Future growth expectations in earnings/operating earnings/profits/EPS?

FY25 revenues expected around Rs. 700-750 crores; rising to Rs. 1,100 crores in FY26 and Rs. 1,700 crores in FY27 (Page 14). EBITDA margins projected to increase from about 9% in FY25 to 12%-13% in FY26, expanding further to around 20% by FY27 (Pages 10 & 14). Profit margins anticipated to grow from approximately 9% PAT in FY25 to low teens (~12%-13%) in FY26 and 20% net profit margin from FY27 onwards (Pages 10 & 11). Operating cash flows remain strong with Rs. 150+ crores pre-tax cash flows in H1 FY25 (Page 10). Cumulative profits of about Rs. 2,000 crores expected from ongoing and future pr

Current/ Expected Orderbook/ Pending Orders?

Ashiana Housing Limited's expected revenues (orderbook) by financial year (slide 16 reference): - FY25: Rs. 700-750 crores - FY26: About Rs. 1,100 crores - FY27: Around Rs. 1,700 crores The company expects to generate about Rs. 2,000 crores of profits cumulatively from ongoing and future projects (excluding land deals) from April 2024 to March 2030. Pre-sales guidance for FY25 remains at Rs. 2,000 crores. Inventory includes completed projects with decreasing unsold stock: - Ashiana Town inventory expected to be cleared in next 3-4 quarters. - Ashiana Surbhi inventory to be cleared

Any current/future capex/capital investment/strategic investment?

Ashiana Housing Limited is looking to deploy capital in Bhiwadi by acquiring land for at least one new project. The company has recently done land deals in Jaipur (expected closure early next quarter) and Bangalore (CPs expected mid next quarter). Bangalore is a new market for Ashiana, with a launch expected in 12-18 months due to setting up approvals, sales offices, and show flats. No active ongoing negotiations for new land in Gurgaon due to expensive land prices; focus is on other neighborhoods with commercial viability. The capital required for land acquisition will be raised as needed, ma

Future growth expectations in sales/revenue/volumes?

FY25 revenue expected around Rs. 700-750 crores, rising to about Rs. 1,100 crores in FY26 and Rs. 1,700 crores in FY27 (Page 14). Pre-sales guidance maintained at Rs. 2,000 crores for FY25 (Page 4, 10). Volume growth anticipated through project deliveries, including Ashiana Amarah, Nitara, Ekansh, Swarang, Amodh Phase-2, and Tarang in H2 FY25 (Page 7). Profit margins to improve from about 9% in FY25 to 12%-13% in FY26, expanding to approximately 20% from FY27 onwards (Page 10, 11, 14). Bhiwadi market outlook positive with consistent inventory clearance and plans to acquire new land for future

Any current/future new fundraising through debt or equity?

Ashiana Housing plans to raise funds mainly through debentures or loans. They have a Rs. 225 crore investment platform tied up with IFC for some projects. Approval has been taken to raise secured debentures, similar to earlier ICICI-approved debentures. Construction finance may be utilized but will be a small part; most funding will be for land acquisition. Fundraising will be done as and when required for land acquisitions. Operating cash flows are strong, with over Rs. 150 crores of pre-tax cash flows from current projects in H1 FY25. No specific equity fundraising was mentioned; focus is on

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Ashiana Housing LtdQ3 FY24Realty

Ashiana Housing Ltd Q3 FY24 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹378P/E: 30.5Market Cap: ₹3.6K CrSector: Realty

Management growth scorecard

Revenue

Category 2

Margin

Category 1

Fundraise

Yes

Order

Yes

Capex

Yes

4 of 5 growth signals are positive — a strong management growth story.

Full analysis

Revenue guidance

Category 2

→FY25 revenue expected around Rs. 700-750 crores, rising to about Rs. 1,100 crores in FY26 and Rs. 1,700 crores in FY27 (Page 14).
→Pre-sales guidance maintained at Rs. 2,000 crores for FY25 (Page 4, 10).
→Volume growth anticipated through project deliveries, including Ashiana Amarah, Nitara, Ekansh, Swarang, Amodh Phase-2, and Tarang in H2 FY25 (Page 7).
→Profit margins to improve from about 9% in FY25 to 12%-13% in FY26, expanding to approximately 20% from FY27 onwards (Page 10, 11, 14).
→Bhiwadi market outlook positive with consistent inventory clearance and plans to acquire new land for future projects (Page 15).
→Bangalore project launch expected in 12-18 months, signaling geographical expansion (Page 7, 11).
→Continued focus on senior living and new market entries like Jaipur, Bhiwadi to sustain growth (Page 9, 14).

Margin guidance

Category 1

→FY25 revenues expected around Rs. 700-750 crores; rising to Rs. 1,100 crores in FY26 and Rs. 1,700 crores in FY27 (Page 14).
→EBITDA margins projected to increase from about 9% in FY25 to 12%-13% in FY26, expanding further to around 20% by FY27 (Pages 10 & 14).
→Profit margins anticipated to grow from approximately 9% PAT in FY25 to low teens (~12%-13%) in FY26 and 20% net profit margin from FY27 onwards (Pages 10 & 11).
→Operating cash flows remain strong with Rs. 150+ crores pre-tax cash flows in H1 FY25 (Page 10).
→Cumulative profits of about Rs. 2,000 crores expected from ongoing and future projects over FY24-30 (Page 14).
→Growth driven by scale-up, higher priced projects, and margin expansion from new project deliveries (Pages 10, 11, 14).

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Fundraise plans

Yes

→Ashiana Housing plans to raise funds mainly through debentures or loans.
→They have a Rs. 225 crore investment platform tied up with IFC for some projects.
→Approval has been taken to raise secured debentures, similar to earlier ICICI-approved debentures.
→Construction finance may be utilized but will be a small part; most funding will be for land acquisition.
→Fundraising will be done as and when required for land acquisitions.
→Operating cash flows are strong, with over Rs. 150 crores of pre-tax cash flows from current projects in H1 FY25.
→No specific equity fundraising was mentioned; focus is on debt instruments and internal cash flows.

Order book

Yes

→Ashiana Housing Limited's expected revenues (orderbook) by financial year (slide 16 reference):
→ - FY25: Rs. 700-750 crores
→ - FY26: About Rs. 1,100 crores
→ - FY27: Around Rs. 1,700 crores
→The company expects to generate about Rs. 2,000 crores of profits cumulatively from ongoing and future projects (excluding land deals) from April 2024 to March 2030.
→Pre-sales guidance for FY25 remains at Rs. 2,000 crores.
→Inventory includes completed projects with decreasing unsold stock:
→ - Ashiana Town inventory expected to be cleared in next 3-4 quarters.
→ - Ashiana Surbhi inventory to be cleared thereafter.
→Some inventory from Lavasa worth Rs. 50 crores remains unsold and unresolved.
→The majority of inventory pending sale is from newer projects at Bhiwadi (Ashiana Town, Ashiana Surbhi).

Capex plans

Yes

→Ashiana Housing Limited is looking to deploy capital in Bhiwadi by acquiring land for at least one new project.
→The company has recently done land deals in Jaipur (expected closure early next quarter) and Bangalore (CPs expected mid next quarter).
→Bangalore is a new market for Ashiana, with a launch expected in 12-18 months due to setting up approvals, sales offices, and show flats.
→No active ongoing negotiations for new land in Gurgaon due to expensive land prices; focus is on other neighborhoods with commercial viability.
→The capital required for land acquisition will be raised as needed, mainly through loans, debentures, and a tied-up Rs. 225 crore platform with IFC.
→Construction finance is planned to be a small part of funding.
→The company will continue to use a mix of outright land purchases and joint development agreements (JDA) depending on risk appetite and returns.

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