MarketFriction

Art Nirman Ltd

NSE ARTNIRMAN · Residential, Commercial Projects
₹40.00 -0.60%
NSE close2026-10-01
52 week range29.39 - 66.97
Market cap₹91.1 Cr.
P/E234
IPO 2016 · +60% since Price band 20% Delivery 100.0%

Price

Drag to pan, scroll or pinch to zoom. Ruler (or Shift + drag) measures a move.Dashed lines: 52 week high and low. Prices adjusted for splits and bonuses.

Financials

Standalone, Rs crore
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales11.953.7513.385.508.464.508.921.506.752.5022.482.11
Expenses11.143.5212.594.997.834.187.101.525.402.3718.982.19
Operating Profit0.810.230.790.510.630.321.82-0.021.350.133.50-0.08
OPM %6.78%6.13%5.90%9.27%7.45%7.11%20.40%-1.33%20.00%5.20%15.57%-3.79%
Other Income0.030.020.120.080.090.140.090.120.050.090.100.11
Interest0.000.000.560.020.020.021.070.030.840.043.280.04
Depreciation0.170.170.160.160.160.160.090.140.120.110.100.15
Profit before tax0.670.080.190.410.540.280.75-0.070.440.070.22-0.16
Tax %0.00%0.00%-15.79%0.00%0.00%0.00%-4.00%0.00%0.00%0.00%59.09%25.00%
Net Profit0.670.080.220.410.530.280.77-0.070.430.070.09-0.20
EPS in Rs0.270.030.090.160.210.110.31-0.030.170.030.04-0.08
Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales24.3125.4634.5118.8962.1281.1336.8319.7234.2927.3933.2433.84
Expenses23.0424.2827.028.9153.7778.5446.7418.7532.2524.1128.2828.94
Operating Profit1.271.187.499.988.352.59-9.910.972.043.284.964.90
OPM %5.22%4.63%21.70%52.83%13.44%3.19%-26.91%4.92%5.95%11.98%14.92%14.48%
Other Income0.020.260.470.620.110.140.060.030.350.400.360.35
Interest0.470.415.547.996.471.990.450.210.571.134.194.20
Depreciation0.090.340.820.760.750.730.710.710.680.580.480.48
Profit before tax0.730.691.601.851.240.01-11.010.081.141.970.650.57
Tax %30.14%47.83%30.00%29.19%33.87%-100.00%-0.09%-37.50%-2.63%-1.52%20.00%
Net Profit0.510.371.121.320.820.02-11.000.111.181.990.520.39
EPS in Rs1.280.491.471.080.330.01-4.410.040.470.800.210.16
Dividend Payout %0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
10 Years5 Years3 YearsTTM1 YearLast Year
Compounded Sales Growth3%-16%19%45%
Compounded Profit Growth0%92%68%-74%
Stock Price CAGR%5%-9%-22%
Return on Equity-1%-4%3%1%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital0.014.007.607.6012.1824.9624.9624.9624.9624.9624.9624.96
Reserves0.030.516.287.4016.6520.0220.049.059.1610.3412.3312.28
Borrowings12.152.1417.8562.1750.1333.764.950.232.532.9218.0672.96
Other Liabilities11.9311.5243.0633.6975.4459.3813.2610.7415.2314.9613.4632.17
Total Liabilities24.1218.1774.79110.86154.40138.1263.2144.9851.8853.1868.81142.37
Fixed Assets0.610.719.729.168.627.877.186.485.785.114.564.11
CWIP0.000.000.000.000.000.000.000.000.000.000.000.00
Investments0.000.000.000.000.300.320.340.320.000.000.000.00
Other Assets23.5117.4665.07101.70145.48129.9355.6938.1846.1048.0764.25138.26
Total Assets24.1218.1774.79110.86154.40138.1263.2144.9851.8853.1868.81142.37
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity0.131.76-41.40-13.8023.44-7.2119.819.30-7.301.59-13.41-47.30
Cash from Investing Activity-0.01-0.21-9.100.280.460.360.19-0.060.25-1.13-0.42-0.92
Cash from Financing Activity0.06-1.3652.6812.77-23.476.35-20.55-5.172.09-0.1813.4550.72
Net Cash Flow0.180.202.18-0.750.43-0.50-0.564.06-4.960.28-0.382.50
Free Cash Flow0.111.55-50.75-14.0623.30-7.2219.789.29-7.311.62-13.44-47.33
CFO/OP14%155%-3,488%-179%240%-82%764%-94%-753%78%-409%-954%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days0.00109.10200.74470.50122.8063.57177.99425.9035.3433.18212.48
Inventory Days342.641,255.582,907.501,108.74168.7182.59581.00356.24
Days Payable21.05215.31380.83104.9917.7815.86272.84125.95
Cash Conversion Cycle321.591,149.362,727.41470.501,126.55214.50244.73734.05265.6333.18212.48
Working Capital Days129.27672.66605.72935.20371.35206.46269.66641.16322.32646.181,097.85
ROCE %9.72%12.74%5.73%13.11%12.60%9.78%3.11%-25.09%0.82%4.57%6.63%5.85%
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters73.75%73.75%73.75%73.75%73.75%73.75%73.75%73.75%73.75%73.75%73.75%73.75%
Public26.25%26.25%26.25%26.25%26.25%26.25%26.25%26.25%26.25%26.25%26.25%26.25%
No. of Shareholders2,9662,9592,6732,6732,8613,4463,2853,3783,2603,1863,1183,084

Fundamentals

Market Cap₹ 91.1 Cr.
Current Price₹ 36.5
Stock P/E234
Book Value₹ 14.9
ROCE5.85 %
ROE1.40 %
Dividend Yield0.00 %
Face Value₹ 10.0
Compounded Sales Growth (TTM)45%
Compounded Profit Growth (TTM)-74%
Standalone figures.
Valuation
Market capRs 100 Cr
Enterprise valueRs 166 Cr
P/E (TTM)255.96x
Price to book2.68x
Price to sales2.95x
EV / EBITDA31.58x
EV / EBIT34.76x
EV / sales4.90x
Earnings yield0.39%
P/E, 3-year average79.62x
P/B, 3-year average3.20x
P/E, 5-year average436.50x
P/B, 5-year average4.31x
Profitability
Operating margin (excl. other income)14.92%
Operating margin (incl. other income)16.00%
EBITDA margin15.51%
Pre-tax margin1.68%
Net profit margin1.15%
Net margin, latest quarter-9.48%
ROE1.40%
ROCE5.85%
ROA0.49%
ROE, 3-year average3.43%
ROCE, 3-year average5.68%
ROA, 3-year average2.00%
ROE, 5-year average-3.45%
ROCE, 5-year average-1.45%
ROA, 5-year average-2.82%
ROIC (approx.)3.70%
Tax rate20.00%
Other income / net worth0.97%
Growth
Sales growth (latest year)21.36%
Profit growth (latest year)-73.87%
Sales CAGR, 3 years19.01%
Sales CAGR, 5 years-16.34%
Profit CAGR, 3 years67.83%
Profit CAGR, 5 years91.86%
Sales growth QoQ-90.61%
Profit growth QoQ-322.22%
Sales growth YoY (latest quarter)40.67%
Per share
EPS (TTM)Rs 0.16
EPS (latest quarter)Rs -0.08
EPS, 3-year averageRs 0.64
EPS, 5-year averageRs -0.77
Book value per shareRs 14.92
Sales per shareRs 13.56
Cash flow per shareRs -18.95
Free cash flow per shareRs -18.97
Efficiency
Asset turnover0.23x
Fixed asset turnover8.09x
Inventory turnover-0.25x
Debtor days212 days
Debtors turnover1.72x
Creditor days126 days
Cash conversion cycle212 days
Working capital days1098 days
Leverage
Total debtRs 73 Cr
Cash and bankRs 7 Cr
Net debtRs 66 Cr
Debt to equity1.96x
Net debt / EBITDA12.57x
Interest coverage1.14x
Owners' fund to total sources26.16%
Debt to assets51.25%
Cash flow
Cash from Operating Activity (latest year)Rs -47 Cr
Cash from Investing Activity (latest year)Rs -1 Cr
Cash from Financing Activity (latest year)Rs 51 Cr
Net Cash Flow (latest year)Rs 2 Cr
Free cash flow (latest year)Rs -47 Cr
FCFE (approx.: FCF + change in debt)Rs 8 Cr
Statement figures
Net sales (TTM)Rs 34 Cr
Net sales (latest year)Rs 33 Cr
Sales (latest quarter)Rs 2 Cr
Operating profit excl. other income (latest year)Rs 5 Cr
Operating profit (latest quarter)Rs -0 Cr
Other income (TTM)Rs 0 Cr
EBITDA (TTM)Rs 5 Cr
PBDT (TTM)Rs 1 Cr
Profit before tax (TTM)Rs 1 Cr
Tax (latest year)Rs 0 Cr
Net profit (TTM)Rs 0 Cr
Net profit (latest year)Rs 1 Cr
Net profit (latest quarter)Rs -0 Cr
Depreciation (TTM)Rs 0 Cr
Depreciation (latest quarter)Rs 0 Cr
Interest (TTM)Rs 4 Cr
Cost of goods sold (latest year)Rs -19 Cr
Total expenditure (latest year)Rs 28 Cr
Total income (latest year)Rs 34 Cr
Share capitalRs 25 Cr
ReservesRs 12 Cr
Shareholders' fundsRs 37 Cr
Total assetsRs 142 Cr
Net blockRs 4 Cr
ReceivablesRs 19 Cr
InventoryRs 75 Cr
Other liabilitiesRs 32 Cr
Shares outstanding (crore)2.50
Ownership
Promoter holding73.75% (+0.00 in a year)
Computed by MarketFriction from the standalone statements. Returns use average balances.
P/E 256.0 is at the 95th percentile of its own 4.8-year range (median 92.6, low 36.9, high 257.5).
P/B 2.68 is at the 17th percentile (median 3.75).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
PeriodARTNIRMANNifty 50Difference
1 week-0.0%-2.8% +2.8 pts
1 month+0.0%-6.8% +6.8 pts
3 months-4.4%-7.6% +3.2 pts
6 months+7.7%+0.4% +7.3 pts
1 year-17.9%-9.9% -8.0 pts
2 years-38.5%-13.6% -24.9 pts
3 years-22.5%+14.2% -36.7 pts
5 years+34.7%+27.9% +6.8 pts

Red flags

F-score 3 of 8
explainWeak cash conversion Cash from operations was -1602% of net profit over the last 3 years
explainHigh accruals Profit exceeded operating cash by 34% of total assets in 2026
explainReceivables outrunning sales Receivables grew 677% vs sales +21% in 2026
explainDebt up, profit down Borrowings up 304% while net profit fell in 2026
explainLow interest cover Interest cover 1.2x in 2026
lookInventory outrunning sales Inventory grew 79% vs sales +21% in 2026
lookProfit leans on other income Other income was 55% of pre-tax profit in 2026
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.

Latest quarter

Jun 2026
Sales ₹2 Cr +40.7% vs Jun 2025. Net loss ₹0 Cr.
Against our estimate for Jun 2026: sales -8.5%, profit -641.8% miss. Our estimate for Sep 2026: sales Rs 11 Cr, profit Rs 0 Cr (how).

Activity

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No bulk or block deals on record.
Ex-dateActionFactor
2024-09-19Annual General Meeting
2023-09-18Annual General Meeting
2022-09-21Annual General Meeting
DateTypeWhat it says
2026-09-28Shareholder meetingVoting results.
2026-09-26Shareholder meetingProceedings of Annual General Meeting held on September 26, 2026
2026-09-15Reply to Clarification- FinaThe Exchange had sought clarification from Art Nirman Limited for the quarter ended 30-Jun-2026 with respect to Regulation 33 of the SEBI (Listing Obl...
2026-09-05UpdatesShareholder Letter regarding the Annual General Meeting .
2026-09-05Shareholder meetingNotice of Annual General Meeting to be held on September 26, 2026
2026-08-31Clarification - Financial ReThe Exchange has sought clarification from Art Nirman Limited for the quarter ended 30-Jun-2026 with respect to Regulation 33 of the SEBI (Listing Obl...
2026-08-14Board meeting outcomeArt Nirman Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
2026-08-07ResignationResignation of Mr Chintan Bhatt as Non- Executive Independent Director of the company w.e.f. August 07, 2026.
2026-08-07ResignationResignation of Director/KMP/SMP
2026-08-03General UpdatesGeneral Updates
2026-08-03CessationCessation of Mr Krunal Mistry as Non- Executive Independent Director of the company w.e.f. August 02, 2026.
2026-07-29AppointmentAppointment of Ronak Mehta & Pooja Shah as Non- Executive Independent Director of the company w.e.f. July 29, 2026.
2026-07-21Disclosure under SEBI TakeovAshokkumar Raghuram Thakker has Submitted to the Exchange a copy of Disclosure under Regulation 31(4) of the Securities and Exchange Board of India (S...
2026-05-26Board meeting outcomeArt Nirman Limited has submitted to the Exchange, the financial results for the period ended March 31, 2026.
2026-05-22Disclosure under SEBI TakeovArt Nirman Limited has Submitted to the Exchange a copy of Disclosure under Regulation 31(4) of the Securities and Exchange Board of India (Substantia...
2026-04-10Price movementSignificant movement in price has been observed in Art Nirman Limited. The Exchange, in order to ensure that investors have latest relevant informatio...
2026-04-09Price movementSignificant movement in price has been observed in Art Nirman Limited. The Exchange, in order to ensure that investors have latest relevant informatio...
2026-02-13Board meeting outcomeBoard meeting held on February 13, 2026.
2026-02-13Board meeting outcomeArt Nirman Limited has submitted to the Exchange, the financial results for the period ended December 31, 2025.
2025-11-12Board meeting outcomeArt Nirman Limited has submitted to the Exchange, the financial results for the period ended September 30, 2025.
2025-11-12Board meeting outcomeBoard meeting held on November 12, 2025.
2025-10-18Shareholder meetingArt Nirman Limited has submitted the Exchange a copy Srutinizers report of Postal Ballot
2025-10-17Shareholder meetingProceedings of Postal Ballot
2025-10-17Board meeting outcomeThe Board Meeting dated 17.10.2025 concluded and considered to obtain one or more financial facilities aggregating to the extent of Term Loan ofRs.130...
2025-10-17Board meeting outcomeThe Board Meeting concluded and considered to obtain one or more financial facilities aggregating to the extent of Term Loan ofRs.130,00,00,000/- ( Ru...
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
No short selling reported to NSE in our files.
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
Less than 100 unique PAN traded in previous 30 daysScrip PE is greater than 50 (4 trailing quarters)

Quick answers

What is the market cap of Art Nirman Ltd?

Art Nirman Ltd (ARTNIRMAN) has a market capitalisation of Rs 91.1 Cr. at the 2026-10-01 close.

What is the P/E ratio of Art Nirman Ltd?

Art Nirman Ltd trades at a P/E of 234 on trailing twelve-month profit, at the 2026-10-01 close.

What were Art Nirman Ltd's latest quarterly results?

In the Jun 2026 quarter, Art Nirman Ltd sales was Rs 2 Cr (+40.7% vs Jun 2025) with a net loss of Rs 0 Cr.

What is the 52-week high and low of Art Nirman Ltd?

The 52-week high is Rs 66.97 and the 52-week low is Rs 29.39.

Data: NSE and BSE daily reports, company filings. Numbers only, not investment advice, not a SEBI-registered research service.AboutMethodologyFAQResearchContactTermsPrivacyDisclaimerUpdated 2026-10-03