💰 Financial Performance

Revenue Growth by Segment

Consolidated revenue from operations for H1 FY26 was INR 2,532.78 lakhs, a decrease of 31.17% compared to INR 3,679.75 lakhs in H1 FY25. The Real Estate segment revenue fell 32.58% YoY to INR 2,372.92 lakhs, while Wind Power Generation remained flat at INR 159.86 lakhs.

Geographic Revenue Split

Not specifically disclosed in available documents, though operations are primarily focused on the Pune/Maharashtra region for real estate redevelopment.

Profitability Margins

Net Profit Margin improved from 88.32% in FY24 to 89.90% in FY25. For H1 FY26, consolidated Profit Before Tax (PBT) was INR 1,213.13 lakhs, up 3.51% from INR 1,172.03 lakhs in H1 FY25, largely supported by a fair value gain of INR 448.61 lakhs.

EBITDA Margin

Segment results (profit before interest, tax, and depreciation) for Real Estate decreased 20.71% YoY to INR 856.36 lakhs in H1 FY26. Wind Power segment results were stable at INR 115.18 lakhs.

Capital Expenditure

The company made payments for the purchase of investments (net) amounting to INR 235.00 lakhs in H1 FY26. It also subscribed to INR 95.00 lakhs in share capital of its subsidiary company.

Credit Rating & Borrowing

Credit ratings are listed as 'Not Applicable'. Finance costs for the Real Estate segment decreased from INR 70.81 lakhs in H1 FY25 to INR 29.12 lakhs in H1 FY26.

⚙️ Operational Drivers

Raw Materials

Land is the primary raw material for the Real Estate segment; construction materials such as cement and steel are implied but specific cost percentages are not disclosed.

Capacity Expansion

The company is actively participating in tenders for the redevelopment of old societies and buildings, with advanced negotiations underway for several projects.

Manufacturing Efficiency

Not applicable to the service-oriented real estate and wind power segments.

📈 Strategic Growth

Expected Growth Rate

Not disclosed

Growth Strategy

Growth is targeted through the redevelopment of old societies and buildings, leveraging the Unified Development Control and Promotion Regulations (UDCPR) 2020 which increased FSI potential. The company is actively bidding on tenders and negotiating with societies to expand its project pipeline.

Products & Services

Residential and commercial real estate development/redevelopment and wind power generation.

Brand Portfolio

AMJ Land Holdings, AMJ Realty.

New Products/Services

Focus on the redevelopment vertical as a primary growth driver following UDCPR 2020 regulatory clarity.

Market Expansion

Targeting redevelopment projects in urban areas, particularly where FSI potential has shifted due to new regulations.

Strategic Alliances

The company operates through subsidiaries like AMJ Realty Limited and M/s AMJ Land Developers, and associates like P Land Holdings Limited.

🌍 External Factors

Industry Trends

The industry is seeing a paradigm shift due to UDCPR 2020, which has brought consistency and clarity to FSI/Development potential, favoring organized developers in the redevelopment space.

Competitive Landscape

The company competes with other organized real estate developers in the tendering process for society redevelopments.

Competitive Moat

Moat is built on expertise in navigating complex legal and due diligence issues in land development and a strategic focus on the niche redevelopment market.

Macro Economic Sensitivity

Highly sensitive to real estate market conditions and urban development regulations in Maharashtra.

Consumer Behavior

Societies are becoming more interested in redevelopment, though their expectations regarding returns are currently described as 'unrealistic'.

⚖️ Regulatory & Governance

Industry Regulations

Operations are heavily governed by the Unified Development Control and Promotion Regulations (UDCPR) 2020 and the Companies Act, 2013.

Environmental Compliance

The company maintains a CSR Policy and operates in the renewable energy sector via wind power.

Taxation Policy Impact

Income tax assets (net) were INR 37.66 lakhs as of September 30, 2025. Deferred tax liabilities stood at INR 1,122.43 lakhs.

Legal Contingencies

The company notes ongoing 'legal and due diligence issues' regarding land and is 'awaiting the landowners’ actions to clear the issues', though specific INR values for pending litigation are not disclosed.

⚠️ Risk Analysis

Key Uncertainties

Key risks include the inability to meet society expectations in redevelopment tenders and potential delays in land title clearances.

Geographic Concentration Risk

Operations are concentrated in Maharashtra, making the company vulnerable to state-specific regulatory changes.

Third Party Dependencies

Dependency on landowners to clear legal issues before projects can proceed.

Technology Obsolescence Risk

Not a primary risk for the current business model.

Credit & Counterparty Risk

Trade receivables stood at INR 318.75 lakhs as of September 2025. Debtor Turnover Ratio improved 70.25% in FY25 to 38.09, indicating better collection efficiency.