Art Nirman Ltd (ARTNIRMAN) AI Stock Analysis

• Market Cap: ₹985.26M
• Dividend Yield: N/A
• Average Volume (3M): 2.88K
• Price to Earnings (P/E): 419.6
• Beta (1Y): 1.09
• Revenue Growth: -30.27%
• EPS Growth: 14.38%
• Country: IN
• Employees: 13
• Sector: Real Estate
• Sector Strength: 53
• Industry: Real Estate - Development
• EPS (TTM): 0.03
• Shares Outstanding: 24,956,000
• 10 Day Avg. Volume: 3,192
• 30 Day Avg. Volume: 2,878
• PEG Ratio: 0.84
• Price to Book (P/B): 3.05
• Price to Sales (P/S): 4.15
• P/FCF Ratio: -7.35
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 50 Neutral
• Price Target: ₹39.00 ▼(-23.57% Downside)
• Action: Reiterated Date: 11/13/25
• Date: Action: Reiterated 11/13/25

Art Nirman Ltd's stock score is primarily impacted by its financial performance and technical analysis. The company's inconsistent financial metrics and high P/E ratio suggest potential risks. Technical indicators show weak momentum, contributing to a cautious outlook. The absence of earnings call data and corporate events leaves these areas unaddressed.

Positive Factors

Stable equity financing / moderate leverage

A stable equity ratio and moderate debt-to-equity provide durable financing flexibility and lower near-term refinancing risk. For a real-estate developer, this supports funding of projects and cushions cyclical headwinds, preserving operational capacity over the next 2–6 months.

Improved gross profit margin in 2025

A meaningful improvement in gross margin suggests better project-level economics or improved cost control. Sustained higher gross margins enhance resilience of core operations, increasing the chance of lasting profitability improvements across upcoming project cycles and supporting cash generation.

Lean operating structure (low headcount)

A very small employee base implies a lean cost structure and operational flexibility. In development businesses, low fixed overhead lets management scale staffing to projects quickly, aiding margin preservation and enabling faster cash burn control if revenues remain uneven in the medium term.

Negative Factors

Sharp multi-year revenue decline

A persistent and material revenue decline undermines the business's ability to fund projects internally and demonstrates weakening demand or execution. Over 2–6 months this reduces backlog visibility, restricts reinvestment capacity and increases reliance on external funding for new development.

Erratic and negative operating cash flow

Irregular and negative operating cash flow shows difficulty converting reported profits into usable cash, creating liquidity risk for capital-intensive projects. This structural cash conversion weakness can force costly external financing or delay projects, weakening medium-term execution prospects.

Volatile profitability and inconsistent returns

Wide swings in net income and EBIT margins reduce predictability of returns and impair planning for reinvestment or distributions. For a developer, margin volatility increases funding uncertainty for future projects and pressures management to prioritize liquidity over growth in the medium term.

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 of residential and commercial buildings, including houses, bungalows, rowhouses, farmhouses, resorts, schools, factories, mines, and amusement parks, as well as office spaces, showrooms, and shops. It also engages in the construction of special economic zone, industrial parks, and other infrastructure works, as well as land development businesses; sale of plots; and operates as a building contractor. The company was formerly known as Vishnudhara Buildcon Private Limited and changed its name to Art Nirman Limited in October 2011. Art Nirman Limited was incorporated in 2011 and is based in Ahmedabad, India.

How the Company Makes Money

Art Nirman Ltd generates revenue primarily through the sale and leasing of residential and commercial properties. Its core revenue streams include property sales, rental income from its developed properties, and project management fees from clients seeking expertise in construction and development. The company also engages in partnerships with local governments and private developers, which can provide access to funding and new project opportunities. Additionally, ARTNIRMAN may earn income through consultancy services related to urban planning and infrastructure development, further diversifying its revenue sources.

Art Nirman Ltd Financial Statement Overview

Summary

Art Nirman Ltd faces challenges with inconsistent revenue, profitability, and cash flow generation. While the balance sheet shows moderate leverage, the income statement and cash flow metrics indicate operational and financial volatility. The company needs to stabilize its revenue streams and improve cash flow generation to enhance financial health.

Income Statement

Art Nirman Ltd showed fluctuating revenue growth over the years, with a notable decline in revenue from 2021 to 2025. Gross profit margin improved significantly in 2025, but net income and EBIT margins remain volatile, indicating inconsistent profitability. The company has experienced both strong and weak periods in terms of profitability.

Balance Sheet

The company maintains a moderate debt-to-equity ratio, with total debt increasing over recent years. The equity ratio remains stable, indicating a fair level of asset financing through equity. However, the return on equity is inconsistent due to fluctuating net income, suggesting mixed efficiency in generating returns from equity.

Cash Flow

Operating cash flow has been erratic, with a significant negative figure in 2025. Free cash flow is also inconsistent, reflecting challenges in generating cash from operations. The cash flow to net income ratios indicate difficulty in converting income to cash, representing potential liquidity concerns.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	233.85M	273.85M	342.90M	197.17M	366.51M	848.93M
Gross Profit	230.84M	280.35M	145.32M	106.87M	2.77M	130.47M
EBITDA	29.83M	36.75M	21.51M	9.97M	-98.43M	26.33M
Net Income	15.13M	19.92M	11.79M	1.12M	-109.97M	204.00K
Balance Sheet
Total Assets	0.00	688.17M	531.76M	518.87M	449.78M	632.15M
Cash, Cash Equivalents and Short-Term Investments	37.57M	37.57M	43.51M	1.96M	51.52M	10.91M
Total Debt	0.00	180.56M	29.22M	25.26M	2.27M	49.50M
Total Liabilities	-372.86M	315.31M	178.82M	177.72M	109.75M	182.15M
Stockholders Equity	372.86M	372.86M	352.94M	341.15M	340.03M	450.00M
Cash Flow
Free Cash Flow	0.00	-154.84M	15.71M	-73.10M	92.86M	197.76M
Operating Cash Flow	0.00	-154.52M	15.85M	-72.98M	93.01M	198.09M
Investing Cash Flow	0.00	-4.19M	-11.30M	2.50M	-646.00K	1.86M
Financing Cash Flow	0.00	134.52M	-1.75M	20.92M	-51.75M	-205.50M

Art Nirman Ltd Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 51.03
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: 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 42.05, above the 50-day MA of 44.24, and above the 200-day MA of 50.64, indicating a bearish trend. The MACD of -1.31 indicates Positive momentum. The RSI at 35.45 is Neutral, neither overbought nor oversold. The STOCH value of 35.95 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

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	65 Neutral	$2.17B	12.19	3.79%	4.94%	3.15%	1.96%
LANCORHOL	56 Neutral	₹1.68B	-233.07	―	0.80%	4.65%	-137.16%
KAUSHALYA	51 Neutral	₹289.51M	13.89	―	―	―	―
ARTNIRMAN	50 Neutral	₹985.26M	419.59	―	―	-30.27%	14.38%