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    Ashiana Housing

    ASHIANA
    Realty·12 Feb 2026
    Management Summary

    Ashiana Housing reported strong Q3 FY26 results with significant QoQ growth in revenue, PAT, and presales, driven by new launches and healthy cash flows. The company surpassed its FY26 presales target, largely due to the Ashiana Aaroham project. However, construction activity saw a QoQ decline due to GRAP restrictions, and project slippages and ongoing litigation remain watch items.

    Highlights

    5

    • Q3 FY26 Revenue of ₹373.35 crores, up 111.9% QoQ from ₹176.18 crores in Q2 FY26, driven by higher deliveries.

    • Q3 FY26 Profit After Tax (PAT) of ₹56.65 crores, a significant increase of 105.6% QoQ from ₹27.54 crores in Q2 FY26.

    • Q3 FY26 Sale value of area booked was ₹397.03 crores, representing a 30.8% QoQ growth from ₹303.43 crores in Q2 FY26, primarily from new launches like Ashiana Amaya and Vatsalya Phase 2.

    • Ashiana Aaroham project in Gurugram contributed approximately ₹767 crores in sales on launch, significantly boosting 9M FY26 presales to ₹1,131.44 crores.

    • Pre-tax operating cash flow for Q3 FY26 stood at ₹179.05 crores, with 9M FY26 at ₹409.77 crores, supported by strong sales momentum and collections.

    Concerns

    3

    • Equivalent area constructed in Q3 FY26 declined by 15.3% QoQ to 6.14 lakh square feet from 7.25 lakh square feet in Q2 FY26, impacted by GRAP related restrictions in Delhi NCR.

    • The Anmol Phase 3 project delivery has slipped, though management notes overall slippages are lower than the previous year.

    • Ongoing litigation for the Ashiana Town project, with customer contentions regarding regulatory approvals and maintenance charges, remains a concern despite management's strong case.

    Key financials

    Single quarter

    05 metrics
    1. 01Revenue₹373.35 Cr+111.9%QoQ
    2. 02PAT₹56.65 Cr+105.6%QoQ
    3. 03Presales Value₹397.03 Cr+30.8%QoQ
    4. 04Pre-tax Operating Cash Flow₹179.05 Cr
    5. 05Area Constructed6.14 lakh sq ft-15.3%QoQ

    Order Book

    high confidence

    Total Value

    ₹ 1,131.44 crores

    as of 2025-12-31

    quantified
    30.8% QoQ

    Inflow this qtr

    ₹ 397.03 crores

    Composition

    Ashiana Aaroham (Gurugram)(project)
    ₹ 767 crores
    Ashiana Amaya (Jamshedpur)(project)
    Ashiana Vatsalya Phase 2 (Chennai)(project)

    Pipeline

    other

    Launch pipeline includes 3-4 phase launches in Q4 FY26, particularly in senior living, and Ashiana Oma in Jaipur as the main launch for next year. Additionally, phases in senior living projects like Vatsalya, Advik, Amodh, and Swarang are expected to contribute ~₹2,000 crores.

    Cancellations / Deferrals

    • deferred:Anmol Phase 3 project delivery has slipped, though overall slippages are lower this year.

    "Management is encouraged by the strength of sales momentum and launch pipeline, with a focus on growing the senior living segment significantly."

    Source:
    Prepared remarks

    Capital allocation

    5
    high confidence
    CategoryHeadline
    M&A

    Raigad Khalapur land parcel

    acquisition · closed

    M&A

    Panvel land acquisition

    acquisition · pending regulatory

    M&A

    Bangalore land acquisition

    acquisition · pending regulatory

    M&A

    Jaipur land acquisition

    acquisition · pending regulatory

    Liquidity

    Liquidity disclosed

    Cash flow continues to be healthy, driven by better sales and collections, with Q3 FY26 pre-tax operating cash flow at ₹179.05 crores.

    Guidance & targets

    8
    CategoryTargetPriority
    Presales
    Annual Presales Value
    ~INR2,000 crores
    		Medium
    ROE
    Return on Equity
    20%
    		High
    ROE
    Return on Equity
    20%
    		Medium
    Cumulative Sales/Deliveries
    Cumulative Sales Value
    INR11,000 crores
    		Medium
    Launch Pipeline
    Phase Launches
    3-4 phase launches
    		High
    Launch Pipeline
    Main Launch Project
    Ashiana Oma in Jaipur
    		High
    Senior Living Growth
    Revenue Growth
    5x-6x
    		High
    Senior Living Growth
    CAGR
    25-30%
    		High

    Closure of Bangalore and Panvel land acquisitions

    next 3 to 6 months
    CurrentPending CPs
    TargetClosed

    Why it matters

    These acquisitions are crucial for expanding the launch pipeline and achieving future growth targets.

    I'm hoping that Bangalore and Panvel should conclude in the next 3 to 6 months and move forward in that regard.

    How to verify

    capital_allocation.m_and_a[target='Bangalore land acquisition'].status

    Risks & concerns

    5
    RiskSeverity

    GRAP related restrictions impacting construction

    Equivalent area constructed in Q3 FY26 was impacted by GRAP related restrictions in Delhi NCR, leading to a QoQ decline in constructed area. — Management acknowledged

    medium

    Project delivery slippages

    Anmol Phase 3 project has slipped, though management notes overall slippages are lower than last year and they are working to mitigate future delays. — Management acknowledged

    low

    Regulatory risks in new geographies (Noida/Greater Noida)

    The company is not actively pursuing land parcels in Noida/Greater Noida due to concerns about regulatory risks. — Management acknowledged

    medium

    Litigation for Ashiana Town project

    Customer complaints regarding regulatory approvals and maintenance charges have led to ongoing litigation, despite management believing they have a strong case. — Management acknowledged

    medium

    Lower margins and cost surprises in first projects in new geographies

    First projects in new markets (like Bangalore) typically have lower margins and may encounter cost surprises, though learnings from past projects are being incorporated. — Management acknowledged

    medium

    Q&A highlights

    8

    “So this is near Karjat. This parcel, we intend to do a senior living development here. Although 8.83 acres is generally not small for us. It is quite a common parcel size for us. So 4.5 lakh square foot typically is small. Our strategy overall right now is to have a portfolio of senior living projects in any micro market we are in.”

    Clarifies the company's strategic intent for smaller land parcels and its focus on building a diversified senior living portfolio across price points in key micro markets.

    asked by Ankit Shah

    3 min read6 chapters

    Detailed Narrative

    01

    Strong Q3 FY26 Performance Driven by Deliveries and New Launches

    Ashiana Housing reported a robust Q3 FY26, with revenue surging 111.9% QoQ to ₹373.35 crores, primarily due to higher deliveries. Profit After Tax (PAT) also saw a significant increase of 105.6% QoQ, reaching ₹56.65 crores. Presales for the quarter grew 30.8% QoQ to ₹397.03 crores, fueled by new launches such as Ashiana Amaya in Jamshedpur and Ashiana Vatsalya Phase 2 in Chennai. The company's pre-tax operating cash flow for Q3 FY26 stood at ₹179.05 crores, reflecting healthy cash generation from improved sales and collections.

    02

    Senior Living Segment: Strategic Focus and Growth Drivers

    The company is strategically pivoting towards the senior living segment, which is expected to drive higher realizations and provide stability due to its less cyclical nature. Management noted a 25-30% CAGR in senior living revenue over the last 5-6 years and aims to continue this pace. Recent land acquisitions, including an 8.83-acre parcel in Raigad Khalapur, are specifically for senior living developments, with a strategy to build a diversified portfolio across various price points in key micro markets like Mumbai/Pune and Chennai.

    03

    Launch Pipeline and Land Bank Expansion

    Ashiana Housing has a healthy launch pipeline, with 3-4 phase launches planned for Q4 FY26, particularly in the senior living category. The main launch for the next financial year is slated to be Ashiana Oma in Jaipur. Additionally, phases in existing senior living projects like Vatsalya, Advik, Amodh, and Swarang are expected to contribute approximately ₹2,000 crores in sales value. The company is actively pursuing 2-3 more land acquisitions to sustain its growth momentum beyond the next 12-15 months.

    04

    ROE Targets and Financial Outlook

    Management expressed confidence in achieving a 20% Return on Equity (ROE) as early as the next financial year, revising its previous conservative outlook. The company aims to maintain this ROE above 15% over the long term⏳, emphasizing that sustained earnings growth is crucial for expanding book value and net worth. Presales for the next financial year are projected to remain in a similar ballpark of ~₹2,000 crores, with a combination of volume and value from the premiumized senior living segment expected to drive this.

    05

    Challenges: GRAP Restrictions, Project Slippages, and Litigation

    Despite strong performance, the company faced challenges, including a 15.3% QoQ decline in equivalent area constructed in Q3 FY26 to 6.14 lakh square feet, primarily due to GRAP related restrictions in Delhi NCR. The Anmol Phase 3 project experienced a delivery slippage, though overall slippages are noted to be lower than the previous year. Furthermore, ongoing litigation concerning the Ashiana Town project, stemming from customer complaints about regulatory approvals and maintenance charges, remains a point of concern.

    06

    Brand Positioning and Market Strategy

    Ashiana Housing commands premium pricing in markets like Jaipur, Bhiwadi, and Jamshedpur, and is a leading developer in senior living in Pune and Chennai. While not a market leader in Gurugram, the company has started commanding a premium over generic developers. The strategy involves building a deeper talent pool across project, construction, and sales levels, and enhancing business development capabilities for new geographies, particularly for senior living, to ensure long-term stability and growth.

    This is an AI-generated summary of a publicly available earnings call transcript. It is for informational purposes only and does not constitute investment advice, a recommendation, or an endorsement. inve.money is not a SEBI-registered investment advisor. Please consult a qualified financial advisor before making any investment decisions.