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Revenue
₹362 Cr
verified against source
Revenue YoY
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reported change
EBITDA
Pending
latest reported figure
Source
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Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
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. The company surpassed its FY26 pre-sales target of ₹2,000 crore early, led by the Ashiana Arohann project in Gurugram contributing ₹767 crore at launch. Management highlighted a strategic pivot toward senior living, which now commands premium pricing and offers more stable, less cyclical revenue. Key launches in Q4 and next year (Ashiana Omar in Jaipur) are expected to sustain momentum. The company targets 20%+ ROE in the next 3-4 years, supported by improving margins and disciplined execution. Risks include delays in land acquisitions (Bangalore, Pune, Jaipur) due to pending approvals and potential impact of GRAP restrictions in Delhi NCR on construction timelines.
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Guidance to track
- Management expects next year's pre-sales to be in a similar ballpark, with main launch being Ashiana Omar in Jaipur.
- Current ROE close to 15%; management expects improvement to 20% and beyond, possibly crossing next year.
- Positive movement on CP resolution; Jaipur remains slow. Active discussions for 2-3 more land parcels.
- Breakdown includes ₹7,200 crore from projects under development/delivered, plus Arohann (~₹1,100 crore) and future phases (~₹2,000 crore).
Risks flagged
- Three announced acquisitions (Bangalore, Pune, Jaipur) have not closed due to conditions precedent; Jaipur has seen little progress.
- Q3 was impacted by GRAP-related restrictions in Delhi NCR, causing a sequential decline in area constructed.
- Customers have filed litigation regarding regulatory approvals and maintenance charges; management believes they have a strong case but litigation is ongoing.
- Management acknowledged that first projects in new cities (e.g., Bangalore) typically have lower margins due to learning costs, despite underwriting at 30% gross margins.
Key quotes
- We have surpassed our FY26 pre-sales target of rupees 2,000 crores driven by strong booking conversions in Ashana Arohann project in Gurugram which contributed around 767 crores in sales on launch.
- The pivot will become towards senior living and senior living will improve realizations on average for us.
- We are trying to make our business a little bit cycle resistant and in that regard we want to move our business more towards senior living.
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