Arvind SmartSpaces Limited (ARVSMART.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

-203.1%

-₹593.63

vs ₹576.05 price

Levered DCF

-₹898.08

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

—

Rating

C+

Overall 2 / 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	23.87×	29.7×	77.07×	48.46×	31.66×	39.39×	6.1×	15.28×
P/B	3.55×	5.49×	6.48×	2.66×	1.81×	1.11×	0.83×	1.84×
P/S	4.08×	4.6×	9.39×	4.85×	3.09×	2.31×	0.8×	1.79×
EV / EBITDA	15.73×	18.38×	26.83×	26.26×	12.37×	11.73×	4.97×	9.02×
Gross margin	49.3%	43.5%	73.0%	50.9%	51.1%	47.8%	43.9%	41.6%
Operating margin	25.8%	22.9%	54.8%	19.9%	19.1%	27.1%	30.3%	25.7%
Net margin	17.1%	15.5%	12.2%	10.0%	9.8%	5.9%	13.1%	11.7%
Current ratio	1.21×	1.22×	1.24×	1.55×	1.59×	1.98×	1.68×	1.65×
Debt / equity	0.9×	0.48×	0.22×	0.31×	0.07×	0.61×	0.76×	0.67×
Interest coverage	4.71×	7.84×	4.56×	3.64×	3.38×	1.5×	3.73×	3.16×
Dividend yield	1.2%	0.5%	0.5%	0.0%	0.0%	0.0%	2.7%	0.0%
Payout ratio	28.5%	14.3%	35.8%	0.0%	0.0%	0.0%	16.3%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	14.9%	18.5%	8.4%	5.5%	5.7%	2.8%	13.6%	12.0%
Return on invested capital	7.5%	10.7%	17.0%	5.6%	6.3%	4.6%	10.9%	10.0%
Return on assets	2.7%	4.1%	2.0%	1.7%	2.2%	0.9%	4.9%	3.9%
Free cash flow yield	-10.7%	-3.5%	0.5%	-9.0%	19.1%	22.9%	-9.4%	2.6%
Earnings yield	4.2%	3.4%	1.3%	2.1%	3.2%	2.5%	16.4%	6.5%
Enterprise value	₹27.1B	₹35.1B	₹32.5B	₹13.2B	₹6.7B	₹5B	₹4.5B	₹6.3B
Net debt / EBITDA	2.37×	1.2×	0.39×	1.63×	-2.22×	3.63×	2.34×	2.34×
Cash conversion cycle (days)	2,591	1,189	5,002	2,904	2,221	4,490	1,587	1,771