Anant Raj Stock: Is Its Data Center Business Overtaking the Real Estate Segment?

Synopsis:A real estate veteran betting big on digital infrastructure – data center revenue is scaling fast, margins are expanding, and a 357 MW capacity target by 2032 signals a business model in transition.

India’s digital infrastructure boom is rewriting the story of an old-guard real estate developer. With data centers now accounting for a growing share of revenue and the company racing toward a 357 MW capacity target, a pivotal shift in business identity is quietly underway. 

Is the Real Estate Business Still Driving Growth?

Anant Raj’s real estate segment continues to perform, but the pace of incremental gains is narrowing. Revenue from operations (including data center income) stood at ₹646.81 crore in Q4 FY26, up 19.64% YoY. For the full year, revenue grew 21.92% to ₹2,511.60 crore. EBITDA for the quarter came in at ₹196.02 crore, up 28.44% YoY, with margins improving 132 bps to 29.02%. PAT for Q4 stood at ₹148.71 crore, up 25.19% YoY, and full-year PAT rose 30.81% to ₹557.02 crore.

These numbers reflect sustained momentum, but the company’s real estate pipeline – luxury projects in Sector 63A Gurugram, the Birla Navya JV, and ongoing Ashok Estate deliveries – is increasingly sharing the stage with a faster-growing business.

Data Centers: The Engine Gaining Speed

Data center revenue for FY26 stood at ₹176.49 crore for the full year, while Q4 alone contributed ₹74.51 crore – indicating the segment is accelerating sharply as capacity scales. Anant Raj Cloud currently operates 28 MW of IT load capacity: 21 MW at Manesar and 7 MW at Panchkula. The company has now signed an MOU with the Andhra Pradesh government for a 50 MW data center, taking total planned capacity to 357 MW by FY2032. 

Interim milestones include 117 MW operational by FY2028. Of the total 357 MW planned, 25% is earmarked for cloud services under the Ashok Cloud brand (IaaS in partnership with Orange Business), with the remainder for colocation. A strategic partnership with Spain-based Submer will add liquid-cooled, AI-ready infrastructure across India.

Government Mandates Sharpen the Competitive Edge

What makes Anant Raj Cloud’s positioning distinct is its dual empanelment – as a Sovereign Cloud Service Provider under MeitY and as a Data Centre Service Provider with BSNL. These approvals open access to government, telecom, and enterprise contracts that are typically inaccessible to smaller or uncertified operators.

The company’s existing TIA/Tier III and ISO certifications, alongside PSU alliances with TCIL, CSC, Railtel, and BSNL, further strengthen its institutional credibility. Incremental capacity of 35 MW at Manesar and Rai is planned for operationalisation in the next financial year, alongside expanded cloud services.

The Broader Balance Sheet Story

Anant Raj has simultaneously cleaned up its balance sheet while investing in capacity. Net debt has fallen from ₹1,626 crore in FY21 to near-zero by FY26. Return on equity stood at 0.10 for FY26, flat from FY25 but up sharply from 0.02 in FY22. Return on capital employed improved to 0.09. The company has also raised its dividend payout from 5% of face value in FY21 to 50% in FY26, signalling financial confidence even as capex commitments for data centers grow. The AP data center alone involves a direct investment of approximately ₹4,500 crore by Anant Raj Cloud Private Limited.

About the Company

Anant Raj Limited, established in 1969 and headquartered in New Delhi, is a diversified real estate and digital infrastructure company. It holds approximately 320 acres of prime, debt-free land in Delhi-NCR and operates 28 MW of data center capacity. Anant Raj has attracted investor interest due to strong project execution, improving financial performance, and growing exposure to India’s rapidly expanding data center industry. 

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