Ashiana Housing Limited (ASHIANA) share price
₹359.55 on NSE as of 2026-09-04. -1.91% on the day. market cap ₹3,614 Cr. P/E 29.9. 52-week range ₹273.00 to ₹396.05. Realty.
What the company does
AHL was incorporated in 1986 in Kolkata by Mr. Om Prakash Gupta. The company has been involved in real estate development activities since inception. At present, it is developing several projects, mainly residential housing projects, including sen ior living. The projects are being developed in phases and are in different stages of completion. Some of the projects are being developed in JVs with other developers.
Filed by ICRA, page 4.
Ashiana Housing Q1 FY27: Revenue ₹107 Cr, PAT ₹13 Cr, and a 28.55-Acre Bet on Retirement
At a glance
Revenue from operations for the quarter ended June 2026 came in at ₹107 Cr, against ₹293 Cr a year earlier and ₹323 Cr in the immediately preceding quarter. Profit after tax was ₹13.11 Cr, against ₹12.72 Cr a year earlier. A revenue line that fell by roughly two-thirds and a profit line that went up is the sort of arithmetic that makes a real estate P&L feel less like a report card and more like a mood ring.
Management's explanation, on record, is delivery timing: revenue recognition in the quarter was primarily driven by handover of Ashiana Nitara Phase 1 in Jaipur, while occupancy certificates for Ashiana Anmol Phase 3 and Ashiana Amarah Phase 1 — together about ₹532 Cr of revenue — arrived in mid-July, after the quarter closed. Six days of paperwork, ₹532 Cr of recognition, one quarter's worth of optics.
Bookings for the quarter were ₹358 Cr across 3.60 lakh sq ft and 234 units. Collections were ₹409 Cr, up 6% year on year per the company. Average realisation was ₹9,923 per sq ft against ₹7,245 a year earlier. The company also bought 28.55 acres at Vadgaon, Maval, near Pune — its largest ever land acquisition — with an estimated 20 lakh sq ft of saleable area and stated sales potential of about ₹1,800 Cr.
Collections of ₹409 Cr against recognised revenue of ₹107 Cr is the standard shape of a business where cash arrives on a construction schedule and revenue arrives on a handover schedule, and the two calendars have never once been introduced to each other. Pre-tax operating cash flow for the quarter was ₹121 Cr, against ₹108 Cr in Q1 FY26.
Introduction
Ashiana Housing Limited was incorporated in 1986 as Ashiana Housing and Finance India Limited, later rechristened, per CARE Ratings. It listed on the BSE in 1993 and on the NSE in 2011. Head office is in Saket, New Delhi; the registered office is on Chowringhee Road, Kolkata, which is a very 1986 arrangement and nobody has felt the need to fix it.
Per CARE's December 2025 press release, the company has cumulatively constructed over 323 lakh sq ft of residential and commercial space, and the promoters carry nearly four decades of experience in the industry. The company's own June 2026 investor presentation puts total constructed area at 349.21 lakh sq ft as on 31 March 2026, with 36 ongoing projects, 1,300+ employees and presence across eight cities: Bhiwadi, Gurugram, Pune, Chennai, Jaipur, Jamshedpur, Jodhpur and Neemrana. The company describes itself as India's No. 1 Senior Living brand, a ranking it attributes to Track2Realty, awarded nine times in a row — which is either a remarkable run or evidence that very few people wanted to compete for it, and the record only supports the first half of that sentence.
FY26 was, per the company's April 2026 filing, its highest-ever sales year: booking value of ₹2,421.13 Cr, against ₹1,936.75 Cr in FY25 and ₹1,798.22 Cr in FY24. Q4 FY26 alone contributed ₹1,289.70 Cr, driven by the launch of Ashiana Aaroham Phases 1 and 2 in Gurugram, where ₹833 Cr of area was sold at launch.
Since then: an NCD issue of ₹43.25 Cr in April 2026 for the Pune senior living project, the Vadgaon land purchase in April, the mutual termination in May of a lease agreement for a 20-acre Jaipur parcel with Mahindra World City over approval visibility, a final dividend of ₹1.50 per share recommended in May, and the Ashiana Oma launch in Jaipur in July, which converted 224 units into bookings worth ₹372.45 Cr. August 2026 bookings were 1.67 lakh sq ft worth ₹165.93 Cr, taking financial-year-to-date bookings to 11.30 lakh sq ft and ₹1,025.34 Cr.
Business model
Ashiana builds homes and then sorts them into personality types. The ongoing portfolio splits into Senior Living (23%), Kid Centric Homes (41%) and Elite & Premium Homes (36%) — a developer that has essentially organised its inventory by which stage of life the buyer is currently surviving.
The model, per the company, is in-house end-to-end execution: land treated as raw material, with construction, sales, marketing and facility management all kept inside the house. The facility management piece matters more than it sounds, because "Ashiana Maintenance Services LLP" is a consolidated subsidiary — the company that sells you the retirement community also runs it afterwards, which is a business where the customer stays for decades and can complain in person.
Senior Living is the stated differentiator. Management said on the August 2026 call that senior living presales rose from about ₹100 Cr five years ago to roughly ₹570 Cr last year, that the segment was about 10% of the business five years ago and is about 23% now, and that they expect mix to change "decisively in favour of Senior Living in the next two to three years." The pitch is demographic: India's 60+ population at 157 million in 2024 rising to a projected 346 million by 2050, per a CREDAI report cited in the presentation. Every other real estate segment prays for a cycle; this one is essentially betting on birthdays, which have historically had excellent delivery timelines.
Geography, by saleable area of ongoing projects as on 30 June 2026: Gurugram 37%, Jaipur 17%, Pune 15%, Bhiwadi 11%, Chennai and Jamshedpur 10% each, Jodhpur 6%. Ownership structures vary project by project — 100% ownership in Amarah and Vatsalya, 80% revenue share in Amodh, 65% in Malhar, 50% of profits in the Swarang partnership, 77.25% in Ekansh. The economic-interest column of the ongoing projects table has seven distinct percentages in it, which is what happens when land is raw material and every landowner has read a different book.
Total ongoing project value is ₹7,681.77 Cr, of which ₹6,183.82 Cr is booked and ₹1,497.94 Cr sits as unsold value. There are also 36.88 lakh sq ft of Premium & Elite Homes ongoing, 33.07 lakh sq ft of Kid Centric Homes, and 20.53 lakh sq ft of Senior Living, plus 38.84 lakh sq ft of future projects and 50.40 lakh sq ft of land available for future development.
Quarterly results, balance sheet, cash flow, ratios, shareholding and the filings themselves are on the full page for Ashiana Housing Limited.
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