AARVI

Aarvi Encon Limited

Technical staffing and manpower outsourcing services for industrial clients

Services›Services›Commercial Services & Supplies›Diversified Commercial Services

aarviencon.com(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-19

Stock price
₹136.87
Market cap
203 Cr
Stock P/E
10.5
P/B
1.42
Dividend yield
1.5%
ROE (FY26)
12.4%
ROCE (FY26)
13.5%
Operating margin (FY26)
3.2%
Debt / equity (FY26)
0.19
OCF / EBITDA (FY26)
35.5%
OCF / EBITDA (3Y)
18.1%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

Aarvi Encon supplies technical manpower and operation and maintenance (O&M) services to oil and gas, power, infrastructure and other industrial clients in India and overseas.

Company snapshot

31stBy market cap

Ranked among 36 companies in Diversified Commercial Services.

What we see

Positives
  • ✓Debt-to-equity of 0.19x — the company is largely funded by its own money, not borrowed funds.
Concerns
  • ✗Net margin is very thin at 2.7% — little room for error if costs rise.
1 more signal from the filings.Sign in free to see them all

Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales102 Cr100 Cr103 Cr113 Cr121 Cr132 Cr144 Cr151 Cr159 Cr167 Cr172 Cr173 Cr
Operating expenses (approx.)99 Cr98 Cr100 Cr110 Cr119 Cr128 Cr140 Cr146 Cr153 Cr162 Cr165 Cr168 Cr
EBITDA3 Cr2 Cr3 Cr3 Cr2 Cr4 Cr4 Cr5 Cr6 Cr5 Cr7 Cr4 Cr
OPM %3.1%2.2%2.9%2.9%1.7%2.8%3.1%3.3%3.5%3.2%4.0%2.6%
Other income0.31 Cr0.90 Cr1.00 Cr0.48 Cr1 Cr0.46 Cr0.49 Cr0.68 Cr0.65 Cr0.46 Cr0.45 Cr3 Cr
Interest0.35 Cr0.39 Cr0.42 Cr0.67 Cr0.79 Cr0.79 Cr0.83 Cr0.78 Cr0.71 Cr0.69 Cr0.71 Cr0.75 Cr
Depreciation0.30 Cr0.35 Cr0.34 Cr0.29 Cr0.31 Cr0.47 Cr0.50 Cr0.39 Cr0.44 Cr0.46 Cr0.48 Cr0.52 Cr
Profit before tax3 Cr2 Cr3 Cr3 Cr2 Cr3 Cr4 Cr4 Cr5 Cr4 Cr6 Cr6 Cr
Tax %8.0%0.4%5.5%7.7%-8.8%16.3%18.3%5.1%5.6%-0.7%28.5%4.0%
Net profit3 Cr2 Cr3 Cr3 Cr2 Cr2 Cr3 Cr4 Cr5 Cr4 Cr5 Cr6 Cr
EPS (₹)₹1.77₹1.61₹2.05₹1.76₹1.43₹1.60₹2.00₹2.85₹3.24₹2.27₹3.10₹4.04

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2017Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales153 Cr206 Cr218 Cr202 Cr289 Cr437 Cr406 Cr510 Cr650 CrSign in free for the trailing twelve months
Operating expenses (approx.)144 Cr195 Cr209 Cr192 Cr276 Cr418 Cr394 Cr497 Cr627 CrSign in free for the trailing twelve months
EBITDA9 Cr11 Cr9 Cr10 Cr13 Cr18 Cr13 Cr13 Cr23 CrSign in free for the trailing twelve months
OPM %6.1%5.3%4.2%4.7%4.4%4.2%3.1%2.6%3.5%Sign in free for the trailing twelve months
Other income0.32 Cr1 Cr0.60 Cr2 Cr1 Cr1 Cr2 Cr2 Cr2 CrSign in free for the trailing twelve months
Interest2 Cr1 Cr2 Cr0.57 Cr0.73 Cr2 Cr1 Cr3 Cr3 CrSign in free for the trailing twelve months
Depreciation0.89 Cr0.95 Cr1 Cr0.97 Cr1 Cr1 Cr1 Cr2 Cr2 CrSign in free for the trailing twelve months
Profit before tax7 Cr10 Cr7 Cr10 Cr12 Cr16 Cr12 Cr11 Cr20 CrSign in free for the trailing twelve months
Tax %25.1%14.8%-3.2%-1.5%0.7%7.4%6.3%10.5%11.6%Sign in free for the trailing twelve months
Net profit5 Cr9 Cr7 Cr10 Cr12 Cr15 Cr11 Cr10 Cr18 CrSign in free for the trailing twelve months
EPS (₹)₹4.92₹5.84₹4.86₹7.08₹8.16₹9.82₹7.67₹6.79₹11.90Sign in free for the trailing twelve months
Dividend payout %———14.1%24.5%15.3%26.1%29.4%16.8%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2017Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital3 Cr15 Cr15 Cr15 Cr15 Cr15 Cr15 Cr15 Cr15 Cr
Reserves32 Cr55 Cr62 Cr70 Cr80 Cr93 Cr102 Cr111 Cr127 Cr
Borrowings13 Cr7 Cr9 Cr4 Cr6 Cr3 Cr10 Cr27 Cr27 Cr
Other liabilities19 Cr29 Cr33 Cr32 Cr48 Cr47 Cr45 Cr61 Cr68 Cr
Total liabilities67 Cr106 Cr118 Cr120 Cr149 Cr158 Cr171 Cr213 Cr237 Cr
Fixed assets (net)7 Cr11 Cr11 Cr10 Cr10 Cr10 Cr9 Cr17 Cr16 Cr
CWIP——————0 Cr0 Cr0 Cr
Investments——0.32 Cr0.34 Cr0.36 Cr0.37 Cr0.40 Cr6 Cr5 Cr
Loans & advances—————0.85 Cr2 Cr2 Cr4 Cr
Trade receivables36 Cr49 Cr58 Cr53 Cr81 Cr95 Cr83 Cr115 Cr102 Cr
Cash & bank7 Cr4 Cr5 Cr16 Cr5 Cr4 Cr11 Cr7 Cr9 Cr
Other assets18 Cr43 Cr44 Cr40 Cr53 Cr48 Cr66 Cr66 Cr100 Cr
Total assets67 Cr106 Cr118 Cr120 Cr149 Cr158 Cr171 Cr213 Cr237 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2017Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity2 Cr-4 Cr4 Cr18 Cr-10 Cr3 Cr3 Cr-2 Cr8 Cr
Cash from investing-0.32 Cr-0.84 Cr-0.44 Cr1 Cr0.12 Cr-0.12 Cr1 Cr-13 Cr0.36 Cr
Cash from financing3 Cr1 Cr-2 Cr-7 Cr-1 Cr-4 Cr2 Cr11 Cr-6 Cr
Net cash flow4 Cr-4 Cr1 Cr12 Cr-11 Cr-0.68 Cr6 Cr-4 Cr2 Cr
Free cash flow (OCF − Capex)1.00 Cr-10 Cr3 Cr18 Cr-11 Cr2 Cr2 Cr-12 Cr7 Cr

Ratios

MetricMar 2017Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %18.1%14.6%10.0%12.3%12.7%15.6%10.7%9.4%13.5%
ROE %15.1%12.3%9.4%12.3%12.7%13.4%9.7%8.0%12.4%
Debtor days8486979610279758257
Inventory days—————0000
Days payable2871610139794
Cash conversion cycle567981878971677353
OCF / EBITDA %16.5%-37.5%40.2%188.1%-81.8%17.6%25.1%n.m.35.5%
OCF / EBITDA % (3 years)———58.9%35.8%26.6%-9.3%9.0%18.1%
Debt / equity0.370.100.120.040.070.030.080.210.19
Current ratio—1.821.782.511.992.292.562.032.05
Net debt / EBITDA0.690.33———-0.05-0.071.500.77