Ashiana Housing Limited

Real Estate — Real Estate - Development · NSE

₹360.00−₹3.30 (−0.91%)

DalalBaazaar Score

65 / 100

🟢 Good

Verdict

REASONABLE

Risk

Moderate

Driven by micro-cap size, which brings thin liquidity.

In simple words: Reasonable but unspectacular business quality, but sales are shrinking. Whether sales start growing again is the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 8:28 pm

Understanding the Business

Company site ↗

The 60-second version of Ashiana Housing Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Ashiana Housing Limited, through its subsidiaries, engages in the real estate development business in India. The company develops senior living, kid centric, premium, and elite homes.

IndustryReal Estate - Development

SectorReal Estate

Employees804

Annual revenue₹1,132 Cr

How does it make money?

Turns over ₹1,132 Cr a year. Of every ₹100 of sales, about ₹10 reaches shareholders as profit, with ₹11 left at the operating level before interest, tax and depreciation. Each of its 804 employees supports ₹1.41 Cr of revenue a year, the signature of a capital- or asset-led business.

Revenue / employee₹1.41 Cr

Who are its competitors?

The closest listed comparisons in its industry are DLF LIMITED, GODREJ PROPERTIES LTD, OBEROI REALTY LIMITED. These are the companies its valuation and returns are measured against elsewhere in this report.

Compared side by side in Peers ↓

What is its competitive advantage?Little sign of one

Returns on capital of 10.1% are at or below what the capital likely costs. That is the financial pattern of a business competing largely on price, where advantage has to come from execution rather than position.

Peer median ROE10.3%

What has been driving growth?

Growth has come mainly from selling more, rather than from keeping more of each sale. Over 3 years revenue moved +183% while net margin moved +49% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+183%

Margin effect+49%

DalalBaazaar Score

65/ 100

Good

Weighted across six categories. Every point is explained below.

✓ Beta of 0.47 — historically steadier than the index
✗ Micro Cap: thinner liquidity and sharper drawdowns are normal
✗ Profits have swung sharply from year to year — earnings are hard to forecast

Quality vs. Valuation

Company Quality

68/ 100

Good

How good the business is, ignoring the share price entirely.

Valuation

64/ 100

Fair

What you are being asked to pay, ignoring how good the business is.

A reasonable business at a reasonable price — neither the quality nor the valuation stands out in either direction.

Historical Valuation

Current P/E

29.9x

3Y Median

99.3x

40 monthly readings · mean 100.8x · range 30.7x–218.2x

Sector Median

30.2x

median of 3 sector peers

🟢Current valuation is approximately 70% below its 3y median of 99.3x. Cheaper than its own history, which is worth a reason too: the market may be pricing in something the backward-looking numbers do not show.

🟡Against its sector it is priced broadly in line with the peer median of 30.2x.

vs. its own history

Cheap

99.3x median over 40 months · -70%

vs. sector peers

Fair

30.2x median of 3 peers · -1%

vs. generic bands

Fair

15x–35x

EV/EBITDA

28.5x

PEG

0.48

What's Good / What's Bad

🟢 What's Going Well4

Cash generation is improving
Free cash flow is up 2211% over 3 years.
Return on equity is rising
ROE has improved from 3.7% to 13.7%.
Return on capital is rising
ROCE has improved from 3.8% to 10.1%.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention0

Nothing stands out as clearly deteriorating on the years of data available.

Red Flags

1 item require attention · 1 high

🔴Debt has risen sharplyFinancial
Total debt is up 76% over 3 years, from ₹184 Cr to ₹323 Cr.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Priced below its own history
The stock trades 70% below its own median multiple. If the business performs as it has and simply re-rates back to normal, that gap is return on its own.
Self-funding with balance-sheet headroom
Positive free cash flow of ₹314 Cr alongside low debt means growth, buybacks or dividends need no outside money — and a downturn can be absorbed rather than refinanced.
Earnings have proved durable
Profitable in every one of the last 4 reported years. Consistency lowers the risk that any single bad year is structural rather than cyclical.

🔴 Bear CaseWhat could go wrong?

Earnings are hard to forecast
Profit has swung sharply from year to year, so any single year — good or bad — is a weak guide to the next. Cyclical earnings deserve lower multiples for that reason.
Size brings its own risk
Micro Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1Revenue growth stays above 31% a year✓ 41.5% CAGR
Latest reported year was -63.3%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 9%✓ 11.3%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Debt / EBITDA stays below 2x✗ 2.5x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
4Free cash flow remains positive✓ ₹314 Cr
Profit that never becomes cash eventually stops being profit.
5ROCE stays above 8%✓ 10.1%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

8 / 11 checks passed

✗ Strong return on equity (ROE ≥ 15%)
✗ Strong return on capital employed (ROCE ≥ 15%)
✓ Healthy net margin (≥ 10%)
✓ Generates positive free cash flow
✓ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✗ Revenue growing year-over-year
✓ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✓ Short-term technical trend isn't bearish

Price history

Quick Metrics

3 good · 7 neutral · 1 weak

Market Cap

₹3,619 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

29.9x

Fair

Fairly valued against the generic band

P/B Ratio

3.97x

Fair

Moderate premium to the company's book value

EPS (TTM)

₹12.04

Profitable

Profitable on a per-share basis

ROE

14.3%

Moderate

Moderate capital efficiency

ROCE

10.1%

Moderate

Moderate return on the capital in the business

Debt/Equity

0.35x

Low

Conservative leverage

Revenue Growth (YoY)

-63.3%

Shrinking

Sales are contracting

Profit Growth (YoY)

3.8%

Modest

Slow profit growth

Dividend Yield

0.69%

Modest

Small cash return — most of the return has to come from the price

Free Cash Flow

₹314 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

P/E (Forward)

20.9x

Improving

Below the trailing multiple — the street expects earnings to grow into the price

ROA

1.7%

Weak

Assets generate little profit

Operating Margin

4.0%

Weak

Thin margins leave little room for error

Net Margin

12.3%

Good

Strong bottom-line conversion

Current Ratio

1.31

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.47

Defensive

Steadier than the market

52W Range Position

54%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

379.6 / 369.8

Bullish alignment (short > long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

11.1

Oversold zone

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹400 Cr	₹935 Cr	₹524 Cr	₹1,132 Cr	+41.5%
EBITDA	₹43 Cr	₹118 Cr	₹15 Cr	₹127 Cr	+43.7%
EBITDA Margin	10.7%	12.6%	2.9%	11.3%	—
PAT (Net Profit)	₹28 Cr	₹83 Cr	₹18 Cr	₹118 Cr	+61.7%
EPS	₹2.72	₹8.33	₹1.81	₹11.73	+62.7%
ROE	3.7%	10.8%	2.4%	13.7%	—
ROCE	3.8%	11.4%	0.2%	10.1%	—
Total Debt	₹184 Cr	₹148 Cr	₹276 Cr	₹323 Cr	+20.7%
Free Cash Flow	₹14 Cr	₹181 Cr	₹194 Cr	₹314 Cr	+184.8%

🟢 Revenue has grown at 41.5% a year over 3 years.

🟢 EBITDA has grown at 43.7% a year over 3 years.

🟡 EBITDA Margin has held roughly flat at 11.3% over 3 years.

🟢 PAT (Net Profit) has grown at 61.7% a year over 3 years.

🟢 EPS has grown at 62.7% a year over 3 years.

🟢 ROE has risen from 3.7% to 13.7% over 3 years (+10.0 pts).

🟢 ROCE has risen from 3.8% to 10.1% over 3 years (+6.3 pts).

🔴 Total Debt has grown at 20.7% a year over 3 years.

🟢 Free Cash Flow has grown at 184.8% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹4,284 Cr

Total Liabilities

₹3,424 Cr

Cash & Equivalents

₹311 Cr

Operating Cash Flow

₹342 Cr

Capex

-₹28 Cr

Shareholding (proxy)

Institutional Holding

8.7%

Insider Holding

71.8%

Corporate Actions

Dividend Rate

₹2.5

Ex-Dividend Date

22 Sept 2026

Peer Comparison

Company	P/E	ROE
DLF LIMITED	36.6x	10.3%
GODREJ PROPERTIES LTD	30.2x	8.4%
OBEROI REALTY LIMITED	23.5x	14.7%

Recent News

1 positive1 mixed1 negative3 general

We Think Ashiana Housing's (NSE:ASHIANA) Robust Earnings Are Conservative

Simply Wall Street, 04 JunResults

🟡Mixed / dependsA results event. The figures on this page update once the new statements reach the data feed, which usually lags the announcement.

Earnings call transcript: Ashiana Housing Q1 2027 revenue falls as stock slips 1.1%

Investing.com, 12 AugResults

🔴Potentially negativeReported deterioration, which feeds the growth and margin inputs on this page directly.

Compare Ashiana Housing with

Equitymaster, 26 Sept

Ashiana Housing submits BRSR for FY26, reports 99% revenue from real estate

scanx.trade, 25 Sept

Ashiana Housing Q4 profit flat at Rs 21 cr, revenue rises to Rs 335 cr

The Economic Times, 28 MayResults

🟢Potentially positiveReported improvement. Check whether it came from volume, price or a one-off item before treating it as a trend.

Momentum Stocks: KCP Sugar, Ashiana Housing, Supreme Infra rise up to 16% on sheer momentum

Moneycontrol.com, 21 Jul

Watch Items

Revenue growth is negative (-63.3%) on the latest reported period — check if this is one-off or a trend.
Cross-check against the company's latest quarterly filing / investor presentation before acting.
RSI is in oversold territory — could mean either a bargain or a stock still falling for good reason. Check the 'why' before assuming reversal.

DalalBaazaar Thesis

StrongFinancial Health · Growth · Profitability

MiddlingBusiness Quality · Valuation

WeakRisk

Points for each in the Score ↑

Good business at a fair price

A sound business at a reasonable valuation. Suitable for a long-term holding, with the valuation and the direction of margins worth watching rather than the business itself. 1 high-severity red flag sits above this conclusion and should be read first.

1 of 5 tripwires tripped — Debt / EBITDA stays below 2x · see Key things to watch ↑