New Delhi, Sept. 23 -- Anant Raj Ltd has been a notable player in the NCR real estate market since the 1970s, developing everything from residential complexes and affordable housing to hotels and IT parks. In 2021, the company expanded into data centres-a move that could shape its next phase of growth.

The management aims to scale up its data-centre revenues to Rs.1,200 crore by FY27, and a massive Rs.9,000 crore by FY32. The hype is such that Motilal Oswal Financial Services has pegged its target price at Rs.807 apiece-25% above current levels. Notably, 54% of this valuation is ascribed to its data-centre business, even though the segment reportedly contributes less than 10% to earnings before interest, taxes, depreciation and amortizat...