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ANANTRAJLocked: for Professional membersRatingPremium

Anant Raj: A debt-free Developer building India's next data centre platform

A debt-free Delhi NCR developer has grown profit 60-fold in five years and is spinning off a 357 MW data centre platform.

Copernicus Research4 October 202611 minCMP as of 4 Oct 2026 ₹578 · Target Locked: for Professional members
Key takeaways
  • Earnings machine: revenue rose from ₹250 cr (FY21) to ₹2,512 cr (FY26), a 59% CAGR, and net profit from ₹9 cr to ₹559 cr.
  • Margins at a record: operating margin reached 29% in Q1 FY27 as rental and data centre income grew.
  • The real story is data centres: 28 MW live, 63 MW targeted by end-FY27 and 357 MW planned by FY32, housed in Ashok Cloud, which will list separately.
  • Priced as a developer, not a data centre: at ~8x sales, Anant Raj trades far below global data centre peers at 13–23x.
  • Multibagger potential: a 2x is plausible in 3–4 years; a 3x needs the full 357 MW plan to be delivered.
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Disclaimer

This report is for information only and is not an offer or solicitation to buy or sell any security; views and estimates are as of the date of publication and may change without notice. Investments in securities market are subject to market risks; read all the related documents carefully before investing.