Ashiana Housing's September-quarter profit rises to ₹51 crore on project handovers

Ashiana Housing reported a consolidated net profit of ₹51.03 crore for the quarter ended 30 September 2026, up from ₹27.54 crore in the same quarter of FY26. Revenue for the quarter rose to ₹575.48 crore from ₹165.77 crore a year earlier. The board approved the results on 4 November 2026 after review by its Audit Committee.

The company linked the jump in revenue mainly to its project delivery schedule. In the quarter it began handovers at Ashiana Amarah in Gurugram Phase 1 and Ashiana Anmol in Gurugram Phase 3. It also completed the conversion of 222 of the 280 units at Ashiana OMA in Jaipur, Phases 1 and 2. The company reported an operating margin of 13.67 per cent for the quarter.

Revenue for a developer depends on when homes are handed over, so quarter-on-quarter figures can swing widely. The company's earlier quarter shows this. Its Q1 FY27 net profit was ₹13.11 crore, down 38 per cent from the previous quarter, as handovers lagged.

Bookings and the full-year target

In its operating update for the quarter, the company reported bookings of 9.46 lakh sq ft worth ₹834.40 crore across 525 units. Year-to-date bookings stood at ₹1,192.04 crore for 13.07 lakh sq ft. For the full year FY26, the company reported its highest-ever booking value of ₹2,421 crore and a profit after tax of ₹118 crore, against ₹18 crore in FY25.

On the FY27 target, the company reaffirmed a presales guidance of ₹2,200 crore in August 2026. In September, Managing Director Vishal Gupta said bookings this year would be broadly similar to last year, when pre-sales were over ₹2,400 crore. Investors will want to see which figure the company uses on its call. In the same interview, Gupta said delays in building plan approvals, RERA processes and compliance were affecting affordability. He said: “There is a delay in building plan approvals. There is a delay in RERA. There are delays in compliance, which is affecting our affordability.”

Debt, cash and land

• The company says it has no outstanding defaults on loans or listed non-convertible debentures.
• Outstanding listed debt stands at ₹286.62 crore.
• Statutory auditors issued an unmodified review report, confirming adequate security cover as required by the Debenture Trust Deed as of 30 September 2026.
• The board has approved unsecured debt issuance of up to ₹150 crore.
• The company plans to spend about ₹1,000 crore on land this fiscal. Gupta said it has enough cash to fund the purchases.

Two land deals were disclosed in recent months. On 29 October 2026 the company disclosed a joint development agreement for a senior living project on about 4.4125 acres in Sector 78, Gurugram, with an approximate sales potential of ₹1,300 crore. The company has not announced a construction timeline or launch date for this site. In the April to June quarter it bought 28.55 acres outright in Pune, which it says can support about 20 lakh sq ft of saleable area and ₹1,800 crore of revenue potential.

The company also faces some open items. In early September 2026, it received a GST demand of ₹3.45 crore from Tamil Nadu authorities and plans to appeal before the Commissioner (Appeals). Management said the demand would have no significant impact on financial performance.

What to watch next

The company’s results call is scheduled for 5 November 2026 at 4:00 PM IST. Investors will look for the company’s view on converting bookings into handovers and collections, and for a clear FY27 presales figure. The next steps on the Sector 78 project and the pace of land purchases will also show whether the ₹1,000 crore spending plan is on track.