Anant Raj Ltd: Valuation, Landbank Economics & The Multi-Decade Data Center Opportunity Anant Raj Ltd: Valuation, Landbank Economics & The Multi-Decade Data Center Opportunity A concise, point-by-point institutional-style report (hybrid Real-Estate × Tech theme). Includes full arithmetic for NAV, DC steady-state cashflows (management & unit-econ based), and three PE-case outcomes. All numbers shown digit-by-digit. Introduction — When a Real Estate Developer Starts Looking Like a Tech Infrastructure Company Thesis: Anant Raj is a land-rich NCR developer pivoting into data-centers & sovereign cloud — a hybrid that combines long-duration land optionality with annuity-like DC cashflows. The stock today largely reflects land value; the DC/cloud business is, effectively, 'free' at current prices — if management executes. Executive data (user-provided & management): Market cap = ₹19,863 crore . Book value (consolidated equity / carrying values)...