Swasti Vinayaka Art and Heritage Corporation Limited

Real Estate — Real Estate Services · BSE

₹3.12−₹0.09 (−2.80%)

DalalBaazaar Score

78 / 100

🟢 Good

Verdict

ATTRACTIVE

Risk

Low

Driven by micro-cap size, which brings thin liquidity, falling profits.

In simple words: Strong business and financial position, but sales are shrinking. The direction of profits is the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:09 pm

Mixed / neutral. No major red flags jump out, but nothing here screams "obviously cheap" either. This is a name that needs a peer comparison and a view on near-term earnings triggers before sizing a position.

Understanding the Business

Company site ↗

The 60-second version of Swasti Vinayaka Art and Heritage Corporation Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Swasti Vinayaka Art and Heritage Corporation Limited manufactures and sells carvings of precious and semi-precious stones, paintings, and jewelry in India. The company was incorporated in 1985 and is based in Mumbai, India.

IndustryReal Estate Services

SectorReal Estate

Employees43

Annual revenue₹32 Cr

How does it make money?

Turns over ₹32 Cr a year. Of every ₹100 of sales, about ₹18 reaches shareholders as profit, with ₹25 left at the operating level before interest, tax and depreciation. Each of its 43 employees supports ₹73.7 lakh of revenue a year, the signature of a people-led business.

EBITDA margin24.9%

Net margin18.3%

Revenue / employee₹73.7 lakh

Who are its competitors?

The closest listed comparisons in its industry are DLF LIMITED, GODREJ PROPERTIES LTD, OBEROI REALTY LIMITED. These are the companies its valuation and returns are measured against elsewhere in this report.

DLF LIMITEDP/E 36.6x · ROE 10.3%

GODREJ PROPERTIES LTDP/E 30.2x · ROE 8.4%

OBEROI REALTY LIMITEDP/E 23.5x · ROE 14.7%

What is its competitive advantage?Some evidence

ROCE of 18.3% is above what capital typically costs, which suggests some pricing power, though not yet the sustained, wide gap that marks a durable advantage.

ROCE18.3%

ROE18.4%

Peer median ROE10.3%

What has been driving growth?

Growth has come mainly from selling more, rather than from keeping more of each sale. Over 3 years revenue moved +150% while net margin moved -21% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+150%

Margin effect-21%

DalalBaazaar Score

78/ 100

Good

Weighted across six categories. Every point is explained below.

✓ Beta of 0.02 — historically steadier than the index
✗ Micro Cap: thinner liquidity and sharper drawdowns are normal
✗ Profits have swung sharply from year to year — earnings are hard to forecast

Quality vs. Valuation

Company Quality

81/ 100

Excellent

How good the business is, ignoring the share price entirely.

Valuation

88/ 100

Cheap

What you are being asked to pay, ignoring how good the business is.

A good business currently available at an undemanding price — the combination this framework is built to look for.

Historical Valuation

Current P/E

5.7x

3Y Median

15.0x

40 monthly readings · mean 14.1x · range 4.8x–21.9x

Sector Median

30.2x

median of 3 sector peers

🟢Current valuation is approximately 62% below its 3y median of 15.0x. Cheaper than its own history, which is worth a reason too: the market may be pricing in something the backward-looking numbers do not show.

🟢Against its sector it trades 81% below the peer median of 30.2x.

vs. its own history

Cheap

15.0x median over 40 months · -62%

vs. sector peers

Cheap

30.2x median of 3 peers · -81%

vs. generic bands

Cheap

Below 15x

P/E (Trailing)

5.7x

P/B

0.88x

EV/EBITDA

3.6x

PEG

0.22

Dividend Yield

None

What's Good / What's Bad

🟢 What's Going Well6

Cash generation is improving
Free cash flow is up 3221% over 3 years.
Return on equity is rising
ROE has improved from 14.7% to 18.4%.
Return on capital is rising
ROCE has improved from 13.7% to 18.3%.
Valuation below its historical average
At 5.7x the stock trades 62% below its own median of 15.0x.
Very low debt
Debt/Equity of 0.26x leaves the balance sheet with plenty of headroom.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention2

Margins are compressing
EBITDA margin has slipped from 37.8% to 24.9% over 3 years.
Receivables growing faster than sales
Receivables are up 493% against revenue growth of 150% — customers are taking longer to pay.

Red Flags

2 items require attention · 2 high

🔴Significant margin compressionFinancial
EBITDA margin has fallen 13.0 points, from 37.8% to 24.9%.
🔴Receivables growing faster than salesFinancial
Receivables up 493% against revenue up 150% — sales are being booked faster than they are collected.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Capital compounds at a high rate
ROCE of 18.3% means each rupee reinvested earns well above what capital costs. If the company can keep deploying at this rate, growth creates value rather than just consuming cash.
Priced below its own history
The stock trades 62% below its own median multiple. If the business performs as it has and simply re-rates back to normal, that gap is return on its own.
Cheaper than its peers
It trades 81% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.
Self-funding with balance-sheet headroom
Positive free cash flow of ₹18 Cr alongside low debt means growth, buybacks or dividends need no outside money — and a downturn can be absorbed rather than refinanced.
Earnings have proved durable
Profitable in every one of the last 4 reported years. Consistency lowers the risk that any single bad year is structural rather than cyclical.

🔴 Bear CaseWhat could go wrong?

Margins are being competed away
EBITDA margin has fallen from 37.8% to 24.9%. If the trend continues, profit falls even on flat sales — and margin decline rarely reverses quickly.
Sales are being booked faster than collected
Receivables are up 493% against revenue up 150%. If customers keep taking longer to pay, reported profit will not turn into cash — and write-offs follow if some never do.
Earnings are hard to forecast
Profit has swung sharply from year to year, so any single year — good or bad — is a weak guide to the next. Cyclical earnings deserve lower multiples for that reason.
Size brings its own risk
Micro Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.
Several serious flags at once
2 high-severity checks triggered. Individually each has an explanation; together they raise the chance that something structural is wrong rather than a one-off.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1Revenue growth stays above 27% a year✓ 35.8% CAGR
Latest reported year was -58.8%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 23%✓ 24.9%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Free cash flow remains positive✓ ₹18 Cr
Profit that never becomes cash eventually stops being profit.
4Debt / EBITDA stays below 2x✓ 1.0x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
5ROCE stays above 15%✓ 18.3%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

8 / 11 checks passed

✓ Strong return on equity (ROE ≥ 15%)
✓ Strong return on capital employed (ROCE ≥ 15%)
✓ Healthy net margin (≥ 10%)
✓ Generates positive free cash flow
✓ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✗ Revenue growing year-over-year
✗ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✗ Short-term technical trend isn't bearish

Price history

Quick Metrics

7 good · 2 neutral · 2 weak

Market Cap

₹28 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

5.7x

Cheap

Cheap against the generic band

P/B Ratio

0.88x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹0.55

Profitable

Profitable on a per-share basis

ROE

18.4%

Strong

Strong capital efficiency

ROCE

18.3%

Strong

Earns comfortably above its likely cost of capital

Debt/Equity

0.26x

Low

Conservative leverage

Revenue Growth (YoY)

-58.8%

Shrinking

Sales are contracting

Profit Growth (YoY)

-62.5%

Falling

Profits are shrinking

Dividend Yield

None

No dividend yield reported — usually means no payout, but verify if one was recently initiated

Free Cash Flow

₹18 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

CMP

₹3.12

Operating Margin

18.2%

Good

Healthy core-business profitability

Net Margin

19.1%

Good

Strong bottom-line conversion

Current Ratio

6.27

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.02

Defensive

Steadier than the market

52W Range Position

15%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

3.2 / 3.4

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

36.8

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹13 Cr	₹12 Cr	₹19 Cr	₹32 Cr	+35.8%
EBITDA	₹5 Cr	₹4 Cr	₹5 Cr	₹8 Cr	+18.1%
EBITDA Margin	37.8%	33.3%	24.4%	24.9%	—
PAT (Net Profit)	₹3 Cr	₹2 Cr	₹2 Cr	₹6 Cr	+25.6%
EPS	₹0.33	₹0.23	₹0.26	₹0.65	+25.4%
ROE	14.7%	8.4%	8.7%	18.4%	—
ROCE	13.7%	8.6%	9.5%	18.3%	—
Total Debt	₹7 Cr	₹15 Cr	₹14 Cr	₹8 Cr	+3.6%
Free Cash Flow	₹1 Cr	₹3 Cr	-₹2 Cr	₹18 Cr	+221.4%

🟢 Revenue has grown at 35.8% a year over 3 years.

🟢 EBITDA has grown at 18.1% a year over 3 years.

🔴 EBITDA Margin has fallen from 37.8% to 24.9% over 3 years (-13.0 pts).

🟢 PAT (Net Profit) has grown at 25.6% a year over 3 years.

🟢 EPS has grown at 25.4% a year over 3 years.

🟢 ROE has risen from 14.7% to 18.4% over 3 years (+3.7 pts).

🟢 ROCE has risen from 13.7% to 18.3% over 3 years (+4.6 pts).

🔴 Total Debt has grown at 3.6% a year over 3 years.

🟢 Free Cash Flow has grown at 221.4% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹52 Cr

Total Liabilities

₹21 Cr

Total Debt

₹8 Cr

Cash & Equivalents

₹8 Cr

Operating Cash Flow

₹18 Cr

Capex

-₹0 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

54.5%

Corporate Actions

Ex-Dividend Date

19 Sept 2019

Peer Comparison

Company	P/E	ROE
DLF LIMITED	36.6x	10.3%
GODREJ PROPERTIES LTD	30.2x	8.4%
OBEROI REALTY LIMITED	23.5x	14.7%

Recent News

2 positive4 general

Swasti Vinayaka Art & Heritage Corporation Ltd. Peer Comparison – Compare with Others

Value Research, 07 Oct

Master Trust Subsidiary Launches Clearing and Settlement Services on NSE and BSE

Whalesbook, 17 Oct

Swasti Vinayaka Art FY26 net profit jumps 151% to ₹580.78 lakh

scanx.trade, 30 MayResults

🟢Potentially positiveReported improvement. Check whether it came from volume, price or a one-off item before treating it as a trend.

Swasti Vinayaka Art & Heritage Corporation standalone net profit rises 189.47% in the March 2026 quarter

Business Standard, 01 JunResults

🟢Potentially positiveReported improvement. Check whether it came from volume, price or a one-off item before treating it as a trend.

Swasti Vinayaka Art & Heritage Corporation Ltd. Key Financial Ratios – Valuation, Profitability & More

Value Research, 04 Sept

Swasti Vinayaka Art & Heritage (NSE:SVARTCORP) Explained

Kalkine India, 10 Sept

Watch Items

Revenue growth is negative (-58.8%) on the latest reported period — check if this is one-off or a trend.
Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

🟢Business QualityStrong17.1/20

🟢Financial HealthStrong17.8/20

🟡GrowthModest12.9/20

🟢ProfitabilityStrong12.6/15

🟢ValuationAttractive13.2/15

🔴RiskHigh4.4/10

Attractive on both counts

A good business currently available at an undemanding price — the combination this framework exists to look for. The work left is qualitative: whether the advantage the numbers imply is one you can identify and expect to last. 2 high-severity red flags sit above this conclusion and should be read first.

This thesis breaks if

✓Revenue growth stays above 27% a year35.8% CAGR
✓EBITDA margin holds above 23%24.9%
✓Free cash flow remains positive₹18 Cr
✓Debt / EBITDA stays below 2x1.0x
✓ROCE stays above 15%18.3%