Ashiana's Q2 operating margin rises to 10.41% as revenue jumps
Revenue growth outpaced expense growth (+435.82% versus +416.33%), but the tax rate rose 6.38 percentage points to 26.00%.
Filed 04 Nov 2026, 17:03 IST · after market close · Ashiana Housing Ltd (ASHIANA)
Key takeaways
- Consolidated revenue grew +435.82% QoQ to Rs 575.68 cr, while operating margin rose 3.38 percentage points to 10.41%.
- Net profit rose +289.24% QoQ to Rs 51.03 cr, but other income contributed 18.33% of pre-tax profit.
- Operating margin was 1.50 percentage points below the 11.91% median for 223 reported Consumer Discretionary peers.
Price around the results
Q2 revenue rebound lifts consolidated profit
Ashiana Housing's consolidated revenue grew +435.82% QoQ to Rs 575.68 cr, while expenses grew +416.33% to Rs 515.76 cr. The faster rise in revenue lifted operating profit to Rs 59.92 cr and net profit to Rs 51.03 cr, from Rs 7.55 cr and Rs 13.11 cr respectively in Q1FY27.
Lower cost growth expands margin, but profit quality needs context
Expenses grew slower than revenue, expanding operating margin by 3.38 percentage points to 10.41%. The tax rate increased 6.38 percentage points to 26.00%, which reduced the conversion of pre-tax profit into net profit. Other income accounted for 18.33% of pre-tax profit, so part of the quarter's earnings came outside operations.
Margin improved sequentially but remains below the peer median
The two-quarter trend shows operating margin improving from 7.03% in Q1FY27 to 10.41% in Q2FY27. Even after that recovery, Ashiana's margin was 1.50 percentage points below the 11.91% median among 223 Consumer Discretionary peers that had reported.
Results were filed after market close
The consolidated results were filed at 17:03 IST on 04 Nov 2026, after market close. There is therefore no post-results trading reaction to assess in this note.
Q2FY27 at a glance
Consolidated figures as filed with NSE — cross-checked against an independent source.
| Line item | Q2FY27 | Q1FY27 | QoQ |
|---|---|---|---|
| Revenue | ₹576 cr | ₹107 cr | +435.82% |
| Other income | ₹13 cr | ₹12 cr | +2.68% |
| Expenses | ₹516 cr | ₹100 cr | +416.33% |
| Operating profit | ₹60 cr | ₹8 cr | +693.64% |
| Operating margin (%) | 10.41% | 7.03% | — |
| Interest | ₹0 cr | ₹0 cr | +7.41% |
| Depreciation | ₹3 cr | ₹3 cr | +0.91% |
| Profit before tax | ₹69 cr | ₹16 cr | +322.81% |
| Tax | ₹18 cr | ₹3 cr | +460.31% |
| Net profit | ₹51 cr | ₹13 cr | +289.24% |
| EPS (₹) | ₹5.09 | ₹1.36 | +274.26% |
Operating margin of 10.41% compares with a Consumer Discretionary sector median of 11.91% across 223 peers that have reported Q2FY27.
What to watch
- Whether operating margin holds above 10.41% in the next quarter.
- Whether the tax rate moves back from 26.00%.
- Whether other income's 18.33% share of pre-tax profit declines.