Anant Raj Limited (ANANTRAJ) Q2 Results FY27 Preview: Date, Time, Expectations & Key Things To Watch

Anant Raj is an NCR-focused real estate developer that is steadily turning into a data centre and cloud company, with the DC & allied segment now contributing 14.25% of revenue. This quarter's print will speak to whether the data centre ramp off the Rs. 90 Cr Q1 base continues, and whether the 31.15% EBITDA margin holds as residential revenue growth decelerated to +6.58% YoY.

Anant Raj Limited Q2 Results Date and Time

The board meets on October 28, 2026 to consider the unaudited Q2/H1 FY27 financial results. The trading window has been closed from October 1, 2026 until 48 hours after the results are announced.

What to expect from Anant Raj Limited's Q2 FY27 results

The quarter's story is whether the data centre and cloud ramp can keep carrying growth while residential revenue recognition slows — YoY revenue growth decelerated from +19.64% in Q4 FY26 to +6.58% in Q1 FY27, and DC & allied revenue scaled from Rs. 35.47 Cr in Q2 FY26 to Rs. 90 Cr in Q1 FY27, reaching 14.25% of total revenue at a stated 75% segment EBITDA margin. Margin trajectory is the second big watch point: consolidated EBITDA margin entered the quarter at a five-quarter high of 31.15%, and the mix shift toward data centres supports it, though cloud revenue includes power cost while colocation is booked net of power pass-through — and September's record 269 GW all-India peak with higher market power prices makes that asymmetry a live item. On the residential side, 'The Estate One' (~1.22 million sq. ft., Sector 63A, Gurugram) was RERA-registered and launched on August 20, 2026, so its first-quarter bookings and collections will be probed, alongside Phase V approvals which the annual report guides into Q2 FY27 itself. Policy moved in the company's favour mid-quarter: the Taxation and Other Laws (Amendment) Bill, 2026 received Presidential assent on August 17, 2026, simplifying the data centre tax exemption regime until March 31, 2047, though CBDT's prescribed conditions were still pending. The Ashok Cloud demerger (Composite Scheme approved July 21, 2026) remains subject to NCLT and other approvals, and Rs. 689.99 Cr (62.73%) of the Rs. 1,100 Cr QIP proceeds were still unutilised in SBI fixed deposits as of June 30, 2026 — both likely to draw questions on the call.

Key Things To Watch

Guidance scorecard — data centre roadmap: Key targets management has set, and what to check on October 28:

• DC capacity — 63 MW (49 MW colocation + 14 MW cloud) by December 2026; 35 MW incremental IT load at Manesar and Rai in FY 2026-27 (Amit Sarin: '20 megawatts is in rai... and the balance is in manesar. and our buildings are ready in both places')
• DC revenue — Rs. 1,200 Cr target, with the target year rendered as FY27 in one Q2 FY26 concall summary and FY28 in another; Q2 DC revenue to be checked against the Rs. 90 Cr Q1 run-rate
• AI services commencement within FY27 and PaaS expansion (which management said could double cloud revenues vs IaaS alone, not yet factored into projections) — status updates due

Guidance scorecard — real estate and balance sheet

• Phase V approvals (9.11875 acres) guided into Q2 FY27 — due in the results quarter itself; GH3 permissions (Q4 FY26 target) confirmation of receipt
• Estate One launched August 20, 2026 — sales and collections traction in its first full quarter; Birla Navya Phase III completion timeline (sources differ: FY28 vs April 2027)
• No additional debt guidance post-QIP — funding of the 357 MW by FY32 roadmap; net debt-free status achieved as of March 31, 2026

Capital deployment and restructuring

• QIP deployment: Rs. 689.99 Cr (62.73%) unutilised in SBI fixed deposits as of June 30, 2026, against a Rs. 440 Cr DC allocation and Rs. 185 Cr land acquisition allocation
• Ashok Cloud demerger: Composite Scheme approved July 21, 2026 — watch for NCLT/SEBI filing milestones, the 49%/28.14%/20.86%/51% holding structure and the proposed NSE/BSE listing path
• Receivables of Rs. 270.98 Cr at FY26-end, up 82.63% YoY, against FY26 operating cash flow of negative Rs. 434.77 Cr — working-capital follow-up

Margin and revenue trajectory

• EBITDA margin rose 79 bps, then 47 bps, then 213 bps QoQ across Q3 FY26 to Q1 FY27, reaching 31.15% — probe the DC mix shift (14.25% of revenue) and percentage-completion real estate recognition
• Revenue YoY growth slowed from +23.00% in Q2 FY26 to +6.58% in Q1 FY27 — launch timing, percentage-completion billing and the Q2 FY27 launch pipeline in focus
• Colocation revenue is reported net of power pass-through while cloud revenue includes power cost — the margin-mix mechanics analysts have explicitly queried

Operating metric trajectory — data centre KPIs

• DC & allied revenue: Rs. 35.47 Cr (Q2 FY26) to Rs. 43.57 Cr (Q3) to Rs. 74.51 Cr (Q4) to Rs. 90 Cr (Q1 FY27), with segment EBITDA margin at 75%
• Client mix: colocation roughly 75% government / 25% private; cloud 50-50; unit economics of ~Rs. 90 lakhs/month/MW colocation and ~Rs. 12 Cr/month/MW cloud
• Operational base of 28 MW IT load (21 MW Manesar + 7 MW Panchkula); capital employed in DC rose Rs. 187 Cr in H1 FY26 to ~Rs. 700 Cr