Art Nirman Limited (ARTNIRMAN)
₹38.19 -2.28% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Art Nirman's revenue was ₹2.1 Cr (+41.0% year on year, -90.6% on the previous quarter), and net profit ₹-0.2 Cr (a bigger loss than a year earlier); the operating margin was -3.8%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹2.1 | +41.0% | -90.6% |
| Operating profit | ₹-0.1 | loss widened | to loss |
| Net profit | ₹-0.2 | loss widened | to loss |
| EPS (₹) | -0.08 | loss widened | to loss |
| Operating margin | -3.8% | — | — |
ARTNIRMAN delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 55.21% of the ARTNIRMAN shares traded on NSE were taken to delivery, against the stock's own 20-session average of 82.2%. That is lower than usual for this stock. Turnover was only ₹2 lakh, so a handful of trades can move this figure. It closed at a price band (circuit) on 1 session in about the last 20.
Delivery in the last 5 sessions: 81.7% · 88.6% · 42.6% · 74.8% · 55.2%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Art Nirman Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate was issued by its Registrar and Share Transfer Agent, MUFG Intime India Private Limited, dated October 3, 2026. It confirms that securities received for dematerialisation during the period were verified, mutilated, cancelled, and listed on the relevant stock exchanges. This is a standard quarterly administrative filing with no financial or operational impact.
- Compliance certificate issued pursuant to Regulation 74(5) of SEBI Regulations, 2018
- Pertains to the quarter ended September 30, 2026
- Issued by RTA MUFG Intime India Private Limited on October 3, 2026
- Confirms mutilation and cancellation of dematerialised share certificates within prescribed timelines
Art Nirman Limited has submitted the Scrutinizer's Report for its 15th Annual General Meeting held on September 26, 2026. Shareholders approved all 8 resolutions with 100% requisite majority votes, including special resolutions to raise borrowing and loan/guarantee limits up to ₹300 Cr under Sections 180(1)(c), 185, and 186. The approved borrowing limit of ₹300 Cr is significant compared to its existing debt of ₹73 Cr and market cap of ₹99 Cr. Related party transactions and the regularization of two independent directors were also passed.
- Approved borrowing limits in excess of paid-up capital and free reserves up to ₹300 Crores under Section 180(1)(c)
- Approved loans, investments, guarantees, or security up to ₹300 Crores under Sections 185 and 186
- All resolutions passed with 100% valid votes cast in favour, totaling 18,562,812 votes (including 18,420,062 polling paper votes and 142,750 e-votes)
- Regularized Mr. Ronak Mehta and Ms. Pooja Shah as Independent Non-Executive Directors
Art Nirman Limited has submitted revised XBRL data to the National Stock Exchange for the quarter ended June 30, 2026. This follows an exchange query under Regulation 33 of SEBI LODR Regulations regarding earlier filed financial results. In Q1 FY27 (quarter ended June 2026), the company posted a revenue of Rs 2.11 cr and a net loss of Rs 0.20 cr. The update is purely procedural and addresses reporting format compliance.
- Clarification submitted for financial results of the quarter ended June 30, 2026
- Revised XBRL filing submitted following an NSE query under Regulation 33
- Communication signed by Managing Director Ashokkumar Thakker dated September 5, 2026
Art Nirman Limited has dispatched letters to shareholders without registered email addresses, providing weblinks to access the Annual Report for FY 2025-26. The 15th Annual General Meeting (AGM) is scheduled to be held physically on September 26, 2026, at 04:30 PM IST. The cut-off date to identify unregistered email shareholders was August 28, 2026. This is a standard statutory compliance filing under SEBI LODR Regulations.
- 15th Annual General Meeting scheduled for September 26, 2026, at 04:30 PM IST in physical mode.
- Cut-off date for identifying unregistered email holders was August 28, 2026.
- Annual Report FY 2025-26 link provided in accordance with SEBI LODR Regulation 36(1)(b).
- Shareholders advised to dematerialize physical shares in line with SEBI mandates.
Art Nirman Limited has scheduled its 15th Annual General Meeting (AGM) for Saturday, September 26, 2026, at Ahmedabad and published its Annual Report for FY26. For FY 2025-26, the company reported total revenue of INR 3,359.71 Lakhs compared to INR 2,778.38 Lakhs in FY25. Net profit after tax dropped to INR 51.99 Lakhs from INR 199.23 Lakhs in the prior year, primarily impacted by a sharp rise in finance expenses to INR 418.76 Lakhs (from INR 112.58 Lakhs). The Board did not recommend any dividend for FY26.
- 15th Annual General Meeting scheduled for September 26, 2026, in Ahmedabad.
- FY26 total revenue stood at INR 3,359.71 Lakhs vs INR 2,778.38 Lakhs in FY25.
- FY26 profit after tax declined to INR 51.99 Lakhs vs INR 199.23 Lakhs in FY25.
- Finance expenses jumped to INR 418.76 Lakhs from INR 112.58 Lakhs in FY25.
Art Nirman reported a net loss of ₹19.51 lakhs for the quarter ended June 30, 2026, widening from a loss of ₹7.21 lakhs in the same period last year. Revenue from operations grew 41% YoY to ₹2.11 crore, though it saw a sharp sequential decline from ₹22.48 crore in the March 2026 quarter. The company is currently contesting a significant GST demand of ₹1.54 crore, which exceeds its total TTM net profit. Inventory buildup remains high with a negative inventory change of ₹12.45 crore, indicating ongoing project construction without corresponding sales recognition this quarter.
- Net loss widened to ₹19.51 lakhs compared to a loss of ₹7.21 lakhs in June 2025.
- Revenue from operations stood at ₹2.11 crore, representing only ~6.4% of TTM revenue.
- Contingent liability identified via a GST demand of ₹1.54 crore under appeal.
- Inventory buildup reflected in a negative inventory change of ₹12.45 crore for the quarter.
- Bank guarantees totaling ₹7.60 crore are active for redevelopment projects in Ahmedabad.
Art Nirman Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by its Registrar and Share Transfer Agent (RTA), MUFG Intime India Private Limited, confirms that share certificates received for dematerialization during the quarter ended June 30, 2026, were processed. The RTA verified that the securities are listed on the stock exchanges and updated the register of members accordingly. This is a standard administrative filing required for all listed companies in India.
- Compliance certificate issued for the quarter ended June 30, 2026
- Certificate provided by MUFG Intime India Private Limited (formerly Link Intime)
- Confirms dematerialization requests were processed within prescribed timelines
- Verification and cancellation of physical certificates completed as per SEBI norms
Art Nirman Limited reported a 21% increase in annual revenue to ₹3,323.59 Lakh for FY26, yet net profit plummeted by 74% to ₹51.99 Lakh from ₹199.23 Lakh in FY25. The company's debt profile worsened significantly, with non-current borrowings surging over 300% to ₹7,282.24 Lakh. Q4 FY26 was particularly weak, with revenue falling to just ₹48.13 Lakh compared to ₹892.39 Lakh in the year-ago period. While inventory levels have increased to ₹7,540.64 Lakh, the sharp rise in finance costs and shrinking margins pose substantial risks.
- Annual Net Profit declined 73.9% YoY to ₹51.99 Lakh from ₹199.23 Lakh.
- Non-current borrowings increased by 305% to ₹7,282.24 Lakh from ₹1,795.78 Lakh.
- Q4 FY26 revenue collapsed to ₹48.13 Lakh from ₹892.39 Lakh in Q4 FY25.
- Annual finance costs jumped significantly to ₹418.76 Lakh compared to ₹112.58 Lakh in the previous year.
- Inventory levels rose to ₹7,540.64 Lakh, indicating significant capital tied up in ongoing projects.
Art Nirman Limited has filed its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended March 31, 2026. The certificate, issued by Registrar and Share Transfer Agent MUFG Intime India Private Limited, confirms that securities received for dematerialization were processed within prescribed timelines. It further validates that physical certificates were mutilated and cancelled after verification. This is a standard administrative filing ensuring the integrity of the company's shareholding records.
- Compliance certificate issued for the quarter ended March 31, 2026
- Confirmation provided by RTA MUFG Intime India Private Limited (formerly Link Intime)
- Securities received for dematerialization were listed on the stock exchanges where earlier securities are listed
- Physical security certificates were mutilated and cancelled after due verification
- Register of members updated with depository names within prescribed timelines
Art Nirman Limited reported a weak financial performance for the quarter ended December 31, 2025. Revenue from operations saw a sharp decline to ₹290.00 Lakh, down from ₹1075.46 Lakh in the same quarter of the previous year. Net profit plummeted to just ₹0.88 Lakh compared to ₹17.80 Lakh YoY, as high operational expenses nearly offset total income. For the nine-month period, while revenue grew slightly to ₹1846.13 Lakh, the net profit decreased to ₹121.84 Lakh from ₹149.23 Lakh in the prior year.
- Revenue from operations fell 73% YoY to ₹290.00 Lakh in Q3 FY26.
- Net Profit for the quarter stood at a marginal ₹0.88 Lakh versus ₹17.80 Lakh in Q3 FY25.
- Total expenses for the quarter reached ₹298.43 Lakh, consuming 99.7% of the total income.
- 9-month Net Profit declined to ₹121.84 Lakh from ₹149.23 Lakh in the previous year.
- Earnings Per Share (EPS) for the quarter dropped to ₹0.003 from ₹0.069 YoY.
Art Nirman Limited reported a weak set of numbers for the quarter ended December 31, 2025, with a significant decline in both top-line and bottom-line performance. Revenue from operations plummeted to ₹290.00 lakhs from ₹1,075.46 lakhs in the same quarter last year, representing a 73% YoY drop. Net profit followed suit, crashing 91% YoY to ₹6.88 lakhs compared to ₹77.80 lakhs in Q3 FY25. While there was a marginal sequential improvement in profit from ₹4.39 lakhs in Q2 FY26, the overall scale of operations has contracted sharply.
- Revenue from operations fell 73% YoY to ₹290.00 lakhs in Q3 FY26.
- Net profit declined 91% YoY to ₹6.88 lakhs from ₹77.80 lakhs in the year-ago period.
- Nine-month (9M) revenue stands at ₹1,816.13 lakhs, slightly lower than ₹1,846.13 lakhs in 9M FY25.
- Basic and Diluted EPS for the quarter dropped to ₹0.03 from ₹0.31 YoY.
- Total expenses for the quarter were ₹292.43 lakhs, with 'Other Expenses' accounting for ₹103.53 lakhs.
Art Nirman Limited has filed its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The Registrar and Share Transfer Agent, MUFG Intime India Private Limited, confirmed that all dematerialization requests for the quarter ended December 31, 2025, were processed within prescribed timelines. The securities involved have been listed on the stock exchanges where the company's shares are traded. This is a standard administrative filing confirming that the company's share registry and depository records are being maintained correctly.
- Confirmation of compliance with SEBI Regulation 74(5) for the quarter ended December 31, 2025.
- MUFG Intime India Private Limited (formerly Link Intime) acted as the Registrar and Share Transfer Agent.
- All security certificates received for dematerialization were mutilated and cancelled after due verification.
- The name of the depositories has been substituted in the register of members as the registered owner.
- Securities comprised in the certificates are confirmed to be listed on the relevant stock exchanges.
Financial Performance
Revenue Growth by Segment
The company operates in a single segment, Real Estate, which generated INR 8.25 Cr in H1 FY26, representing a 40.87% decline compared to INR 13.96 Cr in H1 FY25. However, Q2 FY26 revenue of INR 6.75 Cr showed a 350.3% sequential growth over Q1 FY26.
Geographic Revenue Split
100% of revenue is derived from India, specifically focused on operations in Gujarat. No separate geographic disclosures are considered necessary as conditions are uniform across the company's operational area.
Profitability Margins
Net Profit Margin for H1 FY26 was 4.38%, a decline from 6.74% in H1 FY25. Profit Before Tax for H1 FY26 stood at INR 0.36 Cr, down 33.1% from INR 0.54 Cr in the previous year's corresponding period.
EBITDA Margin
Not explicitly disclosed, but Operating Profit before Working Capital changes for H1 FY26 was INR 1.32 Cr, down 66.7% from INR 3.96 Cr in H1 FY25, reflecting a significant compression in core profitability due to rising finance and other expenses.
Capital Expenditure
Payments for purchase of Property, Plant & Equipment were INR 0.03 Cr in H1 FY26, compared to INR 0.032 Cr in H1 FY25. Total PPE value decreased by 5.1% to INR 4.32 Cr as of September 30, 2025.
Credit Rating & Borrowing
Credit rating not disclosed. Borrowing costs have surged significantly; finance costs for H1 FY26 were INR 0.86 Cr, a 2417% increase from INR 0.034 Cr in H1 FY25, following a rise in total borrowings to INR 19.83 Cr.
Operational Drivers
Raw Materials
Real estate construction materials including cement, steel, bricks, and sand. Cost of materials consumed represented 92.8% of revenue in H1 FY26 (INR 7.66 Cr).
Import Sources
Sourced locally within India, primarily from the state of Gujarat to support projects in Ahmedabad.
Capacity Expansion
Current capacity is reflected in an inventory value of INR 63.59 Cr as of September 30, 2025, which grew 30% from INR 48.90 Cr in March 2025. Planned expansion is supported by a newly approved borrowing limit of INR 300 Cr.
Raw Material Costs
Cost of materials consumed was INR 7.66 Cr in H1 FY26, down 31.5% YoY from INR 11.18 Cr, though it remains the largest operational cost component.
Manufacturing Efficiency
Not applicable for real estate; however, inventory turnover is slow with inventory representing 72.1% of total assets.
Strategic Growth
Growth Strategy
The company is aggressively expanding its financial capacity, having approved a massive increase in borrowing power to INR 300 Cr (from current borrowings of ~INR 20 Cr) to fund new real estate projects and land acquisitions. The strategy focuses on leveraging assets to secure large-scale funding for residential and commercial developments in the Ahmedabad market.
Products & Services
Residential and commercial real estate units, including apartments and office spaces.
Brand Portfolio
ART Nirman
New Products/Services
New residential and commercial projects are expected to be launched following the INR 300 Cr borrowing approval.
Market Expansion
Focus remains on the Ahmedabad, Gujarat region with plans to scale project sizes using increased debt capacity.
External Factors
Industry Trends
The industry is seeing a shift toward organized developers and increased regulatory compliance under RERA. Future direction is growing, driven by housing demand, though currently facing high interest rate pressures.
Competitive Landscape
Competes with local and regional developers in the Gujarat real estate market.
Competitive Moat
Moat is based on local brand recognition in Ahmedabad and a large land/inventory bank of INR 63.59 Cr. Sustainability depends on the ability to convert high inventory into sales while managing the 2417% increase in finance costs.
Macro Economic Sensitivity
Highly sensitive to GDP growth and urban migration in Gujarat; real estate demand is closely tied to regional economic health.
Consumer Behavior
Shift toward 'comfort-oriented' residential spaces as indicated by the company's 'Crafting Comfort' tagline.
Geopolitical Risks
Low, given the localized nature of real estate operations in India.
Regulatory & Governance
Industry Regulations
Operations are governed by RERA (Real Estate Regulatory Authority) norms, local municipal building codes in Ahmedabad, and IND AS 34 for financial reporting.
Taxation Policy Impact
Effective tax rate for H1 FY26 was 0% as no current tax was provided. Deferred tax liabilities stand at INR 0.19 Cr.
Risk Analysis
Key Uncertainties
The primary risk is the high debt-to-equity ratio potential following the INR 300 Cr borrowing approval, which could lead to unsustainable interest burdens if project sales lag.
Geographic Concentration Risk
100% of revenue and assets are concentrated in the Gujarat region, making the company vulnerable to local economic downturns.
Third Party Dependencies
High dependency on construction contractors and material suppliers for project execution.
Technology Obsolescence Risk
Low risk for real estate, though digital transformation in sales and project management is ongoing.
Credit & Counterparty Risk
Trade receivables stood at INR 0.89 Cr in H1 FY26, down from INR 1.78 Cr in March 2025, indicating improved collection quality.
