Arisinfra Solutions Limited (ARIS) share price
₹125.46 on NSE as of 2026-09-11. -1.20% on the day. market cap ₹1,026 Cr. P/E 14.7. 52-week range ₹89.04 to ₹154.20. Construction Materials.
Arisinfra Solutions Q1 FY27: Revenue ₹291 Cr, Contract Manufacturing at 53% of Mix, and a 16.8x Multiple
At a glance
Arisinfra sells gravel, concrete, steel and cement to people who build things. This is roughly the least glamorous sentence available in Indian equities, and the June 2026 quarter produced revenue of ₹291 crore off it, up 37% from ₹212 crore a year earlier.
Operating profit for the quarter was ₹31 crore against ₹18 crore in June 2025. Operating margin came in at 11%. PAT attributable to owners was ₹16.9 crore, against ₹3.3 crore in the year-ago quarter. Interest cost fell to ₹6 crore from ₹12 crore — the company repaid ₹203 crore of borrowings out of IPO money last year, and the finance line has been quieter ever since.
Management put the mix shift at the centre of the margin story: higher-margin segments moved from about 46% of revenue to 63% in Q1 FY27, which they called the main lever behind EBITDA margin expansion. Contract manufacturing alone was ~53% of the quarter's revenue.
Elsewhere in the period: a ₹650 crore Developer-as-a-Service mandate from Wadhwa Group, a ₹79.05 crore work order tied to Mumbai's GMLR twin tunnel project, and a statutory auditor who resigned in May over fees.
Four years old, ₹1,067 crore of FY26 revenue, and a business model that owns almost nothing. We'll get to how that works.
Introduction
Arisinfra Solutions was incorporated in February 2021 in Mumbai. Its stated aim was to build a digital orchestration layer for construction procurement, replacing offline material-buying with a tech-enabled B2B platform.
The company delivered over 2 million metric tonnes in the twelve months to March 2022 and piloted 'ArisFlow' to automate deal closure. FY23 brought expansion into Bangalore, Nashik, Noida and Ranchi, AAC blocks for regular customers, and 'ArisDelivery' for logistics. By FY24 it served customers across more than 18 states.
June 2025 was the structural event. The company completed an IPO of 2,25,04,324 equity shares at ₹222 each, raising gross proceeds of ₹499.6 crore, and listed on NSE and BSE on 25 June 2025. Of that, ₹203.19 crore went to repaying and prepaying borrowings, ₹176.97 crore to working capital, ₹47.87 crore into subsidiary Buildmex-Infra, ₹39.27 crore to general corporate purposes and ₹21.16 crore to issue expenses. As of 30 June 2026, ₹497.6 crore of the ₹499.6 crore had been deployed; the residue sits in fixed and term deposits.
Since then the announcements have arrived at a steady clip. April 2026: a five-year MoU with Capacit'e Infraprojects for ₹800 crore of material procurement. May 2026: the Wadhwa Wise City DaaS mandate. In late 2025 the company announced entry into the asphalt market via an MoU with JS Infra, and subsidiary Buildmex picked up a ₹35 crore asphalt order from Goswami Infra.
The board also approved, in March 2026, the amalgamation of 73.75%-owned ArisUnitern Re Solutions into the parent, with an appointed date of 1 April 2026. Management said on the August call that three of four regulators have cleared it and the process is at the last leg. Exchange NOCs came through in July 2026; the NCLT application follows.
Business model
Three streams, one network, zero factories.
**B2B Supply** (37% of Q1 revenue) is the front door: aggregates, RMC, steel, cement, chemicals, walling solutions, tiles, electricals and plumbing, sourced from a 2,200+ vendor network and delivered to 3,400+ customers across 23 states and 1,192+ pin codes. The company puts stated EBITDA on this stream at 2–2.5%, which is what happens when you resell crushed stone.
**Contract Manufacturing** (53%) is where the model gets interesting. Arisinfra finds factories running at low utilisation, signs exclusive long-term agreements for 100% of their output, and sells the production as its own. It books capacity in advance rather than buying at spot. It owns none of the plants. Reserved capacity: 6.1 million tons of aggregates across six plants, 2.7 million tons of RMC across three, and 0.3 million tons of asphalt at one. Stated EBITDA: 9–9.5%. Partner plants reportedly go from ~20% utilisation to 70%+.
**Services / DaaS** (10%) is the strange one. Through ArisUnitern, Arisinfra takes over a developer's entire project — funding arrangement, procurement, construction, sales, marketing, collections — for 10–14% fees on gross development value, at a stated 55–60% EBITDA margin, with nil incremental capital. Ten active projects, ₹1,839 crore of GDV under execution, 18–24 month cycles.
Geographically, Maharashtra was 65% of Q1 revenue, Tamil Nadu 22%, Karnataka 7%. By customer type, large infra and EPC players were 58%.
Bolted on top is a software layer with more product names than a mid-sized SaaS company: ArisCloud for procurement workflow, ArisDelivery for logistics, CARA AI for reporting, ArisGPT for conversational queries, plus WhatsApp-based vendor onboarding. Stated results include invoice processing dropping from 20+ days to under 24 hours and vendor onboarding from five days to ten minutes. A company whose physical product is gravel has built a chatbot to talk about the gravel.
Quarterly results, balance sheet, cash flow, ratios, shareholding and the filings themselves are on the full page for Arisinfra Solutions Limited.
Companies in the same industry as Arisinfra Solutions Limited
Other Construction Materials