (not individually named)
we are in talks with a few funds a few players... very early in the stage to reveal some details... Definitely 110% it's a fiscal 27 event.