Ajmera Realty & Infra India Ltd (AJMERA) AI Stock Analysis

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Ajmera Realty & Infra India Ltd

(NSE:AJMERA)

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Rating:65Neutral

Price Target:INR 144.00▲(7.70% Upside)

Action:downgraded

Date:09/16/26

The overall score reflects a fundamentally solid developer with strong revenue and earnings growth, improving equity versus debt, but constrained by volatile and recently negative cash flows that heighten liquidity and cycle risk. Technical indicators currently point to a weak, downward-biased trend without strong oversold support, while the valuation appears reasonable but not deeply discounted, collectively placing the stock in a moderate risk-reward zone.

Positive Factors

Revenue and Earnings GrowthRevenue reached 10.9B in FY2026, up about 33% year over year, while net income rose to roughly 1.50B. This combination indicates meaningful operating momentum and supports continued reinvestment in development and sales across the company’s selected micro-markets.

Negative Factors

Weak Cash ConversionNegative operating and free cash flow reverses the stronger conversion seen in FY2023–FY2024 and creates a material funding requirement while projects progress. Continued volatility in collections and working capital could constrain reinvestment, increase reliance on financing, and weaken the quality of reported earnings.

Ajmera Realty & Infra India Ltd (AJMERA) vs. iShares MSCI India ETF (INDA)

Market Cap: INR 26.23B
Dividend Yield: 0.75%
Average Volume (3M): 120.04K
Price to Earnings (P/E): 15.5
Beta (1Y): 1.67
Revenue Growth: 51.71%
EPS Growth: 30.62%
Country: India
Employees: 417
Sector: General
Sector Strength: 55
Industry: Real Estate - Development

Ajmera Realty & Infra India Ltd Business Overview & Revenue Model

Company Description

Ajmera Realty & Infra India Limited, alongside its associated companies, is active in the property development industry across India, the United Kingdom, and Bahrain. The firm's operations include both residential and commercial construction undertak...

Ajmera Realty & Infra India Ltd Financial Statement Overview

Summary

Earnings and revenue growth are strong with attractive profitability and steadily improving leverage, but high absolute debt and recent negative operating and free cash flow create liquidity and cycle-risk that temper the overall financial strength.

Income Statement

79Positive

Balance Sheet

73Positive

Cash Flow

58Neutral

Financial statement breakdown
Breakdown	TTM	Mar 2026	Mar 2025	Mar 2024	Mar 2023	Mar 2022
Income Statement
Total Revenue	12.47B	10.90B	7.38B	7.00B	4.31B	4.83B
Gross Profit	3.83B	3.58B	2.70B	3.56B	1.42B	2.03B
EBITDA	3.40B	3.06B	2.31B	2.09B	1.34B	1.23B
Net Income	1.69B	1.50B	1.26B	1.03B	715.00M	453.86M
Balance Sheet
Total Assets	25.15B	25.94B	22.55B	19.63B	19.22B	20.18B
Cash, Cash Equivalents and Short-Term Investments	1.02B	1.16B	1.33B	1.27B	492.97M	374.80M
Total Debt	6.54B	7.11B	6.76B	8.08B	8.44B	9.95B
Total Liabilities	9.19B	10.75B	9.31B	9.70B	10.28B	12.07B
Stockholders Equity	14.67B	13.98B	12.07B	8.66B	7.74B	7.10B
Cash Flow
Free Cash Flow	0	-359.60M	19.20M	2.17B	1.33B	-659.81M
Operating Cash Flow	0	-71.90M	75.30M	2.20B	1.37B	-636.12M
Investing Cash Flow	0	-456.00M	28.50M	-717.46M	-469.70M	285.43M
Financing Cash Flow	0	171.80M	-153.90M	-973.22M	-861.50M	332.56M

Ajmera Realty & Infra India Ltd Technical Analysis

Technical Analysis SentimentPositive

Last Price133.70

Price Trends

50DMA122.56Positive

100DMA123.62Positive

200DMA124.64Positive

Market Momentum

MACD3.35Positive

RSI57.66Neutral

STOCH40.65Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:AJMERA, the sentiment is Positive. The current price of 133.70 is above the 20-day moving average (MA) of 130.62, above the 50-day MA of 122.56, and above the 200-day MA of 124.64, indicating a bullish trend. The MACD of 3.35 indicates Positive momentum. The RSI at 57.66 is Neutral, neither overbought nor oversold. The STOCH value of 40.65 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:AJMERA.

Ajmera Realty & Infra India Ltd Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

IN:AJMERA against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
IN:ASHIANA	75Outperform	INR 35.68B	29.62	―	0.70%	68.86%	98.31%
IN:AJMERA	65Neutral	INR 26.31B	15.48	―	0.75%	51.71%	30.62%
IN:MARATHON	64Neutral	INR 29.27B	17.09	―	0.23%	6.67%	-38.45%
IN:HUBTOWN	58Neutral	INR 25.03B	29.71	―	―	49.75%	-37.13%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
IN:ARVSMART	55Neutral	INR 28.49B	14.93	―	0.36%	5.31%	54.09%
IN:KOLTEPATIL	50Neutral	INR 40.53B	28.90	―	―	7.76%	27.78%

* General Sector Average

Performance Comparison

IN:AJMERA and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
IN:AJMERA	Ajmera Realty & Infra India Ltd	133.70	-60.63	-31.20%
IN:ARVSMART	Arvind SmartSpaces Ltd.	620.45	22.02	3.68%
IN:ASHIANA	Ashiana Housing Limited	354.90	63.82	21.92%
IN:HUBTOWN	Hubtown Limited	176.15	-155.75	-46.93%
IN:KOLTEPATIL	Kolte-Patil Developers Limited	457.00	48.60	11.90%
IN:MARATHON	Marathon Nextgen Realty Limited	433.95	-125.70	-22.46%

Glossary

BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

Date of analysis: Sep 16, 2026

Ajmera Realty & Infra India Ltd AI Stock Analysis