Ashiana Housing Q1 FY27 Results (NSE: ASHIANA)
Signal: Margin expansion
The read
The key inflection is the rebound in consolidated EBITDA margin to 18.5% from 8.85% YoY and 12.42% QoQ after Q4FY26 margin contracted to 6%, but revenue fell 63.3% YoY to 10,745 lakh and PAT growth of 3.0% was largely non-operating because other income was 75.5% of PBT; the margin recovery requires confirmation through stronger project revenue recognition.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹107.44 Cr | -63.3% | -66.7% |
| EBIT | ₹16.58 Cr | -10.4% | |
| Net profit | ₹13.11 Cr | 3.0% | |
| EPS | ₹1.36 | 3.8% | |
| EBIT margin | 18.5% |
P&L walk
Consolidated revenue declined 63.3% YoY to 10,745 lakh and EBITDA declined 8.9% to 1,986 lakh, yet EBITDA margin expanded to 18.5%; PAT increased 3.0% to 1,311 lakh because other income of 1,231 lakh represented 75.5% of PBT.
Segments
The company reports only one segment, development of real-estate property; consolidated revenue of 10,745 lakh exceeded standalone revenue of 8,363 lakh by 28.5%, but consolidated PAT of 1,311 lakh was only 0.4% above standalone PAT of 1,316 lakh, so subsidiaries and joint ventures added revenue without materially lifting profit.
Key positives
- Consolidated EBITDA margin expanded to 18.5%, up 965bps YoY and 608bps QoQ, despite revenue declining 63.3% YoY.
- Customer advances increased 10.8% QoQ to 313,076 lakh, while inventory increased 13.3% QoQ to 305,923 lakh, supporting a larger project execution base.
- Finance costs declined 41.3% YoY to 27 lakh and the debt-equity ratio improved to 0.33x from 0.36x at FY26-end.
Key concerns
- Consolidated revenue fell 63.3% YoY to 10,745 lakh and 66.7% QoQ, with no volume, bookings or collections disclosure to establish whether the decline is timing-related or reflects weaker execution.
- EBITDA declined 8.9% YoY to 1,986 lakh despite the margin expansion, indicating that the higher margin did not offset the sharp revenue contraction.
- Customer advances of 313,076 lakh and inventory of 305,923 lakh rose sequentially while revenue declined 66.7% QoQ, increasing the importance of future possession and execution conversion.
Earnings quality: includes non-operating other income
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