Ashiana Housing Q2 FY27 Bookings Surge 175% YoY

Value of Area Booked: INR834 crores (9.47 lakh square feet, 525 units)
Average Realization: INR8,813 per square feet (up 20% year-on-year)
Collections: INR487 crores (up 20% year-on-year, 19% sequentially)
Revenue from Operations: INR576 crores (vs. INR107 crores in Q1 FY27 and INR166 crores in Q2 FY26)
Profit After Tax (PAT): INR51 crores (vs. INR13 crores in Q1 FY27 and INR28 crores in Q2 FY26)
Construction: 7.17 lakh square feet constructed during the quarter
Deliveries: 8.63 lakh square feet delivered with handovers commencing at Ashiana Amarah Phase 1 and Ashiana Anmol Phase 3 in Gurugram
Pre-tax Operating Cash Flow: INR138 crores (vs. INR123 crores in Q2 FY26)

Value of Area Booked: INR1,192 crores (up 62% year-on-year across 13.07 lakh square feet and 759 units)
Average Realization: INR9,119 per square feet (up 25% year-on-year)
Collections: INR896 crores (up 13% year-on-year)
Revenue from Operations: INR683 crores (vs. INR458 crores in H1 FY26, up 49% year-on-year)
Profit After Tax (PAT): INR64 crores (vs. INR40 crores in H1 FY26, up 59% year-on-year)
Pre-tax Operating Cash Flow: INR259 crores (vs. INR231 crores for H1 FY26, up 12%)

Senior living business value of area booked has grown at a CAGR of ~55% from INR154 crores in FY23 to INR570 crores in FY26
Target of INR1,500 crores in annual value of area booked by 2030
Q2 FY27 senior living bookings: INR176 crores
H1 FY27 senior living bookings: INR310 crores
Confident of meeting FY27 target of INR700+ crores of senior living bookings
Recently added new land parcel in Gurugram under JDA with estimated GDV of INR1,300 crores (7.25 lakh square feet)
Five projects acquired in FY26 and FY27 so far
Senior living now accounts for total GDV of more than INR9,000 crores
Strong pipeline of launches over next 18 months
First new project Ashiana Aranya in Chennai expected to launch in Q4 FY27
Three new phase launches planned in H2 FY27
Focused category-building program to expand senior living market

Achieved return on equity of 15% in FY26
Medium-term target of crossing INR500 crores of PAT
FY27 PAT expectation: over INR250 crores
Cumulative PAT target of INR2,000 crores by FY30 (with some slippage expected into FY31)

Q2 Launches: 8.77 lakh square feet, including Ashiana OMA in Jaipur (INR402 crores through 238 units)
Rating Upgrade: CARE Ratings upgraded company's issuer rating from CARE A to CARE A+
Net Cash Position: Company maintains strong net cash position

Ashiana Anmol: Historical high land cost project affecting current margins (35% revenue share to landlord)
Ashiana Advik: Better margin project with historically owned land (land cost ~5%)
Ashiana Ekansh: Expected normalized margins (22.75% revenue share to landlord)
Ashiana Malhar: Lower margin project due to high land costs
Ashiana Swarang: Only project facing potential delivery postponement
Ashiana Aaroham Phase 3: On track for launch in Q4 FY27 with all approvals received
Ashiana Amodh Phase 1: Construction complete, expected delivery in Q4 FY27 (OC process ongoing)

Senior living focus cities: Chennai, NCR, Mumbai, Pune region, and Bengaluru
Considering Hyderabad for future expansion
Differentiated senior living products: Active Senior Living and Sophisticated Senior Living
Gross margin differential: Senior living provides ~5 percentage points higher margins than regular housing
Sophisticated Senior Living offers 2-3 percentage points extra margin

Apollo Hospitals alleged encroachment of land at Lavasa in their FY25/FY26 annual report
Matter is sub judice with no material developments
Described as a "boundary dispute" related to parcels allotted from Lavasa Corporation
No out-of-court settlement conversations ongoing

Q2 margins affected by high land cost projects (Ashiana Anmol with 35% revenue share)
Future margins expected to improve with newer projects (Ashiana Advik, Ashiana Tarang, Ashiana Ekansh, Ashiana Amodh)
No material construction cost escalation between booking and delivery

PAT target slippage: ~15-20% of INR2,000 crores cumulative PAT may slip into FY31
FY30 PAT target: INR500 crores
Capital allocation focused on senior living expansion rather than substantial dividends/buybacks

Kid-Centric Homes: Now largest part of ongoing book by value, primarily in Gurugram
Concept refinement ongoing with price increases demonstrated in Ashiana Aaroham
Senior Living Competitive Position: 22-year track record, differentiated sales channels (primarily referrals), specialized design requirements
Market size currently too small for larger developers to focus on significantly