Arvind Smartspaces Ltd.

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arvindsmartspaces.comBSE: 539301NSE: ARVSMART

Market Cap₹ 2,924 Cr.

Current Price

High / Low₹ 708 / 487

Stock P/E43.0

Book Value₹ 129

Price to Book4.01

Dividend Yield0.35 %

ROCE9.0 %

ROE8.0 %

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 26.9% CAGR over last 5 years
Promoters have been increasing their shareholding - up 3.4pp over 2 years
Latest quarter profit grew 1160.1% YoY, showing strong momentum
Company has delivered good sales growth of 20.4% CAGR over last 5 years
Stock looks reasonably valued - P/E of 43.0 is below its historical median

CONS

Operating cash flow has been negative in recent years
Receivables are growing faster than sales - a possible quality concern
A large part of profit comes from other income (84.4% of PBT)
Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -3.67x)
Company has a low return on capital employed of 8.3%
Company has a low return on equity of 6.8% over last 3 years

* 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	681.00	37.92	168568.73	1.17	793.90	-89.59	1280.34	-52.87	6.81	49.68
2.	LODHA	1220.60	29.56	121965.19	0.35	1373.10	103.39	4996.70	43.10	16.89	38.51
3.	PHOENIXLTD	1960.00	54.77	70104.86	0.13	394.51	22.95	1074.94	12.80	13.70	59.77
4.	PRESTIGE	1625.00	61.46	69993.66	0.12	271.40	-12.87	2675.10	15.94	11.51	31.75
5.	OBEROIRLTY	1904.60	26.33	69251.68	0.42	543.51	29.02	1300.89	31.73	17.69	56.75
6.	GODREJPROP	1986.60	37.40	59841.66	0.50	349.38	-41.61	506.17	16.48	8.37	-57.98
7.	BRIGADE	712.95	33.47	23260.66	0.21	216.94	37.35	1115.55	-12.93	11.02	32.33
8.	ANANTRAJ	628.50	39.09	22618.27	0.16	149.19	18.50	631.40	6.58	12.23	29.53
9.	ABREL	1376.10	116.21	15370.44	0.18	-34.59	-27.73	188.85	30.95	-4.54	-30.02
10.	SOBHA	1254.70	58.18	13419.50	0.48	50.85	273.37	1278.15	50.03	6.96	6.07
11.	SIGNATURE	793.70	10.70	11166.25	0.00	-16.53	-148.00	551.99	-36.24	34.77	-8.10
12.	ARVSMART	637.00	15.87	2923.64	0.35	97.39	714.24	317.63	212.14	15.78	49.24

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
	32	43	12	64	24	13	20	68	20	36	103	80	92
	25	28	18	43	23	20	25	64	24	46	75	52	84
Operating Profit	7	15	-7	21	1	-7	-5	4	-4	-10	28	28	8
OPM %	21.52%	35.50%	-55.79%	33.35%	5.55%	-52.75%	-26.28%	6.30%	-20.99%	-29.18%	27.22%	34.58%	9.21%
	10	10	9	10	9	9	10	9	8	12	11	18	21
Interest	1	1	1	2	2	2	2	4	6	5	6	11	16
Depreciation	0	1	1	1	1	1	1	1	1	1	1	1	1
Profit before Tax	15	23	1	28	8	-1	3	8	-3	-4	32	34	29
Tax %	17.44%	9.54%	20.69%	24.51%	19.85%	42.67%	23.11%	31.45%	33.92%	10.85%	27.30%	15.67%	30.76%
Net Profit	12	21	0	21	6	-0	2	6	-2	-4	23	29	20
	2.69	-4.65	0.10	4.72	1.39	-0.09	0.42	1.25	-0.41	-0.83	5.04	6.22	4.44

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	90	128	234	151	94	120	117	151	125	238	310
	62	91	171	117	73	90	101	114	131	197	256
Operating Profit	28	37	63	34	21	30	17	37	-6	41	54
OPM %	30.57%	28.57%	26.91%	22.79%	22.22%	25.30%	14.27%	24.49%	-5.04%	17.21%	17.28%
	5	14	16	11	18	27	37	38	38	49	62
Interest	12	15	20	18	20	11	6	6	11	28	38
Depreciation	1	1	1	1	1	1	1	2	3	4	5
Profit before Tax	20	35	58	26	18	45	47	67	18	59	90
Tax %	-3.23%	15.36%	20.85%	25.62%	22.34%	13.98%	19.16%	17.72%	24.76%	21.47%	24.84%
Net Profit	21	30	46	19	14	39	38	55	14	46	68
EPS	0.00	9.57	0.00	5.46	3.93	9.82	8.41	12.16	2.96	10.02	—
Dividend Payout %	0.00%	0.00%	11.48%	0.00%	0.00%	0.00%	39.07%	28.79%	202.41%	22.46%	—

COMPOUNDED SALES GROWTH

10 Years:: 8%
5 Years:: 20%
3 Years:: 27%

COMPOUNDED PROFIT GROWTH

10 Years:: 10%
5 Years:: 27%
3 Years:: 6%

STOCK PRICE CAGR

10 Years:: —
5 Years:: 37%
3 Years:: 22%
1 Year:: 3%

RETURN ON EQUITY

10 Years:: 9%
5 Years:: 8%
3 Years:: 7%
Last Year:: 8%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	28	32	35	36	36	42	45	45	46	46
	158	214	272	287	301	418	482	523	525	527
	113	177	171	165	119	2	53	50	176	492
Trade Payables	16	14	17	25	18	19	16	31	31	30
	15	56	76	46	127	354	383	487	667	944
Total Liabilities	331	494	572	559	600	836	980	1,136	1,444	2,039
	8	8	8	7	7	8	10	15	20	21
Capital Work in Progress	0	0	0	0	0	0	0	0	0	3
	94	168	227	180	148	222	244	348	463	485
	140	167	250	232	207	194	181	277	373	747
	0	0	0	0	0	0	0	2	1	8
Cash & Bank	2	2	4	4	21	140	19	39	27	94
	87	148	84	135	217	271	526	454	561	682
Total Assets	331	494	572	559	600	836	980	1,136	1,444	2,039

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	-5	-54	32	-37	84	234	-24	-45	-232	-144
Cash from Investing	-11	-62	-26	69	-1	-70	-157	74	104	-87
Cash from Financing	20	122	-3	-29	-66	-36	67	-9	115	298
	-1	0	1	1	17	119	-121	20	-13	68

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
PER SHARE
EPS (₹)	7.25	9.35	13.06	5.45	3.93	9.20	8.45	12.16	2.96	10.02
Book Value (₹)	65.64	77.21	87.32	90.67	94.53	108.43	116.44	125.33	125.11	124.97
Dividend per Share (₹)	0.00	0.00	1.50	0.00	0.00	0.00	3.30	3.50	6.00	2.25
Cash EPS (₹)	7.54	9.61	13.31	5.68	4.17	9.42	8.73	12.70	3.63	10.94
PROFITABILITY
Operating Margin %	35.93%	39.58%	33.86%	29.80%	41.03%	48.02%	46.21%	24.49%	-5.04%	17.21%
Net Margin %	22.87%	23.26%	19.69%	12.80%	14.88%	32.49%	32.63%	36.57%	10.82%	19.31%
ROE %	12.48%	13.77%	16.63%	6.15%	4.24%	9.80%	7.75%	10.06%	2.37%	8.04%
ROCE %	12.06%	13.39%	16.75%	9.16%	7.99%	12.27%	10.07%	11.99%	4.05%	8.96%
	7.02%	7.22%	8.64%	3.43%	2.41%	5.44%	4.22%	5.21%	1.05%	2.64%
EFFICIENCY
Debtor Days	126	120	44	2	6	5	4	4	4	7
Inventory Days	404	437	325	581	853	609	583	554	950	859
Payable Days	-1116	213	65	375	289	337	204	738	2173	239
	1645	344	304	208	571	277	384	-180	-1218	626
FINANCIAL HEALTH
Debt to Equity (x)	0.50x	0.65x	0.56x	0.51x	0.35x	0.00x	0.10x	0.11x	0.35x	0.99x
Interest Coverage (x)	2.72x	3.40x	3.89x	2.43x	1.91x	4.99x	9.51x	12.70x	2.71x	3.12x
	3.44x	4.05x	1.71x	1.29x	1.84x	1.22x	1.07x	1.12x	1.14x	1.15x
GROWTH
Revenue Growth %	-18.79%	42.26%	82.59%	-35.28%	-37.97%	28.02%	-2.41%	28.57%	-17.21%	90.55%
Operating Profit Growth %	-10.88%	56.71%	56.18%	-43.03%	-14.59%	49.80%	-6.09%	38.74%	-58.10%	186.65%
Net Profit Growth %	18.97%	44.64%	54.57%	-57.91%	-27.90%	179.46%	-1.98%	44.05%	-75.50%	240.17%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	43.95%	-75.62%	237.92%
VALUATION
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	57.33x	238.02x	50.02x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	5.56x	5.64x	4.01x
Dividend Yield %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.50%	0.85%	0.45%
	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	42.35x	107.44x	30.70x

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	50.38	50.28	50.28	50.27	49.96	49.82	49.82	53.83	53.83
	1.81	2.51	2.65	2.01	1.60	1.00	0.83	0.67	0.69
	12.32	12.76	12.85	12.64	13.87	14.69	15.81	8.59	8.98
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	35.47	34.45	34.23	35.09	34.57	34.47	33.53	36.91	36.51

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-08-20

General Updates

2026-08-20 - Arvind SmartSpaces Limited has informed the Exchange about Appointment of Statutory Auditors in the Material Subsidiaries.

2026-08-19

Copy of Newspaper Publication

2026-08-19 - Arvind SmartSpaces Limited has informed the Exchange about Copy of Newspaper Publication

2026-08-18

General Updates

2026-08-18 - Arvind SmartSpaces Limited has informed the Exchange about Intimation of physical letters sent to shareholders

2026-08-18

Record Date

2026-08-18 - Arvind SmartSpaces Limited has informed the Exchange that Record date for the purpose of DI is 28-Aug-2026.

2026-08-18

Shareholders meeting

2026-08-18 - Arvind SmartSpaces Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 11, 2026

2026-08-18

Copy of Newspaper Publication

2026-08-18 - Arvind SmartSpaces Limited has informed the Exchange about Copy of Newspaper Publication

2026-08-14

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-14 - Arvind SmartSpaces Limited has informed the Exchange about Transcript

2026-08-12

Allotment of Securities

2026-08-12 - Arvind SmartSpaces Limited has informed the Exchange regarding allotment of 30000 securities pursuant to ESOP/ESPS at its meeting held on August 12, 2026

2026-08-11

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-11 - Arvind SmartSpaces Limited has informed the Exchange about Schedule of meet

News

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