Ashiana Housing Q2 FY27 results: net profit up 85.4% to ₹51.03 crore, revenue ₹575.68 crore vs ₹165.57 crore

How did Ashiana Housing perform in Q2 FY27?

Ashiana Housing’s consolidated Q2 FY27 revenue was ₹575.68 crore, up ₹410.11 crore or 247.7% from ₹165.57 crore in Q2 FY26. EBITDA rose ₹30.78 crore to ₹59.92 crore, but the EBITDA margin declined 7.2 percentage points to 10.4%. Profit before tax was ₹68.96 crore, up ₹32.81 crore from ₹36.15 crore.

Against Q1 FY27, revenue increased ₹468.24 crore to ₹575.68 crore from ₹107.44 crore. EBITDA rose ₹52.37 crore to ₹59.92 crore from ₹7.55 crore, and the margin improved 3.4 percentage points to 10.4%. Net profit increased ₹37.92 crore to ₹51.03 crore from ₹13.11 crore, while basic EPS rose to ₹5.09 from ₹1.36.

On the standalone basis, Q2 FY27 revenue was ₹550.67 crore and profit after tax was ₹51.19 crore, compared with profit before tax of ₹32.21 crore. The quarter covered July–September 2026.

What changed in Ashiana Housing's costs and profit?

Total expenses rose ₹379.34 crore to ₹519.36 crore from ₹140.02 crore in Q2 FY26. Cost of materials increased ₹41.16 crore to ₹245.51 crore, employee cost rose ₹7.23 crore to ₹30.06 crore, and other expenses increased ₹21.69 crore to ₹41.52 crore. Finance costs were ₹0.29 crore, up ₹0.09 crore, while depreciation fell ₹0.08 crore to ₹3.31 crore.

Other income increased ₹2.04 crore to ₹12.64 crore from ₹10.60 crore, while there was no exceptional item. Profit before tax rose ₹32.81 crore to ₹68.96 crore. Tax expense increased ₹9.31 crore to ₹17.93 crore, and net profit rose ₹23.50 crore to ₹51.03 crore. Management said there was no material construction cost escalation and attributed the impact to a historical, poor land transaction.

How did the first half of FY27 go?

For H1 FY27, Ashiana Housing reported consolidated revenue of ₹683.13 crore, up ₹224.79 crore or 49.0% from H1 FY26. Total income rose ₹229.19 crore or 47.9% to ₹708.09 crore, while profit before tax increased ₹31.07 crore or 57.3% to ₹85.27 crore.

Net profit for the first half increased ₹23.88 crore or 59.3% to ₹64.14 crore from ₹40.26 crore. Basic EPS rose ₹2.30 or 55.6% to ₹6.44 from ₹4.14.

What do the balance sheet and cash flow show?

Total assets increased to ₹4,551.54 crore as on 30 September 2026 from ₹4,283.71 crore as on 31 March 2026. Total equity rose to ₹909.17 crore from ₹859.46 crore, while borrowings fell to ₹303.97 crore from ₹305.24 crore. Cash declined to ₹275.25 crore from ₹325.48 crore.

Inventories increased to ₹2,912.72 crore from ₹2,701.39 crore, while trade receivables fell to ₹41.31 crore from ₹42.71 crore and trade payables declined to ₹58.59 crore from ₹81.86 crore. H1 FY27 operating cash flow was ₹35.03 crore, against ₹101.67 crore in H1 FY26; investing cash flow was ₹34.31 crore against negative ₹80.78 crore, and financing cash flow was negative ₹16.33 crore against ₹27.82 crore.

How has Ashiana Housing done over the last 8 quarters?

Revenue reached its highest level in the reported series at ₹575.68 crore in Q2 FY27, after falling to ₹107.44 crore in Q1 FY27. Net profit rose to ₹51.03 crore from ₹13.11 crore in Q1 FY27, while the EBITDA margin increased to 10.4% from 7.0%.

Across the earlier quarters, revenue was lowest at ₹133.17 crore in Q3 FY25 and net profit was lowest at ₹10.89 crore in the same quarter. The EBITDA margin bottomed at 4.0% in Q1 FY26 and peaked at 18.9% in Q3 FY26. Profit rose year on year in each of the last four quarters.

What else did the company announce?

The board approved the unaudited standalone and consolidated financial results, together with the limited review report and other annexures, for the quarter and half-year ended 30 September 2026. The meeting ran from 12:00 P.M. to 04:45 P.M. on 4 November 2026.

The company also filed a security cover certificate, a statement of deviations or variations, a statement on the use of non-convertible debenture proceeds and a declaration on any default on loans and debt securities. Its investor update included senior-living and booking information, but the same-day filings did not announce a dividend, fund raise or appointment.

What did Ashiana Housing's management say?

Management said H2 FY27 margins were expected to improve as deliveries shifted toward newer projects with more normalised margins. It said capital was being directed toward senior-living land and launches, with no substantial dividend or buyback planned. The company’s senior-living gross margins were expected to run about 5 percentage points above housing over cycles.

Management said the FY30 profit-after-tax target was about ₹500 crore and the approximately ₹2,000 crore cumulative profit-after-tax ambition had moved to around H1 FY31 from FY30. Apollo land litigation and the Malabar class action remained unresolved, while construction bans in the NCR created launch-schedule risk. Varun Gupta said, “Our strategy rests on two clear priorities: scaling our senior living business and strengthening our profitability.”

How did Ashiana Housing shares react?

Ashiana Housing’s shares moved down after the after-market filing, falling 5.1% after 5 minutes, 6.9% after 15 minutes and 7.5% after 30 minutes from the price when the results appeared. The stock closed 5.8% below its pre-results close on the reaction day, against a 2.1% median rise for other Residential Commercial Projects stocks.

The industry median gain of 2.1% meant Ashiana Housing underperformed the sector by 7.9 percentage points on the reaction day. No one-day or five-day closing reaction was available. Earlier results-day moves were mixed: the stock rose 14.2% on 10 February 2026 and fell 4.5% on 27 May 2026.

How did other Residential Commercial Projects companies do?

Among 42 Residential Commercial Projects companies that had filed for the quarter, the median revenue growth was 15.7%. Forty peers grew more slowly than Ashiana Housing, while two grew faster; Ashiana Housing’s revenue growth was 247.7%. Of the 42 peers compared on profit, 23 reported higher profit.