New Risk • Jul 23
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: ₹965.3m (US$9.99m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.1x net interest cover). High level of non-cash earnings (62% accrual ratio). Market cap is less than US$10m (₹965.3m market cap, or US$9.99m). Minor Risks Profit margins are more than 30% lower than last year (1.6% net profit margin). Revenue is less than US$5m (₹332m revenue, or US$3.4m). Reported Earnings • May 28
Full year 2026 earnings released: EPS: ₹0.21 (vs ₹0.80 in FY 2025) Full year 2026 results: EPS: ₹0.21 (down from ₹0.80 in FY 2025). Revenue: ₹336.0m (up 23% from FY 2025). Net income: ₹5.20m (down 74% from FY 2025). Profit margin: 1.5% (down from 7.3% in FY 2025). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Announcement • May 22
Art Nirman Limited to Report Q4, 2026 Results on May 26, 2026 Art Nirman Limited announced that they will report Q4, 2026 results on May 26, 2026 New Risk • May 16
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: ₹957.8m (US$9.98m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.8x net interest cover). Share price has been highly volatile over the past 3 months (10% average weekly change). Market cap is less than US$10m (₹957.8m market cap, or US$9.98m). Minor Risk Revenue is less than US$5m (₹197m revenue, or US$2.1m). New Risk • Apr 10
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 10% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.8x net interest cover). Minor Risks Share price has been volatile over the past 3 months (10% average weekly change). Revenue is less than US$5m (₹197m revenue, or US$2.1m). Market cap is less than US$100m (₹1.23b market cap, or US$13.3m). Valuation Update With 7 Day Price Move • Mar 31
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₹29.39, the stock trades at a trailing P/E ratio of 60.9x. Average trailing P/E is 22x in the Real Estate industry in India. Total loss to shareholders of 39% over the past three years. New Risk • Mar 09
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: ₹915.6m (US$9.92m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.8x net interest cover). Market cap is less than US$10m (₹915.6m market cap, or US$9.92m). Minor Risk Revenue is less than US$5m (₹197m revenue, or US$2.1m). Reported Earnings • Feb 17
Third quarter 2026 earnings released: EPS: ₹0.03 (vs ₹0.11 in 3Q 2025) Third quarter 2026 results: EPS: ₹0.03 (down from ₹0.11 in 3Q 2025). Revenue: ₹25.0m (down 44% from 3Q 2025). Net income: ₹688.0k (down 75% from 3Q 2025). Profit margin: 2.8% (down from 6.2% in 3Q 2025). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 71% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. Announcement • Feb 10
Art Nirman Limited to Report Q3, 2026 Results on Feb 13, 2026 Art Nirman Limited announced that they will report Q3, 2026 results on Feb 13, 2026 New Risk • Nov 19
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 1.9x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.9x net interest cover). High level of non-cash earnings (20% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (7.7% average weekly change). Revenue is less than US$5m (₹217m revenue, or US$2.5m). Market cap is less than US$100m (₹1.25b market cap, or US$14.1m). New Risk • Oct 24
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 7.3% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (7.3% average weekly change). Revenue is less than US$5m (₹234m revenue, or US$2.7m). Market cap is less than US$100m (₹1.60b market cap, or US$18.3m). Reported Earnings • Aug 19
First quarter 2026 earnings released: ₹0.03 loss per share (vs ₹0.16 profit in 1Q 2025) First quarter 2026 results: ₹0.03 loss per share (down from ₹0.16 profit in 1Q 2025). Revenue: ₹15.0m (down 73% from 1Q 2025). Net loss: ₹721.0k (down 118% from profit in 1Q 2025). Over the last 3 years on average, earnings per share has increased by 120% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Announcement • Jun 23
Art Nirman Limited, Annual General Meeting, Jul 24, 2025 Art Nirman Limited, Annual General Meeting, Jul 24, 2025, at 10:30 Indian Standard Time. New Risk • Jun 07
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 8.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (8.0% average weekly change). Revenue is less than US$5m (₹318m revenue, or US$3.7m). Market cap is less than US$100m (₹1.56b market cap, or US$18.2m). Reported Earnings • Feb 13
Third quarter 2025 earnings released: EPS: ₹0.11 (vs ₹0.03 in 3Q 2024) Third quarter 2025 results: EPS: ₹0.11 (up from ₹0.03 in 3Q 2024). Revenue: ₹46.4m (up 24% from 3Q 2024). Net income: ₹2.78m (up 257% from 3Q 2024). Profit margin: 6.0% (up from 2.1% in 3Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 117% per year but the company’s share price has fallen by 29% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 20
Second quarter 2025 earnings released: EPS: ₹0.21 (vs ₹0.27 in 2Q 2024) Second quarter 2025 results: EPS: ₹0.21 (down from ₹0.27 in 2Q 2024). Revenue: ₹85.5m (down 28% from 2Q 2024). Net income: ₹5.33m (down 21% from 2Q 2024). Profit margin: 6.2% (up from 5.6% in 2Q 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 101% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. Announcement • Nov 15
Art Nirman Limited to Report Q2, 2025 Results on Nov 14, 2024 Art Nirman Limited announced that they will report Q2, 2025 results on Nov 14, 2024 Announcement • Sep 02
Art Nirman Limited, Annual General Meeting, Sep 26, 2024 Art Nirman Limited, Annual General Meeting, Sep 26, 2024, at 10:30 Indian Standard Time. Location: club babylon, s p rd., nr. science city circle, bhadaj, ahmedabad, gujarat- 380060, India Board Change • Sep 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 3 highly experienced directors. Independent Non-Executive Director Chintan Bhatt was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 16
First quarter 2025 earnings released: EPS: ₹0.16 (vs ₹0.08 in 1Q 2024) First quarter 2025 results: EPS: ₹0.16 (up from ₹0.08 in 1Q 2024). Revenue: ₹55.8m (up 7.0% from 1Q 2024). Net income: ₹4.07m (up 117% from 1Q 2024). Profit margin: 7.3% (up from 3.6% in 1Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 82% per year but the company’s share price has only increased by 29% per year, which means it is significantly lagging earnings growth. New Risk • Aug 07
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 9.1% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (9.1% average weekly change). Revenue is less than US$5m (₹343m revenue, or US$4.1m). Market cap is less than US$100m (₹1.92b market cap, or US$22.8m). Reported Earnings • Jun 04
Full year 2024 earnings released: EPS: ₹0.47 (vs ₹0.045 in FY 2023) Full year 2024 results: EPS: ₹0.47 (up from ₹0.045 in FY 2023). Revenue: ₹346.4m (up 76% from FY 2023). Net income: ₹11.8m (up ₹10.7m from FY 2023). Profit margin: 3.4% (up from 0.6% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 56% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Reported Earnings • Feb 17
Third quarter 2024 earnings released: EPS: ₹0.03 (vs ₹0.04 loss in 3Q 2023) Third quarter 2024 results: EPS: ₹0.03 (up from ₹0.04 loss in 3Q 2023). Revenue: ₹37.5m (up 269% from 3Q 2023). Net income: ₹778.0k (up ₹1.87m from 3Q 2023). Profit margin: 2.1% (up from net loss in 3Q 2023). The move to profitability was driven by higher revenue. Reported Earnings • Nov 13
Second quarter 2024 earnings released: EPS: ₹0.27 (vs ₹0.02 loss in 2Q 2023) Second quarter 2024 results: EPS: ₹0.27 (up from ₹0.02 loss in 2Q 2023). Revenue: ₹119.7m (up 78% from 2Q 2023). Net income: ₹6.71m (up ₹7.09m from 2Q 2023). Profit margin: 5.6% (up from net loss in 2Q 2023). The move to profitability was driven by higher revenue. Reported Earnings • Aug 16
First quarter 2024 earnings released: EPS: ₹0.08 (vs ₹0.05 loss in 1Q 2023) First quarter 2024 results: EPS: ₹0.08 (up from ₹0.05 loss in 1Q 2023). Revenue: ₹53.7m (up ₹50.7m from 1Q 2023). Net income: ₹1.88m (up ₹3.18m from 1Q 2023). Profit margin: 3.5% (up from net loss in 1Q 2023). The move to profitability was driven by higher revenue. New Risk • Jul 08
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Indian stocks, typically moving 9.1% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (9.1% average weekly change). High level of non-cash earnings (23% accrual ratio). Minor Risks Revenue is less than US$5m (₹197m revenue, or US$2.4m). Market cap is less than US$100m (₹1.58b market cap, or US$19.1m). New Risk • Jun 09
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 7.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (23% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (7.4% average weekly change). Revenue is less than US$5m (₹197m revenue, or US$2.4m). Market cap is less than US$100m (₹1.32b market cap, or US$16.0m). Reported Earnings • Jun 04
Full year 2023 earnings released: EPS: ₹0.04 (vs ₹4.41 loss in FY 2022) Full year 2023 results: EPS: ₹0.04 (up from ₹4.41 loss in FY 2022). Revenue: ₹197.4m (down 46% from FY 2022). Net income: ₹1.12m (up ₹111.1m from FY 2022). Profit margin: 0.6% (up from net loss in FY 2022). The move to profitability was driven by lower expenses. Announcement • May 30
Art Nirman Limited to Report Fiscal Year 2023 Results on May 29, 2023 Art Nirman Limited announced that they will report fiscal year 2023 results on May 29, 2023 Reported Earnings • Feb 18
Third quarter 2023 earnings released: ₹0.04 loss per share (vs ₹1.12 loss in 3Q 2022) Third quarter 2023 results: ₹0.04 loss per share (improved from ₹1.12 loss in 3Q 2022). Revenue: ₹10.2m (down 60% from 3Q 2022). Net loss: ₹1.09m (loss narrowed 96% from 3Q 2022). Reported Earnings • Nov 20
Second quarter 2023 earnings released: ₹0.02 loss per share (vs ₹0.49 loss in 2Q 2022) Second quarter 2023 results: ₹0.02 loss per share (improved from ₹0.49 loss in 2Q 2022). Revenue: ₹67.3m (down 73% from 2Q 2022). Net loss: ₹379.0k (loss narrowed 97% from 2Q 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 122 percentage points per year, which is a significant difference in performance. Announcement • Sep 07
Art Nirman Limited, Annual General Meeting, Sep 29, 2022 Art Nirman Limited, Annual General Meeting, Sep 29, 2022. Location: Club Babylon, S P Road, Nr. Science City Circle, Bhadaj Ahmedabad Gujarat India Agenda: To receive, consider and adopt the Audited Financial Statements of the Company for the financial year ended on 31 March 2022, including Audited Balance Sheet as at 31 March 2022, the statement of Profit and Loss Account and the cash flow statement for the year ended on 31 March, 2022 along with the reports of Auditors and Directors thereon; to consider re-appointment of Directors Retiring by Rotation; to consider and approve the loans, investments, guarantee or security u/s 185 of Companies Act, 2013; to consider in increasing the overall managerial remuneration of the KMP & Directors of the company; and to consider any other matters. Reported Earnings • Aug 12
First quarter 2023 earnings released: ₹0.05 loss per share (vs ₹0.88 loss in 1Q 2022) First quarter 2023 results: ₹0.05 loss per share (up from ₹0.88 loss in 1Q 2022). Revenue: ₹3.03m (down 98% from 1Q 2022). Net loss: ₹1.31m (loss narrowed 94% from 1Q 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 150 percentage points per year, which is a significant difference in performance. Reported Earnings • Jun 03
Full year 2022 earnings released: ₹4.41 loss per share (vs ₹0.008 profit in FY 2021) Full year 2022 results: ₹4.41 loss per share (down from ₹0.008 profit in FY 2021). Revenue: ₹368.9m (down 57% from FY 2021). Net loss: ₹110.0m (down ₹110.2m from profit in FY 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 154 percentage points per year, which is a significant difference in performance. Buying Opportunity • Mar 08
Now 23% undervalued after recent price drop Over the last 90 days, the stock is down 22%. The fair value is estimated to be ₹163, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 44% per annum over the last 3 years. The company became loss making over the last 3 years. Reported Earnings • Feb 15
Third quarter 2022 earnings: Revenues and EPS in line with analyst expectations Third quarter 2022 results: ₹1.12 loss per share (down from ₹0.21 profit in 3Q 2021). Revenue: ₹25.7m (down 89% from 3Q 2021). Net loss: ₹27.9m (down ₹33.2m from profit in 3Q 2021). Revenue was in line with analyst estimates. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 220 percentage points per year, which is a significant difference in performance. Board Change • Sep 22
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. No highly experienced directors. 2 independent directors (3 non-independent directors). Independent Director Hemang Shah was the last independent director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment.