Anant Raj Q1FY27: consol PAT +18.5% YoY to ₹149 Cr as margins expand
PAT +18.5% YoY · revenue +6.58% · margins expanding
₹631.4 Cr
+6.58% YoY
₹149.19 Cr
+18.5% YoY
22.93%
+2pp YoY
₹4.16
Anant Raj's consolidated revenue came in at ₹631.40 Cr, up 6.6% YoY but down 2.4% QoQ, while consolidated PAT rose 18.5% YoY (and a flat +0.3% QoQ) to ₹149.19 Cr, with basic EPS of ₹4.16 versus ₹3.67 a year ago. Neither the current nor comparable quarters carry exceptional items, so this is a clean, comparable print — profitability outgrew revenue on a YoY basis.
Q1 FY-2027 vs prior quarters
The margin story is the driver: operating margin expanded to 29.0% from 25.4% YoY and 25.9% QoQ (~360bps), and net margin rose to 22.9% from 20.9% YoY, even as depreciation nearly doubled to ₹16.21 Cr (from ₹7.89 Cr YoY) as new data-center capacity came online. Finance costs fell to ₹1.20 Cr (from ₹2.37 Cr YoY, ₹3.80 Cr QoQ), aided by the QIP-funded deleveraging. Working against this, the effective tax rate climbed to 21.1% of PBT versus 14.5% QoQ and 17.1% YoY, so pre-associates profit grew only 17.2% YoY despite PBT growing 23.2%; a ₹3.06 Cr contribution from associates/JVs (versus ₹1.25 Cr YoY and a ₹1.18 Cr loss last quarter) helped lift final PAT growth back to 18.5%.
The stock went into the print at ₹615.9, up 8.2% over the past month of trading.
For context: this is the highest quarterly PAT in the last 6 quarters on our records; PAT has now risen for 5 consecutive quarters.
What the summary numbers don't show
Standalone PAT ₹79.10 Cr (+13.5% YoY on +12.2% revenue growth) — over 3pp slower than consolidated on both lines
Management guides for significant Data Center expansion to 63 MW by December 2026 and 117 MW by FY28, with the full revenue impact of the current 28 MW capacity expected in Q4 FY26. The company is on track with its real estate launches of 2.6 million sq. ft. for the current fiscal year, with two major projects launchin
No consensus PAT estimate for this specific quarter turned up in search; the closest available brokerage color (Motilal Oswal) had flagged margin risk from new data-center capacity ramping up and weighing on near-term profitability — this quarter's margin expansion runs counter to that caution, though it isn't a hard beat/miss against a numeric estimate. Management gave no formal topline guidance for the quarter; the standing markers from the last call — 63MW data-center capacity by December 2026, 117MW by FY28, and a ~75% EBITDA margin target specific to the Data Center segment — are not independently verifiable here since the company discloses only one reportable segment (Real Estate Development) with no segment-wise P&L split.
W1
Data-center capacity ramp toward management's guided 63MW by December 2026 (from ~28MW currently) — track incremental revenue/EBITDA next 1-2 quarters
W2
Whether the 29.0% consolidated OPM holds as new DC capacity scales, against management's ~75% EBITDA margin target for the Data Center segment specifically (unverifiable here — single-segment disclosure)
W3
Progress of the Composite Scheme of Arrangement (shareholder/creditor/NCLT/regulatory approvals) for the Ashok Cloud Private Limited demerger and its planned separate listing
Consolidated PBT-tax=146.13 is pre-associates PAT; final line-9 PAT of 149.19 (used here, matching context basis) adds 3.06 Cr share of associates/JV profit. No exceptional items in current or comparison periods. Standalone (12.2% rev / 13.5% PAT YoY) diverges >3pp from consolidated (6.6%/18.5%), implying subsidiary-layer revenue was roughly flat YoY while its profit contribution grew faster.