Art Nirman Ltd (IN:ARTNIRMAN)
:ARTNIRMAN
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Art Nirman Ltd
(ARTNIRMAN)
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Rating:45Neutral
Price Target:
₹42.00
▼(-17.70% Downside)
Action:Reiterated
Date:05/28/26
The score is primarily constrained by weak financial quality—especially deeply negative operating/free cash flow and a sharp rise in leverage—despite the 2026 revenue rebound. Technicals are modestly supportive in the near term but not strong enough to offset fundamentals. Valuation is a major headwind due to the very high P/E and lack of dividend support.
Positive Factors
Revenue Growth
A robust 2026 revenue rebound demonstrates sustained demand or successful project completions, improving scale and topline visibility. Over the next 2–6 months this stronger revenue base can support project cash inflows, improve negotiating leverage with suppliers and help fund deleveraging or selective reinvestment.
Negative Factors
Deep Negative Cash Flow
Persistent deeply negative operating and free cash flow over multiple years indicates projects and working capital are consuming cash rather than generating it. This structural cash conversion problem forces dependence on external financing, raises rollover risk, and weakens the company’s ability to self-fund growth or absorb shocks.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Growth
A robust 2026 revenue rebound demonstrates sustained demand or successful project completions, improving scale and topline visibility. Over the next 2–6 months this stronger revenue base can support project cash inflows, improve negotiating leverage with suppliers and help fund deleveraging or selective reinvestment.
Read all positive factors
Art Nirman Ltd (ARTNIRMAN) vs. iShares MSCI India ETF (INDA)
Market Cap
₹982.02M
Dividend YieldN/A
Average Volume (3M)2.88K
Price to Earnings (P/E)172.1
Beta (1Y)1.63
Revenue Growth21.36%
EPS Growth-73.37%
CountryIN
Employees13
SectorReal Estate
Sector Strength53
IndustryReal Estate - Development
Share Statistics
EPS (TTM)0.60
Shares Outstanding24,956,000
10 Day Avg. Volume3,192
30 Day Avg. Volume2,878
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, an Indian enterprise established in 2011 and based in Ahmedabad, specializes in real estate development and associated services throughout the country. The company's operations encompass a wide array of construction projects. T...
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 | 233.85M | 332.36M | 273.85M | 342.90M | 197.17M | 366.51M |
| Gross Profit | 230.84M | 506.12M | 280.35M | 145.32M | 106.87M | 2.77M |
| EBITDA | 29.83M | 49.54M | 36.75M | 21.51M | 9.97M | -98.43M |
| Net Income | 15.13M | 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 | 37.57M | 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 | -372.86M | 1.05B | 315.31M | 178.82M | 177.72M | 109.75M |
| Stockholders Equity | 372.86M | 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
41.66
Negative
41.13
Negative
45.60
Negative
Market Momentum
-0.37
Positive
44.63
Neutral
46.34
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 41.15, above the 50-day MA of 41.66, and above the 200-day MA of 45.60, indicating a bearish trend. The MACD of -0.37 indicates Positive momentum. The RSI at 44.63 is Neutral, neither overbought nor oversold. The STOCH value of 46.34 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 (65)
IN:ARTNIRMAN
Art Nirman Ltd
40.07
-27.65
-40.83%
IN:KAUSHALYA
Kaushalya Infrastructure Development Corporation Ltd
840.00
-85.90
-9.28%
IN:LANCORHOL
Lancor Holdings Limited
25.27
3.35
15.28%
IN:MANJEERA
Manjeera Constructions Ltd
36.00
0.00
0.00%
IN:PODDARHOUS
Poddar Housing & Development Ltd.
49.21
4.57
10.24%
IN:SETUINFRA
Setubandhan Infrastructure Ltd
0.46
-0.43
-48.31%
Art Nirman Ltd Corporate Events
Art Nirman Confirms SEBI-Compliant Share Dematerialisation for March Quarter
Apr 14, 2026
Art Nirman Ltd has disclosed that its registrar and transfer agent, MUFG Intime India Private Ltd, has issued a confirmation certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended 31 ...
Art Nirman Responds to Exchange After Sharp Share Price Move
Apr 10, 2026
Art Nirman Ltd. disclosed that there has been a significant recent movement in its share price, drawing regulatory attention to trading in the stock. In response, the stock exchange sought updated, relevant information from the company to safeguar...
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.