NSE: ARIHANTSUP · BSE: 506194
ARIHANT SUPERSTRUCT LTD
Builds and sells residential apartments, villas and a hospitality complex in the Navi Mumbai region. In FY26, revenue of Rs. 550.97 crore came from selling 1,155 units (Rs. 977 crore of bookings) at an average realised price of Rs. 7,769/sq ft, up 27% year-over-year, and from handing over 1,721 units — a five-fold jump on the previous year. Key projects include Arihant Aspire in Panvel (where 657 Phase-I units received occupancy certificates and a new Benita Tower of 3.82 lakh sq ft was launched), Aalishan Kharghar, Advika Vashi, and the World Villas complex, which combines 391 villas with a 5-star hotel and a gymkhana. A 4-star hotel is also under development at Khopoli. Construction materials and land are the dominant cost, making up 91.1% of revenue, with employee costs at 6.4% and other operating expenses at 10.4%. Gross development value across the portfolio is Rs. 14,000 crore. The company is preparing to deliver more than 2,000 units in FY27. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Residential apartment sales, Villa sales, Hospitality (under development). Cyclical, asset-heavy, leveraged residential real estate developer (Net Debt/Equity 1.81x)
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 331 | 389 | 510 | 499 | 551 |
| EBITDA (ex other income) | 70 | 78 | 113 | 104 | 127 |
| margin % | 21.1 | 19.9 | 22.2 | 20.9 | 23.0 |
| Owners' profit | 41 | 0 | 48 | 0 | 0 |
| EPS, as reported (₹) | 10.02 | 10.04 | 10.91 | 10.02 | 10.65 |
| ROE % · ROCE % | 20.4 · 18.4 | 17.4 · 14.0 | 21.4 · 15.1 | 14.5 · 9.9 | 10.2 · 10.7 |
| Debt / equity (x) | 1.47 | 1.35 | 1.48 | 1.95 | 1.94 |
| Cash from operations | 21 | (12) | (147) | (178) | (71) |
| Capex | (2) | 0 | (1) | (76) | 0 |
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 | 112 | 151 | 153 | 121 | 123 | 126 | 181 | 132 |
| Profit before tax | 20 | 33 | 10 | 21 | 13 | 11 | 15 | 13 |
| Net profit | 16 | 25 | 11 | 16 | 10 | 8 | 12 | 10 |
| EPS (₹) | 2.75 | 5.08 | 1.89 | 2.21 | 1.41 | 1.16 | 2.75 | 1.39 |
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. % |
|---|---|---|---|---|---|---|---|---|
| DLF LIMITED | 1,64,917 | 37.1 | 3.63 | 49.7 | 9.7 | 6.0 | 8.6 | 37.1 |
| LODHA DEVELOPERS LIMITED | 1,01,079 | 24.5 | 4.31 | 20.2 | 14.6 | 15.7 | 25.1 | 40.5 |
| THE PHOENIX MILLS LTD | 67,952 | 53.1 | 4.75 | 26.3 | 10.9 | 9.9 | 32.7 | 63.4 |
| PRESTIGE ESTATE LTD | 59,932 | 52.6 | 3.58 | 17.4 | 7.8 | 6.8 | 11.8 | 38.1 |
| OBEROI REALTY LIMITED | 58,212 | 19.1 | 3.25 | 16.8 | 14.0 | 15.5 | 24.0 | 61.1 |
| GODREJ PROPERTIES LTD | 47,804 | 29.9 | 2.47 | 22.0 | 9.5 | 11.4 | 46.3 | 107.7 |
| BRIGADE ENTER. LTD | 17,613 | 20.5 | 2.34 | 13.7 | 9.6 | 6.8 | 23.9 | 41.9 |
| ANANT RAJ LIMITED | 16,622 | 28.0 | 2.86 | 22.6 | 9.6 | 10.2 | 58.7 | 32.1 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 32.6 | 20.5 | 44 of 57 | 23% |
| P/B | 2.1 | 1.9 | 35 of 64 | 46% |
| ROCE | 5.0 | 6.4 | 40 of 66 | 40% |
| ROE | 10.2 | 8.0 | 23 of 64 | 65% |
| Debt / Equity | 1.9 | 0.4 | 61 of 64 | 5% |
| EBITDA margin | 22.1 | 29.6 | 39 of 66 | 42% |
| Revenue growth | 8.8 | 12.8 | 36 of 67 | 47% |
| Profit growth | (38.5) | 7.5 | 50 of 66 | 25% |
| Market cap | 947 | 1781 | 39 of 67 | 42% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Arihant Superstructures to hold September quarter and half-year results call | board shareholder meetings | low | — | — |
| 27 Oct 2026 · Board to approve September 2026 quarter and half-year results | results | low | — | — |
| 23 Oct 2026 · Arihant Superstructures redeems Rs 70 crore secured debentures | credit debt | medium | — | — |
| 23 Oct 2026 · Board committees reconstituted with new independent director | management changes | low | — | — |
| 23 Oct 2026 · Pradeep Mehta appointed additional independent director | management changes | medium | — | — |
| 23 Oct 2026 · Pradeep Mehta appointed additional independent director for five years | management changes | medium | — | — |
| 22 Oct 2026 · Independent Director Pramod Deshpande resigns effective Oct 22, 2026 | management changes | medium | — | — |
| 22 Oct 2026 · Independent Director Mr. Pramod Deshpande resigns | management changes | medium | — | — |
| 6 Oct 2026 · Quarterly demat compliance certificate submitted for Q2 FY27 | compliance | minimal | — | — |
| 6 Oct 2026 · SDD Compliance Certificate for quarter ended September 30, 2026 | compliance | minimal | — | — |
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.