Arihant Foundations & Housing Ltd.

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arihantspaces.comBSE: 531381NSE: ARIHANT

Market Cap₹ 978 Cr.

Current Price

High / Low₹ 1,225 / 715

Stock P/E14.3

Book Value₹ 404

Price to Book2.42

Dividend Yield0.00 %

ROCE23.5 %

ROE17.4 %

Face Value₹ 10

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ABOUT

AI Sector View

AI GENERATED

Realty

Buy

Housing and construction indicators remain supportive for real estate. The housing index reached 105 (Mar/26), residential property prices rose 4.21% (Mar/26), construction output was 5.4% (Jul/26), and cement output accelerated to 13.1% YoY (2026-07). Bank lending rates are steady at 8.96% (Aug/26) rather than easing, but FPI flows turned positive with INR 1999 crore net inflow over 3 months to 2026-08-31 from INR -7216 crore previously.

Confidence

75%

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PROS

Latest quarter profit grew 47.3% YoY, showing strong momentum
Company has delivered good sales growth of 34.5% CAGR over last 5 years
Operating margins have improved to 37.9% from 18.0%
Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.39x)
Company generates healthy free cash flow
Company maintains a comfortable, low leverage position

CONS

Operating cash flow has been negative in recent years
Promoter holding has decreased over last 2 years: -5.6pp
A large part of profit comes from other income (25.8% of PBT)
Equity base is being diluted - shares outstanding up 15.9%
Though reporting repeated profits, the company pays out little dividend (0.0%)

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

RealtyRealtyConstruction - Real Estate

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	DLF	670.00	37.30	165845.88	1.19	793.90	-89.59	1280.34	-52.87	6.81	49.68
2.	LODHA	1211.80	29.35	121085.87	0.35	1373.10	103.39	4996.70	43.10	16.89	38.51
3.	PHOENIXLTD	1930.00	53.93	69031.83	0.13	394.51	22.95	1074.94	12.80	13.70	59.77
4.	OBEROIRLTY	1877.50	25.96	68266.32	0.43	543.51	29.02	1300.89	31.73	17.69	56.75
5.	PRESTIGE	1579.00	59.72	68012.30	0.13	271.40	-12.87	2675.10	15.94	11.51	31.75
6.	GODREJPROP	1960.00	36.90	59040.39	0.51	349.38	-41.61	506.17	16.48	8.37	-57.98
7.	ANANTRAJ	587.90	36.57	21157.16	0.17	149.19	18.50	631.40	6.58	12.23	29.53
8.	BRIGADE	639.90	30.04	20877.33	0.23	216.94	37.35	1115.55	-12.93	11.02	32.33
9.	ABREL	1331.60	112.46	14873.40	0.19	-34.59	-27.73	188.85	30.95	-4.54	-30.02
10.	SOBHA	1230.00	57.04	13155.32	0.49	50.85	273.37	1278.15	50.03	6.96	6.07
11.	SIGNATURE	765.70	10.32	10772.33	0.00	-16.53	-148.00	551.99	-36.24	7.49	-8.10
12.	ARIHANT	900.50	14.31	978.17	0.00	24.09	47.34	134.24	62.56	23.54	27.05

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	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
	37	9	32	45	39	48	52	67	83	88	102	148	134
	32	6	20	41	24	32	34	51	61	64	75	136	104
Operating Profit	5	3	13	4	14	16	18	17	22	24	27	11	36
OPM %	13.39%	34.32%	39.72%	8.87%	37.00%	32.76%	33.90%	24.60%	26.50%	27.23%	26.78%	7.62%	27.05%
Other Income	3	3	3	2	3	2	2	7	2	2	2	10	1
Interest	4	5	5	3	4	4	4	9	3	1	2	12	6
Depreciation	0	0	0	0	0	0	0	0	0	0	0	0	0
	4	2	11	3	14	15	16	14	21	25	28	9	31
Tax %	37.80%	35.56%	17.32%	96.64%	30.12%	27.92%	29.13%	19.90%	23.28%	19.49%	27.86%	48.97%	22.96%
Net Profit	0	0	0	0	10	11	11	11	16	20	20	4	24
	3	1	11	1	11	12	12	13	18	20	20	4	2
Equity Capital	9	9	9	9	9	9	10	10	9	10	10	10	11
Reserves	0	0	0	0	0	0	0	0	0	0	0	0	0
Promoter Pledge %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
	125	68	66	80	47	56	83	64	124	206	472
	129	55	54	76	58	54	80	38	88	128	380
Operating Profit	7	26	33	35	19	19	15	46	48	93	—
OPM %	6	39	50	44	41	33	18	72	39	45	—
Other Income	11	13	21	31	31	16	12	20	12	15	16
Interest	20	29	23	30	24	31	18	33	28	35	21
Depreciation	2	1	1	1	1	0	0	0	0	1	1
	-15	-4	9	4	-6	-13	-3	13	20	58	92
Tax %	17	5	40	72	-29	-22	-58	22	34	27	26
Net Profit	-12	-3	5	1	-7	-16	-5	10	14	43	68
EPS	0	0	0	0	0	-19	-6	12	16	43	—
Dividend Payout %	0	0	0	0	0	0	0	0	6	0	—
Minority Interest	1	0	-1	-4	0	6	4	0	0	0	0
Share of Associates	-0	-3	-7	-0	0	0	0	0	0	0	-0
Adjusted EPS	-13	-8	-3	-3	-8	-12	-1	12	16	43	—

COMPOUNDED SALES GROWTH

10 Years:: —
5 Years:: 35%
3 Years:: 36%

COMPOUNDED PROFIT GROWTH

10 Years:: —
5 Years:: —
3 Years:: —

STOCK PRICE CAGR

10 Years:: 36%
5 Years:: 105%
3 Years:: 185%
1 Year:: 2222%

RETURN ON EQUITY

10 Years:: 0%
5 Years:: 2%
3 Years:: 10%
Last Year:: 17%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
LIABILITIES	-	-	-	-	-	-	-	-	-	-
Equity Capital	9	9	9	9	9	9	9	9	9	10
	135	171	142	151	102	91	109	169	183	290
	97	17	22	13	177	119	199	23	7	11
Trade Payables	40	57	27	23	55	42	65	45	49	46
	308	208	228	163	279	265	196	240	189	220
Total Liabilities	589	461	427	360	621	525	577	485	436	577
ASSETS	-	-	-	-	-	-	-	-	-	-
	34	12	11	9	8	19	20	20	21	22
	30	45	43	35	33	33	33	33	34	23
	129	127	105	108	113	95	96	135	122	176
	0	0	0	0	0	0	0	0	44	39
Cash & Bank	8	5	9	3	21	12	7	29	9	71
	388	273	259	205	448	367	421	268	206	245
Total Assets	589	461	427	360	621	525	577	485	436	577
Total Debt	235	151	176	153	402	307	338	175	141	147
Net Working Capital	91	139	112	135	74	65	-37	109	121	239
Contingent Liabilities	3	2	207	214	172	17	17	9	8	10
Book Value per Share	166.87	208.96	174.82	186.02	128.66	116.24	136.40	206.87	222.66	301.22
Face Value	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	-38	-4	-1	-28	-220	147	-34	147	30	-86
Cash from Investing	-24	20	8	43	29	3	30	20	10	29
Cash from Financing	40	-16	-2	-20	209	-166	6	-146	-61	72
	-22	-1	5	-6	18	-16	1	21	-20	15
Free Cash Flow	-38	-4	-1	-28	-220	135	-36	147	30	-88
OCF / Net Profit	3.10	1.19	-0.12	-24.26	30.85	-9.20	7.25	14.79	2.25	-2.02
Cumulative 5-Year FCF	0	0	0	0	0	-118	-150	-2	56	188

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
PER SHARE
EPS (₹)	-13.50	-8.01	-3.07	-2.92	-7.84	-11.69	-1.16	11.60	15.70	42.85
Book Value (₹)	166.87	208.96	174.82	186.02	128.66	116.24	136.40	206.87	222.66	301.22
Dividend per Share (₹)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	1.00	0.00
Cash EPS (₹)	-12.08	-2.77	7.45	2.20	-7.58	-18.07	-5.10	11.97	16.10	43.36
PROFITABILITY
Operating Margin %	5.80%	38.52%	50.34%	43.98%	41.38%	32.84%	18.01%	71.80%	29.35%	37.89%
Net Margin %	-9.71%	-5.13%	8.21%	1.44%	-15.24%	-28.32%	-5.73%	15.52%	10.88%	20.69%
ROE %	-8.29%	-2.16%	3.26%	0.74%	-5.28%	-15.19%	-4.36%	6.76%	7.31%	17.37%
ROCE %	1.52%	7.07%	9.74%	10.78%	4.55%	3.96%	3.39%	11.34%	14.16%	23.54%
	-2.19%	-0.66%	1.21%	0.29%	-1.46%	-2.79%	-0.86%	1.88%	2.93%	8.43%
EFFICIENCY
Debtor Days	168	346	365	287	331	270	189	250	130	73
Inventory Days	370	687	644	487	862	671	421	656	378	264
Payable Days	359	1062	532	173	390	577	483	-2756	759	1064
	179	-28	477	600	802	364	127	3662	-251	-727
FINANCIAL HEALTH
Debt to Equity (x)	1.64x	0.84x	1.17x	0.95x	3.63x	3.07x	2.88x	0.98x	0.74x	0.49x
Interest Coverage (x)	0.27x	0.87x	1.39x	1.14x	0.77x	0.58x	0.83x	1.39x	1.72x	2.67x
	1.32x	2.15x	1.80x	2.95x	1.22x	1.24x	0.91x	1.65x	1.89x	2.63x
GROWTH
Revenue Growth %	26.32%	-45.67%	-3.50%	21.89%	-41.44%	20.56%	46.61%	-22.38%	93.07%	66.37%
Operating Profit Growth %	196.56%	261.04%	26.14%	6.48%	-44.89%	-4.33%	-19.58%	209.38%	4.18%	93.95%
Net Profit Growth %	34.88%	71.28%	254.25%	-78.64%	-720.62%	-124.08%	70.35%	310.30%	35.39%	216.27%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	35.39%	172.93%
VALUATION
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	7.68x	17.04x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.54x	2.42x
Dividend Yield %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.83%	0.00%
	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	4.91x	8.62x

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	42.87	42.87	37.29	36.99	37.29	37.29	37.29	37.29	37.29
	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.01
	0.00	0.00	1.70	1.84	1.84	1.84	1.84	1.84	1.84
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	57.13	57.13	61.01	61.16	60.87	60.87	60.87	60.87	60.86

Documents

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