NSE: ARIS · BSE: 544419
ARISINFRA SOLUTIONS LTD
Runs a tech-enabled construction materials and services platform that serves 3,000+ customers through 2,000+ vendors across 23 states, with 78%+ of orders coming from repeat customers. Revenue is split across three segments: B2B Supply (about 44% of FY26 revenue), which sources and delivers construction materials to builders and contractors; Contract Manufacturing (about 47%), which produces construction materials at partner facilities — Q4 FY26 volumes were 11.29 lakh MT with capacity utilisation at 50% (up from 39%); and DAAS Services (about 9%), a higher-margin services arm executing design-and-build or infrastructure contracts — Q4 DAAS revenue was INR 36 crores (+264% YoY) and asphalt was launched as a new sub-category with INR 30 crores of Q4 revenue. FY26 revenue reached INR 1,068 crores (+39% YoY) with EBITDA of INR 101 crores at a 9.43% margin and PAT of INR 60 crores, against INR 6 crores the prior year. Operating cash flow turned positive at INR 142 crores and net working capital days improved to 66 from 110, with net debt-to-equity at -0.09x. The platform handles around 800 daily deliveries and digitised 6.5 lakh documents in FY26; a Rs 79.05 crore work order for Mumbai's GMLR Twin Tunnel Project shows the infrastructure-services scope. The stated cost shape shows employee costs at 3.7% of revenue, other operating expenses at 3.5%, depreciation at 0.4%, and capex at 0.6% — the residual (the bulk of revenue) is the cost of construction materials sourced from vendors or produced through contract manufacturing partners. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. B2B Supply (44%), Contract Manufacturing (47%), DAAS Services (9%). Asset-light, tech-enabled construction materials platform; working capital intensive but improving, with operating cash flow turning positive.
Exhibit 1: Financial summary, FY25–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY25 | FY26 |
|---|---|---|
| Revenue | 768 | 1,067 |
| EBITDA (ex other income) | 43 | 98 |
| margin % | 5.6 | 9.2 |
| Owners' profit | 2 | 53 |
| EPS, as reported (₹) | 0.37 | 6.89 |
| ROE % · ROCE % | 2.6 · 21.6 | 8.0 · 13.8 |
| Debt / equity (x) | 1.44 | 0.07 |
| Cash from operations | (21) | 142 |
| Capex | (0) | (7) |
Exhibit 2: Quarterly performance, last 6 quarters
| ₹ crore | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|
| Revenue | 221 | 212 | 241 | 271 | 343 | 291 |
| Profit before tax | 1 | 6 | 19 | 25 | 29 | 27 |
| Net profit | (1) | 5 | 15 | 18 | 22 | 20 |
| EPS (₹) | (0.24) | 0.54 | 2.00 | 1.90 | 2.59 | 2.05 |
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. % |
|---|---|---|---|---|---|---|---|---|
| RAMCO INDUSTRIES LIMITED | 2,457 | 7.5 | 0.54 | 9.8 | 6.8 | 4.3 | 8.2 | 19.2 |
| ARISINFRA SOLUTIONS LTD ◆ | 1,145 | 16.4 | 1.52 | 9.9 | 8.0 | 10.2 | — | 12.0 |
| BIRLANU LIMITED | 943 | — | 0.85 | 16.8 | (10.8) | (6.5) | 4.2 | 6.8 |
| EVEREST INDUSTRIES LTD | 769 | — | 1.56 | — | (20.6) | (16.0) | 3.1 | 31.7 |
| MARBLE CITY INDIA LIMITED | 403 | 53.2 | 4.32 | 17.6 | 9.5 | 7.0 | — | 23.5 |
| MIDWEST ENERGY LIMITED | 336 | 214.1 | 0.84 | — | (3.5) | (2.3) | — | 19.4 |
| SAHYADRI INDUSTRIES LTD | 335 | 7.5 | 0.83 | — | 7.1 | 9.4 | — | 16.1 |
| GLITTEK GRANITES LTD. | 196 | 223.3 | 17.90 | — | (3.6) | (3.6) | — | — |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 16.4 | 26.4 | 7 of 17 | 63% |
| P/B | 1.5 | 1.5 | 10 of 20 | 53% |
| ROCE | 10.2 | 2.8 | 3 of 22 | 91% |
| ROE | 8.0 | 2.5 | 5 of 20 | 79% |
| Debt / Equity | 0.1 | 0.1 | 10 of 20 | 53% |
| EBITDA margin | 12.0 | 16.7 | 12 of 16 | 27% |
| Revenue growth | 37.1 | 14.0 | 5 of 18 | 77% |
| Profit growth | 291.8 | 83.2 | 4 of 19 | 83% |
| Market cap | 1145 | 46 | 2 of 22 | 95% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Unitern wins third Transcon mandate for Rs 250 crore Santacruz project | compliance | low | — | — |
| 27 Oct 2026 · Arisinfra subsidiary secures 18-month Transcon Ramdev Plaza service order | business updates | medium | — | — |
| 27 Oct 2026 · JS Infra Core wins Rs 9.85 crore domestic work order | business updates | medium | — | — |
| 24 Oct 2026 · NCLT meetings on Arisinfra merger set for November 25 | compliance | minimal | — | — |
| 24 Oct 2026 · Postal ballot seeks approval for two subsidiary related-party deals | compliance | minimal | — | — |
| 23 Oct 2026 · Postal ballot seeks approval for subsidiary funding and guarantees | strategic transactions | medium | — | — |
| 23 Oct 2026 · Arisunitern merger: National Company Law Tribunal meeting on November 25, 2026 | strategic transactions | medium | — | — |
| 23 Oct 2026 · NCLT meeting set for Arisinfra Solutions shareholders to vote on AUSPL combination | strategic transactions | medium | — | — |
| 8 Oct 2026 · NCLT allows first motion for amalgamation of subsidiary with Arisinfra | strategic transactions | high | — | — |
| 7 Oct 2026 · Routine compliance certificate filed under SEBI regulation 74(5) | 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.