Ashiana Housing Limited (ASHIANA)
₹361.45 -0.51% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Ashiana Housing's revenue was ₹107 Cr (-63.3% year on year, -66.7% on the previous quarter), and net profit ₹13.1 Cr (+0.8% year on year); the operating margin was 7.0%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹107 | -63.3% | -66.7% |
| Operating profit | ₹7.5 | -37.2% | -62.3% |
| Net profit | ₹13.1 | +0.8% | -37.6% |
| EPS (₹) | 1.36 | +7.1% | -34.9% |
| Operating margin | 7.0% | — | — |
ASHIANA delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 73.47% of the ASHIANA shares traded on NSE were taken to delivery, against the stock's own 20-session average of 52.47%. That is higher than usual for this stock. Turnover was only ₹84 lakh, so a handful of trades can move this figure. Volume was 0.3 times its average, well below normal.
Delivery in the last 5 sessions: 60.0% · 63.3% · 55.6% · 57.9% · 73.5%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Ashiana Housing Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate issued by Registrar and Share Transfer Agent Beetal Financial & Computer Services confirms that share certificates received for dematerialisation were processed and cancelled within 15 days. All corresponding depositories have been updated in the register of members. This filing represents standard regulatory reporting with no operational or financial impact.
- Compliance certificate submitted for the quarter ended September 30, 2026
- Issued under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018
- Depository participant certificates cancelled and members register updated within 15 days
- Certificate issued by Registrar Beetal Financial & Computer Services (P) Ltd on October 5, 2026
Ashiana Housing reported strong operational performance for Q2 FY27, recording bookings of 525 units spanning 9.46 lakh sq. ft. valued at ₹834.40 Cr. This quarterly booking value represents approximately 87% of its TTM revenue (₹958 Cr), showing robust presales traction. For the month of September 2026 alone, bookings reached 1.77 lakh sq. ft. worth ₹166.70 Cr, bringing year-to-month (YTM) bookings to 13.07 lakh sq. ft. valued at ₹1,192.04 Cr. Operationally, the company began handovers for Ashiana Amarah Phase 1 and Ashiana Anmol Phase 3 in Gurugram.
- Q2 FY27 bookings reached ₹834.40 Cr across 9.46 lakh sq. ft. and 525 units
- YTM September 2026 total bookings stood at ₹1,192.04 Cr across 13.07 lakh sq. ft.
- September 2026 bookings came in at ₹166.70 Cr for 1.77 lakh sq. ft.
- Completed conversion of 222 units out of 280 units in Ashiana OMA, Jaipur (Phase 1 & 2)
- Commenced handovers for Ashiana Amarah Phase 1 and Ashiana Anmol Phase 3 in Gurugram
Ashiana Housing reported strong operational performance for Q2 FY27, recording bookings of 525 units spanning 9.46 lakh sq. ft. valued at ₹834.40 Cr. This quarterly booking value represents approximately 87% of its TTM revenue (₹958 Cr), showing robust presales traction. For the month of September 2026 alone, bookings reached 1.77 lakh sq. ft. worth ₹166.70 Cr, bringing year-to-month (YTM) bookings to 13.07 lakh sq. ft. valued at ₹1,192.04 Cr. Operationally, the company began handovers for Ashiana Amarah Phase 1 and Ashiana Anmol Phase 3 in Gurugram.
- Q2 FY27 bookings reached ₹834.40 Cr across 9.46 lakh sq. ft. and 525 units
- YTM September 2026 total bookings stood at ₹1,192.04 Cr across 13.07 lakh sq. ft.
- September 2026 bookings came in at ₹166.70 Cr for 1.77 lakh sq. ft.
- Completed conversion of 222 units out of 280 units in Ashiana OMA, Jaipur (Phase 1 & 2)
- Commenced handovers for Ashiana Amarah Phase 1 and Ashiana Anmol Phase 3 in Gurugram
Ashiana Housing Limited has submitted its Scrutinizer's Report for the 40th Annual General Meeting held on September 29, 2026. All 11 ordinary and special resolutions were approved by shareholders with the requisite majority, including the adoption of FY26 financial statements and a dividend declaration of ₹1.50 per share (75%). A total of 7.04 crore votes were polled representing 70.08% of total outstanding shares, with overwhelming support (>99.9%) across resolutions. Other approved items included confirmation of an interim dividend of ₹1.00 per share, managerial remuneration increments, and authorization to provide security against loans/NCDs.
- All 11 resolutions passed with over 99.99% votes cast in favor
- Final dividend of ₹1.50 per share (75%) approved by shareholders
- Confirmation of ₹1.00 per share (50%) interim dividend previously paid
- Total voter turnout represented 7,04,43,511 shares or 70.08% of outstanding equity
Ashiana Housing Limited announced that its shareholders approved the appointment of Anjali Yadav & Associates, Practicing Company Secretaries, as the Secretarial Auditor at the 40th AGM held on September 29, 2026. The appointment is for a tenure of five consecutive financial years, covering FY 2026-27 to FY 2030-31. This formalises the previous Board recommendation made on May 27, 2026, pursuant to SEBI Listing Regulations.
- Shareholders approved the appointment at the 40th AGM on 29th September 2026
- Appointed for a term of 5 financial years from FY 2026-27 to FY 2030-31
- Firm founder Ms. Anjali Yadav brings 24 years of diversified secretarial and legal experience
Ashiana Housing Limited announced that shareholders approved the re-appointment of Mr. Krishna Suraj Moraje as an Independent Director at its 40th Annual General Meeting held on September 29, 2026. The re-appointment is for a term of 5 financial years, concluding at the 45th AGM. Mr. Moraje brings substantial corporate leadership experience as the former CEO of Quess Corp and a two-decade veteran of McKinsey & Company. As this is a routine continuation of independent board oversight, there is no direct financial impact on the company.
- Shareholders approved the re-appointment of Independent Director Krishna Suraj Moraje on September 29, 2026
- Term of appointment spans 5 financial years, up to the conclusion of the 45th AGM
- Approval granted during the company's 40th Annual General Meeting
- Appointee is not related to any existing Director on the Board
Ashiana Housing submitted a Form C insider trading disclosure under SEBI (PIT) Regulations. Designated Person Mr. Deepak Dhyani acquired 5,826 equity shares through an open market purchase on the NSE between September 15 and September 16, 2026. The total transaction value stood at ₹20,01,898, increasing his shareholding from 1,468 shares (0.00146%) to 7,294 shares (0.00726%). The transaction size is negligible compared to the company's ₹3,539 Cr market capitalization.
- Designated Person Deepak Dhyani acquired 5,826 shares for a total consideration of ₹20,01,898
- Post-transaction holding increased from 1,468 shares (0.00146%) to 7,294 shares (0.00726%)
- Acquisition was conducted via open market purchase on the NSE between 15 September 2026 and 16 September 2026
Ashiana Housing Limited has declared September 22, 2026, as the record date for determining shareholder entitlement to its FY26 dividend and for attending the upcoming Annual General Meeting (AGM). The AGM is scheduled to take place on September 29, 2026. The dividend remains subject to shareholder approval at the AGM, with payout eligibility determined by holding status at the close of business on the record date. The exact dividend amount per share was not stated in this intimation.
- Record date fixed as September 22, 2026
- Annual General Meeting scheduled for September 29, 2026
- Applicable for dividend eligibility for the financial year ended March 31, 2026
- Dividend payout remains subject to shareholder approval at the AGM
Ashiana Housing has issued the Notice of its 40th Annual General Meeting to be held virtually on September 29, 2026, alongside the Annual Report for FY 2025-26. Key agenda items include shareholder approval for a final dividend of Rs 1.50 per share (75%), aggregating to Rs 15.08 Cr, which follows an earlier interim dividend of Rs 1.00 per share (Rs 10.05 Cr). The company is also proposing revisions to executive remuneration, increasing the basic salary to Rs 13,00,000 per month each for Managing Director Vishal Gupta, Joint MD Ankur Gupta, and Whole Time Director Varun Gupta effective April 1, 2026.
- 40th AGM scheduled for Tuesday, September 29, 2026, via Video Conferencing.
- Proposed final dividend of INR 1.50 per share (75%), totaling INR 15,07,87,286 for FY 2025-26.
- Confirmation of interim dividend of INR 1.00 per share (50%), totaling INR 10,05,24,857.
- Proposed hike in basic salary to INR 13,00,000 per month for the Managing Director, Joint MD, and Whole Time Director.
- 68.87% of input materials sourced directly from MSMEs in FY26 compared to 62.88% in FY25.
Ashiana Housing has issued the Notice for its 40th Annual General Meeting (AGM) scheduled for September 29, 2026, alongside its FY26 Annual Report. The Board has proposed a final dividend of ₹1.50 per share (75% on face value of ₹2), aggregating to ₹15.08 crore, following an interim dividend of ₹1.00 per share paid earlier. Resolutions also include approving revised managerial remuneration increases to ₹13 lakh per month base salary for executive directors effective April 1, 2026. Standalone and consolidated FY26 financials will be formally adopted at the meeting.
- 40th AGM to be held virtually on September 29, 2026
- Final dividend proposed at ₹1.50 per share (75%), totaling ₹15,07,87,286
- Interim dividend of ₹1.00 per share confirmed, amounting to ₹10,05,24,857
- Proposed increase in basic salary to ₹13,00,000 per month for MD and whole-time directors effective April 1, 2026
- 68.87% of FY26 input materials were directly sourced from MSMEs/small producers
Rajasthan RERA has levied a minor penalty of ₹3,99,000 on Ashiana Housing for delayed submission and uploading of the Completion Certificate (₹1,97,000) and Occupancy Certificate (₹2,02,000) on the RERA portal for its 'Ashiana Dwarka' Phase-5 project in Jodhpur. Ashiana Housing received the order on September 3, 2026, and confirmed that the penalty has already been paid. The penalty amount is negligible relative to the company's TTM revenue of ₹958 crore and carries no material financial or operational impact.
- Total penalty of ₹3,99,000 imposed by Rajasthan RERA Authority
- Penalty breakdown: ₹1,97,000 for delay in CC submission and ₹2,02,000 for OC submission
- Pertains to project 'Ashiana Dwarka' Phase-5 located in Jodhpur (Rajasthan)
- The company has already settled and paid the full penalty amount
Ashiana Housing has received an Order-in-Original from the Tamil Nadu GST Department raising a demand of ₹3,44,89,552 (₹3.45 Cr), including interest and penalty, for FY 2024-25. The demand pertains to alleged differences between taxes paid in GST returns and turnover declared in GSTR 9C for its Chennai location. The demanded amount equals ~2.9% of TTM PAT (₹119 Cr) and ~0.36% of TTM revenue (₹958 Cr). The company stated it will contest the order before the Commissioner (Appeals) and expects no significant operational impact.
- Total GST demand received of ₹3,44,89,552 (including interest and penalty)
- Pertains to alleged turnover reconciliation differences in GSTR 9C for FY 2024-25 (Chennai location)
- Order-in-Original dated August 31, 2026, received on September 03, 2026
- Company is preparing to contest the order before the Commissioner (Appeals)
Ashiana Housing reported monthly operational updates for August 2026, recording pre-sales bookings of 1.67 lakh sq. ft. valued at ₹165.93 crore. For the year-to-month (YTM) period ended August 31, 2026 (5 months of FY27), cumulative bookings reached 11.30 lakh sq. ft. with a total sales value of ₹1,025.34 crore. The 5-month booking value of ₹1,025.34 crore already surpasses the company's full TTM revenue of ₹958 crore, reflecting robust ongoing pre-sales momentum.
- Area booked in August 2026 stood at 1.67 lakh sq. ft.
- Value of area booked in August 2026 was ₹165.93 crore
- Cumulative YTM August 2026 area booked reached 11.30 lakh sq. ft.
- Cumulative YTM August 2026 sales booking value reached ₹1,025.34 crore
Ashiana Housing completed a scheduled payout of ₹3.00 Cr to the International Finance Corporation (IFC) on August 24, 2026, for its Series 8%AHL 2041 NCDs. The total disbursement comprised ₹58.52 lakh in partial principal redemption, ₹1.76 Cr as redemption premium, and ₹65.93 lakh in interest. Post this transaction, the outstanding value of the NCD series stands reduced to ₹60.81 Cr from the original issue size of ₹97.00 Cr.
- Paid ₹3,00,00,000 total to International Finance Corporation on 24th August 2026
- Principal redeemed by face value reduction of ₹58,51,646 along with ₹1,75,54,938 redemption premium
- Interest paid amounted to ₹65,93,416 for Series 8%AHL 2041 NCDs
- Outstanding balance for the series reduced to ₹60,80,75,680 (~₹6,26,882 per NCD) out of ₹97 Cr issue size
Ashiana Housing Limited has notified the stock exchanges regarding a scheduled Analyst and Institutional Investor Meeting. The company will participate in an in-person Non-Deal Roadshow organized as an Investor Group Conference in Mumbai on Tuesday, August 25, 2026, between 10:00 AM and 5:00 PM IST. This is a standard institutional investor interaction disclosure pursuant to Regulation 30 of SEBI LODR Regulations.
- Event: Ashiana Housing Limited Non-Deal Roadshow
- Date & Time: Tuesday, August 25, 2026, from 10:00 AM to 05:00 PM IST
- Meeting Format: In-person Investor Group Conference in Mumbai, Maharashtra
- Regulation: Intimation under Regulation 30 of SEBI LODR Regulations, 2015
Financial Performance
Revenue Growth by Segment
H1 FY26 total revenue grew 154.68% YoY to INR 478.90 Cr, primarily driven by a 164.7% increase in area delivered (7.81 lsf vs 2.95 lsf). FY25 revenue from real estate operations fell 44% to INR 528.80 Cr due to lower deliveries (9.97 lsf vs 23.86 lsf). Support operations revenue grew 4% to INR 69.70 Cr in FY25.
Geographic Revenue Split
Revenue is concentrated in micro-markets including Gurugram (Ashiana Amarah, Aaroham), Bhiwadi (Tarang, Advik), Jaipur (Aravali, Nitara, Ekansh), Jamshedpur (Sehar), Chennai (Swarang, Vatsalya), and Pune (Amodh). Specific % split per region is not disclosed.
Profitability Margins
Q2 FY26 PAT margin stood at 15.63%, a significant improvement from 4.20% in Q1 FY26, driven by higher-margin project deliveries. FY25 Net Profit Margin fell to 3.27% from 8.63% YoY due to lower delivery volumes and higher indirect costs relative to sales.
EBITDA Margin
Q2 FY26 EBITDA margin was 22.55%, up from 7.20% in Q1 FY26. FY25 Operating Profit Margin improved to 15.3% from 13.06% YoY due to better cost management and improved realization prices per square foot.
Capital Expenditure
Land purchases and advances totaled INR 182.01 Cr in FY25. The company acquired 22.71 acres in Chennai with a sales potential of INR 1,200 Cr. IFC provided INR 100 Cr funding for the Ashiana Aaroham project.
Credit Rating & Borrowing
CARE Ratings maintains a 'Strong' liquidity profile. Borrowing costs are impacted by the issuance of INR 125 Cr debentures in FY25, which increased the Debt-to-Equity ratio to 0.34 from 0.19 YoY.
Operational Drivers
Raw Materials
Key materials include steel, cement, and labor. While specific % of total cost is not disclosed, project expenses increased 24% to INR 572.26 Cr in FY25 due to higher execution and inflation.
Import Sources
Not disclosed in available documents; typically sourced locally within India for regional projects.
Key Suppliers
International Finance Corporation (IFC) is a key financial supplier (INR 100 Cr NCDs). Mahindra World City (MWC) Chennai is a key land partner via perpetual lease.
Capacity Expansion
Equivalent area constructed in H1 FY26 was 13.44 lakh sq. ft., up 22.96% YoY. Q2 FY26 construction was 7.25 lakh sq. ft., up 18% QoQ.
Raw Material Costs
Project expenses rose 24% YoY in FY25, reflecting inflation in raw materials and labor. Procurement strategies include linking JDA payouts to collection milestones to manage capital intensity.
Manufacturing Efficiency
Construction efficiency is tracked via 'Equivalent Area Constructed,' which grew 22.96% in H1 FY26, aligning with higher delivery commitments.
Logistics & Distribution
Not disclosed as a specific % of revenue; distribution is primarily handled through a centralized sales and marketing engine.
Strategic Growth
Growth Strategy
Growth will be achieved by shifting the project mix toward higher-margin phases (e.g., Ashiana Amarah Phases 3-5) where land costs are fixed but selling prices have increased significantly. The company is also expanding its Senior Living vertical, highlighted by the new Chennai project with INR 1,200 Cr potential.
Products & Services
Kid Centric Homes (Amarah), Senior Living (Vatsalya, Swarang), Premium Homes (Aravali), Elite Homes (One44), and Real Estate Support Operations (maintenance services).
Brand Portfolio
Ashiana, Ashiana Amarah, Ashiana Advik, Ashiana Vatsalya, Ashiana Swarang, Ashiana Aravali, Ashiana Nitara, Ashiana Ekansh, Ashiana Amodh.
New Products/Services
Launched Ashiana Swarang Phase 2 (Chennai), Ashiana Aravali (Jaipur), and Ashiana Tarang Phase 6 (Bhiwadi) in H1 FY26. Chennai Senior Living project has a 15 lakh sq. ft. saleable area potential.
Market Expansion
Expanding into Chennai (Senior Living) and Pune (Ashiana Amodh) to diversify geographic concentration risk away from the NCR region.
Market Share & Ranking
Management claims 'pole position' and strong dominance in Jamshedpur, Jaipur, Rewari, and the Senior Living segment nationally.
Strategic Alliances
Partnership with IFC for INR 100 Cr funding; Joint Development Agreements (JDAs) with revenue shares (e.g., 35% share in Ashiana Malhar).
External Factors
Industry Trends
The real estate market is becoming 'non-secular' and fragmented, favoring developers with strong brand positioning and execution quality. Senior Living is a high-growth niche where Ashiana is a first-mover.
Competitive Landscape
Competes with regional developers in Gurugram, Jaipur, and Chennai. Management views Ashiana as a 'middle category' developer in Gurugram, avoiding the struggles of lower-tier players.
Competitive Moat
Moat is built on specialized product categories (Senior Living, Kid Centric) and geographic dominance in Tier-2 cities. Sustainability is driven by a strong balance sheet and a track record of maintenance (Support Operations).
Macro Economic Sensitivity
Highly sensitive to GDP growth and inflation; project expenses rose 24% in FY25 partly due to inflationary pressures.
Consumer Behavior
Shift toward specialized housing (Senior Living and Kid Centric) which allows for higher realizations and better customer stickiness.
Regulatory & Governance
Industry Regulations
RERA compliance and environmental clearances are critical; delays in these led to the deferment of Ashiana Advik and Anmol deliveries from FY25 to FY26.
Environmental Compliance
Focus on solar generators, rainwater harvesting, and organic waste converters. Safety audits are conducted monthly and quarterly to ensure compliance.
Legal Contingencies
The company maintains legal and compliance teams to manage litigations and statutory compliances; specific case values in INR are not disclosed.
Risk Analysis
Key Uncertainties
Cyclical nature of real estate and macro-economic factors (GDP, interest rates) which can lead to a slowdown in sales or increased project costs.
Geographic Concentration Risk
Concentrated in North India (NCR, Jaipur) and specific micro-markets; adverse impacts in these regions remain a monitorable risk.
Third Party Dependencies
Dependency on JDA partners for land; for example, Ashiana Malhar involves a 35% revenue share, which impacts the margin profile compared to owned land.
Technology Obsolescence Risk
Mitigated by digital transformation in CRM and ERP systems to enable real-time accessibility for customer-facing teams.
Credit & Counterparty Risk
Strong committed receivables of over INR 2,055 Cr as of September 2024, which covers balance project costs of INR 1,600 Cr and outstanding debt.
