Art Nirman Limited (ARTNIRMAN.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-170.1%

-₹27.62

vs ₹39.37 price

Levered DCF

-₹206.40

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

—

Rating

D+

Overall 1 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	139.95×	56.99×	111.17×	1,126.67×	-22×	3,902.44×	77.21×	26.49×
P/B	1.95×	3.05×	3.69×	3.71×	7.12×	1.77×	1.39×	1.21×
P/S	2.19×	4.15×	3.8×	6.42×	6.6×	0.94×	1.01×	1.87×
EV / EBITDA	28×	34.85×	59.96×	129.27×	-24.09×	31.8×	11.61×	7.85×
Gross margin	152.3%	102.4%	42.4%	54.2%	0.8%	15.4%	47.1%	184.6%
Operating margin	13.5%	9.8%	37.9%	1.3%	-29.0%	2.0%	12.3%	48.1%
Net margin	1.6%	7.3%	3.4%	0.6%	-30.0%	0.0%	1.3%	7.1%
Current ratio	4.48×	5.57×	3.99×	4.26×	7.08×	6.65×	2×	1.53×
Debt / equity	1.96×	0.48×	0.08×	0.07×	0.01×	0.11×	0.75×	1.74×
Interest coverage	1.07×	2.39×	22.73×	1.28×	-23.51×	0.86×	1.18×	1.13×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	1.4%	5.3%	3.3%	0.3%	-32.3%	0.0%	1.8%	4.6%
Return on invested capital	3.2%	4.7%	31.2%	0.6%	-26.7%	3.1%	5.8%	7.4%
Return on assets	0.4%	2.9%	2.2%	0.2%	-24.4%	0.0%	0.6%	0.9%
Free cash flow yield	-70.3%	-13.6%	1.2%	-5.8%	3.8%	24.8%	-11.5%	67.1%
Earnings yield	0.7%	1.8%	0.9%	0.1%	-4.5%	0.0%	1.3%	3.8%
Enterprise value	₹1.4B	₹1.3B	₹1.3B	₹1.3B	₹2.4B	₹837.2M	₹948.3M	₹827.3M
Net debt / EBITDA	13.32×	3.89×	-0.66×	2.34×	0.5×	1.47×	3.93×	4.56×
Cash conversion cycle (days)	-699	-19,873	264	734	194	212	1,129	-1,802