Ajmera Realty & Infra India Ltd

Ajmera Realty & Infra India Limited delivered a consistently strong operational and financial performance in FY25, underscoring the resilience of our strategy and the strength of our execution.

We achieved total sales of H1,080 crore across 5,95,902 sq. ft., supported by strong collections of H 646 crore. Dear Esteemed Shareholders, Partners, and Valued Stakeholders, Last year, I shared my strong confidence in Ajmera Realty & Infra India Limited's trajectory—and this year, I am even more encouraged by the progress we have made. It is with great pride and a profound sense of purpose that I present the Annual Report for the financial year 2024 25 (FY25).

Over the past year, Ajmera Realty has delivered robust growth, strong operational efficiency, and deepened its strategic positioning. These advancements have not only reinforced our fundamentals but also propelled us further along our aspirational 5x growth roadmap. Our performance reflects the disciplined execution of our long-term vision and the resilience of our business model in a dynamic market environment.

State of the broader Indian economy

India's economic momentum remained resilient and dynamic throughout FY25, demonstrating strength despite prevailing global headwinds. The year was marked by a broad-based resurgence in consumption, underpinned by strong government-led infrastructure investments, strategic partnerships, and a significant uptick in exports, particularly to the United States. The Union Budget 2025 reflects a strong push for real estate growth, with H2.2 lakh crore allocated under PMAY 2.0 targeting 1 crore urban homes. Key reforms include rental housing incentives, stamp duty relief for women, and the development of 12 industrial parks. Crucially, indexation benefits on pre-2001 assets remain, and the REIT holding period has been reduced to 12 months—boosting sectoral liquidity and investor confidence. Looking ahead to FY25, the foundation for growth is further strengthened by robust macroeconomic stability, characterised by well-managed inflation and a consistently supportive policy environment. These conditions have fostered sustained optimism across all sectors of the economy. Importantly, the pro-growth stance of the Reserve

Bank of India (RBI), manifesting in interest rate cuts, is expected to act as a significant catalyst for demand. This is particularly impactful for the real estate sector, where lower borrowing costs directly enhance affordability and investor sentiment. The confluence of these factors

– macroeconomic steadiness, accommodative monetary policy, and the sector-specific impetus from the Union Budget 2025 – creates exceptionally favourable conditions for long-term growth and investment. We are confident that this macroeconomic setting positions the Company strategically to capitalise on emerging opportunities and deliver sustained value creation for our stakeholders in the coming year.

Expansion in the industry

The real estate sector delivered broad-based and sustained growth across residential, commercial, and emerging asset classes in FY25. This momentum was fuelled by strong end-user demand, investor confidence, and an enabling policy environment. We are witnessing a strategic shift as developers and investors increasingly look beyond traditional geographies, capitalising on new growth corridors. Luxury residences and ready-to-move-in inventory continue to gain traction, reflecting evolving consumer preferences and a premium on immediacy and quality. Simultaneously, new-age segments such as data centres and office spaces are registering heightened activity, underscoring the sector's diversification and maturity. Government-led tax incentives promoting homeownership, alongside innovations in financing structures, have further solidified the sector's upward trajectory.

Our stellar performance

Ajmera Realty & Infra India Limited delivered a consistently strong operational and financial performance in FY25, underscoring the resilience of our strategy and the strength of our execution. We achieved total sales of H1,080 crore across 5,95,902 sq. ft., supported by strong collections of H646 crore. Profit After Tax (PAT) rose significantly by 22% YoY toH126 crore, signalling robust bottom-line performance and efficient cost management.

Notably, new project launches contributed approximately 40% of total sales, reaffirming the market's confidence in the Ajmera brand.

During the year, we acquired projects with an estimated Gross Development Value (GDV) of H2,510 crore, making meaningful progress toward our guided acquisition targets.

Through disciplined financial management and strong operating cash flows, complemented by our first-ever successful equity raise of H225 crore through preferential allotment, we reduced our debt by

15% year-on-year a reduction of H119 crore compared to the close of FY24. Consequently, our debt-to-equity ratio now stands at a healthy 0.55x, its lowest level in recent history. This deleveraging creates significant headroom to pursue our aggressive growth strategy, particularly through our robust upcoming project pipeline. The weighted average cost of debt remained steady at 12.2% per annum, reflecting our prudent approach to capital allocation.

Progress across our projects

We take great pride in the progress achieved across our diversified project portfolio, with several developments advancing ahead of their respective RERA timelines— a testament to our disciplined execution and operational rigour. Our flagship Ajmera Manhattan in

Wadala nears completion with most inventory sold. Ajmera Greenfinity and Ajmera Eden in Ghatkopar are close to full sales, while Ajmera Prive in Juhu awaits its Occupation

Certificate with minimal stock left.

Ajmera Vihara in Bhandup, recently launched, sees strong sales, with rehab building construction at the first slab stage and piling underway for the sale building. In

Bengaluru, Ajmera Lugaano and Ajmera Florenza approach full sales, targeting completion by late 2025 and 2026, respectively. Ajmera

Iris enjoys robust demand, and Ajmera Marina, launched recently, has achieved exceptional sales, reflecting strong market appeal.

Further possibilities within our primary markets

Our core markets, Mumbai and Bengaluru, continue to present compelling growth opportunities.

Mumbai witnessed a record surge in property registrations during FY25, underscoring a buoyant market supported by a healthy supply-demand equilibrium and a notable decline in unsold inventory. Growth has been particularly strong in the mid-luxury to affordable housing segments, reflecting evolving consumer preferences and sustained demand.

Strategic urban development—most notably in Wadala, which is rapidly emerging as a prominent commercial micro-market adjacent to the BKC corridor—further enhances the city's long-term potential. In Bengaluru, the enthusiastic market response to our recent launches reaffirms the strength of our regional strategy and the depth of demand in key micro-markets.

Favourable interest rate dynamics continued to support homebuyer affordability, further reinforcing consumer confidence and enabling greater participation across market segments.

Our strategies going forward

The potential launch of nine projects, coupled with swift turnaround times, reflects our Company's efficiency and commitment. Additionally, our portfolio of five projects structured through capital-light models such as JV, JDA, and redevelopment—supports our low capex strategy.

As a result, our launch pipeline has grown to 2.2 million sq. ft., with a Gross Development Value (GDV) of 6,457 crore.

Ajmera Realty's substantially owned land bank in Mumbai—with future development potential of around 10.6 million square feet offers significant long-term value. Our approach remains agile, with phase-wise launches tailored to evolving market dynamics, ensuring optimal capital deployment and sustained demand alignment.

To further accelerate our growth pipeline, we plan to acquire new projects, in line with our asset-light strategy, we are actively pursuing joint ventures, joint development agreements and targeted redevelopment opportunities—such as MHADA, SRA, and society- led projects—that offer strategic locational advantages and high-return potential.

Our financial framework remains conservative and future-ready. In

October 2024, we successfully raised equity of H225 crore through preferential allotment to marquee strategic investors. These funds were earmarked for debt reduction and growth acceleration, reinforcing our commitment to prudent capital management. Together, these initiatives generated substantial liquidity, empowering us to reduce debt while aggressively pursuing new growth opportunities significantly. They played a pivotal role in fortifying our balance sheet and underpinning our expanding project pipeline.

We anticipate strong cash inflows

H769 crores from Occupation

Certificate (OC)-received and ongoing projects, H1,633 crores from launch-ready assets, and H330 crores from other avenues. Cash flow potential from ongoing projects, upcoming projects & from other avenues is estimated to be about C2,732 Cr over the lifecycle of projects.

We continue to uphold our commitment to timely delivery—ahead of RERA schedules—anchored in sustainable building practices and superior construction quality. Our diversified portfolio will span premium, compact luxury, and affordable residential offerings, along with boutique commercial assets, enabling us to serve a wide spectrum of evolving customer preferences.

Our ESG Commitments

Our growth strategy remains deeply rooted in our steadfast commitment to Environmental, Social, and Governance (ESG) principles, which are integral to both our operational ethos and long-term vision.

On the environmental front, we continue to embrace sustainable construction practices, adhering to green building standards like

IGBC Certification and utilise low-emission construction machinery and equipment. We also partner with waste management companies for proper disposal and recycling.

Furthermore, we focus on providing energy-efficient lighting and HVAC systems and reducing noise pollution through soundproofing and activity scheduling. Our projects including Ajmera Manhattan, Ajmera

Greenfinity, Ajmera Prive and Ajmera

Eden, among others — have been registered under the IGBC (Indian

Green Building Council) certification process. These green initiatives are helping us minimize environmental impact and promote energy-efficient living spaces. A notable recent effort includes a tree plantation drive where 5,000 trees were planted at

Kalina Mumbai University. It is a vital part of our sustainability agenda, contributing to greener urban ecosystems.

Our social responsibility initiatives are equally robust, aimed at uplifting communities and fostering inclusive development. We actively support tribal communities and promote education while extending healthcare access to underprivileged families and funding critical medical treatments. Our community development work includes infrastructure enhancement through initiatives such as check dam construction. Moreover, we invest in skill development programs for our workforce, enhancing both livelihood opportunities and construction quality standards.

In governance, we uphold the highest standards of transparency, ethics, and compliance. Our experienced Board provides strategic oversight, ensuring adherence to SEBI guidelines and timely disclosures. We have enhanced operational efficiency through ERP-enabled supply chain management. Our comprehensive policy framework, which includes the Code of Insider Trading, Board

Diversity, Risk Management, and Whistleblower Policies, underpins our governance structure and fosters a culture of integrity.

Our long-term financial resilience is validated by our CRISIL A-/Stable credit rating, reflecting sound risk management and a healthy credit profile.

Acknowledgement

In closing, I express my deepest gratitude to our dedicated employees, the driving force behind our continued success. Their unwavering commitment and tireless efforts remain the foundation of

Ajmera Realty's journey. I also extend heartfelt appreciation to our valued shareholders for their enduring trust, to our customers for placing their confidence in the Ajmera brand, and to our partners, lenders, and regulatory authorities for their steadfast support.

Together, we remain focused on delivering long-term growth, sustained value creation, and a future rooted in responsible and inclusive development.