Ladies and gentlemen, good day and welcome to Ashiana Housing Ltd Q1 FY26 Earnings Conference Call. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing Star 100 on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Kanav Khanna from EY. Thank you, and over to you, sir.
Hi, thanks, Salas. And welcome, everyone. And thank you for joining the Q1 FY26 Earnings Call for Ashiana Housing Ltd. The results and the investor presentation have been mailed to you, and it is also available on the stock exchanges. In case you have not received the same, kindly write to us. We'll be happy to send it over. Now, to take us through the results of the quarter and answer to all of your queries, we have with us Mr. Varun Gupta, Whole-Time Director, and Mr. Vikash Dugar, CFO. We will start the call with a brief overview of the company's performance for the quarter and then follow it up with Q&A.
I would like to remind you that everything said on this call that reflects an outlook for the future or which may contain a forward-looking statement must be viewed in conjunction with the uncertainties and risks as they face. These uncertainties and risks are included but not limited to what we have mentioned in the prospectus filed with SEBI and subsequent annual reports, which you will find on our website. Now, with that being said, I would like to hand over the call to Mr. Dugar. Over to you, sir.
Thank you, Kanav. Good afternoon, everyone. I hope you and your loved ones are keeping well. I welcome you all to our Q1 FY26 Earnings Call and thank you for taking the time to join us today. Q1 FY26 has been a quarter of steady operational progress for Ashiana, marked by consistent sales performance and strong cash flow generation. We achieved value of area booked of INR 430.97 crores for the quarter, up 83.14% from Q1 FY25's 235.32 crores. This growth was driven primarily by higher volume of sales and also better price realization due to both project mix change and also general upward price revisions. We continue to expand our portfolio across regions with launches during the quarter, including Ashiana Tarang phase VI in Bhiwadi and Ashiana Aravali in Jaipur.
Equivalent area constructed for Q1 FY26 was at 6.15 lakh sq ft, higher by 25%, vis-à-vis 4.91 lakh sq ft in Q1 FY25. Total revenue for Q1 FY26 came in at INR 302.72 crores, higher from INR 128.51 crores in Q1 FY25. Profit after tax for Q1 FY26 stood at INR 12.72 crores compared to loss of INR 5.45 crores in Q1 FY25, high revenue and profit attributable to higher deliveries. The company posted its pre-tax operating cash flows at INR 108.1 crores during the quarter. We also initiated handovers for Ashiana Anmol phase II in Gurugram and Ashiana Shubham phase IV B in Chennai during the quarter. With this, I conclude my opening remarks and look forward to your questions and suggestions. Thank you.
Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press Star 1 on their touch-tone telephone. If you wish to remove yourself from the question queue, you may please press Star 2. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. Ladies and gentlemen, to ask a question, please press Star 1 now. Participants who wish to ask questions may please press Star 1 at this time. The first question is from the line of Abhishek from S&S Capital. Please go ahead.
Yeah, hi, sir. Can you hear me?
Yes, sir. Please go ahead.
Yeah, hi, Abhishek. Okay. So my first question is regarding actually, there were a few questions which I dropped out into the mailbox, which is investor relations, the mail ID, that was almost a month back. I have given multiple follow-ups, but I don't think it's being checked out. Is it possible I can get a response on them? I have sent one more follow-up yesterday. Abhishek, thank you for sharing. Can you also share your email address right now on the call so in case you don't have it for some reason, we will write to you to send it to us? What's your email address, please?
Sure. That goes by the name charlie.abhishek97@gmail.com.
Okay. charlie.abhishek97@gmail.com. Somebody will get back to you, Abhishek. You can ask whatever questions you would like to ask here.
Sure. There was actually just one question specifically which I want to check. What are we doing to increase the visibility of our brand? And the background of the question is, it's coming from a brand like Antara, which is showcasing their project on a global scale by participating in events like Ageing Asia , World Ageing Festival, I believe, and they have won quite a few awards over there. I even sent out the link over the email, but yeah, that's what I want to check, that what exactly are we doing to increase the visibility of our brand on a global scale rather than just on the national level as of now.
Okay. Can I ask what's the context of it, Abhishek, as well? Why do you ask this?
So I was going through this particular website for the Ageing Asia , and I found out about the Antara brand. And they're also in the senior living. So because I know that we also have an ambition of going full force on the Ageing Asia , the senior living vertical. So that's where my question is coming from.
Okay, so today, we were also there at Ageing Asia . I don't know why it's here as a website. My brother was a speaker there who leads that. So one of the things that we are doing visibly there is we do speak at a few conferences, we being basically my middle brother, Ankur Gupta, who represents us at these forums and who speaks around, and we go ahead and do that. That said, I think nationally, we've been rated number one senior living brand for nine times in a row by one of the leading real estate companies called Track2Realty. And they do independent research without calling for any invitations or any sponsorship, so it's sort of a very independent rating of a brand.
And second, as a senior living brand in whichever market we are in, as a brand, we stick out and we resonate well with the branding. So overall, senior living branding in the markets we are present in is actually quite strong and a positive feature for us to be able to drive sales volume and sales prices as well.
Got it, sir. The second question what I had is specifically about from a geography perspective is which all states do we have right now or where we are scouting for an opportunity? I know that from the last phone call, you said Bangalore, we are doing something, we are in process. But apart from Bangalore and Chennai, do we have an aspiration to be anywhere else?
Sure. So right now, there are four focused senior living markets: the NCR, the Bombay-Pune area, trying to cover both those regions into one, but if you want to tap that as two markets, both of those, Chennai and Bangalore. We have active projects in NCR. We have active projects in Chennai and Talegaon. We have entered into an agreement to purchase a land in Panvel as well for senior living to service Bombay a little bit more from a closer perspective, and Bangalore, we have an MOU for a potential JDA. So those are the markets where we see potential for this product and a bigger potential for this product going forward, and that's what we are aiming to do.
Okay. Nothing as of now in the Hyderabad area, right?
Nothing as of now in the Hyderabad area. We have just started exploring the market. We have not even started quoting. We have not figured out micro-markets. The process of exploration of Hyderabad is starting. And so if the next market we go to is probably going to be Hyderabad, if we go there.
That's good to hear, sir.
So it was fixed in our list. So now we have started exploring.
That's good to hear, sir. Thank you.
Thank you, Abhishek.
Thank you, sir. Ladies and gentlemen, to ask a question, please press Star 1 now. Participants who wish to ask questions, may please press Star 1 at this time. The next question is from the line of Viraj from SiMPL. Please go ahead.
Yeah. I'm sorry for the...
Sorry to interrupt you, sir. Your voice is breaking, and you're not audible also, sir.
Yeah. Am I audible now?
Yeah. It's good.
Can you please use your handset?
Yeah. Yeah. I'm just using the handset only. So am I audible now?
Yes, sir. Please go ahead.
Yeah. So first question is, if you can just give some perspective, are the low-margin projects now out of the system, or should we see some impact of those still continuing in the coming quarter?
So we have one phase of Ashiana Anmol left, and we have Ashiana Malhar. Ashiana Malhar, all phases are left to be delivered. So those two phases of phase III of Anmol and Malhar, which are the low-margin projects which remain. But the percentage issues now, next financial year onwards, annually, the impact will be very, very small because it will just be Malhar from next year financial year onwards will be done with Anmol. So we expect to see margin profile to improve in this financial year on a full-year basis significantly and then continue to improve in the next year as well, the margin profile.
Okay. Second question is, see, in the unsold inventory, it's now almost INR 13.5 crores. So it could be recently launched projects, but still, I just want to understand how should we view that, and how is the management looking at this?
What are you talking about? The 1,308 crores, you said? I couldn't hear the figure as well. You're talking about the unsold inventory or the under construction?
No, finished unsold inventory.
Finished unsold inventory. Okay. And what number did you say again, please?
1,308 crores.
1,308 crores is not finished goods. Rs 1,308 crores is unsold inventory of ongoing projects.
Okay.
Yeah. And you know the delivery schedules are also given that if you see, the unsold value is actually very heavily skewed towards units which are expected to be delivered in FY28 and FY29. Anything that is to be delivered in FY26 or FY27, the unsold inventory is quite limited. So FY26, only Rs 47 crores, actually. And we are also getting good clip in sales that are ongoing projects. So I don't see an issue here, actually, in terms of unsold inventory being an issue.
Okay. Just one more question. See, in the senior living, we've shared an aspiration that we want to reach to a scale, at least in the medium term, to 1,000 crores plus kind of a pre-sales every year. I think two weeks back, we talked about doubling the outlay in 2026, roughly around 425 more crores. So is that in line with that aspiration, or do you see a further revision to that aspiration?
So that is in line with the aspiration that outlay was actually including construction and everything for our committed projects. We are in the process, as previous questions, of signing up projects. We have two signed up between Bangalore and Panvel, where we've sort of entered into agreement to sell within MOUs. We are in talks for more in that Panvel region. We are in talks for more in Chennai as well. We are in talks in NCR as well and talks for more in Bangalore as well. So I think from our land acquisition perspective, the outlay would be much greater than 425 crores. But that outlay is not sort of either committed or decided where to go. So therefore, that was not given. That was more around the current projects that we have. Vikash, if you can clarify on that.
So you basically are referring to recently what came in the news. So this INR 425 crores is basically the total outlay, which includes not only the payout to the land partners. It also includes execution and construction and other project-related expenses.
For the ongoing projects.
For the ongoing projects.
We did only the total projects.
For the ongoing projects which are currently on.
For the ongoing projects which are currently on in the outlay for a year. So we are looking more at acquisitions, and that will be coming. Right now, we seem to be on track to getting to that 1,000 crore plus pre-sale number in the medium term in senior living. This year's target is 500, and we seem to be on track to achieve that as well.
Got it. Okay. That's what I want to say. Thank you and good luck.
Thank you, Viraj.
Thank you, sir. Ladies and gentlemen, to ask a question, please press Star 1 now. Participants who wish to ask questions, may please press Star 1 at this time. Ladies and gentlemen, to ask a question, please press Star 1 now. Participants who wish to ask questions, may please press Star 1 at this time. Ladies and gentlemen, to ask a question, please press Star 1 now. The next question is on the line of Vaibhav Agarwal from YES Bank Limited. Please go ahead.
Dear Sir, just wanted to know that for the further growth of the company, are you focusing on initial approval and equity participation, or you're looking for further debt increase as well? And to what point?
Vaibhav, right now, we are not looking for any sort of capital-raising activities. We are fairly liquid. The only capital that we look to utilize forward is we have a line from IFC for project-level capital, which is sort of quasi-debt, quasi-equity somewhere in between. We are looking to utilize that. We have about INR 125 crores pending from them that can come in. Outside of that, there is no capital-raise plans whatsoever at this moment in time. We are very liquid, and we might raise the construction finances when required. At this point of time, we don't need anything, but that will be taken up on a project-to-project basis going into the future. Current projects don't require any financing. Thank you, Vaibhav. If you have any more questions, otherwise, we'll get to the next in queue, please.
Thank you. That's it.
Thank you.
Thank you. Thank you, sir.
Thank you.
Ladies and gentlemen, to ask a question, please press Star 1 now. Participants who wish to ask questions, may please press Star 1 at this time. The next question is from the line of Ayush Shah, an individual investor. Please go ahead.
Yeah. Hi, sir. Am I audible?
Yes, you are audible, Ayush.
Yeah. So Ashiana Advik, phase I was supposed to be handed over in Q2 FY26, and it has been delayed to Q3. So what's the reason behind that, and do we expect any other projects to be kind of delayed for the handover?
Ayush, Advik is sort of touch-and-go in September, so we sort of approved to delay it to Q3 for the call here. It can be September. It could be anytime in the next quarter as well. We have one regulatory permission pending, and it can come anytime. Outside of one regulatory permission, the project is fully complete. We actually have OC as well, but we are waiting for one more regulatory permission to get concluded. So outside of that, we are not expecting any delays during the year. The projects are running on time as per schedule. But unfortunately, in this business, to hand over, we need regulatory permissions at the time of handing over, and regulatory permissions can slip sometimes. So we do build in some buffers, and we push. But at the same time, they can slip over.
We don't expect any which are expected during the financial year to slip. We recalibrated in August itself that they are not expected to slip. But that said, sometimes it can be just touch-and-go. Even 10 days or 15 days here, we can move it from one quarter to the other quarter sometimes. So that's the only challenge we have.
Yeah. Because where I'm coming from here, because last quarter, you had mentioned that FY26 is quite important for us from execution perspective and launch perspective as well. So as you have guided for 10-12 thousand crore top line till FY30. So that's what I was trying to understand.
Yes, and Ayush, my assessment today is that we should hit the FY26 revenue projections that we have given you.
Okay. That was helpful, sir. Thank you.
Thank you.
Thank you, sir. Ladies and gentlemen, to ask a question, please press Star 1 now. Participants who wish to ask questions, may please press Star 1 at this time. The next question is from the line of Shubham Sehgal from SiMPL. Please go ahead.
Hello. Am I audible?
Yes, sir.
Hi, Shubham. Yes, you're audible.
Yeah. Yeah. My first question was, so are there any specific projects or micro markets where we have seen either the realizations being stagnant and while the other ones are increasing, or maybe just different realizations or just stagnant realizations, and they haven't been growing as per our expectations? So have we seen that recently?
I think secular price increases have been happening across markets, some more, some less, but no signs of stagnation in any particular micro market or project right now.
Okay. That's good.
Thank you for asking that. We also thought of it right now fully. When I thought of all the projects, it's been good to see price increases sort of across the board. Thank you.
My next question,
So as we mentioned that in FY26, the older lower margin projects will phase out, and from next FY, we can expect the margin profile to improve with the better margin projects,
so I just wanted to ask for the next, let's say, next two, three years, what kind of margin profile can we expect, and do we expect that to sustain in the next three, four years according to the projects that we have in pipeline right now?
So for FY26 to FY30 cumulative period, we have given a guidance that we'll hit about INR 10-12 thousand crore kind of a revenue profile with an expected cumulative profit of about INR 2,000 crores, which is roughly a margin profile around 18% on a cumulative basis, which on average may be a little bit higher or lower depending on that exact revenue number and exact percentage profile. So to me, this year would definitely be lower than that 18 number in FY26. But FY27 onwards, I think that margin profile of 18% roughly or maybe, let's say, roughly 15%-20% kind of a range depending on the year, depending on the project, I think we should get to. And that's the expectation we'll get.
Okay. Got it. Yeah. Thank you.
Thank you, sir.
Thank you, Shubham.
Ladies and gentlemen, to ask a question, please press Star 1 now. Participants who wish to ask questions, may please press Star 1 at this time. Ladies and gentlemen, to ask a question, please press Star 1 now. Participants who wish to ask questions, may please press Star 1 at this time. Ladies and gentlemen, to ask a question, please press Star 1 now. Participants who wish to ask questions, may please press Star 1 at this time. Ladies and gentlemen, to ask a question, please press Star 1 now. As there are no further questions from the participants, I now hand the conference over to Mr. Vikash Dugar for closing comments. Over to you, sir.
Thank you once again for joining us on this earnings call and for your continued interest in Ashiana Housing Limited. With Q1 and FY26, we are encouraged by the strength of our sales momentum, launch pipeline, and operational cash flows. We remain focused on timely handovers in FY26 and on building long-term value through disciplined execution and customer-centric development. If there are any questions we were unable to address today, please feel free to reach out to us directly. The investor presentation and relevant materials are available on our website, and we'll be happy to provide any further clarifications you may need. Wishing you all good health and a productive year ahead. Thank you.
Thank you, sir. On behalf of Ashiana Housing Limited, that concludes this conference call. Thank you for joining us, and you may now disconnect your lines.