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Stock Analysis

Description

Arvind SmartSpaces Limited, the real estate arm of the Lalbhai Group, is engaged in developing residential and commercial projects through various models including joint ventures and joint development. The company focuses on expanding its footprint across key Indian cities.

Key Growth Triggers

Strategic geographic expansion into Vadodara and Bengaluru, along with project acquisitions in Ahmedabad. A robust business development pipeline targeting ₹4,000 Cr, and a management focus on profitable growth and becoming a top-10 developer are key growth drivers.

Order Book

Q2 bookings surged 147% QoQ to ₹432 Cr and H1 bookings reached ₹607 Cr.

Key Red Flags

The company reported a decline in H1 FY26 consolidated PAT year-on-year, and FY25 performance was weaker than FY24. Analyst reports also highlight potential risks such as approval delays and geographical challenges.

Key Dates To Watch

Upcoming Q3 FY26 results announcement (trading window closure from Jan 1, 2026 implies this). Investor conference calls and participation in industry conferences provide ongoing engagement opportunities.

Corporate Announcements

13th Apr 26

Impact Rating: 7

Arvind SmartSpaces has announced it does not qualify as a 'Large Corporate' for FY 2026-27 under SEBI guidelines. Outstanding borrowing was ₹458.70 Crores as of March 31, 2026.

10th Apr 26

Impact Rating: 2

Arvind SmartSpaces will engage in virtual one-to-one interactions with analysts and investors on April 14, 2026, in compliance with SEBI listing disclosure requirements.

7th Apr 26

Impact Rating: 8

Arvind SmartSpaces acquired 49% in ONRPL for Rs. 49,000 and sold 13% in its subsidiary ASPL for Rs. 13,000. The company also announced a significant high-rise project in Mumbai with a top-line potential of ~Rs. 2,400 Cr.

7th Apr 26

Impact Rating: 3

The company submitted a confirmation certificate from MUFG Intime India Pvt. Ltd. to stock exchanges, affirming compliance with SEBI regulations for securities dematerialisation.

30th Mar 26

Impact Rating: 6

Arvind SmartSpaces Limited will shut its trading window from April 1, 2026, per SEBI insider trading rules. It will reopen 48 hours after the company declares its Audited Financial Results for the fiscal year ending March 31, 2026.

Peer Comparision

S.No.	Name	Current Price (Rs.)	Price to Earning	Market Capitalization (Rs.Cr.)	Dividend yield (%)	Net Profit latest quarter (Rs.Cr.)	YOY Quarterly profit growth (%)	Sales latest quarter (Rs.Cr.)	YOY Quarterly sales growth (%)	Return on capital employed (%)	Sales (Rs.Cr.)	OPM (%)	Profit after tax (Rs.Cr.)	Profit after tax latest quarter (Rs.Cr.)	Price to book value	Return on assets (%)	Debt to equity
1.	DLF	703.25	45.12	174137.94	0.85	1180.09	-27.08	1643.04	-16.81	6.51	9016.03	22.47	3859.74	1007.10	4.05	7.30	0.04
2.	Lodha Developers	1110.60	33.33	110960.77	0.38	789.80	86.50	3798.50	44.67	15.62	15597.50	29.61	3329.50	788.70	5.21	5.70	0.45
3.	Prestige Estates	1618.55	91.03	69680.01	0.11	457.40	123.88	2431.70	5.52	7.66	7921.90	36.60	765.50	430.30	4.41	1.15	0.92
4.	Phoenix Mills	1935.90	64.71	69229.23	0.13	384.09	39.38	1115.43	21.51	10.75	4059.89	57.73	1069.86	303.99	6.42	6.11	0.46
5.	Godrej Propert.	2140.00	41.63	64509.70	0.00	402.99	20.84	740.38	-32.28	6.57	4265.55	-18.34	1549.83	405.08	3.52	2.67	0.89
6.	Oberoi Realty	1711.00	27.85	62181.72	0.47	760.26	28.98	1779.04	34.79	17.73	5327.81	56.59	2233.06	760.26	3.71	10.23	0.18
7.	Brigade Enterpr.	880.35	27.07	21528.04	0.28	170.28	36.58	1383.37	29.03	13.34	5588.84	26.50	795.44	162.50	3.33	3.39	0.83
8.	Arvind SmartSp.	590.30	1390.49	2711.46	1.01	-3.78	-779.07	35.67	176.73	2.87	143.28	-10.76	1.95	-3.78	4.96	0.59	0.37
–	Median: 96 Co.	166.41	34.5	865.5	0.0	3.78	7.3	40.6	10.71	7.42	149.53	16.52	11.03	2.84	3.0	2.27	0.44

Quarterly Results

Standalone figures in ₹ crores

	Dec 2022	Dec 2023	Dec 2024	Jun 2023	Jun 2024	Jun 2025	Mar 2023	Mar 2024	Mar 2025	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Sales	29.33	11.74	19.52	32.34	24.16	19.82	31.50	64.01	68.27	28.75	42.70	12.89	35.67
Expenses	24.47	18.30	24.65	25.38	22.82	23.98	31.97	42.65	63.98	23.33	27.55	19.69	46.08
Operating Profit	4.86	-6.56	-5.13	6.96	1.34	-4.16	-0.47	21.36	4.29	5.42	15.15	-6.80	-10.41
Other Income	10.52	9.29	10.24	9.60	8.95	7.94	9.39	9.68	9.40	8.89	9.70	9.20	12.05
Profit before tax	13.14	0.58	2.51	14.80	7.85	-2.87	6.52	28.36	8.33	12.99	23.28	-0.75	-4.24
Tax %	16.36%	20.69%	23.11%	17.43%	19.87%	-33.80%	23.77%	24.51%	31.33%	19.71%	9.58%	-44.00%	-10.85%
Net Profit	10.99	0.46	1.92	12.21	6.30	-1.90	4.96	21.41	5.71	10.43	21.06	-0.43	-3.78
EPS in Rs	2.43	0.10	0.42	2.69	1.39	-0.41	1.09	4.72	1.25	2.37	4.65	-0.09	-0.82

Profit & Loss

Standalone Figures in ₹ Crores / Yearly

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	44	61	111	90	128	234	151	94	120	117	151	125	143
Expenses	27	38	78	62	91	171	117	73	90	100	114	131	159
Operating Profit	16	24	33	28	37	63	35	21	31	17	37	-6	-15
Other Income	0	0	4	5	14	16	11	18	27	37	38	38	40
Interest	4	8	8	12	15	20	18	20	11	6	6	11	17
Depreciation	0	0	1	1	1	1	1	1	1	1	2	3	4
Profit before tax	12	16	27	20	35	58	26	18	45	47	67	18	4
Net Profit	9	11	17	21	30	46	19	14	39	38	55	14	2
EPS in Rs	9.23	10.93	6.70	7.25	9.34	13.06	5.45	3.93	9.19	8.45	12.16	2.97	0.44
Dividend Payout %	0%	0%	0%	0%	0%	11%	0%	0%	0%	39%	29%	202%	–

Balance Sheet

Standalone figures in ₹ crores

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sep 2025
Equity Capital	10	10	26	28	32	35	36	36	42	45	45	46	46
Reserves	105	116	118	167	263	273	287	301	425	484	525	531	500
Borrowings	1	28	91	93	161	171	165	119	2	53	66	204	205
Other Liabilities	122	51	22	43	38	97	71	146	367	399	501	665	723
Total Liabilities	238	205	256	331	494	577	559	601	836	980	1,137	1,446	1,474
Fixed Assets	1	2	8	8	8	8	7	7	8	10	15	20	20
Gross Block	2.05	3.06	13.18	8.90	9.70	10.05	10.34	10.88	12.57	14.85	21.96	28.51	–
Accumulated Depreciation	0.71	1.03	5.44	0.82	1.52	2.26	3.00	3.45	4.23	4.92	6.54	9.00	–
CWIP	0	0	0	0	0	0	0	0	1	1	0	0	1
Investments	0	0	61	94	168	227	180	148	222	244	348	463	420
Other Assets	237	203	187	229	317	342	371	446	605	725	773	963	1,033
Total Assets	238	205	256	331	494	577	559	601	836	980	1,137	1,446	1,474

Cash Flows

Standalone Figures in ₹ Crores / Yearly

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	-68	55	-9	-10	-60	30	-39	84	225	-32	-45	-205
Cash from Investing Activity	7	2	-7	-11	-62	-26	69	-1	-70	-157	74	76
Cash from Financing Activity	84	25	17	20	122	-3	-29	-66	-36	67	-9	115
Net Cash Flow	23	82	1	-1	0	1	1	17	119	-121	20	-13

Ratios

Standalone Figures in ₹ Crores / Yearly

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	2	10	112	113	161	1	2	9	3	6	5	3
Inventory Days	1,309	–	900	–	–	1,253	–	2,726	3,967	3,571	–	–
Days Payable	1,098	–	208	–	–	87	–	242	396	326	–	–
Cash Conversion Cycle	213	10	804	113	161	1,167	2	2,494	3,574	3,251	5	3
Working Capital Days	584	603	355	615	625	182	136	469	-278	-272	-236	-214
ROCE %	24%	17%	18%	12%	13%	17%	9%	8%	12%	10%	11%	3%

Shareholding Pattern

Numbers in percentages

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	50.44%	50.44%	50.54%	50.54%	50.54%	50.51%	50.38%	50.28%	50.28%	50.27%	49.96%	49.83%
FIIs	0.46%	0.68%	0.69%	0.85%	0.49%	0.41%	1.81%	2.51%	2.65%	2.01%	1.60%	1.00%
DIIs	10.28%	10.57%	11.49%	11.62%	11.66%	13.52%	12.33%	12.77%	12.86%	12.65%	13.88%	14.70%
Public	38.82%	38.32%	37.27%	36.99%	37.29%	35.55%	35.46%	34.44%	34.22%	35.06%	34.55%	34.46%

BSE Announcements AI Summary

Direct from BSE filings, auto-summarised

Arvind SmartSpaces Confirms Non-Status as "Large Corporate" for FY 2026-27

14th April 2026, 12:37 am

Arvind SmartSpaces to Host Analyst/Investor Meeting on April 14, 2026

11th April 2026, 1:00 am

Arvind SmartSpaces Acquires Stake in ONRPL, Divests in ASPL, and Announces Major Mumbai Project

7th April 2026, 9:26 pm

Arvind SmartSpaces Files SEBI Compliance Certificate for Dematerialisation

7th April 2026, 8:21 pm

Arvind SmartSpaces Closes Trading Window from April 1st for Audited Financial Results

30th March 2026, 5:24 pm

Published by Other Websites

External media mentions & references

Infosys AI Tie-Up, GAIL Charter, Pharma Approvals, SRF Tax Scare: Stocks in Focus

8th April 2026, 8:04 am

Stocks in Focus: Infosys AI, Pharma Nod, Big Orders Dominate

8th April 2026, 7:03 am

Arvind SmartSpaces ESOP Trust Buys 1% Stake, Signals Promoter Confidence

28th March 2026, 6:44 pm

Arvind SmartSpaces Enters Mumbai With Rs 300 Cr Santacruz Project

28th March 2026, 4:03 pm

WSIP Buys Mahanagar Gas; MF Trades Apollo Micro, Cyient DLM Stocks

27th March 2026, 11:21 pm

News Articles

Editorial & research coverage

Arvind Smartspaces SURGES 21%? Axis Securities REITERATES BUY with BIG Target!

26th December 2025, 8:54 am

Global Sell-off Hits Asian Markets, GIFT Nifty Points to Weak Indian Open – Stocks in Focus!

16th December 2025, 8:22 am

SHOCKWAVES IN MARKETS: Pharma Acquisition, Rs 616 Cr Orders, Big Deals & Key Updates! Which Stocks Will YOU Bet On?

16th December 2025, 7:36 am

Emkay Global Unlocks Real Estate Secrets: Top Picks & Shocking Price Targets Revealed!

2nd December 2025, 10:12 am

HUGE Real Estate Win: Arvind SmartSpaces Bags ₹400 Cr Ahmedabad Project – Is This a Game-Changer?

29th November 2025, 1:23 pm

Documents

Announcements

Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018

5h - Attaching confirmation certificate received from MUFG Intime India Private Limited, the Registrar and Share Transfer Agent of the Company for the period ended on 31-12-2025.

Announcement under Regulation 30 (LODR)-Newspaper Publication

30 Dec - Newspaper advertisement in respect of Postal Ballot and E-voting.

Closure of Trading Window

29 Dec - Trading window closed from 1 Jan 2026 until 48 hours after unaudited results for quarter/9M ended 31 Dec 2025.

Shareholder Meeting / Postal Ballot-Notice of Postal Ballot

Announcement under Regulation 30 (LODR)-Press Release / Media Release

15 Dec - Acquired Whitefield Bengaluru high-rise: 4.6 lakh sq.ft saleable, ~Rs.550 crore topline, 4.18-acre site.