1. At a Glance – The “Broker Ko Hataya, Margin Thoda Bachaya” Story
Arisinfra Solutions Ltd is what happens when someone looked at India’s construction material supply chain and said, “Why are there 7 middlemen between cement and a building?”
Market cap sits at ₹896 crore, current price ₹110, which is a solid -33% gift hamper over the last three months. Meanwhile, the business quietly posted ₹271 crore revenue in Q3 FY26, up ~49% YoY, with PAT of ₹18.27 crore versus near-zero trauma last year.
Operating margins touched 11%, ROCE climbed to 12.3%, and debt collapsed to ₹55.9 crore from triple-digit chaos earlier. The IPO cash did what it promised: balance sheet detox.
But before you clap too hard, ROE is still a sad 1.48%, debtor days are 155, and this is a working-capital-hungry beast wearing a tech jacket.
So the real question: Is Arisinfra a genuine B2B infra-tech platform or just a glorified trader with Excel and swagger? Let’s find out.
2. Introduction – Welcome to India’s Most Inefficient Industry
Construction material procurement in India is legendary for three things:
- Phone calls
- Credit fights
- Someone always disappearing with advance money
Arisinfra entered this mess in 2021, not with factories or quarries, but with a simple idea: aggregate demand, digitise procurement, kill intermediaries, and skim a cleaner margin.
They don’t manufacture cement or steel. They orchestrate it. Think of them as the Swiggy Instamart of bulk construction materials, minus the scooter and plus a 20-ton truck.
In just a few years, they’ve delivered 10.35 million metric tonnes, worked with 1,458 vendors, served 2,133 customers, across 963 pin codes. That scale is not
accidental.
But scale without profitability is charity. So FY24–FY26 is where the story actually starts.
3. Business Model – WTF Do They Even Do?
Arisinfra is a B2B, asset-light, procurement-plus-execution platform.
They:
- Source construction materials from vendors
- Sell them to large developers & infra contractors
- Manage logistics, documentation, and payments
- Sometimes execute via subsidiaries (RMC, asphalt, etc.)
No factories. No kilns. No mines.
Just relationships, data, credit risk, and trucks.
Revenue mix FY24:
- 78% sourced construction materials
- 18% third-party manufactured products
- 4% other income
Product split:
- Aggregates 31%
- RMC 21%
- Steel 17%
- Cement 8%
- Rest = tiles, chemicals, walling, plumbing, etc.
Ask yourself: Is this a tech company or a trader with dashboards?
Answer: It’s a trader learning tech… fast.
4. Financials Overview – From Losses to “Finally Bhai Profit”
| Metric | Latest Q3 FY26 | Q3 FY25 | Q2 FY26 | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | 271 | 182 | 241 | ~49% | ~12% |
| EBITDA | 30 | 12 | 23 | Massive | ~30% |
| PAT | 18.27 | 2 | 15 | Nuclear | ~18% |
| EPS (₹) | 1.88 | 0.08 | 1.76 | 🚀 | 👍 |
Annualised EPS (Q3 rule):
Average of Q1–Q3 FY26 EPS × 4 ≈ ₹3.8
Commentary:
Margins are improving because:
- Better pricing discipline
- Higher value-added execution (RMC, asphalt)
- Lower interest costs post IPO
But don’t forget: this is still a thin-margin, high-volume game.
5. Valuation Discussion
