Ashiana Housing (523716) Q4 24/25 earnings summary

Executive summary

• FY25 saw a 7.7% year-over-year increase in value of area booked to ₹1,936.75 crore, driven by improved realizations and favorable project mix, with strong cash flow despite delivery delays shifting revenue to FY26.

• Consolidated total income for FY25 was ₹96,652 lakhs, up from ₹55,745 lakhs in FY24, with net profit at ₹8,340 lakhs, compared to ₹1,824 lakhs in the previous year.

• Senior living segment achieved 25% sales growth, now comprising 33% of the saleable area pipeline, with expansion plans in major cities.

• The Board recommended a final dividend of ₹1.5 per equity share (75% of face value) for FY25.

Financial highlights

• FY25 revenue declined to ₹557.45 crores from ₹966.52 crores in FY24 due to project delivery delays, while Q4FY25 revenue rose 64% sequentially to ₹229.48 crore.

• PAT dropped to ₹18.24 crores from ₹83.4 crores year-over-year, mainly from lower revenue, but Q4FY25 PAT rebounded to ₹20.34 crore.

• Highest-ever pre-tax operating cash flow of ₹429.9 crores recorded in FY25.

• Consolidated operating margin for FY25 was 15.30%, up from 13.06% in FY24; net profit margin improved to 8.63% from 3.27%.

• Debt to equity ratio increased to 0.34 in FY25.

Outlook and guidance

• Targeting INR 2,000 crores in bookings for FY26, with visibility to maintain this level into FY27.

• FY26 revenue expected around INR 1,200 crores, with margins remaining subdued due to legacy projects; significant margin improvement anticipated from FY27.

• Multiple new project launches planned, with a future project pipeline of 36.79 lakh sq ft and a land bank of 63.6 lakh sq ft.

• Revenue of ₹4,364.29 crore already locked in over the next three years from ongoing projects.