Ashiana Housing Limited (ASHIANA) Q4 2026 Earnings Call Transcript

Ladies and gentlemen, good day, and welcome to the Asiana Housing Limited Q4-F526 earnings conference call hosted by Malolom Advisors. As a reminder, all participant lines will remain in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal the operator by pressing star, then zero on your touch-tone telephone. Please note that this conference is being recorded. I will now hand the conference over to Ms. Hena Khatri from Valoram Advisors for opening remarks. Thank you. Hand over to you.

Good morning, everyone, and a very warm welcome to you all. My name is Hena Khatri from Valoram Advisors. We represent the investor relations of Asiana Housing Limited. On behalf of the company, I would like to thank you all for participating in the company's earnings conference call for the fourth quarter in the financial year, 2026. Before we begin, let me mention a short cautionary statement. Some of the statements made in today's earnings call may be forward-looking in nature. Such forward-looking statements are subject to risk and uncertainties, which could cause actual results to differ from those anticipated. Such statements are based on management's beliefs as well as assumptions made by and information currently available to management. Audiences are cautioned not to place any undue reliance on these forward-looking statements and making any investment decisions. The purpose of today's earnings call is purely to educate and bring awareness about the company's fundamental business and financial quarter under review. Now, let me introduce you to the management participating with us in today's earnings call and hand it over to them for opening remarks. We have with us Mr. Varun Gupta, whole-time director, and Mr. Vikas Dukar, Chief Financial Officer. Without any delay, I request Mr. Vikas Dukar to start with his opening remarks. Thank you and over to you, sir.

Thank you. Good morning to everyone, and a warm welcome to all of you for joining our earnings conference call for the fourth quarter and the financial year of 2026. The Indian real estate sector witnessed strong momentum during FI26, supported by resilient residential demand, premiumization trends, and increasing preference for branded and organized developers. Industry consolidation continued to benefit financially disciplined players with strong execution capabilities. The senior living segment also continues to gain traction, driven by changing demographics, rising urbanization, and increasing preference for community-based living among senior citizens. With limited organized supply and rising awareness, the segment offers a strong long-term growth opportunity for developers focused on this category. FY26 was a landmark year for the company, driven by strong demand momentum, healthy launches, robust execution, and disciplined business development across key markets. I'll first take you through the operational highlights for the quarter and the full year, followed by financial performance. Starting with operational performance for the quarter, the value of area booked stood at Rs. 1290 crores, reflecting strong growth of over 225% sequentially and 124% year-on-year growth. The performance was primarily driven by successful launch of Ashana Arvom Phase 1 and Phase 2 in Gurugram, which contributed booking value of around 833 crores at launch. Average realization during the quarter improved significantly to Rs. 11,566 per square foot, up 71% year-on-year, largely driven by high realization from that Gurugram launch. Execution momentum also remained strong. The equivalent area constructed at 6.65 lakhs per foot, increasing around 60% year-on-year, and remaining broadly in line with committed timelines. The company also maintained healthy cash flow generation with pre-tax operating cash flow of Rs. 167 crores during the quarter, up around 7% year-on-year. In terms of business development, the company further strengthened its senior living portfolio during the quarter. Through acquisition of 8.83 acres of land in Ryagad, Maharashtra, with estimated sales potential of around Rs. 450 crores. Additionally, the company entered into an agreement for another land parcel in Panvel, Maharashtra, with estimated sales potential of around Rs. 1,000 crores. Moving to full-year operational performance, FY26 was one of the strongest years in the company's history. The company achieved its highest-ever booking value of Rs. 2,421 crores, reflecting growth of 25% year-on-year. The senior living segment also delivered record bookings of Rs. 570 crores during the year, registering growth of around 55% year-on-year and reflecting sustained demand momentum in the category. Execution remained robust throughout FY26 with EAC increasing 30% year-on-year to 26.19 lakhs square foot in line with project commitments and execution schedules. Customer collections reached an all-time high of Rs. 1762 crores during the year, supported by timely execution, successful launches, and strong collection efficiency. The company also maintains strong launch momentum across Jaipur, Biwadi, Gurugram, Chennai, Pune, Jamshirpur. Further strengthening its project pipeline and market presence. The company expanded its senior ring portfolio through strategic land acquisitions in Chennai and Maharashtra, adding development potential of over 26 lakh square foot, with estimated sale potential of around Rs. 3,200 crores. In addition, Asana Aroham Gurugram received funding support from IFC through allotment of Rs. 100 crores of listed unsecured redeemable NCDs. During the year, the company also settled a long-term dispute relating to Project Metri Kolkata and received 18.5 crore as FNF against the security deposit and related expenses incurred. Coming to the financial performance, total income for the quarter stood at 335 crores, registering growth of around 46% year-on-year. Primarily driven by handovers across projects in Jaipur, Pune, and Chennai. EBITDA for quarters stood at 35 crores, registering growth of around 19% year-on-year, while EBITDA margin was at 10.43%. PAT stood at 21 crores, remaining broadly stable on a year-on-year basis, with margin around 6.26%. For the full year FY26, total income increased to 1,187 crores. More than doubling compared to FY25 in the wake of higher deliveries. EBITDA stood at Rs. 176 crores registering growth of 281% year-on-year, while EBITDA margin at 14.85%. Pat for FY26 stood at 118 crores compared to 18 crores in FY25, while Pat margin improved to 9.93%. Further, Pre-tax operating cash flow for FY26 stood at 577 crores, which also was highest ever, registering growth of 34% year-on-year, reflecting strong sales momentum and healthy collections. Overall, FY26 was characterized by strong operational execution, robust demand across segments, discipline expansion in the senior living business, healthy cash flow generation, And significant improvement in profitability, positioning the company well for sustained long-term growth. With this, I would like to open the floor for Q&A session.

Ladies and gentlemen, we will now begin the question and answer session. Anyone who wishes to ask a question may press star and 1 on their touchtone telephone. If you wish to remove yourself from the question queue, you may press star and 2. Participants are requested to use their handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. If the participants who wish to ask a question, please press the star. We take the first question from the line of Sukrit D. Patil from iSight FinTrade Private Limited. Please go ahead.

Good morning to the team. I have two questions. The first question to Mr. Gupta is, what about strategic levers are you prioritizing in FY2327 to expand ASEAN's residential housing footprint across Tier 2 and Tier 3 cities? And to strengthen customer engagement in senior living projects and manage risk from regulatory changes and construction costs and inflation. That's my first question. I'll ask my question. Thank you.

Hi, Sukrit. So, I see sort of three questions in there. I will take the last part first with respect to construction cost and regulatory compliance. On the construction cost piece, inflationary increases will be impacting costs going forward. I don't think there is much to say with inflation increasing in wholesale prices. We hope that some of those might cool down if situations... Geopolitical situations improve. That said, I think the price points that we have been able to achieve in our projects Leaves sufficient room that even if costs increase, our margins will actually continue to improve on the reported basis because we've been able to lock in good prices on those projects with relatively low land costs. I think that has kept margins in check. The other thing on construction is the faster we execute, lesser inflation hurts us. Fortunately, last year was a good year where we improved execution by 30% year on year. And we have less to execute going forward in terms of deliveries in what is locked as compared to what we would have if construction would have been poorer in the year. So I think that's one way to really hedge against inflation. And regulatory risk in this business is part of the business. The way to ensure that is we are disciplined, compliant, don't overstretch ourselves. You know, and keep our things, and building that into the DNA as we move along, improving our processes for compliance, improving our systems for compliance, that more and more of that becomes more formalized in the company, and we've been doing that. Second, on the senior living piece around what we intend to do, I think the senior living piece we are intending to grow across. We have picked up five projects that we need to launch in the next 12 to 24 months, having a GDP of more than 6,500 crores. In those five projects across Chennai, Bangalore, and the Bombay-Poona region that we have, we look for more projects in the NCR region, we are looking for more in Chennai and Bangalore as well, and the Bombay-Poona region as we speak. What we plan to do is have senior living at multiple price points where we straddle a larger variety of price points catering to different socioeconomic category of customers with different projects. And on the Tier 2-3 on premium homes, I don't think we intend to do more new cities of Tier 2-3. We will continue to do work in the existing markets of Jaipur, Bhiwadi, and Jamshedpur, whereby Bhiwadi to us is really an extended part of NCR. If you would consider Kalyan to be a part of Bombay, from MMR market, Biwadi is... Effectively in NCR market and in Jamshedpur and in Jaipur, we'll continue to keep looking for JVs and executing as we've been doing. Thank you. My second question is... Sorry, go ahead, Sukhri, please.

Yeah, you know, you've pretty much answered all the questions. My second question to Mr. Duggar is, what type of capital allocation and risk management framework have been applied in 23-27 to balance working capital requirements with funding for new housing projects? Any hedge against interest rate and raw material volatility? And any purpose put into place to sustain E? liquidity for long-term cycles in real estate development.

With Varun here again, Vikasji and I looked at it, we don't look at capital allocation from such a complicated perspective at all. I think Vikasji has put together a very robust capital allocation framework in two things in one, location level measurement of our returns to make sure that we are... A capital. This is performing and also we are allocating capital. We look to not land bank, launch our projects within As quickly as we can by going for making our design, going for approvals and launching, so we are not land banking, so that's not something. And the second bit is to make sure that construction is mostly financed from customer advances, so we don't have really interests to work with or liabilities to handle on that nature, and also go through a project within a five to six-year framework once it's launched. If you do that, I think we are more or less okay.

Just to add to what you mentioned, I think we always chase profitable growth, so the ROE remains the single most and the strongest metric basis which we, and of course the GP margin, roughly 30% that we have talked about in the past, remains the single most critical metric basis which we evaluate the project economics. So, this is that only we look at allocating capital, and we have spoken about this. We are allocating more and more capital towards the senior living segment. We want to increase that segment of the business more and more. And coming back on working capital thing, I think we have got a strong momentum going as far as generation of operational cash flows are concerned. And so, most of the working capital requirements are being met through our customer advances. Any need-based requirement, if at all it arises, then we go for construction funding. But we are pretty well-placed as far as working capital management is concerned. Thank you very much, and best wishes.

Thank you. Thank you, Sukhli.

Thank you. We take the next question from the line of Rohit from iThought BMS. Please go ahead.

One question I think we have asked is looking time and I think I continue to ask this. So, sir, if I look at your presentation on page 26. So, we have this land available, right, which is now, like, we've been selling around 2.5 million square feet every year. So, the land that is pretty much 25, 26 million square, 25 lakh square feet. If I look at, so, of course, I know that you have ongoing phases and existing projects as well, but just from the, like, continuing the growth perspective, and I think we had a few things which were under, I mean, there were CPs and all going on, so for the land that we were, that we had initially signed up, so if we can maybe talk a bit about that, because I think next two, three years. The next phases will all get over, and given land, buying is a very long-term kind of a thing, so how do we think about that?

So, thank you, Rohit, for pointing that out. So, two things, along with the 26 odd lakh square foot that we have on page 26, you're excluding Malakpur and rightly so, we have another 40 lakh square foot, which is of ongoing phases, which is 66. What is also not included in this deck is in April, we signed up another 2 million square foot Thank you. So that adds another 20 lakh square foot, so that takes it to 86, and then there is another project of about 11 lakh square foot in Bangalore, which we have sort of done title diligence, done MOU, and there were some CPs for the... A lot to do. On that, there has been progress on the CP movement, the CP that needed to be resolved. The tricky issue of the CP has been resolved. There is only procedural matters left in it. I think maybe another couple of months for that to get resolved, and then we will execute the... We will need to improve this by adding more this year. And we are targeting to add more lands this year. I think the senior living pieces is where we will continue to focus and add more opportunities. As I've already mentioned earlier, in senior living, we see land opportunities, we see places where we can find viability. We are in active discussions in multiple places, and hopefully we'll add more and get that going.

So, that's good to hear, sir. And I hope the Bangalore project sort of also gets you a new geography, which is really... So, the other question was, sir, I mean, now next two, three years. So, just from the... We'll probably report very decent profits in the next two, three years, given all the deliveries will now be reported in the numbers. Any broad pot crosses in terms of, like, how much will you sort of look at from a land point of view, I mean, let's say that is your capex, so, like, how much is that capex, and how much are you sort of going to keep, I mean, any other Other things, let's say, buyback or anything else, I mean.

Broadly, it will be a substantial amount. So, right now, the thought is deploy as much as we can in growing the business rather than returning back capital to shareholders either by form of buyback or dividends. As I said, the... Senior living is a place where I think we'll deploy a bulk of this capital, and we will like to keep some otherwise also available for opportunistic things, as I said, in Gurgaon. I think we are quite confident that we'll be able to build a decent brand and a good brand with premium pricing when we deliver our projects. We've gotten to, let's say, where we are getting, we are in the bottom of the top tier of... We want to get into a higher tier there for the product we are in. And as we deliver our product, we think we'll be able to get pricing. When that starts to happen, I would like to have the opportunity of doing large transactions in these large markets. So we would like to keep cash on the books for that as well. So given sort of that thought, I I think... It's not something that we'll do large buybacks or large dividends. Dividends will remain, on absolute terms, will grow. I don't per se they will not grow. But capital allocation will be focused on growing the business, if that's the way to do it.

No, I absolutely endorse that, and I think that's the right way to do it. And, sir, just one question.

I would request you to join back the queue for follow-up questions. Sure, sure. Thank you. Ladies and gentlemen, in the interest of time and fairness to others, we request you to restrict to two questions per participant. We take the next question from the line of Ishita Loda from Swan Investments. Please go ahead.

Hello, sir. Thank you for the opportunity. My question is with respect to the recent announcement that we made on Mahindra Wall City that we decided to terminate the lease. So can you please explain why did we not go ahead with this?

So the Mahindra World was a subject to some conditions, President, that Mahindra World City in Japan had to get done. They needed to get their social infrastructure layout approved so that they could carve out the residential parcels that they wanted to sort of sell to other developers. Unfortunately, that's been... It took like, I think, over 18 months we were with them. They were not able to get those approvals due to, I would say, exigencies outside of their control as well, given the situation on approvals there. And since they were not able to get those approvals, we were not able to go ahead with the transaction. And we thought since there was not enough timelines, also visible timelines on approvals. We thought it was better to sort of write, not terminate the lease. With an agreement, sort of, with a view that in case that happens in the future, we can always restart discussions with them, given that we enjoy very good relationships already. We have done two transactions with them in Chennai prior to this interview.

Okay, so in the presentation on page number 26, the title is Land Available for Future Development, which shows 22.7 acres of Aranya Project MWC Chennai. So this is different from the one that is got cancelled?

Yes, this is different from what just cancelled. The one that got cancelled was for Jaipur. So, Mahindra has two of these world cities, one in Japan and one in Chennai. We have done one transaction already in Chennai, which is going on, which is a project called Asana Vatsalya. And Aranya is right next to Vatsalya, and that transaction is fully concluded. We are in the launch, land-to-launch phase that we call within the company. That is one.

Okay, thank you so much.

Thank you. From the line of Sinclair D'Souza, from Lalkar Securities. Please go ahead. Hello, so am I out of this?

Yes, sir. So as senior living projects grow across India and people get more familiar with senior living, so as competitors will also increase, right? So then how is Asiana planning to differentiate itself from other competitors?

So, I think senior living, the way we look at it is more of a structural story, the way it is unfolding gradually, which is gaining more and more acceptability among the senior urban living population of the country. So, I think that's where the opportunity lies, that if more and more players participate, I think overall the size of the industry grows. Rather than thinking it through a lens that, you know, more and more competition will arise, I think more and more serious players join in. I think the industry overall, the sales will increase, it will gain, and players like us, or for that matter, any other serious player will also stand to gain. That's the way we look at it.

I would add for that. At Father Sinclair, that we enjoy a very good brand equity show and have a track record of delivery. And I think people, when they are buying off plan, their confidence on the brand and its capability to deliver not only the ready product, but also... The capability to operate and maintain and manage the development later on. We have that, and right now also the competition that is coming in. We are not seeing, outside of a couple of developers, we are not seeing very large-scale developments the kind we do with the amount of amenities, the quality of amenities that we are doing. And the size generally is not prevalent. More is prevalent to do two acres, three acres, four acre developments, which by nature of land size, the amenities get comparatively lesser than, let's say, a 12-15 acre project. I think that is also something I would just bring to light that the kind of projects we are doing, right now nobody else is doing because you have to commit a lot more capital and take a lot more risk. Where we have sort of now figured out what to do. So, we are more and more comfortable opening larger projects.

Got it. Sir, one more question is, how do you all see this war affecting, like, people's... for buying, you know, houses currently?

So, I think it's very difficult to comment. I have no, I think we have no capabilities to analyze impact of such geopolitical situations within the, and see what will happen in the future. We just look at what is happening today and anything else we see which is more factual and structural. So, what impact of the war, I don't know. What I can definitely say, though, from a senior living perspective, and one of the reasons why we are shifting more and more our business towards senior living,

aging in India and

increasing independent, financially independent seniors in India is a fact and given. Okay? That's just how a demographic profile is. People are living longer. Health is better, fertility rates are lower, financial savings have increased, so seniors who retire now will have wealth rather than financial dependence on the next generation. All of this is sort of clear and a fact today. And it's a fact today and that's what we are relying on. We have no capabilities to say what the real current geopolitical situations or any future geopolitical situation, the impact that will have on our business. We'll end up quoting news sources and opinion makers, otherwise we read that you have access to as well. So, nothing further.

Yes, Salona. Thank you.

Thank you.

Thank you. We take the next question from the line of Saurabh Kumar from Scientific Investing.

First question is on senior living, and my understanding is new to the company, so correct me if I'm wrong. Right now, I think we build apartments and we sell it, but from a service perspective also, it is going to be a very, very big market. So in London, do we have any plans? I know we are doing some kind of services, but I don't think that is very significant. But over 5 to 10 years, do you see an annuity-based services kind of model where the company will be participating? That is one. And second is, I think we have done very well in terms of how the balance sheet has scaled up. If I could take a number, I think our inventory is four times up in the last seven years without taking much risk on the balance sheet side, which is a commendable performance in the commoditized sector. Thank you very much.

In terms of how inventory would scale up. Thank you. We believe that the senior living business will add to growth in the organization, and we believe senior living can be a really big play in the country. At the moment of time, we don't think the annuity-based, leasing-based model is the way for us to go, given the low sort of yields that are there in the country, and therefore, you know, they're just not attractive from a return perspective. to own their own properties. The lack of a proper leasing structure in the... If I'm 70, I don't want to be shifting homes and moving. So the propensity to rent from that perspective becomes... So, in the medium term, which is, let's say, up to the five-year term, I don't see leasing to become a... I'm the driver of profitability. The profitability in the next five years will continue to come from home sales. How it will change after five years, I really do not know.

from the line of Shovan De from Riva Private Wealth Managers. Please go ahead.

So, I would say that in general, we need to pick most of these numbers, right? Even if one or two slips, it can be a large day. What I would say is, sir, Probably Ashana Mahlar Phase 2 and Anmol Phase 3 have the least impact because they are lower margin projects. Other projects are all decent margins. Now, depending on their revenue contribution, you can decide which one is more important. That sheet is more in front of you. So let's say Ashana Mahlar Phase 2. Where 290 crores of revenue is a lot more important than, let's say, Ashana Prakriti in Jamshedpur with 102 crores of expected revenues. But I think we are on track to get to more than 20% reported ROEs for the year. There is some room for slippage here as well, given if we maintain even the... That we have gotten this year, I think with a lower revenue, we'll hit 20% ARVs.

And we think here and here, margin should improve actually this year.

So, there is a little bit of room there from a 20% ROE perspective.

Okay, got it, sir. Next question. We recently acquired 38 acres in Chennai and Maharashtra, adding to an estimated of 3,200 square euros of sales potential for the senior living portfolio. What are the margins on these new purcells and what do you expect?

So, let me put this way, including the one more project that we have done in Vargaon in Maharashtra and the Bangalore parcel, which put together have a GDV of 6,500 crores in senior living. I would say these projects at the... Project level, before, let's say, general administrative expenses of the corporate, should operate at about 30-35% of margins. Now, how the corporate fixed costs will behave as a percentage will depend on total top line. But that's what we would expect to do that. I think we can look at about gross profit margins of between 35% and 40%. And you're looking at about 5-6% of selling costs, and therefore about 30-35% of margins at the project levels, on average. Some of them would be higher, some of them would be lower, you know, depending on our pricing power within those markets and our ability to position the product correctly.

Okay, got it.

I would request you to please join back the queue for all of the questions.

Hi, sir. Sir, congrats on the recent large deal done for senior living. Sir, I just wanted your thoughts on various state government policies. I think there is this Maharashtra housing policy of 2025, which brought out attractive terms for senior living for developers and buyers. Just wanted your color. Do they materially improve your economics? Are you now seeing more and more clear enter this sector? And are other state governments also now following up on these lines?

Other governments have not followed on the lines of Maharashtra yet. People are coming up with different regulations for senior living. Some of them is also tightening the regulations around services, so people are more consumer-oriented, which is also a good thing because the more confidence that customers will have, that developers will actually deliver, the more... The more the business sector will do well. The policy of Maharashtra is also not yet notified in the sense the rules are not framed. The policy framework that needs to be incorporated in the development control regulations have not yet been incorporated. So the policy is right now, I would say, more of an intent and less of an operational policy that you can actually utilize. As in when it becomes operational, I think what it will do for us is it makes it easier for us to look for parcels which are more suitable for senior living. Because we are looking for a little bit more scenic areas, more neighborhoods which have a different charm, if that's the way to put it, for seniors, because they don't have to be in the city anymore. Those neighborhoods will become a little bit more easier to work with and more parcels might come up for development if this policy goes through. And the other thing that Maharashtra has also done within Maharera, they have defined what all you need to fulfill to be able to market yourself as a senior living project, which is also a good thing because that regulation also creates a little bit of... A regulation which will give more faith to the customer that this senior living will be actually what it is. So, I would say overall the policy framework right now is encouraging for senior living. Yes, there are some places where over-regulation, over-ambitious regulations are a concern in some states. But I think those will also get resolved as things move along.

Got it, sir. And so, just a follow-up on the previous question someone asked of slow-moving projects. So, you have mentioned we can extend 35-40% growth going ahead. And previously, you have said that FY27 margins should be better than FY26 and FY28 should be materially better because all the low-margin projects, and I think Malhar is the only slow-moving project which can impact this.

So, moving is the wrong word, low margin is the better word, right? It could be moving fast with, yeah, yeah. So, go ahead.

So, apart from Malhar, is there any other one-two projects you see where this can marginally impact the improvement and margins?

So, you know, different projects have a different margin profile, so Anmol is the other one which I said which is the last phase is getting delivered in this year, where the margin profile is significantly lower than what we generally underwrite. Now, there are some projects which will be at our general level and some projects going forward which are, you know, at the end of the day. We have had some projects which have been below our general level. There are now projects which are significantly above our general levels. So there will be volatility in the margins, I would say, on a quarterly basis for sure. But the margin profile for a full year basis in 27 will be better than 26. And the margin profile in FI 28 will be better than 27 overall. That's the general expectation.

We take the next question from the line of Ankit Shah from White Equity Investment Advisors. Please go ahead.

My first question is, you mentioned that we acquired a land parcel in Mumbai, Pune, Belk, maybe Wadgaon, in April. I missed that part. Can you substantiate that a bit?

Okay, so, we have acquired about a 28.5-acre parcel on the old Mumbai Pune Highway in a place called Wadgaon. It's very close to our current project, Ashina Amot. We'll do a senior living project here. About 20 lakhs square foot, approximately, let's say, 1,800 to 2,000 crores of GDV, and, yeah.

Okay, okay, that's helpful. Sir, if you can share guidance for pre-sales for FY27 and the launch pipeline, the phases and new projects.

So, new projects, we are looking to launch Ashana Oma. Ashana Tatvam, and Ashana Aranya. Ashana OMA is a premium housing project in Jaipur where all approvals have been received. We should launch in the next couple of months. Ashana Aranya and Ashana Tatvam are slated for launch in the Q4 of this year. And phased launches is hard to say, but basically we have phases. Phase 3 should get launched this year, and phases in all our senior living projects like Advek, Amod, Varsalia, Swarang, we should be launching at least one phase in each of the senior living projects is what I would expect this convention. So, we should have decent launches in the financial year. The pre-sales target for this year is 2,200 crores that we are targeting. But I would say more importantly, I think we are really looking to grow senior living. Senior living is targeted to get across 700 crores. I think senior living sales have been growing at a cagger of more than 50% for the last 5 years, if that's the way to put it. We have gone from 100 crores to 570 crores in a 5-year period in senior living. I think the key metric that we are looking for pre-sales is to really, really rev up senior living. The more it does well, the more the long-term is... To me, it's a structural story. It's a structural change in India's demographics, particularly in the western and the southern part of the country and some of it in the northern part of the country. I would say the eastern and central part of the country still remains very young demographically. But these parts of the country are changing structurally, both in financial independence of seniors. And overall, a percentage of seniors and urban seniors. That's the pre-sales. I think we are really, really, even though it's a smaller subset, I think that's taking a larger attention of the management team, if that's the way to put it. Because that's where the future lies.

Perfect. So in this context, we were planning a project with EPOC in GYD. Can you update on that, please?

With Epoch Eldercare, we have signed up our assisted living part of the business. So, senior living has two pieces in the business. One is what we call independent living, active living, or they are called active adult communities in the world. These are for folks who are seniors, but they are active. They don't need assistance in their day-to-day life. You're creating amenities for socializing, for wellness, for companionship, for activities, for constructive, purposeful living, and this is 99% of our senior living business, if I were to say, and which is basically where we make our profits. In our senior living projects, we throw in a tad bit of assisted living. Because our independent living customers might, in the future, at some point of time, require assistance and care services and caregiving. And so we've built these at our projects. They're not necessarily our focus for our customers from a profit perspective. It's a sort of a value-added service that we're providing. So, in one of our projects, instead of doing it ourselves, we have tied up with Epoch Eldercare, who specialize in doing this, to see if we can outsource these activities to free up management bandwidth to focus on the active piece itself. So, right now, we are running two... Large care homes, one will be this in Bivari called Nirmay Care Homes, gone to EPOC, and the other will be in Chennai in Ashana Shubham. That care homes, we plan to manage ourselves and to see what the difference we have when we have outsourced one of the projects out to see and then take a call on future strategy.

Thank you. We take the next question from the line of Shubham Segal from SIMPL. Please go ahead. So, you previously mentioned the launch time in India, and also... I do apologize to interrupt you, Shubham, but your audio is not coming in clear. Could you please use your handset? Yeah, is it better now? This is better.

Please go ahead. Could you just provide any rough timelines for the Pune, Karjat one, Bangalore one, and the Pune-Vadga one? And also, so if you see the delivery timeline, so currently for FY29 and FY30 and let's say FY31, we are roughly around 800 to 1,000 crores each. So will these new land bank projects be, you know, like getting delivered in those financial years or, you know, like are we planning on any other? to be delivered then.

So, Ashina Oma, Ashina Tatvam, and Ashina Aranya are to be launched within this financial year. I clarified earlier as well, Oma within the next couple of months. And Tathwam in Q4 of this financial aid is what we're targeting. The other three projects, which is Vavarle, Vargaon, and Bangalore, we're targeting to launch in FI 28. There will be build-up in FI 30 and FI 31 deliveries and values there. Most of it will be built through, not through new launches of projects, but launches of existing phases, I would say. The other phases that we have, that we are looking to launch, which would be around... Good afternoon, everybody. 31 we would look to launch that up. So that will definitely add up there. I would say OMA definitely should get delivered within FI 30 or FI 31, partly not the full project, but the phase which we will launch in the next couple of months should definitely get delivered by FI 30. And the other projects of Aranya and Tathwam, I would, FI 30 would be difficult, but I would expect some part of it to come in 31. And the other three projects which are going to get launched in the next financial year will probably go to 32. So some part of Aranya and Tathwam should also come into FI 31. So, there will be, these two financial years will build up. You will see every quarter something or the other getting added to these two financial years, is what I would say.

Okay, got it. Thanks for the answer. Just one last question. So, currently, our realizations are on a higher end just because of our launch of Aroham. But going forward, how do we see our realization trajectory moving up? Like blended one, because senior living would be higher, but on a blended basis.

So, on a blended basis, I think our realizations, if you look at what are full-year realizations, a quarter realization is what ROHM has really, really impacted because of the significant there. Right now, I think we are at 9,000 for the full year. Let me just open this up if I don't want to get my quoting. Yeah, we are at 9,000 for the full year. Yeah, 9,000 for the full year. I would say our realizations should be in this 9,000 to 11,000 kind of a range. I would say maybe hopefully we should move to about 10,000 on a blended basis as senior living starts becoming a larger profile. And let's say Jamshedpur and Jaipur, which are relatively lower price markets, also become a little lesser in... Quantum, though even Jamshedpur and Jaipur have now moved to 7,000 plus for us as markets, I think. And in senior living also, because you're just pointing me out to add that we're premiumizing as well. So, the Asana Aranya and Asana Tatvam are a lot more premium products than what we have historically done in Senior Limits. So, there is a premiumization story playing out. So, I would say 10,000 rupees a square foot is definitely something we should look to get to.

Okay, got it. Thanks a lot.

Thank you.

Thank you. We take the next question from the line of Grata Jain from Anand Nath, SkyCon Private Limited. Please go ahead.

Hi, sir. Thank you so much for the opportunity. Just wanted to know the land area and price for OMA. Say that again, please. I just wanted to know the land area and price for OMA.

Land area of OMA is around 11 odd acres, I would say, 10 acres. 10 acres is Ashana OMA. We are not launching the entire project, I think. And roughly the pricing should be, we haven't, I think, closed the exact pricing, but in the 7,500 to, let's say, 8,500 range, it will land somewhere, or 7,500 to 8,000 will land. Exact pricing is yet to be concluded fully, I think.

All right. Thank you for your question.

Thank you.

Thank you. We take the next question from the line of Varun Bang, an individual investor. Please go ahead.

This is Varun Bang from Bandhan Life Insurance, actually. So, this first question, with respect to our Panvel project, what is the upfront investment in the Panvel project, and what could be the realization assumption for Panvel, and given that this is our first project in Panvel, do we have to rely on channel partners for sales, or...? We can drive barracks with how we are doing in other senior living projects.

We don't generally give out individual project investment details like this publicly, so I'll refrain to do that. I think, and the pricing of Panvel has also not been concluded yet. I think the launch in Q4, I think there the pricing will get more and more asserted, closer to launch. We give some GDV ideas. We don't want to get into the exact sort of pricing as of the moment. We will be doing it at the highest end of any senior living that we have done, that we can tell you. We have channel partners. I think senior living, we have started using channel partners, but the reliance on channel partners is very limited. The senior living market is sold mostly directly because it's more of a specialized tale to a specialized customer. And we already have a lot of customers from Bombay. Ashana Amod in Pune, 50% of our customers there have been from Bombay recently.

And just to my first part, with respect to our current investment, If that is not possible, if we can just broadly share, if we are targeting 15% pack margin, 15% to 18% pack margin, can you share ballpark breakup of this 82% to 85%, the remaining portion, that would be helpful.

I would like to share that on a project-specific basis. That's the only thing, Varun. But let me put it this way. As I said, we were looking at about 35 projects. Up to 40% at the gross profit level of projects in general, about 5% of sales and marketing. So you're looking at a project level margin of 30 to 35. You take out general administrative costs after that, any financial costs we have, and take out tax effectively to get to pat margins. And as I said, general administrative costs will vary depending on actually what the revenue would be In a particular area. On the direct cost, which is, let's say, about excluding sales costs, about 60% to 65% of revenue, typically we would look at about 5% of what I call project overheads, which are approval costs, architect costs, construction sales. The environmental fee, OC fees, all of that put together, which is like soft costs of about 5%. Hard construction costs would vary between the 40% to 50% ranges, and land costs will vary between the 10% to 20% range. So that's the breakup that you will have. So some projects might have a 10% land cost with a 45% construction cost. Some might have a 20% land cost with a 40% construction cost. It will vary a little bit depending on that, depending on the deal structure also. So outright purchases generally have a lower land cost component as a percentage of revenue, and revenue share projects have a higher component of land cost because you're paying over a deferred basis. So that's the basic breakup. I hope that was helpful.

Yeah. That was helpful. And with respect to the Vargao project, back of the envelope calculation suggests that we are assuming realization of around 9,000 rupees for this project. If I say a Mallar project, it is giving us roughly 7,000 rupees a square foot. Amod is giving us probably another 7,000. So is this going to be slightly premium versus Amod and Mallar, which is why 2,000 rupees premium? I'm not sure if...

Just one second, yeah, if I can. It's not, there is no benchmarking to Malhar at all. There is benchmarking to Ashana Amod. My understanding of Amod is it is about north of 8,000 rupees a square foot in the newer phases. We are at 8,200, 8,300 rupees a square foot if I can look that data. Just give me one second, yeah. We are planning as if it is similar to Amoz in its thought process in that working. As we plan the project, can that change? Yes, it can change a little bit. And then our prices This might go up if you premiumize the product even more. But right now, it's just expectation of AMOD plus inflation and a little bit for the delay of launch from current AMOD price.

Thank you. Participants are requested to restrict to two questions per participant. We take the next question from the line of Rohit from iThoughtPMS. Please go ahead.

A couple of questions. I think this one is on Hoonay, sir, so, like, how are you, like you mentioned earlier, I mean, how you are going deeper. If you want to increase your brand, you want to increase it so. How are you seeing that?

Pune is sort of fused together because the projects are serving both Bombay customers. So half our customers are Bombay and half our customers are Pune. 40% in Bombay, 40% in Pune and Ashan Amor, and 20% is from the rest of the country or NRI is worth both. That is the place where we are going deeper. So we have done three transactions, right, between Panvel, Valkaon. And in the last, let's say, three months, those projects put together have a 3,500 crore GDV basis. So that is us going deeper in that market. We are not looking to go deeper for premium housing yet. As you said, Malhar has been a low-margin project, and we still haven't figured how to get a... A decent margin project in premium housing in Pune. What happened in Gurgaon was, even though Anmol was a low margin project, we learned from Anmol that to make money in Gurgaon, this is what we need to do. And we understood that. In Pune, we still haven't been able to understand that yet. So, but in senior living, we are doing well. We are profitable, margins are good, volumes are good. So we decided this is where we are doing well. Let's just go deeper in this product profile and do multiple price points here. It was that. So we are going deeper, I would say.

And similarly, in Chennai, like, of course, we've done three or four. So, we are going to be, again, only in senior living there, or do you think there is an opportunity?

There is an opportunity to do non-senior living. I wouldn't rule that out. Are we actively looking for it? Not very active. So, if something comes within what we call our relationships where we have comfort, we would do a non-senior living project there. But again, in Chennai, the kind of senior living project that we have taken, now Aranya, to me, the way we are... Decided the product is probably a $1,800 crore kind of a GDV project. And if you can do that, it sells that as a different kind of depth to the Chinay market for us. And selling Aranya and Vatsalia together next door to each other with differentiated and more premiumized product in one versus the other. That's the strategy we are going to go deeper in China, I'm sure.

Thank you. We take the next question from the line of Shovan Day from Riva Private Wealth Managers. Please go ahead.

Yes, you are. Hi. Hi, again. As we allocate agria capital towards premium and senior living land banks, what are the primary macroeconomic or operational senior year stress against the protect the balance sheet over the next three or five, might be five years?

The macroeconomic scenario, sir, I don't know what the macroeconomic scenario would be. As I said, from a senior living piece, we see a structural shift in the demographics of the country. In the western and southern parts of the country and other parts of the country, to me, that's the macroeconomic protection towards senior living and going there. And the other bit is we are low debt, high cash. So, that keeps us, so even if shocks come along, we can absorb those shocks based on that.

Like any major wrong thing that can happen to the senior portfolio, what are the like scenarios that can, I can, I can think of, like, you can think of on an immediate basis that these are the wrong, wrong doing can be happened.

One, excess competition could come in, but I right now believe this competition should actually grow the market. Second, we might take up more than we can chew. So, senior living will grow, but may not grow at the pace that we expect it to grow. Third, we may not be able to handle it managerially in the number of projects that we want to handle, if that's the way to put it. And, um, uh, uh, uh. Fourth, maybe our choice of markets could go wrong. These are very different markets. Like, you know, our senior living in Jaipur didn't do so well, but our senior living in Chennai did extremely well when we launched. So maybe our choices might go off. I don't know. I can list out 20 different things that could go wrong. Like, I'm constantly worried about what all can go wrong. Approvals can get delayed, construction costs can go up. I don't know. There's numerous things which could go wrong.

Okay, the next, another question, final question would be, like, FY30 guidance of 2,000 crore cumulative back, What are the biggest bottlenecks to achieving it?

Achieving delivery timelines right now. I think the supply of materials, our scaling up of execution, some labor shortages that people are talking about, meeting the delivery timelines will be our biggest, biggest, biggest sort of thing. And, um... And launching R.O.M. Phase 3 this year, launching OMA, and as I said, Tattvam and Aranya, if we launch within this year, there are parts of it which can come on track. Those were the sort of bottlenecks. As of now, we are on track to achieve that number. Overall, we seem to be on track.

Thank you. We take the next question from the line of Varun Bang from Bandhan Life Insurance. Please go ahead.

Yeah, just two follow-ups. Firstly, on the cost of construction, which you said is probably rising, broadly, can you share the sort of rise that we are seeing in cost of construction, both on POQ and YY basis? And second part to this question, in terms of when we underwrite the project, how much do we typically build in for cost of? We have increased the inflation part.

Underwrite a project, when we pick up a land, we don't underwrite any inflation, either in the sale price or in the construction cost. Substantially, if it is, it's like 4-5% here or there, till launch inflation. Post-launch, we just don't know how prices will behave, how construction costs will behave. So, if anything, we'll then just underwrite CPI. For both the construction cost and for the sales prices, that's the way to put it. I think the assumption is that cost of construction and sales both will go up on a consumer price index level. This year, probably CPI... We're expecting about 8-10% increase in construction costs in this financial year on a year-on-year basis, as of now, given the information we have. If things change in the next couple of months, anything more or less can happen, but as of now, the information is true.

And just one request, I have shared an email with Vikashi regarding a compliance requirement wherein we needed some data for our internal filing. It would be helpful if we can share that information.

Okay.

Varun, in case you don't get a reply, can you resend an email again tomorrow, please? Seems like it might have slipped in our inbox.

Thank you. We take the next question from the line of Rahul Jain, an individual investor. Please go ahead.

My question was, so if I look at the presentation, I see the value of, like, units delivered in FY26 is about 988 crores, but the revenue that we have recognized is around 1140 crores. So, like, I wanted to understand, like, from where is this extra 150 crores of revenue coming from?

So, you're looking at the consolidated accounts, if I'm correct? So, in the consolidated accounts, one, we consolidate the maintenance services business, which is an annuity business, so the revenue is coming.

The other reason why the revenue would be a little different is that we already would have some inventory left in already delivered projects, so some of that inventory also gets sold, so that top-up also comes in. So, those two have to be added to the numbers that we are showing in the presentation, and that's how the revenue overall is stacked up.

Okay. So, when you say like handover done, does that mean that all the units of that project has been accounted in revenue, or something is left which may get recognized in the next quarter?

So, when we say that the project is scheduled for handover, that means that when we are going to complete the project, issue IOPs and recognize the revenue to the extent we manage to sell the units, and the units which are unsold, they remain in our stock and gradually get sold. But as and when the delivery starts, or, you know, we start the handover, that's when we broadly mention that this is the year in which the deliveries will happen.

So, just to clarify further on that, it only is for the sold units and not for the unsold units, clearly. And in sold units, if anything is clipping to the next quarter, then we write started handing over instead of handed over. So, when the word handed over is there. Everything has been recorded, which is sold. Only the unsold portion, when it gets sold, will be recorded for revenues specifically. If it says started handing over, then it means that some of it is coming into the next quarter as well.

Thank you. We take the next question from the line of Arpit Ranka, an individual investor. Please go ahead.

So, it's great to see the increased commitment towards senior living. All the best for the sale. I had just one quick question on the class action suit that was fired last year in October. Given the customer centricity with which we work, it was a little surprising, actually. And if not mistaken, this was a project which was delivered almost five, six years and above before the case was fired.

So what led to that?

Was there no possibility that both the parties could have managed to settle it without going the litigation route? And second, what is the latest on that? And just in continuation, generally, if it was filed in October, how much time does a case like this typically take? Because it would be good to know how it kind of concludes.

So, there are two aspects to the case. One, there is a consumer complaint been filed, and in the consumer complaint, they have made the consumer complaint a class action by taking it from just the consumers who have filed a complaint to everybody in that project. So, whether there is a class action applicable on this suit or not, we have gone to the High Court in Delhi to say that there is no class action applicability on this matter. Our lawyers have opined that... That we should get something favorable from the High Court, and therefore we have gone and litigated in the High Court. High Court is still going through dates because we have to service a lot of customers' notices and everything, so there is some process going on. I hope that this High Court decision should come in sooner than later. Maybe, let's say, within this financial year, we should have something. It would be my expectation. In the consumer forum matter, even if high court rules, the consumer complaint will go on, at least to the extent of the customers who have actually filed consumer complaints. We would have preferred, if we can settle the matter out of court, we would love to settle with our customers. The last thing, as an organization, we want to do is litigate with our customers. Somehow, though, on the post-handing-over period during maintenance, there has been some increased litigation from some consumers, particularly here. Even though when we check back with our consumers, Satisfaction, when we check on NPS scores, we take feedback. Even in this project, our overall levels of customer satisfaction seem very high. You know, and the other things, rents in the project are up, prices in the project are up. General levels, when we visit the project, the upkeep and the maintenance, you know, with our eyes, we are satisfied with. But unfortunately, this litigation has happened of this extent. How long can the consumer forum matter take? I completely don't know. It's very hard to comment on the judicial system in India. It can go for years, sometimes, sometimes earlier. We really don't know. I've had a matter in a consumer forum where the matter got argued and it got reserved for judgment. All the judge had to do is write the order and pass it on. That took seven years from the date of reservation of order to date of actually pronouncing the order. Okay, so when you see something like this, you just don't know when it will get done. And then you have seen things which have gotten addressed in six months, eight months as well, completely, fully. So I really don't know how long it will take. But my suspicion is that it will be longer than shorter given the number of parties involved.

Sure. No, just that, I mean, for somebody who's tracking the company for 15 plus years, right, it just doesn't add up. I mean, it's one of those things which if you didn't see it coming from the company, you'll wonder, right, like, given the customer centricity with which we work, right, to everything, so.

Unfortunately, you say, if you go into that project and you spend time with the customers, you will say in that project also, this does not add up. As a company, you might be customer-centric, and you might say, okay, you know, they scaled up, and they will mess up somewhere, and they have really messed up here, and that's why it should add up here from a customer dissatisfaction perspective, right? The litigation doesn't add up to me, that the customers are litigating with us, and that we are not able to resolve this on an out-of-court basis. Even if you go to the project, it doesn't add up to me. So, it is what it is at the end of the day.

Thank you. We take the last question from the line of Rahul Jain, an individual investor. Please go ahead.

Yeah, my second question was on that. Are we seeing any pricing pressures or higher supply, oversupply in any of the markets that we are operating in?

Supply yet. Signs of some oversupply in Gurgaon and Pune are visible, whereby two quarters, in the last two quarters in Gurgaon saw very heavy launches, so absolute inventories, absolute unsold inventories increased substantially for two quarters in a row. If that trend continues for another, let's say, four quarters, we'll definitely be oversupply. So, we will see how the next couple of quarters go, where to that is. Pune also has some signs of oversupply, and so that's what I would say. Bhaadi, Jamshedpur, and Jaipur, I don't see any oversupply yet.

There are no further questions from the participants.

I now have the conference over to the management for their closing comments.

Thank you all for participating in this earnings conference call. In FY26, we are encouraged by the strength of our sales momentum, launch pipeline, and operational cash flows. We remain focused on timely handovers in FY27 and on building long-term value through disciplined execution and customer-centered development. If you have any further questions or would like to know more about the company, please feel free to reach out to us directly or you can alternatively reach out to our investor relations managers at Valoram Advisors. The investor presentation and relevant materials are available on our website, and we will be happy to provide any further clarifications you may need. Reaching you all good health and a productive year ahead. Thank you.

Thank you, sir. On behalf of Asiana Housing Limited, that concludes this conference call. Thank you for joining us, and you may now disconnect your line.