Anant Raj Q2 FY27: Consolidated PAT Up 13% YoY to ₹156 Cr as Margins Expand

Anant Raj's consolidated PAT for Q2 FY27 (quarter ended September 30, 2026) came in at ₹156.49 Cr, up 13.3% YoY from ₹138.18 Cr and 4.9% QoQ from ₹149.19 Cr, on revenue of ₹661.53 Cr (+4.9% YoY, +4.8% QoQ). Revenue beat the ₹630–650 Cr band we flagged pre-result; profit growing faster than revenue is the real story — this was a margin quarter, not a volume quarter. H1 FY27 consolidated PAT of ₹305.68 Cr is up 15.75% YoY, sitting inside the 15–20% FY27 PAT growth trajectory analysts have pencilled in (no quarter-specific Street estimate for Q2 was found in public coverage). The margin bridge: OPM expanded to 29.93% from 26.61% YoY (29.04% in Q1 FY27), and NPM to 23.05% from 21.56% YoY (22.93% in Q1). Finance costs fell to ₹1.09 Cr from ₹2.87 Cr YoY even as depreciation more than doubled to ₹26.50 Cr from ₹10.64 Cr — the data-centre asset base (investment property/right-of-use) coming onto the books is now flowing through D&A, but lower leverage costs and operating efficiency more than offset it at the PBT line. Standalone PAT was ₹80.96 Cr against consolidated ₹156.49 Cr, underscoring how much of the earnings growth now sits in the data-centre/cloud subsidiaries rather than the core real-estate standalone entity. On guidance: management's prior concall target was 63 MW of data-centre IT load by December 2026; this filing restates the same 63 MW figure but against "end of FY2026–27" (i.e., March 2027) — a modest timeline softening worth flagging even though the headline number is unchanged, with 117 MW still guided for FY28. No formal revenue guidance exists (none was given on the prior call either), so that angle can't be graded on numbers — only qualitatively: real estate is on track, with RERA registration received (Aug 20) for the 1.22 million sq ft "The Estate One" project against the 2.6 million sq ft FY27 launch target, and inventory has risen to ₹1,507 Cr from ₹1,058 Cr at FY26-end as launch-stage stock builds. The quarter's other developments — the Haryana govt/Orange Business Services MoU (Oct 7) to market the state's data centres globally, and continued progress on the Composite Scheme of Arrangement (ARCPL merger into ARL, DC/cloud undertaking demerger into Ashok Cloud Ltd, with in-principle NOCs received from all banks and pending exchange/SEBI sign-off before NCLT filing) — are consistent with, not incremental to, the plan management laid out in July. Taken together, this print clears the bar the pre-result preview set: revenue above the expected range, PAT growth inside the guided FY27 band, and margin expansion on both OPM and NPM despite a step-up in depreciation. The next checkpoints are the NCLT First Motion filing for the scheme, further DC capacity additions toward 63 MW, and execution on the Estate One launch.