Art Nirman Ltd: Intrinsic Value & Share Price Analysis

Q: What is the intrinsic value of Art Nirman Ltd and is it undervalued?

As of 26 June 2026, Art Nirman Ltd's intrinsic value is 23.37, which is 40.69% lower than the current market price of 39.40, suggesting the stock is overvalued. Calculated using the PE ratio method factoring in ROE (1.40 %), book value (14.9), dividend yield (0.00 %), and 5-year EPS CAGR.

Q: What is the current share price and 52-week range of Art Nirman Ltd?

Art Nirman Ltd is trading at 39.40 as of 26 June 2026, with a FY2026-2027 high of 72.5 and low of 29.4. The stock is currently near its 52-week low. Market cap stands at 98.2 Cr..

Q: Is Art Nirman Ltd financially healthy?

Key indicators: ROCE of 5.85 % is on the lower side. Dividend yield is 0.00 %.

Q: Is Art Nirman Ltd profitable and how is the profit trend?

Art Nirman Ltd reported a net profit of 2 Cr in Mar 2025 on revenue of 27 Cr. Compared to -11 Cr in Mar 2022, the net profit shows an improving trend.

Fair Value

₹32.17Overvalued by 18.35%vs CMP ₹39.40

P/E (189.0) × ROE (1.4%) × BV (₹14.90) × DY (2.00%)

₹23.37Overvalued by 40.69%vs CMP ₹39.40

MoS: -68.6% (Negative)Confidence: 53/100 (Moderate)Models: 1 Under, 5 Over

Model	Category	Value	Weight	Signal
PE-ROE	Earnings	₹45.87	34%	Under (+16.4%)
Graham Number	Earnings	₹12.69	25%	Over (-67.8%)
Net Asset Value	Assets	₹14.94	11%	Over (-62.1%)
Earnings Yield	Earnings	₹4.80	11%	Over (-87.8%)
ROCE Capital	Returns	₹13.41	11%	Over (-66%)
Revenue Multiple	Revenue	₹10.99	8%	Over (-72.1%)
Consensus (6 models)		₹23.37	100%	Overvalued

Key Drivers: EPS CAGR 42.6% lifts DCF — verify sustainability. | P/E of 189 makes PE-ROE unreliable — asset/earnings models are better benchmarks.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: 42.6%

*Investments are subject to market risks

Analyst Summary

Art Nirman Ltd operates in the Project Consultancy/Turnkey segment, current market price is ₹39.40, market cap is 98.2 Cr.. At a glance, stock P/E is 189, ROE is 1.40 %, ROCE is 5.85 %, book value is 14.9, dividend yield is 0.00 %. The latest intrinsic value estimate is ₹23.37, around 40.7% below the current price, so expectations may already be running ahead of this modelled fair value. On operating trend, latest reported sales are about ₹27 Cr versus the prior period change of -20.1%, while latest net profit is about ₹2 Cr with a prior-period change of 68.6%. The 52-week range shown on this page is 72.5/29.4, which helps frame where the current quote sits within its recent trading band. Business context: About the Company - Qualitative AnalysisART Nirman Ltd. is a Public Limited Listed company incorporated on 19/02/2011 and has its registered office in the State of Gujarat, India. Company's Corporate Identification Number(CIN) is L45200GJ20…

This summary is generated from the stock page data available for Art Nirman Ltd: Intrinsic Value & Share Price Analysis and is refreshed automatically when the underlying metrics change.

Investment Snapshot

Art Nirman Ltd scores 45/100 (Average)

Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison

Stock Health46/100 · Moderate

ROCE 5.9% WeakROE 1.4% WeakD/E 0.11 Low debtInterest Coverage 0.0x RiskyProfitable 4/5 years Consistent

Smart Money50/100 · Moderate

Promoter holding at 73.8% Stable

Earnings Quality55/100 · Moderate

OPM expanding (-11% → 9%) ImprovingWorking capital: 646 days Capital intensive

Quarterly Momentum53/100 · Moderate

Revenue (4Q): -30% YoY DecliningProfit (4Q): +14% YoY PositiveOPM: 20.0% (up 12.6% YoY) Margin expansion

Industry Rank10/100 · Weak

P/E 189.0 vs industry 44.9 Premium to peersROCE 5.9% vs industry 12.7% Below peersROE 1.4% vs industry 11.0% Below peers3Y sales CAGR: -9% Shrinking

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily.

Share Price and Basic Stock Data

Last Updated: June 12, 2026, 4:28 am

Market Cap	98.2 Cr.
Current Price	39.4
Intrinsic Value	₹23.37
High / Low	72.5/29.4
Stock P/E	189
Book Value	14.9
Dividend Yield	0.00 %
ROCE	5.85 %
ROE	1.40 %
Face Value	10.0
PEG Ratio	4.44

Stock P/E, Current Price, and Intrinsic Value Over Time

Stock P/E Current Price Intrinsic Value

View Share Price Target for Art Nirman Ltd

Competitors

Stock Name ⇩	Market Cap ⇩	Current Price ⇩	High / Low ⇩	Stock P/E ⇩	Book Value ⇩	Dividend Yield ⇩	ROCE ⇩	ROE ⇩	Face Value ⇩
Art Nirman Ltd	98.2 Cr.	39.4	72.5/29.4	189	14.9	0.00 %	5.85 %	1.40 %	10.0
Reliance Industrial Infrastructure Ltd	1,166 Cr.	772	999/617	113	283	0.45 %	3.33 %	2.44 %	10.0
Fine Line Circuits Ltd	25.2 Cr.	52.5	107/52.4	64.7	19.0	0.00 %	5.06 %	4.35 %	10.0
Pansari Developers Ltd	487 Cr.	279	352/218	24.5	88.4	0.00 %	12.5 %	13.8 %	10.0
Rites Ltd	9,637 Cr.	201	300/175	23.5	55.8	3.77 %	22.0 %	15.4 %	10.0
Industry Average	3,338.67 Cr	399.38		44.87	133.82	0.77%	12.69%	10.95%	10.00

All Competitor Stocks of Art Nirman Ltd

Quarterly Result

Metric	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	6.72	1.02	11.68	5.22	11.95	3.75	13.38	5.50	8.46	4.50	8.92	1.50	6.75
Expenses	6.58	0.95	10.96	5.01	11.14	3.52	12.59	4.99	7.83	4.18	7.10	1.52	5.40
Operating Profit	0.14	0.07	0.72	0.21	0.81	0.23	0.79	0.51	0.63	0.32	1.82	-0.02	1.35
OPM %	2.08%	6.86%	6.16%	4.02%	6.78%	6.13%	5.90%	9.27%	7.45%	7.11%	20.40%	-1.33%	20.00%
Other Income	0.00	0.00	0.02	0.16	0.03	0.02	0.12	0.08	0.09	0.14	0.09	0.12	0.05
Interest	0.00	0.00	0.20	0.01	0.00	0.00	0.56	0.02	0.02	0.02	1.07	0.03	0.84
Depreciation	0.18	0.18	0.18	0.17	0.17	0.17	0.16	0.16	0.16	0.16	0.09	0.14	0.12
Profit before tax	-0.04	-0.11	0.36	0.19	0.67	0.08	0.19	0.41	0.54	0.28	0.75	-0.07	0.44
Tax %	0.00%	0.00%	-8.33%	0.00%	0.00%	0.00%	-15.79%	0.00%	0.00%	0.00%	-4.00%	0.00%	0.00%
Net Profit	-0.04	-0.11	0.39	0.19	0.67	0.08	0.22	0.41	0.53	0.28	0.77	-0.07	0.43
EPS in Rs	-0.02	-0.04	0.16	0.08	0.27	0.03	0.09	0.16	0.21	0.11	0.31	-0.03	0.17

Last Updated: January 2, 2026, 11:00 am

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 23, 2026, 10:14 am

Metric	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	0.00	0.00	24.31	25.46	34.51	18.89	62.12	81.13	36.83	19.72	34.29	27.39	19.67
Expenses	-0.15	-0.96	23.04	24.28	27.02	8.91	53.77	78.54	46.74	18.75	32.25	24.11	16.39
Operating Profit	0.15	0.96	1.27	1.18	7.49	9.98	8.35	2.59	-9.91	0.97	2.04	3.28	3.28
OPM %			5.22%	4.63%	21.70%	52.83%	13.44%	3.19%	-26.91%	4.92%	5.95%	11.98%	16.68%
Other Income	0.01	0.01	0.02	0.26	0.47	0.62	0.11	0.14	0.06	0.03	0.35	0.40	0.35
Interest	0.09	0.89	0.47	0.41	5.54	7.99	6.47	1.99	0.45	0.21	0.57	1.13	1.98
Depreciation	0.02	0.08	0.09	0.34	0.82	0.76	0.75	0.73	0.71	0.71	0.68	0.58	0.46
Profit before tax	0.05	0.00	0.73	0.69	1.60	1.85	1.24	0.01	-11.01	0.08	1.14	1.97	1.19
Tax %	40.00%		30.14%	47.83%	30.00%	29.19%	33.87%	-100.00%	-0.09%	-37.50%	-2.63%	-1.52%
Net Profit	0.02	0.02	0.51	0.37	1.12	1.32	0.82	0.02	-11.00	0.11	1.18	1.99	1.20
EPS in Rs	20.00	20.00	1.28	0.49	1.47	1.08	0.33	0.01	-4.41	0.04	0.47	0.80	0.48
Dividend Payout %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year	2014-2015	2015-2016	2016-2017	2017-2018	2018-2019	2019-2020	2020-2021	2021-2022	2022-2023	2023-2024	2024-2025
YoY Net Profit Growth (%)	0.00%	2450.00%	-27.45%	202.70%	17.86%	-37.88%	-97.56%	-55100.00%	101.00%	972.73%	68.64%
Change in YoY Net Profit Growth (%)	0.00%	2450.00%	-2477.45%	230.15%	-184.85%	-55.74%	-59.68%	-55002.44%	55201.00%	871.73%	-904.08%

Art Nirman Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2014-2015 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:	%
5 Years:	-15%
3 Years:	-9%
TTM:	-32%

Compounded Profit Growth
10 Years:	58%
5 Years:	19%
3 Years:	30%
TTM:	9%

Stock Price CAGR
10 Years:	%
5 Years:	%
3 Years:	-22%
1 Year:	-27%

Return on Equity
10 Years:	-1%
5 Years:	-4%
3 Years:	3%
Last Year:	5%

Last Updated: September 4, 2025, 11:35 pm

Balance Sheet

Last Updated: June 17, 2026, 3:00 am

Month	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	0.01	4.00	7.60	7.60	12.18	24.96	24.96	24.96	24.96	24.96	24.96	24.96
Reserves	0.03	0.51	6.28	7.40	16.65	20.02	20.04	9.05	9.16	10.34	12.33	12.28
Borrowings	12.15	2.14	17.85	62.17	50.13	33.76	4.95	0.23	2.53	2.92	18.06	72.96
Other Liabilities	11.93	11.52	43.06	33.69	75.44	59.38	13.26	10.74	15.23	14.96	13.46	32.17
Total Liabilities	24.12	18.17	74.79	110.86	154.40	138.12	63.21	44.98	51.88	53.18	68.81	142.37
Fixed Assets	0.61	0.71	9.72	9.16	8.62	7.87	7.18	6.48	5.78	5.11	4.56	4.11
CWIP	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Investments	0.00	0.00	0.00	0.00	0.30	0.32	0.34	0.32	0.00	0.00	0.00	0.00
Other Assets	23.51	17.46	65.07	101.70	145.48	129.93	55.69	38.18	46.10	48.07	64.25	138.26
Total Assets	24.12	18.17	74.79	110.86	154.40	138.12	63.21	44.98	51.88	53.18	68.81	142.37

Reserves and Borrowings Chart

Cash Flow

Month	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Cash from Operating Activity +	0.13	1.76	-41.40	-13.80	23.44	-7.21	19.81	9.30	-7.30	1.59	-13.41	-47.30
Cash from Investing Activity +	-0.01	-0.21	-9.10	0.28	0.46	0.36	0.19	-0.06	0.25	-1.13	-0.42	-0.92
Cash from Financing Activity +	0.06	-1.36	52.68	12.77	-23.47	6.35	-20.55	-5.17	2.09	-0.18	13.45	50.72
Net Cash Flow	0.18	0.20	2.18	-0.75	0.43	-0.50	-0.56	4.06	-4.96	0.28	-0.38	2.50
Free Cash Flow	0.11	1.55	-50.75	-14.06	23.30	-7.22	19.78	9.29	-7.31	1.62	-13.44	-47.33
CFO/OP	14%	155%	-3,488%	-179%	240%	-82%	764%	-94%	-753%	78%	-409%	-954%

Free Cash Flow

Month	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Free Cash Flow	0.15	-11.19	-0.87	-16.67	-54.68	-40.15	-25.41	-2.36	-10.14	-1.56	-0.88	-14.78

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

Month	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days			0.00	109.10	200.74	470.50	122.80	63.57	177.99	425.90	35.34	33.18
Inventory Days			342.64	1,255.58	2,907.50		1,108.74	168.71	82.59	581.00	356.24
Days Payable			21.05	215.31	380.83		104.99	17.78	15.86	272.84	125.95
Cash Conversion Cycle			321.59	1,149.36	2,727.41	470.50	1,126.55	214.50	244.73	734.05	265.63	33.18
Working Capital Days			129.27	672.66	605.72	935.20	371.35	206.46	269.66	641.16	322.32	646.31
ROCE %	3.55%	9.72%	12.74%	5.73%	13.11%	12.60%	9.78%	3.11%	-25.09%	0.82%	4.49%	6.63%

Financial Efficiency Indicators Chart

Share Holding Pattern

Month	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Promoters	73.75%	73.75%	73.75%	73.75%	73.75%	73.75%	73.75%	73.75%	73.75%	73.75%	73.75%	73.75%
Public	26.25%	26.25%	26.25%	26.25%	26.25%	26.25%	26.25%	26.25%	26.25%	26.25%	26.25%	26.25%
No. of Shareholders	2,613	2,941	2,966	2,959	2,673	2,673	2,861	3,446	3,285	3,378	3,260	3,186

Shareholding Pattern Chart

No. of Shareholders

Art Nirman Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

This stock is not held by any mutual fund.

ROCE Trend

EPS Trend

Key Financial Ratios

Month	Mar 25	Mar 24	Mar 23	Mar 22	Mar 21
FaceValue	10.00	10.00	10.00	10.00	10.00
Basic EPS (Rs.)	0.80	0.47	0.04	-4.41	0.01
Diluted EPS (Rs.)	0.80	0.47	0.04	-4.41	0.01
Cash EPS (Rs.)	1.03	0.74	0.32	-4.12	0.29
Book Value[Excl.RevalReserv]/Share (Rs.)	14.94	14.14	13.67	13.63	18.03
Book Value[Incl.RevalReserv]/Share (Rs.)	14.94	14.14	13.67	13.63	18.03
Revenue From Operations / Share (Rs.)	10.97	13.74	7.90	14.76	34.08
PBDIT / Share (Rs.)	1.47	0.95	0.40	-3.94	1.09
PBIT / Share (Rs.)	1.24	0.68	0.11	-4.23	0.80
PBT / Share (Rs.)	0.78	0.45	0.03	-4.41	0.00
Net Profit / Share (Rs.)	0.79	0.47	0.04	-4.41	0.01
PBDIT Margin (%)	13.42	6.98	5.06	-26.72	3.20
PBIT Margin (%)	11.28	5.00	1.47	-28.66	2.35
PBT Margin (%)	7.17	3.34	0.42	-29.89	0.01
Net Profit Margin (%)	7.27	3.43	0.56	-29.86	0.02
Return on Networth / Equity (%)	5.34	3.33	0.32	-32.34	0.04
Return on Capital Employeed (%)	5.38	4.13	0.70	-26.62	3.64
Return On Assets (%)	2.89	2.21	0.21	-24.44	0.03
Long Term Debt / Equity (X)	0.48	0.08	0.07	0.00	0.10
Total Debt / Equity (X)	0.48	0.08	0.07	0.01	0.11
Asset Turnover Ratio (%)	0.44	0.65	0.40	0.68	0.84
Current Ratio (X)	5.57	3.99	4.26	7.08	6.65
Quick Ratio (X)	1.88	2.34	2.92	5.53	2.66
Inventory Turnover Ratio (X)	0.89	2.05	1.24	0.55	0.08
Interest Coverage Ratio (X)	3.26	4.19	4.82	-21.79	1.37
Interest Coverage Ratio (Post Tax) (X)	2.77	3.06	1.54	-23.35	1.01
Enterprise Value (Cr.)	121.61	122.85	128.86	237.15	83.72
EV / Net Operating Revenue (X)	4.44	3.58	6.54	6.44	0.98
EV / EBITDA (X)	33.09	51.32	128.91	-24.09	30.73
MarketCap / Net Operating Revenue (X)	3.92	3.62	6.42	6.57	0.93
Price / BV (X)	2.88	3.52	3.71	7.12	1.77
Price / Net Operating Revenue (X)	3.92	3.62	6.42	6.57	0.93
EarningsYield	0.01	0.01	0.00	-0.04	0.00

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

ART Nirman Ltd. is a Public Limited Listed company incorporated on 19/02/2011 and has its registered office in the State of Gujarat, India. Company's Corporate Identification Number(CIN) is L45200GJ2011PLC064107 and registration number is 064107. Currently Company is involved in the business activities of Construction of buildings carried out on own-account basis or on a fee or contract basis. Company's Total Operating Revenue is Rs. 33.24 Cr. and Equity Capital is Rs. 24.96 Cr. for the Year ended 31/03/2026.

INDUSTRY	ADDRESS	CONTACT
Project Consultancy/Turnkey	410, JBR Arcade, Science City Road, Ahmedabad Gujarat 380060	Contact not found

Management
Name	Position Held
Mr. Ashokkumar Thakker	Chairman & Managing Director
Mr. Piyush Thakkar	Executive Director
Mrs. Dharmishthaben Thakkar	Non Executive Director
Mr. Krunal Mistry	Independent Director
Mr. Hemang Shah	Independent Director
Mr. Chintan Bhatt	Independent Director

FAQ

What is the intrinsic value of Art Nirman Ltd and is it undervalued?

As of 26 June 2026, Art Nirman Ltd's intrinsic value is ₹23.37, which is 40.69% lower than the current market price of ₹39.40, suggesting the stock is overvalued. This is calculated using the PE ratio method factoring in ROE (1.40 %), book value (₹14.9), dividend yield (0.00 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of Art Nirman Ltd?

Art Nirman Ltd is trading at ₹39.40 as of 26 June 2026, with a FY2026-2027 high of ₹72.5 and low of ₹29.4. The stock is currently near its 52-week low. Market cap stands at ₹98.2 Cr..

How does Art Nirman Ltd's P/E ratio compare to its industry?

Art Nirman Ltd has a P/E ratio of 189, which is above the industry average of 44.87. This significantly elevated P/E suggests the market expects strong future growth, or the stock may be overpriced relative to current earnings.

Is Art Nirman Ltd financially healthy?

Key indicators for Art Nirman Ltd: ROCE of 5.85 % is on the lower side compared to the industry average of 12.69%; ROE of 1.40 % is below ideal levels (industry average: 10.95%). Dividend yield is 0.00 %.

Is Art Nirman Ltd profitable and how is the profit trend?

Art Nirman Ltd reported a net profit of ₹2 Cr in Mar 2025 on revenue of ₹27 Cr. Compared to ₹-11 Cr in Mar 2022, the net profit shows an improving trend.

Does Art Nirman Ltd pay dividends?

Art Nirman Ltd has a dividend yield of 0.00 % at the current price of ₹39.40. The company is currently not paying meaningful dividends.