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Arvind SmartSpaces

ARVSMART NSE
₹598.35 No trade today
P/E
14.89
View as Markdown
MCP
Close 4 Nov 2026 ₹598.35 −20.30 −3.28% 1Y
Start ₹618.65

Key Fundamentals

MicrocapRealtyConsumer Discretionary

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
12.40%
Debt to Equity
0.90
EPS (TTM)
₹40.18
Book Value
₹141.39
Market Cap
—
P/E (TTM)
14.89
P/B
4.23
ROE
14.20%
Dividend Yield
0.39%
EBITDA
₹172 Cr
52W High
₹707.85
52W Low
₹486.80
Volume
0

Peer Comparison

Consumer Discretionary › Realty › Residential Commercial Projects › Residential, Commercial Projects

Arvind SmartSpaces peer comparison
DLF
₹720.0039.02₹1,76,861 Cr3.911.13%9.50%6.32%₹6,375 Cr₹4,567 Cr
Lodha Developers
₹1,122.0027.17₹1,09,477 Cr4.510.40%15.50%16.40%₹18,181 Cr₹4,129 Cr
Phoenix Mills
₹2,079.5058.10₹73,757 Cr8.170.12%11.00%12.40%₹4,545 Cr₹1,629 Cr
Prestige Estates Projects
₹1,580.0059.74₹67,457 Cr4.180.13%7.53%10.40%₹13,053 Cr₹1,265 Cr
Oberoi Realty
₹1,710.9023.64₹61,958 Cr3.260.24%14.60%17.30%₹6,214 Cr₹2,632 Cr
Godrej Properties
₹1,739.0032.73₹51,392 Cr2.710.60%8.82%7.63%₹5,203 Cr₹1,591 Cr
Brigade Enterprises
₹541.1025.40₹17,553 Cr2.470.38%10.50%10.50%₹5,532 Cr₹784 Cr
Arvind SmartSpaces (this company)
₹598.3514.89₹2,720 Cr4.230.39%14.20%12.40%₹780 Cr₹188 Cr
Median 8 companies₹1,351.0029.95₹64,707 Cr4.050.39%10.75%11.45%₹5,873 Cr₹1,610 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

Data-driven rating, 0–100, as of . How it works →

Overall score

47 Average

Data confidence 100/100

Category scores

Quality
39
Weak
Returns, margins, earnings quality 22% weight
Valuation
52
Average
Cheap vs sector & own history 24% weight
Growth
34
Poor
Sales & profit trajectory 9% weight
Financial Health
36
Poor
Solvency, leverage, coverage 9% weight
Momentum
43
Weak
Trend strength, vol-adjusted 12% weight
Ownership
58
Good
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

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.

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallBearish766
OscillatorsBearish261
Moving AveragesNeutral505

Key readings

RSI (14)
52.01
Neutral
MACD (12,26,9)
−7.01
Bullish
SMA (50)
607.91
Bearish
SMA (200)
589.60
Bullish

As of

Analyst Rating

Based on 3 analysts
BUY100%

3 of 3 analysts rate Buy, 0 Hold, 0 Sell.

As of

BUY
3
100%
HOLD
0
0%
SELL
0
0%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
10Y+17.24%
5Y+30.50%
3Y+30.12%
1Y−20.90%
TTM+5.26%

Net profit

Net profit growth by window
10Y+19.74%
5Y+62.82%
3Y+54.37%
1Y−13.45%
TTM+48.03%

Operating cash flow

Operating cash flow growth by window
10YTurned negative
5YTurned negative
3YOutflow widened by ₹69 Cr
1YOutflow widened by ₹86 Cr
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y−3.48 pp
5Y−0.57 pp
3Y+7.81 pp
1Y+3.39 pp
TTM+12.50 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹159 Cr
Mar 2018₹198 Cr
Mar 2019₹262 Cr
Mar 2020₹299 Cr
Mar 2021₹149 Cr
Mar 2022₹257 Cr
Mar 2023₹256 Cr
Mar 2024₹341 Cr
Mar 2025₹713 Cr
Mar 2026₹564 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹22.00 Cr
Mar 2018₹31.00 Cr
Mar 2019₹31.00 Cr
Mar 2020₹41.00 Cr
Mar 2021₹9.00 Cr
Mar 2022₹25.00 Cr
Mar 2023₹28.00 Cr
Mar 2024₹51.00 Cr
Mar 2025₹119 Cr
Mar 2026₹103 Cr

Analyst Forecasts

Forecast For
Sep 26 consensus · EBITDA
₹3.00 Cr −98.1% vs Jun 26
Reported High Mean Low

AI Analysis — Bull vs Bear

Generated 6 Jul 2026
AI opinion · based on fundamentals
Risk high

Arvind 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.

Bull Case 8
  • 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
Bear Case 8
  • 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

121d ago

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.

Positives 2
  • 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.

Neutral 3
  • 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.

Quarterly Results

₹ Cr
ARVSMART quarterly results, ₹ crore
Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 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 (₹)
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

₹ Cr
ARVSMART profit and loss, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
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 (₹)
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

₹ Cr
ARVSMART balance sheet, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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

₹ Cr
ARVSMART cash flow, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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/EBITDA
252
99
−17
−217
36
−3
224
359
−132
41
−19
−70

Ratios

ARVSMART financial ratios, annual
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view Arvind SmartSpaces insights

61 extracted metrics across FY10–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 53.77%
  • Public 27.38%
  • DIIs 9.22%
  • Others 9.04%
  • FIIs 0.59%

No promoter shares pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

Frequently Asked Questions about Arvind SmartSpaces

What does Arvind SmartSpaces Ltd do?
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.
Where is Arvind SmartSpaces Ltd (ARVSMART) listed?
Arvind SmartSpaces Ltd trades as ARVSMART on the NSE and under code 539301 on the BSE.
Which sector does Arvind SmartSpaces Ltd belong to?
Arvind SmartSpaces Ltd is classified under the Realty sector, in the Residential Commercial Projects industry.
What is the PE ratio of Arvind SmartSpaces Ltd?
Arvind SmartSpaces Ltd trades at a PE ratio of 14.89 as of 4 Nov 2026, on earnings per share of ₹40.18, against a book value of ₹141.39 per share.
What is the 52-week high and low of Arvind SmartSpaces Ltd?
Over the last 52 weeks Arvind SmartSpaces Ltd has traded between ₹486.8 and ₹707.85 as of 4 Nov 2026.
Does Arvind SmartSpaces Ltd pay dividends?
Arvind SmartSpaces Ltd has a dividend yield of 0.39%.
What is the Return on Equity (ROE) of Arvind SmartSpaces Ltd?
Arvind SmartSpaces Ltd reported a return on equity of 14.20%. Its debt-to-equity ratio is 0.90.

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.

Website arvindsmartspaces.com
CEO Mr. Prakash Bhogibhai Makwana
Employees 434
Listed 26 Aug 2015
Face Value ₹10

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