Ashiana Housing Q2 FY27 net profit rises to Rs 51.03 crore on revenue of Rs 575.48 crore

What was reported

Ashiana Housing, the Gurugram-headquartered realty company listed on the NSE and BSE, reported consolidated results for the quarter ended 30 September 2026 (Q2 FY27). The Audit Committee reviewed the results and the Board approved them on 4 November 2026.

Revenue for the quarter was Rs 575.48 crore, against Rs 165.77 crore in the same quarter last year. Net profit was Rs 51.03 crore, against Rs 27.54 crore in Q2 FY26. A business news report on the results put the operating margin at 13.67 per cent.

The company attributed the revenue jump largely to its project delivery schedule, meaning units handed over to buyers in the quarter were recognised as revenue.

Context: a weaker first quarter

The Q2 result follows a weaker first quarter. In Q1 FY27 (April to June 2026), revenue fell 63 per cent year on year as handovers lagged, while profit after tax was about Rs 13 crore, helped by a higher margin. Net profit for Q1 was Rs 13.11 crore, a 38 per cent fall quarter on quarter, which the company linked to lower project handovers.

The Q2 figures therefore reflect a sharp swing in handovers from one quarter to the next. Real estate revenue recognition is uneven by nature, so one quarter's numbers are a weak guide to the next.

Handovers and bookings

The company said it converted 222 of the 280 units in Ashiana OMA, Jaipur (Phases 1 and 2). Handovers also began in Q2 FY27 at Ashiana Amarah, Gurugram (Phase 1) and Ashiana Anmol, Gurugram (Phase 3).

In its operating update of about 1 October 2026, Ashiana Housing reported bookings of 9.46 lakh sq ft worth Rs 834.40 crore across 525 units in Q2 FY27. Year-to-date bookings stood at Rs 1,192.04 crore across 13.07 lakh sq ft. For comparison, Q2 FY26 booking value was Rs 303.43 crore.

For the full year FY26, the company reported its highest booking value at Rs 2,421 crore, up 25 per cent, and full-year profit after tax of Rs 118 crore against Rs 18 crore in FY25.

Guidance on FY27 pre-sales

Two management statements on FY27 pre-sales differ. In August 2026, the company reaffirmed full-year pre-sales guidance of Rs 2,200 crore, citing July collections and a shift towards its senior living segment. In a September 2026 interview, Managing Director Vishal Gupta said FY27 bookings should be more or less the same as FY26, which saw pre-sales of over Rs 2,400 crore.

Debt and credit position

The company said it has no outstanding defaults on loans or listed non-convertible debentures. Statutory auditors issued an unmodified review report, confirming that adequate security cover was maintained as required by the Debenture Trust Deed as of 30 September 2026. Total outstanding listed debt is Rs 286.62 crore.

The board has approved unsecured debt issuance of up to Rs 150 crore.

Land plans and new projects

In a PTI interview published on 20 September 2026, Vishal Gupta said the company will invest about Rs 1,000 crore in FY27 to buy land parcels for housing projects, and that it has enough cash to fund the spend. The acquisitions will be a mix of outright purchases and joint development with landowners.

In Q1 FY27, the company bought 28.55 acres in Pune on an outright basis. The planned project there has a saleable area of about 20 lakh sq ft and revenue potential of Rs 1,800 crore.

On 29 October 2026, the company disclosed under Regulation 30 of the SEBI LODR Regulations, 2015, that it had signed a Joint Development Agreement for a senior living project on about 4.4125 acres in Sector 78, Gurugram, Haryana. The approximate sales potential is Rs 1,300 crore, and the saleable area on completion is about 7.25 lakh sq ft. The disclosure was made by Company Secretary Nitin Sharma. The announcement gives no construction timeline, launch date or phasing for this site.

Policy concerns raised by management

In the September 2026 interview, Gupta said affordability is being hurt by delays in building plan approvals and in RERA processes, along with compliance delays. He also said the absence of input tax credit on GST in real estate is affecting affordability significantly. Gupta also heads CREDAI-NCR.

Other recent items

• Early September 2026: the company received a GST demand of Rs 3.45 crore from Tamil Nadu authorities. It plans to appeal before the Commissioner (Appeals) and says the impact on financial performance is not significant.
• Around 8 September 2026: the company paid a penalty of Rs 3,99,000 to Rajasthan RERA over its Ashiana Dwarka Phase-5 project in Jodhpur.
• Senior living: the company says it has delivered more than 3,090 senior living units and has about 2,850 units under construction across nine live projects. It has also set a target of deriving 50 per cent of revenue from senior living by 2030.
• Chennai: a 50:50 joint venture with Arihant Foundations & Housing, Kairav Developers Ltd, is developing the Ashiana Swarang senior living project, announced in August 2024 with an investment of Rs 225 crore.

What comes next

The results conference call is scheduled for 5 November 2026 at 4:00 pm IST. Management is expected to discuss the quarter's handovers, bookings guidance and the FY27 land plan on that call.

Items to track over the next quarters include whether handovers at Amarah and Anmol in Gurugram continue, whether the Rs 1,000 crore land spend converts into new launches, and how the company reconciles its two pre-sales guidance figures for FY27.