Ashiana Q1: revenue falls 63% YoY as handovers lag, margin surge keeps PAT flat at ₹13 Cr

Ashiana Housing's consolidated revenue fell to ₹107.44 Cr in Q1 FY27, down 63.3% YoY from ₹292.76 Cr and 66.7% QoQ from ₹322.81 Cr. Consolidated PAT of ₹13.11 Cr was essentially flat YoY (+3.0% vs ₹12.73 Cr) but down 37.5% QoQ from the seasonally heavier Q4's ₹20.97 Cr. Standalone mirrors the pattern: revenue ₹83.63 Cr, PAT ₹13.10 Cr, EPS ₹1.34 basic (consolidated EPS ₹1.36) — the two bases diverge by less than 3% on profit, so the read is the same either way.

The gap between a collapsing top line and a flat bottom line is a margin story: consolidated NPM expanded to 10.94% from 4.20% YoY and 6.26% QoQ, and OPM to 21.87% from 8.85% YoY, per the company's own disclosed ratios. Real estate revenue under Ind AS 115 is recognised only on possession, so the swing reflects fewer units reaching handover this quarter rather than a demand collapse; the mix that did convert carried a lighter cost base, pushing margins up even as the topline shrank. Management's FY27 guidance called for margins better than FY26's full-year consolidated NPM of 9.99% — this quarter's 10.94% is already running above that bar, an early confirmation of the guided trend. No press release accompanied this filing, so this framing rests on the disclosed statements and notes alone, not management's own quarter commentary.

The stock went into the print at ₹385, up 2.4% over the past month of trading.

Against Street, Uniresearch had modelled consolidated revenue of ~₹440 Cr (+50% YoY) and PAT of ~₹6 Cr (-50% YoY) for the quarter — the actual print missed revenue by a wide margin but beat PAT comfortably on the margin surprise. Operationally, Q1 pre-sales bookings fell to ₹357.80 Cr from ₹430.97 Cr a year ago (-17% value, -39% area to 3.61 lakh sq ft across 234 units), running behind both the year-ago pace and the ₹2,200 Cr FY27 pre-sales target set out on the May concall. July bookings alone rebounded to ₹501.76 Cr — more than the entire Q1 — suggesting the softness was quarter-specific rather than structural. Corporate actions this quarter (board approval of up to ₹50 Cr fresh NCDs, re-appointment of Krishna Suraj Moraje as independent director, a ₹2.28 lakh income-tax penalty, a GST appeal win) don't move the P&L.