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Arihant Superstructures Ltd

ARIHANTSUP

NSE

₹231.95-1.14%19 Oct 2026

Reports

Realty Regional

Arihant Superstructures Ltd

ARIHANTSUP

NSE

₹231.95

-1.14%

19 Oct 2026

SOICxStockScans Reports

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Realty Regional

Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Guidance Report: Management guidance vs outcomes.Forensic Report: Accounting quality and red flags.Deep Dive Report: In-depth business analysis.

Arihant Superstructures is a residential developer that bet early on Navi Mumbai and never left - three decades later, it is one of the largest real estate developers in the affordable and mid-income segment, building apartments, villas and eventually hotels on land it acquired at costs that rivals struggle to match. The company was founded in 1994 by Ashokkumar Chhajer, who had previously run textile and oil-refinery businesses, and made its defining move in 1999 when it mapped out 30 projects over 15 years in what was then a nascent corridor. Everything ASL does flows from a single idea it calls “Mirroring the Population Matrix” - supplying homes at every price point, from affordable flats to luxury villas, so that demand in one segment cushions a slowdown in another.

Business segments

Four engines built on the same low-cost land bank - a volume-driven affordable and mid-income apartment business, a premium villa business on large contiguous parcels, an annuity hospitality arm, and a fledgling society-redevelopment vertical - each feeding off the brand and procurement muscle of the one before.

1. Affordable and mid-income apartments: the factory that funds everything else

ASL runs a “sell and build” machine across 12 micro-markets of MMR and Jodhpur, using customer advances to finance construction on land it bought outright at less than Rs 500 per square foot - a cost base that lets it dominate the below-Rs-1-crore segment.

Lowest land cost in the room - the company reaches out to landowners directly rather than through aggregators, so its average land acquisition cost on saleable area has stayed below Rs 500 per sq. ft., roughly a fraction of what peers pay in the same corridor.
Customer money builds the building - apartments are sold on construction-linked payment plans, with revenue recognised over time using the percentage-of-completion method; the advances from early buyers fund successive phases, keeping projects self-financing.
Everything in-house - land acquisition, design, engineering, construction (EPC), procurement, marketing and sales are all done by ASL’s own teams, which the company says compresses timelines and cuts costs compared with outsourcing.
The airport is the catalyst - 75% of projects sit within 10 to 30 minutes of the Navi Mumbai International Airport, which is now handling close to 150 flights daily and pulling corporates and their workforces into the region.
Market-share leader in its pocket - ASL holds a 13% share of Navi Mumbai’s residential market and commands 51% of supply in the Rs 30-lakh-to-Rs-1-crore bracket across MMR’s extended suburbs, rising to 58% for homes priced below Rs 5,000 per sq. ft..

2. Premium villas: the brand-and-margin layer on top of the land bank

On large contiguous parcels assembled near Panvel, ASL sells luxury villas to HNIs - a business that generates superior margins and doubles as a statement of what the brand can build.

A 24-month cash cycle - villas are developed in phases based on booking velocity, with a targeted turnaround time of around two years from launch to completion, which keeps capital from getting locked up for long.
No apartment-box thinking - the villas are pitched as a switch from Mumbai’s dense high-rises to horizontally spacious homes with open green cover, aimed at buyers who want a gated community that is large enough for facilities but small enough to feel personal.
First mover, no peers - in the Chowk micro-market for premium villas, ASL faces no direct competition, giving it pricing power while the area’s connectivity improves via the developing Panvel-Karjat railway corridor.

3. Hospitality and annuity assets: the long-duration income stream

Attached to the villa township, ASL is building a 221-key five-star hotel and a sports gymkhana - assets designed to throw off steady lease-like income and make the township a destination rather than just a residence.

Hotel as an owned asset - the five-star luxury hotel on a 10-acre parcel within World Villas is being developed under an ownership model with a professional hospitality brand as operator, targeting wedding destinations, corporate events and room rentals.
Membership fees, not just room keys - the 10.5-acre “Club 10 Gymkhana” will earn from membership subscriptions plus food, beverage, entertainment and sports-venue sales, creating a second annuity line alongside the hotel.
Land already moved into a subsidiary - the hotel parcel has been transferred to Dwellcons Pvt Ltd, a wholly owned subsidiary acquired from the promoter group at book value, ring-fencing the hospitality assets.

4. Society redevelopment: the no-land-cost growth option

A new vertical entered in FY25, where ASL rebuilds old housing societies, gives existing residents free flats, and sells the surplus area - all without buying land.

Zero land purchase cost - the model works by offering rehab units to society members in exchange for development rights on the surplus portion, which ASL then sells at market price, making it viable in locations where outright land acquisition would be expensive.
Targeting high-income pockets - the company is pursuing redevelopment opportunities primarily in Navi Mumbai and Thane, where selling prices exceed Rs 5,000-8,000 per sq. ft. and the regulatory framework under UDCPR supports densification.

Group structure and partners

ASL is a promoter-led listed company with a 75% promoter stake, a half-independent board, and a web of subsidiaries that hold specific projects - the family’s capital is in the game alongside public shareholders.

The Chhajer family held 74.71% of the equity as of March 2025, with Ashok Chhajer as Chairman and Managing Director and his son Parth Chhajer as Whole-Time Director.
The company operates through four unlisted subsidiaries - Arihant Abode, Arihant Vatika Realty, Arihant Aashiyana and Arihant Gruhnirman - each 60% owned by ASL, with the remaining 40% held by partners, so ASL’s economic interest in those projects is 60%.
The board has 50% independent directors and operates with delegated decision-making authority, with a CFO who is a CA and an IIM Bangalore MBA.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Price

Charts

Documents

Edit Ratios

Mkt Cap

Market Capitalization

₹1,000Cr

Close Price

₹231.10

Industry

Realty Regional

Price To Earnings

34.44

Price To Sales

1.78

Revenue

₹561Cr

Rev Gr TTM

Revenue Growth TTM

4.66%

PAT Gr TTM

PAT Growth TTM

-41.81%

Consolidated

Standalone

Numbers

Percentage

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	109	119	155	84	112	151	153	121	123	126	181	132
Growth YoY Revenue Growth YoY%	-9.5	3.9	137.6	-30.8	2.6	26.4	-1.8	44.5	9.7	-16.4	18.5	8.8
Expenses ExpensesCr	84	93	124	73	83	108	131	84	93	97	151	104
Operating Profit Operating ProfitCr	25	26	31	11	29	43	22	37	30	29	30	28
OPM OPM%	23.3	21.8	19.9	12.6	25.9	28.2	14.4	30.5	24.4	23.0	16.7	20.9
Other Income Other IncomeCr	0	0	1	1	1	1	2	2	1	1	1	2
Interest Expense Interest ExpenseCr	6	7	6	8	9	9	14	17	17	18	15	16
Depreciation DepreciationCr	1	1	1	1	1	1	1	1	1	1	1	1
PBT PBTCr	19	19	25	3	20	33	10	21	13	11	15	13
Tax TaxCr	3	3	7	1	4	8	-1	5	3	3	3	3
PAT PATCr	16	16	17	2	16	25	11	16	10	8	12	10
Growth YoY PAT Growth YoY%	36.0	-21.8	8,204.8	-88.5	-0.6	63.0	-35.4	699.5	-37.6	-67.5	5.7	-38.5
NPM NPM%	14.8	13.1	11.2	2.4	14.3	16.9	7.4	13.2	8.1	6.6	6.6	7.4
EPS EPS₹	3.1	2.7	2.5	0.3	3.9	5.1	2.7	2.2	1.4	1.2	2.8	1.4

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	109	119	155	84	112	151	153	121	123	126	181	132
Growth YoY Revenue Growth YoY%	-9.5	3.9	137.6	-30.8	2.6	26.4	-1.8	44.5	9.7	-16.4	18.5	8.8
Expenses ExpensesCr	84	93	124	73	83	108	131	84	93	97	151	104
Operating Profit Operating ProfitCr	25	26	31	11	29	43	22	37	30	29	30	28
OPM OPM%	23.3	21.8	19.9	12.6	25.9	28.2	14.4	30.5	24.4	23.0	16.7	20.9
Other Income Other IncomeCr	0	0	1	1	1	1	2	2	1	1	1	2
Interest Expense Interest ExpenseCr	6	7	6	8	9	9	14	17	17	18	15	16
Depreciation DepreciationCr	1	1	1	1	1	1	1	1	1	1	1	1
PBT PBTCr	19	19	25	3	20	33	10	21	13	11	15	13
Tax TaxCr	3	3	7	1	4	8	-1	5	3	3	3	3
PAT PATCr	16	16	17	2	16	25	11	16	10	8	12	10
Growth YoY PAT Growth YoY%	36.0	-21.8	8,204.8	-88.5	-0.6	63.0	-35.4	699.5	-37.6	-67.5	5.7	-38.5
NPM NPM%	14.8	13.1	11.2	2.4	14.3	16.9	7.4	13.2	8.1	6.6	6.6	7.4
EPS EPS₹	3.1	2.7	2.5	0.3	3.9	5.1	2.7	2.2	1.4	1.2	2.8	1.4

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	122	185	188	239	233	270	331	389	510	499	551	561
Growth Revenue Growth%	13.4	51.0	1.8	27.3	-2.5	15.8	22.5	17.7	31.0	-2.2	10.4	4.7
Expenses ExpensesCr	88	122	151	186	190	222	261	312	397	395	424	444
Operating Profit Operating ProfitCr	34	63	37	53	43	48	70	78	113	104	127	117
OPM OPM%	28.0	34.0	19.8	22.3	18.4	17.8	21.1	19.9	22.2	20.9	23.0	20.8
Other Income Other IncomeCr	1	2	1	4	5	2	2	2	1	5	5	5
Interest Expense Interest ExpenseCr	4	10	15	32	30	28	21	26	26	40	68	66
Depreciation DepreciationCr	1	1	1	2	2	2	2	2	2	2	3	3
PBT PBTCr	31	53	22	23	16	20	49	52	86	66	61	53
Tax TaxCr	10	17	8	4	5	4	7	10	17	12	15	13
PAT PATCr	20	36	15	18	11	16	41	43	69	55	46	40
Growth PAT Growth%	80.0	75.6	-59.2	25.1	-40.1	43.3	162.9	3.1	62.2	-21.0	-15.8	-41.8
NPM NPM%	16.7	19.4	7.8	7.7	4.7	5.8	12.5	11.0	13.6	11.0	8.4	7.1
EPS EPS₹	4.9	8.0	3.0	3.1	1.3	2.7	10.0	7.6	10.9	13.3	10.7	6.7

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	122	185	188	239	233	270	331	389	510	499	551	561
Growth Revenue Growth%	13.4	51.0	1.8	27.3	-2.5	15.8	22.5	17.7	31.0	-2.2	10.4	4.7
Expenses ExpensesCr	88	122	151	186	190	222	261	312	397	395	424	444
Operating Profit Operating ProfitCr	34	63	37	53	43	48	70	78	113	104	127	117
OPM OPM%	28.0	34.0	19.8	22.3	18.4	17.8	21.1	19.9	22.2	20.9	23.0	20.8
Other Income Other IncomeCr	1	2	1	4	5	2	2	2	1	5	5	5
Interest Expense Interest ExpenseCr	4	10	15	32	30	28	21	26	26	40	68	66
Depreciation DepreciationCr	1	1	1	2	2	2	2	2	2	2	3	3
PBT PBTCr	31	53	22	23	16	20	49	52	86	66	61	53
Tax TaxCr	10	17	8	4	5	4	7	10	17	12	15	13
PAT PATCr	20	36	15	18	11	16	41	43	69	55	46	40
Growth PAT Growth%	80.0	75.6	-59.2	25.1	-40.1	43.3	162.9	3.1	62.2	-21.0	-15.8	-41.8
NPM NPM%	16.7	19.4	7.8	7.7	4.7	5.8	12.5	11.0	13.6	11.0	8.4	7.1
EPS EPS₹	4.9	8.0	3.0	3.1	1.3	2.7	10.0	7.6	10.9	13.3	10.7	6.7

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	41	41	41	41	41	41	41	41	41	41	43
Reserves ReservesCr	40	73	76	80	86	98	137	169	219	259	320
Current Liabilities Current LiabilitiesCr	229	282	377	289	285	275	476	469	461	504	561
Non Current Liabilities Non Current LiabilitiesCr	178	200	172	301	316	250	176	318	417	704	759
Total Liabilities Total LiabilitiesCr	492	604	676	725	748	689	854	1,033	1,202	1,586	1,770
Current Assets Current AssetsCr	455	580	615	670	691	637	800	971	1,137	1,441	1,629
Non Current Assets Non Current AssetsCr	37	24	61	56	56	52	55	62	65	145	141
Total Assets Total AssetsCr	492	604	676	725	748	689	854	1,033	1,202	1,586	1,770

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	41	41	41	41	41	41	41	41	41	41	43
Reserves ReservesCr	40	73	76	80	86	98	137	169	219	259	320
Current Liabilities Current LiabilitiesCr	229	282	377	289	285	275	476	469	461	504	561
Non Current Liabilities Non Current LiabilitiesCr	178	200	172	301	316	250	176	318	417	704	759
Total Liabilities Total LiabilitiesCr	492	604	676	725	748	689	854	1,033	1,202	1,586	1,770
Current Assets Current AssetsCr	455	580	615	670	691	637	800	971	1,137	1,441	1,629
Non Current Assets Non Current AssetsCr	37	24	61	56	56	52	55	62	65	145	141
Total Assets Total AssetsCr	492	604	676	725	748	689	854	1,033	1,202	1,586	1,770

Consolidated

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	-24	-30	14	-81	25	121	21	-12	-126	-178	-71
Investing Cash Flow Investing Cash FlowCr	-15	-3	-15	18	-8	-1	-1	-2	5	-80	-27
Financing Cash Flow Financing Cash FlowCr	39	31	1	66	-21	-119	-17	7	128	261	94
Net Cash Flow Net Cash FlowCr	0	-1	1	3	-3	1	3	-7	7	3	-4
Free Cash Flow Free Cash FlowCr	-24	-30	7	-84	24	119	19	-15	-128	-254
CFO To PAT CFO To PAT%	-116.2	-82.2	98.8	-442.7	231.3	765.7	50.2	-27.6	-182.4	-325.3	-153.7
CFO To EBITDA CFO To EBITDA%	-69.4	-47.0	38.9	-152.0	59.1	251.0	29.8	-15.2	-111.6	-170.6	-55.9

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	-24	-30	14	-81	25	121	21	-12	-126	-178	-71
Investing Cash Flow Investing Cash FlowCr	-15	-3	-15	18	-8	-1	-1	-2	5	-80	-27
Financing Cash Flow Financing Cash FlowCr	39	31	1	66	-21	-119	-17	7	128	261	94
Net Cash Flow Net Cash FlowCr	0	-1	1	3	-3	1	3	-7	7	3	-4
Free Cash Flow Free Cash FlowCr	-24	-30	7	-84	24	119	19	-15	-128	-254
CFO To PAT CFO To PAT%	-116.2	-82.2	98.8	-442.7	231.3	765.7	50.2	-27.6	-182.4	-325.3	-153.7
CFO To EBITDA CFO To EBITDA%	-69.4	-47.0	38.9	-152.0	59.1	251.0	29.8	-15.2	-111.6	-170.6	-55.9

Consolidated

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	321	489	463	223	88	146	539	818	1,353	1,703	828	1,000
Price To Earnings Price To Earnings	17.5	14.9	36.9	17.2	16.1	13.0	13.1	19.2	19.6	31.1	18.0	34.4
Price To Sales Price To Sales	2.6	2.6	2.5	0.9	0.4	0.5	1.6	2.1	2.7	3.4	1.5	1.8
Price To Book Price To Book	4.0	4.3	3.9	1.8	0.7	1.1	3.0	3.9	5.3	5.7	2.3	2.8
EV To EBITDA EV To EBITDA	15.4	11.7	19.6	11.0	10.8	8.9	11.8	14.7	16.1	23.2	13.3	16.0
Profitability Ratios Profitability Ratios
GPM GPM%	45.3	48.9	40.2	39.6	32.0	32.4	40.5	37.1	39.5	43.0
OPM OPM%	28.0	34.0	19.8	22.3	18.4	17.8	21.1	19.9	22.2	20.9	23.0	20.8
NPM NPM%	16.7	19.4	7.8	7.7	4.7	5.8	12.5	11.0	13.6	11.0	8.4	7.1
ROCE ROCE%	11.8	17.1	9.4	11.0	8.9	11.1	14.6	14.4	15.2	10.3	10.4	10.4
ROE ROE%	25.3	31.6	12.5	15.1	8.7	11.3	23.2	20.3	26.6	18.2	12.7	12.7
ROA ROA%	4.2	6.0	2.2	2.5	1.5	2.3	4.8	4.1	5.8	3.5	2.6	2.6
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	321	489	463	223	88	146	539	818	1,353	1,703	828	1,000
Price To Earnings Price To Earnings	17.5	14.9	36.9	17.2	16.1	13.0	13.1	19.2	19.6	31.1	18.0	34.4
Price To Sales Price To Sales	2.6	2.6	2.5	0.9	0.4	0.5	1.6	2.1	2.7	3.4	1.5	1.8
Price To Book Price To Book	4.0	4.3	3.9	1.8	0.7	1.1	3.0	3.9	5.3	5.7	2.3	2.8
EV To EBITDA EV To EBITDA	15.4	11.7	19.6	11.0	10.8	8.9	11.8	14.7	16.1	23.2	13.3	16.0
Profitability Ratios Profitability Ratios
GPM GPM%	45.3	48.9	40.2	39.6	32.0	32.4	40.5	37.1	39.5	43.0
OPM OPM%	28.0	34.0	19.8	22.3	18.4	17.8	21.1	19.9	22.2	20.9	23.0	20.8
NPM NPM%	16.7	19.4	7.8	7.7	4.7	5.8	12.5	11.0	13.6	11.0	8.4	7.1
ROCE ROCE%	11.8	17.1	9.4	11.0	8.9	11.1	14.6	14.4	15.2	10.3	10.4	10.4
ROE ROE%	25.3	31.6	12.5	15.1	8.7	11.3	23.2	20.3	26.6	18.2	12.7	12.7
ROA ROA%	4.2	6.0	2.2	2.5	1.5	2.3	4.8	4.1	5.8	3.5	2.6	2.6
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	RAYMONDREL	TARC	MARATHON	ARKADE	INDIAHOMES	ARIHANTSUP	VEEGALAND
Market CapitalizationMkt CapCr	4,144	3,497	2,583	2,113	1,055	1,000	648
Close PriceClose₹	622.40	118.50	383.00	113.80	26.50	231.10	133.00
IndustryIndustry	Realty Regional	Realty Regional	Realty Regional	Realty Regional	Realty Regional	Realty Regional	Realty Regional
Price To EarningsPE	13.81		13.13		63.10	34.44
Price To SalesPS	1.32	7.42	4.67	2.63	43.09	1.78	2.58
RevenueRevenueCr	3,137	471	553	804	24	561	251
Revenue Growth TTMRev Gr TTM%	284.4%	364.7%	-1.1%	12.1%	81,500.0%	4.7%
PAT Growth TTMPAT Gr TTM%	1,023.8%	91.4%	1.4%	-102.8%	325.3%	-41.8%

	RAYMONDREL	TARC	MARATHON	ARKADE	INDIAHOMES	ARIHANTSUP	VEEGALAND
Market CapitalizationMkt CapCr	4,144	3,497	2,583	2,113	1,055	1,000	648
Close PriceClose₹	622.40	118.50	383.00	113.80	26.50	231.10	133.00
IndustryIndustry	Realty Regional	Realty Regional	Realty Regional	Realty Regional	Realty Regional	Realty Regional	Realty Regional
Price To EarningsPE	13.81		13.13		63.10	34.44
Price To SalesPS	1.32	7.42	4.67	2.63	43.09	1.78	2.58
RevenueRevenueCr	3,137	471	553	804	24	561	251
Revenue Growth TTMRev Gr TTM%	284.4%	364.7%	-1.1%	12.1%	81,500.0%	4.7%
PAT Growth TTMPAT Gr TTM%	1,023.8%	91.4%	1.4%	-102.8%	325.3%	-41.8%

FY2026

FY2025

FY2024

FY2023

FY2022

FY2021

FY2020

FY2026

Jun 26

Result PPT Transcript Summary

Mar 26

Result PPT Transcript Summary

Dec 25