Arvind SmartSpaces Ltd

Arvind SmartSpaces Ltd

₹ 608 -1.40%
27 May - close price
About

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]

Key Points

Product Offerings[1]
Horizontal (Plotting, Villas) and Vertical (Luxury, MIG residential housing)
Portfolio -
▪ Delivered 4.9 msf
▪ Ongoing projects of 26.9 msf
▪ Planned projects of 43.5 msf

  • Market Cap 2,790 Cr.
  • Current Price 608
  • High / Low 757 / 487
  • Stock P/E 28.9
  • Book Value 142
  • Dividend Yield 0.99 %
  • ROCE 12.9 %
  • ROE 15.5 %
  • Face Value 10.0

Pros

  • Company has delivered good profit growth of 61.4% CAGR over last 5 years
  • Company has been maintaining a healthy dividend payout of 24.5%
  • Promoter holding has increased by 4.01% over last quarter.

Cons

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
93 67 73 84 117 74 266 210 163 102 141 166 155
72 41 39 64 86 65 200 151 130 80 111 125 96
Operating Profit 20 26 34 20 31 9 66 59 34 21 30 42 59
OPM % 22% 39% 47% 24% 27% 12% 25% 28% 21% 21% 21% 25% 38%
2 2 3 2 3 3 4 5 11 5 4 4 8
Interest 6 15 19 3 4 3 5 5 8 8 6 5 12
Depreciation 1 1 1 1 1 1 1 1 1 2 1 2 2
Profit before tax 15 13 16 18 28 7 64 58 36 17 25 39 54
Tax % 29% 30% 32% 36% 31% 38% 33% 14% 39% 28% 29% 25% 19%
10 9 11 12 20 5 43 50 22 12 18 29 44
EPS in Rs 2.05 1.77 1.91 2.07 3.42 0.64 8.93 10.48 4.20 2.44 3.09 6.27 9.23
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
87 115 159 198 262 299 149 257 256 341 713 564
62 80 114 137 194 211 109 208 207 229 545 412
Operating Profit 25 35 44 61 68 89 41 49 49 112 168 152
OPM % 29% 31% 28% 31% 26% 30% 27% 19% 19% 33% 24% 27%
0 2 1 4 2 2 2 7 7 9 23 20
Interest 8 9 12 15 21 24 27 17 14 41 21 31
Depreciation 0 1 1 1 1 1 1 2 3 4 5 6
Profit before tax 17 27 32 48 48 65 14 38 40 76 165 135
Tax % 39% 38% 33% 35% 35% 37% 38% 34% 30% 33% 28% 23%
10 17 22 31 31 41 9 25 28 51 119 103
EPS in Rs 10.56 6.66 7.14 9.47 8.70 11.06 2.46 5.90 5.65 9.17 24.25 21.03
Dividend Payout % 0% 0% 0% 0% 17% 0% 0% 0% 58% 38% 25% 11%
Compounded Sales Growth
10 Years: 17%
5 Years: 30%
3 Years: 30%
TTM: -21%
Compounded Profit Growth
10 Years: 19%
5 Years: 61%
3 Years: 56%
TTM: -6%
Stock Price CAGR
10 Years: 21%
5 Years: 43%
3 Years: 23%
1 Year: -12%
Return on Equity
10 Years: 11%
5 Years: 12%
3 Years: 14%
Last Year: 15%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

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
31 92 93 161 171 218 189 30 146 110 285 583
105 120 145 140 352 291 425 667 898 1,497 1,783 2,361
Total Liabilities 262 355 433 596 777 798 926 1,136 1,511 2,102 2,666 3,594
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
259 345 410 572 752 767 876 1,080 1,364 1,927 2,397 3,350
Total Assets 262 355 433 596 777 798 926 1,136 1,511 2,102 2,666 3,594

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
56 27 -19 -147 12 -16 91 161 -101 30 -84 -170
-1 -1 1 -1 -0 -7 -42 29 -82 -28 -109 -6
23 -20 27 141 -11 21 -19 -74 95 -3 186 248
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

Consolidated Figures in Rs. Crores / View Standalone

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 4,169
Days Payable 4,159 873 379
Cash Conversion Cycle 4,395 207 93 215 8,341 1 6 2 4 3 7 3,800
Working Capital Days 416 438 547 730 327 339 894 306 469 182 56 182
ROCE % 18% 16% 16% 15% 19% 8% 10% 9% 16% 19% 13%

Insights

In beta
Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Booking Value
INR Cr

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Collections
INR Cr
Operating Cash Flow (OCF)
INR Cr
Total Project Portfolio (Cumulative)
Mn Sq Ft
Units Sold
Nos
Unrecognised Revenue
INR Cr

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Shareholding Pattern

Numbers in percentages

11 Recently
Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
50.54% 50.54% 50.54% 50.51% 50.38% 50.28% 50.28% 50.27% 49.96% 49.83% 49.83% 53.83%
0.69% 0.85% 0.49% 0.41% 1.81% 2.51% 2.65% 2.01% 1.60% 1.00% 0.83% 0.67%
11.49% 11.62% 11.66% 13.52% 12.33% 12.77% 12.86% 12.65% 13.88% 14.70% 15.82% 8.60%
37.27% 36.99% 37.29% 35.55% 35.46% 34.44% 34.22% 35.06% 34.55% 34.46% 33.53% 36.91%
No. of Shareholders 88,36187,54889,48491,91291,03191,80392,64094,20396,51996,26194,38293,140

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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