Art Nirman (ARTNIRMAN) had a P/E of 72.5× on 6 Nov 2026, above the industry P/E of 22.1×, and the shares are 34% below their 52-week high. Its ROCE of 5.3% is the lowest among the 7 largest Real Estate (Development) peers, and sales fell 9.3% a year over 3 years. Debt is 1.96× equity. It is a small-cap company with a market cap of ₹92 Cr, ranked 69th of 112 Real Estate (Development) companies by market cap; the shares fell 31% over the past year.
- ₹37.51
- ₹37.51
- ₹36.06
- ₹37.33
- 408
Health check
- ReturnsBehind
−31.3% over a year, better than 0 of 7 peers.
- Price tagPricier
P/E 72.5 vs industry 22.1.
- GrowthShrinking
Sales −9.3% a year over 3 years.
- ProfitabilityWeak
ROCE 5.3% vs peer median 10.4%.
- Balance sheetStretched
Debt 1.96× equity, interest covered 2.8×, Piotroski 5 of 9.
- Red flags4 to check
Return on equity is low at 5.5%.
Small cap
Moves with the market
Key metrics
- Market cap
- ₹92 Cr
- Small cap
- P/E
- 72.5
- Industry 22.1
- Price to book
- 2.48
- Peers 2.88
- Dividend yield
- 0.00%
- ROE
- 5.5%
- Peers 11.1%
- ROCE
- 5.3%
- Peers 10.4%
- Debt to equity
- 1.96
- Debt ₹73 Cr
- EPS (TTM)
- ₹0.51
- Face value ₹10
- OPM (TTM)
- 16.6%
- Net margin 1.2%
- Sales growth
- +41.0%
- Latest quarter vs a year ago
- Profit growth
- n/a
- Year-ago quarter not reported
- Price to sales
- 2.72
- EV/EBITDA 32.1
Strengths and risks
Strengths
- Quarterly sales up 41.0% on a year ago.
Risks to check
- Return on equity is low at 5.5%.
- Debt is 1.96× equity.
- P/E of 72.5 against an industry P/E of 22.1.
- 34% below its 52-week high.
About Art Nirman
Art Nirman Limited engages in the real estate development and allied activities in India. The company is involved in the construction and development of residential, commercial, and plotting projects. It also engages in the construction and development of office spaces, showrooms, and shops. In addition, the company offers maintenance services. The company was formerly known as Vishnudhara Buildcon Private Limited and changed its name to Art Nirman…
- Headquarters
- Ahmedabad
- Employees
- 20
- Sector
- Real Estate
- ISIN
- INE738V01013
- Website
- artnirman.com
Price range
- Avg volume (3M)
- 3K
- 1-year return
- minus 31.3%
- From 52-week high
- minus 34.1%
Peers · Real Estate - Development
| Company | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| DLFDLF | 752.90 | plus 1.03% | 1,86,366 | 40.8 | 127.6 | 6.3% | 15.3% | 0.01 | 11.3% | minus 3.8% |
| LODHALodha Developers | 1,179.00 | plus 0.27% | 1,17,812 | 27.1 | 25.2 | 18.2% | 33.1% | 0.41 | 20.4% | minus 3.9% |
| OBEROIRLTYOberoi Realty | 1,739.00 | minus 0.13% | 63,230 | 24.0 | 18.8 | 16.7% | 57.5% | 0.14 | 12.9% | minus 2.2% |
| GODREJPROPGodrej Properties | 1,809.30 | minus 0.31% | 54,501 | 40.4 | – | 11.1% | −6.5% | 1.02 | 32.4% | minus 20.9% |
| BRIGADEBrigade Enterprises | 558.15 | minus 0.89% | 18,205 | 25.1 | 15.6 | 9.8% | 29.2% | 0.83 | 18.5% | minus 26.2% |
| ANANTRAJAnant Raj | 445.45 | minus 4.41% | 16,031 | 26.5 | 24.1 | 10.4% | 27.8% | 0.13 | 37.9% | minus 27.8% |
| SOBHASobha | 1,275.40 | minus 1.28% | 13,642 | 71.4 | 46.7 | 7.4% | 6.5% | 0.33 | 16.3% | minus 20.2% |
| ARTNIRMANArt Nirman | 36.96 | minus 0.99% | 92 | 72.5 | 33.6 | 5.3% | 16.6% | 1.96 | −9.3% | minus 31.3% |
| Median of 7 peers | – | −0.31% | 54,501 | 27.1 | 24.7 | 10.4% | 27.8% | 0.33 | 18.5% | −20.2% |
Quarterly results
| ₹ Cr | Mar 25 | Jun 25 | Sep 25 | Dec 25 |
|---|---|---|---|---|
| 8.9 | 1.5 | 6.8 | 2.5 | |
| 7.1 | 1.5 | 5.4 | 2.4 | |
| 1.8 | −0 | 1.3 | 0.1 | |
| 20.4% | −1.4% | 19.8% | 5.1% | |
| 0 | 0.1 | 0.1 | 0.1 | |
| 1 | 0 | 0.8 | 0 | |
| 0.1 | 0.1 | 0.1 | 0.1 | |
| 0 | – | – | – | |
| 0.7 | −0.1 | 0.4 | 0.1 | |
| −3.6% | – | – | – | |
| 0.8 | −0.1 | 0.4 | 0.1 | |
| – | -0.03 | 0.17 | 0.03 |
Profit & loss
- Sales CAGR 3Y
- −9.3%
- ROE
- 5.5%
| ₹ Cr | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|
| 36.7 | 19.7 | 34.3 | 27.4 | |
| – | minus 46.2% | +73.9% | minus 20.1% | |
| 46.6 | 18.7 | 32.2 | 24.1 | |
| −9.9 | 1 | 2.1 | 3.3 | |
| −27.0% | 4.9% | 6.1% | 12.0% | |
| 0 | 0 | 0.2 | 0.3 | |
| 0.5 | 0.2 | 0.5 | 1.1 | |
| 0.7 | 0.7 | 0.7 | 0.6 | |
| 0 | −0 | 0.1 | 0 | |
| −11 | 0.1 | 1.1 | 2 | |
| 0.1% | −34.2% | −2.8% | −1.4% | |
| −11 | 0.1 | 1.2 | 2 | |
| – | – | +950.5% | +69.0% | |
| -4.41 | 0.04 | 0.47 | 0.80 |
Forecast
Balance sheet
| ₹ Cr | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|
| 25 | 25 | 25 | 25 | |
| 9 | 9.2 | 10.3 | 12.3 | |
| 0.2 | 2.5 | 2.9 | 18.1 | |
| 10.7 | 15.2 | 15 | 13.5 | |
| 45 | 51.9 | 53.2 | 68.8 | |
| 6.5 | 5.8 | 5.1 | 4.6 | |
| 0.3 | – | – | – | |
| 5.2 | 0.2 | 0.5 | 0.1 | |
| 33 | 45.9 | 47.6 | 64.2 | |
| 45 | 51.9 | 53.2 | 68.8 |
Cash flow
| ₹ Cr | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|
| 9.3 | −7.3 | 1.6 | −13.4 | |
| −0.1 | 0.3 | −1.1 | −0.4 | |
| −5.2 | 2.1 | −0.2 | 13.5 | |
| 4.1 | −5 | 0.3 | −0.4 | |
| −0 | −0 | −0 | −0 | |
| 9.3 | −7.3 | 1.6 | −13.4 |
Shareholding pattern
- Promoters73.75%
- Public26.25%
| Quarter | Split | Promoters | Public | Promoter change |
|---|---|---|---|---|
| 30 Sep 2026 | 73.75% | 26.25% | 0.00 | |
| 30 Jun 2026 | 73.75% | 26.25% | 0.00 | |
| 31 Mar 2026 | 73.75% | 26.25% | 0.00 | |
| 31 Dec 2025 | 73.75% | 26.25% | 0.00 | |
| 30 Sep 2025 | 73.75% | 26.25% | – |
Major shareholders
Filings & events
News
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