Ashiana Housing (523716) Q2 25/26 earnings summary

Executive summary

• Q2 FY26 saw steady operational progress with consistent sales and strong cash flow generation, despite lower revenue and bookings compared to Q1 FY26 and Q2 FY25.

• PAT in Q2 FY26 rose to INR 27.54 crores from INR 12.72 crores in Q1 FY26 and a loss of INR 7.55 crores in Q2 FY25, driven by higher-margin project deliveries and recoveries.

• Major launches included Ashiana Swarang Phase II in Chennai, Ashiana Aravali, Tarang Phase 6, and handovers for Advik Phase 1 and Tarang Phase 4B in Bhiwadi.

• The company resolved a long-pending dispute in Kolkata, resulting in a one-time gain of INR 18.5 crores.

• Unaudited standalone and consolidated financial results for the quarter and half-year ended 30th September 2025 were reviewed and approved by the Board on 12th November 2025.

Financial highlights

• Q2 FY26 revenue was INR 176.18 crores, down from INR 302.72 crores in Q1 FY26 but up from INR 59.53 crores in Q2 FY25.

• PAT for Q2 FY26 stood at INR 27.54 crores, up from INR 12.72 crores in Q1 FY26 and a loss of INR 7.55 crores in Q2 FY25.

• Pre-tax operating cash flow for Q2 FY26 was INR 122.62 crores, up from INR 108.10 crores in Q1 FY26 and INR 78.18 crores in Q2 FY25.

• EBITDA margin in Q2 FY26 improved to 22.55% from 7.20% in Q1 FY26 and -11.32% in Q2 FY25.

• Standalone net profit for Q2 FY26 was ₹3,220 lakhs, up from a loss of ₹701 lakhs in Q2 FY25; consolidated net profit was ₹2,754 lakhs, up from a loss of ₹755 lakhs year-over-year.

Outlook and guidance

• FY26 pre-sales target is INR 2,000 crores, with major launches (Amarah and Aaroham) expected in Q4.

• Revenue of INR 4,758.27 crores is locked in over the next 3-4 years from ongoing projects, with an additional INR 1,113.15 crores expected from unsold inventory.

• Net profit margins are expected to reach low double digits (~10-11%) for FY26, improving further in FY27 and significantly in FY28 as the project mix shifts to higher-margin developments.

• By FY28, margins are projected to be in the mid-to-high teens, and ROE is expected to cross 20%.

• Future projects pipeline includes 51.78 lakh sq ft saleable area across multiple cities.