Arvind SmartSpaces Limited (ARVSMART)
₹610.75 -0.09% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Arvind SmartSpaces' revenue was ₹318 Cr (+212.5% year on year, +105.2% on the previous quarter), and net profit ₹97.0 Cr (+710.9% year on year); the operating margin was 49.1%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹318 | +212.5% | +105.2% |
| Operating profit | ₹156 | +626.6% | +164.4% |
| Net profit | ₹97.0 | +710.9% | +120.5% |
| EPS (₹) | 21.59 | +784.8% | +133.9% |
| Operating margin | 49.1% | — | — |
ARVSMART delivery percentage and bulk deals
NSE end-of-day data for
On Fri, 16 Oct 2026, 43.1% of the ARVSMART shares traded on NSE were taken to delivery, against the stock's own 20-session average of 43.65%. That is close to its usual level. Volume was 0.2 times its average, well below normal. 4 bulk or block deals were reported in ARVSMART in the last 60 days: ₹34 Cr bought and ₹34 Cr sold.
Delivery in the last 5 sessions: 38.7% · 53.1% · 34.1% · 22.4% · 43.1%
| Date | Side | Counterparty | Value | Price | Quantity | Type |
|---|---|---|---|---|---|---|
| 23 Sep | Sell | Microcurves Trading Private Limited | ₹19.20 Cr | ₹650.36 | 295,220 | Bulk |
| 23 Sep | Buy | Microcurves Trading Private Limited | ₹19.17 Cr | ₹649.48 | 295,220 | Bulk |
| 23 Sep | Buy | Qe Securities Llp | ₹15.08 Cr | ₹645.06 | 233,716 | Bulk |
| 23 Sep | Sell | Qe Securities Llp | ₹14.66 Cr | ₹648.38 | 226,027 | Bulk |
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
Arvind SmartSpaces Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended 30th September, 2026. The certificate was issued by its Registrar and Share Transfer Agent, MUFG Intime India Private Limited (formerly Link Intime India Private Limited). The RTA confirmed that all securities received for dematerialisation during the quarter were processed, verified, and listed on the respective stock exchanges within prescribed timelines. This is a standard procedural filing with zero financial or operational impact.
- Filing pertains to the quarter ended 30th September, 2026 under SEBI Regulation 74(5)
- Confirmation certificate issued by RTA MUFG Intime India Pvt. Ltd. dated 03-10-2026
- Security certificates received for demat were verified, mutilated, cancelled, and listed within prescribed timelines
Arvind SmartSpaces has announced the retirement of Mr. Vijay Taneja, Head - Information Technology and Senior Management Personnel, effective close of business on September 30, 2026. Consequently, Mr. Kishor Vegada, previously Chief General Manager - IT, has been designated as the new Head - IT. Vegada will report directly to Mr. Amit Chamaria, Chief Financial Officer of the company. The leadership transition is an internal succession with no impact on core real estate operations.
- Vijay Taneja ceases to be Senior Management Personnel on retirement effective September 30, 2026
- Kishor Vegada designated as the new Head - IT
- New Head - IT will report to Amit Chamaria, Chief Financial Officer
Arvind SmartSpaces has acquired a new residential high-rise project on a Joint Development (JDA) basis on Sarjapur Road, Bengaluru. The project covers 2.5 acres with an estimated saleable area of ~3.6 lakh sq. ft. and a total top-line potential of Rs. 470 Cr (including the partner's share). The project acts as an extension to its existing Arvind Sylva project and brings the company's cumulative FY27 business development pipeline potential to ~Rs. 3,100 Cr.
- New residential high-rise project acquired on a Joint Development (JDA) basis on Sarjapur Road, Bengaluru
- Estimated top-line potential of Rs. 470 Cr (including partner's share), representing ~96% of TTM revenue (Rs 491 Cr)
- Spread across 2.5 acres with a saleable area of ~3.6 lakh sq. ft.
- Brings cumulative new business development top-line potential for FY27 to ~Rs. 3,100 Cr
- Marks ASL's 11th high-rise project and 16th overall project in Bengaluru
Arvind SmartSpaces announced that its newly launched premium vertical residential project, 'Arvind Sylva – The Green Reserve' in Bengaluru, achieved bookings exceeding ₹500 crore within 30 days of launch. This represents an absorption of ~60% by value against the project's total estimated topline potential of ~₹860 crore. The bookings figure of >₹500 crore is exceptionally large relative to the company's annual business, surpassing its full-year TTM revenue of ₹491 crore (~102%). Spread across 4.7 acres with ~375 residences, the outright project was originally acquired in February 2026.
- Achieved bookings exceeding ₹500 Cr within 30 days of launch, representing ~60% inventory absorption by value
- Project acquired on outright basis in February 2026 with a total topline potential of ~₹860 Cr
- Development covers 4.7 acres comprising around 375 premium residential units with 70%+ open spaces
- Marks the company's largest vertical development project launched to date
Arvind SmartSpaces Limited has allotted 20,000 equity shares of face value Rs 10 each on September 18, 2026, pursuant to the exercise of vested employee stock options under its ASL ESOP 2016 plan. The shares were allotted to the ASL ESOP Trust for onward transfer to an eligible employee. With the company's market capitalization at Rs 2,656 crore and a share price of Rs 550.1, this allotment represents roughly Rs 1.1 crore in market value, resulting in negligible equity dilution.
- Allotment of 20,000 equity shares of face value Rs 10 each
- Issued under Employee Stock Option Plan 2016 (ASL ESOP 2016)
- Allotted on September 18, 2026 to ASL ESOP Trust for eligible employee exercise
- Value of allotted shares stands at ~Rs 1.10 crore based on current market price of Rs 550.1
Arvind SmartSpaces Limited disclosed the voting results and Scrutinizer's Report for its Annual General Meeting held on September 11, 2026. A total of 35,120,256 votes were polled, representing a 76.52% turnout of the 45,896,979 total shares. All 7 resolutions were approved by shareholders with over 99.8% majority, including the adoption of FY26 financials, declaration of dividend, re-appointment of director Kulin Lalbhai, and appointment of Walker Chandiok & Co LLP as statutory auditors for a 5-year term.
- Shareholder turnout reached 76.52% with 35,120,256 votes polled across 45,896,979 outstanding shares
- Adoption of FY26 financial statements approved with 99.84% votes in favor (35,065,645 votes)
- Dividend on equity shares for FY26 approved with 99.999% votes in favor (35,119,995 votes)
- Appointment of Walker Chandiok & Co LLP as statutory auditors for 5 years passed with 99.84% approval
Arvind SmartSpaces held its 18th Annual General Meeting on 11th September 2026. Key agenda items transacted included the adoption of FY26 financial statements, declaration of dividend for FY26, and the appointment of M/s. Walker Chandiok & Co LLP as statutory auditors for a 5-year term. Shareholders also approved remuneration for Non-Executive Directors for a five-year period ending 31st March 2031. Detailed voting results under Regulation 44(3) will be submitted separately.
- 18th AGM held on 11th September, 2026 from 11:00 a.m. to 12:00 noon via VC/OAVM
- Appointment of M/s. Walker Chandiok & Co LLP as Statutory Auditors for a 5-year consecutive term
- Approved dividend declaration and adoption of audited accounts for the financial year ended 31st March, 2026
- Remote e-voting conducted between 8th September, 2026 (9:00 a.m.) and 10th September, 2026 (5:00 p.m.)
India Ratings and Research has assigned an 'IND A/Stable' rating to Arvind SmartHomes Private Limited's (ASHPL) proposed ₹100 crore (INR 1,000 million) Optionally Convertible Debentures (OCDs). ASHPL is a wholly owned subsidiary of Arvind SmartSpaces Limited (ASSL; IND AA-/Stable). The proposed OCDs carry a 3% p.a. coupon with an 8-to-10-year tenor and will be secured against receivables of the Skycrest project. On a consolidated level, ASSL's FY26 pre-sales rose 22% YoY to ₹1,550 crore with net operational cash flows of ₹417 crore, supporting its aggressive business development plans.
- India Ratings assigned 'IND A/Stable' to ASHPL's proposed ₹100 crore OCDs.
- Proposed OCDs have a 3% p.a. coupon with an 8-year tenor (extendable to 10 years).
- Consolidated pre-sales reached ₹1,550 crore in FY26 (+22% YoY) with collections of ₹1,100 crore.
- Proposed issue is ~20.4% of ASSL's TTM revenue (₹491 crore) and ~17.4% of total debt (₹575 crore).
Arvind SmartSpaces Limited announced the appointment of M/s. Walker Chandiok & Co LLP as the statutory auditors for three of its material subsidiaries: Arvind Hebbal Homes Private Limited, Arvind Homes Private Limited, and Arvind SmartHomes Private Limited. The appointment fills the casual vacancy arising from the resignation of M/s. S R B C & Co LLP on August 7, 2026. The appointment is effective August 20, 2026, until the conclusion of the upcoming AGM, with a recommended 5-year consecutive term subject to shareholder approval.
- Appointment of Walker Chandiok & Co LLP approved for 3 material subsidiaries on August 20, 2026.
- Fills casual vacancy caused by the resignation of S R B C & Co LLP intimated on August 7, 2026.
- Proposed term of 5 consecutive years commencing from the conclusion of the ensuing AGM, subject to shareholder approval.
- Appointed firm Walker Chandiok & Co LLP was established in 1935 and operates with 97 partners across 19 offices in India.
Arvind SmartSpaces has dispatched physical letters providing web-links to access the FY 2025-26 Annual Report to shareholders without registered email addresses. The 18th Annual General Meeting is scheduled for Friday, September 11, 2026, at 11:00 AM IST via Video Conferencing. The cut-off date to determine voting entitlement is September 4, 2026, with remote e-voting open from September 8 to September 10, 2026.
- 18th AGM scheduled for Friday, 11th September, 2026 at 11:00 a.m. IST via VC/OAVM
- Cut-off date for determining e-voting entitlement is Friday, 4th September, 2026
- Remote e-voting window runs from 8th September (9:00 a.m.) to 10th September, 2026 (5:00 p.m.)
- Speaker pre-registration for the AGM closes on Friday, 4th September, 2026
Arvind SmartSpaces Limited has fixed Friday, August 28, 2026, as the record date to determine shareholder eligibility for a dividend of Rs 2.25 per equity share (face value Rs 10) for FY26. The dividend is subject to approval at the Annual General Meeting (AGM) scheduled for September 11, 2026. Upon approval, dividend payment will be completed within 7 days following the AGM.
- Dividend recommended at Rs 2.25 per equity share of face value Rs 10 for FY 2025-26
- Record date fixed as Friday, August 28, 2026
- Annual General Meeting scheduled on Friday, September 11, 2026
- Disbursement to take place within 7 days post AGM approval
Arvind SmartSpaces has issued the notice for its 18th Annual General Meeting scheduled for September 11, 2026, via video conferencing. Key agenda items include adopting FY26 audited accounts, declaring dividends, and formalizing the appointment of Walker Chandiok & Co LLP as Statutory Auditors for a 5-year term. The new auditor appointment follows the resignation of S R B C & Co LLP on August 7, 2026. Additional resolutions seek approval for non-executive director commission up to 1% of net profits for a 5-year period through March 31, 2031.
- 18th AGM scheduled for Friday, September 11, 2026 at 11:00 AM IST via electronic mode.
- Appointment of M/s. Walker Chandiok & Co LLP as Statutory Auditors for a 5-year term from 18th AGM to 23rd AGM.
- Statutory auditor casual vacancy arose following the resignation of M/s. S R B C & Co LLP effective August 7, 2026.
- Proposed Non-Executive Director commission capped at 1% of Net Profits (or max Rs. 1.00 crore during inadequate profit years) for FY27-FY31.
- Ratification of Cost Auditor remuneration of Rs. 1,25,000 plus taxes for FY27.
Arvind SmartSpaces delivered a robust Q1 FY27 with presales growing 147% YoY to ₹432 cr, driven by strong demand in Ahmedabad and Bengaluru. Revenue surged to ₹318 cr (vs ₹102 cr YoY) and PAT rose to ₹97 cr (vs ₹12 cr YoY), primarily due to revenue recognition from the Orchards project Phase 1. The company added ₹2,600 cr in Gross Development Value (GDV) during the quarter, significantly exceeding its TTM revenue of ₹491 cr. Management maintained a 35-40% booking growth guidance for FY27, supported by a launch pipeline of ₹3,000-3,500 cr.
- Presales reached ₹432 cr in Q1 FY27, a 147% increase over the previous year.
- Added new projects with an aggregate GDV of ₹2,600 cr in Mumbai and Ahmedabad during the quarter.
- Unrecognized revenue balance stands at ₹3,825 cr, providing strong future top-line visibility.
- Estimated operating cash flows of over ₹5,119 cr expected to be realized over the next 4-5 years.
- Net debt-to-equity remains conservative at 0.29x despite aggressive business development.
Arvind SmartSpaces Limited has allotted 30,000 equity shares of face value Rs 10 each on August 12, 2026. These shares were issued under the company's Employee Stock Option Plan 2016 (ASL ESOP 2016) to the ASL ESOP Trust. The allotment is intended for transfer to an eligible employee following the exercise of vested options. This is a routine administrative action with negligible impact on the company's total equity base.
- Allotment of 30,000 equity shares completed on August 12, 2026
- Shares issued at a face value of Rs 10 each
- Allotment made to the ASL ESOP Trust for employee transfer
- Issued under the Employee Stock Option Plan 2016 framework
Arvind SmartSpaces Limited has announced its participation in the 'Equirus India Growth Summit' scheduled for August 14, 2026, in Mumbai. This routine investor interaction follows a period where the company reported TTM revenue of ₹500 Cr and a PAT of ₹97 Cr. The management is expected to discuss its project pipeline and growth strategy with institutional investors. Currently, the company maintains a market capitalization of ₹3,120 Cr with a debt-to-equity ratio of 0.99.
- Management participation in Equirus India Growth Summit on August 14, 2026
- Company targets a 35-40% growth rate through horizontal developments and JDAs
- Promoter holding stands at 53.83% as of March 2026, up from 49.83% in December 2025
- TTM revenue recorded at ₹500 Cr with an Operating Profit Margin of 27.7%
Financial Performance
Revenue Growth by Segment
Consolidated revenue from operations grew by 109% YoY, reaching INR 713.30 Cr in FY25 compared to INR 341.18 Cr in FY24. Standalone revenue, which reflects smaller-scale direct operations, decreased by 17% to INR 124.83 Cr from INR 150.78 Cr, indicating a shift toward consolidated project execution through subsidiaries and LLPs.
Geographic Revenue Split
The company focuses on three key regions: Gujarat (Ahmedabad and Surat), Bengaluru, and Mumbai. While specific percentage splits per city are not disclosed, the company is aggressively expanding its pipeline in these markets to support a 35-40% growth aspiration.
Profitability Margins
Consolidated Profit After Tax (PAT) rose significantly by 133% to INR 119.17 Cr in FY25 from INR 51.09 Cr in FY24. Net profit attributable to equity holders increased to INR 110.49 Cr. The surge in profitability is driven by higher revenue recognition from completed project phases and efficient operational cycles.
EBITDA Margin
Consolidated EBITDA stood at INR 190.99 Cr in FY25, a 57.6% increase from INR 121.16 Cr in FY24. However, the EBITDA margin compressed to 26.7% in FY25 from 35.5% in FY24, likely due to the mix of projects recognized and increased operational scaling costs.
Capital Expenditure
The company maintains an asset-light model, treating land as raw material rather than a long-term asset. It has a strategic residential development platform with HDFC Capital Advisors valued at INR 900 Cr with a revenue potential of up to INR 5,000 Cr to fund expansion without heavy balance sheet strain.
Credit Rating & Borrowing
The company maintains a strong long-term credit rating of A+/Stable. This high rating allows for lower borrowing costs and better access to liquidity, supporting its goal to keep the Debt-to-Equity (D/E) ratio well below 1:1.
Operational Drivers
Raw Materials
The company primarily consumes construction services, steel, cement, and labor. However, it utilizes a high-reliance outsourcing model where the entire construction activity is contracted to third parties, shifting direct material price volatility to contractors.
Import Sources
Not disclosed in available documents; however, procurement is typically localized to project sites in Gujarat, Karnataka (Bengaluru), and Maharashtra (Mumbai).
Key Suppliers
Not disclosed in available documents as the company utilizes an outsourcing model for all construction activities.
Capacity Expansion
The company does not have 'installed capacity' in a manufacturing sense but manages a project pipeline. It targets a 35-40% growth in bookings and is scaling up its team and business development (BD) pipeline in Gujarat, Bengaluru, and Mumbai to meet this target.
Raw Material Costs
Construction and development costs are the primary outflows. The company focuses on a 'Build to Sell' model with low operating leverage, keeping fixed costs low by centralizing key functions and maintaining a lean on-roll strength of 456 employees as of March 2025.
Manufacturing Efficiency
Efficiency is measured by the monetization cycle. The company aims for a quick turnaround of 3-5 years from land procurement to monetization, compared to the traditional 10-year land banking approach.
Logistics & Distribution
Not applicable to the real estate development model; however, sales and marketing expenses are incurred to drive the 30-40% launch-stage sales targets.
Strategic Growth
Expected Growth Rate
35-40%
Growth Strategy
Growth will be achieved through a mix of outright land purchases and Joint Development Agreements (JDAs), leveraging a strong cash balance for lucrative deals. The company is scaling its internal team upfront to handle increased volume and focusing on horizontal developments which see 70-80% sales at launch.
Products & Services
Residential apartments (vertical development), plotted developments, and villas (horizontal development).
Brand Portfolio
Arvind SmartSpaces
New Products/Services
The company is focusing on 'Horizontal' developments (plotted/villas) which have shown higher sales velocity (70-80% at launch) compared to vertical scenarios (30-40% at launch).
Market Expansion
Expansion is focused on deepening presence in Gujarat (Surat, Ahmedabad), Bengaluru, and Mumbai, supported by a disciplined capital allocation framework.
Market Share & Ranking
Not disclosed in available documents; however, the company recorded its highest-ever annual collections of INR 942 Cr in FY25.
Strategic Alliances
Strategic partnership with HDFC Capital Advisors, which includes an 8.8% equity stake and a platform for long-term funding of projects.
External Factors
Industry Trends
The industry is shifting toward organized players with strong brands. There is a rising demand for affordable homes and a trend toward 'horizontal' plotted developments which offer quicker monetization cycles for developers.
Competitive Landscape
The market is inherently cyclical and fragmented, but the company competes with both regional developers and national players by focusing on 'Process Industry' efficiency and quick inventory turnaround.
Competitive Moat
The moat is built on the 'Arvind' brand legacy, an asset-light JD model (73% of projects), and a strategic partnership with HDFC Capital. These provide a low-cost capital advantage and access to high-quality land deals that are difficult for unorganized players to replicate.
Macro Economic Sensitivity
Highly sensitive to interest rate cycles and macroeconomic conditions that affect consumer liquidity and housing demand. A housing shortfall of 10 million units in India provides a long-term tailwind.
Consumer Behavior
Increasing preference for branded developers who offer transparency and timely delivery, as evidenced by the company's ability to sell 95-100% of inventory by project completion.
Geopolitical Risks
Minimal direct impact, though global economic shifts can influence domestic interest rates and investment sentiment in the luxury/investment housing segments.
Regulatory & Governance
Industry Regulations
Operations are governed by the Real Estate (Regulation and Development) Act (RERA), local municipal building codes, and land use regulations. Compliance is managed through a dedicated internal audit team and external audit firms.
Environmental Compliance
Not disclosed in available documents; however, real estate projects are subject to environmental clearances and RERA regulations.
Taxation Policy Impact
The effective current tax for FY25 was INR 41.90 Cr on a consolidated profit before tax of INR 165.23 Cr, representing an effective current tax rate of approximately 25.4%.
Legal Contingencies
The company has a 'Whistle Blower Policy' and 'Vigil Mechanism' to handle fraud and mismanagement. Specific pending court case values are not disclosed in the provided snippets.
Risk Analysis
Key Uncertainties
Key risks include the cyclical nature of the real estate market, potential delays in government approvals (6-9 months), and the ability to liquidate long-term inventory in LTVC projects like Aqua City.
Geographic Concentration Risk
High concentration in Gujarat and Bengaluru. While these are high-growth markets, any regional economic downturn or regulatory change in these states would significantly impact the 35-40% growth target.
Third Party Dependencies
High dependency on third-party construction contractors and outsourcing partners for non-core activities, which could impact project quality or timelines.
Technology Obsolescence Risk
Low risk of technical obsolescence, but the company is focusing on digital transformation through 'Systems & Processes' to enhance operational efficiency.
Credit & Counterparty Risk
Receivables quality is generally high as the company follows a 'Build to Sell' model with collections linked to construction milestones; FY25 collections reached a record INR 942 Cr.
