Sector Alpha Week of 2026-07-24
Sector Alpha — machine-written from the numbers · Data as of 2026-07-24

Arvind Fashions Ltd

ARVINDFASN
Textiles - Readymade Apparel

Arvind Fashions Ltd's three tracks disagree. Price, valuation and the earnings engine each tell a different story — the next quarter or two settles it.

The sharpest disagreement: Foreign institutions moved −3.4 points over 8 quarters while the operating story went the other way — someone close to the numbers is not convinced.

The price is in a downtrend (26 weeks in) while the P/E sits at the 11th percentile of its own 7-year range. Underneath, the last four quarters read improving — profit +12.0% year on year, and 272% of the last 3 years' profit arrived as cash. What settles it: whether the register turns back in the story’s favour.

Stage
Turning around
fundamental trajectory, 12 quarters
Price
₹466
−5.5% 1Y
P/E
47.2×
11th pctile
of its own 7-year range
Revenue (Jun 26)
₹1,278 Cr
+15.4% YoY
Profit (Jun 26)
₹28.0 Cr
+12.0% YoY
Operating margin
12.0%
flat YoY
ROCE
19%
FY26
ROIC
12.6%
vs WACC 12.0% → +0.6 pp
Cash conversion
272%
of profit, last 3 FY
01 · Price story

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Arvind Fashions Ltd trades at ₹466, in a downtrend and 26 weeks into that stage. That is −0.2% against its own 200-day average. It sits at 46% of a 52-week range of ₹382 to ₹565. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (1 week and counting).

Today the stock is in a downtrend — week 26 of stage 4. At ₹466 it trades −0.2% versus its 200-day average and sits at 46% of its 52-week range (₹382–₹565).

Jul 26: ₹466 Weekly closing price (₹) with 50- and 200-day averages; shaded bands mark the price stage (grey base, green advance, amber top, red decline). 3-year window.
−0.2% versus the 200-day line, week 26 of stage 4
Price50-day avg200-day avg
S2S4S2S4₹635₹547₹458₹369₹280₹466₹467Jul 23Apr 24Feb 25Nov 25Jul 26
S2S4S2S4₹635₹547₹458₹369₹280₹466₹467Jul 23Feb 25Jul 26
Beating or trailing, week by week since 2019 Each cell is one week from 2019 to now (388 weeks): the stock's trailing 13-week return minus the NIFTY 500's, green ahead / red behind (±25% ramp). Grey cells are the 13-week warm-up or weeks where the NIFTY 500 reading is not held.
trailing 13-week return vs the NIFTY 500
Mar 19Jul 26

Against the market, two honest reads. Cumulative: over the last 7.3 years the stock moved −40% while the NIFTY 500 moved +142% — behind the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (1 week and counting; last ahead the week of 2026-07-10) — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

→ The trend is one thing; the bill is another. Are you paying up for it? Next: the P/E sits at the 11th percentile of its own range.

02 · Valuation

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Arvind Fashions Ltd trades at 47.2× P/E, near the bottom of its own range — cheaper only 11% of the time. Its long-run median P/E is 114.3×, measured across 7.0 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 47.2× is near the bottom of its own range — cheaper only 11% of the time, against a long-run median of 114.3× measured over 7.0 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

One caveat before moving on: margins are the best this company has ever printed — cheap against its own history on record margins is not the same thing as cheap. If profitability mean-reverts, today's multiple is higher than it looks.

P/E 47.2× vs a 114.3× long-run median P/E, weekly (left axis); earnings per share, trailing twelve months, weekly (right axis). 7.0-year window; loss-period spikes above 234× shown pinned at the top. The eps (ttm) bars are red where the reading is lower than the quarter before.
near the bottom of its own range — cheaper only 11% of the time
P/EMedianEPS (TTM) (quarterly)
248.7×₹10.9193.5×₹8.1138.3×₹5.483.1×₹2.727.9×₹0.0×47.20×₹10Jul 19Jul 23Apr 24Dec 24Jul 26
248.7×₹10.9193.5×₹8.1138.3×₹5.483.1×₹2.727.9×₹0.0×47.20×₹10Jul 19Apr 24Jul 26
PEG 0.57 PEG ratio per quarter — the P/E divided by the earnings-growth rate. The dashed line marks 1.0: below it the growth is cheap against the multiple, above it the price already prices the growth in. Last 7 quarters.
below 1.0, the growth looks cheap against the multiple
PEGPEG = 1.0
1.0×0.9×0.8×0.7×0.5××0.57×Q3 FY25Q4 FY25Q2 FY26Q3 FY26Q1 FY27
1.0×0.9×0.8×0.7×0.5××0.57×Q3 FY25Q2 FY26Q1 FY27
P/E
47.2×
11th percentile of 7y
PEG
0.93
as reported

The price move, decomposed: over 3y, of the +10.9%/yr price move, ~+48.7%/yr came from earnings growth and ~−37.8 pp from the multiple (compressing). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.

Put together: the multiple is low against its own past, so the story rests on the earnings line underneath it, not the multiple.

→ Cheap or dear rides on the earnings. Are they actually growing? Next: the fundamental stage — where the business sits in its arc, and how growth has compounded.

03 · Stage: Turning around

Stage: Turning around Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Arvind Fashions Ltd reads as turning around on its fundamental arc. Turning around — profit growth swung from −71.2% at the trough to +313.3% off a 4-quarter-old trough, ROCE holding at 22.4%. The read is built from 12 quarters across 4 curves, on full evidence.

Three growth curves, twelve quarters Year-on-year growth of trailing-twelve-month revenue (left axis), profit and EPS (right axis — they swing far wider), % at each quarter-end. Base-effect spikes shown pinned (▲). A missing point means that reading is not held for the quarter.
the trajectory the stage is read from
RevenueProfitEPS
15%336%11%207%7.3%78%3.5%−51%−0.4%−180%%%14%300%−121.6%Sep 23Dec 24Jun 26
15%336%11%207%7.3%78%3.5%−51%−0.4%−180%%%14%300%−121.6%Sep 23Dec 24Jun 26
ROCE Trailing-twelve-month operating profit (before interest and tax) as a share of average capital employed — total assets minus current liabilities, the standard textbook basis, %.
the return curve, computed quarterly
ROCE
22.6%21.9%21.1%20.3%19.6%%22.4%Sep 23Dec 24Jun 26
22.6%21.9%21.1%20.3%19.6%%22.4%Sep 23Dec 24Jun 26
Revenue growth
Steady high
latest +14.0% · span +0.7% to +14.0%
Profit growth
Rising
latest +313.3% · span −75.2% to +438.2%
EPS growth
Flat
latest −121.6% · span −144.1% to +374.4%
ROCE
Steady high
latest 22.4% · span 19.8%–22.4%

Why it matters: growth inflections are where re-ratings start — the curves say a turn is forming, so the question becomes whether the next quarters confirm it.

Growth, year by year: revenue +14.0% in FY26, profit +457.6% Year-over-year growth per fiscal year, %: revenue (left axis); net profit and EPS (right axis — profit growth swings far wider). Zero line drawn. Turnaround-year spikes shown pinned (▲).
Revenue YoYProfit YoYEPS YoY
248%348%171%174%94%0.0%17%−174%−60%−348%%%14%300%FY17FY21FY26
248%348%171%174%94%0.0%17%−174%−60%−348%%%14%300%FY17FY21FY26
TTM growth by quarter Trailing-twelve-month growth versus the year-ago TTM, per quarter, %: revenue (left axis); profit and EPS (right axis). The acceleration read compares the last 4 quarters (+14.0%) with the last 8 annualized (+11.8%). Spikes shown pinned (▲).
revenue stabilising, profit accelerating
Revenue TTM YoYProfit TTM YoYEPS TTM YoY
15%336%11%207%7.3%78%3.5%−51%−0.4%−180%%%14%300%Sep 23Dec 24Jun 26
15%336%11%207%7.3%78%3.5%−51%−0.4%−180%%%14%300%Sep 23Dec 24Jun 26
Compound annual growth rate (%) Compound annual growth rate over each window, %. Revenue, profit and EPS from fiscal-year figures; share price is the price CAGR over the same spans. A dash = that window is not held, or the base was a loss.
1yr3yr5yr10yr
Revenue+14.0%+9.0%+19.1%
Profit+457.6%+28.4%
EPS+49.2%
Share price−5.5%+10.9%+21.4%
Revenue YoY (Jun 26)
+15.4%
latest quarter vs a year ago
Profit YoY (Jun 26)
+12.0%
latest quarter vs a year ago
Revenue 10y
16.9%
long-run compound pace

→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.

04 · 4-Factor Sector Score

4-Factor Sector Score

52.4/100 — rank 12 of 26 in Textiles - Readymade Apparel · 93% evidence confidence

Arvind Fashions Ltd scores 52.4 out of 100 against the 26 companies it is compared with in Textiles - Readymade Apparel, ranking 12. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

The four contributions add to the total exactly: 23.8 + 11.7 + 8.9 + 8 = 52.4. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

05 · Revenue

Revenue Revenue is the top line: everything the company billed its customers in the period.

Arvind Fashions Ltd reported ₹1,278 Cr of revenue in the Jun 26 quarter, +15.4% year on year. That is the 11th straight quarter of year-on-year growth. Over 9 years it has compounded at 16.9% a year. The last full year, FY26, came in at ₹5,266 Cr. The last four reported quarters add to ₹5,438 Cr.

Arvind Fashions Ltd reported ₹1,278 Cr of revenue in the Jun 26 quarter, +15.4% year on year. That is the 11th straight quarter of year-on-year growth. Over 9 years it has compounded at 16.9% a year. The last full year, FY26, came in at ₹5,266 Cr. The last four reported quarters add to ₹5,438 Cr.

FY26 revenue came in at ₹5,266 Cr (+14.0% on the year), capping 9 years at 16.9% compound. The latest quarter (Jun 26) printed ₹1,278 Cr, +15.4% year on year — the 11th consecutive quarter of year-over-year growth.

FY26 revenue ₹5,266 Cr (+14.0% YoY) Revenue bars, ₹ Cr (left); YoY growth-% line (right). 10-year window. A bar is red when it is lower than the year before.
16.9% a year over 9 years
RevenueYoY growth
5.7k248%4.3k171%2.8k94%1.4k17%0−60%₹ Cr%₹5,26614%FY17FY21FY26
5.7k248%4.3k171%2.8k94%1.4k17%0−60%₹ Cr%₹5,26614%FY17FY21FY26
Jun 26: ₹1,278 Cr (+15.4% YoY) Quarterly revenue bars, ₹ Cr (left); YoY growth-% line (right). Last 12 quarters. A bar is red when it is lower than the quarter before.
11th straight quarter of growth
Revenue (quarterly)YoY growth
1.5k17%1.1k12%7667.6%3832.8%0−2.0%₹ Cr%₹1,27815.4%Sep 23Dec 24Jun 26
1.5k17%1.1k12%7667.6%3832.8%0−2.0%₹ Cr%₹1,27815.4%Sep 23Dec 24Jun 26

Pace check: the last four quarters averaged +14.0% growth against the decade's 16.9% — the current year is running slower than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +14.0% over the last 4 quarters against +11.8%/yr over the last 8 — stabilising; TTM profit +313.3% vs +9.2%/yr — accelerating.

→ Revenue grew — did margins hold as it scaled? Next: 12.0% this quarter (+0.0 pp YoY).

06 · Operating margin

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Arvind Fashions Ltd's operating margin is 12.0% in the Jun 26 quarter, +0.0 percentage points against the same quarter a year ago. That is the widest this company has ever printed on a full-year basis. Across 10 fiscal years the operating margin has ranged 0.0% to 13.0%. The current quarter sits inside that band.

Arvind Fashions Ltd's operating margin is 12.0% in the Jun 26 quarter, +0.0 percentage points against the same quarter a year ago. That is the widest this company has ever printed on a full-year basis. Across 10 fiscal years the operating margin has ranged 0.0% to 13.0%. The current quarter sits inside that band.

The latest quarter's operating margin is 12.0%, +0.0 pp against the same quarter a year ago. Across 10 fiscal years the operating margin has ranged 0.0%–13.0%, and FY26's 13.0% is the top of that band — a record year.

Why the margin moved: operating margin went +0.4 pp year on year while gross margin went +0.9 pp — the gain came mostly from the gross line: input costs and pricing.

Worth repeating from the valuation section: cheap against its own history on record margins is not the same thing as cheap — a record margin flatters every ratio built on top of it.

FY26: 13.0% Operating margin by fiscal year, %, line (left); year-on-year change in the margin, in percentage points, line (right). 10-year window.
the widest a 0.0–13.0% band over 10 years
operating marginYoY change (pp)
14%7.0%10%3.3%6.5%−0.5%2.7%−4.3%−1.0%−8.0%%%13%0%FY17FY21FY26
14%7.0%10%3.3%6.5%−0.5%2.7%−4.3%−1.0%−8.0%%%13%0%FY17FY21FY26
Jun 26: 12.0% operating margin (+0.0 pp YoY) Quarterly operating margin, %, line (left); year-on-year change in the margin, in percentage points, line (right). Last 12 quarters. Operating profit as a share of revenue, per quarter.
Operating marginYoY change (pp)
14.2%3.2%13.6%2.4%13.0%1.5%12.4%0.6%11.8%−0.2%%%12%0%Sep 23Dec 24Jun 26
14.2%3.2%13.6%2.4%13.0%1.5%12.4%0.6%11.8%−0.2%%%12%0%Sep 23Dec 24Jun 26

→ Margins held — did that reach the bottom line? Next: profit +12.0% in the latest quarter.

07 · Net profit

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Arvind Fashions Ltd earned ₹28.0 Cr of net profit in the Jun 26 quarter, +12.0% year on year. Full-year FY26 profit was ₹184 Cr. The 9-year compound rate is 32.1%. That is 2.2% of the quarter's revenue. The same quarter a year earlier earned ₹25.0 Cr. 1 of the last 12 reported quarters were loss-making.

Arvind Fashions Ltd earned ₹28.0 Cr of net profit in the Jun 26 quarter, +12.0% year on year. Full-year FY26 profit was ₹184 Cr. The 9-year compound rate is 32.1%. That is 2.2% of the quarter's revenue. The same quarter a year earlier earned ₹25.0 Cr. 1 of the last 12 reported quarters were loss-making.

Jun 26 profit was ₹28.0 Cr, +12.0% year on year. On the full year, FY26 printed ₹184 Cr (+457.6%), and the 9-year compound rate is 32.1%.

FY26 profit ₹184 Cr (+457.6% YoY) Net profit bars, ₹ Cr (left); YoY growth-% line (right). 10-year window. A bar is red when it is lower than the year before.
32.1% a year over 9 years
Net profitYoY growth
246654%20−58%−206−771%−432−1,484%−658−2,197%₹ Cr%₹184457.6%FY17FY21FY26
246654%20−58%−206−771%−432−1,484%−658−2,197%₹ Cr%₹184457.6%FY17FY21FY26
Jun 26: ₹28.0 Cr (+12.0% YoY) Quarterly net profit bars, ₹ Cr (left); YoY growth-% line (right). Last 12 quarters. A bar is red when it is lower than the quarter before.
Net profit (quarterly)YoY growth
77234%3796%−3−42%−43−180%−83−318%₹ Cr%₹2812%Sep 23Dec 24Jun 26
77234%3796%−3−42%−43−180%−83−318%₹ Cr%₹2812%Sep 23Dec 24Jun 26

Why profit moved: revenue contributed +15.4% and the margin +0.0 pp — the quarter was revenue-led, with the margin roughly flat.

Pace comparison, last four quarters: profit +4.3% vs revenue +14.0%. Profit is growing slower than sales — costs are eating the growth before it reaches the bottom line.

→ Profit rose — but did the cash follow? Next: 272% of the last 3 years' profit arrived as cash.

08 · Cash flow — the router

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 272% of Arvind Fashions Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹0.0 Cr of operating cash against ₹184 Cr of profit. After ₹363 Cr of capital spending, ₹−363 Cr was left as free cash.

FY26: operating cash of ₹0.0 Cr against reported profit of ₹184 Cr, leaving free cash of ₹−363 Cr after ₹363 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 272% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

FY26: CFO ₹0.0 Cr vs profit ₹184 Cr Operating cash flow and net profit by fiscal year, ₹ Cr; the line is free cash flow (CFO minus capital spending). 10-year window, annual resolution. FY18 reflects an acquisition year — point shown clipped.
272% of 3-year profit arrived as cash
Operating cashNet profitFree cash
645229−186−601−1.0k₹ Cr₹0₹184₹−363FY17FY21FY26
645229−186−601−1.0k₹ Cr₹0₹184₹−363FY17FY21FY26
FY26: CFO = 0% of profit (three-year rate 272%) Operating cash as a share of net profit, per fiscal year, % (line). Dashed line = 100% — every unit of profit arriving as cash; outlier years shown pinned.
Conversion100%
402%33%−336%−706%−1,075%%0%FY17FY21FY26
402%33%−336%−706%−1,075%%0%FY17FY21FY26

Why conversion sits at 272%: the cash cycle tightened 17 days between FY21 and FY26 — cash that used to wait in the cycle now reaches the bank sooner.

Router verdict: no single sink dominates — the next section checks both the working-capital cycle and the capital spending.

→ So follow the cash to where it goes. Next: a 52-day cycle and ₹993 Cr of building.

09 · Where the cash goes

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Arvind Fashions Ltd's cash conversion cycle runs 52 days in FY26, down from 69 days in FY21. Capital spending ran ₹993 Cr over the last 3 years. At FY26 sales of ₹5,266 Cr each day of that cycle holds about ₹14.4 Cr, so roughly ₹750 Cr sits inside the business at any moment.

FY26: debtors at 52 days, inventory at 211 days — roughly 6.9 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 52 days, tighter than FY21's 69.

The full loop: cash goes out to suppliers and production on day 0; stock waits 211 days to sell; customers pay about 52 days after that; and suppliers themselves are paid at 211 days — netting out to the 52-day cycle.

In money terms: at FY26 sales of ₹5,266 Cr, each day of the cycle holds about ₹14.4 Cr — so the 52-day loop keeps roughly ₹750 Cr sitting inside the business at any moment.

FY26: a 52-day cash cycle Debtor days, inventory days, payable days and the cash conversion cycle by fiscal year. 10-year window.
−17 days vs FY21
Cash cycleInventory daysDebtor daysPayable days
534392250108−34days52d211d52d211dFY17FY19FY21FY23FY26
534392250108−34days52d211d52d211dFY17FY21FY26

On the investment side: capital spending of ₹993 Cr over the last 3 fiscal years against ₹776 Cr of depreciation — building somewhat ahead of wear-and-tear. Capital work-in-progress stands at ₹4.0 Cr (FY26) — capacity paid for but not yet earning.

FY26: capex ₹363 Cr, work-in-progress ₹4.0 Cr Capital spending per fiscal year, ₹ Cr (bars); capital work-in-progress, ₹ Cr (line). Quarterly capital-spending history is not held for India — annual is the honest resolution.
steady investment
CapexWork-in-progress
1.2k844479113−252₹ Cr₹363₹4FY18FY20FY22FY24FY26
1.2k844479113−252₹ Cr₹363₹4FY18FY22FY26

The synthesis: neither the cycle nor the build-out is hoarding the cash — the machine is reasonably clean.

→ Does all this activity actually earn its cost of capital? Next: ROCE is 19% and the ROIC − WACC spread is +0.6 pp.

10 · Return on capital

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

Arvind Fashions Ltd earns a ROCE of 19% in FY26. That is up from a trough of −8% in FY21. Return on invested capital clears the cost of that capital by +0.6 percentage points, so growth here adds value rather than only size. The wiring behind it is 3.5% net margin on 1.25× asset turns.

FY26 ROCE is 19%, recovered from a FY21 trough of −8% — the full ladder below shows the fall and the climb, undoctored.

Why the return is what it is — the wiring (FY26): 3.5% net margin × 1.25× asset turns × 4.47× balance-sheet leverage ≈ 19.6% on equity. Margin does its share; leverage is a meaningful part of the equation.

The capstone test — ROIC − WACC: 12.6% − 12.0% = a +0.6 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. Positive but thin — value creation with little room for error.

FY26: ROCE 19% Return on capital employed by fiscal year, % (line); ROIC by fiscal year, % (line). 9-year window, dips included. Dashed line = the 12.0% cost of capital used on this page.
the climb back from FY21's −8%
ROCEROIC (annual)WACC
21%13%5.5%−2.3%−10%%19%12.7%FY18FY22FY26
21%13%5.5%−2.3%−10%%19%12.7%FY18FY22FY26
Q4 FY26: ROCE 20.6% (TTM) vs WACC 12.0% Trailing-twelve-month ROCE and ROIC, per quarter, %; dashed line = the cost of capital. Last 12 quarters, put on a trailing-twelve-month basis and anchored to the annual figure.
ROCE (TTM)ROIC (TTM)WACC
22%17%12%6.5%1.4%%20.6%12.6%Q2 FY24Q3 FY25Q1 FY27
22%17%12%6.5%1.4%%20.6%12.6%Q2 FY24Q3 FY25Q1 FY27

→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 1.42.

11 · Debt

Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.

Arvind Fashions Ltd carries total debt of ₹1,336 Cr against shareholder equity of ₹1,161 Cr as of Jun 26, a debt-to-equity of 1.15. On the annual view that ratio went from 1.30 in FY22 to 1.15 in FY26. Read the returns elsewhere on this page with that leverage in mind.

Jun 26: total debt of ₹1,336 Cr against shareholder equity of ₹1,161 Cr — a debt-to-equity of 1.15. On the annual view, debt-to-equity went from 1.30 (FY22) to 1.15 (FY26). Read the returns on this page with that leverage in mind.

FY26: debt ₹1,336 Cr at 1.15× equity Total debt by fiscal year, ₹ Cr (bars); debt-to-equity, × (line). 5-year window.
Total debtDebt-to-equity
1.4k1.3×1.1k1.2×7211.1×3611.0×00.9×₹ Cr×₹1,3361.15×FY22FY24FY26
1.4k1.3×1.1k1.2×7211.1×3611.0×00.9×₹ Cr×₹1,3361.15×FY22FY24FY26
Jun 26: debt ₹1,336 Cr, debt-to-equity 1.15 Total debt per quarter, ₹ Cr (bars); debt-to-equity, × (line). Last 12 quarters. India reports the full balance sheet half-yearly, so the intervening quarter carries the prior reading forward.
Total debt (quarterly)Debt-to-equity
1.4k1.22×1.1k1.15×7211.08×3611.01×00.94×₹ Cr×₹1,3361.15×Sep 23Dec 24Jun 26
1.4k1.22×1.1k1.15×7211.08×3611.01×00.94×₹ Cr×₹1,3361.15×Sep 23Dec 24Jun 26

→ Who owns this, and are they adding or leaving? Next: Domestic institutions added 13.1 points over 8 quarters.

12 · Ownership

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Domestic institutions added 13.1 points of Arvind Fashions Ltd over 8 quarters, the biggest move on the register. That takes domestic institutions to 25.0% of the company. Foreign institutions moved −3.4 points over the same window, to 12.2%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Domestic institutions: +13.1 points over 8 quarters to 25.0%; Foreign institutions: −3.4 points over 8 quarters to 12.2%; Promoters: −0.1 points over 8 quarters to 35.1%.

Why the register moved: rotation — foreign institutions −3.4 points against domestic institutions +13.1 points over 8 quarters, with promoters holding steady — one class of institutions handing the register to the other, not a verdict change by the people closest to the numbers.

Fiscal-year ends: promoters −1.7 pts from Mar 24 to Mar 26 Shareholding at each fiscal-year end (March quarter), % of the company. 3 year-ends held.
PromotersForeign inst.Domestic inst.Public
39%31%23%15%7.2%%35.1%12.0%24.6%28.3%Mar 24Mar 25Mar 26
39%31%23%15%7.2%%35.1%12.0%24.6%28.3%Mar 24Mar 25Mar 26
Domestic institutions added 13.1 points over 8 quarters Shareholding by holder class, % of the company, quarterly, last 13 quarters.
PromotersForeign inst.Domestic inst.Public
41%32%23%14%5.6%%35.1%12.2%25.0%27.8%Jun 23Dec 24Jun 26
41%32%23%14%5.6%%35.1%12.2%25.0%27.8%Jun 23Dec 24Jun 26

→ One last check: does the safety math agree? Next: the balance-sheet safety line.

13 · Safety line

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Arvind Fashions Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

Related companies · same sector · Textiles - Readymade Apparel Every company is compared on the shape of its own curves, not static ratios. The Revenue, EPS and ROCE columns each draw that company's last 12 quarters as a mini line of the ACTUAL level (trailing-twelve-month revenue and EPS, and the ROCE itself) — so a line that climbs is a business getting bigger, a line that sinks is one shrinking. The colour tracks the same line: green when it is rising or steadily healthy, amber when it is rolling over from a high (still elevated but turning down), red when it is falling, grey when flat or stuck. Colour and direction always agree — a green line never points down. The ROCE curve is the return on capital (annual readings for peers, so a slightly coarser line than the quarterly one at the top of this page). The Stage column then runs the same 12-quarter trajectory classifier used at the top of the page on each company and names where it sits. What lands a company in each bucket: CONSISTENT — growth stays positive across the window and returns are healthy (ROCE ≥ 15%, or ROE ≥ 12% for lenders); IMPROVING — profit or EPS fell into real decline, bottomed a few quarters back, and has climbed back to positive and held there; TURNING AROUND — the same kind of trough but more recent, with the latest quarters just lifting off it (an early, unconfirmed turn); TOPPING OUT — growth is still positive but decelerating hard from its own peak while returns have stopped rising; DETERIORATING — two or more growth curves are shrinking (latest below zero) and staying there, not one soft quarter; MIXED — the curves genuinely disagree, or no clean majority, so no single word fits; NO READ — fewer than eight usable quarters. It is a like-for-like read of every company against its own past, not a ranking against the group.
CompanyP/EMkt capRevenueEPSROCEStage
Arvind Fashions Ltd this page47.2×₹6,182 CrTurning around
Trent Ltd89.3×₹1.5L CrConsistent
Vishal Mega Mart Ltd56.7×₹50,609 CrNo read
Aditya Birla Lifestyle Brands Ltd54.9×₹11,474 CrNo read
Vedant Fashions Ltd24.3×₹9,775 CrTurning around
Pearl Global Industries Ltd33.2×₹9,119 CrMixed
V2 Retail Ltd56.0×₹7,996 CrNo read
Aditya Birla Fashion & Retail Ltd₹6,865 CrNo read
Gokaldas Exports Ltd60.8×₹6,085 CrMixed
V-Mart Retail Ltd41.6×₹5,764 CrNo read
Raymond Lifestyle Ltd39.6×₹4,356 CrNo read
Lux Industries Ltd34.0×₹3,689 CrMixed
Kewal Kiran Clothing Ltd21.8×₹3,095 CrMixed
Kitex Garments Ltd293.0×₹2,933 CrDeteriorating
S P Apparels Ltd25.0×₹2,521 CrMixed
Baazar Style Retail Ltd97.0×₹2,134 CrNo read
Cantabil Retail India Ltd21.0×₹2,006 CrMixed
SBC Exports Ltd79.3×₹2,003 CrConsistent
Go Fashion (India) Ltd28.8×₹1,705 CrDeteriorating
SBC Exports Ltd58.3×₹1,541 CrTurning around
Sai Silks (Kalamandir) Ltd9.9×₹1,356 CrMixed
Monte Carlo Fashions Ltd9.9×₹1,114 CrNo read
Iris Clothings Ltd56.2×₹910 CrConsistent
Karnika Industries Ltd25.0×₹700 Cr
Credo Brands Marketing Ltd7.8×₹542 CrTopping out
Thomas Scott India Ltd21.0×₹369 CrMixed
Bella Casa Fashion & Retail Ltd16.6×₹330 CrMixed
12 · Frequently asked questions

Frequently asked questions

What is Arvind Fashions Ltd's share price today?

Arvind Fashions Ltd trades at ₹466, −5.5% over the past year. The company is valued at ₹6,182 Cr. The stock sits at 46% of its 52-week range of ₹382–₹565, −0.2% versus its 200-day average. On the tape, the price is in a downtrend, 26 weeks in. — as of 24 July 2026.

What were Arvind Fashions Ltd's latest quarterly results?

Arvind Fashions Ltd reported revenue of ₹1,278 Cr and net profit of ₹28.0 Cr for the Jun 26 quarter. Revenue rose 15.4% and profit rose 12.0% year on year. Earnings per share were ₹0.72. The operating margin was 12.0%, 0.0 pp higher than a year earlier. — as of 24 July 2026.

What is Arvind Fashions Ltd's revenue?

Arvind Fashions Ltd reported revenue of ₹1,278 Cr in the Jun 26 quarter, +15.4% year on year. For the full FY26 fiscal year, revenue was ₹5,266 Cr (+14.0%). Over the last 9 years revenue compounded at 16.9% a year. — as of 24 July 2026.

What is Arvind Fashions Ltd's profit?

Arvind Fashions Ltd earned ₹28.0 Cr of net profit in the Jun 26 quarter, +12.0% year on year. Full-year FY26 profit was ₹184 Cr. The operating margin ran 12.0% in the latest quarter. — as of 24 July 2026.

What is Arvind Fashions Ltd's market cap?

Arvind Fashions Ltd's market capitalisation is ₹6,182 Cr at a share price of ₹466. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 24 July 2026.

What is Arvind Fashions Ltd's P/E ratio?

Arvind Fashions Ltd trades at a P/E of 47.2×, at the 11th percentile of its own 7-year range, against a long-run median of 114.3×. This is a comparison with the stock's own history, not a value call — as of 24 July 2026.

Does Arvind Fashions Ltd pay a dividend?

Yes — Arvind Fashions Ltd's dividend payout was 17% of profit in FY26, and it recorded a payout in 3 of its last 10 reported fiscal years. One of those years shows a negative ratio because profit itself was negative. This page holds the payout ratio, not a per-share amount. — as of 24 July 2026.

Is Arvind Fashions Ltd overvalued?

On its own history, Arvind Fashions Ltd looks cheap against its own history: its P/E of 47.2× has been cheaper only 11% of the time in 7 years (long-run median 114.3×). That is a percentile read against the stock's own past, not a price opinion or a direction call. One caveat: margins are the best this company has ever printed — cheap on record margins is not the same thing as cheap. — as of 24 July 2026.

Is Arvind Fashions Ltd growing?

Yes — Arvind Fashions Ltd is growing: latest-quarter revenue +15.4% year on year, profit +12.0%, and the margin +0.0 pp at 12.0%. The 9-year compound rates are 16.9% (revenue) and 32.1% (profit). The earnings engine currently reads: improving — as of 24 July 2026.

How is Arvind Fashions Ltd performing?

Arvind Fashions Ltd is in a downtrend, 26 weeks in. Its latest quarter's revenue rose 15.4% and profit rose 12.0% year on year. Against the NIFTY 500 it has been behind on a trailing-13-week view for 1 week. This describes what the data did, not a rating. — as of 24 July 2026.

What stage is Arvind Fashions Ltd in?

Turning around — profit growth swung from −71.2% at the trough to +313.3% off a 4-quarter-old trough, ROCE holding at 22.4%. The read comes from the last 12 quarters of growth (revenue growth +14.0% latest, profit growth +313.3% latest, eps growth −121.6% latest) plus the ROCE curve, classified by deterministic rules — a trajectory read, not a buy or sell call — as of 24 July 2026.

Is Arvind Fashions Ltd in an uptrend?

No — the price is in a downtrend (week 26 of stage 4), trading −0.2% versus its 200-day average and at 46% of its 52-week range. Price stages cycle base → advance → top → decline, and the stage names where this stock sits in that cycle — as of 24 July 2026.

Is Arvind Fashions Ltd beating the market?

Not lately — on a trailing-13-week view Arvind Fashions Ltd is currently behind the NIFTY 500 (1 week and counting; last ahead the week of 2026-07-10), the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 7.3 years the stock moved −40% against the NIFTY 500's +142% — behind the index over the full window. — as of 24 July 2026.

Will Arvind Fashions Ltd's share price go up?

This page publishes no price forecast for Arvind Fashions Ltd. What it measures instead: the share price is ₹466, the price is in a downtrend 26 weeks in. Its P/E of 47.2× sits at the 11th percentile of its own 7-year range. — as of 24 July 2026.

Who owns Arvind Fashions Ltd?

Promoters hold 35.1% of Arvind Fashions Ltd, foreign institutions 12.2%, domestic institutions 25.0% and the public 27.8% (latest quarter). The biggest move on the register over the last two years: Domestic institutions added 13.1 points over 8 quarters. — as of 24 July 2026.

Does Arvind Fashions Ltd have too much debt?

It carries real leverage — Arvind Fashions Ltd's debt-to-equity is 1.42, and operating profit covers the interest bill 4×. FY26 borrowings were ₹1,336 Cr against equity of ₹943 Cr. Read the returns on this page with that leverage in mind — as of 24 July 2026.

What is Arvind Fashions Ltd's capex?

Arvind Fashions Ltd spent ₹993 Cr on capital expenditure over the last 3 fiscal years, a figure derived from the change in fixed assets plus depreciation. In FY26 alone that was ₹363 Cr, with ₹4.0 Cr in capital work-in-progress — capacity paid for but not yet earning. — as of 24 July 2026.

What is Arvind Fashions Ltd's cash flow?

Arvind Fashions Ltd generated ₹0.0 Cr of operating cash flow in FY26 and ₹−363 Cr of free cash flow after ₹363 Cr of capital spending. Reported profit that year was ₹184 Cr, so operating cash ran behind profit. Cash-flow resolution for India is annual. — as of 24 July 2026.

Is Arvind Fashions Ltd's profit real cash?

Yes — over the last 3 fiscal years, 272% of Arvind Fashions Ltd's reported profit arrived as operating cash. In FY26, operating cash was ₹0.0 Cr against reported profit of ₹184 Cr. The cash then goes into a mix of the working-capital cycle and capacity. Cash-flow resolution is annual — as of 24 July 2026.

Where is Arvind Fashions Ltd in its business cycle?

Arvind Fashions Ltd's FY26 operating margin was 13.0%, against a 10-year band of 0.0%–13.0%: the top of the band — a record year. Record profitability is late-cycle territory: every ratio flatters at the top, and the story leans on margins holding. The latest quarter ran 12.0%. Profitability versus a company's own long band is the cleanest cycle clock this page holds — as of 24 July 2026.

What could break the Arvind Fashions Ltd story?

The sharpest disagreement: Foreign institutions moved −3.4 points over 8 quarters while the operating story went the other way — someone close to the numbers is not convinced. Mechanically, two Friday closes in a row below the 200-day average would end the price trend — that is the exit rule this page tracks — as of 24 July 2026.

Is Arvind Fashions Ltd a stock worth studying right now?

This is not investment advice. The machine read: Arvind Fashions Ltd's three tracks disagree. Price, valuation and the earnings engine each tell a different story — the next quarter or two settles it. The sharpest open question: whether the register turns back in the story’s favour. Every number on this page is drawn deterministically from the raw series, with no forecasts and no price opinions — as of 24 July 2026.

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