Real estate firm Anant Raj Ltd, which reported ₹2,512 crore in revenue in FY26, expects to fund its planned ₹25,000-crore data centre expansion largely from internal accruals, without raising external funds. According to Mint reports, the 57-year-old company plans to use cash generated by its real estate business and rising revenue from data centres to fund the expansion. This strategy makes Anant Raj an exception among companies investing in India's fast-growing data centre market, as large technology firms and homegrown conglomerates have announced plans to raise debt or equity-linked funding for their data centre projects. As confirmed by Manoj Goyal, chief business officer, the company entered the technology business two years ago and is now eyeing a share of the country's growing data centre market.
The company is targeting 63MW of operational data centre capacity by 31 March 2027, with its annual report showing that 28MW was already operational, implying that it needs to add 35MW this fiscal year. According to Mint reports, this would cost about ₹26 crore per MW, translating into roughly ₹910 crore of capital expenditure. Additionally, Anant Raj plans to build 2MW of additional cloud services in its data centres, requiring a capital outlay of ₹100 crore per megawatt, bringing its net planned capex to ₹1,100 crore this fiscal year. The company has also announced up to 357 megawatts of data centre capacity across India by 2032 in its annual report.
Data centres are already becoming a meaningful source of revenue for Anant Raj. According to investor presentations filed by the company, the business generated ₹176.49 crore in FY26, with data centre revenue rising to ₹90 crore in the June quarter, accounting for about 14% of the company's ₹631.4 crore quarterly operating revenue. As reported by Mint, the company is targeting ₹650 crore in data centre revenue this year, with potential to generate around ₹1,200 crore once the full 63MW capacity is operational, assuming full occupancy and favourable market conditions. Once the entire planned capacity is operational, Anant Raj expects the data centre business to generate about $1 billion (₹9,598 crore) in annual revenue, according to Goyal.
According to Anant Raj's annual report filed with stock exchanges on 7 August, the company had ₹899.46 crore in cash and cash equivalents at the end of FY26, while consolidated operating profit stood at ₹557.02 crore. The company raised ₹1,100 crore through a qualified institutional placement on 13 October 2025. As reported by Mint, the increase in data centre revenue will allow Anant Raj to fund its expansion without taking on additional debt or selling shares held by promoters. Goyal confirmed that this strategy allows the company to fund its expansion without taking on additional debt or selling shares held by promoters.
While Anant Raj is funding its expansion internally, the data centre sector is seeing significant external funding activity. Mumbai-headquartered Hiranandani Group runs Yotta Data Services, which in July disclosed plans to raise over $1.5 billion (over ₹12,500 crore) this fiscal year and is looking at a public listing. Lodha Developers has also doubled down on the sector, announcing a ₹1.3 trillion plan to build facilities for a 1 gigawatt (GW) near the Mumbai Metropolitan Region. Despite this competition, Anant Raj's shares were down 7.8% over the last one year, but have gained 39% so far this fiscal, after falling to a 52-week low of ₹403 per share on 30 March.
