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Arvind SmartSpaces Ltd

ARVSMART

NSE

₹598.90-1.94%19 Oct 2026

Reports

Realty Construction and Contracting

Arvind SmartSpaces Ltd

ARVSMART

NSE

₹598.90

-1.94%

19 Oct 2026

SOICxStockScans Reports

Ask AI

Realty Construction and Contracting

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.

Arvind SmartSpaces is a branded Indian homebuilder that designs and sells apartments, villas and plots, born inside a 120-year-old textile-to-telecom conglomerate and spun out as a standalone listed company in 2015. It brings a manufacturer’s discipline to real estate, treating land as raw material to be turned quickly rather than hoarded, and it funds construction largely with customer advances so it can grow without piling on debt. That same recurring approach - an asset-light, design-led model that chases end-user demand in a handful of cities - now supports a portfolio exceeding 106 million square feet across three states.

Business segments

A single residential engine, supplemented by a small commercial and industrial sideline - both built on the same asset-light, advance-funded model.

1. Residential development: where the brand meets the buyer

The company makes money by selling branded homes - mostly mid-market plots and apartments - in Ahmedabad, Bengaluru and Mumbai, with construction funded by customer advances rather than debt.

Land treated as raw material, not a bet - it acquires land through joint development agreements (JDAs) with landowners for 78% of its portfolio by volume, which means the land is ready to build on and the upfront cash outlay is low, shortening the time to market to 6-9 months.
Customer advances fund the build - buyers pay in stages as construction progresses, creating a negative working capital cycle that largely removes the need for external borrowings and keeps the balance sheet light.
Clubhouses go up first - in plotted developments, the company builds the world-class club house before selling the plots, which creates buyer traction and helps it command progressively better prices as the project gains visibility.
A 20-25% price premium in its home market - in Ahmedabad’s horizontal developments, it charges roughly a fifth more than competitors in the same micro-market because of the Arvind brand, the design quality and the early delivery track record; in Bengaluru’s vertical projects, its pricing sits in the top bracket alongside the best-known national players.
Referrals do the heavy lifting - 22% of bookings in FY25 came from existing customers recommending the company to friends and family, which keeps marketing costs low - the cost of acquired sales is under 1.75% for most new launches.

2. Commercial and industrial development: a smaller sideline on the same chassis

A compact portfolio of commercial complexes, retail spaces and industrial parks that runs on the same sale-of-units model as the residential business, contributing 7% of the total pipeline by value.

Industrial parks sold as units - the company signed a ~440-acre industrial park project on NH47 near Ahmedabad with a top-line potential of roughly INR 1,350 crores, structured as a JDA where it keeps a 70.5% revenue share and provides shared infrastructure like a common effluent treatment plant and logistics zones.

Group structure and partners

The company is majority-owned by its listed parent Arvind Limited and has built a series of platforms with HDFC Capital that supply patient money without diluting operating control.

Projects live in separate legal vehicles - each development sits inside its own Special Purpose Vehicle or LLP, with economic stakes varying by structure: 100% for owned-land projects, roughly 65-70.5% for JDs, about 50-77% for joint ventures, and around 10% for development management deals where the company acts as a fee-earning builder.
HDFC Capital as a platform partner - a INR 900 crore residential platform was set up with HDFC Capital’s HCARE-3 fund, where HDFC put in INR 600 crores through convertible debentures and the company invested INR 300 crores, targeting a combined revenue potential of INR 4,000-5,000 crores across multiple projects.
Capital returned from project cash flows - the first platform with HDFC was wound up within two and a half years and the first project under the second platform was exited in November 2023, in both cases repaying HDFC’s investment in full from the cash the projects themselves generated.

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

₹2,767Cr

Close Price

₹602.50

Industry

Realty Construction and Contracting

Price To Earnings

14.77

Price To Sales

3.55

Revenue

₹780Cr

Rev Gr TTM

Revenue Growth TTM

5.31%

PAT Gr TTM

PAT Growth TTM

49.28%

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	73	84	117	74	266	210	163	102	141	166	155	318
Growth YoY Revenue Growth YoY%	44.4	60.2	26.6	11.4	265.5	149.3	39.0	36.6	-47.1	-20.8	-4.7	212.1
Expenses ExpensesCr	39	64	86	65	200	151	130	80	111	125	96	161
Operating Profit Operating ProfitCr	34	20	31	9	66	59	34	21	30	42	59	156
OPM OPM%	46.6	23.6	26.7	12.3	24.8	28.3	20.6	21.1	21.0	25.0	38.2	49.2
Other Income Other IncomeCr	3	2	3	3	4	5	11	5	4	4	8	4
Interest Expense Interest ExpenseCr	19	3	4	3	5	5	8	8	6	5	12	22
Depreciation DepreciationCr	1	1	1	1	1	1	1	2	1	2	2	5
PBT PBTCr	16	18	28	7	64	58	36	17	25	39	54	134
Tax TaxCr	5	7	9	3	21	8	14	5	7	10	10	37
PAT PATCr	11	12	20	5	43	50	22	12	18	29	44	97
Growth YoY PAT Growth YoY%	121.5	130.2	86.2	-49.2	293.4	330.8	11.5	158.9	-57.6	-41.8	103.0	714.3
NPM NPM%	14.9	13.8	16.6	6.2	16.0	23.9	13.3	11.8	12.9	17.6	28.4	30.7
EPS EPS₹	1.9	2.1	3.4	0.6	8.9	10.5	4.2	2.4	3.1	6.3	9.6	21.8

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	73	84	117	74	266	210	163	102	141	166	155	318
Growth YoY Revenue Growth YoY%	44.4	60.2	26.6	11.4	265.5	149.3	39.0	36.6	-47.1	-20.8	-4.7	212.1
Expenses ExpensesCr	39	64	86	65	200	151	130	80	111	125	96	161
Operating Profit Operating ProfitCr	34	20	31	9	66	59	34	21	30	42	59	156
OPM OPM%	46.6	23.6	26.7	12.3	24.8	28.3	20.6	21.1	21.0	25.0	38.2	49.2
Other Income Other IncomeCr	3	2	3	3	4	5	11	5	4	4	8	4
Interest Expense Interest ExpenseCr	19	3	4	3	5	5	8	8	6	5	12	22
Depreciation DepreciationCr	1	1	1	1	1	1	1	2	1	2	2	5
PBT PBTCr	16	18	28	7	64	58	36	17	25	39	54	134
Tax TaxCr	5	7	9	3	21	8	14	5	7	10	10	37
PAT PATCr	11	12	20	5	43	50	22	12	18	29	44	97
Growth YoY PAT Growth YoY%	121.5	130.2	86.2	-49.2	293.4	330.8	11.5	158.9	-57.6	-41.8	103.0	714.3
NPM NPM%	14.9	13.8	16.6	6.2	16.0	23.9	13.3	11.8	12.9	17.6	28.4	30.7
EPS EPS₹	1.9	2.1	3.4	0.6	8.9	10.5	4.2	2.4	3.1	6.3	9.6	21.8

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	115	159	198	262	299	149	257	256	341	713	564	780
Growth Revenue Growth%	31.8	38.2	25.0	32.2	14.3	-50.2	72.1	-0.4	33.3	109.1	-20.9	5.3
Expenses ExpensesCr	80	115	137	194	211	109	208	207	230	545	412	493
Operating Profit Operating ProfitCr	35	44	61	68	89	41	49	49	111	168	152	287
OPM OPM%	30.4	27.8	30.8	25.9	29.6	27.2	19.1	19.1	32.7	23.6	26.9	36.8
Other Income Other IncomeCr	2	1	4	2	2	2	7	7	10	23	20	20
Interest Expense Interest ExpenseCr	8	12	15	21	24	27	17	14	41	21	31	45
Depreciation DepreciationCr	1	1	1	1	1	1	2	3	5	5	6	10
PBT PBTCr	27	32	48	48	65	15	38	40	76	165	135	252
Tax TaxCr	10	11	17	17	24	5	13	12	25	46	32	64
PAT PATCr	17	22	31	31	41	9	25	28	51	119	103	189
Growth PAT Growth%	65.6	28.6	45.2	-0.8	31.9	-78.0	174.3	12.3	83.6	133.3	-13.2	49.3
NPM NPM%	14.7	13.7	15.9	11.9	13.7	6.0	9.6	10.9	15.0	16.7	18.3	24.2
EPS EPS₹	6.7	7.8	10.0	8.9	11.1	2.5	6.5	5.8	9.2	24.3	21.0	40.8

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	115	159	198	262	299	149	257	256	341	713	564	780
Growth Revenue Growth%	31.8	38.2	25.0	32.2	14.3	-50.2	72.1	-0.4	33.3	109.1	-20.9	5.3
Expenses ExpensesCr	80	115	137	194	211	109	208	207	230	545	412	493
Operating Profit Operating ProfitCr	35	44	61	68	89	41	49	49	111	168	152	287
OPM OPM%	30.4	27.8	30.8	25.9	29.6	27.2	19.1	19.1	32.7	23.6	26.9	36.8
Other Income Other IncomeCr	2	1	4	2	2	2	7	7	10	23	20	20
Interest Expense Interest ExpenseCr	8	12	15	21	24	27	17	14	41	21	31	45
Depreciation DepreciationCr	1	1	1	1	1	1	2	3	5	5	6	10
PBT PBTCr	27	32	48	48	65	15	38	40	76	165	135	252
Tax TaxCr	10	11	17	17	24	5	13	12	25	46	32	64
PAT PATCr	17	22	31	31	41	9	25	28	51	119	103	189
Growth PAT Growth%	65.6	28.6	45.2	-0.8	31.9	-78.0	174.3	12.3	83.6	133.3	-13.2	49.3
NPM NPM%	14.7	13.7	15.9	11.9	13.7	6.0	9.6	10.9	15.0	16.7	18.3	24.2
EPS EPS₹	6.7	7.8	10.0	8.9	11.1	2.5	6.5	5.8	9.2	24.3	21.0	40.8

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	26	28	32	35	36	36	42	45	45	46	46
Reserves ReservesCr	118	159	215	219	253	262	365	421	449	552	603
Current Liabilities Current LiabilitiesCr	159	155	162	430	418	409	627	869	1,377	1,621	2,187
Non Current Liabilities Non Current LiabilitiesCr	45	67	120	82	75	167	32	146	99	242	511
Total Liabilities Total LiabilitiesCr	356	433	596	777	798	926	1,136	1,511	2,102	2,671	3,594
Current Assets Current AssetsCr	291	408	566	673	702	810	996	1,345	1,713	1,973	2,642
Non Current Assets Non Current AssetsCr	65	25	30	105	96	116	140	166	389	698	952
Total Assets Total AssetsCr	356	433	596	777	798	926	1,136	1,511	2,102	2,671	3,594

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	26	28	32	35	36	36	42	45	45	46	46
Reserves ReservesCr	118	159	215	219	253	262	365	421	449	552	603
Current Liabilities Current LiabilitiesCr	159	155	162	430	418	409	627	869	1,377	1,621	2,187
Non Current Liabilities Non Current LiabilitiesCr	45	67	120	82	75	167	32	146	99	242	511
Total Liabilities Total LiabilitiesCr	356	433	596	777	798	926	1,136	1,511	2,102	2,671	3,594
Current Assets Current AssetsCr	291	408	566	673	702	810	996	1,345	1,713	1,973	2,642
Non Current Assets Non Current AssetsCr	65	25	30	105	96	116	140	166	389	698	952
Total Assets Total AssetsCr	356	433	596	777	798	926	1,136	1,511	2,102	2,671	3,594

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	-15	-19	-147	12	-16	91	161	-101	31	-84	-170
Investing Cash Flow Investing Cash FlowCr	-1	1	-1	0	-7	-42	29	-82	-28	-109	-6
Financing Cash Flow Financing Cash FlowCr	21	27	141	-11	21	-19	-74	95	-3	185	248
Net Cash Flow Net Cash FlowCr	6	10	-7	0	-1	30	116	-87	-1	-8	71
Free Cash Flow Free Cash FlowCr	-17	-24	-150	9	-22	80	151	-111	15	-99	-217
CFO To PAT CFO To PAT%	-87.0	-88.3	-467.3	37.6	-38.2	1,007.9	648.3	-363.1	59.7	-70.5	-164.8
CFO To EBITDA CFO To EBITDA%	-42.0	-43.4	-241.0	17.2	-17.7	224.1	327.0	-206.5	27.4	-49.9	-112.2

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	-15	-19	-147	12	-16	91	161	-101	31	-84	-170
Investing Cash Flow Investing Cash FlowCr	-1	1	-1	0	-7	-42	29	-82	-28	-109	-6
Financing Cash Flow Financing Cash FlowCr	21	27	141	-11	21	-19	-74	95	-3	185	248
Net Cash Flow Net Cash FlowCr	6	10	-7	0	-1	30	116	-87	-1	-8	71
Free Cash Flow Free Cash FlowCr	-17	-24	-150	9	-22	80	151	-111	15	-99	-217
CFO To PAT CFO To PAT%	-87.0	-88.3	-467.3	37.6	-38.2	1,007.9	648.3	-363.1	59.7	-70.5	-164.8
CFO To EBITDA CFO To EBITDA%	-42.0	-43.4	-241.0	17.2	-17.7	224.1	327.0	-206.5	27.4	-49.9	-112.2

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	215	246	584	462	240	344	870	1,277	3,159	3,215	2,298	2,767
Price To Earnings Price To Earnings	12.5	12.2	19.4	15.1	6.1	39.3	34.7	49.9	76.0	29.1	23.8	14.8
Price To Sales Price To Sales	1.9	1.6	3.0	1.8	0.8	2.3	3.4	5.0	9.3	4.5	4.1	3.5
Price To Book Price To Book	1.5	1.3	2.0	1.8	0.8	1.2	2.1	2.7	6.4	5.4	3.5	4.3
EV To EBITDA EV To EBITDA	7.5	6.5	11.1	7.9	4.4	12.3	15.2	27.8	28.8	20.5	17.8	11.2
Profitability Ratios Profitability Ratios
GPM GPM%	52.6	57.8	58.7	50.1	51.5	62.2	50.6	49.9	72.2	54.0	64.8	64.8
OPM OPM%	30.4	27.8	30.8	25.9	29.6	27.2	19.1	19.1	32.7	23.6	26.9	36.8
NPM NPM%	14.7	13.7	15.9	11.9	13.7	6.0	9.6	10.9	15.0	16.7	18.3	24.2
ROCE ROCE%	18.4	18.1	18.4	20.6	20.1	8.5	12.4	8.8	19.3	21.1	13.5	13.5
ROE ROE%	11.7	11.5	12.7	12.3	14.2	3.0	6.1	6.0	10.3	19.9	15.9	15.9
ROA ROA%	4.7	5.0	5.3	4.0	5.2	1.0	2.2	1.8	2.4	4.5	2.9	2.9
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	215	246	584	462	240	344	870	1,277	3,159	3,215	2,298	2,767
Price To Earnings Price To Earnings	12.5	12.2	19.4	15.1	6.1	39.3	34.7	49.9	76.0	29.1	23.8	14.8
Price To Sales Price To Sales	1.9	1.6	3.0	1.8	0.8	2.3	3.4	5.0	9.3	4.5	4.1	3.5
Price To Book Price To Book	1.5	1.3	2.0	1.8	0.8	1.2	2.1	2.7	6.4	5.4	3.5	4.3
EV To EBITDA EV To EBITDA	7.5	6.5	11.1	7.9	4.4	12.3	15.2	27.8	28.8	20.5	17.8	11.2
Profitability Ratios Profitability Ratios
GPM GPM%	52.6	57.8	58.7	50.1	51.5	62.2	50.6	49.9	72.2	54.0	64.8	64.8
OPM OPM%	30.4	27.8	30.8	25.9	29.6	27.2	19.1	19.1	32.7	23.6	26.9	36.8
NPM NPM%	14.7	13.7	15.9	11.9	13.7	6.0	9.6	10.9	15.0	16.7	18.3	24.2
ROCE ROCE%	18.4	18.1	18.4	20.6	20.1	8.5	12.4	8.8	19.3	21.1	13.5	13.5
ROE ROE%	11.7	11.5	12.7	12.3	14.2	3.0	6.1	6.0	10.3	19.9	15.9	15.9
ROA ROA%	4.7	5.0	5.3	4.0	5.2	1.0	2.2	1.8	2.4	4.5	2.9	2.9
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	KESAR	HEMIPROP	AGIIL	ARVSMART	AJMERA	HUBTOWN	OMAXE
Market CapitalizationMkt CapCr	3,546	3,172	3,059	2,767	2,490	2,181	2,080
Close PriceClose₹	1,090.00	111.30	244.75	602.50	126.54	153.50	113.75
IndustryIndustry	Realty Construction and Contracting	Realty Construction and Contracting	Realty Construction and Contracting	Realty Construction and Contracting	Realty Construction and Contracting	Realty Construction and Contracting	Realty Construction and Contracting
Price To EarningsPE	62.57		29.59	14.77	18.55	22.98
Price To SalesPS	9.78	3,485.77	8.56	3.55	2.17	3.57	1.51
RevenueRevenueCr	363	1	357	780	1,149	612	1,377
Revenue Growth TTMRev Gr TTM%		-4.2%	3.9%	5.3%	43.1%	28.6%	-8.3%
PAT Growth TTMPAT Gr TTM%		-46.1%	41.7%	49.3%	22.1%	-14.1%	29.6%

	KESAR	HEMIPROP	AGIIL	ARVSMART	AJMERA	HUBTOWN	OMAXE
Market CapitalizationMkt CapCr	3,546	3,172	3,059	2,767	2,490	2,181	2,080
Close PriceClose₹	1,090.00	111.30	244.75	602.50	126.54	153.50	113.75
IndustryIndustry	Realty Construction and Contracting	Realty Construction and Contracting	Realty Construction and Contracting	Realty Construction and Contracting	Realty Construction and Contracting	Realty Construction and Contracting	Realty Construction and Contracting
Price To EarningsPE	62.57		29.59	14.77	18.55	22.98
Price To SalesPS	9.78	3,485.77	8.56	3.55	2.17	3.57	1.51
RevenueRevenueCr	363	1	357	780	1,149	612	1,377
Revenue Growth TTMRev Gr TTM%		-4.2%	3.9%	5.3%	43.1%	28.6%	-8.3%
PAT Growth TTMPAT Gr TTM%		-46.1%	41.7%	49.3%	22.1%	-14.1%	29.6%

FY2026

FY2025

FY2024

FY2023

FY2022

FY2021

FY2020

FY2026

Jun 26