About Art Nirman Limited
Data last updated:
Art Nirman Limited is a public limited company based in Ahmedabad, Gujarat, India. It operates in the real estate development and construction segment of the real estate and construction sector. It was incorporated on 19 February 2011 and has been in existence for over 15 years.
The company is registered with the Registrar of Companies (ROC), Ahmedabad, under CIN L45200GJ2011PLC064107. Its GSTIN is 24AADCV5658D1ZC (Gujarat). Its shares are listed on NSE: ARTNIRMAN.
The company has an authorised share capital of ₹25 Cr and a paid-up capital of ₹24.96 Cr. It was formerly known as Art Nirman Private Limited and Vishnudhara Buildcon Private Limited. It is led by directors including Ashokkumar Raghuram Thakker (Managing Director) and Dharmisthaben Ashokkumar Thakkar.
Its last annual general meeting (AGM) was held on 07 August 2025, and its latest financial statements are for the year ended 31 March 2025. The registered office is at 410 Jbr Arcade Science City Road Sola, Ahmedabad, Gujarat, India – 380060.
As per the financials filed for FY 2025, the company reported a revenue of ₹27.78 Cr, a decline of 20% compared to the previous year. For the same year it recorded a net profit of ₹1.99 Cr (net margin 7.2%) and EBITDA of ₹3.68 Cr (EBITDA margin 13.2%). Revenue has declined at a compounded annual rate (CAGR) of 9% over three years and 15% over five years.
The company has about 13 employees on its provident fund (EPFO) records.
The company is associated with 1 brand: Art Nirman. As per MCA filings, the company has open charges of ₹172.62 Cr and satisfied charges of ₹93.31 Cr on record. Court records list 20 cases involving the company, including 2 filed by the company and 3 filed against it; 6 cases are pending. The company has 6 deals on record (5 market trades, 1 ipo); the latest was in December 2022. Its 10 peer companies in the Real Estate industry (Builders and Developers) are compared by revenue, 5 larger and 5 smaller; the largest is Ravindra Developers Private Limited. The company has 14 MSME Form 1 returns on record between 2019 and 2024, listing 463 overdue payments to 33 micro and small suppliers.
The current compliance status is marked as compliant by the Registrar of Companies. For more details, the company can be reached via its website artnirman.com.
- EmailLocked
- TelephoneLocked
- Website
- Social Media
- Registered Address410 Jbr Arcade Science City Road Sola, Ahmedabad, Gujarat, India – 380060
- IndustryReal Estate and Construction, Real Estate Builders & Developers
- Company details, directors and signatories
- Historical financials and ratios
- Shareholding pattern and group structure
- Charges with holder and property details
- Legal cases, compliance and MCA filings
- One PDF report, delivered after checkout
Business Activity of Art Nirman Limited
The main business activity of Art Nirman is construction. In detail, this covers buildings.
| Main Activity Group Code | Description of Main Activity | Business Activity Code | Description of Business Activity | Turnover Percentage |
|---|---|---|---|---|
| F | Construction | F1 | Buildings | Locked |
Business activity turnover details
Turnover share and past changes in activity are in the company report.
- Turnover contribution
- Historical classifications
- Filing-level activity changes
Verified entity values are shown only after access is granted.
Financials of Art Nirman Limited FY 2025 filings available
Art Nirman Limited reported revenue of ₹27.78 Cr (down 20% YoY) for FY 2025.
Compounded Annual Growth Rate (CAGR) of Art Nirman Limited
Revenue has declined at a compounded annual rate (CAGR) of 15% over five years, including a 20% fall in the latest year. EBITDA rose 54% in the latest year. Three- and five-year figures are compounded annual growth rates (CAGR): the steady yearly rate that links the first and the last year. All are worked out from the filed statements.
Financial Statement Summary of Art Nirman Limited
| Metrics | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 |
|---|---|---|---|---|---|
| Profit and Loss Statement | |||||
| Revenue from Operations | •••• | •••• | •••• | •••• | •••• |
| Other Income | •••• | •••• | •••• | •••• | •••• |
| Total Revenue | •••• | •••• | •••• | •••• | •••• |
| Cost of Materials Consumed | •••• | •••• | •••• | •••• | •••• |
| Employee Benefit Expense | •••• | •••• | •••• | •••• | •••• |
| Finance Costs | •••• | •••• | •••• | •••• | •••• |
| Depreciation and Amortisation | •••• | •••• | •••• | •••• | •••• |
| Other Expenses | •••• | •••• | •••• | •••• | •••• |
| Total Expenses | •••• | •••• | •••• | •••• | •••• |
| EBITDA | ₹3.68 Cr | •••• | •••• | •••• | •••• |
| Profit Before Tax | •••• | •••• | •••• | •••• | •••• |
| Tax Expense | •••• | •••• | •••• | •••• | •••• |
| Net Profit (PAT) | ₹1.99 Cr | •••• | •••• | •••• | •••• |
| Balance Sheet | |||||
| Share Capital | •••• | •••• | •••• | •••• | •••• |
| Reserves and Surplus | •••• | •••• | •••• | •••• | •••• |
| Net Worth (Total Equity) | •••• | •••• | •••• | •••• | •••• |
| Long-term Borrowings | •••• | •••• | •••• | •••• | •••• |
| Short-term Borrowings | •••• | •••• | •••• | •••• | •••• |
| Trade Payables | •••• | •••• | •••• | •••• | •••• |
| Total Liabilities | •••• | •••• | •••• | •••• | •••• |
| Fixed Assets | •••• | •••• | •••• | •••• | •••• |
| Investments | •••• | •••• | •••• | •••• | •••• |
| Inventories | •••• | •••• | •••• | •••• | •••• |
| Trade Receivables | •••• | •••• | •••• | •••• | •••• |
| Cash and Bank Balance | •••• | •••• | •••• | •••• | •••• |
| Total Assets | •••• | •••• | •••• | •••• | •••• |
Financial Ratios of Art Nirman Limited
| Metrics | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 |
|---|---|---|---|---|---|
| Profitability | |||||
| EBITDA Margin | 13.2% | •••• | •••• | •••• | •••• |
| Net Profit Margin | 7.2% | •••• | •••• | •••• | •••• |
| Return on Equity (ROE) | •••• | •••• | •••• | •••• | •••• |
| Return on Capital Employed (ROCE) | •••• | •••• | •••• | •••• | •••• |
| Return on Assets (ROA) | •••• | •••• | •••• | •••• | •••• |
| Liquidity and Debt | |||||
| Current Ratio | •••• | •••• | •••• | •••• | •••• |
| Quick Ratio | •••• | •••• | •••• | •••• | •••• |
| Debt-to-Equity Ratio | •••• | •••• | •••• | •••• | •••• |
| Interest Coverage Ratio | •••• | •••• | •••• | •••• | •••• |
| Efficiency and Growth | |||||
| Asset Turnover | •••• | •••• | •••• | •••• | •••• |
| Receivable Days | •••• | •••• | •••• | •••• | •••• |
| Payable Days | •••• | •••• | •••• | •••• | •••• |
| Inventory Days | •••• | •••• | •••• | •••• | •••• |
| Revenue Growth | •••• | •••• | •••• | •••• | •••• |
| Net Profit Growth | •••• | •••• | •••• | •••• | •••• |
Paid data: the figures shown as dots are available after purchase of the company report. Figures as filed with the MCA in Form AOC-4. The full year-wise statements and ratios of Art Nirman are in the company report.
Financial statements from 2015
Earlier years and trend charts are in the company report.
- Income statements
- Balance sheets
- Cash-flow statements
- Ratios and benchmarks
Verified entity values are shown only after access is granted.
Peer Comparison of Art Nirman Limited
Art Nirman Limited is compared with the companies closest to it by revenue in the Real Estate industry (Builders and Developers). Revenue, net profit, margin and growth of each company are in the company report.
| Company | Revenue | Net profit | Margin | Growth (1 yr) | Employees | Location |
|---|---|---|---|---|---|---|
| Ravindra Developers Private Limited | •••• | •••• | •••• | •••• | 16 | Nashik, Maharashtra, India |
| Mansvi Infratech Private Limited | •••• | •••• | •••• | •••• | - | Delhi, India |
| Chakshu Properties Private Limited | •••• | •••• | •••• | •••• | - | Mumbai, Maharashtra, India |
| PLM Builders and Developers Private Limited | •••• | •••• | •••• | •••• | - | Katni, Madhya Pradesh, India |
| Stargate Enterprises Private Limited | •••• | •••• | •••• | •••• | - | Madras, Tamil Nadu, India |
| Art Nirman Limited this company | •••• | •••• | •••• | •••• | - | Ahmedabad, Gujarat, India |
| P.P.Buildcon Private Limited | •••• | •••• | •••• | •••• | - | Uttar Pradesh, India |
| Chhattisgarh State Beverages Corporation Limited | •••• | •••• | •••• | •••• | 28 | Raipur, Chattisgarh, India |
| Kama Realty (Delhi) Limited | •••• | •••• | •••• | •••• | - | New Delhi, Delhi, India |
| Nexon Projects Private Limited | •••• | •••• | •••• | •••• | - | Delhi, India |
| Centwin Infra Developers Private Limited | •••• | •••• | •••• | •••• | - | Chennai, Tamil Nadu, India |
Peers are the five companies nearest above and the five nearest below Art Nirman by revenue in the Real Estate industry (Builders and Developers), from the latest filed financials of each company. Revenue, net profit, margin and growth of each peer are in the company report.
Auditor Details of Art Nirman Limited
Art Nirman Limited is audited by ARPAN SHAH & ASSOCIATES for the financial year 2023.
| Name | Status | Appointment Date | Cessation Date |
|---|---|---|---|
| ARPAN SHAH & ASSOCIATES | Locked | Locked | Locked |
Complete auditor history
Appointment and cessation dates and past auditor changes are in the company report.
- Appointment status
- Appointment dates
- Cessation dates
- Auditor changes
Verified entity values are shown only after access is granted.
Board of Directors of Art Nirman Limited
Art Nirman has 6 current directors and 5 former directors. Current directors are listed first, with their designation and appointment date.
| Name | Designation | Appointment Date | Tenure | Status |
|---|---|---|---|---|
| Dharmisthaben Ashokkumar Thakkar | Director | 19 Feb 2011 | 15 Years 7 Months | Current |
| Hemang Kirtikumar Shah | Director | 13 Jan 2018 | 8 Years 8 Months | Current |
| Krunal Kiritkumar Mistry Also directs: Autoscale Techno Legal Consultancy Private Limited | Director | 04 Aug 2016 | 10 Years 2 Months | Current |
| Ashokkumar Raghuram Thakker | Managing Director | 19 Feb 2011 | 15 Years 7 Months | Current |
| Piyushkumar Chandrakantbhai Thakkar | Director | 30 Sep 2017 | 9 Years 0 Months | Current |
| Chintan Umeshbhai Bhatt Also directs: Accent Microcell Limited, Indo SMC Limited | Director | 26 Aug 2021 | 5 Years 1 Months | Current |
Ownership and Shareholding of Art Nirman Limited
Shareholding and ownership data
Promoter, institutional, public and beneficial ownership figures are in the company report.
- Ownership categories
- Historical changes
- Group structure
- FII and DII holdings
Verified entity values are shown only after access is granted.
Charges & Borrowings of Art Nirman Limited
| Date | Lender | Amount | Status |
|---|---|---|---|
| 24 Feb 2026 | Others | ₹40 Cr | Open |
| 18 Oct 2025 | Others | ₹130 Cr | Open |
| 16 Dec 2024 | Others | ₹86 Lakh | Open |
| 07 Jun 2023 | Others | ₹1.76 Cr | Open |
| 13 Jan 2021 | Others | ₹9.99 Cr | Satisfied |
Total charge records: 9 View all charges
Deals & Funding of Art Nirman Limited
Art Nirman Limited has 6 deals on record (5 market trades, 1 ipo); the latest was in December 2022.
Deals on record (5 of 6)
| When | Deal | Amount | Parties |
|---|---|---|---|
| Dec 2022 | Market trade | ₹1.12 Cr | Buyer: L7 Hitech Private Limited Seller: an individual |
| Sep 2022 | Market trade | ₹1.59 Cr | Seller: an individual |
| Mar 2022 | Market trade | ₹2.04 Cr | Buyer: 2 individuals |
| Mar 2022 | Market trade | ₹1.99 Cr | Buyer: 2 individuals |
| Mar 2022 | Market trade | ₹2.5 Cr | Seller: an individual |
Full deal history
All 6 deals with amounts, valuations, instruments and every party are in the company report.
- Every funding round and share transfer
- Amounts and valuations
- Investors, buyers and sellers
- Instruments and deal dates
Verified entity values are shown only after access is granted.
Deal records are compiled from filings and public sources; amounts are shown only where the source reported them.
Legal Cases of Art Nirman Limited
Art Nirman Limited has 20 court cases on record: 2 filed by Art Nirman, 3 filed against it, 15 where it is another party. 6 cases are pending and 14 are disposed. Status as checked between 21 Sep 2026 and 04 Oct 2026.
Cases by court
| Court | Cases | Against the company | Pending |
|---|---|---|---|
| High courts | 14 | 1 | 4 |
| District courts | 6 | 2 | 2 |
Cases on record (5 of 20)
| Court | Type of case | Party | Status |
|---|---|---|---|
| High Court of Gujarat | Appeal | Company is another party | Pending |
| High Court of Gujarat | Special civil application | Company is another party | Pending |
| District court, Ahmedabad, Gujarat | Court case (CS CCC) | Company is another party | Pending |
| District court, Ahmedabad, Gujarat | Court case (CS CCC) | Filed against the company by an individual | Pending |
| High Court of Gujarat | Appeal | Company is another party | Pending |
Full case history
All 20 cases with case numbers, court, year-wise trend, opposite parties and decision dates are in the company report.
- Every case with its case number
- Year-wise trend
- Opposite parties
- Decision dates and orders
Verified entity values are shown only after access is granted.
Case records are compiled from court listings and may lag the court's own records. A case filed against a company is not a finding against it.
MSME Payment Delays by Art Nirman Limited
Art Nirman Limited has 14 MSME Form 1 returns on record between 2019 and 2024, listing 463 overdue payments to 33 micro and small suppliers. Companies must report dues to micro and small suppliers that stay unpaid for more than 45 days in a half-yearly MSME Form 1 return.
Suppliers with reported dues (5 of 33)
| Supplier | Amount due | Due since | Reported on |
|---|---|---|---|
| Wagad Infraprojects Private Limited | •••• | •••• | •••• |
| an individual supplier | •••• | •••• | •••• |
| an individual supplier | •••• | •••• | •••• |
| an individual supplier | •••• | •••• | •••• |
| an individual supplier | •••• | •••• | •••• |
Full MSME payment history
Every supplier, amount and due date from all 14 MSME Form 1 returns is in the company report.
- Every reported supplier due
- Amounts and due dates
- Reasons given in each return
- Period-by-period history
Verified entity values are shown only after access is granted.
Individuals and sole proprietors among the suppliers are not named. Amounts, due dates and filing dates are in the company report.
Associated Brands with Art Nirman Limited
Art Nirman operates one associated brand: Art Nirman. Each brand links to its own profile.
| Brand | Description | Website |
|---|---|---|
| Residential and commercial real estate projects are developed. | artnirman.com |
Employees and EPFO Compliance at Art Nirman Limited
Art Nirman Limited has a workforce of 13 employees as of Mar 31, 2024.
Employee and EPFO history
Monthly headcount, contribution history and filing status are in the company report.
- Monthly headcount
- PF contributions
- ECR filing status
- Establishment history
Verified entity values are shown only after access is granted.
Name History of Art Nirman Limited
Art Nirman has undergone 3 name changes throughout its history. The company was previously known as Art Nirman Private Limited, Vishnudhara Buildcon Private Limited, and Vishnudhara Builders Private Limited. The current legal name is Art Nirman Limited.
| Company Name | Status |
|---|---|
| Art Nirman Limited | Current |
| Art Nirman Private Limited | Previous |
| Vishnudhara Buildcon Private Limited | Previous |
| Vishnudhara Builders Private Limited | Previous |
CIN History of Art Nirman Limited
Art Nirman has 2 previous CINs, indicating changes in the company's corporate structure or registration details. The current CIN is L45200GJ2011PLC064107, which is the unique identifier assigned by the Registrar of Companies.
| CIN | Status |
|---|---|
| L45200GJ2011PLC064107 | Current |
| U45200GJ2011PLC064107 | Previous |
| U45200GJ2011PTC064107 | Previous |
Recent Activity on Art Nirman Limited
Art Nirman Limited has 14 board changes on record since 2011: 10 appointments and 4 cessations. The latest: Yesha Aagam Shah ceased to be Company Secretary on 15 May 2025.
21 earlier events are listed in the company report.
Credit Ratings, Litigation & Regulatory Alerts for Art Nirman Limited
Credit ratings, litigation, and regulatory alerts
Credit ratings, court records and regulatory alerts are in the company report.
- Rating history
- Court and tribunal cases
- Regulatory alerts
- Director-linked violations
Verified entity values are shown only after access is granted.
Subsidiaries & Group Companies of Art Nirman Limited
Corporate group structure
Parent, subsidiary, associate and joint venture records with holdings are in the company report.
- Parent company
- Subsidiaries and ownership
- Associates and joint ventures
- Entity investments
Verified entity values are shown only after access is granted.
GST Compliance of Art Nirman Limited
Art Nirman has 1 GST registration: 1 active.
| GSTIN | State | Status | Registered on |
|---|---|---|---|
| 24AADCV5658D1ZC | Gujarat | Active | 01 Jul 2017 |
GST registrations and filing compliance
State-wise GST registrations, return filing status and HSN or SAC codes are in the company report.
- GSTIN registrations
- State-wise filing status
- HSN and SAC details
- Tax jurisdiction records
Verified entity values are shown only after access is granted.
MCA Filings & Documents of Art Nirman Limited
MCA filings and documents
Filed forms, annual returns, financial statements and charge filings with their dates are in the company report.
- Incorporation documents
- Annual returns and statements
- Charge filings
- Complete filing index
Verified entity values are shown only after access is granted.
Frequently Asked Questions about Art Nirman Limited
Art Nirman is an active public limited company based in Ahmedabad, Gujarat, India. The company works in real estate builders and developers, within the real estate and construction industry. It was incorporated on 19 February 2011 (15+ years old) and is registered under CIN L45200GJ2011PLC064107. Listed on NSE: ARTNIRMAN.
Art Nirman reported revenue of ₹27.78 Cr for FY 2025 (down 20% YoY).
Art Nirman has 6 current directors:
- Ashokkumar Raghuram Thakker - Managing Director
- Dharmisthaben Ashokkumar Thakkar - Director
- Hemang Kirtikumar Shah - Director
- Krunal Kiritkumar Mistry - Director
- Piyushkumar Chandrakantbhai Thakkar - Director
- Chintan Umeshbhai Bhatt - Director
Art Nirman reported a net profit of ₹1.99 Cr (net margin 7.2%) and EBITDA of ₹3.68 Cr (EBITDA margin 13.2%) for FY 2025, as per its filed financial statements.
The compounded annual growth rate (CAGR) of the revenue of Art Nirman is -9% over three years and -15% over five years. In the latest year (FY 2025) revenue fell 20%. CAGR is the steady yearly rate that links the first and the last year.
The GSTIN of Art Nirman is 24AADCV5658D1ZC, registered in Gujarat.
The CIN (Corporate Identification Number) of Art Nirman is L45200GJ2011PLC064107. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.
Yes. Art Nirman is listed on NSE with symbol ARTNIRMAN.
Art Nirman has 20 court cases on record: 2 filed by the company and 3 filed against it. 6 are pending. Most are in the high courts.
Art Nirman was incorporated on 19 February 2011, making it 15+ years old. It is registered with the Registrar of Companies, Ahmedabad.
Art Nirman has 6 deals on record (5 market trades, 1 ipo); the latest was in December 2022.
The peers of Art Nirman by revenue are Ravindra Developers Private Limited, Mansvi Infratech Private Limited, Chakshu Properties Private Limited, PLM Builders and Developers Private Limited, Stargate Enterprises Private Limited and 5 more, all in the Real Estate industry (Builders and Developers).