NSE: ARTNIRMAN
ART NIRMAN LIMITED
A Gujarat-based real estate developer listed on NSE, working on residential and commercial projects, earns its entire revenue from a single segment — real estate development in India. FY26 revenue stood at ₹33.24 crore. The business is building up its project pipeline and in October 2025 the board approved a large term loan facility from Kotak Mahindra Investments, secured by a charge on company assets. Construction materials are the largest operating input at 43.5% of revenue, while finance costs nearly tripled to ₹418.76 Lakhs and the company posted negative operating cash flow of ₹730.11 Lakhs in FY26, showing that working-capital and borrowing costs are the main pressures on the business. Net profit for FY26 was ₹0.52 crore. End customers are buyers of the residential and commercial units the company develops and sells. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Real Estate Development. Small, single-segment, capital-intensive real estate developer
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 37 | 20 | 34 | 27 | 33 |
| EBITDA (ex other income) | (10) | 1 | 2 | 3 | 5 |
| margin % | (26.9) | 4.9 | 6.0 | 12.0 | 14.9 |
| Owners' profit | 0 | 0 | 1 | 2 | 1 |
| EPS, as reported (₹) | (4.41) | 0.04 | 0.47 | 0.80 | 0.21 |
| ROE % · ROCE % | — · — | 0.3 · 0.7 | 3.3 · 4.1 | 5.3 · 5.4 | 1.4 · 4.3 |
| Debt / equity (x) | — | 0.01 | 0.08 | 0.48 | 1.96 |
| Cash from operations | 9 | (7) | 2 | (14) | (47) |
| Capex | (0) | (0) | (0) | (0) | (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 | 8 | 5 | 9 | 2 | 7 | 3 | 22 | 2 |
| Profit before tax | 1 | 0 | 1 | (0) | 0 | 0 | 0 | (0) |
| Net profit | 1 | 0 | 1 | (0) | 0 | 0 | 0 | (0) |
| EPS (₹) | 0.21 | 0.11 | 0.31 | (0.03) | 0.17 | 0.03 | 0.04 | (0.08) |
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) | 245.6 | 20.5 | 56 of 57 | 2% |
| P/B | 2.6 | 1.9 | 44 of 64 | 32% |
| ROCE | 0.6 | 6.4 | 55 of 66 | 17% |
| ROE | 1.4 | 8.0 | 55 of 64 | 14% |
| Debt / Equity | 2.0 | 0.4 | 62 of 64 | 3% |
| EBITDA margin | 1.3 | 29.6 | 58 of 66 | 12% |
| Revenue growth | 41.0 | 12.8 | 22 of 67 | 68% |
| Profit growth | (170.6) | 7.5 | 64 of 66 | 3% |
| Market cap | 98 | 1781 | 63 of 67 | 6% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 14 Oct 2026 · Quarterly certificate for dematerialisation of shares filed with NSE | compliance | minimal | — | — |
| 28 Sept 2026 · Art Nirman AGM 2026 results: all 8 resolutions passed by shareholders | compliance | minimal | — | — |
| 26 Sept 2026 · Art Nirman AGM held on Sept 26, 2026 - 8 resolutions voted upon | board shareholder meetings | low | — | — |
| 23 Sept 2026 · Trading Window Closure from Oct 1, 2026 for Q2 Results | compliance | minimal | — | — |
| 15 Sept 2026 · Art Nirman submits revised Q1 FY27 results XBRL filing to NSE | results | medium | — | — |
| 7 Sept 2026 · Newspaper ad filed for 15th AGM notice and e-voting details | compliance | minimal | — | — |
| 5 Sept 2026 · Art Nirman sends AGM notice and FY26 annual report link to shareholders | compliance | minimal | — | — |
| 5 Sept 2026 · Notice of 15th AGM on September 26, 2026 with FY26 Annual Report | board shareholder meetings | low | — | — |
| 31 Aug 2026 · NSE seeks clarification on June 2026 quarter results | compliance | medium | — | — |
| 14 Aug 2026 · Art Nirman Q1 FY27 results: revenue up 41% YoY, net loss widens to Rs 19.5 lakh | results | high | — | — |
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.