Arvind SmartSpaces Q1 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹2,691 Cr
- P/E
- 14.62
- ROE
- 14.16%
- PEG
- 0.28
- Price to sales
- 3.45
- Debt to equity
- 0.90
- 52W high / low
- ₹695 / ₹501
- Sales growth (5Y)
- 30.46%
- EBITDA margin
- 36.78%
- Net profit margin
- 16.79%
- Promoter holding
- 53.83%
- Sales (last year)
- ₹780 Cr
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]
Guidance scorecard · Q1 FY27 call
What Arvind SmartSpaces Ltd's management guided
and where it ranks in Realty
Realty
RevenueQ1 FY27 call
20–40%- Arvind SmartSpaces expects bookings growth of 35% to 40% over the previous year for FY27, targeting INR2,100-2,200 crores in bookings.
- Business development GDV guidance for the year is INR4,000-5,000 crores, with a robust launch pipeline planned.
- The company aims to grow at a 25%-30% CAGR over the next 4-5 years, building a strong presence in Mumbai, Bangalore, and Ahmedabad.
- They plan launches worth INR3,000-3,500 crores across six projects in the three core cities in the coming quarters.
- The company expects steady revenue recognition growth linked to OCs and project completions.
2 more points from Arvind SmartSpaces Ltd's call on revenue
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MarginsQ1 FY27 call
FlatSee what Arvind SmartSpaces Ltd said on margins — free account, 30 seconds.
CapexQ1 FY27 call
Planned- The company plans capital investments of around INR600 crores to INR900 crores in land outflows during the current year, involving a mix of joint development (JD) and outright acquisitions.
- Business development pipeline targets an addition of INR4,000 crores to INR5,000 crores in gross development value (GDV) for FY27.
- New project launches are planned in Ahmedabad (Vastrapur project), Bangalore (three projects including the Sarjapur project with approvals), and Mumbai (two projects), supporting continuous inventory addition.
- The company aims to maintain a net debt to equity ratio comfortable up to 1:1 to fund growth, with current leverage at 0.29x.
2 more points from Arvind SmartSpaces Ltd's call on capex
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FundraisingQ1 FY27 call
PlannedSee what Arvind SmartSpaces Ltd said on fundraising — free account, 30 seconds.
Order bookQ1 FY27 call
Rising- Business Development (BD) pipeline target for FY27 is INR 4,000 to 5,000 crores in Gross Development Value (GDV).
- As of Q1 FY27, the company has already added projects worth approximately INR 2,600 crores GDV.
- The BD pipeline includes projects in Mumbai (including Goregaon redevelopment and Pen Khopoli), Ahmedabad (horizontal residential in South Ahmedabad, Vastrapur launch), and Bangalore (3 new projects including Sarjapur with approvals).
- The company plans to launch fresh inventory worth INR 3,000 to 3,500 crores GDV across 6 projects in Ahmedabad, Bangalore, and Mumbai during the next 3 quarters of FY27.
2 more points from Arvind SmartSpaces Ltd's call on the order book
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Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Realty
on management's own guidance
- Sobha LtdGood growth2
- Strong growth1
- Man Infraconstruction LtdGood growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Realty companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Flat | ₹12,035 Cr | 41.1 | |
| 2 | Sobha Ltd | 20–40% | Up 2%+ | ₹12,548 Cr | 54.4 |
| 3 | Man Infraconstruction Ltd | 20–40% | Up 2%+ | ₹4,602 Cr | 21.2 |
| 4 | 20–40% | Up 2%+ | ₹1,157 Cr | 12.7 | |
| 5 | 20–40% | Flat | ₹1.06L Cr | 25.6 | |
| 6 | 20–40% | Flat | ₹61,922 Cr | 23.4 |
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Pro shows every company guiding 40%+ revenue growth →Full Realty rankingFinancials of Arvind SmartSpaces Ltd
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Financials of Arvind SmartSpaces Ltd
Quarterly Results
Quarter-by-quarter operating performance
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 93 | 67 | 73 | 84 | 117 | 74 | 266 | 210 | 163 | 102 | 141 | 166 | 155 |
| Expenses + | 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% |
| Other Income + | 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% |
| Net Profit + | 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 |
Financials of Arvind SmartSpaces Ltd
Profit & Loss
Annual income statement trend
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 87 | 115 | 159 | 198 | 262 | 299 | 149 | 257 | 256 | 341 | 713 | 564 |
| Expenses + | 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% |
| Other Income + | 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% |
| Net Profit + | 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% |
Financials of Arvind SmartSpaces Ltd
Balance Sheet
Capital structure and asset base
| 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 |
| Borrowings + | 31 | 92 | 93 | 161 | 171 | 218 | 189 | 30 | 146 | 110 | 285 | 583 |
| Other Liabilities + | 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 |
| Fixed Assets + | 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 |
| Other Assets + | 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 |
Financials of Arvind SmartSpaces Ltd
Cash Flows
Operating, investing and financing cash movement
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 56 | 27 | -19 | -147 | 12 | -16 | 91 | 161 | -101 | 30 | -84 | -170 |
| Cash from Investing Activity + | -1 | -1 | 1 | -1 | -0 | -7 | -42 | 29 | -82 | -28 | -109 | -6 |
| Cash from Financing Activity + | 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% |
Financials of Arvind SmartSpaces Ltd
Ratios
Working capital efficiency and return ratios
| 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% |
Guidance history
How Arvind SmartSpaces Ltd's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q1 FY27 call → | 20–40% | Flat | Planned | Planned | Rising |
| Q4 FY26 call → | 20–40% | Flat | Planned | Planned | Rising |
| Q3 FY26 call → | 20–40% | Flat | Planned | Planned | Rising |
| Q2 FY26 call → | 20–40% | Flat | Planned | Planned | Rising |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
26 out of 100 — Cooling
Over the past year its share price has done worse than most of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | −7.9% | 52% |
| Last 6 months | −5.1% | 45% |
| Last 3 months | −1.4% | 61% |
The price is 41.3% below its all-time high of ₹998.55 (29 Nov 2024). Stocks more than 20% below their peak have their score halved, so 51 became 26.
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Arvind SmartSpaces Ltd: 0.4 × 52 + 0.4 × 45 + 0.2 × 61 = 51, halved to 26 because the price is more than 20% below its all-time high.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 29 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
Continue your research
What Arvind SmartSpaces Ltd's management said in earlier quarters
- Q1 FY27 earnings call analysis →
- Q3 FY26 earnings call analysis →
- Q2 FY26 earnings call analysis →
- Q3 FY25 earnings call analysis →
- Q1 FY26 earnings call →
- Q4 FY25 earnings call →
- Q2 FY25 earnings call →
- Q1 FY25 earnings call →
- Q4 FY24 earnings call →
- Q3 FY24 earnings call →
- Q2 FY24 earnings call →
- Q1 FY24 earnings call →
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