Arihant Foundations & Housing Ltd.

•

arihantspaces.comBSE: 531381NSE: ARIHANT

Market Cap₹ 978 Cr.

Current Price

High / Low₹ 1,225 / 715

Stock P/E33.6

Book Value₹ 323

Price to Book2.78

Dividend Yield0.00 %

ROCE18.0 %

ROE11.8 %

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

Company has delivered good profit growth of 75.8% CAGR over last 5 years
Company has delivered good sales growth of 48.0% CAGR over last 5 years
Operating margins have improved to 37.6% from 31.2%
Company generates healthy free cash flow
Attractively priced for its growth - PEG of 0.2

CONS

Operating cash flow has been negative in recent years
A large part of profit comes from other income (46.1% of PBT)
Company has a low return on equity of 4.8% over last 3 years
Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -3.91x)
Promoter holding has decreased over last 2 years: -5.6pp

* 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

Standalone Figures in Rs. Crores / View Consolidated

	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
	20	6	20	31	19	24	28	51	54	60	97	95	46
	20	5	17	30	14	18	19	36	47	57	73	87	44
Operating Profit	0	1	3	2	4	6	9	15	7	4	24	9	8
OPM %	1.36%	13.11%	12.66%	4.98%	23.30%	25.54%	32.86%	30.12%	12.30%	6.16%	24.70%	9.13%	17.70%
Other Income	4	4	3	3	4	4	4	4	3	3	3	9	2
Interest	4	4	5	2	4	4	3	6	3	1	2	11	6
Depreciation	0	0	0	0	0	0	0	0	0	0	0	0	0
	1	1	1	2	4	7	9	14	6	6	25	7	4
Tax %	49.12%	5.66%	27.71%	23.43%	27.78%	27.84%	27.86%	25.00%	27.85%	27.90%	27.83%	36.63%	29.65%
Net Profit	0	0	1	2	3	5	7	10	5	4	18	4	3
	0	1	1	2	4	6	8	11	5	4	18	4	0
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

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
	72	55	39	63	17	31	48	39	77	122	299
	76	50	39	66	18	32	44	30	64	76	260
Operating Profit	8	22	20	30	24	15	15	29	26	62	—
OPM %	11	41	52	47	140	49	31	74	34	51	—
Other Income	12	18	20	32	25	16	11	19	14	16	17
Interest	14	19	17	27	22	14	13	27	22	27	20
Depreciation	2	1	1	0	0	0	0	0	0	0	0
	-8	2	2	2	2	1	2	2	4	35	41
Tax %	34	41	82	27	25	32	31	29	25	27	29
Net Profit	-5	1	0	1	2	0	1	1	3	25	29
EPS	0	0	0	0	0	1	1	1	4	26	—
Dividend Payout %	0	0	0	0	0	0	0	0	27	0	—
Minority Interest	0	0	0	0	0	0	0	0	0	0	0
Share of Associates	0	0	0	0	0	0	0	0	0	0	0
Adjusted EPS	-6	2	0	2	2	1	1	1	4	26	—

COMPOUNDED SALES GROWTH

10 Years:: —
5 Years:: 48%
3 Years:: 36%

COMPOUNDED PROFIT GROWTH

10 Years:: —
5 Years:: 76%
3 Years:: 188%

STOCK PRICE CAGR

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

RETURN ON EQUITY

10 Years:: 2%
5 Years:: 3%
3 Years:: 5%
Last Year:: 12%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	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
	153	141	142	144	145	146	158	160	163	252
	17	13	21	12	7	9	10	17	0	0
Trade Payables	25	57	26	23	28	47	69	82	77	55
	197	144	165	162	166	142	140	164	115	168
Total Liabilities	401	364	363	349	356	353	387	431	364	485
ASSETS	-	-	-	-	-	-	-	-	-	-
	12	11	10	8	7	7	8	8	8	6
	19	12	24	12	11	23	40	41	41	42
	80	81	76	88	99	90	77	90	78	138
	0	0	0	0	0	0	0	0	41	35
Cash & Bank	5	3	7	2	14	3	4	23	5	56
	285	257	246	239	225	231	258	269	191	208
Total Assets	401	364	363	349	356	353	387	431	364	485
Total Debt	140	138	134	130	123	101	106	138	105	141
Net Working Capital	107	116	88	124	135	47	12	56	83	221
Contingent Liabilities	3	2	207	214	164	8	8	9	8	10
Book Value per Share	188.29	174.17	174.94	177.28	178.83	179.26	194.17	195.53	199.26	262.40
Face Value	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	19	4	25	-40	10	-12	59	-16	5	-106
Cash from Investing	12	25	1	41	25	2	-9	19	13	18
Cash from Financing	-51	-31	-22	-7	-23	-1	-49	15	-36	91
	-20	-2	5	-5	12	-11	1	17	-18	3
Free Cash Flow	19	3	25	-40	10	-12	58	-16	5	-106
OCF / Net Profit	-3.55	2.54	58.58	-27.33	6.52	-25.81	55.70	-13.98	1.60	-4.16
Cumulative 5-Year FCF	0	0	0	0	0	-14	40	-1	44	-72

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
PER SHARE
EPS (₹)	-6.07	1.69	0.50	1.70	1.76	0.56	1.23	1.34	3.75	25.54
Book Value (₹)	188.29	174.17	174.94	177.28	178.83	179.26	194.17	195.53	199.26	262.40
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 (₹)	-4.18	2.69	1.29	2.22	2.18	0.88	1.40	1.50	3.89	25.68
PROFITABILITY
Operating Margin %	10.91%	40.58%	51.64%	46.87%	139.69%	48.88%	31.19%	73.86%	16.29%	37.62%
Net Margin %	-7.26%	2.65%	1.09%	2.33%	8.82%	1.54%	2.19%	2.95%	4.21%	20.82%
ROE %	-3.17%	0.93%	0.29%	0.97%	0.99%	0.31%	0.66%	0.69%	1.90%	11.76%
ROCE %	1.95%	7.24%	6.86%	10.25%	8.47%	5.67%	5.66%	9.96%	8.92%	17.96%
	-1.27%	0.38%	0.12%	0.41%	0.43%	0.14%	0.29%	0.28%	0.81%	5.99%
EFFICIENCY
Debtor Days	283	465	687	443	1665	691	302	385	197	114
Inventory Days	477	535	727	475	1990	1100	628	777	400	322
Payable Days	184	678	938	200	-9840	1125	953	0	1424	4267
	575	322	476	718	13496	666	-23	1162	-827	-3831
FINANCIAL HEALTH
Debt to Equity (x)	0.86x	0.92x	0.89x	0.85x	0.80x	0.65x	0.64x	0.82x	0.61x	0.54x
Interest Coverage (x)	0.44x	1.13x	1.14x	1.07x	1.09x	1.05x	1.11x	1.06x	1.20x	2.28x
	1.99x	2.17x	1.72x	2.30x	2.26x	1.36x	1.08x	1.34x	1.76x	3.48x
GROWTH
Revenue Growth %	8.76%	-23.84%	-28.18%	60.15%	-72.69%	82.46%	54.11%	-18.88%	95.18%	59.69%
Operating Profit Growth %	-48.10%	183.14%	-8.59%	45.35%	-18.60%	-36.15%	-1.68%	92.15%	-9.97%	137.69%
Net Profit Growth %	-504.82%	127.81%	-70.50%	242.60%	3.42%	-68.18%	119.89%	8.99%	178.93%	689.36%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	178.93%	581.20%
VALUATION
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	32.16x	28.58x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.61x	2.78x
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	7.79x	13.10x

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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