Ashiana Housing Limited — Q3 FY26
Ashiana Housing reported Q3 FY26 revenue of ₹373.35 crore and PAT of ₹56.65 crore, driven by strong deliveries and pre-sales of ₹397 crore for the quarter.
bullish
high
✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
88%Questions answered0Evaded / deflected12Questions audited
Answered
Medium priority
Is the small Karjat land parcel worth management bandwidth?
Asked by Ankita, White Equity Investment Advisor
Management explained the strategic fit and confirmed it met bandwidth threshold.
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Question
this is a small land parcel in a small town. So I mean is it worth investing management bandwidth in this uh project?
Management (name not specified)
this parcel we intend to do a senior living development here... it met the minimum threshold from a management bandwidth perspective and therefore we went ahead.
Partial answer
High priority
Future projects pipeline drying up; update on Bangalore, Pune, Jaipur acquisitions.
Asked by Ankita, White Equity Investment Advisor
Management acknowledged the issue but gave vague timelines and no concrete closure dates.
no specific timeline for Jaipurno quantification of new projects
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Question
future projects plus land totaled about 10 million sq ft 2 years back and has dropped to 7 million... launch pipeline could start drying up... update on Bangalore, Pune, Jaipur acquisitions?
Management (name not specified)
there are those three acquisitions... which have not closed because of CPS... I'm hoping that CPS on that will close... we are also in active discussions for two three more projects.
Answered
Medium priority
Why are Arohan realizations similar to Amara phase 5 despite being premium?
Asked by Ankita, White Equity Investment Advisor
Management explained the pricing strategy for early phases vs later phases.
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Question
realizations are coming to around 15,000 plus... they seem to be in line with the Amara phase 5 realizations... if AR is a premium project the realization should be higher?
Management (name not specified)
ticket sizes are higher because unit sizes are bigger... we also wanted to get a certain pipeline at launch... we would expect to now increase prices and phase three will be launched at a higher price.
Answered
Medium priority
Sales trend in Amara phase 5 and traction in new projects Amaya and Vatsalia phase 2.
Asked by Mihir Desai, Desai Investment
Management provided specific qualitative updates on each project.
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Question
if you can let us know the sales trend in Amara phase 5 and also I wanted to know the traction in the new projects like Ashana Amaya and Vatsalia phase 2.
Management (name not specified)
in Ashana Amara sales were a little slow because we diverted sales team to Arohan... Amaya sales momentum was good in January... Vatsalia phase 2 has been doing decently well.
Answered
High priority
Will the shift to senior living improve realizations from current ~7,200/sq ft?
Asked by Mihir Desai, Desai Investment
Management gave specific numbers and explained the trend.
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Question
how do you see this... will this improve our realizations... we are at a sub level of say 7,200 kind of a realization now... will that be more of a premium strategy?
Management (name not specified)
senior living will improve realizations on average... floor price in senior living is getting closer to 7,000 and higher going 10,000+... Q4 will be heavy on average realization due to Aro's contribution at 15,200.
Answered
Medium priority
Strategic rationale behind partnering with Epoch Elder Care for Ashana Care Homes.
Asked by Nikil Opadia, SIMPL
Management clearly explained the rationale and pilot nature.
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Question
what was the strategic rational behind partnering with epoch elder care for Ashana Care Homes... is it more medicalized assisted living?
Management (name not specified)
it is an attempt to provide a little bit more medicalized higher grade of assisted care... we see our main business being active senior living... this is a pilot; if it goes well we'll give more facilities to epoch.
Answered
Medium priority
Why is there a fall in realizations in Jaipur projects?
Asked by Nikil Opadia, SIMPL
Management corrected the analyst's assumption and provided explanation.
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Question
if I look at Jaipur in all three projects... there is a fall in realization... is it specific to this geography?
Management (name not specified)
realizations have gone up... there is a volume decrease because we have very little stock to sell... we have upped prices over the last 6 months.
Answered
Medium priority
What is the strategy for geographical expansion and subcontracting?
Asked by Nachikit Khali, Juggernaut Ventures
Management provided clear strategy on both subcontracting and location selection.
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Question
what exactly is the strategy when it comes to deciding the city you're going to enter... how much do we subcontract?
Management (name not specified)
for now we take everything end to end ourselves... we have started subcontracting in new cities part of the developments... location strategy is based on demographics for senior living.
Partial answer
High priority
Progress on Bangalore, Bombay, Jaipur land acquisitions and pre-sales outlook.
Asked by Rohit, I thought PMS
Management gave updates but lacked specifics on Jaipur and pre-sales numbers.
no specific timeline for Jaipurpre-sales guidance vague
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Question
what progress in terms of new acquisition in Bangalore, Bombay and Jaipur... any thoughts on next year in terms of pre-sales?
Management (name not specified)
positive movement in Pune and Bangalore... hoping good news in 3-6 months... Jaipur slow... next year pre-sales will be in similar ballpark around 2,000 crores.
Answered
High priority
Can we grow pre-sales beyond 2,000 crores given the white space in senior living?
Asked by Rohit, I thought PMS
Management affirmed growth ambition and provided historical growth rate.
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Question
can we do let's say more on the senior living... why not double down and try and grow... increase the scale from where we are right now?
Management (name not specified)
the idea is to increase scale... senior living revenue has grown 5-6x over last six years... we want to continue that 25-30% CAGR in senior living.
Answered
High priority
Are we on track for cumulative deliveries of 11,000 crores between FY25-30?
Asked by Rohit, I thought PMS
Management provided a detailed breakdown of how the 11,000 cr target is composed.
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Question
are we on track for cumulative sales/deliveries of close to 11,000 crores between FY25 to 30?
Management (name not specified)
total sale value of projects under development and delivered between FY25-26 is about 7,200 crores... Arohome phase 1&2 should have sale value over 1,100 crores... plus other phases... that's where roughly that 11,000 cr number came from.
Partial answer
Medium priority
What margins to expect in Bangalore first project and will brand travel from Chennai?
Asked by Ankur Jane, Priya's Capital
Management gave qualitative expectations but no quantitative margin range.
no specific margin guidanceuncertainty on pricing
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Question
what is the kind of margins we can expect there... will we have to price it lower or has the brand traveled from Chennai to Bangalore?
Management (name not specified)
we have baked in some learning costs... we hope to meet a minimum threshold margin... first project margins are always lower... we would like to position as premium developer... brand should transfer.