Anant Raj Q2 Results, October 28, 2026: Profit Up 13% as Data Centre Push Continues

Anant Raj Q2 results landed on Wednesday, October 28, 2026, and the profit line held up better than the top line. The Delhi-NCR real estate developer reported consolidated net profit of ₹156.49 crore for the July-September quarter, up 13.25% from ₹138.18 crore a year earlier, according to its investor presentation filed with BSE. Revenue from operations rose a slower 4.87% to ₹661.53 crore.

The market wasn’t impressed. CNBC-TV18 reported that the stock ended over 1% lower at ₹461.85 after the numbers, and it is down more than 16% so far in 2026 and about 26% over the past 12 months.

Anant Raj Q2 results: the key numbers

• Revenue from operations: ₹661.53 crore, up 4.87% year on year (CNBC-TV18 puts the year-ago figure at ₹631 crore).
• Net profit: ₹156.49 crore, up 13.25% year on year.
• Profit before tax: ₹187.78 crore, up 14.20%.
• PAT margin: 23.05%, up about 149 basis points from 21.56%.
• Data centre, infrastructure and allied services revenue: ₹115.41 crore for the quarter, roughly 17% of revenue from operations by our calculation.

Two EBITDA numbers, one quarter

If you read more than one report on this quarter, you’ll see two different operating profit figures, and both are right. The company’s presentation shows EBITDA of ₹215.37 crore, up 21.04%, with a margin of 31.72%. Its own footnote says that figure includes other income. CNBC-TV18’s numbers leave other income out: EBITDA of ₹198 crore, up 18% from ₹168 crore, with the margin widening to 29.9% from 26.6%, an improvement of 330 basis points.

Either way, the direction is the same. Operating profit grew roughly four times as fast as revenue, which tells us the mix is shifting towards higher-margin business rather than the company simply selling more.

Half-year picture

For the first half of FY27, CNBC-TV18 reported consolidated revenue from operations of ₹1,293 crore against ₹1,223 crore a year earlier. Net profit rose to ₹306 crore from ₹264 crore, and profit before tax to ₹373 crore from ₹315 crore.

The data centre story is doing the heavy lifting

Anant Raj is still a property developer on paper, but the investor narrative has moved to its cloud arm. The company said its subsidiary Anant Raj Cloud has two data centre campuses running with a combined 28 MW of capacity. It expects to reach 63 MW of IT load by the end of FY27 and is targeting 357 MW by FY32.

Alongside the results, Anant Raj Cloud Singapore, a wholly owned subsidiary, signed a memorandum of understanding with Orange Business Services Singapore and the Haryana government’s Department of Industries and Commerce. The aim is to pitch Haryana as a hub for data centres, sovereign cloud and AI infrastructure, and to sell Haryana-based cloud services abroad.

There’s a corporate restructuring in the background too. The proposed composite scheme would first merge Anant Raj Cloud into the parent and then demerge the data centre and cloud services business into a separate company, Ashok Cloud. The company said it is still waiting for no-objection certificates from the stock exchanges and SEBI.

Housing pipeline

On the real estate side, the company received RERA registration for The Estate One, a luxury residential project on Golf Course Extension Road in Sector 63A, Gurugram. CNBC-TV18 reported the project has a built-up area potential of about 1.22 million square feet and is expected to launch soon.

What we’d watch next

A 5% revenue quarter isn’t exciting, and the stock’s reaction says investors wanted more. What keeps the story alive is the margin trend and the data centre build-out. The test over the next few quarters is simple: does the cloud business move from 28 MW towards that 63 MW target on time, and does the demerger get its approvals? Until then, profit growth running ahead of sales is the one number holding the case together.

New to reading results like these? Our guide on how to analyse quarterly results of a company walks through the basics. For other results from the same day, see our notes on Meesho’s Q2 results and Hyundai Motor India’s Q2 results.

Sources: Anant Raj Q2 FY27 investor presentation (BSE filing) and CNBC-TV18, October 28, 2026.

Disclaimer: This article is for information and education only and is not investment advice. Please do your own research or consult a SEBI-registered adviser before making any investment decision.