Ashiana Housing's CARE rating rises to A+ as it adds a Gurugram senior-living site

Ashiana Housing's issuer rating and six of its non-convertible debenture (NCD) ratings were raised to CARE A+ with a Stable outlook by CARE Edge, effective 26 October 2026. The rating agency moved them from CARE A (Stable). It based the decision on the company's audited figures for FY26 and unaudited figures for the June 2026 quarter. Three days later, on 29 October 2026, the company disclosed under Regulation 30 of the SEBI (LODR) Regulations, 2015, that it had signed a joint development agreement (JDA) for a senior-living project in Sector 78, Gurugram.

First quarter: revenue down, profit steady

The company's consolidated revenue from operations for the quarter ended 30 June 2026 (Q1 FY27) was ₹107.44 crore. That is down 67% from ₹322.82 crore in the March 2026 quarter and down 63% from ₹292.72 crore a year earlier. Consolidated net profit was ₹13.11 crore, down 38% from ₹20.98 crore in the previous quarter but up 3% from ₹12.72 crore in Q1 FY26.

The company's own figures show the quarter's other measures:

• EBITDA of ₹7.54 crore, a margin of 7.02%, against ₹11.84 crore a year earlier.
• Pre-tax operating cash flow of ₹121 crore, up from ₹108 crore a year earlier but down from ₹167 crore in the March quarter.
• Collections of ₹409 crore, with average realisation of ₹9,923 per sq ft.
• Bookings of ₹357.80 crore for 3.61 lakh sq ft across 234 units. June 2026 alone accounted for ₹130.37 crore of booked value.

For the full year, FY26 revenue was ₹1,143 crore and profit after tax was ₹118 crore. Net cash rose to ₹785 crore at March 2026, from ₹445 crore a year earlier. Management said the company's full-year FY27 guidance stands despite the weak first quarter.

Rating and debt

CARE Edge's upgrade lifts the company's rated debt to the A+ band. The company also said in its filings that it raised ₹43.25 crore through unsecured, rated, listed NCDs in the quarter, and that it had started redeeming NCDs issued to ICICI Prudential. It redeemed ₹31.25 crore, which is 25% of that issue, in the quarter. The remaining ₹93.75 crore is due over the next three financial years.

A separate third-party research note dated 2 November 2026 kept the stock at 'Hold', with a Mojo Score of 60.0. The note graded quality as solid, valuation as expensive, the near-term financial trend as flat and technical indicators as mildly bullish. Its stated view is that new positions should not be started aggressively, while existing holdings need not be sold unless fundamentals or market conditions deteriorate. The score was 65.0 on 22 September 2026.

Sector 78 site and what comes next

The Sector 78 land covers about 4.4125 acres and is earmarked for a senior-living project. The company expects a saleable area of about 7.25 lakh sq ft and sales potential of about ₹1,300 crore. The filing does not give the cost or the revenue-sharing terms of the JDA, and it gives no launch date, phasing or RERA registration. The company is now moving from the agreement stage to planning and approvals. Joint development arrangements of this kind let a developer take on a project without paying for the land outright, but the terms here remain undisclosed.

Investors will look at three dates. The board meets on 4 November 2026 to approve unaudited results for the quarter and half-year ended 30 September 2026. The company has scheduled a conference call for 5 November 2026. The company has also said that half-year pre-sales could reach about ₹1,050 crore to ₹1,100 crore, helped by the July launch of Ashiana Oma, against a full-year target of about ₹2,200 crore. The number to watch is whether second-quarter revenue reflects the occupancy certificates the company says it received in mid-July for two large projects.