Arvind Fashions financials and balance sheet

NSE: ARVINDFASNBSE: 542484RetailingSmall Cap

₹363.00₹13.95 (3.70%)BSE ₹362.50

Share price at the NSE close on 23 Oct 2026. Previous close ₹376.95.

52-week range of traded prices to 23 Oct 2026

₹358.25Low, 23 Oct 2026₹569.00High, 3 Nov 2025

Market cap: ₹4,854 Cr721st largest listed
P/E: 40.6
P/E without one-offs: 33.7
P/B: 5.1
Dividend yield: 0.44%
ROE: 12.6%
ROE without one-offs: 15.2%
ROCE: 25.5%
Debt to equity: 0.46
Volume, NSE: 2,06,10751.8% delivered

8 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Arvind Fashions annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings
Loss

A loss in 3 of the 8 years shown

Operating and net margin, per cent

Operating margin
Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out.

The years either side of a change of basis do not compare. From the year to Mar 2021, the company reports a discontinued business. From the year to Mar 2024, the company's revenue for that year, ₹4,259 Cr, differs from its quarters added, ₹4,443 Cr.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue5,266
Materials and goods−2,403
Employee costs−322
Other expenses−1,837
Operating profit705
Depreciation−290
Other income+41
One-off items−23
Finance costs−170
Profit before tax262
Tax−77
Discontinued businesses−1.2
Net profit184

What the company owns

Plant, investments and other assets₹2,011 Cr
Inventory₹1,390 Cr
Receivables₹752 Cr
Cash and bank₹64 Cr

What pays for it: net worth and liabilities

Owed to suppliers₹1,387 Cr
Net worth₹1,161 Cr
Other liabilities₹1,137 Cr
Borrowings₹531 Cr

Profit and loss

Consolidated, ₹ crore, years to March.Arvind Fashions quarterly results

₹ crore	Mar 2019Filed 17 May	Mar 2020Filed 9 Jul	Mar 2021Filed 3 Jun	Mar 2022Filed 28 May	Mar 2023Filed 31 May	Mar 2024Filed 22 May	Mar 2025Filed 23 Sep	Mar 2026Filed 6 May
Revenue from operations	4,644	3,866	2,201	3,056	4,421	4,259	4,620	5,266
	4,356	3,635	2,208	2,876	3,968	3,749	4,018	4,562
Materials and goods bought	2,289	2,131	1,287	1,710	2,292	2,037	2,150	2,403
Employee costs	408	349	229	237	268	260	269	322
Other expenses	1,659	1,154	692	929	1,409	1,451	1,600	1,837
Operating profit before depreciation	288	231	−7	180	453	511	602	705
Operating margin	6.2%	6.0%	−0.3%	5.9%	10.2%	12.0%	13.0%	13.4%
Materials, % of revenue	49.3%	55.1%	58.5%	55.9%	51.8%	47.8%	46.5%	45.6%
Employee costs, % of revenue	8.8%	9.0%	10.4%	7.7%	6.1%	6.1%	5.8%	6.1%
Other expenses, % of revenue	35.7%	29.9%	31.4%	30.4%	31.9%	34.1%	34.6%	34.9%
Depreciation and amortisation	153	438	303	233	239	230	256	290
Operating profit after depreciation	135	−206	−310	−53	214	280	346	415
Other income	4	60	128	67	53	34	35	41
Finance costs	126	289	225	124	138	144	156	170
Profit before one-off items and tax	13	−436	−406	−110	128	170	225	285
One-off items	0	−61	−45	0	0	−6	0	−23
Profit before tax	13	−496	−451	−110	128	164	225	262
	−9	−97	42	−6	40	57	191	77
Current tax	21	3	0	13	41	51	61	47
Deferred tax	−30	−100	42	−19	−1	7	129	30
Profit from discontinued businesses	–	–	−103	−133	−1	31	−1	−1
	21	−399	−596	−237	87	137	33	184
Belonging to the company's shareholders	17	−401	−580	−267	–	81	−36	123
Belonging to outside owners of subsidiaries	5	1	−16	31	–	56	69	61
Other comprehensive income	−7	5	−3	0	−1	−2	−1	3
Total comprehensive income	15	−394	−599	−237	86	135	32	186
Net margin	0.5%	−10.3%	–	–	2.0%	–	0.7%	3.5%

Net margin is left blank for the years to Mar 2021, Mar 2022 and Mar 2024: the profit includes the result of a business the company has discontinued, which the revenue does not, so the two make no margin. Belonging to the company's shareholders is left blank for the year to Mar 2023: the filing's earnings per share does not match the profit it states, and cannot be multiplied back into the owners' profit because the share it leaves the other owners is more than 10 points from the share the company's other periods state.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 17 May	Mar 2020Filed 9 Jul	Mar 2021Filed 3 Jun	Mar 2022Filed 28 May	Mar 2023Filed 31 May	Mar 2024Filed 22 May	Mar 2025Filed 23 Sep	Mar 2026Filed 6 May
	1,221	687	591	850	1,092	1,192	1,165	1,161
	1,129	599	522	750	910	1,003	957	944
Share capital	23	23	42	53	53	53	53	53
Reserves	1,106	575	480	697	857	950	904	890
Belonging to outside owners of subsidiaries	91	89	69	100	183	189	207	217
	791	1,210	903	502	598	466	390	531
Repayable after a year	86	163	157	72	31	11	8	105
Repayable within a year	705	1,048	746	430	567	456	381	426
	2,129	2,672	2,029	1,747	1,903	1,687	1,871	2,192
Trade payables	1,239	1,325	932	1,048	1,020	936	1,172	1,387
Other financial liabilities	104	229	280	188	46	51	78	96
Other liabilities	60	48	63	71	261	230	229	267
Provisions	21	22	8	10	7	7	8	11
Tax owed	0	–	–	0	3	6	4	5
	175	1,092	1,039	660	677	695	751	852
Other financial liabilities	67	910	863	573	122	132	122	107
Other liabilities	0	0	0	0	525	537	602	612
Provisions	21	20	19	14	0	16	19	28
Liabilities going with businesses held for sale	–	–	42	5	–	33	22	12
	3,524	4,451	3,701	3,263	3,672	3,607	3,809	4,216
Held for sale or for a demerger	–	–	123	5	–	–	–	–
	1,065	1,890	1,615	1,198	1,395	1,420	1,380	1,438
Plant in use, after depreciation	373	1,033	864	501	713	749	860	927
Plant being built	6	1	0	0	2	1	1	4
Intangible assets	53	90	70	49	41	35	37	42
Goodwill	111	111	111	111	111	111	111	111
Intangible assets being developed	6	–	–	0	0	2	2	–
Investments	0	0	0	0	0	0	0	0
Loans given	0	0	1	1	0	0	0	0
Other financial assets	236	207	150	62	62	56	65	83
Deferred tax	269	440	392	411	412	389	261	230
Other assets	11	8	27	63	54	75	44	41
	2,459	2,561	1,964	2,060	2,277	2,187	2,429	2,778
Inventories	986	1,306	810	831	982	909	1,080	1,390
Trade receivables	879	781	626	572	560	647	729	752
Cash and cash equivalents	8	10	8	87	178	153	151	51
Other bank balances	4	2	11	18	23	15	14	13
Loans given	4	4	4	4	2	1	2	0
Other financial assets	28	47	58	114	44	48	49	60
Tax paid in advance	30	38	30	29	0	0	–	–
Other assets	520	373	417	406	490	413	405	512
Net debt	779	1,199	885	397	397	298	225	467

Borrowings are counted again inside the liabilities due within a year and after a year.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021Filed 3 Jun	Mar 2022Filed 28 May	Mar 2023Filed 31 May	Mar 2024Filed 22 May	Mar 2025Filed 23 Sep	Mar 2026Filed 6 May
	−77	300	317	434	530	404
	−88	312	361	497	574	449
	100	278	−96	−3	−61	−259
Receivables	97	81	−7	−94	−92	−23
Inventories	426	44	−116	70	−189	−308
Payables	−352	97	−33	−59	234	206
Other working capital	−71	56	60	80	−13	−134
Tax paid	11	−12	−43	−63	−43	−43
Capital spending	42	17	63	82	96	109
Free cash flow	−119	284	254	352	434	295
	−40	−9	−28	32	−75	−98
Plant and property sold	0	0	2	2	5	1
Interest received	2	7	8	9	15	7
	111	−209	−198	−491	−456	−406
Borrowings raised	1	0	137	0	20	164
Borrowings repaid	−301	−441	−41	−132	−97	−22
Interest paid	−249	−88	−86	−78	−77	−85
Lease payments	−93	−175	0	0	−241	−266
Dividends paid	0	0	0	13	67	71
Shares bought back	0	0	0	0	0	0
Shares issued	499	495	5	2	5	10
Net change in cash	−6	82	91	−25	−2	−100

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.Arvind Fashions dividend history

₹ per share	Mar 2019Filed 17 May	Mar 2020Filed 9 Jul	Mar 2021Filed 3 Jun	Mar 2022Filed 28 May	Mar 2023Filed 31 May	Mar 2024Filed 22 May	Mar 2025Filed 23 Sep	Mar 2026Filed 6 May
Earnings per share	₹2.87	−₹68.37	−₹62.91	–	₹2.77	₹6.07	−₹2.67	₹9.18
Diluted earnings per share	₹2.81	−₹67.89	−₹62.86	–	₹2.76	₹6.05	−₹2.67	₹9.16
Dividend per share	–	–	–	–	₹1.00	₹1.25	₹1.60	₹1.60
Book value per share	₹194.73	₹102.00	₹45.99	₹56.64	₹68.48	₹75.45	₹71.80	₹70.61
Dividend payout	–	–	–	–	–	20.6%	–	17.4%
Shareholder yield	–	–	−31.7%	−13.2%	−0.1%	0.2%	1.2%	1.1%
Market cap at the year end (₹ crore)	6,051	860	1,577	3,760	3,715	6,025	4,977	5,392

Earnings per share is left blank for the year to Mar 2022: the earnings per share stated has the opposite sign to the profit stated beside it, so it is not shown.

Ratios

Consolidated, years to March.Arvind Fashions PE ratio and valuation

Ratio	Mar 2019Filed 17 May	Mar 2020Filed 9 Jul	Mar 2021Filed 3 Jun	Mar 2022Filed 28 May	Mar 2023Filed 31 May	Mar 2024Filed 22 May	Mar 2025Filed 23 Sep	Mar 2026Filed 6 May
Revenue growth	–	−16.7%	–	38.8%	44.7%	–	8.5%	14.0%
Operating profit growth	–	−19.8%	–	–	151.2%	–	17.9%	17.0%
Net profit growth	–	–	–	–	–	57.7%	−75.9%	456.9%
Earnings per share growth	–	–	–	–	–	119.1%	–	–
	1.5%	−46.4%	−103.5%	−42.0%	–	8.4%	−3.6%	12.9%
	–	−47.9 pts	−57.1 pts	61.5 pts	–	–	−12.1 pts	16.5 pts
From the net margin	–	−44.1 pts	–	–	–	–	–	14.6 pts
From asset turnover	–	11.3 pts	–	–	–	–	–	0.6 pts
From borrowing	–	−15.0 pts	–	–	–	–	–	1.3 pts
Return on capital employed	6.7%	−10.9%	−20.7%	−3.9%	12.7%	16.9%	22.3%	24.5%
Cash conversion	–	–	–	–	364.9%	316.7%	1,605.6%	220.1%
Interest cover	1.1	–	–	–	1.5	1.9	2.2	2.4
Debt to equity	0.65	1.76	1.53	0.59	0.55	0.39	0.33	0.46
Receivable days	69	74	104	68	46	55	58	52
Inventory days	157	224	230	177	156	163	183	211
Payable days	198	227	264	224	162	168	199	211
Cash conversion cycle, days	29	70	69	22	40	51	42	52
Working capital days	80	87	110	76	61	68	61	66
Asset turnover	1.32	0.97	0.54	0.88	1.28	1.17	1.25	1.31
Assets per rupee of net worth	3.12	4.62	7.28	5.47	4.18	3.81	3.78	4.22
Sales per rupee of plant	12.45	3.74	2.55	6.10	6.20	5.68	5.37	5.68
Capital spending to depreciation	–	–	0.14	0.07	0.26	0.36	0.37	0.38
Plant being built, % of plant in use	1.5%	0.1%	0.0%	0.0%	0.3%	0.2%	0.1%	0.4%

Interest cover is left blank for the years to Mar 2020, Mar 2021 and Mar 2022: operating profit after depreciation is a loss, and a loss covers no interest bill. From the net margin, from asset turnover and from borrowing are left blank for the years to Mar 2021, Mar 2022 and Mar 2025: the profit of this year or the year before includes a business the company has discontinued while its revenue does not, so the change in return on equity is not split into margin, turnover and borrowing. Revenue growth is left blank for the year to Mar 2021: between the two periods the company began reporting a business as discontinued, so the two are on different bases and the change is not worked out. Revenue growth and operating profit growth are left blank for the year to Mar 2024: between the two periods the company restated its earlier figures, so the two are on different bases and the change is not worked out.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 3.1%
Cash from operations against operating profit: 57.4%

Measure	5 years	3 years
Revenue growth, yearly rate	19.1%	6.0%
Return on equity, average	−6.1%	5.9%
Return on capital employed, average	14.5%	21.2%
Operating margin, average	10.9%	12.8%
Net margin, average	–	2.1%
Asset turnover, average	1.18	1.24
Cash conversion cycle, days, average	41	48
Interest cover, average	2.0	2.2
Debt to equity, average	0.46	0.39

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	1,985	1,368	404
Cash from investing	−179	−142	−98
Cash from financing	−1,760	−1,353	−406
Capital spending	367	287	109
Dividends paid	151	151	71
Shares bought back	0	0	0
Shares issued for cash	518	17	10
Borrowings raised	321	184	164
Borrowings repaid	733	250	22

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	2	7	8	7	7	6
Altman Z-scorePublished threshold 1.1	2.46	0.14	0.09	1.72	2.36	2.86	2.87	2.69
Beneish M-scorePublished threshold −1.78	–	–	−2.85	−3.06	−2.74	−2.76	−3.09	−2.78
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	−11.76	−15.17	−5.82	−9.04	−11.36	−3.05
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	4.98	3.87
Receivables growth less revenue growthOur threshold 0 percentage points	–	5.66	23.14	−47.45	−46.80	19.26	4.31	−10.95
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	39.27	1.65	−30.28	−15.85	3.73	13.24	16.89
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	−3.11	2.14	1.40	−0.32	−1.69	−0.18	2.26
Assets under construction, years of additionsOur threshold 2 years of additions	–	0.00	0.00	–	0.00	0.01	0.00	0.01
Effective tax ratePublished threshold 17.16 per cent	−66.77	–	–	–	31.33	34.94	84.72	29.41
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	−2.48	−3.30	65.47	12.87

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
8 Jan 2026	CARE Ratings Limited (opens in a new tab)	Fund-based-LT/ST	CARE A / CARE A1Review, Re-affirm	Positive	160
8 Jan 2026	CARE Ratings Limited (opens in a new tab)	Fund-based - LT-Term Loan	CARE AReview, Re-affirm	Positive	4.30
8 Jan 2026	CARE Ratings Limited (opens in a new tab)	Non-fund-based - ST-Working Capital Limits	CARE A1Review, Re-affirm		17.50

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.