NSE: AARVI · BSE: 544850
AARVI ENCON LIMITED
Provides technical manpower outsourcing and staffing services, deploying engineers and skilled personnel to client projects in the energy and infrastructure sectors. In FY26, the company deployed 8,272 personnel (up from 6,667 in FY25) and reports a 97% client retention rate across 150+ global clients, including L&T, Reliance and Indian Oil. Revenue is heavily concentrated in PSU clients, which accounted for 84% of sales, with Oil & Gas contributing 35% of industry revenue. Operations span India, UAE, UK, Saudi Arabia, Oman, Qatar and Indonesia; the international business grew 73% year-on-year in FY26. Recent order wins include a Rs 20.9 crore manpower contract from Mahanagar Gas Limited and a Rs 38.5 crore contract for a step-down Indonesian subsidiary from a multinational engineering client. The company is also expanding into higher-margin O&M work and new verticals such as Solar Module & Panel Manufacturing, Automobile, Marine, Defence and Healthcare. The cost base is dominated by employee costs at 75.2% of revenue, with negligible material costs and minimal capex. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Technical manpower outsourcing (India), International manpower services, O&M and higher-margin services. Asset-light technical staffing and engineering services; employee-cost-heavy, low-margin services business.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 289 | 437 | 406 | 510 | 650 |
| EBITDA (ex other income) | 13 | 17 | 13 | 13 | 22 |
| margin % | 4.4 | 4.0 | 3.1 | 2.6 | 3.4 |
| Owners' profit | 12 | 15 | 11 | 10 | 18 |
| EPS, as reported (₹) | 8.16 | 9.82 | 7.67 | 6.79 | 11.90 |
| ROE % · ROCE % | — · — | 13.4 · 16.0 | 9.7 · 11.5 | 8.0 · 10.8 | 12.4 · 15.1 |
| Debt / equity (x) | — | 0.03 | 0.08 | 0.21 | 0.19 |
| Cash from operations | (10) | 3 | 3 | (2) | 8 |
| Capex | (1) | (1) | (1) | (10) | (1) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 121 | 132 | 144 | 151 | 159 | 167 | 172 | 173 |
| Profit before tax | 2 | 3 | 4 | 4 | 5 | 4 | 6 | 6 |
| Net profit | 2 | 2 | 3 | 4 | 5 | 4 | 5 | 6 |
| EPS (₹) | 1.43 | 1.60 | 2.00 | 2.85 | 3.24 | 2.27 | 3.10 | 4.04 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| INTL GEMOLOGICAL INST LTD | 13,278 | 21.8 | 8.92 | 12.7 | 47.8 | 58.1 | — | 64.6 |
| WEWORK INDIA MANAGEMENT L | 9,301 | 106.7 | 31.09 | 5.9 | 25.0 | 1.0 | — | 66.5 |
| NESCO LTD. | 7,214 | 17.3 | 2.41 | 12.2 | 13.8 | 14.8 | 26.2 | 68.9 |
| NIRLON LTD | 5,587 | 16.1 | 11.92 | — | 73.8 | 18.1 | — | 79.4 |
| SMARTWORKS COWORKING SP L | 5,553 | 199.2 | 10.46 | 4.7 | 2.0 | 0.3 | — | 65.8 |
| QUESS CORP LIMITED | 4,794 | 18.9 | 4.10 | 14.4 | 19.0 | 14.4 | 7.1 | 2.6 |
| INOX GREEN ENERGY SER LTD | 4,657 | 37.3 | 2.72 | 27.7 | 6.0 | 9.0 | — | 131.6 |
| INDIQUBE SPACES LIMITED | 4,074 | — | 7.92 | — | (20.7) | (2.5) | — | 67.3 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 10.9 | 13.5 | 31 of 80 | 62% |
| P/B | 1.4 | 1.4 | 51 of 96 | 47% |
| ROCE | 13.2 | 3.4 | 24 of 103 | 78% |
| ROE | 12.4 | 2.9 | 29 of 113 | 75% |
| Debt / Equity | 0.2 | 0.1 | 58 of 91 | 37% |
| EBITDA margin | 4.3 | 25.4 | 67 of 92 | 28% |
| Revenue growth | 14.1 | 16.2 | 48 of 91 | 48% |
| Profit growth | 42.0 | 5.2 | 43 of 110 | 62% |
| Market cap | 205 | 48 | 33 of 109 | 70% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 5 Oct 2026 · Aarvi Encon featured in Dun & Bradstreet Leading SMEs of India 2026 | business updates | low | — | — |
| 30 Sept 2026 · Trading Window Closure for Q2 FY26-27 Results | compliance | minimal | — | — |
| 18 Sept 2026 · Aarvi Encon Investor Presentation Sep 2026 | investor communications | medium | — | — |
| 15 Sept 2026 · Aarvi Encon to meet investors via video call on September 23, 2026 | board shareholder meetings | low | — | — |
| 1 Sept 2026 · Aarvi Encon wins four work orders worth Rs 174.73 crore from CEIL | business updates | high | — | — |
| 20 Aug 2026 · Demise of Senior Management Personnel at Aarvi Encon | management changes | high | — | — |
| 20 Aug 2026 · Death of Senior Management Personnel Mr. Reyaz Khan | management changes | medium | — | — |
| 20 Aug 2026 · Aarvi Encon bags INR 30.63 Cr order from Mahanagar Gas for CNG station operations | business updates | high | — | — |
| 17 Aug 2026 · Aarvi Encon 38th AGM: 4 resolutions passed, Rs 2 dividend approved | compliance | minimal | — | — |
| 17 Aug 2026 · 38th AGM: Revenue up 27%, PAT rises 75%, BSE listing, 20% dividend | investor communications | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.