NSE: ASHIANA · BSE: 523716
ASHIANA HOUSING LTD
Develops and sells residential homes across Indian cities, with a strong focus on Senior Living projects. In FY26, the value of area booked reached Rs 2,421.13 crores, up 25% year-on-year, with Q4 FY26 alone contributing Rs 1,289.70 crores driven by the launch of Ashiana Aaroham in Gurugram. Ongoing projects carry Rs 5,897.31 crores of locked-in revenue over the next 3-5 years, and FY26 collections hit a record Rs 1,762 crores. Senior Living is a strategic growth area, contributing Rs 570.15 crores in FY26 booking value, and the company has been expanding its land bank with 28.55 acres at Vadgaon, Pune (about 20 lakh sq ft saleable area) and 38.59 acres in Chennai and Maharashtra. Monthly sales updates for July 2026 show 6.02 lakh sq ft of area booked worth Rs 501.76 crores, while Q1 FY27 booked 3.61 lakh sq ft covering 234 units worth Rs 357.80 crores. Materials, which cover land and construction, account for 68.9% of revenue, making project cost the dominant cost driver. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Residential real estate development, Senior Living projects. Asset-heavy residential real estate developer with a senior living focus and a multi-city project pipeline.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 222 | 407 | 944 | 529 | 1,143 |
| EBITDA (ex other income) | (13) | 28 | 97 | 13 | 130 |
| margin % | (6.0) | 6.9 | 10.2 | 2.4 | 11.3 |
| Owners' profit | 0 | 0 | 0 | 18 | 0 |
| EPS, as reported (₹) | (0.64) | 2.81 | 8.33 | 1.86 | 11.99 |
| ROE % · ROCE % | (1.0) · (1.0) | 3.7 · 3.8 | 10.8 · 11.4 | 2.4 · 2.6 | 13.7 · 13.3 |
| Debt / equity (x) | 0.22 | 0.24 | 0.19 | 0.34 | 0.36 |
| Cash from operations | (62) | 12 | 212 | 234 | 342 |
| Capex | (5) | (16) | (32) | (40) | (28) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 55 | 133 | 218 | 293 | 166 | 362 | 323 | 107 |
| Profit before tax | (10) | 15 | 26 | 18 | 36 | 76 | 29 | 16 |
| Net profit | (8) | 11 | 20 | 13 | 28 | 57 | 21 | 13 |
| EPS (₹) | (0.80) | 1.11 | 2.06 | 1.31 | 2.82 | 5.66 | 2.20 | 1.36 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| DLF LIMITED | 1,64,917 | 37.1 | 3.63 | 49.7 | 9.7 | 6.0 | 8.6 | 37.1 |
| LODHA DEVELOPERS LIMITED | 1,01,079 | 24.5 | 4.31 | 20.2 | 14.6 | 15.7 | 25.1 | 40.5 |
| THE PHOENIX MILLS LTD | 67,952 | 53.1 | 4.75 | 26.3 | 10.9 | 9.9 | 32.7 | 63.4 |
| PRESTIGE ESTATE LTD | 59,932 | 52.6 | 3.58 | 17.4 | 7.8 | 6.8 | 11.8 | 38.1 |
| OBEROI REALTY LIMITED | 58,212 | 19.1 | 3.25 | 16.8 | 14.0 | 15.5 | 24.0 | 61.1 |
| GODREJ PROPERTIES LTD | 47,804 | 29.9 | 2.47 | 22.0 | 9.5 | 11.4 | 46.3 | 107.7 |
| BRIGADE ENTER. LTD | 17,613 | 20.5 | 2.34 | 13.7 | 9.6 | 6.8 | 23.9 | 41.9 |
| ANANT RAJ LIMITED | 16,622 | 28.0 | 2.86 | 22.6 | 9.6 | 10.2 | 58.7 | 32.1 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 28.5 | 20.5 | 37 of 57 | 36% |
| P/B | 4.0 | 1.9 | 58 of 64 | 10% |
| ROCE | 13.1 | 6.4 | 17 of 66 | 75% |
| ROE | 13.7 | 8.0 | 13 of 64 | 81% |
| Debt / Equity | 0.4 | 0.4 | 30 of 64 | 54% |
| EBITDA margin | 18.5 | 29.6 | 46 of 66 | 31% |
| Revenue growth | (63.3) | 12.8 | 63 of 67 | 6% |
| Profit growth | 3.0 | 7.5 | 38 of 66 | 43% |
| Market cap | 3447 | 1781 | 24 of 67 | 65% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Ashiana Housing redeems part of debentures with INR 7.50 crore payment | credit debt | medium | — | — |
| 27 Oct 2026 · CareEdge upgrades Ashiana Housing rating to CARE A+ with Stable outlook | credit debt | high | — | — |
| 21 Oct 2026 · Ashiana Housing Q2FY27 earnings call scheduled for 5 Nov 2026 | board shareholder meetings | low | — | — |
| 21 Oct 2026 · Board to approve September quarter and half-year results | results | low | — | — |
| 7 Oct 2026 · Quarterly Compliance Certificate under SEBI Regulation 74(5) | compliance | minimal | — | — |
| 1 Oct 2026 · Ashiana Housing Q2 FY27 sales update - Rs 834 crore value booked | business updates | medium | — | — |
| 1 Oct 2026 · Designated person buys 2,700 shares of Ashiana Housing via open market | ownership changes | medium | — | — |
| 30 Sept 2026 · 40th AGM: All 11 resolutions passed, final dividend INR 1.50/share declared | compliance | low | — | — |
| 29 Sept 2026 · Ashiana Housing appoints Anjali Yadav and Associates as Secretarial Auditor | management changes | medium | — | — |
| 29 Sept 2026 · Re-appointment of Independent Director at AGM | management changes | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.