AARVI
Aarvi Encon financials
- Market cap
- ₹212 Cr
- Sector
- Services
What Aarvi Encon Limited does
Aarvi Encon, incorporated in 1987, provides technical manpower staffing and engineering services, deputing skilled engineers, designers and technicians to client sites across sectors such as oil & gas, power, refineries, petrochemicals, infrastructure and renewable energy. Its service lines span project management, construction supervision, inspection, pre-commissioning and commissioning assistance, CAD/drafting/3D modelling, procurement assistance/expediting, and Operation & Maintenance (O&M) of client plants. Rather than manufacturing, the company mobilizes people on a contract/deputation basis, drawing on an in-house resume database of over 800,000 candidates. It operates in India and internationally through offices and subsidiaries in the UAE, Saudi Arabia, Qatar, Indonesia and Malaysia.
Segments
- Manpower Outsourcing & Deputation
- Operation & Maintenance (O&M)
- Total manpower deputation (FY26)
- 8,272
- Engineers/technical personnel on payroll
- 5,000+
- Personnel deployed since inception
- 30,000+
- In-house resume database
- 800,000+
- International offices/subsidiaries
- UAE, Saudi Arabia, Qatar, Indonesia, Malaysia (exited UK in FY25)
- Business mix (FY26)
- Manpower Outsourcing 86% / O&M 14%
Quarterly results
Q1 FY27: revenue up 14.1%, net profit up 41.9% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 121 | 132 | 144 | 151 | 159 +31% | 167 +27% | 172 +19% | 173 +14% |
| EBITDA | 2 | 4 | 4 | 5 | 6 +179% | 5 +47% | 7 +53% | 4 −9% |
| Net profit | 2 | 2 | 3 | 4 | 5 +127% | 4 +69% | 5 +55% | 6 +42% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +14.0% 1Y
1Y: ₹124.41 on 10 Sept 2025 → ₹141.85. High ₹161.75 (22 Jul 2026), low ₹117.26 (4 Mar 2026).
Financials, as filed
Revenue grew 26.5% a year over 2 years, FY24 to FY26. Operating margin held at 3.5%.
| Year ending | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | ₹406 Cr | ₹510 Cr | ₹650 Cr |
| Operating profit | ₹13 Cr | ₹13 Cr | ₹23 Cr |
| Operating margin | 3.1% | 2.6% | 3.5% |
| Interest | ₹1 Cr | ₹3 Cr | ₹3 Cr |
| Depreciation | ₹1 Cr | ₹2 Cr | ₹2 Cr |
| Net profit | ₹11 Cr | ₹10 Cr | ₹18 Cr |
| Net margin | 2.8% | 2.0% | 2.7% |
| Cash from operations | ₹3 Cr | ₹-2 Cr | ₹8 Cr |
| Free cash flow | ₹2 Cr | ₹-12 Cr | ₹7 Cr |
| ROCE | 12.0% | 11.0% | 15.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹15 Cr | ₹15 Cr | ₹15 Cr | ₹15 Cr | ₹15 Cr | ₹15 Cr |
| Reserves | ₹70 Cr | ₹80 Cr | ₹93 Cr | ₹102 Cr | ₹118 Cr | ₹127 Cr |
| Borrowings | ₹4 Cr | ₹6 Cr | ₹3 Cr | ₹10 Cr | ₹32 Cr | ₹27 Cr |
| Other liabilities | ₹31 Cr | ₹48 Cr | ₹47 Cr | ₹44 Cr | ₹57 Cr | ₹68 Cr |
| Total liabilities | ₹120 Cr | ₹149 Cr | ₹158 Cr | ₹171 Cr | ₹222 Cr | ₹237 Cr |
| Fixed assets | ₹10 Cr | ₹10 Cr | ₹10 Cr | ₹10 Cr | ₹17 Cr | ₹17 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Investments | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹10 Cr | ₹5 Cr |
| Other assets | ₹109 Cr | ₹138 Cr | ₹148 Cr | ₹161 Cr | ₹195 Cr | ₹215 Cr |
| Total assets | ₹120 Cr | ₹149 Cr | ₹158 Cr | ₹171 Cr | ₹222 Cr | ₹237 Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, the public added +0.12 pp while promoters trimmed −0.11 pp. The shareholder count shrank 6% to 8,726.
- Promoters
- 73.4%
- Public
- 26.6%
Since Jun 2025
- Public +0.12 pp
- Promoters −0.11 pp
- FIIs 0.00 pp
How it drifted, 12 quarters
Ownership split by quarter, oldest first. Sep '23: Promoters 73.5%, Public 26.5%.Dec '23: Promoters 73.5%, Public 26.5%.Mar '24: Promoters 73.5%, Public 26.5%.Jun '24: Promoters 73.5%, Public 26.5%.Sep '24: Promoters 73.6%, Public 26.4%.Dec '24: Promoters 73.6%, Public 26.4%.Mar '25: Promoters 73.5%, Public 26.5%.Jun '25: Promoters 73.5%, Public 26.5%.Sep '25: Promoters 73.5%, Public 26.5%.Dec '25: Promoters 73.5%, FIIs 0.0%, Public 26.5%.Mar '26: Promoters 73.5%, Public 26.5%.Jun '26: Promoters 73.4%, Public 26.6%.
Who is on the register
Named in the Jun 2026 filing
Every holder of Aarvi Encon Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Virendra Dalpatram Sanghavi | 51.17% | −0.11 pp |
| Jaydev Virendra Sanghavi | 14.70% | unchanged |
| Naini Ninad Kulkarni | 4.39% | unchanged |
| Girish Gulati Huf | 3.45% | unchanged |
| Ami Jaydev Sanghavi | 1.83% | unchanged |
| Jaideep Sampat | 1.45% | unchanged |
| Aditya Jaydev Sanghavi | 1.10% | unchanged |
| Nirali Jaydev Sanghavi | 0.18% | unchanged |
| Ninad V Kulkarni | 0.00% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
What the price assumes
AttractiveTo justify its price of ₹142, this stock must grow earnings at 4% every year for 7 years. Our analysis caps realistic growth at ~24%. At that growth it is worth ₹404 — upside of 185%.
- Growth the price implies
- 4.4% a year
- for 7 years, fading to 4%
- It has actually compounded at
- 24.6% a year
- net profit, FY24–FY26 · EPS 24.3%
- The gap
- -0.2 pp
- 185% downside if it only repeats history
Learn to analyse Aarvi Encon Limited
Guides on how to read this kind of business and the numbers that matter.