Ashiana Housing Limited has received a comprehensive credit rating reaffirmation from CARE Edge, maintaining its CARE A; Stable rating across multiple debt instruments. The rating agency communicated its decision through letters dated December 23, 2025, which the company received on December 26, 2025.

Rating Reaffirmation Details

CARE Edge has reaffirmed the CARE A; Stable rating for Ashiana Housing's issuer rating, reflecting the agency's confidence in the company's general creditworthiness. The rating decision was based on recent developments including the company's operational and financial performance for FY25 (Audited) and H1FY26.

Non-Convertible Debenture Rating Status

The rating agency has maintained its CARE A; Stable outlook for all five tranches of the company's NCD issues, representing a total value of ₹454.08 crores. The reaffirmation covers debt instruments issued across different periods with varying terms and conditions.

NCD Structure and Terms

The NCDs feature different repayment structures based on their issue dates. The ₹125.00 crores NCD carries a coupon rate of 9.95% per annum and is repayable in four equal annual installments starting from May 13, 2026. The remaining NCDs have a tenure of 20 years from their respective allotment dates with a coupon rate of 8.00% per annum, subject to availability of distributable surplus.

Key Features

The NCDs incorporate a 'payable when able' structure, meaning the instruments will be serviced based on the availability of project surplus. This structure provides flexibility to the company while offering investors participation in the company's project-based cash flows. CARE Edge reserves the right to undertake surveillance and review of the ratings periodically, with at least one review conducted annually.

Ashiana Housing has successfully converted 92 units into bookings at its Ashiana Amaya project in Jamshedpur, Jharkhand, with a total sale value of ₹145.34 crores. The conversion process from Expression of Interest (EOI) to confirmed bookings commenced on December 14, 2025, and is currently ongoing, as announced by the company to stock exchanges on December 16, 2025.

Project Conversion Details

The converted units comprise approximately 1.98 lakh square feet of area across the premium residential project. Ashiana Amaya is positioned as a Premium Homes project featuring 3BHK and 4BHK units, with a total launch of 230 units in the development.

Conversion Process Timeline

The company has initiated the systematic conversion of Expression of Interest into confirmed bookings, marking a crucial transition from the pre-launch phase to active sales. This process demonstrates strong market response to the premium residential offering in Jamshedpur's real estate market.

Market Positioning and Value

With an average value of approximately ₹1.58 crores per unit, the Ashiana Amaya project reflects premium positioning in Jamshedpur's residential market. The successful conversion of 92 units out of 230 total units indicates robust demand for quality housing in this industrial hub of Jharkhand.

The ongoing conversion process positions Ashiana Housing to capitalize on the strong housing demand in Jamshedpur, contributing significantly to the company's revenue pipeline. The project's progress from EOI to confirmed bookings demonstrates effective project execution and market acceptance of the company's premium residential offerings.