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Motilal Oswal Report
We initiate coverage on Anant Raj Ltd. with a Buy rating and a target price of Rs 1,100.
Diversification in progress: Anant Raj is transitioning from its stronghold in real estate to a diversified business model with strategic investments in data centers and cloud services. This shift capitalises on India's burgeoning data localisation and digital transformation trends. With a planned capacity of 300MW for DC over the next four-five years, the company is leveraging its existing technology parks to enhance execution speed and cost efficiency.
With intense focus on profitability: Anant Raj's foray into higher-margin cloud services (IaaS) in partnership with Orange enhances its profitability potential, with cloud capacity projected to rise to 25% by FY32. Its residential business remains robust, with 14msf deliveries expected by FY30, generating a cumulative NOPAT of Rs 85.1 billion.
Multiple growth levers at play: Strong pre-sales, collections, and operational cash flows underpin Anant Raj's growth. While execution risks remain, we expect significant revenue and EBITDA margin expansion, driving long-term value creation.
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