Major Estimate Revision • May 27
Consensus revenue estimates fall by 25% The consensus outlook for revenues in fiscal year 2027 has deteriorated. 2027 revenue forecast decreased from ₹9.45b to ₹7.11b. EPS estimate fell from ₹31.60 to ₹25.75 per share. Net income forecast to grow 22% next year vs 38% growth forecast for Real Estate industry in India. Consensus price target of ₹809 unchanged from last update. Share price was steady at ₹608 over the past week. Reported Earnings • May 22
Full year 2026 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2026 results: EPS: ₹21.04 (down from ₹24.28 in FY 2025). Revenue: ₹5.84b (down 18% from FY 2025). Net income: ₹964.4m (down 13% from FY 2025). Profit margin: 17% (up from 16% in FY 2025). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 15%. Earnings per share (EPS) exceeded analyst estimates by 5.3%. Revenue is forecast to grow 38% p.a. on average during the next 2 years, compared to a 22% growth forecast for the Real Estate industry in India. Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has only increased by 24% per year, which means it is significantly lagging earnings growth. Announcement • May 13
Arvind SmartSpaces Limited to Report Q4, 2026 Results on May 20, 2026 Arvind SmartSpaces Limited announced that they will report Q4, 2026 results on May 20, 2026 Major Estimate Revision • Feb 17
Consensus revenue estimates fall by 20% The consensus outlook for revenues in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from ₹8.33b to ₹6.66b. EPS estimate fell from ₹24.63 to ₹19.90 per share. Net income forecast to grow 76% next year vs 49% growth forecast for Real Estate industry in India. Consensus price target down from ₹876 to ₹809. Share price fell 8.6% to ₹552 over the past week. Price Target Changed • Feb 15
Price target decreased by 7.6% to ₹809 Down from ₹876, the current price target is an average from 4 analysts. New target price is 46% above last closing price of ₹553. Stock is down 18% over the past year. The company is forecast to post earnings per share of ₹19.90 for next year compared to ₹24.28 last year. Reported Earnings • Feb 11
Third quarter 2026 earnings: EPS and revenues miss analyst expectations Third quarter 2026 results: EPS: ₹6.27 (down from ₹10.49 in 3Q 2025). Revenue: ₹1.71b (down 19% from 3Q 2025). Net income: ₹287.6m (down 40% from 3Q 2025). Profit margin: 17% (down from 23% in 3Q 2025). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 18%. Earnings per share (EPS) also missed analyst estimates by 36%. Revenue is forecast to grow 34% p.a. on average during the next 3 years, compared to a 25% growth forecast for the Real Estate industry in India. Over the last 3 years on average, earnings per share has increased by 48% per year but the company’s share price has only increased by 28% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Feb 09
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹609, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 23x in the Real Estate industry in India. Total returns to shareholders of 125% over the past three years. Announcement • Feb 02
Arvind SmartSpaces Limited to Report Q3, 2026 Results on Feb 10, 2026 Arvind SmartSpaces Limited announced that they will report Q3, 2026 results on Feb 10, 2026 Board Change • Nov 19
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 5 non-independent directors. Non-Executive Independent Director Nilesh Shah was the last independent director to join the board, commencing their role in 2025. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Price Target Changed • Nov 19
Price target decreased by 7.3% to ₹909 Down from ₹980, the current price target is an average from 3 analysts. New target price is 54% above last closing price of ₹591. Stock is down 37% over the past year. The company is forecast to post earnings per share of ₹17.30 for next year compared to ₹24.28 last year. Reported Earnings • Nov 04
Second quarter 2026 earnings released: EPS: ₹3.09 (vs ₹8.95 in 2Q 2025) Second quarter 2026 results: EPS: ₹3.09 (down from ₹8.95 in 2Q 2025). Revenue: ₹1.44b (down 46% from 2Q 2025). Net income: ₹141.8m (down 65% from 2Q 2025). Profit margin: 9.8% (down from 15% in 2Q 2025). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 31% p.a. on average during the next 3 years, compared to a 23% growth forecast for the Real Estate industry in India. Over the last 3 years on average, earnings per share has increased by 54% per year but the company’s share price has only increased by 34% per year, which means it is significantly lagging earnings growth. Announcement • Oct 24
Arvind SmartSpaces Limited to Report Q2, 2026 Results on Nov 03, 2025 Arvind SmartSpaces Limited announced that they will report Q2, 2026 results at 9:08 AM, Indian Standard Time on Nov 03, 2025 Board Change • Aug 11
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 5 non-independent directors. Non-Executive Independent Director Nilesh Shah was the last independent director to join the board, commencing their role in 2025. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Jul 21
Arvind SmartSpaces Limited to Report Q1, 2026 Results on Jul 28, 2025 Arvind SmartSpaces Limited announced that they will report Q1, 2026 results on Jul 28, 2025 Declared Dividend • Jul 17
Dividend of ₹6.00 announced Shareholders will receive a dividend of ₹6.00. Ex-date: 25th July 2025 Payment date: 7th September 2025 Dividend yield will be 0.9%, which is higher than the industry average of 0.4%. Sustainability & Growth Dividend is covered by earnings (25% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 26% per year over the past 6 years. However, payments have been volatile during that time. EPS is expected to grow by 21% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Announcement • Jul 16
Arvind SmartSpaces Limited announces Annual dividend, payable on September 07, 2025 Arvind SmartSpaces Limited announced Annual dividend of INR 6.0000 per share payable on September 07, 2025, ex-date on July 25, 2025 and record date on July 25, 2025. Announcement • Jul 15
Arvind SmartSpaces Limited, Annual General Meeting, Aug 08, 2025 Arvind SmartSpaces Limited, Annual General Meeting, Aug 08, 2025, at 15:00 Indian Standard Time. Major Estimate Revision • May 27
Consensus revenue estimates increase by 16%, EPS downgraded The consensus outlook for fiscal year 2026 has been updated. 2026 revenue forecast increased from ₹6.91b to ₹7.99b. EPS estimate fell from ₹27.00 to ₹22.35. Net income forecast to shrink 11% next year vs 46% growth forecast for Real Estate industry in India . Consensus price target down from ₹980 to ₹955. Share price fell 3.2% to ₹698 over the past week. New Risk • May 22
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 14% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 14% per year for the foreseeable future. High level of non-cash earnings (36% accrual ratio). Minor Risk Paying a dividend despite having no free cash flows. Reported Earnings • May 21
Full year 2025 earnings released: EPS: ₹24.28 (vs ₹9.17 in FY 2024) Full year 2025 results: EPS: ₹24.28 (up from ₹9.17 in FY 2024). Revenue: ₹7.36b (up 116% from FY 2024). Net income: ₹1.10b (up 166% from FY 2024). Profit margin: 15% (up from 12% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 48% per year but the company’s share price has increased by 62% per year, which means it is tracking significantly ahead of earnings growth. Announcement • May 13
Arvind SmartSpaces Limited to Report Q4, 2025 Results on May 20, 2025 Arvind SmartSpaces Limited announced that they will report Q4, 2025 results on May 20, 2025 Announcement • Apr 08
Arvind SmartSpaces Limited Appoints Rahul Jhawar as Head - Human Resources, Effective April 7, 2025 Arvind SmartSpaces Limited announced that Mr. Rahul Jhawar has been appointed as "Head - Human Resources" of the Company with effect from 7th April, 2025 and has been designated as Senior Management Personnel of the Company. Mr. Rahul Jhawar is a Human Resource Professional having around 19 years of experience across geographies (Americas, EMEA, APAC) and industries (IT/ITES, Aviation, EPC/Infrastructure, Energy, Industry 4.0), in all HR functions like Strategic HR, HR Business Leadership, Talent acquisition & Management,Performance Management, Employee Engagement, HR Digital Transformation, HR Policies & Process, Mergers, Acquisitions & Change Management etc. He has completed his Post Graduate Diploma in Management (PGDM) from T. A. Pai Management Institute, Karnataka and Bachelor of Computer Application (BCA) from Osmania University, Hyderabad. Prior to joining Arvind SmartSpaces Limited, he has worked with leading companies like Sonata Software, LTIMindtree, Adani Group, L&T Group, Air India etc. Announcement • Apr 02
Arvind Smartspaces Limited Appoints Jai Kumar Ajbani as National Head - Legal, Effective 2 April, 2025 Arvind SmartSpaces Limited announced that Mr. Jai Kumar Ajbani has been appointed as "National Head - Legal" of the Company with effect from 2 April, 2025 and has been designated as Senior Management Personnel of the Company. Mr. Jai Kumar Ajbani is a Senior Legal Counsel having experience of over more than 20 years across various industries like infrastructure (EPC and BOT), Real Estate (residential and commercial), shipping, energy, manufacturing, hospitality. He has handled high value EPC and BOT projects including contract administration and arbitration during his tenure as Legal Counsel. He has completed his B. Comm. (Hons.) and Bachelor of Laws from the University of Delhi. Announcement • Feb 17
Arvind SmartSpaces Limited Adds New Plotted Development Project in Sanand, Ahmedabad Arvind SmartSpaces Limited (ASL) announced that it has signed a new residential plotted development project in Ahmedabad, with a total estimated area of 150 acre and a top-line potential of INR 6000 million. This project is located in Sanand-Nalsarovar road, Ahmedabad. The project is acquired on an outright basis. The project is strategically located approximately 15 km from Sanand and 30 km from Nalsarovar Lake. Known for its proximity to the Nalsarovar Bird Sanctuary and its natural charm, the region is set for transformative growth, balancing ecological preservation with modern infrastructure. The corridor benefits from enhanced connectivity and is close to major industrial hubs created a structural demand for horizontal real estate. Reported Earnings • Jan 31
Third quarter 2025 earnings released: EPS: ₹10.49 (vs ₹2.07 in 3Q 2024) Third quarter 2025 results: EPS: ₹10.49 (up from ₹2.07 in 3Q 2024). Revenue: ₹2.10b (up 149% from 3Q 2024). Net income: ₹477.4m (up 408% from 3Q 2024). Profit margin: 23% (up from 11% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 23% growth forecast for the Real Estate industry in India. Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has increased by 50% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jan 21
Arvind SmartSpaces Limited to Report Q3, 2025 Results on Jan 29, 2025 Arvind SmartSpaces Limited announced that they will report Q3, 2025 results on Jan 29, 2025 Valuation Update With 7 Day Price Move • Jan 13
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₹752, the stock trades at a forward P/E ratio of 34x. Average forward P/E is 36x in the Real Estate industry in India. Total returns to shareholders of 218% over the past three years. Board Change • Dec 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. 4 experienced directors. 4 highly experienced directors. Non-Executive Nominee Director Vipul Roongta was the last director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. New Risk • Nov 21
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 7.6% 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 (39% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (7.6% average weekly change). Valuation Update With 7 Day Price Move • Nov 01
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₹935, the stock trades at a forward P/E ratio of 42x. Average forward P/E is 42x in the Real Estate industry in India. Total returns to shareholders of 301% over the past three years. Reported Earnings • Oct 26
Second quarter 2025 earnings: EPS and revenues exceed analyst expectations Second quarter 2025 results: EPS: ₹8.95 (up from ₹1.91 in 2Q 2024). Revenue: ₹2.69b (up 271% from 2Q 2024). Net income: ₹406.9m (up 371% from 2Q 2024). Profit margin: 15% (up from 12% in 2Q 2024). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates significantly. Earnings per share (EPS) also surpassed analyst estimates by 176%. Revenue is forecast to grow 23% p.a. on average during the next 3 years, compared to a 23% growth forecast for the Real Estate industry in India. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has increased by 59% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Oct 18
Arvind SmartSpaces Limited to Report Q2, 2025 Results on Oct 25, 2024 Arvind SmartSpaces Limited announced that they will report Q2, 2025 results on Oct 25, 2024 Reported Earnings • Jul 31
First quarter 2025 earnings: EPS and revenues miss analyst expectations First quarter 2025 results: EPS: ₹0.64 (down from ₹1.77 in 1Q 2024). Revenue: ₹744.7m (up 11% from 1Q 2024). Net income: ₹29.2m (down 64% from 1Q 2024). Profit margin: 3.9% (down from 12% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 24%. Earnings per share (EPS) also missed analyst estimates by 78%. Revenue is forecast to grow 33% p.a. on average during the next 3 years, compared to a 22% growth forecast for the Real Estate industry in India. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has increased by 79% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jul 23
Arvind SmartSpaces Limited to Report Q1, 2025 Results on Jul 30, 2024 Arvind SmartSpaces Limited announced that they will report Q1, 2025 results on Jul 30, 2024 Upcoming Dividend • Jul 14
Upcoming dividend of ₹3.50 per share Eligible shareholders must have bought the stock before 18 July 2024. Payment date: 24 August 2024. Payout ratio is a comfortable 27% but the company is paying out more than the cash it is generating. Trailing yield: 0.5%. Lower than top quartile of Indian dividend payers (1.1%). In line with average of industry peers (0.4%). Reported Earnings • Jun 29
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: EPS: ₹9.17 (up from ₹5.83 in FY 2023). Revenue: ₹3.41b (up 33% from FY 2023). Net income: ₹415.7m (up 62% from FY 2023). Profit margin: 12% (up from 10.0% in FY 2023). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 14%. Earnings per share (EPS) also missed analyst estimates by 20%. Revenue is forecast to grow 32% p.a. on average during the next 3 years, compared to a 21% growth forecast for the Real Estate industry in India. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has increased by 86% per year, which means it is tracking significantly ahead of earnings growth. Declared Dividend • Jun 29
Dividend of ₹3.50 announced Shareholders will receive a dividend of ₹3.50. Ex-date: 18th July 2024 Payment date: 24th August 2024 Dividend yield will be 0.5%, which is about the same as the industry average. Sustainability & Growth Dividend is covered by earnings (27% earnings payout ratio) but not covered by cash flows (109% cash payout ratio). The dividend has increased by an average of 18% per year over the past 5 years. However, payments have been volatile during that time. EPS is expected to grow by 179% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Jun 25
Arvind SmartSpaces Limited, Annual General Meeting, Jul 25, 2024 Arvind SmartSpaces Limited, Annual General Meeting, Jul 25, 2024, at 11:00 Indian Standard Time. Valuation Update With 7 Day Price Move • Jun 11
Investor sentiment improves as stock rises 27% After last week's 27% share price gain to ₹693, the stock trades at a forward P/E ratio of 41x. Average forward P/E is 47x in the Real Estate industry in India. Total returns to shareholders of 537% over the past three years. Announcement • Jun 02
Arvind SmartSpaces Limited Appoints Mitanshu Shah as the Chief Financial Officer Arvind SmartSpaces Limited announced that based on the recommendation of Nomination and Remuneration Committee and Audit Committee, the Board of Directors of the Company at its meeting held on June 1, 2024 has appointed Mr. Mitanshu Shah as the Chief Financial Officer & Key Managerial Personnel of the Company with effect from June 1, 2024. Mitanshu Shah is qualified CMA and PGDBM with 30 years of experience in finance, strategy, M&A, business development, projects, risk management, stakeholder management, growth initiatives spanning healthcare, real estate, engineering, financial services. He was with Alembic Pharmaceuticals Limited as Senior Vice President - Finance and Investor Relations for 18 years. He has established track record of setting up business environment aided by robust processes and financial controls. Prior to Alembic group, he gained rich experience in reputed companies, Schneider Electric - French MNC, Sun Pharmaceuticals Limited and Sanofi India. He has various accolades to career and some of his significant achievements include working on more than10 M&A, Risk Management Framework, Digital Initiatives, driving ESG initiatives etc. He has completed his Master of Commerce from M. S. University - Baroda and is also a fellow member of Institute of Cost Accountants of India (CMA) and PGDBM from IIMA. Mitanshu Shah was awarded best CFO award from CFO Next 100. He is an illustrious panel awardee at CRISIL seminars. He is faculty and speaker at various forums (CII, FGI, ASSOCHAM, CRISIL, CARE, IRDA, ICAI, ICMA, My CFO, ET, CNBC, GBR) and other national level print and visual media. Reported Earnings • May 07
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: EPS: ₹9.17 (up from ₹5.83 in FY 2023). Revenue: ₹3.51b (up 37% from FY 2023). Net income: ₹415.7m (up 62% from FY 2023). Profit margin: 12% (up from 10.0% in FY 2023). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 14%. Earnings per share (EPS) also missed analyst estimates by 20%. Revenue is forecast to grow 33% p.a. on average during the next 2 years, compared to a 23% growth forecast for the Real Estate industry in India. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has increased by 95% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Feb 20
Arvind SmartSpaces Limited Sells Entire Released Inventory for Sale in the 1 Phase of Arvind Orchards Within 7 Hours Arvind SmartSpaces Limited (ASL), announced that it has sold out the entire inventory released for sale in the 1st phase of its residential plotted development project, Arvind Orchards in Devanahalli, Bengaluru, within 7 hours of launch. It consisted of more than 220 units valued at over INR 1,600 million. The project is housed under HDFC Platform 2. Arvind Orchards, is a one-of-its-kind orchard-themed plotted development nestled in Doddballapur Road,Devenahalli. This would be ASL's second residential plotted township in Bengaluru with world class infrastructure and amenities. Devanahalli is an established residential plotting micro-market near the Bengaluru International Airport and is home major economic hubs such as Aerospace SEZ and KIADB IT Park. This location enjoys excellent infrastructure connectivity which will be further enhanced by the upcoming Metro. Arvind SmartSpaces entered the Bengaluru market in 2013 and has till date added 11 projects across different micro-markets in the city. New Risk • Feb 19
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 8.1% 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. This is currently the only risk that has been identified for the company. Announcement • Feb 13
Arvind SmartSpaces Limited Announces Resignation of Ankit Jain as Chief Financial Officer, Effective April 13, 2024 Arvind SmartSpaces Limited announced that Mr. Ankit Jain, Chief Financial Officer (CFO) and Key Managerial Person (KMP) of the Company has tendered his resignation as CFO & KMP, on 13th February, 2024, to pursue professional goals outside the organisation. His last working day with the organisation will be 13th April, 2024. Reported Earnings • Feb 03
Third quarter 2024 earnings released: EPS: ₹2.07 (vs ₹0.94 in 3Q 2023) Third quarter 2024 results: EPS: ₹2.07 (up from ₹0.94 in 3Q 2023). Revenue: ₹864.2m (up 64% from 3Q 2023). Net income: ₹94.0m (up 121% from 3Q 2023). Profit margin: 11% (up from 8.1% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 36% p.a. on average during the next 3 years, compared to a 23% growth forecast for the Real Estate industry in India. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has increased by 74% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jan 25
Arvind SmartSpaces Limited to Report Q3, 2024 Results on Feb 01, 2024 Arvind SmartSpaces Limited announced that they will report Q3, 2024 results on Feb 01, 2024 Valuation Update With 7 Day Price Move • Dec 04
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₹437, the stock trades at a forward P/E ratio of 30x. Average forward P/E is 40x in the Real Estate industry in India. Total returns to shareholders of 351% over the past three years. Reported Earnings • Nov 02
Second quarter 2024 earnings released: EPS: ₹1.91 (vs ₹1.13 in 2Q 2023) Second quarter 2024 results: EPS: ₹1.91 (up from ₹1.13 in 2Q 2023). Revenue: ₹752.7m (up 50% from 2Q 2023). Net income: ₹86.4m (up 79% from 2Q 2023). Profit margin: 12% (up from 9.6% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 41% p.a. on average during the next 2 years, compared to a 19% growth forecast for the Real Estate industry in India. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has increased by 58% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Oct 24
Arvind SmartSpaces Limited to Report Q2, 2024 Results on Nov 01, 2023 Arvind SmartSpaces Limited announced that they will report Q2, 2024 results on Nov 01, 2023 Announcement • Oct 22
Arvind SmartSpaces Limited Adds New High-Rise Project in Bengaluru with Top-Line Potential of ~INR 4,000 Million Arvind SmartSpaces Limited announced that it has signed a new residential apartment project in Bengaluru, with a total estimated saleable area of ~0.46 million sq. ft. and a top-line potential of ~ INR 4,000 million. This project is located in Bannerghatta Road, Bengaluru. The project is acquired on an outright basis under the HDFC Platform 2. Bannerghatta is the faster growing residential micro market located in the southern part of Bengaluru on SH87. It has excellent connectivity to the Bannerghatta Main Road, IT/ITES belt in Electronic City and hosts numerous IT companies and Tech Parks. The site is in close proximity to extremely well-developed social and civic infrastructure with multiple schools, hospitals, retail, residential, and commercial spaces in close proximity. In addition, it is located close to picturesque hotspots MM Hills, The Bannerghatta National Park, St. Marks Cathedral, the PearlValley, ISKON Temple, Meenakshi Mall etc. Announcement • Aug 03
Unknown land partners agreed to acquire 48% stake in Arvind Beyond Five Club LLP and Chirping Woods Homes LLP from Arvind SmartSpaces Limited (NSEI:ARVSMART). Unknown land partners agreed to acquire 48% stake in Arvind Beyond Five Club LLP and Chirping Woods Homes LLP from Arvind SmartSpaces Limited (NSEI:ARVSMART) on August 2, 2023. The transaction has been approved by the Board of Directors of Arvind SmartSpaces. Announcement • Jul 26
Arvind SmartSpaces Limited to Report Q1, 2024 Results on Aug 02, 2023 Arvind SmartSpaces Limited announced that they will report Q1, 2024 results on Aug 02, 2023 Upcoming Dividend • Jul 14
Upcoming dividend of ₹3.30 per share at 0.5% yield Eligible shareholders must have bought the stock before 21 July 2023. Payment date: 01 September 2023. Trailing yield: 0.5%. Lower than top quartile of Indian dividend payers (1.5%). In line with average of industry peers (0.6%). Reported Earnings • Jul 08
Full year 2023 earnings released: EPS: ₹5.83 (vs ₹6.47 in FY 2022) Full year 2023 results: EPS: ₹5.83. Revenue: ₹2.56b (flat on FY 2022). Net income: ₹256.1m (up 2.2% from FY 2022). Profit margin: 10.0% (in line with FY 2022). Revenue is forecast to grow 37% p.a. on average during the next 2 years, compared to a 17% growth forecast for the Real Estate industry in India. Announcement • Jul 07
Arvind SmartSpaces Limited, Annual General Meeting, Aug 02, 2023 Arvind SmartSpaces Limited, Annual General Meeting, Aug 02, 2023, at 10:00 Indian Standard Time. Agenda: To receive, consider and adopt the audited financial statements (including consolidated financial statements) of the Company for the financial year ended on March 31, 2023 and the Reports of the Directors and Auditors thereon; to declare dividend on Equity Shares for the financial year ended on March 31, 2023; appoint a Director; and to consider other issues. Reported Earnings • May 21
Full year 2023 earnings released: EPS: ₹5.83 (vs ₹6.47 in FY 2022) Full year 2023 results: EPS: ₹5.83. Revenue: ₹2.63b (up 2.5% from FY 2022). Net income: ₹256.1m (up 2.2% from FY 2022). Profit margin: 9.7% (in line with FY 2022). Revenue is forecast to grow 36% p.a. on average during the next 2 years, compared to a 17% growth forecast for the Real Estate industry in India. Announcement • May 13
Arvind SmartSpaces Limited to Report Q4, 2023 Results on May 19, 2023 Arvind SmartSpaces Limited announced that they will report Q4, 2023 results on May 19, 2023 Valuation Update With 7 Day Price Move • Apr 03
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₹294, the stock trades at a forward P/E ratio of 22x. Average forward P/E is 25x in the Real Estate industry in India. Total returns to shareholders of 335% over the past three years. Reported Earnings • Jan 24
Third quarter 2023 earnings released: EPS: ₹0.94 (vs ₹1.43 in 3Q 2022) Third quarter 2023 results: EPS: ₹0.94 (down from ₹1.43 in 3Q 2022). Revenue: ₹552.3m (up 29% from 3Q 2022). Net income: ₹42.5m (down 28% from 3Q 2022). Profit margin: 7.7% (down from 14% in 3Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has increased by 47% per year, which means it is well ahead of earnings. Announcement • Jan 14
Arvind SmartSpaces Limited to Report Q3, 2023 Results on Jan 23, 2023 Arvind SmartSpaces Limited announced that they will report Q3, 2023 results at 4:00 PM, Indian Standard Time on Jan 23, 2023 Valuation Update With 7 Day Price Move • Dec 28
Investor sentiment improved over the past week After last week's 17% share price gain to ₹317, the stock trades at a trailing P/E ratio of 45x. Average trailing P/E is 25x in the Real Estate industry in India. Total returns to shareholders of 269% over the past three years. Reported Earnings • Nov 05
Second quarter 2023 earnings released: ₹1.13 loss per share (vs ₹0.71 profit in 2Q 2022) Second quarter 2023 results: ₹1.13 loss per share. Revenue: ₹516.2m (up 87% from 2Q 2022). Net income: ₹48.2m (up 79% from 2Q 2022). Profit margin: 9.3% (in line with 2Q 2022). Valuation Update With 7 Day Price Move • Sep 27
Investor sentiment deteriorated over the past week After last week's 15% share price decline to ₹230, the stock trades at a trailing P/E ratio of 35.6x. Average trailing P/E is 26x in the Real Estate industry in India. Total returns to shareholders of 171% over the past three years. Recent Insider Transactions • Sep 10
MD, CEO & Executive Director recently sold ₹23m worth of stock On the 6th of September, Kamal Sham Singal sold around 100k shares on-market at roughly ₹229 per share. This transaction amounted to 51% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Kamal Sham's only on-market trade for the last 12 months. 
