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Aarvi Encon Ltd.
(AARVI)
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Rating:63Neutral
Price Target:
₹145.00
▲(13.33% Upside)
Action:Downgraded
Date:09/24/26
The score is driven mainly by mid-range financial performance (strong growth and a healthy balance sheet offset by thin margins and uneven cash conversion). Attractive valuation (low P/E plus dividend yield) lifts the overall view, while weak technicals and below-average momentum keep the score from being higher.
Positive Factors
Revenue Growth
Strong revenue expansion indicates sustained demand for Aarvi Encon’s engineering support and technical staffing services. Continued top-line growth can improve operating scale, support broader client activity, and create a durable base for earnings development over the next several quarters.
Negative Factors
Thin Profit Margins
Thin operating profitability leaves limited room to absorb higher personnel costs, pricing pressure, or execution inefficiencies. The sharp gross-margin decline in 2026 also raises concern that revenue growth may not translate consistently into stronger earnings without improved service economics.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Growth
Strong revenue expansion indicates sustained demand for Aarvi Encon’s engineering support and technical staffing services. Continued top-line growth can improve operating scale, support broader client activity, and create a durable base for earnings development over the next several quarters.
Read all positive factors
Aarvi Encon Ltd. (AARVI) vs. iShares MSCI India ETF (INDA)
Market Cap
₹2.04B
Dividend Yield1.48%
Average Volume (3M)15.89K
Price to Earnings (P/E)6.2
Beta (1Y)0.91
Revenue Growth22.41%
EPS Growth66.20%
CountryIN
Employees277
SectorGeneral
Sector StrengthN/A
IndustryStaffing & Employment Services
Share Statistics
EPS (TTM)21.90
Shares Outstanding14,844,100
10 Day Avg. Volume9,799
30 Day Avg. Volume15,893
Financial Highlights & Ratios
PEG Ratio-0.72
Price to Book (P/B)4.83
Price to Sales (P/S)1.06
P/FCF Ratio136.37
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Aarvi Encon Ltd. Business Overview & Revenue Model
Company Description
Aarvi Encon Limited, a technical manpower supply company, provides permanent and temporary manpower services in India, Malaysia, Italy, and internationally. The company offers procurement assistance and expediting; pre commissioning and commission...
How the Company Makes Money
Aarvi Encon primarily makes money through a fee-for-service model focused on technical staffing (deputation/contract staffing) and engineering support services. The main revenue stream is billing clients for the deployment of engineers and other t...
Aarvi Encon Ltd. Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
78
Positive
Cash Flow
46
Neutral
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 6.71B | 6.50B | 5.10B | 4.06B | 4.37B | 2.89B |
| Gross Profit | 561.38M | 209.19M | 1.34B | 1.13B | 1.53B | 801.73M |
| EBITDA | 240.37M | 238.28M | 158.69M | 148.30M | 186.64M | 139.05M |
| Net Income | 193.91M | 176.21M | 100.44M | 113.44M | 145.12M | 120.67M |
Balance Sheet | ||||||
| Total Assets | 0.00 | 2.37B | 2.13B | 1.71B | 1.58B | 1.49B |
| Cash, Cash Equivalents and Short-Term Investments | 141.04M | 172.56M | 149.95M | 237.30M | 70.43M | 62.55M |
| Total Debt | 0.00 | 266.97M | 267.81M | 97.51M | 34.03M | 64.30M |
| Total Liabilities | -1.42B | 948.80M | 877.06M | 543.20M | 503.87M | 542.87M |
| Stockholders Equity | 1.42B | 1.42B | 1.25B | 1.17B | 1.08B | 946.89M |
Cash Flow | ||||||
| Free Cash Flow | 54.36M | 50.30M | -133.31M | 23.76M | 20.29M | -113.59M |
| Operating Cash Flow | 59.24M | 60.05M | -34.36M | 31.44M | 32.13M | -104.10M |
| Investing Cash Flow | -40.17M | -4.96M | -146.87M | 11.48M | -1.24M | 1.15M |
| Financing Cash Flow | 7.79M | -30.46M | 141.40M | 20.07M | -37.74M | -10.84M |
Aarvi Encon Ltd. Technical Analysis
Negative
127.94
Price Trends
146.33
Negative
142.19
Negative
134.00
Positive
Market Momentum
-2.87
Negative
35.89
Neutral
50.77
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:AARVI, the sentiment is Negative. The current price of 127.94 is below the 20-day moving average (MA) of 139.06, below the 50-day MA of 146.33, and below the 200-day MA of 134.00, indicating a neutral trend. The MACD of -2.87 indicates Negative momentum. The RSI at 35.89 is Neutral, neither overbought nor oversold. The STOCH value of 50.77 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:AARVI.
Aarvi Encon Ltd. Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
63 Neutral | ₹2.04B | 6.17 | ― | 1.48% | 22.41% | 66.20% | |
61 Neutral | ₹10.41B | 0.20 | ― | 0.31% | 145.41% | 1411.16% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
50 Neutral | ₹7.53B | 25.88 | ― | 0.47% | -20.20% | -80.22% | |
44 Neutral | ₹16.46B | 0.48 | ― | 0.08% | -21.46% | ― | |
41 Neutral | ₹5.00B | 49.11 | ― | ― | -33.48% | ― |
* General Sector Average
IN:AARVI
Aarvi Encon Ltd.
135.18
14.19
11.73%
IN:GAYAPROJ
Gayatri Projects Limited
21.46
10.33
92.81%
IN:IL&FSENGG
IL&FS Engineering & Construction Co. Ltd.
39.90
11.40
40.00%
IN:MBECL
McNally Bharat Engineering Co. Ltd.
503.70
500.46
15446.30%
IN:PUNJLLOYD
Punj Lloyd Ltd.
―
―
―
IN:VASCONEQ
Vascon Engineers Limited
32.23
-36.70
-53.24%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.