Ajmera Realty & Infra India Ltd Management Discussions

ECONOMIC OVERVIEW

Global Economy

In 2024, the global economy continued its path of moderate recovery amidst persistent geopolitical uncertainties, tightening financial conditions, and structural transitions. According to the International Monetary Fund (IMF), global GDP growth is projected at 3.3% in 2024, marginally ahead of the 2023 growth rate, reflecting resilient consumer demand in advanced economies and a gradual rebound in emerging markets.

Inflation rates showed signs of easing, particularly in advanced economies, driven by tighter monetary policies and stabilising commodity prices.

Despite ongoing geopolitical tensions, climate-related disruptions, and supply chain realignments driven by U.S. tariffs, investor confidence and global trade dynamics have faced significant headwinds. Nevertheless, the global economy has demonstrated remarkable resilience, supported by adaptive policy measures, technological innovation, and robust consumer demand. Additionally, there has been a notable shift towards sustainable practices and digital transformation—key drivers of long-term growth. These trends are reshaping the global landscape of economic resilience and competitiveness. While global GDP growth is projected to slow to 2.8% in

2025, inflation is expected to ease to 4.3%, down from

5.8% in the previous year.

Indian Economy

The Indian economy continuously demonstrated remarkable resilience and robust growth in Fiscal Year 2024-25, holding its position as the fastest-growing major economy globally for the last three years. Despite persistent global headwinds, including geopolitical tensions, trade fragmentation, and global financial market volatility, Indias macroeconomic fundamentals remained strong, supported by proactive policy measures and resilient domestic demand. Notably, Private Final Consumption Expenditure (PFCE) grew 7.2% in FY25, up from 5.6% in the previous year, indicating strengthening consumer demand.

According to the Ministry of Statistics and Programme Implementation (MoSPI), the real Gross Domestic Product (GDP) expanded by 6.5%, reaching H187.97 lakh crore, while the nominal GDP grew by 9.8% to H330.68 lakh crore. The fourth quarter (January–March 2025) witnessed a notable acceleration, with real GDP growth at 7.4%, driven by strong construction and manufacturing performance.

As measured by the Consumer Price Index (CPI), which tracks the cost of everyday goods and services, Indias retail inflation declined to 4.6% in the fiscal year 2024-25, the lowest since 2018-19. This achievement showcases the success of the Reserve Bank of Indias pro-growth monetary policy in balancing economic growth with price stability. By May 2025, the inflation rate had fallen to an estimated 3%. The ongoing decline in inflation allowed the RBI to cut the repo rate thrice within a short period, pushing more liquidity into the banking system.

Leading the GDP growth trajectory, the construction sector recorded a 9.4% increase over the preceding fiscal year. This was closely followed by public administration, defence & other services, which grew by 8.9%, and financial, real estate & professional services, expanding by 7.2%. Sustained government capital expenditure and a notable resurgence in private investment were key drivers benefiting these sectors.

Indias tax collections demonstrated robust growth in FY2024-25, reflecting enhanced compliance and economic formalisation. Provisional net direct tax collections for FY2024-25 reached H22.26 lakh crore, a

13.57% increase over the previous fiscal, hitting over 99% of the revised estimate. This growth was notably driven by a 17.58% increase in non-corporate tax and a 12.42% rise in corporate tax collections. Indias GST collections for FY2024-25 reached H16.75 lakh crore, a 9.98% increase over the previous fiscal, reflecting increasing economic activity and improved compliance.

The outlook for FY2025-26 remains promising. Factors such as a revival in consumption demand, steady decline in inflation, continued government thrust on capital expenditure alongside fiscal consolidation, healthier balance sheets of banks and corporates, easing financial conditions, and the continuing resilience of the services sector are expected to sustain the growth momentum. While global uncertainties and geopolitical risks persist, Indias sound macroeconomic fundamentals and ongoing structural reforms position it favourably to navigate these challenges and maintain its trajectory as a leading global economic power.

INDUSTRY OVERVIEW

INDIAN REAL ESTATE SECTOR

The Indian real estate sector demonstrated remarkable resilience and sustained growth in FY 2024-25, driven by a robust economy, continued infrastructure investments, and evolving consumer preferences. The sector witnessed a sharp uptick in both residential and commercial real estate activity, underpinned by rising urbanisation, improved affordability, and strong demand across Tier 1 and emerging Tier 2 cities.

According to Knight Frank India, residential sales across the top eight cities reached an all-time high of approximately 3.5 lakh units in CY2024, registering a year-on-year growth of 7%. This growth was led by mid-income and premium housing segments, with a surge in launches to match the rising aspirations of homebuyers. The RBIs recent aggressive rate cuts are expected to lower home loan interest rates, further supporting housing affordability particularly for first-time buyers and those looking to upgrade. This is likely to sustain healthy absorption levels across key residential markets.

Indias real estate market is poised for significant growth, with projections showing it will nearly triple in size from an estimated $332.85 billion in 2025 to a staggering $985.80 billion by 2030. This rapid expansion, reflecting a compound annual growth rate (CAGR) of 24.25%, underscores the immense surge in demand, attractive investment prospects, and dynamic new opportunities emerging within the sector.

Growth Drivers

• Urbanisation and Demographic Trends: Rapid urban migration and the expansion of metropolitan and Tier 2/3 cities are fuelling demand for residential, commercial, and retail real estate. Indias growing middle class and young population are key contributors to this sustained housing demand.

• Government Initiatives and Policy Support: Policy reforms such as the Real Estate (Regulation and Development) Act (RERA), the Pradhan Mantri Awas Yojana (PMAY), GST rationalisation, and Model Tenancy Act have increased transparency, boosted investor confidence, and made housing more accessible.

• Improving affordability: Lower lending rates because of the RBI repo rate cut will directly enhance home loan affordability, particularly in interest-sensitive categories like mid-income and affordable housing. Reduced EMIs are expected to significantly improve buyer sentiment and encourage first-time homebuyers to enter the market.

• Real Estate Investment Trusts (REITs): REIT drives Indias real estate market by providing liquidity, enabling retail investors to access commercial properties with high rental yields. SEBI regulations ensure transparency, attracting FDI and institutional investments. REITs, managing ~129 million sq. ft., boost demand for Grade-A offices and retail spaces.

• Affordable Housing and Housing for All: Government-led affordable housing schemes have spurred supply in the low- and mid-income segments. Tax incentives and interest subsidies have supported first-time homebuyers and increased homeownership.

• Infrastructure Development: Investments in mega infrastructure projects under the National Infrastructure Pipeline (NIP), Bharatmala, Gati Shakti, and the Smart Cities Mission have been key catalysts for real estate growth in peripheral and suburban regions, including the Mumbai Metropolitan Region. Projects such as the Mumbai Metro Line expansions, the Mumbai Trans Harbour Link (MTHL), and the Navi Mumbai

International Airport have significantly enhanced connectivity, unlocking development potential and driving demand in emerging micro-markets.

• Digital Transformation: Technology integration through AI, IoT, and data analytics has streamlined operations, enhanced customer engagement, and enabled digital sales and property management platforms. The increasing number of investments in data centres will also drive demand for real estate, boost investments, and spur growth in commercial and industrial spaces.

• Foreign Direct Investment (FDI): 100% FDI under the automatic route in construction development projects has attracted global investors, increasing capital flows and joint ventures in both residential and commercial segments.

• Sustainability and Green Buildings: The growing awareness of environmental concerns and ESG compliance is pushing developers to adopt green construction practices, making sustainable buildings a preferred choice among investors and occupiers.

CITY-SPECIFIC REAL ESTATE OVERVIEW

MUMBAI

Mumbais real estate market is vibrant and diverse, with high prices and strong demand. Its a major contributor to Indias real estate market, with a mix of luxury apartments, developments. The market is influenced by urbanisation, infrastructure projects, and rising demand, particularly for luxury properties.

Factors Driving Residential Growth

• Robust Public Facility Modernisation: Major projects like the Mumbai Trans Harbour Link, Metro Line expansions, and the Coastal Road are enhancing connectivity across the city and suburbs. Further, emerging suburbs like Thane, Navi Mumbai, and Panvel are gaining traction due to affordability, improving infrastructure, and job connectivity. Mumbai has witnessed a 6.1% price appreciation of luxury properties in Q4 2024 and ranked at seven as per the Prime Global Cities Index by Knight Frank.

• High Demand for Upgraded Living: Post-pandemic lifestyle changes have increased demand for larger homes with better amenities, especially among middle and upper-income groups. Launches in the above H20 mn category experienced significant growth, with their share rising from 8% in H1 2018 to 18% in H2 2024.

• Regulatory Tailwinds: Support has continued through reduced stamp duty (in certain periods), project fast-tracking under RERA, and redevelopment schemes (such as Dharavi), which have all driven activity.

Historically low home loan interest rates have been a great boost for first-time buyers and those looking to upgrade, helping maintain momentum going. Recently, Maharashtra Cabinet approved a new housing policy titled "My House, My Right" aimed at constructing 35 lakh affordable homes for the underprivileged by 2030.

• NRI Investment and FDI Flow: Stable returns and rupee depreciation have made Mumbai a preferred real estate destination for HNIs, non-resident Indians and global investors. In FY2024-25, NRIs drove 20-25% of Mumbais luxury property market, with 52 of 59 ultra-luxury deals above H40 crore. FDI in Maharashtra surged to H707.95 billion in Q1, up 48% YoY, boosting Mumbais real estate, particularly in premium areas like Bandra and commercial sectors.

• Redevelopment of old properties: These types of activities in Mumbai involve demolishing or refurbishing ageing buildings to create modern residential or commercial spaces. Driven by space scarcity, rising demand, and supportive policies, it maximises land value, offers upgraded amenities, and attracts buyers, boosting the real estate market.

Factors Driving Office Space Demand

• Rise in offshore technology units: Mumbai has witnessed a significant increase in office space leasing by Global Capability Centres, with a fourfold rise in uptake compared to 2023. This surge is attributed to the citys robust infrastructure and talent pool, making it an attractive destination for multinational corporations.

• Growth in BFSI and Engineering Sectors: The Banking, Financial Services, and Insurance (BFSI) sector continues to anchor Mumbais office demand, reaffirming the citys status as Indias financial capital. Additionally, engineering and manufacturing firms are increasingly seeking office spaces in Mumbai, contributing to the citys projected demand of 5–10 million square feet of Grade A office space in 2025.

• Rise of Flexible Workspaces: Flexible workspace operators are emerging as significant contributors to office space demand in Mumbai. The shift towards hybrid work models and the need for agile, scalable office solutions have led to a 22% year-on-year increase in leasing by flex space operators in Q1 2025.

• Infrastructure Development Enhancing Connectivity:

Ongoing infrastructure projects, such as the Mumbai Trans Harbour Link and the Coastal Road Project, are improving connectivity across the city and its suburbs. These developments are making peripheral areas more accessible and attractive for businesses seeking office spaces.

• Increased Business Confidence and Economic Activity: The sustained demand for premium office spaces in Mumbai reflects rising corporate confidence and long-term commitment to the Indian market. This optimism is driving businesses to expand their operations and invest in high-quality commercial infrastructure.

• High rental yields in prime locations: Locations such as BKC and Lower Parel stem from strong demand for commercial spaces from IT, BFSI, and global firms, coupled with limited supply. Strategic infrastructure and premium amenities drive consistent tenant interest, ensuring attractive returns for property investors in FY26.

BENGALURU

Bengalurus real estate market is currently strong and driven by a thriving IT industry, ongoing infrastructure projects, and increasing demand. While East Bengaluru has seen significant new property launches and price appreciation, some premium areas are nearing price saturation. The market is projected to sustain its upward trend, with continued potential for price growth in developing localities. Strong residential demand, infrastructure enhancements, and consistent commercial expansion are expected to maintain this momentum through 2025. Evolving urban demographics and a growing preference for premium housing options are anticipated to influence market dynamics further.

Factors Driving Residential Growth

• Infrastructure Development: Metro expansions, suburban railway, and expressway projects are improving connectivity and boosting residential demand.

• Thriving IT & Startup Ecosystem: A strong tech sector and a growing startup culture are attracting professionals, driving housing demand near IT hubs.

• Emerging Growth Corridors: Areas like Sarjapur Road, North Bengaluru, and ORR are seeing rapid residential growth due to strategic location and improved infrastructure.

• Affordable Housing Initiatives: Government schemes like PMAY and lower GST rates are encouraging budget-friendly housing developments.

• Urbanisation & Demographics: Increased migration of young professionals and urban population growth are fuelling housing demand. Further, higher incomes and evolving lifestyles are driving demand for premium and smart homes.

Factors Driving Office Demand Space

• Dominance of Global Capability Centres (GCCs): Bengaluru hosts over 40% of Indias GCCs, with multinational corporations like Microsoft, Google, and

Goldman Sachs establishing significant operations in the city. In 2024 alone, GCCs leased approximately

10.5 million sq ft of office space, underscoring the citys appeal due to its skilled workforce and robust infrastructure.

• Evolving Tech and Venture Hub: The technology sector accounts for 30–35% of Bengalurus annual office space absorption, particularly in areas like Outer Ring Road and Whitefield. The citys vibrant startup culture further amplifies this demand, attracting both domestic and international tech firms.

• High rental yields: In Bengalurus prime areas like

Whitefield and Koramangala, the market is driven by strong demand from IT firms, startups, and global capability centres, coupled with limited supply. Enhanced connectivity via metro expansions and premium amenities attract tenants, ensuring consistent returns for commercial property investors in FY26.

• Diversification Across Sectors: Beyond technology, sectors such as engineering, manufacturing, banking, financial services, insurance (BFSI), life sciences, aviation, and automotive are increasingly contributing to office space demand. This diversification strengthens Bengalurus position as a multifaceted commercial hub.

• Growth-Enabling Infrastructure Projects: Current projects such as Namma Metro and the Peripheral Ring Road are enhancing transportation links, which in turn are making suburban regions like North Bengaluru more appealing for companies looking for cost-effective and easily reachable office spaces.

• Rise of On-Demand Work Environments: The rise of hybrid work models has led to increased demand for flexible office solutions. In 2024, flexible workspaces accounted for nearly 20% of total leasing activity in Bengaluru, a trend expected to continue as companies seek adaptable and cost-effective office arrangements.

• Strategic Public Initiatives: Pro-business policies and initiatives aimed at promoting the manufacturing and technology sectors have further bolstered

Bengalurus appeal as a prime destination for office investments.

Trends and Opportunities

Sustainable and Green Buildings

Growing demand for energy-efficient, eco-friendly buildings is driving innovations in construction and design.

Green certifications and net-zero targets offer developers new differentiation and premium pricing opportunities.

Technology Integration (PropTech)

The adoption of digital tools, AI-driven property management, virtual reality tours, blockchain-based transactions is transforming how real estate is bought, sold, and managed, improving efficiency and customer experience.

COMPANY OVERVIEW

Ajmera Realty is one of Indias leading real estate developers, recognized for its steadfast commitment to quality and a customer-centric approach. With a strong presence in prime markets such as Mumbai, Bengaluru, and Pune, the Company boasts a distinguished legacy of over 57 years. To date, Ajmera has successfully delivered more than 20.3 million square feet of development and handed over 46,000+ residential units. Ajmera emphasises quality, innovative technology, and sustainability, integrating PropTech and green practices to enhance efficiency and appeal. The Company has notably pioneered township developments, thereby

Urbanisation and Mixed-Use Developments

Increasing urban migration is fuelling demand for integrated mixed-use spaces that combine residential, commercial, and recreational areas, creating new opportunities for developers in city-centric growth corridors.

Flexible Workspaces and Evolving Office Demand

The hybrid work model is reshaping office space needs. Theres rising demand for flexible, well-located workspaces and amenities-driven office environments, providing opportunities for reimagining and repositioning commercial assets.

shaping communities in pivotal regions such as Mira Road, Andheri, Borivali, and Wadala in Mumbai, alongside key projects in Bengaluru. Notable projects of the Company include luxury developments like Ajmera Manhattan, Ajmera Prive, Ajmera Eden in Mumbai & Ajmera Lugaano & Florenza in Bengaluru. Possessing a substantial land bank of 10.6 million square feet, Ajmera Realty is strategically positioned for prospective growth, anticipating both organic and inorganic expansion.

With strong financial discipline and a commitment to timely project delivery, Ajmera Realty remains a trusted name in Indias real estate sector. This methodical approach underscores Ajmeras commitment to sustainable and scalable development, forecasting considerable growth in the forthcoming years.

OPERATIONAL OVERVIEW

In FY 2025, the Company recorded a 6% year-on-year growth in sales, reaching a total sales value of H1,080 crore. This performance was largely driven by the successful launches of key projects—Ajmera Vihara, Ajmera Iris, and Ajmera Marina—which collectively contributed approximately 40% to the annual sales. The strong market response, with over 60% of the launched inventory sold within the year, underscores growing customer confidence in the brand.

During the year, the Company continued to build its development portfolio strategically by adding five new projects through Joint Development Agreements (JDA) and Redevelopment formats. Strategically located in key micro-markets such as Wadala, Bandra, Versova, Vikhroli, Kanjurmarg, Shastri Nagar, Ghatkopar, and Bengaluru, these projects contribute to a robust launch pipeline of 2.2 million square feet, with an estimated Gross Development Value (GDV) of H6,457 crore.

Geographically, the contribution towards sales, the Mumbai Metropolitan Region (MMR) constituted 69% of the total sales value, with Bengaluru contributing 31%. The Company continues to play a deeper role in these focus markets in accordance with its growth strategy, which is aligned with long-term value creation for stakeholders.

Project-Wise Consolidated Operational Highlights

Project	Location	Carpet Area Sold (Sq Ft.)	Sales Value (Rs Cr)	Average Realisation Rate (D / Sq Ft.)	Collection (Rs Cr)
Aeon, Zeon, Treon	Mumbai	291	1	25,773	0
Sikova	Mumbai	2,622	6	25,248	8
Greenfinity CD	Mumbai	7,537	19	25,129	13
Nucleus C	Bengaluru	-	-	-	2
Nucleus - Comm	Bengaluru	41,619	36	8,530	23
Greenfinity AB	Mumbai	47,615	125	26,441	46
Manhattan	Mumbai	80,297	268	33,376	300
Prive	Mumbai	9,717	55	56,365	53
Eden	Mumbai	38,116	100	26,133	88
Lugaano & Florenza	Bengaluru	31,378	35	11,100	59
Vihara	Mumbai	1,00,431	174	17,351	29
Iris	Bengaluru	1,01,050	102	10,094	22
Marina	Bengaluru	1,35,229	159	11,731	3
Total		5,95,902	1,080	18,121	646

FINANCIAL OVERVIEW

The FY 2025 marked a year of robust operational and financial performance for the Company. We achieved a revenue of H753 crores in FY 2025, reflecting a 6% year-on-year growth, driven by steady project execution and sustained customer demand. Robust demand for quality housing in the market, successful new project launches, and a steady sales pace in our existing pipeline fuelled growth. Profitability grew strongly, with EBITDA increasing 18% y-o-y to H246 crores, reporting a robust EBITDA margin of 33%.

Profit After Tax (PAT) also grew significantly by 22% to

H126 crores, reporting a PAT margin of 17%. Prudent

financial management, supported by healthy operating cash flow and strategic equity infusion, enabled a 15% reduction of H119 crore in debt to H662 crore in FY 2025. Our debt-equity ratio thus improved sharply to 0.55:1 in FY 2025 from 0.90:1 in FY 2024, the best in recent times, while the weighted average cost of debt remained stable at 12.20%.

This robust balance sheet offers headroom to finance our deep launch pipeline and propel aggressive future growth, a testament to our commitment to sustained value creation and disciplined expansion.

Abridged consolidated profit and loss account (In Rs Cr)

Particulars	March 31,2025	March 31,2024
Revenue from Operations	738	700
Other Income	15	8
Total Income	753	708
Total Expenditure	507	499
Profit before Tax	167	139
Tax Expense	41	35
Profit After	126	104
Non-Controlling Interest	0	1
Adjusted Profit After Tax	126	103
Basic EPS (H/share)	34.01	28.94
Diluted EPS (H/share)	34.01	28.94
Abridged Consolidated Balance Sheet
Liabilities	March 31,2025	March 31,2024
Shareholders Funds	1,207	866
Minority Interest	117	128
Borrowings	677	807
Others	228	138
Provisions	26	24
Total Liabilities	2,255	1,963

Abridged Consolidated Balance Sheet

Assets	March 31,2025	March 31,2024
Trades Receivables	316	215
Inventories	1,292	1,157
Loans and Advances	108	81
Cash and Bank Balances	101	117
Others	438	393
Total Liabilities	2,255	1,963

Consolidated Key Financial Ratios

Particulars	March 31,2025	March 31,2024	Variance	Reasons
Current Ratio	5.96	10.21	(42%)	Due to increase in Current Liabilities
Debt-equity Ratio (Net of Cash)	0.48	0.80	(40%)	Better Debt management
Debt Service Coverage Ratio	0.65	0.60	9%	Better Debt management
Return on Equity (ROE)	12.16%	12.55%	(3%)	Due to increase in shareholders fund
Inventory Turnover Ratio	0.60	0.60	0%	Stable inventory movement inline with project execution
Trade Receivables Turnover Ratio	2.78	3.98	(30%)	Due to lower realization of trade receivable
Trade Payable Turnover Ratio	6.62	6.91	(4%)	Better management of payable cycle

INTERNAL CONTROL SYSTEMS AND RISK MANAGEMENT

The Company continues to maintain robust internal control systems to ensure the accuracy of financial reporting, operational and strategic objectives achievement, and compliance with laws and regulations. The Company uses an Enterprise Resource Planning (ERP) system to standardise processes and automate operations. These internal control systems aim to ensure efficient asset acquisition, utilisation, and protection. Additionally, the Company maintains a strong risk management system to assess and mitigate risks promptly, ensuring timely reporting of any potential issues.

Risk Management

The Company takes a proactive risk management approach and keeps an eye on the trends and uncertainties that could impact the real estate sector. Economic downturns and geopolitical events can impact property demand and market dynamics. Through comprehensive risk management strategies, the Company aims to navigate these challenges while upholding its reputation as a trusted industry leader.

Risk Category	Risk Description	Mitigation
Economic Risk	Fluctuating demand for properties, influenced by macroeconomic conditions, can significantly impact cash flow, management, and profitability.	Diversifying property portfolio, conducting market research, and maintaining a strong financial position
Regulatory Compliance Risk	Indias highly regulated real estate industry makes obtaining necessary approvals and permits challenging. Frequent government policy changes can affect operations.	Adapting strategies, ensuring due diligence, and establishing strong internal controls for compliance
Competition Risk	In an intensely competitive market, the Company faces pressure from both established players and newcomers.	Monitoring competitors, differentiating offerings, and maintaining customer loyalty
Financial Risk	Financing projects pose a challenge due to considerable capital investment, coupled with potential fluctuations in interest rates or credit availability.	Managing sources of funds, monitoring interest rates, ensuring credit availability
Social Risk	Real estate development carries significant environmental and social impacts; failing to manage these responsibly can lead to reputational damage and financial penalties.	Managing environmental and social impacts
Technological Risk	Online portals offering services like virtual tours and property listings challenge the Companys traditional business model.	Adapting to online portals, embracing technology to remain competitive

HUMAN RESOURCES

Ajmera Realty thrives on its human capital, which remains central to its sustained growth and success. The Company is committed to attracting, developing, and retaining a skilled workforce across the entire real estate value chain—from sales to construction. Leveraging its strong brand equity, Ajmera Realty consistently draws top industry talent and invests significantly in continuous training and development programs to foster both project success and individual growth. The Human Resources function plays a pivotal role in aligning organizational objectives with the dynamic market landscape. Reflecting its employee-centric culture, Ajmera Realty was recently certified as a Great Place to Work, a testament to its commitment to fostering a supportive, inclusive, and growth-oriented workplace..

Training and Employee Welfare Initiatives

Ajmera Realty has a strong training system designed to give employees the skills and knowledge they need to succeed. This system includes regular feedback, performance appraisals, and recognition for exceptional work. The Company highly values recognising and rewarding outstanding performance through its employee recognition program, ensuring employees feel valued and supported in their career growth.

Employee Health and Safety

Employee health and safety is a top priority for Ajmera Realty. The Companys dedicated safety team regularly conducts inspections and risk assessments to find and reduce potential dangers. Additionally, Ajmera Realty supports employee well-being and mental health by creating a supportive and inclusive work environment, promoting a healthy work-life balance, and providing resources for employee welfare.

Continuous Communication Policy

The Company fosters an inclusive growth culture by treating every employee equally, regardless of their age, gender, or background. Ajmera Realtys commitment to inclusivity encourages individuals to participate in voluntary projects beyond their main duties, which helps improve creative thinking skills. This proactive and inclusive approach creates a smooth link between various initiatives, promoting a harmonious and collaborative work environment.

OUTLOOK

Buoyed by strong sectoral tailwinds, Ajmera Realty is set to ride growth momentum in the long term. We enjoy strong revenue visibility, with Occupancy Certificate

(OC) received projects expected to contribute H50 crore within the next six months, while ongoing projects are expected to generate H1,847 crore over the subsequent 27 months. Our total revenue potential, encompassing existing and planned launches, stands at a significant

H8,354 crore. Furthermore, our strategically located land bank, particularly in key micro-markets like Wadala and Kanjurmarg, presents substantial development potential. Financially well-positioned, we will leverage these assets alongside asset light models such as Joint Ventures (JVs), Joint Development Agreements (JDAs), and Redevelopment Agreements to unlock value and deliver profitability. This strategy underpins our aspiration to achieve a 5x growth trajectory. Supported by dynamic policy measures, enhanced infrastructure development, and a positive business environment, we are confident to sustain aggressive sales activity and deliver long-term value to shareholders.

CAUTIONARY STATEMENT

In this Management Discussion and Analysis, statements describing the Companys objectives, projections, estimates, expectations or predictions may be ‘forward-looking statements, within the meaning of applicable laws and regulations. Actual results could differ materially from those expressed or implied. Important factors that could make a difference to the Companys operations include, raw material availability and prices, cyclical demand and pricing in the Companys principal markets, changes in Government regulations, tax regimes, economic developments within India and the countries in which the Company conducts business and other incidental factors.