Ashiana Housing (523716) Q4 24/25 earnings summary

Executive summary

• FY25 saw steady operational progress with a 7.7% year-over-year increase in value of area booked to INR 1,936.75 crores, driven by improved realization per sq ft and favorable project mix, despite delivery delays shifting revenue to FY26.

• Senior living segment grew rapidly, now comprising 33% of the saleable area pipeline, with pre-sales expected to cross INR 450 crores in FY26.

• Q4FY25 revenue rose 64% sequentially to INR 229.48 crores, with PAT at INR 20.34 crores, reflecting higher deliveries.

• Highest-ever pre-tax operating cash flow from operations achieved in FY25 at INR 429.9 crores.

• Credit rating for bank facilities reaffirmed at ICRA A stable.

Financial highlights

• FY25 revenue was INR 557.45 crores, down from INR 966.52 crores in FY24 due to project delivery delays.

• PAT for FY25 was INR 18.24 crores, a significant decline from INR 83.4 crores in FY24, mainly due to lower revenue.

• Q4FY25 sales value was INR 574.72 crores, up 26.5% year-over-year.

• FY25 EBITDA margin was 8.29%, down from 12.34% in FY24; net profit margin at 3.27%.

• Debt to equity ratio increased to 0.34 in FY25 from 0.17 in FY24.

Outlook and guidance

• Targeting INR 2,000 crores in bookings for FY26, with visibility to maintain this level into FY27 as new projects launch.

• FY26 revenue expected around INR 1,200 crores, with margins remaining subdued due to legacy projects; significant margin improvement anticipated from FY27.

• Focus on scaling senior living, aiming for INR 1,000 crores+ pre-sales annually in the medium term.

• Land bank of 63.6 lakh sq ft available for future development, supporting long-term growth.

• Revenue of INR 4,364.29 crores already locked in over the next three years from ongoing projects.