Ashiana Housing Q2 FY27 Results (NSE: ASHIANA)
Signal: Growth reaccelerated
The read
The key inflection is the sharp Q2FY27 execution rebound: consolidated revenue rose to ₹57548 lakh from ₹10745 lakh QoQ and ₹16577 lakh YoY, lifting PAT to ₹5103 lakh from ₹1311 lakh QoQ, but operating margin at 14.30% remained below the 18%–19% levels seen in Q2FY26-Q3FY26, so the trajectory depends on sustaining project completion without further margin dilution.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹575.48 Cr | +247.1% | +435.6% |
| EBIT | ₹68.95 Cr | +90.7% | |
| Net profit | ₹51.03 Cr | +85.3% | |
| EPS | ₹5.09 | +80.5% | |
| EBIT margin | 14.30% |
P&L walk
Consolidated revenue was ₹57548 lakh, +247.1% YoY and +435.6% QoQ, with EBITDA/operating margin at 14.30%; PAT rose to ₹5103 lakh, +85.3% YoY, helped by the sharp revenue recovery while finance cost remained low at ₹29 lakh.
Key positives
- Consolidated revenue rose to ₹57548 lakh, +247.1% YoY and +435.6% QoQ, reversing the Q1FY27 revenue trough of ₹10745 lakh.
- Consolidated PAT increased to ₹5103 lakh, +85.3% YoY and +289.3% QoQ, while EPS rose to ₹5.09 from ₹2.82 YoY.
- Finance costs remained low at ₹29 lakh and the interest service coverage ratio improved to 7.00x from 2.65x in the preceding quarter.
- H1FY27 PPE additions of ₹2820 lakh exceeded ₹1477 lakh in H1FY26, consistent with continued project investment.
Key concerns
- Operating margin was 14.30%, below 39.01% YoY and 22.77% QoQ on a standalone basis, showing that the revenue rebound did not restore the peak comparison-period margin.
- H1FY27 operating cash flow fell to ₹3504 lakh from ₹10166 lakh YoY as inventories absorbed ₹21133 lakh, making cash conversion materially weaker than reported earnings.
- Revenue remains lumpy: consolidated quarterly revenue moved from ₹10745 lakh in Q1FY27 to ₹57548 lakh in Q2FY27, highlighting project-completion timing risk.
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