Arvind SmartSpaces
Arvind SmartSpaces
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Key Insights
Strengths
3- Company is expected to give good quarter
- Company has delivered good profit growth of 58.6% CAGR over last 5 years
- Company has been maintaining a healthy dividend payout of 24.5%
Weaknesses
1- Company has a low return on equity of 13.5% over last 3 years.
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 69d agoArvind SmartSpaces is a mid-cap real estate developer (market cap ₹2,799 Cr) that achieved record pre-sales of ₹1,550 Cr in FY26 (up 22% YoY) but saw consolidated net profit decline 13.2% to ₹103.4 Cr and revenue fall 21% to ₹564 Cr. The company trades at a PE of 26.9x with promoter holding recently increasing to 53.83%, while net debt has risen sharply from ₹37.7 Cr to ₹329.9 Cr as it expands into new geographies.
- Record annual pre-sales of ₹1,550 Cr in FY26, representing 22% YoY growth, indicating strong demand for the project portfolio
- Exceptional 5-year compounded profit CAGR of 61% and 5-year sales CAGR of 30%, reflecting a long runway of earnings growth
- Promoter holding increased from 49.82% to 53.83% in the March 2026 quarter, a 4.01% jump signalling strong insider confidence
- Credit rating upgraded to AA- (Stable), improving access to cheaper capital for project funding
- Healthy dividend payout ratio of 24.5% with current yield of 0.98%, providing income alongside growth
- Geographic expansion into Bengaluru, Pune, and Vadodara beyond Ahmedabad base, with management guiding 25-30% booking growth for FY26 and targeting sustained multi-year growth
- 3-year ROE of 14% and last-year ROE of 15% indicate improving capital efficiency relative to the 10-year average of 11%
- Q3 FY26 revenue surged 426% QoQ to ₹102.69 Cr from ₹19.52 Cr, showing lumpy but strong execution momentum in recent quarters
- Net debt spiked from ₹37.7 Cr in FY25 to ₹329.9 Cr in FY26, an almost 9x increase that raises leverage risk during expansion
- FY26 consolidated net profit declined 13.22% YoY to ₹103.4 Cr despite record bookings, indicating margin pressure or higher cost absorption
- TTM revenue declined 21% YoY (₹564 Cr vs ₹713 Cr in FY25), showing volatile revenue recognition typical of real estate
- Stock price has declined approximately 10% over the past year even as Sensex delivered positive returns, indicating relative underperformance
- PE of 26.9x on declining trailing earnings may overstate the valuation if profit recovery is delayed
- Q4 FY26 PBDT fell 31.84% YoY to ₹40.65 Cr, showing that quarterly profitability remains under pressure
- Small market cap of ~₹2,799 Cr with limited institutional holding of 9.27% may lead to higher price volatility and lower liquidity
- Real estate revenue recognition is inherently lumpy; converting ₹1,550 Cr of bookings to reported revenue depends on construction progress and regulatory approvals
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 69d ago- New South Ahmedabad project Jun 15
Signed a joint development project in South Ahmedabad spanning 58.25 acres with a top-line potential of ~₹180 crore.
- Senior leadership expansion Jul 1
Appointed Bhasker Jain as CBO and Ravi Vadhavkar as CBO-South (Jun 22), strengthening leadership bench with 23+ years real estate experience.
- RPT approvals via postal ballot Jul 3
Seeking shareholder approval for related party transactions and loans worth up to ₹1,174 crore. E-voting open July 4 to August 2, 2026.
- Goldman Sachs analyst meeting Jun 17
Hosted a virtual one-to-one meeting with Goldman Sachs on June 22, 2026 to discuss business updates.
- Legal Head transition Jul 1
Jai Kumar Ajbani resigned as Head-Legal on June 30; Tarpit Patni appointed as replacement effective July 1, 2026.
TL;DR: Arvind SmartSpaces is in expansion mode, adding a sizable 58-acre project in South Ahmedabad and bolstering its leadership team with multiple senior hires. No material headwinds emerged, though the ₹1,174 crore RPT approval request warrants monitoring for governance. The trend is mildly positive with growing project pipeline and institutional engagement via Goldman Sachs.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 67 | 73 | 84 | 117 | 74 | 266 | 210 | 163 | 102 | 141 | 166 | 155 | 318 |
| Expenses | 41 | 39 | 64 | 86 | 65 | 200 | 151 | 130 | 80 | 111 | 125 | 96 | 161 |
| Operating Profit | 26 | 34 | 20 | 31 | 9 | 66 | 59 | 34 | 21 | 30 | 42 | 59 | 156 |
| OPM % | 39% | 47% | 24% | 27% | 12% | 25% | 28% | 21% | 21% | 21% | 25% | 38% | 49% |
| Other Income | 2 | 3 | 2 | 3 | 3 | 4 | 5 | 11 | 5 | 4 | 4 | 8 | 4 |
| Interest | 15 | 19 | 3 | 4 | 3 | 5 | 5 | 8 | 8 | 6 | 5 | 12 | 22 |
| Depreciation | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 2 | 1 | 2 | 2 | 5 |
| PBT | 13 | 16 | 18 | 28 | 7 | 64 | 58 | 36 | 17 | 25 | 39 | 54 | 134 |
| Tax % | 30% | 32% | 36% | 31% | 38% | 33% | 14% | 39% | 28% | 29% | 25% | 19% | 27% |
| Net Profit | 9 | 11 | 12 | 20 | 5 | 43 | 50 | 22 | 12 | 18 | 29 | 44 | 97 |
| EPS in Rs | 1.77 | 1.91 | 2.07 | 3.42 | 0.64 | 8.93 | 10.48 | 4.2 | 2.44 | 3.09 | 6.27 | 9.23 | 21.59 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 87 | 115 | 159 | 198 | 262 | 299 | 149 | 257 | 256 | 341 | 713 | 564 | 780 |
| Expenses | 62 | 80 | 114 | 137 | 194 | 211 | 109 | 208 | 207 | 229 | 545 | 412 | 493 |
| Operating Profit | 25 | 35 | 44 | 61 | 68 | 89 | 41 | 49 | 49 | 112 | 168 | 152 | 287 |
| OPM % | 29% | 31% | 28% | 31% | 26% | 30% | 27% | 19% | 19% | 33% | 24% | 27% | 37% |
| Other Income | 0 | 2 | 1 | 4 | 2 | 2 | 2 | 7 | 7 | 9 | 23 | 20 | 20 |
| Interest | 8 | 9 | 12 | 15 | 21 | 24 | 27 | 17 | 14 | 41 | 21 | 31 | 45 |
| Depreciation | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 2 | 3 | 4 | 5 | 6 | 10 |
| PBT | 17 | 27 | 32 | 48 | 48 | 65 | 14 | 38 | 40 | 76 | 165 | 135 | 252 |
| Tax % | 39% | 38% | 33% | 35% | 35% | 37% | 38% | 34% | 30% | 33% | 28% | 23% | — |
| Net Profit | 10 | 17 | 22 | 31 | 31 | 41 | 9 | 25 | 28 | 51 | 119 | 103 | 189 |
| EPS in Rs | 10.56 | 6.66 | 7.14 | 9.47 | 8.7 | 11.06 | 2.46 | 5.9 | 5.65 | 9.17 | 24.25 | 21.03 | 40.18 |
| Div. Payout % | 0% | 0% | 0% | 0% | 17% | 0% | 0% | 0% | 58% | 38% | 25% | 11% | — |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 10 | 26 | 28 | 32 | 35 | 36 | 36 | 42 | 45 | 45 | 46 | 46 |
| Reserves | 116 | 118 | 166 | 263 | 219 | 253 | 276 | 397 | 421 | 449 | 552 | 603 |
| Borrowings | 31 | 92 | 93 | 161 | 171 | 218 | 189 | 30 | 146 | 110 | 285 | 583 |
| Other Liabilities | 105 | 120 | 145 | 140 | 352 | 291 | 425 | 667 | 898 | 1,497 | 1,783 | 2,356 |
| Total Liabilities | 262 | 355 | 433 | 596 | 777 | 798 | 926 | 1,136 | 1,511 | 2,102 | 2,666 | 3,588 |
| Fixed Assets | 3 | 10 | 10 | 10 | 10 | 9 | 9 | 43 | 46 | 53 | 58 | 60 |
| CWIP | 0 | 0 | 11 | 12 | 14 | 20 | 39 | 13 | 17 | 19 | 25 | 62 |
| Investments | 0 | 0 | 2 | 2 | 2 | 1 | 1 | 0 | 83 | 103 | 186 | 121 |
| Other Assets | 259 | 345 | 410 | 572 | 752 | 767 | 876 | 1,080 | 1,364 | 1,927 | 2,397 | 3,345 |
| Total Assets | 262 | 355 | 433 | 596 | 777 | 798 | 926 | 1,136 | 1,511 | 2,102 | 2,666 | 3,588 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | 56 | 27 | -19 | -147 | 12 | -16 | 91 | 161 | -101 | 30 | -84 | -170 |
| Investing | -1 | -1 | 1 | -1 | 0 | -7 | -42 | 29 | -82 | -28 | -109 | -6 |
| Financing | 23 | -20 | 27 | 141 | -11 | 21 | -19 | -74 | 95 | -3 | 185 | 248 |
| Net Cash Flow | 78 | 6 | 10 | -7 | 0 | -1 | 30 | 116 | -87 | -1 | -8 | 71 |
| Free Cash Flow | 54 | 25 | -24 | -150 | 9 | -22 | 80 | 151 | -111 | 15 | -99 | -217 |
| CFO/OP | 252 | 99 | -17 | -217 | 36 | -3 | 224 | 359 | -132 | 41 | -19 | -70 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 29 | 207 | 93 | 215 | 2 | 1 | 6 | 2 | 4 | 3 | 7 | 10 |
| Inventory Days | 8,524 | — | — | — | 9,212 | — | — | — | — | — | — | — |
| Days Payable | 4,159 | — | — | — | 873 | — | — | — | — | — | — | — |
| Cash Conversion Cycle | 4,395 | 207 | 93 | 215 | 8,341 | 1 | 6 | 2 | 4 | 3 | 7 | 10 |
| Working Capital Days | 416 | 438 | 547 | 730 | 327 | 339 | 894 | 306 | 469 | 182 | 56 | 103 |
| ROCE % | — | 18% | 16% | 16% | 15% | 19% | 8% | 10% | 9% | 16% | 19% | 12% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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61 extracted metrics + investor summaries across FY10–FY27.
Documents
Frequently Asked Questions about Arvind SmartSpaces
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Company Information
Arvind Smarspaces Ltd was incorporated as "Arvind Infrastructure Limited" in 2008 in Ahmedabad as a wholly-owned subsidiary of Arvind Limited. The company was incorporated with the objective of doing a real estate/infrastructure development business. Arvind Smartspaces is the real estate arm of the Lalbhai Group, a $2 billion dollar conglomerate. ASL is currently executing 9 projects through its own land, JVs and Joint Development model. ASL has also successfully executed 9 projects to date. [1]
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