Ashiana Housing Q3FY26 Operational Update: Sales Value Drops to ₹401.07 Crores Despite New Launches

Ashiana Housing Ltd has announced its operational performance for Q3FY26, reporting area bookings of 5.56 lakh sq. ft. with a sales value of ₹401.07 crores. The real estate developer's quarterly performance shows a decline compared to the same period last year when it recorded 6.77 lakh sq. ft. of area bookings worth ₹454.16 crores.

Quarterly Performance Analysis

The company's Q3FY26 performance demonstrates mixed results across different metrics. While the quarter saw improved performance compared to Q2FY26, it fell short of the previous year's corresponding quarter figures.

Metric	Q3 FY26	Q2 FY26	Q3 FY25	Change (QoQ)	Change (YoY)
Area Booked (lakh sq. ft.)	5.56	4.13	6.77	+34.6%	-17.9%
Sales Value (₹ Crores)	401.07	303.43	454.16	+32.2%	-11.7%
Units Booked	357	307	451	+16.3%	-20.8%

New Project Launches Drive Q3 Performance

The quarter was marked by the launch of two significant projects that contributed substantially to the sales figures. Ashiana Amaya in Jamshedpur and Vatsalya Phase-II in Chennai were launched during Q3FY26, generating strong initial response from buyers.

Project Details	Ashiana Amaya & Vatsalya Phase-II
Total Units Available	402 units
Units Sold	149 units
Area Sold	2.67 lakh sq. ft.
Sales Value	₹198.62 crores

Nine-Month Performance Comparison

For the nine-month period ending December 31, 2025, Ashiana Housing recorded total area bookings of 15.64 lakh sq. ft. valued at ₹1,135.47 crores. This represents a decline from the previous year's corresponding period, which saw 18.47 lakh sq. ft. of bookings worth ₹1,362.17 crores.

Period	9M FY26	9M FY25	Change (%)
Area Booked (lakh sq. ft.)	15.64	18.47	-15.3%
Sales Value (₹ Crores)	1,135.47	1,362.17	-16.6%

The company attributed the higher sales in the previous year primarily to the launch of Amara Phase-4 in Gurugram, where 3.49 lakh sq. ft. out of 4.79 lakh sq. ft. was sold during the nine-month period FY25, generating sales value of ₹503.81 crores.

Project Handovers and Delivery Milestones

Q3FY26 also witnessed significant delivery milestones with handover commencement for three key projects across different locations:

Ashiana Malhar Phase-I in Pune
Ashiana Dwarka Phase-V in Jodhpur
Ashiana Ekansh Phase-I in Jaipur

These handovers represent the company's commitment to timely project delivery and contribute to revenue recognition in the current financial year.

Market Context and Performance Drivers

The operational update reveals the impact of project launch timing on quarterly performance. While Q3FY25 benefited from multiple major launches including Ashiana Swarang Phase-I in Chennai, Ashiana Amodh Phase-II in Pune, and Ashiana Ekansh Phase-IV in Jaipur, the current quarter's performance was supported by the two new launches that achieved solid initial sales traction.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
+0.69%	+1.18%	-2.75%	-15.22%	-26.82%	+175.65%

Ashiana Housing Ltd has informed stock exchanges about receiving a GST demand order worth ₹12,94,084 from tax authorities in Jaipur. The demand, issued under section 73 of the CGST Act 2017, includes interest and penalty components and pertains to alleged irregularities in Input Tax Credit (ITC) availment.

GST Demand Details

The company received the Order-in-Original dated December 29, 2025 on January 02, 2026 from the Superintendent – CGST Range, Jaipur (Rajasthan). The demand specifically relates to wrong availment of ITC from suppliers for non-filing of GST Returns.

Parameter:	Details
Demand Amount:	₹12,94,084 (including interest and penalty)
Issuing Authority:	Superintendent – CGST Range, Jaipur (Rajasthan)
Legal Provision:	Section 73 of the CGST Act 2017
Order Date:	December 29, 2025
Receipt Date:	January 02, 2026

Nature of Alleged Violation

According to the regulatory filing, the GST authorities have alleged that the company wrongly availed Input Tax Credit from suppliers who failed to file their GST Returns. This violation falls under the provisions of the CGST Act 2017, which governs the availment and utilization of input tax credits by registered taxpayers.

Company's Response Strategy

Ashiana Housing has announced its intention to contest the demand order through the appropriate legal channels. The company plans to file an appeal against the GST department's decision, indicating its disagreement with the allegations made by the tax authorities.

Action Item:	Company Response
Immediate Action:	Contest the order
Legal Recourse:	File appeal accordingly
Record Review:	Reviewing and reconciling records

Financial Impact Assessment

The company has stated that no significant impact on financial or operational performance has been observed as a result of this demand. However, Ashiana Housing is currently in the process of reviewing and reconciling its records to assess the monetary implications of the GST demand order.

The disclosure was made in compliance with Regulation 30 of the SEBI (LODR) Regulations and SEBI Circular No. SEBI/HO/CFD/CFD-PoD-1/P/CIR/2023/123 dated July 13, 2023, which mandates listed companies to inform exchanges about material developments that could impact their operations.