Ashiana Housing Share: How did the company’s revenue double in Q3?

Synopsis: Ashiana Housing shares surged 16% after Q3 revenue more than doubled to Rs 362 crore, driven by a sharp rise in project handovers and deliveries. Profit jumped over 5-fold YoY. Strong execution, improved cash flows, and a diversified geographical presence supported performance, positioning the real estate developer for sustained operational momentum.

The shares of this company, whose principal business activity is real estate development, had its shares in momentum today after the company reported robust Q3 results with revenue more than doubling and profit growing 5-fold.

With the market cap of Rs 3,458 crore, the shares of Ashiana Housing Ltd have gained more than 16% and reached a high at Rs 354.95, compared to their previous day’s closing price of Rs 305.15. The shares are trading at a PE of 29.5, whereas its industry PE is at 31.9.

Q3 Result highlights

The revenue from operations for the company stood at Rs 362 crore when compared to Rs 133 crore in Q3 FY25, growing by about 173 per cent on a YoY basis and on a QoQ basis increasing by 118 per cent from Rs 166 crore in Q2 FY26.

The PAT grew by about 418 per cent on a YoY basis when you compare the Q3 FY26 profit at Rs 57 crore to Rs 11 crore in Q3 FY25 and on a QoQ basis has increased by 104 per cent from Rs 28 crore in Q2 FY26.

Why did the revenue boost by 2X

Revenue growth this quarter has been driven mainly by the increase observed in project handovers and deliveries. Sales and other income for the company increased significantly to Rs 373.35 crore during Q3FY26 compared to Rs 176.18 crore in Q2FY26 and Rs 139.93 crore in Q3FY25 due mainly to the handover of projects like Ashiana Ekansh at Jaipur, Ashiana Malhar at Pune, and Ashiana Dwarka at Jodhpur. Notably, the area handed over has more than doubled at 6.91 lakh sq ft compared to 2.73 lakh sq ft in the previous quarter.

Furthermore, the firm benefited from booking momentum and project launches done recently, which favoured collections and cash flows. It was an execution-centric improvement instead of a price-centric one, as construction activities were largely on track apart from GRAP-related headwinds. With a large number of bookings already under execution, revenue recognition benefited due to an increase in projects moving to the delivery stage.

9M FY26 Performance

Ashiana Housing’s 9MFY26 numbers reveal a recovery story driven by execution. While revenue from operations shown by the company declined by 16.9% YoY at Rs 1,131 crore due to a high base in 9MFY25, which included the launch of the Amarah Phase-4 project, its operations numbers improved considerably.

Area constructed increased by 21.25% YoY at 19.54 lakh sq ft, which has led to a sharp rise in the company’s revenues by 159.46% YoY to Rs 852.25 crore from Rs 327.97 crore due to substantially higher deliveries from the company’s Gurugram, Bhiwadi, Chennai, Jaipur, Jodhpur, and Pune projects.

Profitability and cash flows have also improved significantly. The PAT turned around at Rs 96.91 crores as against a loss earlier in the year with revenue recognition growth. Pre-tax operating cash flows also rose to Rs 409.77 crores, evidencing higher collection efficiencies as well as greater discipline in financial management. Further, the company continues to remain positive with the launch of many strategic initiatives in Jaipur, Bhiwadi, Chennai, and Jamshedpur; funding support from IFC in Gurugram; acquiring fresh land in Chennai; and settlement of the long-pending dispute.

 Geographical Presence 

The company’s current pipeline of projects is well diversified from a geographical perspective, with Gurgaon contributing the highest share, i.e., 32%, to the saleable area, reflecting the high demand for this NCR market. Jaipur contributes 23%, followed by Pune and Jamshedpur with 12% each, then Chennai with 11%, and finally Bhiwadi with 10%.

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