Any current/future new fundraising through debt or equity?

There is no explicit mention of any current or future fundraising through debt or equity in the provided transcript. The company is focusing on project launches and land acquisitions (e.g., in Bangalore, Jaipur) rather than discussing fundraising plans. Discussions mainly revolve around sales, project launches, inventory, and regulatory updates. No direct references to raising capital via debt or equity were made during the Q&A or management commentary. The emphasis appears to be on utilizing existing resources, land bank, pre-sales, and operational cash flows for growth and project execution.

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

Ashiana Housing is actively working on acquiring new land parcels as part of its growth strategy: - Executed an agreement for a 20-acre parcel in Jaipur (20+ lakh sq ft), pending regulatory clearances. - In talks for an additional 7-8 lakh sq ft land parcel, likely also in Jaipur. - Advancing a land deal in Bangalore (10-12 lakh sq ft), awaiting landlord and regulatory approvals. Plans to launch three projects in the next financial year: Aaroham (Gurgaon), a project in Jaisingpura (Jaipur), and the Jamshedpur parcel. Intends to launch at least one of the three potential projects under ne

Future growth expectations in sales/revenue/volumes?

Ashiana Housing expects to consume its entire stock (11 lakh sqft unsold, 48 lakh sqft future phases, 25 lakh sqft land bank) by 2030, driving growth. Incremental sales target is Rs. 11,000-12,000 crores with profits of Rs. 2,000 crores over next five years, implying ~18-19% PAT margins. Revenue trend shows growth: ~Rs. 1,300 crores in next year, Rs. 1,700+ crores in following years driven by new project deliveries. New launches planned: Aaroham (Gurgaon), Amaya, Jaisingpura, and potential one among Bangalore/Jaipur parcels aiming for H2 FY '26. Operating leverage and better project mix (incre

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

Ashiana Housing expects cumulative profits of Rs 2,000 crores over the next five years up to FY '30. This translates to an average PAT margin of 18-19% and EBITDA margins of nearly 30%. Margins are poised to improve due to operating leverage as fixed costs stay stable while revenues increase. Future profits are expected to benefit from improved pricing realized from land purchased in high-value periods (2021-22). Growth assumes the full consumption of 11 lakh sq. ft. unsold stock, 48 lakh sq. ft. in future phases, and 25 lakh sq. ft. of land bank by 2030. New project launches planned

Current/ Expected Orderbook/ Pending Orders?

Ashiana Housing Limited currently has around 11 lakh square feet of unsold stock in ongoing projects. There is about 48 lakh square feet in future phases and around 25 lakh square feet of land bank as of now. The company aims to consume its entire stock (unsold, future phases, and land bank) by 2030. They expect to acquire 7-8 million square feet in the next 5 years, targeting sales of Rs. 11,000-12,000 crores and profits of Rs. 2,000 crores. Upcoming project launches include Aaroham (expected early H2 FY ’26), Amaya, and Jaisingpura, with an additional project from ongoing talks (Bangalore or

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Ashiana Housing LtdQ4 FY26Realty

Ashiana Housing Ltd Q4 FY26 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 3

Margin

Category 1

Fundraise

N/A

Order

Yes

Capex

Yes

3 of 4 growth signals are positive.

Full analysis

Revenue guidance

Category 3

→Ashiana Housing expects to consume its entire stock (11 lakh sqft unsold, 48 lakh sqft future phases, 25 lakh sqft land bank) by 2030, driving growth.
→Incremental sales target is Rs. 11,000-12,000 crores with profits of Rs. 2,000 crores over next five years, implying ~18-19% PAT margins.
→Revenue trend shows growth: ~Rs. 1,300 crores in next year, Rs. 1,700+ crores in following years driven by new project deliveries.
→New launches planned: Aaroham (Gurgaon), Amaya, Jaisingpura, and potential one among Bangalore/Jaipur parcels aiming for H2 FY '26.
→Operating leverage and better project mix (increased senior living offerings) expected to improve margins and profitability.
→Sales volumes remain robust with 6.77 lakh sqft booked in Q3 FY '25; pre-sales for 9 months at Rs. 1,362 crores, up 45.56% YoY.
→Market normalizing in Gurgaon, sales stable across other regions; sustainable price increases factored mostly via inflation going forward.

Margin guidance

Category 1

→Ashiana Housing expects cumulative profits of Rs 2,000 crores over the next five years up to FY '30.
→This translates to an average PAT margin of 18-19% and EBITDA margins of nearly 30%.
→Margins are poised to improve due to operating leverage as fixed costs stay stable while revenues increase.
→Future profits are expected to benefit from improved pricing realized from land purchased in high-value periods (2021-22).
→Growth assumes the full consumption of 11 lakh sq. ft. unsold stock, 48 lakh sq. ft. in future phases, and 25 lakh sq. ft. of land bank by 2030.
→New project launches planned for FY '26 (Aaroham, Amaya, Jaisingpura, plus one more) should boost earnings.
→FY '26 onwards are expected to witness significant margin expansion backed by better-margin project deliveries.
→Stability in market pricing and sales velocity is assumed with moderate price increases aligned with inflation, not extraordinary hikes.

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Fundraise plans

→There is no explicit mention of any current or future fundraising through debt or equity in the provided transcript.
→The company is focusing on project launches and land acquisitions (e.g., in Bangalore, Jaipur) rather than discussing fundraising plans.
→Discussions mainly revolve around sales, project launches, inventory, and regulatory updates.
→No direct references to raising capital via debt or equity were made during the Q&A or management commentary.
→The emphasis appears to be on utilizing existing resources, land bank, pre-sales, and operational cash flows for growth and project execution.

Order book

Yes

→Ashiana Housing Limited currently has around 11 lakh square feet of unsold stock in ongoing projects.
→There is about 48 lakh square feet in future phases and around 25 lakh square feet of land bank as of now.
→The company aims to consume its entire stock (unsold, future phases, and land bank) by 2030.
→They expect to acquire 7-8 million square feet in the next 5 years, targeting sales of Rs. 11,000-12,000 crores and profits of Rs. 2,000 crores.
→Upcoming project launches include Aaroham (expected early H2 FY ’26), Amaya, and Jaisingpura, with an additional project from ongoing talks (Bangalore or Jaipur).
→A deal in Bangalore is progressing but awaits landlord land approvals.
→Launch of Ashiana Amarah Phase-5 is expected shortly (within two weeks of the call date in February 2025).
→Focus on refilling land bank to maintain a run rate of 40-50 lakh square feet annually through new acquisitions and launches.

Capex plans

Yes

→Ashiana Housing is actively working on acquiring new land parcels as part of its growth strategy:
→ - Executed an agreement for a 20-acre parcel in Jaipur (20+ lakh sq ft), pending regulatory clearances.
→ - In talks for an additional 7-8 lakh sq ft land parcel, likely also in Jaipur.
→ - Advancing a land deal in Bangalore (10-12 lakh sq ft), awaiting landlord and regulatory approvals.
→Plans to launch three projects in the next financial year: Aaroham (Gurgaon), a project in Jaisingpura (Jaipur), and the Jamshedpur parcel.
→Intends to launch at least one of the three potential projects under negotiation (Jaipur, Bangalore, another location) in the next financial year.
→Delay in Ashiana Aaroham launch (moved to Q2/Q3 FY26) due to regulatory changes requiring redesign of building plans.
→Overall land bank planned to be consumed and developed by 2030 for sustained revenue and profit growth.

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