Arvind SmartSpaces Limited

NSE

ARVSMART

Stock

Yield per half year: -9.1%
Dividend yield: 0.5456%
Sector: Real Estate

Reporting Arvind SmartSpaces Limited

Capitalization

IFRS

Reporting Annual Quarterly

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Average for 5 years	CAGR 5
Capitalization, bln ₹	2.22	4.05	5.68	3.75	3	6.01	10.09	15.25		29.06	29.06	12.68	57.48
Revenue, bln ₹		1.6	1.97	2.61	2.98	1.43	2.44	2.56	3.41	7.13	7.13	3.39	37.90
Net profit, bln ₹		0.2097	0.3018	0.3067	0.3931	0.0875	0.2506	0.2561	0.4157	1.1	1.1	0.4220	65.91
EV, bln ₹		4.46	7.23	5.39	5.13	7.55	6.92	13.67	29.2	34.78	34.78	18.42	35.73
EBIT, bln ₹		0.4252	0.6361	0.6884	0.9239	0.4147	0.5285	0.4771	1.17	1.86	1.86	0.8901	35.01
EBITDA, bln ₹		0.4355	0.647	0.6999	0.9349	0.426	0.5435	0.5042	1.21	1.91	1.91	0.9187	35.00
OIBDA, bln ₹					1.39	0.7334	0.7755	0.7581	2.66	2.44	2.44	1.47	27.18
Book value, bln ₹		1.94	2.95	2.55	2.89	3.11	4.39	4.66	4.95	5.98	5.98	4.62	13.97
FCF, bln ₹		-0.1785	-1.5	0.1205	-0.2252	0.7892	1.51	-1.12	0.1457	-1.15	-1.15	0.0350	-207.82
Operating Cash Flow, bln ₹		-0.1281	-1.47	0.1526	-0.157	0.9102	1.61	-1.01	0.305	-0.9994	-0.9994	0.1632	-201.89
Operating profit, bln ₹		0.3369	0.7509	0.6806	0.8773	0.3958	0.4826	0.51	1.87	1.63	1.63	0.9777	32.72
Operating expenses, bln ₹		0.483	0.4102	0.4808	0.5646	0.412	0.7074	0.7367	0.6209	1.47	1.47	0.7894	28.97
CAPEX, bln ₹		0.0504	0.028	0.032	0.0682	0.121	0.0947	0.1052	0.1593	0.1551	0.1551	0.1271	5.09

	2015Q4	2016Q4	2017Q4	2018Q4	2019Q4	2020Q1	2020Q2	2020Q3	2020Q4	2021Q1	2021Q3	2021Q4	2022Q1	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	Average for 5 quarters	CAGR 5
Capitalization, bln ₹	2.02	2.01	5.35	4.03	3.23				3.35			9.07			12.31				17.16							9.02	39.66
Revenue, bln ₹																0.9268	0.6684	0.7267	0.843	1.17	0.7447	2.66	2.1	1.63	1.02	1.63	6.49
Net profit, bln ₹																0.093	0.0804	0.0864	0.094	0.1549	0.0292	0.4069	0.4774	0.1915	0.1118	0.2434	30.80
EV, bln ₹													7.83	11.05		12.31	16.93	15.81	21.5	29.17	32.72	38.53		34.71		31.33	10.05
EBIT, bln ₹																0.212	0.277	0.3513	0.2096	0.3286	0.1079	0.6839	0.6351	0.4338	0.2453	0.4212	17.85
EBITDA, bln ₹																0.2203	0.2855	0.3646	0.2207	0.3408	0.1192	0.6967	0.6475	0.4464	0.261	0.4342	16.97
OIBDA, bln ₹																		0.6295	0.3363	0.4871	0.1705	0.9367	0.7542	0.5782	0.3481	0.5575	15.34
Book value, bln ₹															4.95	4.66	4.95	4.69	5.17	4.95	6.26	5.26	7.48	5.98		5.99	3.85
FCF, bln ₹						-0.0563	-0.0563	-0.0563					0.00011	0.0126	0.0132	0.0124	0.0172	0.0265	0.022							0.0183	10.76
Operating Cash Flow, bln ₹											0.9071		0.00011	0.0126	0.0132	0.0124	0.0172	0.0265	0.022			0.5021		-0.8398		-0.0544	-317.64
Operating profit, bln ₹																0.212	0.2546	0.3513	0.2096	0.3012	0.0805	0.6469	0.584	0.3232	0.199	0.3667	19.84
Operating expenses, bln ₹																0.1466	0.2717	0.3248	0.37	0.2645	0.1887	0.4124	0.4313	0.44	0.2367	0.3418	4.64
CAPEX, bln ₹							0.017	0.017		0.121	0.0223		0.0947	0.0523		0.1052		0.0348				0.0602		0.1551		0.0815	24.29

Cash flow Cash flow quarterly Assets

Balance sheet

IFRS

Reporting Annual Quarterly

	2014	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Average for 5 years	CAGR 5
Cash, bln ₹			0.1341	0.0608	0.0635	0.0549	0.3504	1.51	0.6361	0.6303	0.5645	0.5645	0.7383	10.01
Short-Term Investments ₹			0.0235	0.0252	0.0555	0.0313	0.0201	0.0429	0.8349	1.03	1.86	1.86	0.7576	147.32
Long-Term Investments ₹	0.000844		0.0001	0.013	0.013								0.0067	98.11
Accounts Receivable ₹			0.8467	1.95	0.6055	-0.000442	0.7829	0.2766	1.39	0.9543	0.1462	0.1462	0.7100	-28.51
Total Current Assets ₹			3.45	5.66	7.09	7.03	8.19	9.96	13.45	17.13	19.73	19.73	13.69	19.23
Net assets, bln ₹			0.2054	0.2207	0.2374	0.2895	0.3909	0.5499	0.6173	0.7	0.8173	0.8173	0.6151	15.89
Assets, bln ₹			4.12	5.96	7.77	7.98	9.26	11.36	15.11	21.02	26.71	26.71	16.69	23.60
Short-Term Debt ₹			0.092	0.6058	0.9032	1.45	0.2469	-5.3	0.0234	0.1587	0.5555	0.5555	-0.8631	17.61
Long-Term Debt ₹			0.4532	1	0.8067	0.7336	1.65	0.2967	1.43	0.9435	2.31	2.31	1.33	6.96
Liabilities, bln ₹			2.02	2.82	5.12	4.93	5.76	6.59	10.15	14.76	18.63	18.63	11.18	26.46
Net debt, bln ₹			0.411	1.55	1.65	2.13	1.54	-1.21	0.8219	0.4719	2.29	2.29	0.7828	8.26
Debt, bln ₹			0.5451	1.61	1.71	2.18	1.89	0.3017	1.46	1.1	2.85	2.85	1.52	8.56
Interest Income ₹		0.0763	0.1119	0.1522	0.2098	0.2206	0.2687	0.1755	0.1398				0.2029	-7.80
Interest Expense, bln ₹			0.0875	0.1522	0.2098	0.2421	0.2687	0.1416	0.1399	0.4094	0.2081	0.2081	0.2335	-4.98
Net interest income, bln ₹			-0.1146	-0.1264	-0.2016	-0.2323	-0.2687	-0.1683	-0.1399	0.0035		0.1398	-0.1611	-143.21
Amortization, bln ₹			0.0103	0.0109	0.0115	0.0111	0.0113	0.0151	0.0271	0.045	0.0492	0.0492	0.0295	34.21
Cost of production, bln ₹			0.6636	0.8065	1.3	1.44	0.5512	1.25	1.26	0.9224	4.03	4.03	1.60	48.87
Inventory ₹			2.47	3.51	6.26	6.63	7.03	7.66	9.57	13.62	14.89	14.89	10.55	16.20

	2017Q3	2018Q1	2018Q3	2019Q1	2019Q3	2020Q1	2020Q3	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	Average for 5 quarters	CAGR 5
Cash, bln ₹														0.6531	-0.6747	0.6361	-1.47	0.6671	-2.16	0.6314	-1.66	0.9608		0.5645		-0.3327	-176.46
Short-Term Investments ₹														0.8302	1.35	2.21	2.94	3.09	4.33	1.03	3.33	2.21		1.86		2.55	-15.55
Long-Term Investments ₹	0.0225	0.013	0.0376	0.013	0.0338																					0.0240	8.48
Accounts Receivable ₹									0.7677	0.7677	0.7407	0.7407		0.6378		0.0271		0.0306		0.0262		0.0027		0.1462		0.0466	40.09
Total Current Assets ₹														11.38	0.6747	13.45	1.47	15.61	2.16	17.13	1.66	18.89		19.73		11.91	55.64
Net assets, bln ₹						0.2895	0.2964	0.3909		0.4972		0.5499		0.5878		0.6173		0.658				0.7254		0.8173		0.6812	6.81
Assets, bln ₹									10.67	10.67	11.36	11.36		12.93		15.11		17.59		21.02		23.37		26.71		20.76	12.07
Short-Term Debt ₹									0.1867	0.1867	0.005	0.005		0.0047		0.0234		0.024		0.1587		0.2099		0.5407		0.1913	87.39
Long-Term Debt ₹							1.72	1.65		1.02		0.2967		1.09		1.43		0.7355		0.9095		1.25		2.31		1.33	10.07
Liabilities, bln ₹											6.59	6.59		7.98		10.15		12.42		14.76	-6.26	15.89	-7.48	18.63		7.11	4.77
Net debt, bln ₹														0.4398	0.6747	0.8219	1.47	0.0924	2.16	0.4708	1.66	0.4965		2.29		1.42	1.18
Debt, bln ₹							2.52	1.89		1.21		0.3017		1.09		1.45		0.7595		1.1		1.46		2.85		1.52	14.47
Interest Income ₹									0.0618	0.0502	0.0437	0.0199	0.0162	0.0197	0.0399	0.064	0.146	0.1924								0.0924	57.74
Interest Expense, bln ₹																0.0641	0.146	0.1924	0.0264	0.0445	0.0336	0.0455	0.0511	0.0779	0.0794	0.0575	18.77
Net interest income, bln ₹										-0.0502	-0.0437	-0.0127	-0.0162	-0.0197	-0.0399	-0.0641	-0.146	-0.1924	-0.0264							-0.0938	-7.93
Amortization, bln ₹																0.0084	0.0086	0.0132	0.011	0.0122	0.0113	0.0128	0.0124	0.0127	0.0157	0.0130	6.80
Cost of production, bln ₹																0.5853	0.1421	0.0766	0.2846	0.608	0.4756	1.6	1.09	0.8698	0.5819	0.9235	4.12
Inventory ₹									7.55	7.55	7.66	7.66		8.34		9.57		10.5		13.62		13.63		14.89		12.44	9.24

Share

IFRS

Reporting Annual Quarterly

	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Average for 5 years	CAGR 5
EPS		6.44	8.66	11.07	2.46	6.3	5.63	9.09	24.01	24.01	9.50	57.72
Share price	197.55	124.1	85.95	113.3	215.85	323.05	429.75	868.55	631.5	631.5	493.74	23.95
Number of shares, mln	32.23	35.43	35.63	35.47	44.18	39.75	45.48	45.75	46.02	46.02	44.24	0.82
FCF/share	-5.54	-42.25	3.38	-6.35	17.86	38.02	-24.53	3.18	-25.09	-25.09	1.89	-207.03

	2014Q4	2015Q4	2016Q4	2017Q4	2018Q4	2019Q4	2020Q4	2021Q4	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	2025Q3	Average for 5 quarters	CAGR 5
EPS												2.04	1.76	1.91	2.05	3.39	0.64	8.84	10.35	4.17	2.41		5.28	30.37
Share price									181.26	211.05	266.63	279.55	327.57	350.19	374.26					704.1	699.8	623.45	550.36	12.23
Number of shares, mln	25.83	25.93	26.03	32.23	35.43	35.63	35.47	44.18			46.16				45.85								41.46	5.17
FCF/share		2.37	-1.71	-11.61	0.8505	-1.58					0.2863	0.2715	0.3761	0.5842	0.4805								0.3997	10.91

Efficiency

IFRS

Reporting Annual Quarterly

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	Average for 5 years	CAGR 5
ROE, %		10.8	10.23	12.05	13.61	2.81	6.68	5.49	8.41	18.48	18.48	7.22	8.37	45.75
ROA, %		5.09	5.06	3.95	4.93	0.9449	2.43	1.7	1.98	4.14	4.14	4.41	2.24	34.38
ROIC, %		10.58	7.79	8.71	9.02			6.61	9.48		9.48	8.46	8.32	4.00
ROS, %		13.12	15.34	11.73	13.19	6.13	10.26	10.01	12.18	15.49	15.49	19.27	10.81	20.37
ROCE, %		20.18	20.25	25.98	30.33	11.85	10.39	9.63	18.63	23.02	23.02	10.77	14.70	14.20
EBIT margin					30.17	29	21.63	18.64	34.19	26.09	26.09	21.08	25.91	-2.09
EBITDA margin		27.25	32.88	26.77	31.38	29.86	22.25	19.7	35.51	26.77	26.77	24.13	26.82	-2.16
Net margin		13.12	15.34	11.73	13.19	6.13	10.26	10.01	12.18	15.49	15.49	19.27	10.81	20.37
Operational efficiency, %		21.08	38.16	26.03	29.44	27.74	19.75	19.93	54.77	22.89	22.89	27.93	29.02	-3.77
FCF yield, %	11.06	-4.41	-26.36	3.22	-7.49	13.14	14.98	-7.31		-3.97	-3.97	0.19	1.87	-11.92

	2015Q4	2016Q4	2017Q4	2018Q4	2019Q3	2019Q4	2020Q1	2020Q3	2021Q2	2021Q3	2021Q4	2022Q1	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	2025Q3	Industry average	Average for 5 quarters	CAGR 5
ROE, %														0.8577	1.99	1.62	1.8	1.94	3.16	0.4663	7.73	6.38	3.2			7.22	4.19	0.25
ROA, %									0.2339	0.2522	0.5211	1.23	0.3723		0.6157		0.9823		1.47		1.74		0.7169			4.41	1.10	3.09
ROIC, %					2.1		3.22	0.6641									4.33				8.41		3.95			8.46	4.11	4.17
ROS, %																12.02	11.89	11.15	13.2	3.92	15.32	22.72	11.74	10.99	15.49	19.27	15.25	0.22
ROCE, %											2.87	4.3	1.97		4.28		5.68		4.98		9.14		5.37	18.63	23.02	10.77	12.23	35.82
EBIT margin																	48.35	24.87	28	14.49	25.75	30.22	26.6	24.1	26.09	21.08	26.55	0.26
EBITDA margin																42.72	50.17	26.18	29.04	16.01	26.23	30.81	27.37	25.65	26.77	24.13	27.37	0.41
Net margin															10.03	12.02	11.89	11.15	13.2	3.92	15.32	22.72	11.74	10.99		19.27	12.94	22.90
Operational efficiency, %																38.09	48.34	24.87	25.66	10.81	24.36	27.79	19.82	19.55	22.89	27.93	22.88	-1.24
FCF yield, %	3.03	-2.22	-6.99	0.7476		-1.74								0.1074				0.1284								0.19	-1.5493	-144.96

Coefficients

IFRS

Reporting Annual Quarterly

	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	Average for 5 years	CAGR 5
P/E	19.31	18.82	12.22	7.64	68.68	32.44	50.18	69.11	26.3	26.3	44.97	49.34	-17.47
P/BV	2.09	1.92	1.47	1.04	1.93	1.71	2.59	4.59	4.86	4.86	3.54	3.14	20.29
P/S	2.53	2.89	1.43	1.01	4.21	3.33	5.02	8.42	4.07	4.07	9.06	5.01	-0.67
P/FCF	-22.68	-3.79	31.1	-13.34	7.61	6.67	-13.67	107.5	-25.17	-25.17	4.84	16.59	-227.03
E/P	0.0518	0.0531	0.0818	0.1308	0.0146	0.0248	0.0168	0.0265	0.038	0.038	0.02	0.0241	21.08
EV/EBIT				5.04	11.64	13.1	28.65	25.03	18.69	18.69	-127.41	19.42	9.93
EV/EBITDA	10.24	11.17	7.71	5.49	17.72	12.74	27.11	24.1	18.21	18.21	102.63	19.98	0.55
EV/S	2.79	3.67	2.06	1.72	5.29	2.83	5.34	8.56	4.88	4.88	9.46	5.38	-1.60
EV/FCF	-24.98	-4.83	44.76	-22.79	9.57	4.58	-12.25	200.45	-30.13	-30.13	13.75	34.44	-225.78
Debt/EBITDA	1.25	2.48	2.44	2.33	4.44	0.555	2.89	0.9098	1.49	1.49	17.49	2.06	-19.62
Netdebt/Ebitda	0.9438	2.39	2.35	2.27	3.62	-2.22	1.63	0.3895	1.2	1.2	8.90	0.9239	-19.81
Debt/Ratio	0.1322	0.2697	0.22	0.2734	0.2044	0.0266	0.0965	0.0524	0.1068	0.1068	0.16	0.0973	-12.18
Debt/Equity	0.2808	0.5448	0.6717	0.7551	0.6078	0.0687	0.3126	0.2229	2.3	2.3	1.77	0.7024	30.49
Debt/Net Income	2.6	5.33	5.57	5.55	21.63	1.2	5.69	2.65	2.58	2.58	5.15	6.75	-34.64
PEG									0.3961	0.3961	7.31	0.3961	0.00
Beta							2.13	-3.77	1.42	1.42	1.72	-0.0733	-12.64
Altman Index	2.29	1.99	1.35	1.36	1.25	1.19	1.98	2.02	1.9	1.9	2.17	1.67	8.73

	2015Q4	2016Q4	2017Q4	2018Q4	2019Q4	2020Q4	2021Q3	2021Q4	2022Q1	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	2025Q3	Industry average	Average for 5 quarters	CAGR 5
P/E												43.78	58.17	52.33	54.38	68.95	85.25	55.39	36.79	29.42	26.12		44.97	46.59	-21.07
P/BV								2.06	1.9	2.14	2.49	2.32		3.04	3.32	4.58		5.08		4.01			3.54	4.01	5.69
P/S												4.42	5.85	5.56	6.08	8.4	8.91	7	5.88	4.55	4.19		9.06	6.11	-14.01
P/FCF	32.99	-44.99	-14.3	133.77	-57.4						931.29				778.95						107.5	-25.17	4.84	347.03	-15.20
E/P		-0.0069	0.0084	0.0253	0.0602	0.015		0.0065			0.0035				0.0055						0.0265	0.038	0.02	0.0160	42.36
EV/EBIT														44.99	102.58	88.78	303.27	56.34		80.01	25.03	18.69	-127.41	96.67	-42.73
EV/EBITDA									14.54	19.04		21.87	59.29	16.07	19.71	24.08	274.54	55.31		77.74			102.63	90.28	31.58
EV/S													25.33	21.75	25.51	24.85	43.94	14.51		21.28	8.56	4.88	9.46	18.63	-35.57
EV/FCF													985.84	597.15	976.17						200.45	-30.13	13.75	545.90	-149.78
Debt/EBITDA							13.82		1.43	10.52		6.58		2.08		3.23		2.09		6.39	0.9098	1.49	17.49	2.82	-14.34
Netdebt/Ebitda												3.73	5.15	0.2535	9.81	1.38	13.95	0.7126		5.13	0.3895	1.2	8.90	4.28	-38.78
Debt/Ratio							0.1132		0.0266	0.0845		0.096		0.0432		0.0524		0.0623		0.1068	0.0524	0.1068	0.16	0.0761	15.30
Debt/Equity							0.3619		0.0687	0.2359		0.311		0.1621		0.2229		0.2768		0.4772	2.36	2.3	1.77	1.13	59.49
Debt/Net Income							44.89		2.16	22.69		15.6		8.79		7.11		3.58		14.9	2.65	2.58	5.15	6.16	-18.35
PEG																					2.09	0.3961	7.31	1.24	-56.47
Beta																				3.93	0.7023	1.42	1.72	2.02	-28.78
Altman Index																				2.01	2.01	1.9	2.17	1.97	-1.86

Dividends

IFRS

Reporting Annual Quarterly

	2017	2018	2019	2020	2023	2024	2025	LTM	Industry average	Average for 5 years	CAGR 5
Dividend payout, bln	0.0533	0.0533	0.064	0.064	0.1488	0.1578		0.1578		0.0976	24.24
Dividend			1.5		3.3	3.5	6	6		3.58	41.42
Dividend yield, %			1.43	1.47	0.272	0.4573	0.5456	0.5456	0.25	0.8350	-17.53
Dividends / profit, %	25.43	17.67	20.87	16.28	58.12	35.8	14.29	14.29	35.85	29.07	-7.30
Dividend coverage ratio					1.72	2.63	7	7	430.15	3.78	59.66

	2019Q3	2019Q4	2020Q1	2020Q2	2020Q3	2023Q3	2024Q3	2025Q1	2025Q2	2025Q3	Industry average	Average for 5 quarters	CAGR 5
Dividend payout, bln	0.0643	0.016	0.016	0.016	0.016	0.1495	0.1585	0.1578				0.0996	58.05
Dividend	1.5					1.65						1.57	4.88
Dividend yield, %	1.63					0.4712					0.25	1.05	-46.23
Dividends / profit, %	250.41	8.23	10.87	-33.13	81.27	173.06	38.95	82.43			35.85	68.52	-220.00
Dividend coverage ratio							2.57	1.21	2.79	7	430.15	3.39	28.47

	Industry average	Average for 5 quarters	CAGR 5

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Other

IFRS

Reporting Annual Quarterly

	2020	2021	2022	2023	2024	2025	LTM	CAGR 5
CAPEX/Revenue, %	2.29	8.48	3.88	4.11	4.67	2.17	2.17	-23.86
Staff, people				289	289			0.00

	2023Q3	2024Q3	2025Q1	CAGR 5
CAPEX/Revenue, %	4.79	2.27	9.51	25.68

	CAGR 5