On 21 July 2026, Anant Raj board approved a composite scheme to hive off its data-centre and cloud business into a separately listed company, Ashok Cloud Private Limited. According to reports from The Financial Express, this two-step process involves first amalgamating the data-centre operations into the parent company, followed by demerging the combined undertaking into Ashok Cloud. For every 1 equity share of Anant Raj held on the record date, shareholders will receive 1 equity share of Ashok Cloud, representing a 1:1 entitlement with no cash changing hands. However, as reported by Motilal Oswal, the demerger creates a unique structure where Anant Raj retains approximately 51% stake in Ashok Cloud, meaning shareholders effectively get data-centre exposure twice - once through new Ashok Cloud shares and again through the parent's retained stake.
The company's financial transformation has been dramatic, with revenue growing from ₹249.66 crore in FY21 to ₹2,511.60 crore in FY26, representing a 21.9% increase in the latest fiscal year. As reported by The Financial Express, net profit surged from ₹0.23 crore in FY21 to ₹557.02 crore in FY26, marking a 32.3% increase. The data-centre business contributed significantly to this growth, generating ₹176.49 crore in FY26, accounting for approximately 7% of consolidated revenue but contributing about 75% of absolute EBITDA. According to Motilal Oswal, the company's residential segment is valued at ₹101 billion (₹281 per share) representing 40% of total value, while the data-centre and cloud business is estimated at ₹123 billion (₹341 per share) accounting for 48% of total value. The analysis shows that even with a potential 15% valuation upside, the actual value unlocking event remains at least 18 months away.
The company currently operates 28 MW of IT load across Manesar (21 MW) and Panchkula (7 MW), with management targeting 63 MW by FY27, 117 MW by FY28, and 357 MW by FY32. According to The Financial Express, the company has secured significant state MoUs including ₹25,000 crore with Haryana and ₹4,500 crore with Andhra Pradesh. Management has guided to approximately ₹1,200 crore of data-centre revenue by FY27 and ₹9,000 crore by FY32. As reported by Motilal Oswal, the company's flagship Sector 63A township carries an estimated development potential of about 9 million sq ft and roughly ₹15,000 crore of revenue potential, with the company reporting about 11.41 million sq ft of ongoing and planned residential projects plus 83.43 acres of fully-paid Delhi land held for future development.
Motilal Oswal estimates the company's total valuation at approximately ₹22,000 crore, with the data-centre business representing about 48% of the total value. As reported by The Financial Express, the demerger process is expected to take 18-24 months to complete, with the scheme requiring approval from stock exchanges, SEBI, and the National Company Law Tribunal. The analysis highlights execution risks and the need for quarterly tracking of data centre performance rather than expecting immediate value unlocking. Motilal Oswal notes that the company's cash conversion has historically lagged, with operating cash flow being negative in FY26 around ₹435 crore, pointing to revenue booked ahead of collections. The report emphasizes that India's data centre market splits into four archetypes, with Anant Raj sitting in the least-advantaged category as a "me-too" colocation landlord without clear differentiation.
