Anarock Property Consultants Limited

This section provides an overview of the Indian economy, highlighting its status as a rapidly growing nation with strong economic and demographic fundamentals. India is positioned as one of the world's largest economies, with projections indicating continued growth. The report details various aspects of the Indian market, including the real estate sector, which is a significant contributor to the economy, and discusses the impact of government policies and infrastructure investments. Furthermore, it covers demographic shifts, such as urbanization and changes in household size, and rising incomes which influence consumption and investment patterns.

The analysis of the real estate sector in India reveals significant structural shifts driven by various policy interventions. Key factors include demographic trends, such as the growing working-age population, which fuels demand for housing and real estate development. Regulatory changes like demonetization, RERA, and GST have fundamentally altered the economics of development, leading to market consolidation and increased transparency. These reforms have created a new framework for the sector, impacting developer operations, investor confidence, and the flow of capital into the market.

The analysis of the market shows significant growth in certain regions, with Hyderabad experiencing the highest sales increase post-2021. Price appreciation was highest in the NCR market, largely due to restricted new supply and high-quality launches. The residential markets across the top eight cities showed a higher quality supply infusion, and the overall market dynamics suggest a balance between supply and demand. Furthermore, the retail sector is undergoing a transformation with the digital interface changing sales channels, and online retail growth is driving changes in retail real estate.

The analysis of the real estate sector indicates that market dynamics are being shaped by macroeconomic forces like rising incomes and urbanization, which are causing demand to shift towards higher-ticket items and institutional-quality spaces. Key trends include residential premiumization, the formation of office talent hubs anchored by Global Capability Centres, and the formalization of retail spending into professionally managed spaces. Furthermore, regulatory reforms have mandated stricter disclosure, which is driving market consolidation and attracting institutional capital. Developers are consequently shifting towards outsourcing non-core functions like sales and marketing to specialist consultancies to manage increased scale and complexity.

The analysis of the Indian real estate market highlights several key trends regarding sales governance, regulatory impact, and the structure of the brokerage ecosystem. Institutional investors demand robust sales governance, and regulatory changes have emphasized project oversight. The industry is shifting towards a model where developers retain control over core construction while delegating go-to-market functions to specialist consultancies. Furthermore, the real estate brokerage market is evolving from a fragmented trade towards a technology-enabled, data-led advisory function, driven by regulatory reforms that have formalized the intermediary ecosystem.

The market opportunity for the primary brokerage sector is estimated to reach approximately ₹870 Bn by 2030E, driven by the increasing share of organized channels. International comparisons show significant differences in brokerage market structures across the US, UK, China, and Dubai, highlighting variations in regulatory frameworks and operational models. The shift towards organized consultancies is evidenced by the rise in RERA-registered agents, indicating a move from relationship-based brokerage to technology-enabled advisory services. Furthermore, the addressable brokerage fee pool for primary residential sales has expanded considerably, suggesting a growing market for comprehensive service providers.

The text details various aspects of the commercial real estate market in India, covering residential post-sales services, market trends in office, retail, and warehousing, and emerging asset classes like data centers and hospitality. It highlights the growth in the commercial leasing brokerage fee pool and the market structure for institutional leasing advisory services. Specific market data is provided regarding office leasing trends, the performance of the organized retail sector, and the expansion of the industrial and warehousing segment.

The text discusses various aspects of the real estate and property services market, including brokerage fees, the growth of Project Management & Engineering Services (PMES), and the adoption of technology (PropTech). It highlights shifts in how developers and asset owners outsource functions across the value chain due to increasing scale and complexity in the real estate sector. Furthermore, it details market size forecasts for the EPCM market and the growth trajectory of the PropTech ecosystem in India.

The section details various aspects of the real estate ecosystem, including the funding and structure of related entities, the landscape of PropTech solutions, and trends in the flexible workspace market. It discusses the lifecycle of real estate, focusing on how technology is reshaping sales and post-sales stages. Furthermore, it outlines the emergence of community management software for managing day-to-day operations in managed real estate, noting the benefits for both owners and end-users.

Revenue streams for CMS platforms are derived from a recurring per-home SaaS subscription, supplemented by ancillary revenue from transaction fees on digital collections, commissions on marketplace and hyperlocal services, and revenue from resident-facing services. The competitive landscape includes several established players in the residential segment, with competitive advantages resting on installed density, functional coverage, and the ability to layer ancillary services onto the core subscription. The market is also seeing growth in digital channel partner aggregators, which aim to consolidate the fragmented real estate distribution network.

The issuer operates within the real estate sector, providing various advisory services across research, capital markets, and land advisory. The company offers specialized services to connect investors with developers and facilitate transactions, including expertise in financing, structuring, and dealing with land ownership. Key market observations include significant foreign direct investment inflows into the Indian real estate sector and a shift in residential financing towards debt-based structures. Furthermore, the company supports the sale of residential projects by facilitating housing loans and leverages the growing trend of digital marketing in the real estate industry.

The text describes the shift in buyer search behavior towards digital channels for residential purchases, which is the focus of the creative and digital service line. It categorizes players in this segment into three types: specialized real estate marketing and sales platforms, real estate customer relationship management and sales-automation software, and digital marketing agencies. The text also provides an overview of the Dubai real estate market, noting its regulatory framework, growth drivers such as population, foreign capital inflows, and government plans, and recent transaction data. Furthermore, it details trends in the residential market, including changes in resale behavior, concentration in prime areas, and the structure of transactions (primary vs. secondary).

The text discusses the outsourced distribution model in the off-plan segment, where developers utilize external brokerages to sell primary units, with some agencies operating on exclusive or shared bases. It highlights the significant growth in the brokerage sector, noting the volume and commission activity in Dubai. Furthermore, the text compares commission structures in Dubai with those in major Indian markets, noting differences in the percentage of the sale value that brokers receive. The document also provides data on the performance and revenue segmentation of various real estate consulting firms in the industry.

The provided text details various company names and CIN numbers across different service categories, including Consulting & Advisory, Facilities Management, Project Management, and other services, which are associated with several entities. It also presents comparative revenue data for different players in the market across various financial years, showing market share distribution in these segments. Key takeaways highlight that certain players dominate the market, with some companies leading across all segments.

The provided text discusses market positioning in the Indian real estate sector, highlighting the competitive landscape among various players. It details threats and challenges within the Indian real estate market, including economic slowdowns, regulatory issues related to RERA, financial challenges concerning input taxes, funding issues, technological expectations, environmental concerns like rising sea levels, and social factors impacting property ownership.

The provided text discusses various risks within the global real estate sector, including economic, geopolitical, and regulatory challenges. It notes that India is comparatively cushioned from some of these risks due to domestic demand, but highlights ongoing pressures from tighter energy standards and climate exposure. The text then shifts to describe the business of Anarock, an independent real estate advisory and services firm that integrates institutional expertise with AI insights. The firm offers solutions across the entire real estate lifecycle through four main segments: Transaction Advisory, Leasing and Investment Advisory, Management Services, and Technology Solutions. The business model is predominantly asset-light and fee-based, focusing on advisory and services rather than development or inventory.

The company operates with an established real estate services platform that combines advisory and execution capabilities across various real estate asset classes and the real estate lifecycle, with operations spanning India and the Middle East. The platform offers a comprehensive service offering, positioning the company as having the most comprehensive service offering among benchmarked players. The business model is predominantly fee-based and asset-light, focusing on advisory and execution rather than real estate development or land acquisition. The company has diversified its revenue mix, with non-Transaction Advisory segments accounting for a significant portion of revenue from operations.

The company has segments in Technology solutions and Management Services, with Leasing and Investment Advisory becoming a larger contributor to operations. The Management Services segment commenced operations in November 2025. Revenue characteristics show that Management Services includes engagements lasting from 12 to 36 months, and the DSP Design acquisition adds assignments that may span several years. The technology businesses show different development stages, with recurring subscription revenues underpinning the Anacity SaaS business. The company has achieved high profit after tax margins and ranked among the top players in the international property consultants benchmarked in India.

The company utilizes technology, including AI/ML, as operating infrastructure to support the delivery and management of its various services rather than as a standalone product. The company serves a diversified client base, including real estate developers, financial institutions, private equity funds, and government bodies, deriving significant revenue from existing relationships. The business strategy involves deepening market share in India, diversifying the revenue mix by scaling advisory and management services, and investing in technology and AI capabilities. Furthermore, the company plans to expand into international markets like the Middle East and pursue selective acquisitions to gain specialist capabilities.

The company operates several distinct business segments, including Transaction Advisory, Leasing and Investment Advisory, and Management Services, alongside a Technology Solutions portfolio. The Transaction Advisory segment focuses on providing strategic advisory and execution services for the sale of new homes, involving various stages from evaluation to closure. The company also offers services in retail leasing, commercial leasing, land services, strategic advisory, and hospitality advisory. Furthermore, they provide project management and engineering services, and have acquired a majority stake in DSP Design for architecture and design. The technology portfolio includes platforms designed to aggregate demand and enhance channel partner engagement in the real estate sector.

The company operates the Anacity platform, which provides configurable and white-labelled technology solutions for commercial and residential buildings across India and the Middle East. This platform covers employee experience through digitized security and visitor management, and for the residential segment, it supports the entire buyer journey from post-sales through post-handover. The company has supported a significant amount of commercial assets on its platform and has generated recurring revenues from long-term enterprise engagements. Furthermore, the company has a portfolio of intellectual property, including various trademarks and patents, and competes with several international property consultants and domestic real estate services.

This section primarily details the various office locations and their respective tenure arrangements, which include start and expiry dates for business operations. It also provides an overview of key Indian laws and regulations applicable to the company's business activities, such as RERA, the Transfer of Property Act, the Registration Act, the Indian Stamp Act, the Consumer Protection Act, and the Bureau of Indian Standards Act.

This section details various legal frameworks applicable to the company's operations, covering aspects such as the BIS Act concerning goods, the Electricity Act governing electricity usage, and regulations related to foreign exchange. It also outlines various laws pertaining to environmental protection, labour relations, intellectual property rights, and information technology, including provisions related to data privacy. The text discusses the scope of these laws, such as liability for offences, standards for pollutants, requirements for environmental clearances, and rules for handling electronic data and personal information.

This section details the various tax and competition legislations that the company must comply with, including various central and state laws such as the Income Tax Act, GST Acts, and the Banking Regulation Act. It also outlines the scope of the Competition Act, which aims to prevent anti-competitive practices and regulates dominant positions. Furthermore, the company and its subsidiaries are governed by numerous other laws, including the Companies Act, Arbitration and Conciliation Act, Contract Act, and Insolvency and Bankruptcy Code. The text also covers the company's history, including its incorporation and subsequent name changes, as well as various amendments made to its Memorandum of Association over the years. Finally, it lists major events and milestones, awards received, and details regarding recent acquisitions and share subscription agreements.

This section details various agreements, corporate structures, and subsidiaries related to the company. It mentions shareholder agreements, warrants, joint venture agreements, amalgamation schemes, and various agreements concerning intellectual property and guarantees. Furthermore, it outlines the company's direct subsidiaries, including Anarock Group Business and Anex Realty Services Private Limited, along with their business descriptions and capital structures.

Anex Realty is involved in advising, consulting, and brokering for all real estate activities and businesses. The company's capital structure details include its authorized and issued capital, along with a shareholding pattern showing that the company holds 99.99% of the total shares. The financial highlights provided cover fiscal years ending March 31, 2026, 2025, and 2024, detailing revenue, income, and profit after tax. The company has a subsidiary, HVS Anarock Hotel Advisory Services Private Limited, which provides consultancy and advisory services for the sale, purchase, lease of hospitality-related assets. Furthermore, the company has a step-down subsidiary, Anarock Capital Advisory Services Pte. Ltd., which offers management consultancy services.

This section provides brief financial highlights for DSP Design Singapore for the fiscal years ended March 31, 2026, 2025, and 2024, showing negligible revenue and profit/loss. It also details the relationship with its associates and subsidiaries, including Homexchange Private Limited and myHQ Anarock Private Limited. The text further clarifies that subsidiaries and associates generally do not have business interests in the company, except for certain common pursuits with a wholly-owned subsidiary, and confirms the absence of conflicts of interest regarding suppliers of raw materials and lessors of immovable properties.

This section provides definitions for various terms used in the Draft Red Herring Prospectus. It specifies that 'Company' refers to Anarock Property Consultants Limited, a public limited company incorporated in India under the Companies Act, 1956, with its registered office in Mumbai. It also defines various roles such as the Chief Financial Officer, Chief Operating Officer, and Company Secretary and Compliance Officer. Furthermore, it details various shareholder categories, including Promoter Group, Selling Shareholders, and different types of investors and bid forms.

The document outlines various terms related to the issuance process, including different types of issues, timelines, and investor eligibility. It specifies that the company may consider a fresh issue, a fresh issue for sale, and a pre-IPO placement of securities. The process involves various parties like Lead Managers and the consideration of different investor categories such as Anchor Investors, Retail Individual Investors, and Eligible Employees. Details are provided on how the offer price is determined and the structure of the proceeds.

This section primarily defines various terms related to the issuance process, including pricing, documentation, and investor categories. It outlines procedures for reporting pre-IPO transactions, determining price bands, and the process for finalizing the offer price. It also details various accounts and parties involved in the offering, such as bank accounts, brokers, and registrars. Furthermore, it defines different investor types like Retail Individual Investors and QIBs, along with various financial and industry-related terms.

This section primarily lists various legal and accounting terms used within the Draft Red Herring Prospectus, covering acts like the Customs Act, Depositories Act, and various accounting standards such as Ind AS. It also defines financial periods, investor types, and various financial measures. The text clarifies that financial information is derived from restated consolidated financial information and proforma information, and it highlights significant differences between Indian Accounting Standards (Ind AS), US GAAP, and IFRS.

The provided text details various currency conversions, industry data sourcing, and forward-looking statements within the Draft Red Herring Prospectus. It specifies that certain currency amounts have been converted into Indian Rupees to comply with SEBI ICDR Regulations. Industry and market data are derived from a report commissioned and paid for by the company, and there are numerous risks, uncertainties, and assumptions involved in the data and forward-looking statements. The document also outlines obligations regarding the timely disclosure of material developments to investors.

This section details various corporate and professional details related to the company, including its registered and corporate office address, the details of its Board of Directors, and the contact information for the Company Secretary and Compliance Officer. It also lists the Book Running Lead Managers (BRLMs), the Statutory Auditors, the Registrar to the Offer, and the various Banks involved in the offer process. Furthermore, it outlines the responsibilities of these entities in structuring, drafting, and marketing the Draft Red Herring Prospectus.

This section details various procedural aspects related to the offer, including how bids are submitted through different channels, the roles of various intermediaries, and the process for determining the offer price. It outlines procedures for Syndicate Banks, Registered Brokers, Registrar and Share Transfer Agents (RTAs), and Collecting Depository Participants (CDPs). Furthermore, it specifies conditions regarding the withdrawal of bids by different investor categories and the process for entering into an Underwriting Agreement with underwriters.

This section details the share capital structure of the company as of the Draft Red Herring Prospectus date, including the authorized and issued share capital. It outlines various components of the share capital, such as equity and preference shares, and provides historical data on equity share allotments through rights issues and other issuances. The section also mentions various regulatory authorizations and details regarding employee reservations in the offer structure.

This section details various allotments and transactions related to equity and preference shares, including rights issues and bonus issues. It lists several allotments made on different dates, specifying the number of shares, the cumulative number of shares, and the corresponding paid-up equity share capital. Furthermore, it outlines the history of preference share capital allotments, including details on the number of preference shares, face value, issue price, and the conversion ratios to equity shares. The text also mentions instances of secondary transactions involving promoters and selling shareholders.

This section details numerous transactions involving the transfer of equity shares on March 29, 2024, primarily through the 'Transfer of equity shares' nature of transaction. All transactions involved a face value per security of ₹10.00 and a transaction price per security of ₹2,714.00. The transactions were executed under the consideration of 'Transfer of equity shares' from the '360 ONE Special Opportunities Fund - Series 12' to various individuals and entities.

This section details various transactions involving the transfer of equity shares, including sales to different entities and rights issues. It also outlines the history of share allotments, including those pursuant to a Composite Scheme of Amalgamation and Arrangement. Furthermore, it provides information on the build-up of promoter shareholding and details regarding the sub-division of equity shares and subsequent bonus issues.

This section details various transactions involving the allotment or transfer of equity shares, including rights issues and bonus issues, across different dates. It also provides information on the percentage of pre-offer share capital and post-offer share capital. Furthermore, it lists details of securities acquired by promoters, selling shareholders, and other specified parties, along with their respective average acquisition costs over different time periods.

The section details various aspects related to promoter shareholding, minimum contribution requirements, and lock-in provisions under SEBI ICDR Regulations. It specifies that an aggregate of 20% of the fully diluted post-Offer Equity Share capital held by promoters must be considered as a minimum promoter's contribution and locked-in for 18 months. Furthermore, it outlines conditions regarding the disposal or encumbrance of this promoter's contribution for a specified period. The text also lists details on the shareholding pattern of major shareholders as of the Draft Red Herring Prospectus date, including various funds and individuals.

The section details the shareholding pattern of various shareholders as of 10 days prior to the Draft Red Herring Prospectus filing, showing holdings of 1% or more of the issued share capital. It also provides details of shareholding as of one year prior to the filing, with different calculations based on pre-offer capital and various assumptions regarding the issuance of equity shares and the exercise of vested options. Furthermore, it outlines the shareholding of promoters, members of the Promoter Group, and additional top 10 shareholders, comparing pre-offer and post-offer shareholding details.

This section details various particulars related to the company's capital structure and employee compensation schemes. It covers the calculation of fully diluted earnings per share on a pre-Offer basis, the methodology for calculating employee compensation costs using stock options, and various restrictions concerning the holding and transfer of equity shares. Furthermore, it outlines conditions regarding financing arrangements, buy-back arrangements, and the issuance of securities during a specified period.

The Offer involves a Fresh Issue of equity shares and an Offer for Sale from Selling Shareholders. The Offer for Sale details the number and aggregate amount of shares being sold by various categories of selling shareholders. The proceeds from the Fresh Issue are intended to be used for various corporate purposes, including funding for organic growth and inorganic growth. The utilization of these proceeds is detailed across different categories, such as investment in AI technology, strengthening existing businesses, and funding for acquisitions.

The section details various proposed utilizations of net proceeds across different business lines, including AI expenditure, investment in technology solutions, and funding for acquisitions and general corporate purposes. Specific amounts are proposed for AI expenses spanning fiscal years 2028 to 2031, with a total proposed utilization of ₹80.00 Crore. Furthermore, funds are earmarked for the Technology Solutions - ACP business, covering various operating expenses for several years. A significant portion of the net proceeds is proposed for the acquisition of DSP Design Associates Private Limited, involving the funding of remaining equity share capital.

The consideration for the acquisition of 53.68% of DSP equity share capital is structured across five tranches with different long stop dates, based on various financial estimates. A significant portion of the total consideration will be funded by Net Proceeds, with the balance covered by the Company's internal accruals. There are conditions related to the performance of DSP, such as potential deferment of payment or the requirement for the promoters to sell shares if performance targets are not met. The deployment of Net Proceeds is subject to various factors and limits regarding the proportion of funds allocated to different purposes.

This section details the estimated expenses related to the offer, including fees and commissions, which are broken down by activity. It outlines various categories of expenses, such as fees for various parties, regulatory expenses, and advertising. Furthermore, it specifies how the total estimated offer expenses relate as a percentage to the total offer size. The text also discusses various aspects concerning the offer price determination, including the use of market demand and quantitative factors, such as earnings per share, to set the final price band.

The provided text covers various financial and operational metrics, including P/E ratios, Return on Net Worth (RoNW), Net Asset Value (NAV) per equity share, and Key Performance Indicators (KPIs). It details historical performance metrics for different fiscal years, including revenue, profit after tax (PAT), EBITDA, and margins, broken down by various business segments such as Transaction Advisory, Leasing & Investment Advisory, and Management Services. The text also lists various financial parameters and operational metrics used to assess the company's performance.

This section primarily details various Key Performance Indicators (KPIs) used to evaluate the company's financial and operating performance, such as Revenue from operations, EBITDA, and Profit After Tax Margin. It also outlines the scope of the company's business segments, which are broadly categorized into four areas: Transaction Advisory, Leasing and Investment Advisory, Management Services, and Technology Solutions. Furthermore, the text discusses material additions to the business, specifically the acquisition of DSP Design Associates Private Limited, and details regarding recent equity issuances and transactions.

This section outlines various possible special tax benefits available to the Company and its shareholders under Indian Tax Laws, categorized into Direct Tax Laws and Indirect Tax Laws. For the Company, it details provisions related to concessional corporate tax rates, deductions for various expenditures, and rules concerning losses and dividends. For shareholders, the text covers aspects such as dividend income taxation, treatment of long-term and short-term capital gains, and treaty benefits for non-resident shareholders. The section also mentions specific provisions regarding inter-corporate dividends and additional employee costs.

This section details the possible special tax benefits available to the Company and its shareholders under various Direct and Indirect Tax Laws in India. For the Company, it outlines provisions related to the concessional tax regime, deductions, and capital gains tax treatments. For shareholders, it specifies certain tax benefits concerning capital gains and dividend income. The availability of these benefits is contingent upon the fulfillment of prescribed conditions based on business imperatives, and the statement is intended only as general information, not as professional tax advice.

The provided text snippet appears to be a formal declaration or disclaimer from the Board of Directors of DSP DESIGN ASSOCIATES PRIVATE LIMITED, stating that the statement is prepared based on the information available to the Management, and there is no assurance regarding the future continuation of benefits or the concurrence of revenue authorities/courts. The text also includes a list of relevant Tax Laws.

The Independent Auditor's Examination confirms that the restated consolidated financial information was prepared by the management based on the financial statements of the Group and its associates as at March 31, 2026, March 31, 2025, and March 31, 2024. The examination considered various aspects including the terms of reference, the Guidance Note, and requirements of the Companies Act and ICDR Regulations. The auditor relied on the reports of other auditors for certain subsidiaries and associates, and noted that certain financial statements were not audited by the auditor. The financial information was prepared retrospectively to reflect changes in accounting policies and regrouping/reclassifications.

This section primarily details the subsidiaries and associates of the company, including information about their location, audit status, and the respective years for which their financials are reported. It lists details for an entity named Anarock Capital Advisory Services Pte. Ltd, which is a subsidiary, and details for Homexchange Private Limited, which is listed as both an associate and a subsidiary for different years.

This section presents key financial figures for the company across various periods, including Profit & Loss, Balance Sheet, and Cash Flow statements. The data includes metrics such as revenue, EBITDA, margins, profitability ratios (ROE, ROCE), liquidity measures (net working capital days), and debt levels (total borrowings, net debt).

This section presents key financial figures for the company across different periods, including Profit & Loss, Balance Sheet, and Cash Flow statements. The data includes metrics such as revenue, EBITDA, margins, return ratios (ROE, ROCE), working capital days, borrowings, and net debt. The data is presented in a dense format, and some ratios are explicitly stated with their calculation methodology.

This section presents key financial figures for the company across various periods, including Profit & Loss, Balance Sheet, and Cash Flow statements. The data includes metrics such as revenue, EBITDA, margins, return ratios (ROE, ROCE), working capital days, borrowings, and net debt. The figures are presented across several fiscal years, allowing for an analysis of the company's performance and financial structure.

This section presents key financial performance metrics for the company across various periods, including Profit & Loss, Balance Sheet, and Cash Flow statements. The data includes figures for revenue, EBITDA, margins, profitability ratios like ROE and ROCE, liquidity measures such as net working capital days, and debt structure indicators like total borrowings and net debt.

This section presents financial data for the company over a specific period, detailing key performance indicators from the Profit & Loss, Balance Sheet, and Cash Flow statements. The data includes figures for revenue, EBITDA, net worth, borrowings, and working capital components. Various derived ratios are provided, including growth rates and profitability metrics, which are computed based on the underlying line items.

This section presents financial performance data across several periods, detailing key metrics from the Profit & Loss, Balance Sheet, and Cash Flow statements. The data includes figures for revenue, EBITDA, margins, profitability ratios like ROE and ROCE, working capital metrics, and debt levels. The information is presented across multiple pages, allowing for a detailed review of the company's financial health over the reported periods.

This section presents key financial figures for the company across various periods, including Profit & Loss, Balance Sheet, and Cash Flow statements. The data covers several fiscal years, detailing revenue, profit margins, return ratios, and leverage metrics. The data is presented in a dense format, requiring careful extraction of line items and their corresponding periods.

This section presents financial data for the company across several periods, detailing key performance indicators such as revenue, profitability margins, and solvency metrics. The data includes figures for Profit & Loss, Balance Sheet, and Cash Flow statements, allowing for an analysis of operational performance and financial structure over the reported periods.

This section presents key financial figures for the company across various periods, including Profit & Loss, Balance Sheet, and Cash Flow statements. The data includes figures for different fiscal years, detailing revenue, profit margins, return metrics, and leverage positions. Specific line items such as revenue growth, EBITDA margins, Return on Equity (ROE), and Net Working Capital days are provided for analysis.

This section presents financial data for the company across several periods, detailing key performance indicators from the Profit & Loss, Balance Sheet, and Cash Flow statements. The data includes figures for revenue, EBITDA, net worth, borrowings, and various financial ratios. Specific metrics such as revenue growth, profitability margins, return on equity, and liquidity measures are provided for analysis.

This section presents financial data for the company across several periods, detailing key performance indicators such as revenue, profitability margins, and leverage. The data covers various financial statements, including Profit & Loss, Balance Sheet, and Cash Flow figures, which are crucial for assessing the company's operational performance and financial structure.

This section presents key financial figures for the company across different periods, including Profit & Loss, Balance Sheet, and Cash Flow statements. The data includes various metrics such as revenue, EBITDA, margins, profitability ratios (ROE, ROCE), liquidity measures (Net Working Capital Days), and debt structure (Total Borrowings, Net Debt).

This section details the independent practitioner's assurance engagement report concerning the compilation of Proforma Financial Information included in the Draft Red Herring Prospectus (DRHP). The report covers the compilation of financial information for the Anarock Group, its subsidiaries, and related transactions. The information was compiled by the management to illustrate the impact of various acquisitions and loss of control events on the Group's financial position and performance over different periods. The report outlines the sources of the financial information used for the proforma statements and clarifies the scope of the assurance engagement.

This section details the Proforma Financial Information, including the Balance Sheet and Profit and Loss statements, which have been adjusted based on various transactions. The adjustments were made to reflect the impact of acquisitions and loss of control events on the financial position and performance of the Anarock Group. The report emphasizes that this information is for illustrative purposes only and may not be suitable for other purposes.

This section provides the Proforma Balance Sheet as of March 31, 2024, detailing the consolidated assets and liabilities of Anarock Property Consultants Limited. It includes various line items such as non-current and current assets, equity, non-current and current liabilities, and the resulting total assets, equity, and liabilities. The section also outlines the basis of preparation for the Proforma Financial Information, explaining that it was prepared to illustrate the impact of various acquisitions and a loss of control transactions within the Anarock Group.

This section details the proforma financial information for the Anarock Group as of March 31, 2026, including various adjustments related to business acquisitions and intragroup transactions. It outlines adjustments made to the balance sheet and profit and loss statements, such as the elimination of investments and the recognition of goodwill and non-controlling interests arising from acquisitions. Furthermore, it provides a reconciliation of profit for the year ended March 31, 2024, detailing reversals and recognition of losses related to the loss of control over certain subsidiaries.

This section primarily contains the auditor's opinion and responsibilities regarding the audit of the consolidated financial statements of DSP DESIGN ASSOCIATES PRIVATE LIMITED and its associates. The auditor confirms that the financial statements provide a true and fair view in conformity with generally accepted Indian accounting principles. The text details the auditor's responsibilities concerning the financial statements, including assessing the ability of entities to continue as a going concern, ensuring adequate internal financial controls, and evaluating accounting policies and estimates. It also notes specific instances where financial statements from subsidiaries or associates were audited by other auditors.

The auditor's opinion on the consolidated financial statements was not modified regarding certain adjustments. The Group prepared the consolidated Ind AS financial statements for the year ended March 31, 2026, for the first time, with the transition to Ind AS occurring on April 1, 2024. Comparative information was presented based on previously issued statutory financial statements, which were adjusted for the transition from previous GAAP to Ind AS. The Holding Company identified expenditure of Rs. 5.96 crore for the financial year ended March 31, 2025, which was not recognized, and this omission was treated as a prior period error, leading to retrospective restatement of comparative information. The auditor confirmed that no pending litigations or foreseeable losses from long-term contracts were noted, and the management represented that no funds were advanced or received from third parties under specific understandings. Furthermore, the auditor confirmed that the accounting software used for record-keeping had an audit trail feature that remained intact.

This section primarily contains the audit report on internal financial controls for DSP Design Associates Private Limited for the year ended March 31, 2026, and the consolidated balance sheet as of the same date. The audit confirms that the management and Board have established and maintained internal financial controls based on criteria set by the respective companies. The report details the scope of the audit, including procedures to obtain evidence regarding the reliability of financial reporting. The balance sheet data is presented in millions of INR, showing various components of assets, equity, liabilities, and their corresponding figures for the years ended March 31, 2026, 2025, and April 1, 2024.

This section details the financial performance of DSP DESIGN ASSOCIATES PVT. LTD. for the years ended March 31, 2026, and March 31, 2025, covering the Profit and Loss statement, changes in equity, and cash flows. The Profit and Loss statement shows revenue from operations of ₹241.97 Crore for the year ended 2026, compared to ₹221.64 Crore in 2025. The company reported a profit for the year of ₹6.85 Crore for the year ended 2026, down from ₹6.52 Crore in 2025. The Statement of Changes in Equity shows movements in reserves and surplus, including items like retained earnings and other comprehensive income. The Cash Flow statement details cash flows from operating, investing, and financing activities, resulting in a net decrease in cash and cash equivalents.

This section details the corporate information and the basis for preparing the consolidated financial statements of DSP Design Associates Private Limited. It outlines the legal structure of the company, the scope of its business, and the accounting standards adopted. The statements were prepared in accordance with Indian Accounting Standards (Ind AS), with a transition date set for April 1, 2024. The basis of measurement, classification of assets and liabilities, and key estimates and assumptions used in the financial statements are also described.

This section details various accounting policies related to the recognition, measurement, and amortization of different asset classes, including Property, Plant and Equipment (PPE), Intangible Assets, and Financial Instruments. It outlines specific rules for impairment testing, subsequent expenditure capitalization, depreciation methods, and the treatment of foreign currency transactions. Furthermore, it specifies how inventories, cash, and cash equivalents are valued, and how cash flows are reported using the indirect method. The policies also cover the classification and subsequent measurement of financial assets and liabilities.

This section details various accounting treatments and recognition criteria under Indian Accounting Standards (Ind AS) for the financial statements. It covers rules for derecognition of financial liabilities, offsetting of financial instruments, recognition of provisions and contingent liabilities, revenue recognition principles based on the 5-step process for contracts with customers, and treatment of different types of revenue. It also outlines rules for recognizing interest income, employee benefits, leases, borrowing costs, taxes on income, and various tax components.

This section details the transition of DSP Design Associates Private Limited's financial statements to Indian Accounting Standards (Ind AS) for the first time for the year ended March 31, 2026. It outlines various accounting policies, including the treatment of deferred tax assets and liabilities, the classification of operating segments, and the application of various Ind AS provisions. The company elected to continue with the carrying value of certain assets and liabilities as of the transition date, and made several exemptions related to the recognition and measurement of financial instruments and leases.

This section details the transition of financial statements from previous Generally Accepted Accounting Principles (GAAP) to Indian Accounting Standards (Ind AS). It includes various reconciliations for assets, equity, liabilities, and the statement of profit and loss. Key adjustments involve changes in accounting estimates, such as the change in depreciation method for Property, Plant, and Equipment, and the accounting for leases under Ind AS 116. Furthermore, the text discusses the accounting for financial liabilities under Ind AS 109, including impairment losses on trade receivables and the recognition of prior period errors.

This section details various aspects of the financial statements for the year ended March 31, 2026, covering leases, capital work-in-progress, intangible assets, and investments. It provides movement in various asset and liability balances, including depreciation, interest expense, and rent payments. Furthermore, it outlines the contractual maturity analysis for lease liabilities and details the carrying amounts for intangible assets and investments in equity instruments.

This section details the movement in various deferred tax balances for the year ended March 31, 2026, showing changes in deferred tax assets and liabilities. It also presents the movement in current tax assets, noting the net provision for income tax for the years ended March 31, 2025, and April 1, 2024. Furthermore, the data includes details on trade receivables, including their ageing profile, and various cash and cash equivalents, as well as bank balances and other financial assets.

This section details the long-term and short-term borrowings, as well as various liabilities, for the financial statements. Long-term borrowings include secured loans from banks and financial institutions, and unsecured loans from related and non-related parties. Short-term borrowings detail working capital loans from Axis Bank and credit from ICICI Bank. The section also covers trade payables, including their ageing analysis, and various provisions for employee benefits and other current financial liabilities.

This section details the movement in various financial line items for DSP DESIGN ASSOCIATES PVT. LTD. for the fiscal years ended March 31, 2026, and March 31, 2025. It includes figures for income, purchases, employee benefits, finance costs, depreciation, and various expenses. Furthermore, it presents information on financial instruments, including the carrying amounts and fair values of financial assets and liabilities, and details regarding credit risk management for trade receivables.

This section details various aspects of the financial statements, including liquidity risk, capital management, and related party disclosures for DSP DESIGN ASSOCIATES PVT. LTD. The text presents comparative data for financial liabilities, various risk management policies, and details regarding the change in accounting estimates related to depreciation and amortization under Ind AS. Furthermore, it outlines the list of related parties, transactions with them, and the treatment of post-employment benefit obligations.

This section details various employee benefit provisions, including short-term benefits, defined benefit plans for gratuity, and leave encashment schemes, along with associated actuarial assumptions and sensitivity analyses. It also covers exchange rate differences and compliance disclosures regarding transactions and related party dealings. The data presented compares figures for the year ended March 31, 2026, against the year ended March 31, 2025.

The company's business is significantly exposed to the performance and cyclicality of the real estate sector across various asset classes. Revenue is heavily concentrated in Transaction Advisory and Leasing and Investment Advisory segments, which are sensitive to market downturns. Furthermore, revenue recognition is tied to contractual milestones, meaning delays in achieving these targets can negatively impact revenue. There is also a risk associated with trade receivables, where overdue amounts might require legal action or write-offs. Client relationships pose a risk due to high dependency on a limited number of significant clients, and the business relies on the ability to secure and replenish exclusive mandates.

The company faces risks related to its channel partners, as the inability to attract or retain sufficient partners could hinder the scaling of its platform. There is also uncertainty regarding the sustainability of revenue from certain segments, such as Management Services and Anacity, due to their different operating histories and reliance on recurring revenue streams. Furthermore, the reliance on technology and third-party services exposes the company to disruptions from outages, changes in terms, or integration failures. The company also has concerns regarding regulatory compliance, including past filing delays and the possibility of future regulatory actions, and risks associated with the acquisition of DSP Design, including integration and performance execution issues. Finally, the company lacks a directly comparable listed peer for benchmarking.

The company holds a comprehensive service offering, but its revenue mix is changing due to the increasing contribution of Management Services, which introduces different fee and margin characteristics. Cybersecurity risks exist due to the processing of personal and commercial data, and compliance with evolving data protection laws like the DPDP Act poses a threat. Competition is intense across various service lines, and there is a risk of negative impacts from economic downturns, regulatory changes, and natural disasters. Furthermore, there are concerns regarding working capital requirements, the uncertainty of future cash flows, and the dependency on key personnel.

The company relies heavily on personnel, with employee benefits being a substantial portion of total expenses, which is a key driver of operational results. Intense competition for specialized professionals may lead to wage inflation and increased attrition. Furthermore, the company faces risks related to the reliance on various external factors, including macroeconomic conditions, interest rates, and the ability to scale newer business lines quickly enough to match revenue growth. International expansion introduces significant legal, regulatory, and currency risks, especially in the Middle East. The company also faces risks concerning the protection of its intellectual property and potential third-party claims related to the use of various technologies and data.

The company faces several risks related to financial stability, including the potential need for additional capital, which might not be available on favorable terms. There is a risk associated with acquisitions and investments, which could lead to integration, valuation, or execution issues. Furthermore, the company is exposed to risks from litigation and legal proceedings involving its key personnel, as well as uncertainties regarding insurance coverage and the ability to utilize net proceeds for the proposed purposes.

The risk factors outlined in this section cover several areas, including potential disruptions to operations due to lease terminations, delays in paying statutory dues, and personnel misconduct. There are concerns regarding the ability to renew leases or find replacement premises on acceptable terms. Furthermore, there are risks associated with delays in making statutory payments, which could lead to penalties or regulatory action. The section also addresses potential misconduct by employees or contractors, which could result in financial loss or reputational harm. Finally, the company is subject to various Indian foreign investment laws, and there is a risk that these laws might be interpreted differently by authorities.

This section outlines several risk factors for investors, primarily concerning macroeconomic conditions, regulatory changes, and market conduct. Risks include adverse impacts from global or Indian economic conditions such as inflation, interest rate changes, and reduced financing availability, which can affect real estate demand and business operations. There are concerns about changes in Indian laws and regulations, which may impose increased compliance costs or restrict certain activities. Furthermore, the text addresses potential issues related to competition laws, the enforcement of foreign judgments, and the potential for adverse changes in India's sovereign credit rating. Finally, it discusses risks related to market pricing, surveillance measures post-listing, and the limitations of shareholder rights under Indian law.

This section details various tax implications related to capital gains, the impact of new tax laws, and the potential for adverse changes in legislation. It discusses how short-term capital gains are taxed, the effect of new tax acts, and the potential for changes in laws and regulations to impact business operations. Furthermore, it covers risks related to currency fluctuations, market volatility, and the potential for future dilution through equity issuances.

The text details various procedural aspects related to the authorization and reporting of an Offer, including resolutions passed by the Board and Shareholders, and the consent of Selling Shareholders for the Offer for Sale. It also outlines rules for handling under-subscription, the allocation of the QIB portion to Anchor Investors, and the reservation of shares for domestic Mutual Funds and Life Insurance Companies. Furthermore, the text specifies rules for allocating shares to Non-Institutional Investors and the limits on the Employee Reservation Portion.

The provided text details historical financial performance and cash flow statements for the company across several years. It includes various metrics such as earnings per share, cash flows from operating, investing, and financing activities, and reconciliation of cash and cash equivalents. Furthermore, the text presents proforma balance sheet information resulting from acquisitions and transactions, illustrating the impact on the group's financial position.

The provided text details the financial statements of Anarock Property Consultants Limited and DSP Design Associates Private Limited as of March 31, 2026 and March 31, 2024, respectively. The balance sheet shows various components of equity and liabilities, including financial borrowings, lease liabilities, provisions, and trade payables. The profit and loss statement covers revenue from operations, various expenses such as employee benefits, finance costs, depreciation, and other expenses, leading to a profit for the year.

This section presents various financial statements for Anarock Property Consultants Limited and Anarock Capital Advisors Private Limited for different financial years. The data includes statements of profit and loss, adjustments, and various income and expense breakdowns. The provided data covers performance for the year ended March 31, 2025, and March 31, 2024, across different entities and periods.

The company reported having no contingent liabilities as of March 31, 2026, according to the Restated Consolidated Financial Information.

This section summarizes transactions with related parties for the financial years ended March 31, 2026, March 31, 2025, and March 31, 2024, as required by Ind AS 24 and SEBI ICDR Regulations. The disclosed transactions include the issue and purchase of shares by Khushi Trust Enterprise, various rent expenses, loans, and reimbursements, as well as income from business support services and interest income. Several transactions involve Key Managerial Personnel (KMP) and their relatives, including payments for short-term benefits and reimbursements of expenses. A significant note indicates that Anarock Capital Advisors Private Limited became a wholly owned subsidiary of the Group as of March 01, 2025.

The company has six directors on its Board, consisting of one Whole-time Director and Chairman, two Non-Executive Non-Independent Directors, and three Independent Directors, including one woman Independent Director. The Board composition is detailed in a table that lists the name, designation, current term, period of directorship, address, occupation, date of birth, DIN, and directorships in other companies for each director. Key personnel profiles highlight the extensive experience and background of the directors in various sectors, including real estate, investment banking, and asset management.

The company does not have any bonus or profit-sharing plan for its Directors, and investors are to share proceeds from the sale of equity shares with Anuj Puri and Rohin Raja Shah as disclosed in relevant agreements. Certain Directors, including Anuj Puri and Rohin Raja Shah, are also directors on the boards of entities with which the company has had related party transactions and may be deemed interested in such transactions. Anuj Puri, as the Whole-time Director and Chairman, is the lessor of the company's registered office premises and may be interested in rental payments made by the company. Furthermore, the Board has constituted several committees, including an Audit Committee, which has specific responsibilities related to financial reporting, auditor appointments, and review of financial statements.

The document outlines various functions delegated to different committees, including the Nomination and Remuneration Committee, the Stakeholders’ Relationship Committee, and the Corporate Social Responsibility Committee. These committees are responsible for diverse tasks ranging from formulating policies for director qualifications and remuneration to handling investor grievances and overseeing corporate social responsibility activities. The composition and terms of reference for these committees are in compliance with relevant sections of the Companies Act and SEBI Listing Regulations.

The management structure includes a Board of Directors, Key Managerial Personnel, and Senior Management. Key personnel such as Smita Agarwal (Group Chief Operating Officer and Chief Financial Officer) and Anshita Kathal (Company Secretary & Compliance Officer) have detailed profiles, including their experience and association dates. Senior Management also includes Santhosh Kumar Janardhana (Group Vice Chairman), Anuj A Kejriwal (CEO Retail and CEO Middle East), Peush Jain (Managing Director – Commercial Leasing), and Shobhit Agarwal (CEO Investment Banking, etc.). The document details various aspects concerning their appointments, remuneration, shareholding, and relationships.

The company has six listed promoters: Anuj Puri, Rohin Raja Shah, Priti Puri, Nita Shah, Khushi Trust, and Peter Properties Limited. These promoters collectively hold 8,42,81,206 Equity Shares, which constitutes 66.41% of the pre-Offer issued capital. Key individual details include Anuj Puri, who is the Whole-time Director and Chairman, and Rohin Raja Shah, who holds 1,58,78,408 Equity Shares, representing 12.51% of the capital. Priti Puri and Nita Shah do not hold any Equity Shares in the company as of the filing date. The Khushi Trust is a private, irrevocable trust with Priti Puri and Anuj Puri as trustees, and Peter Properties Limited is a corporate promoter involved in investment activities.

The section details the structure of the Promoter Group, identifying several natural persons and entities that fall under this group according to SEBI ICDR Regulations. It lists numerous entities, including various investment advisors, capital firms, and insurance surveyors, as part of the Promoter Group. The text also outlines the company's dividend distribution policy, stating that any future dividend declaration will be recommended by the Board and approved by shareholders based on various financial and external factors. Furthermore, it confirms that the company has not declared or paid any dividends on equity or preference shares during specified periods.