Anant Raj: 28 MW Live, 357 MW Targeted, Ashok Cloud

ANANTRAJ Anant Raj (NSE : ANANTRAJ) has over 50 years of experience in real estate and infrastructure. It operates two active data centre campuses with a combined 28 MW of IT load. Panchkula hosts 7 MW operational with 50 MW more planned. Rai has a completed 100 MW shell, with 20 MW under development and 200 MW total potential. Cloud services run under the Ashok Cloud brand, with a demerger in progress. What happened: In Q2FY27, revenue grew 4.9% year on year to Rs 661.5 crore. EBITDA rose 21.0% to Rs 215.4 crore, with margin expanding 395.6 basis points to 32.6%. Net profit grew 13.3% to Rs 156.5 crore. H1FY27 revenue stood at Rs 1,292.9 crore. ROE was 11.2%, ROCE was 12.1% and debt-to-equity was 0.3x. Why it matters: Anant Raj targets 63 MW by FY27-end, 107 MW next and 357 MW by FY32, using pre-owned land and existing structures to lower setup costs. The Ministry of Electronics has empanelled it as a Sovereign Cloud Service Provider. It has partnered with BSNL as a Data Centre Service Provider and with Submer for liquid-cooled facilities, and signed an MoU with Andhra Pradesh for 50 MW. What I am watching: Execution pace from 28 MW to 63 MW by FY27-end is the near-term test. EBITDA margin improvement is encouraging, but ROE at 11.2% and ROCE at 12.1% remain moderate for a capital-intensive buildout. My stance: Anant Raj trades at 21.1 times EV/EBITDA, below its 5-year median of 31.5 times. The asset-light approach using existing land and structures helps manage capital. Going from 28 MW today to 357 MW by FY32 is a large step, and each phase now needs capital ahead of revenue. The valuation discount to its history is the entry argument; execution at pace must now prove that right. I do not hold a position in Anant Raj at the time of writing. This is not investment advice.