Arvind SmartSpaces Ltd(ARVSMART)

NSE: ARVSMARTBSE: 539301

₹ 573.3+1.44%refreshed 26 Oct, 03:30 pm ISTMarket cap: ₹ 2,632 crWebsite: www.arvindinfra.comUpdated: 24 Oct 2026

About

Arvind SmartSpaces Ltd, the real estate arm of the Lalbhai Group, is an Ahmedabad-based developer established in 2008 with a pan-India project portfolio exceeding 106 Mn square feet across Ahmedabad, Bangalore and Mumbai. It runs a mix of outright and joint-development projects, with 73% of projects executed through joint development collaborations as of FY25. FY26 revenue was Rs 564.05 Cr.^[1][2][3]

Portfolio and products

36 projects under various stages of development as of FY25, spanning villa townships, apartments, plotted developments, commercial hubs and industrial parks.^[1]
Ongoing and pipeline projects as of FY25: 87% mid-segment, 10% premium/luxury and 3% affordable.^[1]
Aqua City, Ahmedabad: 500-acre project with a ~30 acre lake, 38-acre golf course and 40,000 sq ft meditation centre; bookings of over Rs 500 Cr at launch (FY25 report).^[1]
Portfolio mix is shifting toward vertical development; management guided vertical to reach 60-70% of portfolio over a 4-5 year horizon (Q3 FY26).^[4]
MMR portfolio crossed Rs. 4,000 Cr of GDV (ongoing + pipeline) as of Q1 FY27.^[5]
Vadodara entry (23rd Gujarat project): ~98-acre horizontal JD project with Rs. 700 Cr topline potential and 68% revenue share, signed in Q2 FY26.^[6]

Pre-sales and collections

Q1 FY27 pre-sales reached a record Rs. 432 Cr, up 147% YoY, entirely from sustenance sales with no new launches; Aqua City was the standout contributor.^[5]
FY26 pre-sales were a record Rs. 1,550 Cr, up 22% YoY; new launches contributed ~60% (~Rs. 930 Cr).^[3]
Q1 FY27 collections rose 76% YoY to Rs. 336 Cr; FY26 collections were Rs. 1,100 Cr, up 17% YoY, vs Rs 942 Cr in FY25.^[5][1]
Q1 FY27 booking area was 29,80,461 sq ft.^[5]
Bengaluru contributed Rs. 485 Cr of bookings in FY26 (~31% of pre-sales) vs Rs 474 Cr (37%) in FY25.^[3][1]

Revenue backlog and cash flow visibility

Unrecognised revenue backlog was Rs. 3,825 Cr at 30 Jun 2026, vs Rs. 3,733 Cr at 31 Mar 2026 and Rs. 2,778 Cr at 31 Mar 2025.^[5]
Estimated unrealised operating cash flow from the existing portfolio was Rs. 5,119 Cr as of 30 Jun 2026, expected over 4-5 years.^[5]
Q1 FY27 net operating cash flow was Rs. 81 Cr, up 300% YoY; FY26 net OCF was Rs. 417 Cr, up 24% YoY.^[5]

Customers and distribution

Customers are individual retail buyers and corporate entities across Gujarat, Maharashtra and Karnataka (FY25).^[1]
Network of over 1,200 channel partners as of FY25.^[1]
Digital channels contributed 19% of annual sales and referrals 22% of bookings in FY24-25.^[1]

Business development and land

Q1 FY27 BD GDV additions of ~Rs. 2,600 Cr included a Goregaon Mumbai redevelopment (~Rs. 2,400 Cr topline, signed April 2026) and a south Ahmedabad horizontal project (~Rs. 180 Cr, June 2026), both JD.^[5]
FY26 BD GDV additions were ~Rs. 3,140 Cr across Gujarat, Bengaluru and Mumbai.^[3]
A Bengaluru residential high-rise was acquired in September 2026 with top-line potential of Rs. 470 Cr and 3.6 lakh sq. ft. saleable area.^[7]
FY27 BD GDV target is Rs. 4,000-5,000 Cr; FY27 land and BD equity outflows guided at Rs. 600-900 Cr.^[5]
With HDFC Capital Advisors, set up a Rs 900 Cr residential development platform expected to generate Rs 4,000-5,000 Cr revenue (FY25 report).^[1]

Launch pipeline

FY27 pipeline targets 6 launches with Rs. 3,000-3,500 Cr of inventory: 1 in Ahmedabad (Vastrapur), 3 in Bengaluru, 2 in Mumbai (Goregaon, Khopoli), in Q2 and H2 FY27.^[5]
Pen Khopoli MMR township Phase 1 of 3 (targeting Rs. 500-600 Cr) expected to launch in H2 FY27.^[5]

Leverage

Net debt-to-equity was 0.29x in Q1 FY27 vs 0.26x at 31 Mar 2026 and 0.13x at 31 Dec 2025; internal ceiling below 1:1.^[5]
Average borrowing cost fell from 10.8% in FY23-24 to 10.1% in FY24-25.^[1]

Guidance

FY27 pre-sales growth guided at 35-40% over FY26 (Rs. 2,100-2,200 Cr); long-term bookings, EBITDA and PAT CAGR target 25-30% over 4-5 years.^[5]
FY27 EBITDA margin on new sales guided at 22-25%, JD projects at the lower end.^[5]

Recent developments

India Ratings upgraded the long-term rating to AA-/Stable from A+/Stable in June 2026.^[5]
Arvind Skycrest, Bannerghatta, Bengaluru launched in Q4 FY26; 164 units worth Rs. 262 Cr (~53% of inventory) booked within a week.^[3]
Surat NH48 project abandoned due to technical and legal complexities, disclosed in Q4 FY26.^[3]
Q2 FY26: Dharmesh Vyas joined as COO and Amit Chamaria as CFO, alongside new CEO Priyansh Kapoor.^[6]

Market Cap

₹2,632 Cr

High / Low

₹707 / 490

Stock P/E

14.1

Price / Book

4.0

Book Value

₹142

EPS

₹21.0

No. of Shares

4.59 Cr

ROCE

13.0%

ROE

15.5%

OPM

28.4%

Debt / Equity

0.89

Sales

₹564 Cr

Net Profit

₹103 Cr

Promoter holding

53.8%

Loading chart…

Signal history

AI Deep Dive

The analysis Screener can't give you

Our models read the latest earnings call, annual report, and financials end-to-end - then grade management, value the business, and flag the risks. Unlock all of it for this company:

Verdict
The headline call - descriptive label, conviction, and the synthesis behind it.
Valuation
Guidance-anchored P&L bridge - worst / average / best multiple cases.
Walk the talk
Did management deliver on past guidance? A commitment-by-commitment scorecard.
Red flags
Forensic and governance risk pointers, severity-ranked.
Balance sheet
Solvency and earnings-quality score.
Concall briefs
Quarter-by-quarter earnings-call briefs - what changed and why.

₹49 unlocks this company for 90 days, ₹299 for a full year - bundles bring it lower. Built on public disclosures - educational, not investment advice.

AI Deep Dive

Verdict

Locked

The headline call - descriptive label, conviction, and the synthesis behind it.

Company data

Financials