Assembled from the company's filings and exchange data as of today. Download PDF renders this page on the server; the narrative sections arrive with the Nexa composer.
Dossier · ARVIND SMARTSPACES LTD · 29 October 2026Page 1 of 3
Company Dossier
MarketPing Research · factual · no rating expressed
Develops residential real estate across Ahmedabad, Bengaluru, and now Mumbai, primarily through apartments, high-rise towers, and plotted (horizontal) developments under joint development or owned-land models. FY26 revenue was INR 564 crores (down from INR 713 crores in FY25, per management) with an EBITDA margin of 30.55%, while the headline metric it tracks — annual booking value — hit a record INR 1,550 crores, up 22% YoY, with Q4 FY26 alone crossing INR 600 crores for the first time. Earnings come from customer advances and collections against bookings, with construction outflows funded in parallel, producing FY26 net operating cash flow of INR 417 crores and an unrealised OCF pool of over INR 4,970 crores expected to be collected over the next 4–5 years. Land is sourced through business development — FY26 added projects carrying INR 3,140 crores of top-line potential, including a Mumbai entry via a Santacruz redevelopment and a post-year-end high-rise project of ~INR 2,400 crores, described as the largest single deal so far. FY27 plans include 6 launches (1 Ahmedabad, 3 Bengaluru, 2 Mumbai) with combined inventory of INR 3,000–3,500 crores and a raised BD lock-in target of INR 4,000–5,000 crores. The cost structure shows other operating expenses at 23.5% of revenue as the largest visible bucket, followed by employee costs at 15% and materials at 6.9%, while the balance sheet runs at a net debt-to-equity of 0.26 against a self-imposed 1:1 ceiling. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Residential apartment and high-rise developments, Plotted / horizontal developments, Sustenance sales from completed/ongoing projects. Project-based, asset-heavy residential real estate developer with long cash-collection cycles (4–5 years) and a land bank funded through joint developments and capital deployment
What a broker report prints here — the analyst's thesis. This dossier prints the filed record instead; the narrative read of the latest results, the guidance ledger and the earnings-call summary are the composer's sections (INSTITUTIONAL-PLAN.md M3) and are not yet produced.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
₹ crore · consolidated
FY22
FY23
FY24
FY25
FY26
Revenue
257
256
341
713
564
EBITDA (ex other income)
49
49
111
168
152
margin %
19.1
19.1
32.7
23.6
26.9
Owners' profit
25
28
42
110
96
EPS, as reported (₹)
6.47
5.83
9.17
24.28
21.04
ROE % · ROCE %
5.2 · 10.8
5.6 · 8.3
8.2 · 16.1
14.7 · 17.7
11.5 · 11.8
Debt / equity (x)
0.06
0.29
0.17
0.34
0.64
Cash from operations
161
(101)
31
(84)
(170)
Capex
(9)
(11)
(16)
(16)
(47)
Source: SEBI results XBRL as filed with BSE/NSE; EBITDA excludes other income.
Every figure is a filed number or a ratio over filed numbers · No rating, target or fair value is expressed · Disclosures on the last pagemarketping.in
Dossier · ARVIND SMARTSPACES LTD · 29 October 2026Page 2 of 3
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
266
210
163
102
141
166
155
318
Profit before tax
64
58
36
17
25
39
54
134
Net profit
43
50
22
12
18
29
44
97
EPS (₹)
8.95
10.49
4.20
2.44
3.09
6.27
9.63
21.80
Source: quarterly results as filed; the balance sheet is filed half-yearly and is not repeated here.
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
Source: exchange data and filed statements via the screener; multiples at current prices.
Exhibit 4: Where the company sits in its group
Metric
Company
Group median
Rank
Better than
P/E (TTM)
14.4
20.5
20 of 57
66%
P/B
3.0
1.9
50 of 64
22%
ROCE
9.6
6.4
28 of 66
59%
ROE
11.5
8.0
19 of 64
71%
Debt / Equity
0.6
0.4
48 of 64
25%
EBITDA margin
50.6
29.6
8 of 66
89%
Revenue growth
212.1
12.8
5 of 67
94%
Profit growth
714.2
7.5
4 of 66
95%
Market cap
2702
1781
28 of 67
59%
Source: MarketPing peer ranks; a rank is a measurement, not a view.
Every figure is a filed number or a ratio over filed numbers · No rating, target or fair value is expressed · Disclosures on the last pagemarketping.in
Dossier · ARVIND SMARTSPACES LTD · 29 October 2026Page 3 of 3
Exhibit 5: Filings of the last 90 days, with the measured price reaction
Date · filing
Category
Importance
Next day %
5-day %
28 Oct 2026 · Investor call scheduled for Q2 and H1 FY27 results
board shareholder meetings
low
—
—
28 Oct 2026 · Board meeting to approve September 2026 half-year results
results
low
—
—
9 Oct 2026 · RTA files quarterly dematerialisation confirmation certificate
compliance
minimal
—
—
1 Oct 2026 · Non-promoter buyer acquires 410 shares in Arvind Smarts Spaces, holding stays at 5.70%
ownership changes
medium
—
—
30 Sept 2026 · IT Head Vijay Taneja Retires From Arvind SmartSpaces
22 Sept 2026 · Arvind Sylva crosses 500 Cr in bookings within 30 days of launch
compliance
low
—
—
22 Sept 2026 · Arvind Sylva Bengaluru project crosses Rs 500 Cr bookings in 30 days
compliance
low
—
—
18 Sept 2026 · Allotment of 20000 equity shares under ESOP 2016
capital market events
low
—
—
Source: exchange announcements; each reaction is measured from the close before the filing. Next day = the close one session after the reaction day (the first session that could trade the filing).
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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.
Every figure is a filed number or a ratio over filed numbers · No rating, target or fair value is expressed · Disclosures on the last pagemarketping.in
