Anant Raj Limited

“Anant Raj is a genuine turnaround story transitioning from a cash-hungry NCR developer into a data centre infrastructure platform, with a pristine balance sheet, 38% revenue CAGR, and access to one of India's fastest-growing infrastructure TAMs. However, the stock at 35.5x trailing P/E already prices in successful DC execution — a transformation that remains largely unproven in cash terms, with FY2026 FCF of -6.37B rupees against reported net income of 5.55B rupees signalling deep earnings quality concerns. The risk of permanent capital loss is moderate (net cash balance sheet provides a floor), but the risk of meaningful multi-year underperformance is real if DC execution slips. Track for entry below 420 rupees or upon sustained positive FCF.”