Ashiana Housing (523716) Q2 26/27 earnings summary

Executive summary

• Q2 FY27 consolidated revenue was ₹575.48 crore vs ₹165.77 crore YoY; net profit was ₹51.03 crore vs ₹27.54 crore. H1 revenue reached ₹682.93 crore and PAT ₹64 crore.

• Q2 bookings were ₹834 crore across 9.47 lakh sq. ft.; H1 bookings rose 62% YoY to ₹1,192 crore.

• Strategy prioritizes senior living growth and margin improvement as higher-cost legacy projects give way to newer deliveries.

Financial highlights

• Q2 revenue from operations was ₹575.69 crore, up 248% YoY; EBITDA was ₹59.93 crore, up 106%, while PBT was ₹68.96 crore, up 91%.

• Q2 EBITDA margin was 10.41% vs 17.59% YoY; PAT margin was 8.67% vs 15.63%. Diluted EPS was ₹5.09 vs ₹2.82.

• H1 EBITDA was ₹67.47 crore, up 65% YoY; EBITDA margin improved to 9.88% from 8.94%, and diluted EPS rose 57% to ₹6.44.

• H1 bookings rose 62% YoY; area booked increased 30%, realization rose 25% to ₹9,119/sq. ft., and collections grew 13% to ₹896 crore.

• Q2 collections were ₹487 crore vs ₹407 crore YoY; pre-tax operating cash flow was ₹138 crore vs ₹123 crore, and H1 was ₹259 crore vs ₹231 crore.

Outlook and guidance

• FY27 PAT is expected to exceed ₹250 crore; management targets ₹500 crore PAT in FY30 and the cumulative ₹2,000 crore PAT goal by H1 FY31, with some projects shifting into FY31.

• Senior living bookings target exceeds ₹700 crore in FY27; H1 bookings were ₹310 crore, with the annual target described as on track. Annual bookings target is ₹1,500 crore by FY30.

• Planned launches include Ashiana Aranya in Chennai in Q4 FY27, three new phases in H2, and a Bengaluru senior living project in late FY28 or H1 FY29.

• Management anticipates a pre-sales dip in FY27–FY28; most deliveries are expected on schedule except Ashiana Swarang, while Amodh Phase 1 remains targeted for Q4.

• Ongoing projects represent ₹7,967.99 crore of value expected to be recognized over 3–5 years; ₹1,509.68 crore of unsold value may contribute as units are sold and delivered.