Arvind Ltd - Stock Valuation and Financial Performance

BSE: 500101 | NSE: ARVIND | Textile | Small Cap

Arvind Share Price

317.95 15.55 5.14%
as on 12-Apr'24 10:20

DeciZen - make an informed investing decision on Arvind

Overall Rating
Bole Toh

1. Quality

2. Valuation


3. Price Trend

Arvind stock performance -

mw4me loader
P/E Ratio (CD):
Market Cap:
7,911.7 Cr.
52-wk low:
52-wk high:

Is Arvind Ltd an attractive stock to invest in?

1. Is Arvind Ltd a good quality company?

Past 10 year's financial track record analysis by Moneyworks4me indicates that Arvind Ltd is a average quality company.

2. Is Arvind Ltd undervalued or overvalued?

The key valuation ratios of Arvind Ltd's currently when compared to its past seem to suggest it is in the Overvalued zone.

3. Is Arvind Ltd a good buy now?

The Price Trend analysis by MoneyWorks4Me indicates it is Strong which suggest that the price of Arvind Ltd is likely to Rise in the short term. However, please check the rating on Quality and Valuation before investing

10 Year X-Ray of Arvind:

Analysis of Financial Track Record

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Arvind Ltd has performed well in some of the past ten years indicating its past ten year financial track record is somewhat good

Value Creation

Value Creation Index Colour Code Guide

ROCE % 13.1%10.9%9.3%8.3%5.6%7.1%5.8%3.1%8.5%9.6%-
Value Creation

Growth Parameters

Growth Parameters Colour Code Guide

Sales 6,9357,8347,9939,2216,7947,1917,3695,0778,0108,3827,544
Sales YoY Gr.-13%2%15.4%-26.3%5.8%2.5%-31.1%57.8%4.7%-
Adj EPS 16.513.512.412.610.111.55.1-0.510.312.412.8
YoY Gr.--18.7%-7.7%1.8%-20.4%14%-55.4%-109.6%NA20.4%-
BVPS (₹) 89.495.1102.5137.6145.8105.9104.2104.6112.8127.9132.1
Adj Net
Cash Flow from Ops. 3885586505514282,358860776595666-
Debt/CF from Ops.


CAGR Colour Code Guide

9 Years 5 Years 3 Years 1 Years
Sales 2.1%4.3%4.4%4.7%
Adj EPS -3.2%4.2%34.2%20.4%
Share Price 5.6% 28.9% 73.3% 230.7%

Key Financial Parameters

Performance Ratio Colour Code Guide

Return on
Equity %
Op. Profit
Mgn %
Net Profit
Mgn %
Debt to
Working Cap
Cash Conv.

Recent Performance Summary

Return on Equity has increased versus last 3 years average to 9.80%

Net Profit is growing at healthy rate in last 3 years 34.20%

Debt to equity has declined versus last 3 years average to 0.42

Sales growth has been subdued in last 3 years 4.39%

Sales growth is not so good in last 4 quarters at -12.92%

Latest Financials - Arvind Ltd.

Standalone Consolidated
TTM EPS (₹) 10.8 12.8
TTM Sales (₹ Cr.) 6,908 7,544
BVPS (₹.) 129.1 132.1
Reserves (₹ Cr.) 3,116 3,195
P/BV 2.34 2.29
PE 28.07 23.65
From the Market
52 Week Low / High (₹) 88.29 / 319.05
All Time Low / High (₹) 6.80 / 477.85
Market Cap (₹ Cr.) 7,912
Equity (₹ Cr.) 261.6
Face Value (₹) 10
Industry PE 29.2

Management X-Ray of Arvind:

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *4.947.397.397.397.397.397.397.397.396.97
* Pledged shares as % of Promoter's holding (%)

Event Update

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Analyst's Notes

Adj EPS (Rs.)

Sales (Cr.)

ROE (%)

ROCE (%)

Profit And Loss

(All Figures are in Crores.)
Operating Expenses 6,0146,8247,0188,2586,1036,4586,6614,6007,1827,555
Manufacturing Costs1,3341,5961,6501,7631,5351,7361,5201,0311,8501,736
Material Costs3,1243,4943,4674,2063,1753,2613,7362,5224,1224,471
Employee Cost 6798028981,096875900942697780868
Other Costs 8769321,0031,194518561464350430480
Operating Profit 9211,010975963691733708478828828
Operating Profit Margin (%) 13.3%12.9%12.2%10.4%10.2%10.2%9.6%9.4%10.3%9.9%
Other Income 691028282748458525045
Interest 354417383312192237255239197192
Depreciation 225212240297222235290285254253
Exceptional Items -16-541-18-23-46-50-36-959
Profit Before Tax 394427441420330300170-31419487
Tax 5010012599696276-415171
Profit After Tax 34432731632126123994-27268417
PAT Margin (%) 5.0%4.2%4.0%3.5%3.8%3.3%1.3%-0.5%3.3%5.0%
Adjusted EPS (₹)13.713.
Dividend Payout Ratio (%)17%19%20%20%20%23%0%0%0%37%

Balance Sheet

(All Figures are in Crores.)

Equity and Liabilities

Shareholders Fund 2,5832,7242,6463,5543,7702,7382,6972,7072,9393,344
Share Capital 258258258258259259259259261262
Reserves 2,3252,4662,3883,2963,5112,4792,4382,4482,6783,083
Minority Interest2435561513058658475659
Long Term Debt1,3451,3941,4937578499351,0181,142758378
Short Term Debt1,4491,7011,9952,0252,2641,6011,175631803752
Trade Payables1,2491,3491,2141,4272,1471,3581,2601,4002,1831,238
Others Liabilities 7137735965307036049227859591,127
Total Liabilities 7,3637,9768,0018,44410,0387,3227,1306,7137,6976,898

Fixed Assets

Gross Block4,6715,2883,7794,1784,8224,2084,8584,8744,8424,923
Accumulated Depreciation1,7782,0804225498958211,0571,3071,5281,665
Net Fixed Assets2,8933,2083,3573,6283,9283,3873,8013,5683,3133,259
CWIP 13510014796116262113784680
Investments 129594242777678907066211
Trade Receivables1,0091,1667687951,7678971,0481,0921,109966
Cash Equivalents 166836154658184527777
Others Assets1,4031,5151,3241,2121,8411,019717694877656
Total Assets 7,3637,9768,0018,44410,0387,3227,1306,7137,6976,898

Cash Flow

(All Figures are in Crores.)
Cash Flow From Operating Activity 3885586505514282,358860776595666
PBT 407445441418388287168-31378484
Adjustment 537559543586639697584566481368
Changes in Working Capital -449-314-214-346-4701211139255-226-99
Tax Paid -108-131-119-107-128163-30-14-38-86
Cash Flow From Investing Activity -573-587-50266-35686-306-81-121-135
Capex -335-539-556-431-45641-397-89-147-170
Net Investments -71-3-171471-8-2500-18
Others -168-4670350985411782553
Cash Flow From Financing Activity 147-49-151-621-55-1,019-575-717-439-534
Net Proceeds from Shares 1003301063
Net Proceeds from Borrowing 342153158-9231583918291-415-298
Interest Paid -335-398-358-289-245-319-229-233-168-153
Dividend Paid -42-60-65-61-67-64-620-2-4
Others 18225611464996-676-466-575140-82
Net Cash Flow -38-77-3-4171,425-20-2234-3
ROE (%)16.0613.7212.3910.357.127.343.47-1.019.4913.26
ROCE (%)15.3815.1513.3711.297.688.5584.2213.0614.36
Asset Turnover Ratio1.031.0411.130.740.851.050.761.141.17
PAT to CFO Conversion(x)1.131.712.061.721.649.879.15N/A2.221.6
Working Capital Days
Receivable Days46504431696647754944
Inventory Days798086851249569857582
Payable Days103101106100171155109174138114

Arvind Ltd Stock News

Arvind Ltd FAQs

Company share prices are keep on changing according to the market conditions. The closing price of Arvind on 12-Apr-2024 10:20 is ₹317.9.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 12-Apr-2024 10:20 the market cap of Arvind stood at ₹7,911.7.
The latest P/E ratio of Arvind as of 12-Apr-2024 10:20 is 28.07.
The latest P/B ratio of Arvind as of 12-Apr-2024 10:20 is 2.34.
The 52-week high of Arvind is ₹319.1 and the 52-week low is ₹88.29.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Arvind is ₹6,908 ( Cr.) .

About Arvind Ltd

Arvind Limited started in the year 1931. With the aim of manufacturing the high-end superfine fabrics Arvind invested in very sophisticated technology. With 52,560 ring spindles, 2552 doubling spindles and 1122 looms it was one of the few companies in those days to start along with spinning and weaving facilities in addition to full-fledged facilities for dyeing, bleaching, finishing and mercerizing. The sales in the year 1934, three years after establishment were Rs 45.76 lakh and profits were Rs 2.82 lakh. Steadily producing high quality fabrics, year after year, Arvind took its place amongst the foremost textile units in the country.

In the mid 1980’s the textile industry faced another major crisis. With the power loom churning out vast quantities of inexpensive fabric, many large composite mills lost their markets, and were on the verge of closure. Yet that period saw Arvind at its highest level of profitability. There could be no better time, concluded the Management, for a rethink on strategy. The Arvind management coined a new word for it new strategy – Reno vision. It simply meant a new way of looking at issues, of seeing more than the obvious and that became the corporate philosophy.

The national focus paved way for international focus and Arvind’s markets shifted from domestic to global, a market that expected and accepted only quality goods. An in-depth analysis of the world textile market proved an eye opener. People the world over were shifting from synthetic to natural fabrics. Cottons were the largest growing segments. But where conventional wisdom pointed to popular priced segments, Reno vision pointed to high quality premium niches. Thus in 1987-88 Arvind entered the export market for two sections -Denim for leisure & fashion wear and high quality fabric for cotton shirting and trousers. By 1991 Arvind reached 1600 million meters of Denim per year and it was the third largest producer of Denim in the world.

In 1997 Arvind set up a state-of-the-art shirting, gabardine and knits facility, the largest of its kind in India, at Santej. With Arvind’s concern for environment a most modern effluent treatment facility with zero effluent discharge capability was also established. Year 2005 was a watershed year for textiles. With the muliti-fiber agreement getting phased out and the disbanding of quotas, international textile trade was poised for a quantum leap. In the domestic market too, the rationalizing of the cenvat chain and the growth of the organized retail industry was likely to make textiles and apparel see an explosive growth.

Arvind has carved out an aggressive strategy to verticalize its current operations by setting up worldscale garmenting facilities and offering a one-stop shop service, by offering garment packages to its international and domestic customers. With Lee, Wrangler, Arrow and Tommy Hilfiger and its own domestic brands of Flying Machine, Newport, Excalibur and Ruf & Tuf, Arvind set its vision of becoming the largest apparel brands company in India.

In March 2011, Arvind Mills had inked pact with Birla Cellulose, an Aditya Birla Group firm, to create the world’s softest denim fabric for women. This step mark’s its foray into the women’s wear segment. In May 2011, Arvind and Tata Housing Development, India’s leading real estate development company, have entered into a strategic partnership. The two conglomerates have floated a 50:50 joint venture to develop an integrated township project spread over 134 acres near Ahmedabad.

Business Division

Denim- Arvind is a leading producer of denim worldwide. Design, Innovations and Sustainability have been its core competency and have played a key role in its success. The use of sophisticated ultramodern technology under the guidance of world-renowned designers has enabled Arvind to deliver many firsts in the international markets. All its products are designed and modeled on the basis of expert design inputs coming from our designers based out of India, Japan, Italy and the United States. All Arvind Denim products come with the hallmark of distinctiveness and quality. The denim facility at Arvind is accredited with ISO 9001, ISO 14001, OEKOTEX 100, GOTS, and Organic exchange standard. Our labs are certified by NABL (ISO 17025 certification) and customers like Levi’s, Lee, and Wrangler etc.

Woven Fabrics- Shirting & Bottom weights: Arvinds’ shirting fabrics have consistently fetched a premium in the local and international markets. Its state of the art facility is capable of producing a total of 65 million meters per annum of Shirting and bottom weight fabrics. The product range is certified by Oekotex, and processes are certified by GOTS for producing Organic products, the company is certified producers of Lycra and Teflon based varieties, while its laboratory is accredited by Marks and Spencers, Next, Gap Inc., Levi's, DuPont and INVISTA.

Voiles: Arvind has been well poised as a leading manufacturer of super fine fabrics in India. An uncontested market-leader in the manufacture of voiles, Arvind still continues to manufacture the traditional fabric for both domestic and international markets. Arvind’s voiles are primarily used as blouse material and are sold in the domestic market through an impressive network of around 150 dealers, reaching over 5000 retail outlets throughout India. High quality Swiss voiles are exported to Switzerland, Sri Lanka and countries in the Middle East.

Knits Fabrics- Arvind’s knits department has an annual knitting capacity of 5,000 tons. The knits vertical has a fabric dyeing capacity of 5000 tons per annum and yarn dyeing capacity of 1800 tons per annum. It has the ability to process both tubular and open-width fabrics and offers specialty finishes like mercerization, singeing and various forms of brushing and peaching.

Garment Exports- A world without boundaries is a promise of a global marketplace. At Arvind, its range of fabrics is universal in appeal. The company aim to inspire a diverse mix of customers enriching lifestyles globally. It has successfully established itself as a one-stop shop for apparel solutions catering to an array of national and international clients.

Advanced Materials- The Company has created the Advanced Textiles Business. Building further on its legacy of innovation, it has brought a new level of sophistication to manufacturing fabrics. Its Pro1 range of branded fabrics and composite textiles includes solutions for growing industrial sectors like Personal Protection, Industrial Filtration, Wind Energy, Defense, Auto Components, Transportation, and Housing & Infrastructure.

Arvind Brands- Arvind is amongst a few organizations worldwide with a portfolio of brands that are as distinctive and relevant across diverse consumers. At Arvind, brands work across multiple channels, price points and consumer segments. The expanse of the Arvind brandscape is spread across the Indian market with around 273 standalone brand stores in addition to 975 counters selling through key accounts and multibrand outlets across India.

Mega Mart Retail- Arvind runs India's largest Value Retail Chain - Megamart. The MegaMart format offers a unique and differentiated proposition to the consumers. It offers mega brands at amazingly low prices and provides a retail experience of a high-end department store. The Megamart stores range in size from 2000 sq ft to 65000 sq ft. The larger stores are called Big Megamart and there are 6 such stores across Bangalore, Chennai, Pune and Mumbai. The smaller formats spreads across the country are 205 in number. Megamart is expanding rapidly and is expected to be a Rs. 1000 cr chain within the next two years. The brands sold exclusively in Megamart include : RUGGERS - SKINN - ELITUS - DONUTS - KARIGARI - MEA CASA - AUBURN HILL - BAY ISLAND - COLT - LEISHA- EDGE.

The Arvind Store- After decades of ruling the national and international fabric markets, Arvind has now introduced The Arvind Store, a unique concept in fabrics and apparel retail. The Arvind Store bring together, under one roof, the best that Arvind has to offer. It is a convergence of three of Arvind’s strongest capabilities, the best of fabrics from Arvind’s textiles division, leading apparel brands from Arvind Brands and bespoke styling solutions based on the latest garment styles from Arvind Studios. In a world where bespoke tailoring meets cutting edge fashion, The Arvind Store will create a shopping experience to rival the best in the Indian Marketplace.

Engineering- ANUP Engineering:  The Anup Engineering Limited (established in 1963), is the flagship Engineering Company of the Lalbhai Group, and is a subsidiary of Arvind Limited. It is an accredited ASME “U” & “NB” stamp and ISO-9001: 2008 certified company, conforming to specified standards. Anup has extensive experience in working with critical metallurgies like low temperature CS, NACE/HIC, low alloy, stainless steel, duplex, super duplex, monel, cupro nickel, etc. Anup is approved by IBR, CCOE & TDC certifications, and works closely with and under the surveillance of renowned national and international inspection agencies like Lloyds, BVI, DNV, EIL, Toyo Engineering, UHDE, and TUV etc.

ARVIND ACCEL: Arvind Accel Limited is a multi specialty Engineering Procurement and Construction Company. We provide customized engineering solutions starting from consultancy and design to the final implementation and commissioning of projects on a turnkey basis. Our certified support teams can also undertake complete operations and maintenance of a plant site or facility. We employ state of the art technology and equipment to provide unparalleled services for water, wastewater treatment and recycling projects.

Telecom-Arya Omnitalk: Arya Omnitalk is a 50:50 Joint Venture between India's highly reputed business houses, the J M Baxi Group & Arvind. The joint venture offers the following services - GPS based Fleet Automation & Management for City-wide Walky Talky services and Highway Traffic Management Solutions with CSSI.

Syntel: Syntel is a division of Arvind. With more than a million users as on date, Syntel has a dominant position in the Business Communication Solutions landscape offering a range of Analog and Digital EPABX based enterprise communication solutions for SMEs and leading Corporates.

Some of our esteemed clientele includes - Wipro, Whirlpool, Ashok Leyland, Blue Dart, Sahara Airlines, The Indian Armed Forces, State Bank of India, The World Bank, ICICI Lombard, etc.

Real Estate- Arvind’s recent foray into real estate has seen it become one of the prominent developers of the City of Ahmedabad. The company leverage its state of the art, sustainable construction techniques and engage the best architects to deliver high standards of excellence that Arvind is known for.



1931 -The inception of Arvind Mills at the hands of three brothers - Kasturbhai, Narottambhai and Chimanbhai Lalbhai.

1934 - Arvind establishes itself amongst the foremost textile units in the country.

1980 - Arvind records highest levels of profitability. The new strategy – ‘Reno vision’, points at changing the business focus from local to global, towards a high-quality premium niche market.

1987-88 - Arvind enters the export market for Denims with a dual focus - Denim for leisure and Denim for fashion wear.

1991 - Arvind emerges as the third largest manufacturer of denim in the world.

1997 - India’s largest state-of-the-art facility for shirting, gabardine and knits is set up at Santej.

2005 - Arvind creates a unique one-stop shop service on a global scale, offering garment packages to reputed national and international customers.

2007 - Arvind expands its presence in the brands and retail segment by establishing MegaMart – One of India’s largest value retail chains.

2010 - Arvind launches The Arvind Store, a concept putting the company’s best fabrics, brands and bespoke styling and tailoring solutions under one roof. Arvind launches its first major Real Estate projects. Arvind becomes one of India’s largest producers of fire protection fabrics.


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