Ashiana Housing Ltd Management Discussions

INDIAN ECONOMIC OVERVIEW

Indias economic performance in FY 2024-25 has been solid, with an GDP growth rate of 6.5%, maintaining its place as the fastest-growing major economy. The economy is benefitting from a combination of strong infrastructure spending by the government, a rebound in rural demand spurred by a successful Kharif crop, and the continued growth of the services sector, particularly in finance and real estate. The Reserve Bank of Indias accommodative stance, including a rate cut, has provided a much-needed boost to investment and consumption. Furthermore, improved manufacturing performance and steady urban consumption have kept the economic momentum strong. Despite the ongoing risks posed by global trade uncertainties, Indias strong domestic foundations, supportive policies, and a thriving private sector are expected to keep growth on track.

to farmers have laid a strong foundation for sustained growth in the sector.

Industrial Sector: The industrial sector is expected to grow by 6.2% in FY 2024?€“25, fuelled by strong momentum in construction and key utilities such as electricity, gas, and water supply. The manufacturing segment has also remained resilient, with higher output across major industries strengthening overall industrial growth and reinforcing a positive outlook for the year.

Services Sector: Continuing to anchor Indias economic growth, the services sector is estimated to expand by 7.2% in FY 2024?€“25, led by financial services, real estate, and professional services. Additionally, trade, transport, and communication services are forecast to grow by 6.4%, supported by increased economic activity and healthy consumer demand.

Construction Sector: The construction sector is projected to register robust growth of 8.6% in FY 2024?€“25, driven by a significant uptick in infrastructure investments and strong government impetus. Large-scale spending initiatives are fuelling project pipelines, generating employment, and creating positive spillover effects across allied industries.

Real Estate Sector: The Indian real estate sector is estimated to have recorded double-digit growth in FY25, with residential sales volumes reaching record highs, commercial leasing staying resilient, and institutional capital flows remaining steady. Leading industry reports (ANAROCK, Knight Frank) indicate that housing sales in Indias top 7 cities likely surpassed 560,000 units in CY2024, marking ~18?€“20% YoY growth ?€” continuing the post-pandemic upcycle.

From April to December 2024, Indias retail inflation moderated to a controlled 4.9%, influenced by a period of stability in food and gasoline costs. The decline in inflation allowed the Reserve Bank of India a unique opportunity for monetary easing, resulting in a 25-basis point rate reduction in February 2025, the first of its kind in nearly five years. This intentional adjustment indicates restored confidence in the inflation forecast and is poised to enhance both investment inflows and consumer expenditure, thereby fortifying the nations economic way forward.

Sector-wise performance in FY 2024-25

Agriculture and Allied Sectors: In FY 2024?€“25, the agricultural sector is projected to expand by 3.8%, marking a rebound from a period of subdued performance. A favourable monsoon has delivered a robust Kharif harvest, significantly boosting rural incomes and supporting higher consumption. Complementing this, focused government interventions to enhance agricultural infrastructure and provide direct support

The administration has confirmed its consolidation strategy, establishing a budget deficit target of 4.9% of GDP for FY 2024?€“25, a notable enhancement from the previous years 5.6%. The FY 2025-26 Union Budget has designated H 11.21 lakh crore, approximately 3.1% of GDP, for capital investment. This significant commitment highlights a deliberate focus on infrastructure-driven growth, intended to enhance structural capacities, provide employment opportunities, and produce multiplier effects throughout the wider economy.

Indias trade narrative appears poised for a gradual yet consistent resurgence. Exports are anticipated to increase, bolstered by robust worldwide demand for essential commodities such as engineering products, pharmaceuticals, and electronics. Conversely, declining oil prices and a robust domestic manufacturing initiative via the PLI programs are expected to diminish the necessity for imports. All of this indicates a diminishing trade deficit and a more stable external environment. The government is implementing new trade agreements and policies that enhance exports, which may elevate Indias position on the world stage.

In tandem with economic resilience, environmental sustainability remains a key priority. The government is accelerating its water circularity agenda to address the mounting challenges of water scarcity. Flagship programs like Namami Gange and Jal Jeevan Mission are expanding the infrastructure for wastewater treatment and reuse. Guided by the National Framework on Safe Reuse of Treated Water, these initiatives are enabling multi-stakeholder collaboration and unlocking innovative reuse models. This reflects a decisive shift from linear water use to a regenerative approach securing both ecological balance and long-term water security.

Outlook

Indias economy is set to grow between 6.3% and 6.8% in FY 2025-26, driven by strategic reforms, digital growth, and an expanding consumer market. Programs like Make in India and the Production-Linked Incentive (PLI) schemes are strengthening the manufacturing landscape, attracting investments in electronics, semiconductors, and renewable energy. At the same time, large-scale infrastructure development spanning highways, ports, and smart cities is driving economic activity and job creation. With strong policy backing and ongoing investments, India is well-positioned for long-term growth, reaffirming its role as a global economic powerhouse.

Residential Real Estate Industry Overview

Indias residential real estate market continued its robust growth trajectory in FY 2024?€“25, reinforcing its position as the largest contributor to the countrys real estate sector. According to leading industry reports (ANAROCK, Knight Frank), housing sales across Indias top seven cities reached an estimated 560,000 units in calendar year 2024 ?€” the highest ever ?€” marking an annual growth of 18?€“20%.

This record performance was driven by resilient end-user demand, improved affordability, and a clear preference for home ownership. Factors such as stable mortgage rates for much of the year, rising household incomes, and favourable demographics supported sustained buying interest across segments ?€” from affordable and mid-income housing to premium and luxury categories.

Tier 2 and Tier 3 cities also continued to emerge as growth centres, with improved infrastructure, better connectivity, and the adoption of remote and hybrid work models expanding the demand base beyond the traditional metro markets. Meanwhile, buyers showed a strong preference for branded developers, driven by trust in project execution, transparency under RERA, and timely delivery commitments.

The supply side remained disciplined, with developers aligning launches to match genuine demand. This kept unsold inventory levels in check and supported healthy price realisations across major micro-markets. Concurrently, regulatory measures, government incentives like PMAY (Pradhan Mantri Awas Yojana), and large-scale urban infrastructure projects boosted the structural attractiveness of the residential market.

Year	Units Sold	Launches	Completions	Unsold Inventory
2014	2,90,000	3,20,000	3,10,000	8,00,000
2015	2,80,000	3,00,000	2,90,000	7,80,000
2016	2,44,000	2,70,000	2,60,000	7,60,000
2017	2,28,000	2,50,000	2,40,000	7,40,000
2018	2,42,000	2,55,000	2,50,000	7,20,000
2019	2,61,000	2,75,000	2,65,000	7,00,000
2020	2,00,000	2,10,000	2,15,000	6,90,000
2021	2,36,000	2,45,000	2,30,000	6,75,000
2022	3,64,000	3,80,000	3,50,000	6,40,000
2023	4,75,000	4,90,000	4,60,000	5,90,000
2024	5,60,000	5,70,000	5,40,000	5,40,000

Annual Sales, Launches, Completions, and Unsold Inventory Trends ?€” Top 7 Cities (2014?€“2024). Source: Industry Estimates, ANAROCK, Knight Frank

Units Sold: The data shows a steady recovery in annual housing sales volumes, with a significant post-pandemic rebound resulting in record-high sales of approximately 560,000 units in 2024. This reflects strong end-user demand driven by improved affordability, favourable demographics, and sustained buyer confidence in branded developers.

Launches vs. Completions: New project launches have steadily aligned with completions, highlighting prudent supply-side discipline and improved project execution. This balance indicates that developers are consciously calibrating supply to match genuine market demand, ensuring healthy absorption and reducing the risk of inventory overhang.

Unsold Inventory: The unsold inventory trend demonstrates a gradual decline from 800,000 units in 2014 to around 540,000 units in 2024. This reduction underscores robust demand, improved project delivery, and better market transparency post-RERA implementation.

The sector also witnessed wider adoption of digital channels for homebuying, with many developers strengthening virtual sales platforms and digital marketing strategies. Sustainability considerations continued to gain prominence, with more projects aiming for green certifications and eco-friendly amenities, in line with evolving consumer preferences.

Looking ahead, the residential market is expected to remain on a steady growth path, supported by favourable economic fundamentals, rising aspirations for owned homes, and continued policy support. Organised players with strong balance sheets, proven execution capability, and customer-centric offerings are well positioned to lead this next phase of growth.

AN OVERVIEW OF OPERATIONS
Period	Entity	J Crores Value of Area Booked	Lakhs Sq. ft. Area Booked	Lakhs Sq. ft. Equivalent Area Constructed*	Lakhs Sq. ft. Area Delivered & Recognized for Revenue
FY 25	AHL	1,851.92	26.03	19.23	9.97
	Partnership	84.83	0.94	0.89	0.03
	Total	1,936.75	26.98	20.12	10.00
FY25 Quarter 4	AHL	550.50	8.20	3.76	4.31
	Partnership	24.22	0.28	0.24	0.00
	Total	574.72	8.48	4.00	4.31
FY25 Quarter 3	AHL	394.31	6.12	4.98	2.74
	Partnership	59.85	0.65	0.21	0.00
	Total	454.16	6.77	5.19	2.74
FY25 Quarter 2	AHL	672.54	7.29	5.72	0.79
	Partnership	0.00	0.00	0.29	0.01
	Total	672.54	7.29	6.01	0.81
FY25 Quarter 1	AHL	234.56	4.41	4.76	2.12
	Partnership	0.76	0.01	0.15	0.01
	Total	235.32	4.43	4.91	2.14
FY 24	AHL	1775.27	25.91	20.23	23.86
	Partnership	22.95	0.49	0.45	0.91
	Total	1798.22	26.40	20.68	24.78

FY25 was a year of strong operational performance with record value of area booked at H 1,936.75 crores, up 7.7% from H 1,798.22 crores in FY24. This growth was driven by higher realizations per square foot, supported by favorable project and product mix and price appreciation across key markets.

Project Launches

We continued to strengthen and diversify our portfolio with significant launches across regions:

Ashiana Amarah ?€“ Phases 4 and 5 (Gurugram)

Ashiana Malhar ?€“ Phase 3 (Pune)

Ashiana Advik ?€“ Phase 2 (Bhiwadi)

Ashiana Ekansh ?€“ Phases 3 and 4 (Jaipur)

Ashiana Nitara ?€“ Phases 2 and 3 (Jaipur)

Ashiana Amodh ?€“ Phase 2 (Pune)

Ashiana Swarang ?€“ Phase 1 (Chennai)

One44 ?€“ Phase 2 (Jaipur)

These launches further reinforce our presence in core markets while adding depth to our offerings in Kid-Centric Homes, Senior Living, and Premium Homes segments.

Construction Progress

Execution remained robust with 20.12 lakh sq. ft. of equivalent area constructed in FY25, in line with 20.68 lakh sq. ft. constructed in FY24, underscoring our commitment to timely delivery and quality across projects.

PROJECT PIPELINE

Ongoing Projects Overview

Ongoing projects are the projects in respect of which (i) all title, development rights or other interest in the land is held either directly by our Company and/or our Subsidiaries and/or other entities in which our Company and/or our Subsidiaries have a stake; (ii) wherever required, all land for the project has been converted for intended land use; and (iii) construction development activity has commenced.

As on 31 st March 2025, we had 83.94 Lakhs Sq. Ft. (out of this 66.63 Lakhs Sq. Ft. was booked) under ongoing projects:

The details of ongoing projects are tabulated hereunder:

Location	Project	Phase	Economic Interest	Project Type	Saleable Area (Lakhs Sq. Ft.)	Area Booked (Lakhs Sq. ft.)	Possession Timeline as per RERA**	Expected Customer Handover Date
Bhiwadi	Tarang	4B	100% Ownership	Premium Homes	0.76	0.76	Q1FY27	Q3FY26
Bhiwadi	Tarang	5	100% Ownership	Premium Homes	2.67	2.57	Q1FY29	Q3FY27
Bhiwadi	*Advik	1	100% Ownership	Senior Living	3.64	3.40	Q1FY27	Q2FY26
Bhiwadi	Advik	2	100% Ownership	Senior Living	2.83	0.87	Q4FY28	Q3FY27
Chennai	Shubham	4B	73.75% of Revenue Share	Senior Living	1.77	1.77	Q3FY26	Q1FY26
Chennai	Shubham	5	73.75% of Revenue Share	Senior Living	1.06	1.00	Q3FY27	Q4FY26
Chennai	Vatsalya	1	100% Ownership	Senior Living	3.00	1.90	Q2FY29	Q1FY28
Gurugram	Anmol	2	65% of Revenue Share	Kid Centric	2.83	2.82	Q1FY27	Q1FY26
				Homes
Gurugram	Anmol	3	65% of Revenue Share	Kid Centric	4.47	4.47	Q3FY29	Q4FY26
				Homes
Gurugram	Amarah	1	100% Ownership	Kid Centric	3.95	3.95	Q4FY27	Q1FY27
				Homes
Gurugram	Amarah	2	100% Ownership	Kid Centric	3.77	3.77	Q3FY28	Q2FY27
				Homes
Gurugram	Amarah	3	100% Ownership	Kid Centric	3.77	3.77	Q3FY29	Q1FY28
				Homes
Gurugram	Amarah	4	100% Ownership	Kid Centric	4.79	3.69	Q1FY30	Q3FY28
				Homes
Gurugram	Amarah	5	100% Ownership	Kid Centric	4.56	1.05	Q4FY30	Q4FY29
				Homes
Jaipur	Ekansh	1	77.25% of Revenue Share	Premium Homes	3.16	3.00	Q3FY27	Q4FY26
Jaipur	Ekansh	2	77.25% of Revenue Share	Premium Homes	1.60	1.60	Q4FY27	Q4FY26
Jaipur	Ekansh	3	77.25% of Revenue Share	Premium Homes	1.81	1.70	Q3FY28	Q4FY27
Jaipur	Ekansh	4	77.25% of Revenue Share	Premium Homes	2.95	2.14	Q4FY28	Q1FY26
Jaipur	Nitara	1	80.20% of Revenue Share	Premium Homes	1.27	0.52	Q4FY28	Q2FY27
Jaipur	Nitara	2	80.20% of Revenue Share	Premium Homes	3.14	2.29	Q2FY29	Q3FY28
Jaipur	Nitara	3	80.20% of Revenue Share	Premium Homes	2.24	1.68	Q4FY29	Q1FY29
Jaipur	ONE44	1	77.40% of Revenue Share	Elite Homes	2.62	2.27	Q3FY29	Q2FY28
Jaipur	ONE44	2	77.40% of Revenue Share	Elite Homes	1.48	0.57	Q3FY29	Q4FY28
Jamshedpur	Prakriti	1	73.61% of Revenue Share	Premium Homes	2.57	2.57	Q3FY28	Q3FY27
Jamshedpur	Prakriti	2	73.61% of Revenue Share	Premium Homes	1.78	1.78	Q3FY28	Q4FY27
Jamshedpur	Prakriti	Commercial	73.61% of Revenue Share	Premium Homes	0.14	0.14	Q3FY28	Q4FY27
		Phase-1
Jodhpur	Dwarka	5	100% Ownership	Premium Homes	2.00	1.39	Q2FY27	Q3FY26
Pune	Malhar	1	65% Revenue Share	Premium Homes	2.62	2.48	Q3FY27	Q3FY26
Pune	Malhar	2	65% Revenue Share	Premium Homes	2.62	2.28	Q1FY28	Q1FY27
Pune	Malhar	3	65% Revenue Share	Premium Homes	2.62	0.78	Q4FY28	Q1FY28
Pune	Amodh	1	80% Revenue Share	Senior Living	2.57	2.05	Q4FY27	Q2FY27
Pune	Amodh	2	80% Revenue Share	Senior Living	1.29	0.67	Q4FY28	Q1FY28
		AHL Total			82.36	65.70
Partnership
Chennai	Swarang	1	50% of the Profits	Senior Living	1.58	0.93	Q2FY28	Q4FY27
		Partnership Total			83.94	66.63

*Commercial Segment in Advik was launched in Q4FY25 and included in Advik Phase 1 above.

FUTURE PROJECTS

These are projects wherein construction is yet to commence due to approvals under process or projects (or phases as a part of project) are yet to be launched. 36.79 Lakhs sq. ft. was the pipeline under future projects as on 31 st March 2025.

A summary of future projects is tabulated below:

Location	Project	Phase	Economic Interest	Saleable Area (Lakhs Sq. ft.)
Bhiwadi	Ashiana Tarang	6 and 7	100% Ownership	2.92
Bhiwadi	Ashiana Advik	3, 4 and 5	100% Ownership	7.65
Jaipur	Ashiana Ekansh	Plaza	77.25% Revenue Share	0.13
Jaipur	Ashiana Nitara	Plaza	80.20% Revenue Share	0.07
Jaipur	ONE44	Plaza	77.40% Revenue Share	0.04
Jaipur	Aravali	Single Phase	100% Ownership	1.24

Location	Project	Phase	Economic Interest	Saleable Area (Lakhs Sq. ft.)
Chennai	Ashiana Vatsalya	2,3,4 and 5	100% Ownership	10.00
Chennai	Ashiana Swarang*	2,3 and 4	50% of the Profits	3.78
Neemrana	Ashiana Aangan	2	100% Ownership	4.37
Pune	Ashiana Malhar	4 and 5	65% Revenue Share	3.94
Pune	Ashiana Amodh	3,4 and 5	80% Revenue Share	3.06
Lavasa (Pune)	Utsav Lavasa	5	100% Ownership	0.84
	Total			38.02

*Ashiana Swarang is acquired by Kairav Developers Ltd. (a joint venture company with equal economic interest of Ashiana Housing Ltd. and Arihant Foundations.) *In some of the projects, saleable area has been updated as per latest/revised phasing plan.

LAND BANK:

A summary of the land available for development is as under:

		Estimated Area	Estimated Saleable
Location	Land / Project Name			Proposed Development
		(Acres)	Area (Lakhs sq. ft.)
Bhiwadi	Milakpur*	40.63	31.00	Premium Homes/ Senior Living
Jaipur	Ashiana Oma***	11.24	11.00	Premium Homes/ Senior Living
Gurugram	Ashiana Aaroham Sec 80, HSIIDC Land	10.80	10.30	Kid Centric Homes
Jamshedpur	Ashiana Amaya (Mouza Land,	3.86	4.30	Premium Homes
	Jharkhand)
	Total	66.53	56.60

Note: * Milakpur Land is under acquisition and companys writ petition is pending before the Honble High Court of Rajasthan against acquisition. ** We have exited the Ashiana Maitri/Nitya Project in Kolkata.

*** The land parcel at Jaisinghpura has been christened as Ashiana Oma.

RERA COMPLIANCE

Real Estate (Regulation & Development) Act 2016 (RERA) along with its rules was fully implemented in May 2017. In between April 2024 till March 2025, we have registered 9 of our projects under RERA in the states we are operating in. A detailed status of the projects registered is given as under:

	Status of RERA Registration
Location	RERA Registration Applied & Received for projects	Total Saleable Area (Lakhs Sq. ft.)
Jaipur	4	9.38
Gurugram	2	9.35
Bhiwadi	1	2.32
Pune	2	3.91
Total	9	24.96

FACILITY MANAGEMENT

The financial year 2024?€“25 marked a significant period of investment in strengthening our people capabilities ?€”both within the organization and across our extended ecosystem. We dedicated substantial time, efforts and resources to redefine our talent acquisition, onboarding, and development processes. In parallel, structured initiatives were made to align every member of the organization with our broader vision, ensuring a shared understanding of how individual contributions directly support organizational growth, while also fostering opportunities for personal and professional development.

3. Targeted Training within Property Services: In the Property Services function, a focused approach was adopted to upskill both existing and new team members in critical High-Performance Areas (HPAs) and Low Performance Areas (LPAs). High-impact initiatives were prioritized across projects, backed with a structured review and feedback mechanism to drive continuous improvement and knowledge retention.

4. Integration of Contractual Service Partners: A nationwide engagement initiative was undertaken to bring together our contractual service providers under one platform. This initiative emphasized their integral role in the organization, offered insights into strategic priorities, and highlighted opportunities for mutual growth. Their contributions were acknowledged formally, fostering a deeper sense of ownership and alignment with the organizations purpose.

Key Initiatives and Outcomes:

1. Enhanced Hiring and Onboarding Processes: A well-defined hiring and onboarding strategy, coupled with a proactive approach to developing a talent pipeline, significantly improved our ability to manage attrition. The presence of pre-trained, readily available talent enabled seamless transitions, minimized operational disruptions and reduced turnaround times.

2. Structured Induction for Band D Employees: A formal two-day induction program was institutionalized for all new Band D joiners at the project level. This initiative provides new employees with comprehensive insights into the organizations mission, values and their specific project roles. Additionally, a concise "ready reckoner" handbook was introduced to serve as a quick-reference guide on key organizational principles and project details.

Going Forward 25-26

Looking ahead, our strategic intent is to further strengthen alignment with our core purpose - "Behtar Zindagi ka Pata" ?€”by identifying and building upon areas of organizational strength. We aim to selectively pilot transformative initiatives, aimed at achieving excellence in a few key domains that can distinctly differentiate us in the industry.

Our strategic ambition is to:

Create unparalleled value and delight for customers through purposeful action.

Deliverunique,high-impactexperiences that are difficult to replicate.

Develop an organizational ecosystem capable of consistently delivering excellence at scale.

Key Pilot Areas Identified

1. Community Engagement: Develop innovative community-building initiatives and engagement programs that foster a vibrant, connected resident ecosystem.

2. Differentiated Project Onboarding:

Redesign the pre- and post-handover experience for customers to ensure a seamless, high-touch transition into their new homes.

3. Elevated PMH (Post Move-in Handholding) Quality: Implement refined quality standards and support mechanisms to deliver an exceptional PMH experience.

4. Reinforcement of Customer-Centricity: Reaffirm our foundational commitment to customer care by embedding empathy and service excellence at all touchpoints with customers.

FINANCIAL REVIEW

Income

Revenue from Operations

Our revenue from operations include:

a) Revenue from completed projects (residential/commercial);

b) Revenue from other real estate operations include maintenance and hospitality services.

Revenue from Operations decreased by H 40,941 Lakhs or 44% from H 93,821 Lakhs in FY2024 to H 52,880 Lakhs in FY2025. The decline in revenue attributable to lower deliveries (9.97 Lakhs sq. ft. in FY2025 compared to 23.86 Lakhs sq. ft. in FY2024). Revenues were also adversely impacted by the deferment of delivery of Ashiana Advik and Ashiana Anmol, from Q4 FY2025 to FY2026.

Revenue from other real estate operations increased from H 6,708 Lakhs in FY2024 to H 6,970 Lakhs in FY2025, an increase of 4% in line with increase in area under maintenance with delivery of new projects.

Income from Partnership

Other Income from Partnership decreased by H 568 Lakhs or 102% from H 559 Lakhs in FY 2024 to a loss of H 9 Lakhs in FY2025. The decline was primarily due to the absence of a project pipeline in partnership ventures as the projects were completely handed over in the previous year.

Other Income

Other Income increased by H 601 Lakhs or 26% from H H 2,272 Lakhs in FY 2024 to H 2,873 Lakhs in FY2025. The increase was primarily driven by healthier project cash flows and higher interest income resulting from increase in FD. (both RERA and non-RERA).

Other income includes interest income, income from investments, profit from sale of investments, other charges collected from customers like documentation and cancellation charges, etc.

Expenses

Total expenses decreased from H 85,876 Lakhs to H 52,626 Lakhs, a decrease of H 33,250 Lakhs (39%).

Purchases

Purchases increased from H 18,710 Lakhs to H 48,569 Lakhs. The increase was primarily on account of land acquisition at Ashiana Aaroham (Gurugram), IFC payout in Ashiana Amarah (Gurugram), and higher payouts towards Development Rights in line with higher collections during the year particularly in Ashiana Nitara, Ekansh, One44 (Jaipur), Ashiana Sehar (Jamshedpur), and Ashiana Amodh (Pune).

Purchases include amount attributable to development rights from JDA partners, payable as revenue share on collection from customer. Purchase also include cost of land booked corresponding to deliveries for which all revenues and costs are booked in line with our revenue recognition policy.

Project Expenses

An increase ofH 10,894 Lakhs (24% increase), H 46,332 Lakhs in FY 2024 vs H 57,226 Lakhs in FY 2025, in line with higher execution, change in the project mix and inflation.

Real Estate Support Operations Expenses

Real Estate Support Operations Expenses increased from H 4,572 Lakhs in FY2024 to H 4,921 Lakhs in FY2025, primarily due to the larger area handed over for maintenance on account of new project deliveries, along with the impact of inflation.

Employee Benefit Expenses

The Employee benefit expenses at H 7,305 Lakhs in FY 25 was 15% higher than H 6,370 Lakhs in FY 24. The increase was attributable to increase in yearly increment and new hiring.

Advertising and Business Promotion

Advertising and Business Promotion expenses stood at H 2,984 Lakhs in FY2025 as against H 2,944 Lakhs in FY2024. While the absolute increase was marginal, the expenses rose relative to sales due to the impairment of unamortised selling costs in senior living project in Lavasa, pune and higher selling costs incurred in certain projects.

Financial Costs

Interest Cost increased by H 36 Lakhs, from H 205 Lakhs in FY2024 to H 241 Lakhs in FY2025. Majority of borrowings are at project level.

Depreciation and Amortisation

Depreciation increased from H 948 Lakhs in FY24 to H 1263 Lakhs in FY25, in line with addition in fixed assets.

Other Expenses

Other Expenses increased from H 3,534 Lakhs in FY24 to H 4,014 Lakhs in FY25. Major reasons were higher travelling expenses, increase in Rent, Rates and Taxes Legal & Professional, repair & maintenance, provision for doubtful debts and CSR.

Gross Profit

At a total delivered area of 9.97 Lakhs sq.ft. [completed projects in Ashiana Housing Limited (AHL)], the GP per sq.ft. was H 1404, 31% [FY 24: H 812, 22.51%], increase due to change in mix of projects delivered having higher margins.

Particulars	Area recognized as Sales (Lakhs Sq. Ft)	Sales ( J Lakhs)	Cost of Goods Sold ( J Lakhs)	Gross Profit (GP)	Amount J ( Lakhs)
Revenue from Real Estate and Support
Operations
Completed Projects	9.97	45,006	31,004	14,002
Other Real Estate operations	-	7,874	5,815	2,059
Gross Profit	9.97	52,880	36,819	16,061	16,061
Add : Partnership firms ( Area recognized as sales	0.03				(9)
and Profit Share)
Add : Other Income					2,874
Less : Indirect Expenses					15,807
Less :Exceptional Items					500
Profit Before Tax					2,619

Particulars	Area recognized as Sales (Lakhs Sq. Ft)	Sales ( J Lakhs)	Cost of Goods Sold ( J Lakhs)	Gross Profit (GP)	( J Amount Lakhs)
Less : Tax Expenses					795
Profit After Tax					1,824
Other comprehensive income					62
Total Comprehensive Income					1,886
Less : Non-Controlling interests					-
Profit after Non-Controlling interests	Total				1,886

Profit Before Tax (PBT)

Our PBT decreased from H 10,777 Lakhs to H 2,619 Lakhs largely driven by lower revenues resulting from fewer deliveries during the year.

Tax Expense

Our tax expense for the year was H 795 Lakhs in FY2025 vs. H 2,437 Lakhs in FY2024. The decrease in tax expense is mainly due to a significant reduction in deferred tax charge during the current year, as compared to the previous year when a large, deferred tax expense was recognized on temporary differences.

Profit After Tax and Total Comprehensive Income (TCI)

As a result of above, our PAT decreased from H 8,340 Lakhs in FY 24 to H 1,824 Lakhs in FY 25. And TCI stood at H 1,886 Lakhs in FY25 vs. H 8,424 Lakhs in FY24.

General Reserves

Overall General Reserves stand at H 575 Crores at the end of FY2025.

Cash Flow (From Modified Cash Flow Statement)

The Pre-tax operating Cash flow (before new land acquisition) for AHL, on a consolidated basis was H 42,990 Lakhs vs H 30,446 Lakhs in FY2024. Improvement in cash flows resulting from better collection (driven by improvement in sales). This is the modified cashflow from operations and not the cashflow from operations as per AS-3.

Collection

Collection for the year increased to H 1,42,876 Lakhs [AHL: H 1,42,705 Lakhs and Partnerships: H 1,71 Lakhs] from H 1,06,244 Lakhs [AHL: H 1,02,264 Lakhs and Partnerships: H 3,980 Lakhs] for FY2025, an increase of 34%.

ASHIANA HOUSING LIMITED

CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31ST MARCH, 2025

	2024-25	2023-24
Particulars
Net Profit/(loss) before Tax and Exceptional Items	2,619	10,777
Adjusted for :
Depreciation	1369	948
Interest Income (other than from customers)	(1555)	(711)
Income from Long Terms Investment	(881)	(616)
Provision Written Back	(25)	(431)
Irrecoverable Balances Written Off	76	676
Provision for doubtful debts	287	(103)
Liabilities Written Back	(100)	(205)
Interest Paid	6,071	1,849
Investment Property written off	-	-
Leased Assets Written Off	-	2
Intangible Assets Written Off	-	9
Property plant and equipment written off	2	43
(Profit)/Loss on sale of Investment Property	-	(424)
Gain on modification/ termination of Right of use Lease Liability	(6)	(2)
Minority Interest	-	-
(Profit) / Loss on sale of Fixed Assets	(1)	8
Provision for Employee Benefits (incl. remeasurement through OCI)	123	152
Profit/ (loss) from Joint Venture	-	-
Operating Profit before Working Capital Changes	7,980	11,971

	2024-25	2023-24
Particulars
Adjusted for:
Trade Receivables	(326)	(1,426)
Other Assets	(771)	(3,734)
EWS/LIG Units	(1,524)	(672)
Inventories	(58,859)	556
Trade Payables	2,163	1,787
Advances from customers	95,427	17,915
Other financial Liabilities	(1,330)	3,391
Withdrawal/(Deployment) in Operating Partnership firms (Project launched)	230	657
Cash Generated from Operations before New Land Acquisition	42,990	30,446
Adjusted for:
Advance Against Land	(1,237)	(7,057)
Purchase of Land	(16,964)	(292)
Cash Generated from Operations	24,789	23,096
Direct Taxes paid / adjusted	(1,060)	(2,157)
Cash flow before exceptional items	23,729	20,939
Exceptional Items	-	-
Net cash from Operating activities (A)	23,729	20,939
CASH FLOW FROM INVESTING ACTIVITIES:
Purchase of Property,plant & equipment	(3,965)	(3,167)
Sale of Property,plant & equipment	159	155
Net Purchase/ sale of Investments	(3,648)	1,883
Interest Income	1,555	711
Other Income from Long Term Investments	881	616
Net Cash from investing activities (B)	(5,018)	197
CASH FLOW FROM FINANCING ACTIVITIES :
Proceeds from long term and other borrowings	11,396	(3,444)
Payment of Lease Liabilities	1,408	(117)
Interest on Lease Liabilities	(84)	(13)
Interest and Financial Charges paid	(5,987)	(1,837)
Dividend paid	(1,508)	(503)
Interim Dividend	(1,005)	-
Tax on Buyback	-	(1,273)
Buyback of Shares	-	(5,500)
Buyback Expenses Paid	-	(99)
Change in Minority Interest	-	-
Net Cash used in Financing activities (C)	4,220	(12,785)
NET INCREASE IN CASH AND CASH EQUIVALENTS (A+ B+ C)	22,930	8,351
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE YEAR	33,473	25,122
CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR	56,403	33,473

Note: The above is modified Cash Flow Statement (CFS) and not CFS as per AS-3

Net worth/Borrowing/ Dividend and Some important Financial Ratios

Net worth decreased from H 77,020 Lakhs Lakhs (as on 31 st March 2024) to H 76,392 Lakhs (as on 31 st March 2025) on account of appropriation of funds towards dividend payment to shareholders, which more than offsetted increase in yearly profits.

The Board of Directors approved a dividend of H 1.50 (75%) on face value of H 2/- per share in their meeting held on 30 th May 2025 for the FY 2025.

S. No.	Ratio	2024-25		2023-24	Variance	Comments
1.	Debtor Turnover Ratio	-		-	-	NA
2.	Creditor Turnover Ratio	5.74		7.20	(20.28%)	Due to higher outstanding trade payables at year-end, compared to the previous year.
3.	Inventory Turnover Ratio	0.19		0.47	(59.59%)	Due to decrease in Cost of Good sold & increase in average inventory as compared to previous year.
4.	Interest Coverage Ratio	1.44		6.85	(78.97%)	The decline was primarily on account of lower profitability during the year while debt interest remained elevated.
5.	Debt Service Coverage Ratio	1.13		3.34	(66.19%)	Decrease in profit leading to decrease in debt service coverage ratio for the year.
S. No.	Ratio		2024-25	2023-24	Variance	Comments
6.	Current Ratio		1.37	1.57	(12.91%)	Decline in Current Ratio due to higher current liabilities, indicating efficient use of working capital.
7.	Debt-Equity Ratio		0.34	0.19	78.66%	The Debt-Equity ratio increased primarily due to the issuance of H 125 crore debentures during the year.
8.	Operating Profit Margin Ratio		15.3	13.06	17.15%	Operating Profit Margin has improved due to better cost management & also improved realisation price, resulting in higher operating efficiency.
9.	Net Profit Margin Ratio		3.27	8.63	(62.08%)	The decrease was primarily due to lower profitability and higher indirect costs relative to net sales as compared to the previous year.
10.	Return on Avg. Networth		0.02	0.11	(77.95%)	ROE declined due to lower profit arising from fewer deliveries during the year as compared to the previous year.
11.	Return on Capital Employed		0.08	0.14	(39.47%)	Due to decrease in Earnings before interest & tax & increase in debts as compared to previous year.
12.	Net Capital Turnover Ratio		0.63	1.16	(46.27%)	Due to decrease in sales as compared to previous year.
13.	Return on Investment		0.05	0.07	(23.91%)	Due to lower investment income on a higher average investment base, mainly on account of reduced partnership income.

Notes:

1. The above figures are on consolidated basis

2. Comments cover only the ratios where there is change of 10% or more as compared to the immediately preceding FY.

Credit Rating

External Rating Agencies have also reposed faith in our financial strength/Credit worthiness as CARE and ICRA Ratings have reaffirmed the Credit Rating of our company for the FY 2025.

Further, the ratings issued and re-affirmed on the Non-Convertible Debentures (NCDs) of the company during FY 2024-25 are as follows:

1. 1 CARE has maintained our credit rating as "CARE A; Stable".

2. CARE has re-affirmed us as CARE(A); Stable for H 97 Crores Non- Convertible Debentures (NCDs - unsecured) allotted on 31 st May 2021.

3. CARE has re-affirmed us as CARE(A); Stable for H 32 Crores Non- Convertible Debentures (NCDs - unsecured), out of which NCDs of H 26.40 Crores allotted on 20 th July 2022 and NCDs of H 5.60 Crores allotted on 23 rd February 2024.

4. CARE has re-affirmed us as CARE(A); Stable for Rs. 125 Crores Non- Convertible Debentures (NCDs - secured) allotted on 13 th May 2024.

5. CARE has assigned us as CARE(A); Stable for H 100 Crores Non-Convertible Debentures (NCDs-unsecured) allotted on 11 th July 2025.

Also, Credit Rating with respect to NCDs ?€“ Unsecured issued in September 2018 has been withdrawn by ICRA post redemption of these NCDs in April 2025.

OPPORTUNITIES AND STRENGTHS

Opportunities

With the well-founded economic performance in FY 2024-25, with GDP growth rate of 6.5%, India maintained its place as the fastest-growing major economy showing its economic resilience. Strong infrastructure spending by the government has led to lot of opportunities in the Real Estate industry.

Real Estate sector has recorded double-digit growth in FY25, with residential sales volumes reaching record highs. Quantitative tools by the Reserve Bank of India as part of its monitory policy, including a rate cut, has provided a much-needed boost to investment and consumption.

Our Kid Centric Homes (KCH) segment along with our Senior Living Homes segment gives us an opportunity to differentiate ourselves in the market and work in line with our strengths. We see huge opportunities in Senior Living space and aspire to increase its contribution significantly in future years.

Strengths

Strong brand built over 45 years having an impeccable track record. We enjoy higher brand recall resulting in strong customer connect which leads to majority of our sales from word of mouth i.e. referral tales.

Robust financial position with conservative debt, low debt equity ratio coupled with healthy cash balance which provides a significant leveraging opportunity for further expansion.

Healthy pipeline of 83.46 Lakhs Sq. Ft. as on 31 st March 2025 (excluding Milakpur land at Bhiwadi), which includes 2.53 Lakhs sq. ft. of built unsold inventory, 17.31 Lakhs sq. ft. unsold area of ongoing projects, 25.60 Lakhs sq. ft. (excluding Milakpur land at Bhiwadi) of land available for future projects and 38.02 Lakhs Sq. Ft. of saleable area available of future projects, shows a strong revenue visibility in the company.

Track record of successful execution of projects.

High quality maintenance at affordable rates has helped us in keeping our customers happy and high resale rates compared to similar projects. This is in line with our brand promise of Forever Care, which also acts as a catalyst for generating referral bookings.

Strong teams deployed across locations helping in effective execution and implementation with contemporary architecture. Robust talent management practices with a focus on building future leadership/ managerial pipeline.

Upholding high Corporate Governance Standards and ensuring transparency and high levels of business ethics.

Strong Senior Living Brand. Ranked as No. 1 Senior Living Brand for 9 years in a row by Track2 Realty.

THREATS, RISKS AND CONCERNS

Risk is inherent to almost every form of business. As a business, Ashiana is also susceptible to business risks. The company has appropriate risk management systems in place for identification and evaluation of risks, measures to mitigate them and processes in place to ensure their timely and proper reporting.

Following are the risks as perceived by the company accompanied with its mitigation measures:

Economic Risk

The real estate sector is cyclical in nature and is impacted by macro-economic factors such as GDP growth, change in government schemes, inflation levels, availability of consumer financing and interest rates causing fluctuations in market. These factors are beyond the control of any one entity, which might lead to slowdown in sales, if not directly, then might affect the ability to sell our projects at the anticipated price which adversely affects our revenues and earnings, consequent realizations and increase project cost thereby impacting our margins.

Mitigation Measure

Ashiana preserves cash during up cycles which helps it ride down cycles. Due to strength in Balance Sheet owing to adequate cash and low gearing, company is able to hold inventory of projects through cyclical downturns. Further, the company has diversified categories of products namely Kid Centric Homes, Premium Homes, Elite Homes and Senior Living offered according to the locations demands, to counter regional economic risk. The company is also geographically diversified, which leads to avoidance of concentration risk.

Capital Intensive Business

The capital-intensive nature of our business needs huge investments in land and working capital which might otherwise hamper smooth continuity of business. The uninterrupted flow of capital is of great importance.

Essence in our business especially after the implementation of RERA as 70% of the collected funds are not freely available.

Mitigation Measure

Adoption of asset light model with land being considered as the key raw material and hence warranting relatively lesser investment. Opting for Joint Development of projects with partners and partnering with patient investors like IFC in select projects also help us curtail capital requirements and give us freedom to lower the level of capital requirement.

Negligible Debt/Low debt to equity ratio due to lower debt implies lower borrowing cost. Negligible Debt/Favorable debt equity ratio with a Credit Rating of A with stable outlook leaves enough headroom to borrow critical capital as and when required that too at competitive rates. Company has long term healthy relationship with major suppliers for timely supply of quality raw material and competitive prices.

Statutory Approvals

The real estate sector in India is among the heavily regulated sectors. Large number of statutory and regulatory approvals and permits are required to execute projects, and applications are required to be made at appropriate stages for such approvals. We also require sanction from local municipalities, local bodies, pollution control boards as well as clearance from airport authorities. These laws vary from state to state. Timely launch of projects is always subject to getting these approvals in time. The introduction RERA has also increased regulatory costs and other operational challenges for the sector.

Mitigation Measure

These risks are mitigated by taking a thorough and diligent approach towards land acquisition and by also following transparent processes in developing the projects. Further, the company tries to minimize such delays by investing in land parcels or Joint Developments which already have approvals in place or the investments in such projects & JDAs are linked to the approval milestones. This reduces our upfront capital commitment. The company has built strong legal and compliance teams to ensure timely and effective compliances ensuring minimum disruption to the project due to statutory compliances. The company also seeks services of external legal/ professional firms, if required.

Execution Risk

Project execution depends on several factors like regulatory clearances, raw material prices, labour availability and access to utilities like water and electricity and absence of litigations. Delays experienced in terms of regulatory clearances lead to cost overruns, which further lead to delays / stalling of project launches.

Mitigation Measure

Company manages the adversities with cautious approach and meticulous planning at the time of conceiving the project. We enjoy a positive record of completing our projects on time. We have a strong in-house team commensurate with robust systems ensuring timely completion of projects. Frequent and regular review of the projects internally by the project teams take stock of the project progress, followed by remedial measures required, if any, from time to time ensure projects are completed well within the time limits.

Liquidity Risk

Slow sales and delayed payments from customers might lead to liquidity crunch. Moreover, the time required to liquidate a real estate property can vary depending on the quality and location of the property. Inability to promptly liquidate its built unsold inventory, without any loss of capital in the process, might be a concern at times.

Mitigation Measure

Company ensures that all projects are completed on time. Being a well-known brand, our new launches generally witness a good response. Special sales and marketing efforts are made to ensure movement of unsold build stock.

Over the years, we have also learnt to keep the phase sizes smaller on launches to ensure our execution commitments are realistic and we are not saddled with built unsold inventory. Any kind of bridge funding requirement are met through project level construction funding.

The company has strong system to ensure timely identification of liquidity risk. We monitor and control liquidity through tools such as business-specific liquidity indicators, cash flow forecasting and monitoring of key financial ratios. With a strong balance sheet and adequate cash reserves, we are suitably placed to handle any liquidity related challenges.

INTERNAL CONTROL

The internal control system of the company is wider in scope which includes internal controls on financial reporting and operational controls. The Company has an adequate system of internal controls, commensurate with the size and nature of its business. As part of the Internal Financial Control, the Company is maintaining function wise policies and procedures called Standard Operating Procedures (SOP). The SOP ensure that business of the company is conducted orderly and efficiently, policies and procedures are adhered to, assets are safeguarded, frauds and errors are detected, if there are any, accounting records are accurate and financial information is prepared timely. Controls are already in place in the system which ensures timely compliances with all regulatory and statutory requirements. These controls helps in strengthening and improving the processes in the organisation.

Internal controls cover all fields across all financial and operating functions ranging from procurement of land to smooth execution of projects in time. Intent of the internal controls is to have control framework beyond financial reporting. Accordingly, independent audit firms appointed by the Company conduct periodical audits encompassing various functions, at various projects, branches and Head Office to ensure adequacy of internal control systems, adherence to management policies and compliance with the applicable laws and regulations. Their scope of work also includes internal controls on accounting, efficiency and economy of operations. The key findings of their audit along with implementation plan of their recommendations are discussed with the senior management and also the Audit Committee. The Audit Committee of the Board reviews the adequacy and effectiveness of the internal control systems and suggests improvements for strengthening them. Board also gives a statement in the Boards Report about the adequacy and effectiveness of internal control systems. The suggestions and recommendations came out from audit are timely communicated with all the stakeholders for the purpose of its implementation.Continuous monitoring is being done to track the improvement in Processes and Controls.

Under the internal control system, the company also has Vigil Mechanism as part of the Whistle Blower Policy. The directors and employees of the company, across all the branches and Head Office, have the right to report whether in writing or by email any unethical behaviour, actual or suspected fraud or violation of the companys Code of Conduct or ethics policy, directly to the Managing Director of the company. However, in exceptional circumstances they may directly report to the Chairman of the Audit Committee and in the absence of such Chairman, directly to any member of the Audit Committee. Details of vigil mechanism are also given in the Annual Report under the section Corporate Governance Report.

INFORMATION TECHNOLOGY (IT)

In response to the evolving needs and increasing complexity of business operations, the organization has proactively advanced its IT landscape to support scalability, agility, and resilience. During FY24-25, the IT department undertook a series of transformative initiatives focused on strengthening the stability, performance, and strategic alignment of technology services. Key achievements include

Redesign and improvement of the network infrastructure to support high availability, enhanced security, increased reliability, and faster access across all operational sites and business units. The initiative will include:

Firewall Security Enhancements: Upgrade existing firewall appliances to the latest firmware and enable advanced threat prevention capabilities, including intrusion detection and prevention (IDS/IPS), URL filtering, anti-malware protection, and geo-IP blocking. Update and optimize security signatures to ensure protection against the latest vulnerabilities, zero-day threats, and evolving cyberattacks.

Wi-Fi Infrastructure Upgrades: Replace legacy access points with next-generation Wi-Fi enabled devices to deliver higher bandwidth, reduced latency, and better coverage across all locations. Implement centralized wireless controller management for seamless roaming and improved network performance.

Core Network Redesign: Introduce redundant core switches, optimize routing paths, and implement high-availability failover mechanisms to minimize downtime. Deploy network segmentation (VLANs) for better traffic control, improved performance, and enhanced security isolation.

WAN Optimization: Optimized SD-WAN configurations for faster, more reliable inter-site connectivity. Incorporate QoS policies to prioritize business-critical traffic.

Monitoring & Management: Integrate advanced network monitoring and analytics tools for real-time performance tracking, security event correlation, and automated alerting.

The Farvision ERP system will act as a central digital backbone to strengthen customer relationships and drive service excellence by enabling tighter integration, better visibility, and more responsive customer interactions.

Key Enhancements:

Seamlessly connects purchase, finance, sales, engineering, and project management functions within a single ERP ecosystem.

Eliminates data silos by ensuring that all departments access a "single source of truth," thereby improving decision-making and interdepartmental collaboration.

Enables accurate forecasting and resource planning, ensuring that commitments made to customers are realistic and achievable.

Automates key processes such as order creation, approvals, invoicing, payment tracking, and compliance reporting.

Provides role-based dashboards for managers and field teams to reduce manual follow-ups, enhance productivity, and accelerate delivery timelines.

Improves auditability and compliance by maintaining a transparent record of all customer-related transactions.

Equips teams with real-time project data including progress, cost utilization, material consumption, and timelines.

Enables proactive communication with customers, such as milestone achievement alerts, invoice updates, and delivery notifications.

Reduces customer query resolution time by giving front-end teams immediate access to integrated project and financial data.

The integration of Customer Relationship Management (CRM) capabilities into Farvision ERP extends its impact from operations to customer engagement and retention, ensuring a 360° view of the customer lifecycle:

Centralized Customer Database: Maintains detailed customer profiles, including history of interactions, past projects, contracts, and payment records, ensuring personalized engagement.

Lead and Opportunity Management: Tracks enquiries, leads, and opportunities from initiation to closure, with automated reminders and follow-ups for sales teams.

Customer Communication Hub: Provides a consolidated platform for email, SMS, and portal-based communication, ensuring consistent and timely updates to customers.

Service & Support Management: Records customer complaints, service requests, and warranty/AMC details, with automated workflows for assignment, escalation, and closure tracking.

Analytics & Insights: Offers dashboards on customer satisfaction, repeat business, payment behaviour, and project status?€”helping leadership to identify growth opportunities and areas for service improvement.

Mobile Accessibility: Enables customer-facing teams to access CRM/ERP data on-the-go, respond to client needs instantly, and update records in real time.

HEALTH AND SAFETY

At Ashiana, our primary focus is ensuring a healthy and safe environment for our employees and workers. Our commitment to safety is a driving force that motivates us and inspires others. Year after year, we implement corrective measures to improve our Health and Safety Management System, resulting in a significant reduction in workplace injuries and better improved prevention of work-related illnesses.

Aligned with our tagline, "You are in safe hands," healthcare and safety remain central to every stage of our operations. We continuously strive to provide a safe and secure environment for all our stakeholders. Our construction processes incorporate rigorous safety protocols, supported by regular inspections and audits and measurable performance indicators highlight continuous improvement. For instance, as of March 2025, our construction sites achieved 99.49% accident-free days.

We remain committed to a practical and proactive approach to health and safety management, continually upskilling our workforce to ensure a safer environment.

PURPOSE

Our aim is to set and maintain robust standards of health and safety management toensurethewelfareofourhumanresources and others affected by our activities, minimizing financial and reputational losses due to ill health and injury.

FRAMEWORK

1. Safety Team: At each new construction site, we form three safety teams and maintain them until the projects completion. These teams are selected based on individual capacity, strength, and interpersonal skills. All team members receive training to handle any arising situation, are empowered to make decisions on the spot, and interact with the companys local higher authority. The team is alert to any disaster, grievance, or accident and can handle all such situations.

2. Safety Audits: We conduct monthly and quarterly safety focusing on critical areas of concern. These findings are shared across the organization to emphasize the importance of compliance. Additionally, weekly audits are conducted on-site by engineers on a rotational basis, involving everyone in the process, leading to a sustained reduction in incidents.

In addition to the above, during FY 2024-25 we conducted following third party Audits:

" Life and Fire Safety Audit" at our project Ashiana Daksh, Jaipur as a pilot initiative.

Electrical Safety Audit and HSE Audit at Ashiana Amarah, Gurugram as a pilot initiative.

3. Safety-Related Changes in Design/ Drawings: We have identified potential hazards in residential buildings and implemented design modifications, such as maintenance ducts, plumbing shafts, lift openings, and cut-outs, to enhance safety. We have also upgraded our fall arrestor system protocols.

4. Awareness/Training: Every worker entering an Ashiana site receives a safety briefing on construction-related hazards and the necessary precautions. We conduct daily toolbox talks and training on various activities to mitigate risks, and workers are made aware of assembly points for emergency situations. Our internal training programs are regularly updated and delivered by project heads on-site.

5. Mock Drills: Fire safety mock drills are held regularly on sites, and workers are trained in the protocols for response in case of a fire.

6. Health: Routine site visits by certified doctors help monitor the health of our personnel, and regular visits to labourers homes help ensure proper living conditions.

At Ashiana, Learning & Development (L&D) is not just a function ?€” it is a strategic pillar that drives both personal growth and business success. In a dynamic and competitive real estate market, the ability to learn, adapt, and improve is critical. Through targeted interventions, we have continued to bridge performance gaps, upskill our teams and deliver measurable results in sales productivity.

Highlights of FY 2024?€“25:

1 Aiming Higher: Set an ambitious H 2000 crore sales target.

2. Six Principles Training: Conducted by Joint Managing Director Mr. Ankur Gupta for 150 employees across Sales, Marketing, and Customer Service. The program addressed key performance gaps, including inconsistent application of the HW-before-SV sequence and limited self-assessment practices. Post-training, teams began structured improvement plans, with monthly actionable reviews significantly benefiting new hires.

LEARNING & DEVELOPMENT, SALES

3. Accelerating New Executives Performance: Weekly Head Office reviews, personalized coaching plans, and timely refresher trainings ensured that new executives quickly achieved their first bookings.

4. Strategic Senior Living Partnerships:

Expanded channel partner engagement in Bhiwadi, with Pune to follow, laying the groundwork for long-term growth in this segment.

5. Cross-Functional Excellence at Launches: The launch of Ashiana Nitara showcased the power of collaboration, with 302 units sold in FY 2024-25.

6. Skill Development Programs: Delivered across diverse domains, including First Time Managers, Negotiation Skills, Salesforce CRM, Objection Handling, and Time Management, ensuring a market-ready salesforce.

Through these initiatives, Ashiana has reinforced its culture of excellence, ensuring that every sales professional is equipped with the skills, mindset, and tools to meet the demands of an evolving market.

Focus Areas for FY 2025?€“26

1. Culture of Excellence: We will reinforce our commitment to discipline, professional conduct, structured training, and sustained hard work.

2. Project and Mystery Audits: Audits will be conducted to ensure adherence to processes, team alignment with organizational goals, and identify key improvement areas.

3. Senior Living Expansion: The channel-partner network will be expanded further to strengthen outreach and drive customer acquisition.

4. Continued Skill Development: Regular refresher sessions and new, targeted training programs will be conducted to ensure our salesforce remains competitive and market ready.

Business Segment Highlights

A. Premium Homes

FY 2024?€“25 was a milestone year for Premium Homes, contributing H 781 Crores of Sales Value.. Six project launches were executed, five of which met or exceeded launch objectives. Of the eight ongoing projects, six surpassed their annual targets.

In terms of key metrics, Premium Homes recorded bookings of 992 units totalling 14.76 Lakhs sq. ft. of area sold.

B. Operational Enhancements

The year also witnessed several operational enhancements. The morning routine was revamped, with daily "to-do" calls now focusing on critical KPIs and leading indicators. To improve staffing efficiency, a dedicated interview day was introduced, ensuring swift placement of personnel at project sites. Targeted reviews were initiated for both newly onboarded and underperforming executives to strengthen sales productivity. Mystery shopping audits were conducted across Pune and Gurugram to assess the preparedness of teams and channel partners. Launch strategies evolved to incorporate scarcity-building tactics, structured follow-ups, and enhanced customer engagement initiatives. Furthermore, the architecture team received specialized training to better articulate each projects USPs during launches, resulting in improved sales clarity.

C. Kids-Centric Homes - Behtar Parvarish Ka Pata

Ashianas Kid-Centric communities remained a strong value proposition for young families. With features such as world-class sports facilities, learning hubs, and the "Live & Learn" program, we delivered on our promise of holistic child development.

During FY 2024?€“25, two new phases were launched at Ashiana Amarah, Gurugram. In total, the Kid Centric Projects achieved H 772.79 Crores

(sales value of area booked), with 421 units sold, covering an area of 6.81 Lakhs sq. ft. Looking ahead, new Kid-Centric projects are planned for Jaipur and Gurugram in FY 2025?€“26.

D. Senior Living: Empowering the Golden Years

Ashiana maintained its leadership position in the Senior Living segment, now serving over 2,500 seniors across Bhiwadi, Mumbai?€“Pune, Chennai, and Jaipur.

In FY 2024?€“25, notable launches included Ashiana Advik Phase 2 (Bhiwadi), Ashiana Amodh Phase 2 (Pune), and Swarang in Chennai, a sophisticated senior living project. The segment recorded a sale value of area booked at H 382.90 Crores, selling 430 units covering an area of 5.41 Lakhs sq. ft.

For FY 2025?€“26, the focus will remain on strengthening the companys presence in existing cities while attempting to expand into Bengaluru, Noida?€“Greater Noida, and Panvel.

Senior living is a niche segment of our business which we plan to grow, both in the cities where we already have a presence, and also in at least two new metros in the next two years. Within the segment, we have introduced a sophisticated senior living segment in Chennai having richer designs, specifications and premium services.

Our strength in Senior Living was recognised yet again by Track2Realty when they awarded us as the "Leading senior living company in India" for the 9 th consecutive year for the Financial Year 2024-25. As recognition at an international level, Mr Ankur Gupta, our JMD, received "Global Ageing Influence Award" in the World Ageing Festival held in Singapore. Our senior living projects individually too received awards with Vatsalya getting the "Innovative Concept Project of the Year" from Golden Brick Awards Dubai, and Amodh the "Senior Living Project of the Year (Ongoing:

A. Business Development and New Launches

In FY2025, we successfully launched Ashiana Swarang, a sophisticated senior living project in Chennai. As part of our plan to enter new metros, we have shortlisted one land each in Panvel (Navi Mumbai) and in South Bengaluru. We plan to close these two land deals and launch new projects in FY2026/27. We also plan to conclude at least three more land

B. Sales and Marketing

In FY2025, we achieved our sales numbers with a higher than planned realisation (selling price per square foot). In the year, we sold 430 units (against 390 units in FY2024) with H 382.90 Crores of sales value of area booked. In FY2026 we have targeted a sales revenue of H 450 Crores.

With the launch of Ashiana Swarang in FY2025, our ninth senior living project, we now have three ongoing projects in Chennai (Swarang, Vatsalya and Shubham), and one each in Pune and Bhiwadi. In the year we also had successful phase launches in Ashiana Advik (Bhiwadi) and Ashiana Amodh (Pune).

West)" as part of the Economic Times Real Estate Awards 2025. deals in FY2026 in Delhi NCR, Navi Mumbai and North Bengaluru.

In the effort to raise awareness towards evolving Senior Living lifestyles, we successfully launched a podcast called "Adding Zindagi to Years", on YouTube, Spotify, Instagram and Facebook. This show, hosted by Mr Ankur Gupta, has been very well received. In the year, we also expanded our brand presence beyond project locations through digital platforms and influencer activities.

Understanding the need of NRls, we have started marketing our projects in the US. To better understand the NRI market, we have initially selected and are concentrating on the NRI communities residing in New Jersey, USA.

We successfully hosted Senior Living Conclaves in Chennai in August 2024 (attended by 500+ guests) and in Mumbai in October 2024 (attended by 250+ guests).

C. Facilities Management and Services

Ashianas concept of "Active Senior Living" was well lived up to - in FY2025 we conducted 3,801 activities in our senior living projects which was attended by 1.3 Lakh participants. These activities covered wellness, cultural events, sports, and recreation. Our senior living festival Jashn-11, held in Chennai, was a grand success with 700 plus attendees participating in 18 events held over three days.

We continuously strive to improve our maintenance services in our Senior Living projects. In FY2025, we selected the following important areas for our study, better understanding and improvement:

Improvements in medical emergency handling procedures.

Structuring activities for single women in our projects.

Workflow improvements in our Cafes.

Study on "Designs Impact on Seniors Perceptions of Wellness"anditsimplementation in new and existing projects.

In FY2025, we launched a fully equipped and modern Care Home in Ashiana Nirmay, Bhiwadi has set new a benchmark for premiumness in Assisted Living.

To get a wider coverage of knowledge, our architect and maintenance teams visited senior living projects in China. We also continue to be active participants of ASLI (Association of senior Living in India).

D. Way Forward

We continue to view Senior Living as a separate business segment where we have the opportunity to grow. Growth not only means increase in number of projects and sales, but also in better understanding of the unique needs of Senior Living in the context of the Indian customer, being able to give better project and unit designs, and better maintenance services. We realise that this is a growing market in India, and we have the opportunity to better serve this need of the modern Indian society. For the next few years, our strategic focus will be to expand our footprint in existing markets (Chennai, Pune and Bhiwadi) and to launch projects in new metros - Bengaluru, Mumbai and Delhi NCR.

FY 2024?€“25 was a year of high-impact branding, data-led digital performance, and category-driven positioning for Ashiana. With a clear focus on differentiated storytelling for each customer segment?€”Senior Living, Kid Centric Homes, Premium Homes and Elite Homes?€”we drove visibility, engagement, and conversion across platforms.

A. ASHIANA SENIOR LIVING

1. Ashiana Advik Campaign: Leveraged emotional narratives of real residents through influencer videos. A powerful film featuring actor Sharanya and a testimonial-based video with Shantha Mathew helped establish Ashiana Advik as a premium offering.

2. Senior Living: Establishing Leadership with Purpose-Led Communication: Senior Living remained a key focus area, with tailored initiatives to strengthen our position as Indias leading senior housing brand. Our campaigns strategically combined community-driven storytelling, influencer-led advocacy, and digital amplification.

3. Senior Living Podcast - Adding Zindagi To Years: At Ashiana Housing, we believe that life after retirement isnt about slowing down ?€” its about finding new purpose, joy, and meaning. With this vision, we are proud to introduce our new podcast series:

" Adding Zindagi to Years" .

Through insightful conversations with celebrities, seniors, and three brothers (Executive Directors) of Ashiana the series explores how retirement can be more than just a phase of rest ?€” it can be a time to rediscover passions, embrace new opportunities, and enjoy the fun and fulfillment that come with community and connection.

This podcast is not just about living longer, but about living happier ?€” proving that retirement can indeed be the beginning of a vibrant new chapter.

4. Ashiana Amodh proudly presents its magnificent 19,000 sq. ft. clubhouse, a masterpiece crafted to elevate senior living to unparalleled heights. Designed to inspire vibrant, active lifestyles, it boasts world-class indoor and outdoor amenities?€”from rejuvenating yoga lawns and refreshing walking trails to engaging game rooms and elegant lounges. This clubhouse is not just a facility; its a thriving lifestyle destination where every corner is crafted to foster wellness, connection, and joy. Ashiana Amodh isnt just a home?€”its a celebration of life, purpose, and community for todays senior trailblazers.

5. Swarang ?€“ ECR, Chennai: Swarang was positioned as a "Sophisticated Senior Living Project" with premium design, refined amenities, and vibrant community activities. Supported by a unique logo, premium collateral, and high-visibility branding, the campaigns conclave drew 500+ attendees and secured 3 bookings.

6. The launch of our Care Home in Bhiwadi was more than just an event ?€” it was a celebration of care, dignity, and community for seniors. Over three days, we welcomed customers, their families (NOKs), and doctors to experience what compassionate assisted living truly means.

The presence of Mr. Ashish Vidyarthi added a heartfelt touch, as he shared stories that resonated deeply with our vision of creating an environment where elders are cared, valued, supported, and inspired.

With thoughtfully designed collateral, impactful visuals, and emotionally driven videos, the event created strong buzz and meaningful conversations. As a result, our campaigns reached thousands, driving over 3,000 monthly website visitors and ensuring continued awareness about the unique promise of Care Homes.

7. Jashn-11 Event: Jashn-11 is a vibrant, community-driven festival crafted to create the lively spirit of an intercollege competition for seniors, where the North and South come together in a joyful celebration of talent and camaraderie.

This unique event fosters friendly rivalry and deepens connections, making every moment buzzing with enthusiasm, belonging, and shared pride. More than a festival, Jashn-11 builds a spirited environment that strengthens community bonds and celebrates the energy and joy of senior living.

B. KID-CENTRIC HOMES ?€“ CREATING ENVIRONMENTS WHERE CHILDREN THRIVE

At Ashiana, our vision of Kid-Centric Homes is built on five strong pillars

?€“ International Standard Sports Infrastructure, a Learning Hub with a dedicated coordinator, the Live and Learn program, Safety First, Always, and More Learning, Less Screen Time. These pillars ensure that every child grows in an environment that nurtures their physical, creative, emotional, and social development.

Redesign Experience Gallery at Ashiana Amarah: To help families truly experience this philosophy, we redesigned the Experience Gallery at Ashiana Amarah. Thoughtful branding, real-life examples, and artwork created by children from our existing projects gave parents a first-hand sense of how their kids would learn, play, and flourish in these homes. The gallery became an interactive space for families to step into our vision and feel part of the journey.

Continuing this spirit of nurturing talent, we hosted Kids Got Talent ?€“ Season 4 , a platform dedicated to discovering and celebrating the unique passions of our children. This year was our most successful yet, with over 500 young participants across Ashiana Town, Umang, and Anmol showcasing their creativity and skills in the grand finale. Beyond a competition, the initiative reinforced our commitment to helping children explore their interests, build confidence, and grow in an encouraging community.

Influencer Campaign for Ashiana Amarah:

We partnered with around 50 influencers to promote the Kid-Centric Homes concept, reaching over 20.5 million people and highlighting the importance of reducing screen time while fostering childrens holistic development.

C. PREMIUM AND ELITE HOMES: ESTABLISHING A DISTINCTIVE IDENTITY

Our Premium and Elite Homes category focused on aspiration-led positioning and elite branding through new launches and fresh visual identity.

Tarangs Iconic Tower and Iconic Tower Next created a strong market presence in Gurugram, generating significant buzz. In Ekansh Phases 3 and 4, leveraging robust brand equity, we exceeded enquiries and revenue targets.

The Nitara Phases 2 and 3 launch stood out as a highlight of the year, repositioning with the compelling message "Premium Homes, Happy Prices," offering luxury within an accessible range. Additionally, the ONE44 campaign in Jaipur crafted a distinct lifestyle identity that resonated with urban aspirational buyers, further strengthening our elite brand positioning.

E. DIGITAL PERFORMANCE and LEAD GENERATION

Digital continued to be our strongest performance driver in FY 24?€“25:

1. High-Impact CGI Launch Videos: Created CGI launch videos for ONE44, Amarah, and Swarang, generating strong pre-launch buzz

2. Successful Talent Branding Campaigns: Launched multiple employee-centric and capability-building content series including that reinforced Ashianas culture of empowerment, decision-making, and cross-functional learning.

D. ASHIANA SUPERMOMS SEASON 9

Ashiana Supermoms Season 9 was a heartfelt celebration of mothers ?€“ the true superheroes of our communities. What began in 2017 as an initiative to help women, especially those who had moved with their families to industrial hubs like Bhiwadi and Gurugram, find connection and friendship, has today grown into a beautiful tradition across our projects. Season 8 brought together mothers from our projects across India and for the first time, from Ashiana Malhar, Pune and Ashiana Amarah, Gurugram. The love and enthusiasm were so strong that even future residents participated with joy.

3. Website Optimisation and New Pages Added: Enhanced SEO performance by optimizing key pages, including Category, NRI, Care Homes, and Career pages, and launching utility-driven pages such as Financial Calculators to strengthen organic visibility and attract non-brand traffic.

4. Lead Generation: A total of 24,297 workable leads were generated across categories, with 5,434 site visits facilitated through digital marketing efforts.

5. High-Converting Platforms: Google (Search and Website), Meta, Youtube, Aggregators and Taboola remained the top-performing channels for both branding and performance.

Number of Followers or Impressions on various Social Media Platforms:

Social Media Platforms	2023-24	2024-25
Instagram Followers	5,686	11,500
LinkedIn Followers	35,429	47,000
LinkedIn Impressions	740,000	3,400,000
LinkedIn Members Reached	200,000	891,000
Twitter Followers	2,896	3,166

6. Website Performance: There has been a significant increase in website viewership and traffic in FY 2024-25 as compared to FY 2023-24:

Website Performance	2023-24	2024-25
Website Organic Views	282,000	650,000
Website Organic Monthly Traffic Avg	64,000	181,000
YouTube Views	7,700,000	12,100,000
YouTube Subscribers	22000	28764

7. Leads Generation: 24,297 interested customers engaged with us through different online sources like, Google (search, display and Virtual number), Meta (Facebook and Instagram), website, LinkedIn, social media comments and Live Chats, which further resulted in 5,434 site visits and 521 bookings. Breakdown by category:

Category	Workable Leads	Site Visits	Booking
Elite Home	694	221	10
Kid Centric Homes	4,619	903	63
Premium Homes	8,780	2075	195
Senior Living Homes	10,204	2235	253
Total	24,297	5,434	521

F. AWARDS, RECOGNITIONS AND EVENTS

1. Awards & Rankings (Track2Realty):

Ranked No.1 in Senior Housing in India for the 9 th consecutive year. Achieved Top 10 rankings across CSR, Employer Branding, Consumer Confidence, and Residential segments.

2. Golden Bricks Awards (Dubai): ONE44 awarded "Outstanding Project of the Year (Regional)" and Vatsalya recognized as "Innovative Concept Project of the Year (Regional).

3. ET Realty Awards 2025: Ashiana Amodh honored as "Senior Living Project of the Year (National Edition)" by ET Realty.

4. Expo Participation: At CREDAI Pune Expo, Ashiana received 300+ Malhar enquiries and won the "Best Visual Merchandising Award".

OUTLOOK FOR FY 2025-26

In FY26, Ashiana will continue to build on the strong momentum of FY25 with a targeted H 2,000 crore in pre-sales, supported by major launches across Gurugram, Jaipur, Jamshedpur, Pune, Bhiwadi, and Chennai. On the execution front, our focus will be on timely delivery, improved construction efficiency, ensuring consistent customer satisfaction and operational discipline.

We will also endeavour to advance our land acquisition pipeline in Gurugram, Bengaluru and Panvel, strengthening our growth visibility for future years. Senior Living will remain a core focus, with 2?€“3 projects under active development across key metros and a growing share in our overall portfolio.

Operational Priorities ?€“ FY26

1. Achieve H 2,000crorepre-salesacross new launches and older projects.

2. Ensure timely project deliveries.

3. Strengthen land acquisition pipeline in key markets and also Bengaluru and Panvel.

4. Expand Senior Living with 2?€“3 projects consistently under development.

5. Deepen customer engagement and differentiated positioning across housing categories.

Guided by the ethos of Growth, Grit, and Gravitas , we will pursue scalable expansion, resilient execution, and enduring value creation?€”positioning FY26 as another year of sustained progress and operational excellence.