Ashiana Housing Ltd.
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ABOUT
AI Sector View
AI GENERATEDRealty
Housing and construction indicators remain supportive for real estate. The housing index reached 105 (Mar/26), residential property prices rose 4.21% (Mar/26), construction output was 5.4% (Jul/26), and cement output accelerated to 13.1% YoY (2026-07). Bank lending rates are steady at 8.96% (Aug/26) rather than easing, but FPI flows turned positive with INR 1999 crore net inflow over 3 months to 2026-08-31 from INR -7216 crore previously.
PROS
- Operating margins have improved to 17.4% from 9.6%
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 3.57x)
- Company generates healthy free cash flow
- Company has a consistent dividend-paying track record
- Company maintains a comfortable, low leverage position
CONS
- A large part of profit comes from other income (89.9% of PBT)
- Receivables are growing faster than sales - a possible quality concern
- Company has a low return on equity of 5.5% over last 3 years
- Company has a low return on capital employed of 9.5%
- Interest coverage is weak at 1.5x - earnings barely cover interest
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| DLF | 681.20 | 37.93 | 168618.23 | 1.17 | 793.90 | -89.59 | 1280.34 | -52.87 | 6.81 | 49.68 |
| LODHA | 1214.40 | 29.41 | 121345.67 | 0.35 | 1373.10 | 103.39 | 4996.70 | 43.10 | 16.89 | 38.51 |
| PHOENIXLTD | 1940.40 | 54.22 | 69403.81 | 0.13 | 394.51 | 22.95 | 1074.94 | 12.80 | 15.41 | 59.77 |
| PRESTIGE | 1608.00 | 60.81 | 69261.42 | 0.12 | 271.40 | -12.87 | 2675.10 | 15.94 | 11.51 | 31.75 |
| OBEROIRLTY | 1875.00 | 25.93 | 68175.42 | 0.43 | 543.51 | 29.02 | 1300.89 | 31.73 | 17.69 | 56.75 |
| GODREJPROP | 1990.00 | 37.46 | 59944.07 | 0.50 | 349.38 | -41.61 | 506.17 | 16.48 | 8.37 | -57.98 |
| BRIGADE | 696.00 | 32.68 | 22707.65 | 0.22 | 216.94 | 37.35 | 1115.55 | -12.93 | 11.02 | 32.33 |
| ANANTRAJ | 624.80 | 38.86 | 22485.11 | 0.16 | 149.19 | 18.50 | 631.40 | 6.58 | 12.23 | 29.53 |
| ABREL | 1372.05 | 115.87 | 15325.21 | 0.18 | -34.59 | -27.73 | 188.85 | 30.95 | -4.54 | -30.02 |
| SOBHA | 1259.40 | 58.40 | 13469.77 | 0.48 | 50.85 | 273.37 | 1278.15 | 50.03 | 6.96 | 6.07 |
| SIGNATURE | 796.95 | 10.74 | 11211.97 | 0.00 | -16.53 | -148.00 | 551.99 | -36.24 | 34.77 | -8.10 |
| ASHIANA | 360.05 | 30.60 | 3619.40 | 0.42 | 13.11 | 3.07 | 107.44 | -63.30 | 8.78 | 7.01 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 105 | 327 | 165 | 277 | 104 | 38 | 115 | 201 | 274 | 146 | 343 | 300 | 84 | |
| 97 | 294 | 135 | 256 | 109 | 47 | 96 | 182 | 261 | 116 | 273 | 279 | 78 | |
| Operating Profit | 8 | 33 | 30 | 20 | -4 | -9 | 19 | 20 | 12 | 30 | 70 | 21 | 5 |
| OPM % | 7.71% | 9.96% | 18.15% | 7.31% | -4.31% | -23.29% | 16.75% | 9.72% | 4.48% | 20.43% | 20.33% | 7.07% | 6.40% |
| 7 | 4 | 5 | 7 | 4 | 4 | -0 | 12 | 9 | 15 | 11 | 12 | 11 | |
| Interest | 1 | 1 | 0 | 0 | 2 | 1 | 1 | -0 | 0 | 0 | 0 | 1 | 0 |
| Depreciation | 2 | 2 | 2 | 2 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 |
| Profit before Tax | 13 | 35 | 32 | 25 | -4 | -9 | 15 | 27 | 18 | 41 | 77 | 30 | 16 |
| Tax % | 14.92% | 24.10% | 20.01% | 29.24% | -20.54% | 20.88% | 27.08% | 25.98% | 28.02% | 21.62% | 25.71% | 26.74% | 20.17% |
| Net Profit | 11 | 26 | 26 | 17 | -5 | -7 | 11 | 20 | 13 | 32 | 57 | 22 | 13 |
| 1.07 | 2.62 | 2.56 | 1.73 | -0.51 | -0.75 | 1.12 | 1.99 | 1.30 | 3.27 | 5.68 | 2.24 | 1.34 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 506 | 356 | 289 | 302 | 262 | 202 | 172 | 353 | 878 | 457 | 873 | |
| 362 | 261 | 232 | 261 | 267 | 192 | 166 | 297 | 770 | 377 | 747 | |
| Operating Profit | 144 | 95 | 57 | 40 | -5 | 10 | 6 | 55 | 108 | 79 | 126 |
| OPM % | 28.51% | 26.77% | 19.79% | 13.40% | -1.74% | 4.71% | 3.73% | 15.70% | 12.28% | 17.39% | 14.45% |
| 14 | 14 | 12 | 11 | -6 | 16 | 6 | 12 | 24 | 21 | 48 | |
| Interest | 6 | 10 | 13 | 17 | 17 | 13 | 17 | 28 | 18 | 59 | 1 |
| Depreciation | 8 | 8 | 7 | 8 | 9 | 9 | 8 | 8 | 9 | 12 | 13 |
| Profit before Tax | 145 | 92 | 48 | 26 | -36 | 3 | -12 | 32 | 104 | 29 | 164 |
| Tax % | 25.35% | 26.69% | 19.90% | 33.28% | 22.68% | -17.86% | 51.02% | 16.38% | 22.93% | 35.37% | 24.32% |
| Net Profit | 108 | 67 | 39 | 18 | -28 | 4 | -6 | 27 | 80 | 18 | 124 |
| EPS | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.46 | -0.64 | 2.72 | 7.98 | 1.83 | — |
| Dividend Payout % | 4.74% | 3.81% | 6.60% | 14.47% | -10.89% | 112.77% | -155.31% | 18.91% | 18.80% | 136.33% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 14%
- 5 Years:
- 12%
- 3 Years:
- 38%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- -9%
- 5 Years:
- —
- 3 Years:
- —
STOCK PRICE CAGR
- 10 Years:
- 8%
- 5 Years:
- 16%
- 3 Years:
- 20%
- 1 Year:
- 14%
RETURN ON EQUITY
- 10 Years:
- 5%
- 5 Years:
- 3%
- 3 Years:
- 5%
- Last Year:
- 2%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 20 | 20 | 20 | 20 | 20 | 20 | 20 | 20 | 20 | 20 |
| 630 | 703 | 746 | 765 | 734 | 735 | 721 | 743 | 751 | 744 | |
| 72 | 91 | 136 | 162 | 136 | 64 | 175 | 185 | 148 | 272 | |
| Trade Payables | 19 | 13 | 16 | 11 | 20 | 23 | 24 | 36 | 48 | 69 |
| 435 | 390 | 293 | 204 | 216 | 442 | 842 | 1,118 | 1,331 | 2,286 | |
| Total Liabilities | 1,177 | 1,218 | 1,211 | 1,163 | 1,126 | 1,285 | 1,781 | 2,103 | 2,299 | 3,391 |
| 63 | 59 | 54 | 62 | 68 | 56 | 52 | 48 | 73 | 96 | |
| Capital Work in Progress | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3 | 0 | 0 |
| 180 | 192 | 206 | 168 | 112 | 105 | 115 | 80 | 79 | 169 | |
| 614 | 669 | 637 | 625 | 620 | 741 | 1,247 | 1,529 | 1,526 | 2,284 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 25 | 22 | |
| Cash & Bank | 88 | 33 | 18 | 35 | 66 | 124 | 95 | 113 | 182 | 362 |
| 232 | 265 | 295 | 273 | 261 | 259 | 272 | 330 | 414 | 457 | |
| Total Assets | 1,177 | 1,218 | 1,211 | 1,163 | 1,126 | 1,285 | 1,781 | 2,103 | 2,299 | 3,391 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| -74 | -37 | -49 | -8 | 52 | 119 | -80 | 8 | 201 | 252 | |
| Cash from Investing | 139 | -7 | 19 | 28 | 57 | 13 | -25 | 30 | -4 | -119 |
| Cash from Financing | 20 | 1 | 24 | 4 | -60 | -73 | 82 | -13 | -128 | 52 |
| 57 | -55 | -15 | 17 | 31 | 58 | -29 | 18 | 69 | 180 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| PER SHARE | ||||||||||
| EPS (₹) | 10.55 | 6.55 | 3.79 | 1.73 | -2.75 | 0.35 | -0.58 | 2.64 | 7.98 | 1.83 |
| Book Value (₹) | 63.56 | 70.68 | 74.89 | 76.71 | 73.69 | 73.86 | 72.42 | 74.63 | 76.69 | 76.06 |
| Dividend per Share (₹) | 0.50 | 0.25 | 0.25 | 0.25 | 0.30 | 0.40 | 0.90 | 0.50 | 1.50 | 2.50 |
| Cash EPS (₹) | 11.32 | 7.32 | 4.49 | 2.51 | -1.87 | 1.19 | 0.17 | 3.39 | 8.88 | 3.07 |
| PROFITABILITY | ||||||||||
| Operating Margin % | 31.35% | 30.81% | 23.89% | 16.97% | 2.65% | 12.44% | 9.56% | 19.15% | 12.28% | 17.39% |
| Net Margin % | 21.35% | 18.85% | 13.41% | 5.86% | -10.75% | 1.80% | -3.45% | 7.67% | 9.13% | 4.04% |
| ROE % | 18.44% | 9.77% | 5.20% | 2.28% | -3.66% | 0.48% | -0.79% | 3.60% | 10.45% | 2.40% |
| ROCE % | 23.65% | 13.31% | 7.22% | 4.68% | -2.14% | 1.97% | 0.55% | 6.48% | 13.13% | 9.01% |
| 9.46% | 5.60% | 3.19% | 1.49% | -2.46% | 0.30% | -0.39% | 1.39% | 3.64% | 0.65% | |
| EFFICIENCY | ||||||||||
| Debtor Days | 9 | 17 | 18 | 15 | 20 | 28 | 26 | 17 | 10 | 19 |
| Inventory Days | 427 | 658 | 825 | 763 | 866 | 1232 | 2109 | 1436 | 635 | 1523 |
| Payable Days | 34 | 70 | 66 | 41 | 50 | 117 | -2907 | 242 | 34 | -1486 |
| 402 | 605 | 778 | 737 | 835 | 1143 | 5042 | 1211 | 611 | 3027 | |
| FINANCIAL HEALTH | ||||||||||
| Debt to Equity (x) | 0.10x | 0.12x | 0.17x | 0.20x | 0.16x | 0.07x | 0.22x | 0.24x | 0.19x | 0.34x |
| Interest Coverage (x) | 24.91x | 9.87x | 4.61x | 2.59x | -1.15x | 1.23x | 0.28x | 2.18x | 6.66x | 1.48x |
| 2.39x | 2.75x | 2.88x | 4.44x | 3.65x | 2.43x | 1.87x | 1.68x | 1.56x | 1.37x | |
| GROWTH | ||||||||||
| Revenue Growth % | 320.87% | -29.64% | -18.81% | 4.44% | -13.09% | -23.17% | -14.65% | 105.14% | 148.88% | -47.99% |
| Operating Profit Growth % | 163.79% | -30.86% | -37.05% | -25.80% | -86.43% | 260.86% | -34.46% | 311.08% | 94.64% | -20.13% |
| Net Profit Growth % | 136.48% | -37.89% | -42.23% | -54.37% | -259.45% | 112.88% | -263.40% | 556.18% | 196.39% | -77.01% |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 201.78% | -77.01% | |
| VALUATION | ||||||||||
| P/E (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 34.43x | 160.68x |
| P/B (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 3.58x | 3.87x |
| Dividend Yield % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.55% | 0.85% |
| 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 20.73x | 27.24x |
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-03 - Ashiana Housing Limited has informed the Exchange regarding penalty imposed by Rajasthan RERA Authority for delay in submission of CC/OC on RERA Website
2026-09-03 - Ashiana Housing Limited has informed the Exchange about Order received under Section 74 of the TNGST Act, 2017
2026-09-01 - Ashiana Housing Limited has informed the Exchange about performance of the company for the month ended 31st August 2026, as per the details mentioned in the pdf attached.
2026-08-24 - Ashiana Housing Limited has informed the Exchange regarding payment of Interest and Partial Redemption i.r.o of Non- Convertible debentures listed on BSE bearing ISIN INE365D08026
2026-08-19 - Ashiana Housing Limited has informed the Exchange about Schedule of meet
2026-08-17 - Ashiana Housing Limited has informed the Exchange about Transcript for Earnings Call for analysts and investors held on 12th August 2026 to discuss the performance of the company for the quarter ended on 30th June 2026
2026-08-13 - Ashiana Housing Limited has informed the Exchange about payment of interest on 12th August 2026 i.r.o Non-Convertible Debentures bearing ISIN:INE365D07085, listed on BSE Ltd.
2026-08-13 - Ashiana Housing Limited has informed the Exchange about Copy of Newspaper Publication for the Un- Audited Financial Results for quarter ended June 30, 2026
2026-08-12 - Ashiana Housing Limited has informed the Exchange about Link of Recording for Investor Call for Q1FY27 held on 12th August 2026
News
Recent coverage and analyst commentary for ASHIANA
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