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Art Nirman Ltd
(ARTNIRMAN)
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Rating:43Neutral
Price Target:
₹39.00
▼(-23.57% Downside)
Action:Reiterated
Date:10/01/26
The score is primarily held back by weak financial quality—especially deeply negative operating/free cash flow and a sharp increase in leverage—alongside volatile profitability despite strong recent revenue growth. Technical signals are broadly neutral, while valuation is a major headwind due to the very high P/E.
Positive Factors
Strong Revenue Rebound
The 2026 revenue rebound shows renewed project activity and stronger contract execution after a weaker period. Sustained top-line expansion can improve operating scale, support overhead absorption, and create a larger base from which the company can rebuild earnings over the coming quarters.
Negative Factors
Sharp Leverage Increase
The rapid increase in debt relative to equity materially raises refinancing and execution risk. Higher leverage can increase funding costs, reduce flexibility when projects underperform, and make the company more dependent on successful project completion and timely cash collection to remain financially stable.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong Revenue Rebound
The 2026 revenue rebound shows renewed project activity and stronger contract execution after a weaker period. Sustained top-line expansion can improve operating scale, support overhead absorption, and create a larger base from which the company can rebuild earnings over the coming quarters.
Read all positive factors
Art Nirman Ltd (ARTNIRMAN) vs. iShares MSCI India ETF (INDA)
Market Cap
₹1.00B
Dividend YieldN/A
Average Volume (3M)966.00
Price to Earnings (P/E)241.1
Beta (1Y)1.80
Revenue Growth44.75%
EPS Growth-73.78%
CountryIN
Employees13
SectorGeneral
Sector StrengthN/A
IndustryReal Estate - Development
Share Statistics
EPS (TTM)0.16
Shares Outstanding24,956,000
10 Day Avg. Volume961
30 Day Avg. Volume966
Financial Highlights & Ratios
PEG Ratio-1.91
Price to Book (P/B)1.95
Price to Sales (P/S)2.19
P/FCF Ratio-1.42
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
Art Nirman Ltd Business Overview & Revenue Model
Company Description
Art Nirman Limited engages in the real estate development and allied activities in India. The company is involved in the construction and development of residential, commercial, and plotting projects. It also engages in the construction and develo...
How the Company Makes Money
Art Nirman Ltd makes money by earning revenue from construction and engineering contracts. Its primary revenue stream is contract-based income tied to delivering projects (e.g., civil/building construction and related works), typically recognized ...
Art Nirman Ltd Financial Statement Overview
Summary
Income Statement
54
Neutral
Balance Sheet
49
Neutral
Cash Flow
22
Negative
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 338.51M | 332.36M | 273.85M | 342.90M | 197.17M | 366.51M |
| Gross Profit | 532.49M | 506.12M | 280.35M | 145.32M | 106.87M | 2.77M |
| EBITDA | 49.48M | 49.54M | 36.75M | 21.51M | 9.97M | -98.43M |
| Net Income | 3.97M | 5.20M | 19.92M | 11.79M | 1.12M | -109.97M |
Balance Sheet | ||||||
| Total Assets | 0.00 | 1.42B | 688.17M | 531.76M | 518.87M | 449.78M |
| Cash, Cash Equivalents and Short-Term Investments | 69.89M | 69.89M | 37.57M | 43.51M | 1.96M | 51.52M |
| Total Debt | 0.00 | 729.63M | 180.56M | 29.22M | 25.26M | 2.27M |
| Total Liabilities | -372.40M | 1.05B | 315.31M | 178.82M | 177.72M | 109.75M |
| Stockholders Equity | 372.40M | 372.40M | 372.86M | 352.94M | 341.15M | 340.03M |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | -511.57M | -154.84M | 15.71M | -73.10M | 92.86M |
| Operating Cash Flow | 0.00 | -511.27M | -154.52M | 15.85M | -72.98M | 93.01M |
| Investing Cash Flow | 0.00 | -12.79M | -4.19M | -11.30M | 2.50M | -646.00K |
| Financing Cash Flow | 0.00 | 549.08M | 134.52M | -1.75M | 20.92M | -51.75M |
Art Nirman Ltd Technical Analysis
Negative
51.03
Price Trends
40.24
Negative
40.47
Negative
41.41
Negative
Market Momentum
-0.34
Positive
43.10
Neutral
58.89
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:ARTNIRMAN, the sentiment is Negative. The current price of 51.03 is above the 20-day moving average (MA) of 39.60, above the 50-day MA of 40.24, and above the 200-day MA of 41.41, indicating a bearish trend. The MACD of -0.34 indicates Positive momentum. The RSI at 43.10 is Neutral, neither overbought nor oversold. The STOCH value of 58.89 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:ARTNIRMAN.
Art Nirman Ltd Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
64 Neutral | ₹1.52B | 10.33 | ― | 0.53% | -20.65% | -27.11% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
54 Neutral | ₹1.70B | 20.20 | ― | 3.22% | 43.07% | -75.84% | |
54 Neutral | ₹983.51M | -0.28 | ― | ― | -5.41% | 22.14% | |
51 Neutral | ₹1.35B | -6.96 | ― | ― | -57.64% | 30.21% | |
43 Neutral | ₹1.00B | 241.12 | ― | ― | 44.75% | -73.78% |
* General Sector Average
IN:ARTNIRMAN
Art Nirman Ltd
38.00
-12.80
-25.20%
IN:AMJLAND
AMJ Land Holdings Ltd.
38.01
-15.71
-29.25%
IN:UMIYA.MRO
Umiya Buildcon
91.10
6.35
7.49%
IN:PARSVNATH
Parsvnath Developers Limited
2.30
-12.48
-84.44%
IN:PODDARHOUS
Poddar Housing & Development Ltd.
49.21
0.00
0.00%
IN:PRAENG
Prajay Engineers Syndicate Ltd
18.10
-10.10
-35.82%
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.