Anant Raj shares dropped by 2% in Thursday morning trade after Nomura cut its target price for the stock to Rs 700. Despite reiterating a “buy” rating, Nomura expressed concerns about reduced visibility on fundraising through equity routes, which influenced the price cut. The brokerage remains optimistic about the stock’s potential, forecasting a strong +40% EPS CAGR over FY26–27, driven by solid growth across various segments.
Nomura’s revised stance reflects a conservative outlook on the data center (DC) segment, although the company’s long-term capacity target of 307MW IT load is largely on track. By 1QFY26F, DC capacity is expected to rise to 28MW IT load, up from the current 6MW.
Anant Raj plans to fund half of its capital expenditure through internal accruals, and if the company opts for loans instead of a Qualified Institutional Placement (QIP), its peak net debt-to-equity ratio is expected to stay under 0.5x, indicating a manageable debt position. On the residential side, the company has a strong launch pipeline lined up for FY26F, with plans to deliver 3.1 million square feet of new projects, contributing to a total gross development value (GDV) of around Rs 60 billion.
Anant Raj shares opened at ₹497.00, reaching a high of ₹498.55 and a low of ₹485.05 during the trading session. Over the past year, the stock has experienced significant fluctuations, with a 52-week high of ₹947.90 and a low of ₹319.15.
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