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Swing Capital

Arvind SmartSpaces Ltd

NSE: ARVSMART BSE: 539301Infra

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]

₹574
52W: ₹487 — ₹757
PE 114 · Book ₹119 · +382% vs book
Market Cap₹2,632 Cr
Stock P/E114Price to Earnings
ROCE2.87%Return on Capital
ROE1.33%Return on Equity
Div. Yield1.06%Face Value ₹10

Strengths

  • +Company is expected to give good quarter
  • +Company has been maintaining a healthy dividend payout of 90.1%
  • +Promoter holding has increased by 4.01% over last quarter.

Weaknesses

  • −Stock is trading at 4.82 times its book value
  • −The company has delivered a poor sales growth of -3.78% over past five years.
  • −Company has a low return on equity of 5.94% over last 3 years.
  • −Earnings include an other income of Rs.40.8 Cr.

Shareholding Pattern

Promoters53.83%
FIIs0.67%
DIIs8.6%
Public36.91%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters50.38%50.28%▼0.150.28%50.27%▼0.049.96%▼0.349.83%▼0.149.83%53.83%▲4.0
FIIs1.81%2.51%▲0.72.65%▲0.12.01%▼0.61.6%▼0.41%▼0.60.83%▼0.20.67%▼0.2
DIIs12.33%12.77%▲0.412.86%▲0.112.65%▼0.213.88%▲1.214.7%▲0.815.82%▲1.18.6%▼7.2
Public35.46%34.44%▼1.034.22%▼0.235.06%▲0.834.55%▼0.534.46%▼0.133.53%▼0.936.91%▲3.4

Financial Statements

MetricSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales431264241320682036103
Expenses28184323202564244675
Operating Profit15-7211-7-54-4-1028
OPM %35%-56%33%6%-53%-26%6%-21%-29%27%
Net Profit210216026-2-423
EPS ₹4.650.14.721.39-0.090.421.25-0.41-0.825.04

AI Insights

Revenue Trend

TTM revenue at ₹226Cr, up 80.8% YoY. OPM at 8%.

Debt Position

Borrowings at ₹205Cr. Debt-to-equity ratio: 0.41x. Healthy balance sheet.

Capex Cycle

CWIP at ₹1Cr (5% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 8.6% (-2.89pp change). FIIs: 0.67% (-0.02pp change). Promoters hold 53.83%.

Margin & Efficiency

ROCE declining from 24% (Mar 2014) to 3% (Mar 2025). Working capital days: -214.

Valuation

PE 114x with 2.87% ROCE. Price is 382% above book value of ₹119. Dividend yield: 1.06%.

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