Ashiana Housing LimitedReal EstateASHIANA
Q1 FY27 earnings callAshiana Housing Limited
Ashiana Housing's Q1 was soft on bookings, but management expects the year to be back-ended with upcoming launches and maintains its focus on expanding the Senior Living segment for long-term structural growth.
Numbers
| Metric | This quarter | Change | Five-quarter trend |
|---|---|---|---|
| Booking Value | INR358 crores | moderated | |
| Area Sold | 3.6 lakh square feet | moderated | |
| Units Sold | 234 | fell from 407 | |
| Collections | INR409 crores | 6% year-on-year growth | |
| Average Realization | INR9,923 per square foot | 37% year-on-year increase | |
| Revenue from Operations | INR107 crores | lower | |
| Operating Cash Generation | INR121 crores | healthy |
Financials
| Quarter | Revenue | Net profit (PAT) | Basic EPS |
|---|---|---|---|
| Q3 FY25 | ₹133.17 Cr-27.8% YoY+144.2% QoQ | ₹10.89 Cr-60.8% YoYTurned profitable QoQ | ₹1.11-60.1% YoYTurned positive QoQ |
| Q2 FY25 | ₹54.54 Cr-84.2% YoY-55.7% QoQ | ₹-7.55 CrTurned loss-making YoYLoss widened QoQ | ₹-0.80Turned negative YoYLoss/share widened QoQ |
| Q1 FY25 | ₹123.09 Cr+1.5% YoY-57.5% QoQ | ₹-5.44 CrTurned loss-making YoYTurned loss-making QoQ | ₹-0.51Turned negative YoYTurned negative QoQ |
| Q4 FY24 | ₹289.67 Cr+161.9% YoY+57% QoQ | ₹17.38 Cr+67.4% YoY-37.5% QoQ | ₹1.72+67% YoY-38.1% QoQ |
| Q3 FY24 | ₹184.47 Cr+42% YoY-46.7% QoQ | ₹27.79 Cr+207.1% YoY+1.6% QoQ | ₹2.78+205.5% YoY+2.2% QoQ |
TL;DR
- Bookings moderated to INR358 crores on softer demand.
- Collections remained healthy at INR409 crores, up 6% YoY.
- Average realization increased 37% YoY to INR9,923 per square foot.
- Acquired 28.55 acres in Pune for a large Senior Living project.
- Revenue was low at INR107 crores due to timing of project handovers.
- Management guides for INR2,200 crores of presales in FY27, confident of hitting it.
What changed
Management confirms a softer start to the year but expects bookings to pick up with launches in the second half, notably Ashiana Aaroham Phase 3 in Gurugram; they also clarify that the long-term ROE goal is 15% as a floor, not 20%, with potential to hit 20% this year.
Said on the call
“So I think the company's focus would be on maintaining that ROE trajectory doesn't fall below 15% and sustains above 15% year-on-year every year.”
From the Q&A
| Topic | What management said |
|---|---|
| FY27 Bookings Guidance and Launch Plans | Management expects to exit H1 with presales between INR1,050-1,100 crores and is confident of hitting the FY27 target of INR2,200 crores, driven by the Ashiana Aaroham Phase 3 launch in Gurugram in H2. |
| Long-Term Presales and ROE Trajectory | Management sees a potential near-term dip in presales due to shifting capital to Senior Living, but aims for a 15% ROE floor long-term, with expectations to achieve 20% ROE this year and a 25% CAGR in Senior Living presales. |
| Project Margin and ROE Build-up | Management targets 30% gross margin at the project level, with levers for improvement being pricing power in Senior Living, premiumization, and operating leverage as the segment scales. |
| New Land Acquisition (Pune) | The 28.55-acre Pune land is for a Senior Living project with estimated sales value of INR1,800 crores; expected to sell 2 lakh sq ft/year over 10 years, with launch planned for H2 FY28. |
| Revenue Recognition Volatility | Management explained the low Q1 revenue (INR107 crores) was due to timing of Occupancy Certificates; they guide for around INR2,000 crores of revenue for FY27 and advise looking at annual, not quarterly, numbers. |
| Strategic Mix Shift to Senior Living | Management clarified the future pipeline is decisively shifting towards Senior Living, with 5 million sq ft of land bank for future development entirely in that segment, aiming for INR1,500 crores of Senior Living presales by FY29-30. |
Guidance
- Presales target of INR2,200 crores for FY27.
- Expect to exit H1 FY27 with presales between INR1,050-1,100 crores.
- Revenue for FY27 expected to be around INR2,000 crores.
- Targeting 15% Return on Equity as a long-term floor, with potential to hit 20% this year.
- Planning to deploy INR800 crores in capital expenditure (land/projects) in FY27.
- Senior Living segment targeted to reach INR1,500 crores of presales by FY29-30.
- Average realization improvement driven by product mix and pricing resilience.
Source
Summary written from the transcript filed by Ashiana Housing Limited for the call held on 12 Aug 2026; published 21 Aug 2026, 20:00 IST.