Anant Raj Ltd.

“Anant Raj is a promoter-controlled NCR real estate developer attempting a credible but unproven pivot to data centers on legacy Manesar land; India's AI infrastructure tailwind is real and the runway is long, but weak cash flow quality, recurrent promoter pledging, family-dominated governance, and a demanding 32.5x trailing P/E that prices in near-perfect execution leave inadequate margin of safety — making this a watch-and-wait situation rather than a buy, with a more attractive entry likely in the INR 320–380 range if evidence of actual data center revenue materializes.”