Anant Raj is the only company in this registry that reports audited revenue from Indian data centre capacity, and that makes it the most useful record here even though it is not the largest. 28 MW is operational across Manesar and Panchkula. That capacity produced ₹90 crore of data centre and allied services revenue in the quarter to June 2026 — ₹12.9 crore of revenue per megawatt per year. Everything above 28 MW is company guidance: 63 MW by December 2026, 117 MW by FY28 and 357 MW by FY32, backed by a ₹25,000 crore Haryana MoU for 307 MW. The October news was a marketing MoU with Orange Business that carries no consideration, no joint venture and no capacity.
1At a glance
2The number that matters: revenue per megawatt
Almost every record in this registry is a claim about the future. This one contains a measurement, and it is worth more than the other 240 rows.
28 MW of live capacity produced ₹90 crore of revenue in a quarter. Annualise that and it is ₹360 crore, which is ₹12.9 crore of revenue per megawatt per year. That is the realised yield on built Indian data centre capacity from a listed company, disclosed under SEBI rules, not a broker estimate.
| Test | Result | Reading |
|---|---|---|
| Annual revenue per MW | ₹12.86 crore | measured, from audited disclosure |
| Annual revenue at 357 MW, at today’s yield | about ₹4,590 crore | if every promised megawatt earns what the built ones earn |
| Company’s own forward rental expectation at 307 MW | ₹3,300 crore | ₹10.75 crore per MW — within 17% of the measured yield |
| Company’s FY32 revenue target from data centre and cloud | ₹9,000 crore | implies about ₹5,700 crore from services above the rental line |
| Gross payback at ₹81.4 crore a megawatt | about 6.3 years | before power, staff, interest, tax and downtime |
Two things follow. First, the company’s own forward guidance is internally consistent: ₹3,300 crore of expected rentals across 307 MW works out at ₹10.75 crore a megawatt, which is close to what the built 28 MW actually earns. That is rare, and it means the pricing assumption in the Haryana programme is not fantasy.
Second, the FY32 revenue target of ₹9,000 crore cannot come from colocation alone. At ₹10.75 to ₹12.9 crore a megawatt, 357 MW of rental capacity supports roughly ₹3,800 to ₹4,600 crore. The remaining ₹4,400 to ₹5,200 crore has to come from cloud, GPU or managed services earning several times the rental yield per megawatt. That is the real bet in this company, and it is not a data centre bet at all.
For anyone pricing Indian capacity, ₹12.9 crore a megawatt a year is the anchor. Multiply by your own megawatts and you have a revenue line. Divide your build cost by it and you have a payback period.
Everything else in these 242 records is an announcement. This is the only disclosed revenue figure attached to a disclosed built capacity, and it lets every other Indian data centre be valued instead of admired.
3357 MW against 28 MW
The trajectory is unusually specific for an Indian operator, which is to its credit. It is also unusually steep.
| Target | Capacity | Added from today | Implied capital at ₹81.4 cr/MW |
|---|---|---|---|
| Today | 28 MW | — | already spent |
| December 2026 | 63 MW | 35 MW in about six months | about ₹2,850 crore |
| FY28 | 117 MW | 89 MW | about ₹7,240 crore |
| FY32 | 357 MW | 329 MW | about ₹26,780 crore |
The December 2026 target is the one to test. Adding 35 MW of IT load in roughly six months is possible for a company with shells ready, and it is the kind of claim that either happens on schedule or quietly moves. The registry should be updated when the December number is reported.
The FY32 target of 357 MW implies almost ₹27,000 crore of capital, against a ₹25,000 crore Haryana MoU. Those two numbers are close enough to be the same plan, which is a good sign — the commitment and the capacity were built from the same arithmetic rather than from a headline.
4The October MoU that adds nothing
On 6 October 2026 Anant Raj Cloud Singapore, Orange Business Services Singapore and the Haryana government signed a three-party memorandum of understanding for global marketing of Ashok Cloud and onboarding of overseas customers. The BSE filing is explicit: no consideration, no shareholding arrangement and no joint venture.
| Item | Position |
|---|---|
| Capacity added | None |
| Money committed | None. The filing says no consideration |
| Equity or structure | None. No shareholding arrangement and no joint venture |
| What it actually is | A marketing and customer-onboarding framework, with Orange Business exploring a technology-partner role covering architecture, AI hardware and technical expertise |
| Why it matters anyway | Orange Business is a serious global enterprise channel. A marketing agreement with them is a cheap way to test whether Indian capacity can be sold to overseas buyers, which is the single biggest open question in the domestic market |
| What it is not | evidence of capacity, capital or a new customer |
This is worth spelling out because the announcement circulated as though it were an expansion. It was not. The 307 MW and the ₹25,000 crore were both already in the public domain from June 2026. The news was a channel partnership, and the honest description of a channel partnership is that it has no megawatts in it.
It is still strategically interesting. Indian data centre operators have built capacity largely for domestic enterprise and hyperscale demand. Selling into overseas enterprise through a global systems integrator is a different funnel and it is the one that could absorb the 200 MW planned at Rai. Whether it will is unknown, and the filing contains nothing that commits anyone to anything.
5What ₹25,000 crore buys in Haryana
The June 2026 Haryana MoU is the biggest number attached to this company and it deserves the same treatment as any other: divide it by the capacity and see if it holds.
| Test | Value | Reading |
|---|---|---|
| Implied cost per MW | ₹81.4 crore | above the ₹52 to ₹70 crore band in this registry |
| Capacity at ₹52 crore a megawatt | 481 MW | what the money would buy at the cheapest observed rate |
| Capacity at ₹70 crore a megawatt | 357 MW | which is, almost exactly, the company’s own FY32 total |
| Likely reason for the premium | the plan converts about 4 million square feet of existing commercial property into data centre space, so land and shell are inside the number | and existing buildings are rarely as efficient per megawatt as purpose-built halls |
| What it probably excludes | IT equipment and cloud infrastructure | which is where the ₹9,000 crore revenue target actually comes from |
The conversion of existing commercial property is the genuinely distinctive part of this record. It is the fastest way to add capacity in India — a building exists, the land is owned, the approvals are mostly in place — and it is the reason 28 MW became 63 MW in a year rather than in four. It is also the reason the cost per megawatt is high: retrofitting a commercial floorplate for 5 to 10 kW racks costs more per megawatt than building a purpose-designed hall.
That has a direct procurement consequence. Retrofits buy in small, awkward packages: transformers that fit an existing riser, chillers that fit a plant room that was designed for air conditioning, and a great deal of electrical rework. They rarely buy a 300 MW campus package.
6The demerger into Ashok Cloud
This record will not exist in its current form for much longer, and that matters for anyone tracking it.
| Item | Detail |
|---|---|
| Approved | Composite scheme of arrangement approved by the board on 21 July 2026 |
| What happens | The data centre and cloud business is demerged from Anant Raj Limited into Ashok Cloud Private Limited |
| Share entitlement | 1:1 — existing shareholders receive one Ashok Cloud share for each Anant Raj share |
| Why it matters | A separate listed vehicle for the data centre business would be valued on data centre multiples rather than on real estate multiples |
| Status | Approved by the board. Completion depends on shareholder, creditor, tribunal and regulatory approvals, and no completion date is in the public record reviewed |
| What changes in the registry | The operator name will change and the reporting entity will change. The capacity does not |
The strategic logic is obvious and correct. Anant Raj trades at a real estate valuation. A pure data centre and cloud company with 28 MW live and a visible path to 357 MW would trade on a different multiple entirely. The demerger is a value-unlock exercise, and the 1:1 entitlement makes clear the group intends existing holders to own both.
What suppliers should note: after the demerger, the entity signing purchase orders will be Ashok Cloud, and its balance sheet will be new. The parent’s real estate cash flows will no longer be inside the same entity. Credit terms with a newly demerged operator deserve a fresh look.
7Timeline
- Anant Raj Cloud signs an MoU with the Andhra Pradesh Economic Development Board for a 50 MW data centre and IT park, about ₹4,500 crore in two phases. No site is identified
- The group signs an MoU with the Government of Haryana under Make in Haryana, committing ₹25,000 crore to data centre infrastructure covering about 307 MW of IT load across Manesar, Panchkula and Rai
- The board approves a composite scheme of arrangement to demerge the data centre and cloud business into Ashok Cloud Private Limited with a 1:1 share entitlement
- The BSE investor presentation sets the target at 357 MW of total IT load by FY32: 50 MW Manesar, 57 MW Panchkula, 200 MW Rai and 50 MW Andhra Pradesh, with 117 MW targeted to commence by FY28
- Data centre and allied services revenue of ₹90 crore on 28 MW of operational capacity
- Anant Raj Cloud Singapore, Orange Business Services Singapore and the Government of Haryana sign a marketing and customer-onboarding MoU. No consideration, no shareholding, no joint venture, no capacity
- BSE filing under Regulation 30 discloses the MoU. Company shares trade at about ₹615
- Q2 FY27 results were scheduled for 28 October 2026 and had not been published at the time of this record. The December 2026 63 MW target remains unverified
8Procurement
9Assumptions and method
| Figure | Basis | Confidence |
|---|---|---|
| 28 MW operational | Company filings and Q2 FY26 disclosure: 21 MW Manesar, 7 MW Panchkula | High |
| ₹90 crore Q1 FY27 revenue | Company disclosure, data centre and allied services | High |
| ₹12.86 crore revenue per MW per year | Gridvik arithmetic: ₹90 crore × 4 ÷ 28 MW | Arithmetic on audited inputs |
| 63 MW by December 2026 | Company guidance | Guidance only, and the nearest test |
| 117 MW FY28 and 357 MW FY32 | BSE investor presentation, 11 August 2026 | Guidance only |
| ₹25,000 crore Haryana MoU | Company disclosure, June 2026 | High as a commitment, not as deployed capital |
| ₹81.4 crore per MW | Gridvik arithmetic: ₹25,000 crore ÷ 307 MW | Arithmetic |
| ₹3,300 crore expected rentals at 307 MW | Company investor material | Company estimate |
| ₹9,000 crore FY32 revenue target | Company disclosure | Company target |
| No consideration, no JV | BSE filing, 7 October 2026, Annexure B | High |
10Limits and open questions
11Sources
Sources: Anant Raj BSE investor presentation, BSE Regulation 30 filings, NSE annual report FY2025-26, Anant Raj exchange disclosures, Economic Times, ETDatacenters, Equitybulls, Tradebrains, Whalesbook, Indian Infrastructure, Angel One, Screener, Business Upturn, Kalkine.