Analysis: Anant Raj Limited

What does Anant Raj Limited do?

• Anant Raj Limited is a 50+ year-old real estate developer headquartered in New Delhi and Manesar, Haryana.
• Operates in real estate development (townships, commercial, residential) and data centers/cloud services.
• Founded in 1969 by Shri Ashok Sarin, with a legacy of quality execution and strategic land banking.

• Real estate development: Integrated townships, group housing, commercial spaces, and hospitality projects.
• Data centers: 307 MW IT load capacity across Manesar, Panchkula, and Rai (63 MW operational by FY26).
• Cloud services: Ashok Cloud (sovereign cloud platform) with 14 MW allocated for cloud by FY26.

Growth thesis

Anant Raj operates as a dual-engine business in data centers (colocation and cloud services) and premium real estate. The data center segment, with 28 MW operational and 63 MW targeted by Dec-2026 (49 MW colocation, 14 MW cloud), will drive growth through 75-84% EBITDA margins and ₹1,200 crore annual revenue at full occupancy. Cloud services (Ashok Cloud), scaling to 14 MW by 2026 with 50-50 government-private demand, add a high-margin recurring revenue stream. Real estate launches (2.6 million sq ft in FY26) provide near-term cash flow while data centers scale. Management’s consistent overdelivery on timelines (e.g., 28 MW commissioned ahead of schedule) and disciplined capex (₹2,100 cr fundraising) support a 117 MW target by FY28. Key execution risk: timely commissioning of 35 MW under development to meet 63 MW Dec-2026 deadline.

Why is Anant Raj Limited stock rising?

• Data center capacity scaling up to 63 MW by December 2026 and to 117 MW by FY28
• Cloud (Ashok Cloud) capacity planned at 6 MW by December 2026 and 14 MW by FY28, targeting sovereign cloud demand
• Real estate launches of 2.6 million sq ft in FY26, including Estate One (1.1 msf) and Phase IV of Anant Raj Estate
• Third luxury group housing project planned in FY27
• Delhi commercial project (Bel-La Monde) first phase completion by FY28

Research report

Anant Raj Limited traces its origins to 1904, when Shri Rai Sahab Shadi Ram Sarin, an engineer and architect, designed significant Delhi heritage sites including the Ghanta Ghar and India Gate. His great-grandson, the late Shri Ashok Sarin, formalized the construction business in 1969, building it into one of the largest contracting and development firms of the 1970s and 1980s. The company served as a primary contractor for government agencies including DDA, MES, PWD, and CPWD, constructing near...

Catalysts

capex, margin expansion, regulatory approval, new product segment

Growth guidance

Data Center Revenue: ₹1,200 crores from 63 MW by FY28

Management consistency

overdeliver