Arvind Smartspaces Limited upgraded to ‘AA- (Stable)’ by India Ratings, consistent growth, steady cash flows and calibrated expansion support the upgrade

Ahmedabad, June 24, 2026: Arvind Smartspaces Limited (ASL), the real estate development arm of the Lalbhai Group, has been upgraded to ‘AA-/Stable’ by India Ratings & Research. The upgrade reflects the company’s consistent growth, improved scale, steady cash flow generation, and prudent financial management. ASL continues to report stable operating performance, supported by sustained demand across its key markets and a consistent execution track record.

For FY26, the company reported:

Booking value of Rs. 1,550 Cr, representing a 22% year-on-year increase

Collections of Rs. 1,100 Cr, up ~17% year-on-year

Operating cash flows of Rs. 417 Cr

The growth in bookings and collections, along with steady sales across projects, has supported the rating upgrade. Despite increased investments towards business development and expansion, ASL has maintained a balanced and disciplined financial profile. India Ratings has noted that the company’s internal cash generation remains adequate to support its growth plans, reflecting a measured approach to capital allocation.

As part of its growth strategy, ASL is progressing with geographic diversification, including a planned expansion into the Mumbai Metropolitan Region (MMR), in addition to its established presence in Ahmedabad and Bengaluru. This is expected to support scale while reducing concentration risk over time.

Commenting on the upgrade, Mr Priyansh Kapoor, CEO and MD, said: “The rating upgrade reflects the strength of our operating model, consistent execution capabilities, and disciplined approach to growth. As we expand into new geographies, we remain committed to delivering sustainable value while maintaining strong cash flows and robust credit quality, thereby enhancing stakeholder confidence.”

Corporate Comm India (CCI Newswire)