Arihant Superstructures Ltd(ARIHANTSUP)

NSE: ARIHANTSUPBSE: 506194

₹ 208.5-2.27%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 902 crWebsite: www.asl.net.inUpdated: 24 Oct 2026

About

Arihant Superstructures is a residential real estate developer focused on the Mumbai Metropolitan Region (MMR), with projects concentrated in Navi Mumbai and adjoining micro-markets, and it is now adding hospitality assets. Its gross development value across ongoing projects stood at INR 14,000 cr+ in Q1 FY27, and it reported revenue of Rs 550.97 Cr in FY26. In Q3 FY26, management said 75% of its projects were located in micro-markets close to the Navi Mumbai International Airport.^[1][2]

Business verticals and portfolio

As of the FY26 annual report, the company is being organised into two verticals: residential (GDV about ₹14,000 crore across 19 projects) and hospitality/annuity.^[3]
GDV of ongoing projects was INR 14,000 cr+ in Q1 FY27, up from INR 6,000 cr five years earlier; the luxury share has grown 10x to 49% of GDV.^[1]
GDV rose to approximately Rs. 14,000 cr in FY26 from around Rs. 12,000 cr a year earlier, despite higher deliveries.^[4]
Villa portfolio: over 1,500 units with GDV over ₹6,500 crore, per the FY26 annual report.^[3]
Long-term project mix target: 40-45% premium, 30-35% mid-income and 20% affordable (stated Q1 FY27).^[1]
No geographic expansion outside MMR is planned; all capital is to be deployed within MMR (Q1 FY27).^[1]

Pre-sales and collections

Q1 FY27 pre-sales were INR 173 crores on 221 units and 2.31 lakh sq ft, up 15% YoY in both value and area.^[1]
Q1 FY27 collections were INR 161 crores, up 28% YoY.^[1]
FY26 pre-sales were INR 9,774 Mn, up 10% YoY; FY26 collections were INR 5,389 Mn.^[4]
Units sold fell to 1,155 in FY26 from 1,568 in FY25 (-26%), while value grew, reflecting a shift toward mid-income and luxury housing.^[4]
Average ticket size was INR 78 lakhs per unit in Q1 FY27; management expects it to rise to INR 95 lakhs - INR 1 crore.^[1]
Per the FY26 annual report, customer collections of ₹2,700 crore are projected from ongoing phases over 2.5-3 years, against about ₹1,000 crore of remaining construction cost.^[3]
Customers are invoiced in stages as each certified construction stage is completed; collections fund remaining construction and debt obligations (FY26).^[3]

Pricing, inventory and leverage

Average selling price was INR 7,500 per sq ft in Q1 FY27, flat YoY.^[1]
FY26 average realisation was Rs. 7,769/sq ft, compared with Rs. 6,082/sq ft in FY25, a 27% increase.^[4]
Unsold ready inventory was 236 units (INR 442.8 Mn) in Q1 FY27, compared with 71 units (INR 140 Mn) in FY26.^[1]
Net debt was INR 8,177 Mn in Q1 FY27 vs INR 8,140 Mn in FY26; adjusted secured net debt/equity was 0.91x in Q1 FY27 vs 1.03x in Q3 FY26.^[1]
Growth is to be funded mainly from internal accruals and project cash flows; only ₹38 crore of preferential equity was raised (FY26 annual report).^[3]

Customers

About 90% of buyers take home loans to buy the company's homes (FY26).^[3]
Sales efforts are increasingly focused on projects at advanced stages of construction to speed up collections (FY26 annual report).^[3]

Execution and deliveries

The company delivered 1,721 units in FY26, about 5x the previous year.^[4]
In Q1 FY27, occupancy certificates were received for Arihant 5 Anaika, 6 Anaika, Anant and Aaradhya Phase 1, covering about 1,495 units ready for possession.^[1]
The FY27 delivery target was raised to 2,500+ units in Q1 FY27, from 2,000+ units.^[1]
In Q2 FY26, environmental clearances were received for World Villas, 7 Anaika (Taloja) and Arihant Avanti Palace (Shilphata).^[5]

Land bank and launch pipeline

Revenue potential of the forthcoming project pipeline was INR 100 Bn in Q1 FY27, compared with INR 75 Bn on 11.2 mn sq ft in Q3 FY26.^[1]
Town Villas township grew to 99 acres in Q1 FY27 via a 2-acre area-sharing JV; revenue potential INR 48,000 Mn from 1,600 units over 58.8 lakh sq ft.^[1]
Land investment of about INR 700 cr is less than 5% of GDV (Q1 FY27).^[1]
No new land acquisitions are planned for FY27; the focus is on executing the existing INR 14,000 cr GDV pipeline.^[1]
The Benita tower (3.82 lakh sq ft saleable) was launched at Arihant Aspire, Panvel in Q4 FY26. The Town Villas launch is expected in Q4 FY27.^[4]

Hospitality expansion

On 25 Sep 2026, subsidiary Dwellcons signed an operating agreement with ITC Hotels for a 'Mementos by ITC Hotels' property at World Villas, Chowk, with 227 rooms and 44 suites on 10 acres.^[6]
The ITC hotel has an estimated annual revenue of ₹150 to ₹200+ crores once operational, with target completion in three years.^[6]
A second hotel, a 108-key 4-star property near Imagicaa at Khopoli, was tied up as of Q1 FY27; its investment was about INR 60 cr as of Q4 FY26.^[1]
The FY26 annual report also plans Club 10 Gymkhana (2.25 lakh sq ft), with the hospitality plan relying on Maharashtra tourism incentives.^[3]
Total planned investment is INR 500 cr over three years in hotels and a gymkhana, funded by debt and internal accruals (Q1 FY27).^[1]

Market context

Navi Mumbai's share of the MMR market rose to 17% from 12% over three years, according to management in Q1 FY27.^[1]
In Q4 FY26, Navi Mumbai International Airport had been operating for over six months and was handling 150+ flights daily.^[4]

Market Cap

₹902 Cr

High / Low

₹433 / 189

Stock P/E

31.1

Price / Book

2.5

Book Value

₹84

EPS

₹10.7

No. of Shares

4.32 Cr

ROCE

10.6%

ROE

13.7%

OPM

23.2%

Debt / Equity

2.40

Sales

₹551 Cr

Net Profit

₹46 Cr

Promoter holding

71.1%

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