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Arman Financial Services Limited (ARMANFIN) · mywealthgrid

About

Arman Financial Services is an NBFC in the Financials sector with a ₹2,068 Cr market cap, operating at consolidated scale with quarterly revenues of ₹150–200 Cr. The company maintains operating margins of 44–60%, but reports ROE of 6.27%, indicating capital constraints or leverage limiting equity returns.

Face value: ₹10

Market cap

₹1,853 Cr

P/E

16.0×

P/B

2.0×

Dividend yield

ROE

6.3%

ROCE

—

Debt / equity

1.9

OPM

44%

EPS (TTM)

₹110.1

Book value

₹888.0

52-week high

₹2,069.3

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Debt-to-equity of 1.9 represents moderate leverage; verify NPA ratio, slippage trends, and whether high operating margins mask emerging credit stress
Operating margins at 60% leave minimal room for yield compression; verify cost of funds and pricing dynamics in a rate-tightening environment
No dividend payout since 2019 despite profitability; verify capital allocation rationale and regulatory constraints on capital deployment
Promoter holding of 22% (Jun 2026) is unusually low for an NBFC; verify governance structures and minority shareholder protections

Generated analysis · source review pending

Growth drivers

Net profit expanded from ₹7.99 Cr (Sep 2025) to ₹45.17 Cr (Jun 2026) with OPM sustained above 49%; verify if growth reflects loan book expansion or one-time items
EPS increased from ₹7.62 (Sep 2025) to ₹42.96 (Jun 2026); verify whether sustainable and driven by volume growth or capital efficiency
Consolidated revenue grew from ₹159.21 Cr (Sep 2025) to ₹201.78 Cr (Jun 2026); verify if this reflects organic lending growth
Verify if company is scaling higher-margin lending segments or benefiting from sector-wide credit growth

Generated analysis · source review pending

₹1,764.4+19.5%1Y

Beta

Moves with the index

Volatility (1y)

40.9%

Annualised, daily returns

RSI (14)

27.5

Oversold territory

Rel. strength (1y)

9.1%

Ahead of the market

Beta is measured against NIFTY 50 over three years of weekly returns — 1 moves with the index, above 1 amplifies it, below 1 damps it.

Quick read

rule-based

Pros

+Healthy operating margin of 44%
+Profit CAGR of 39.8% over the last 5 years
+Revenue CAGR of 27.6% over the last 5 years

Cons

−Heavily leveraged (debt/equity 1.9)
−Weak interest coverage of 1.4×
−Low promoter holding of 22%

Research score

Structured signal from quality, growth, valuation and momentum.

54/100

Business quality: 28
Growth: 53
Valuation

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Screen this industry Compare top 5 side-by-side

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Shriram Finance LimitedSHRIRAMFINSHRIRAMFIN	₹1,77,811 Cr	₹4,28,503 Cr	₹49,997 Cr	₹36,981 Cr	73.7%	₹11,318 Cr	20.8%	—	16.4%	—
Tata Capital LimitedTATACAPTATACAP	₹1,35,540 Cr	₹3,71,517 Cr	₹32,695 Cr	₹24,219 Cr	73.2%	₹5,404 Cr	15.5%	—	13.3%	—
Cholamandalam Investment And Finance Company LimitedCHOLAFINCHOLAFIN	₹1,33,352 Cr	₹3,45,452 Cr	₹32,663 Cr	₹22,399 Cr	68.2%	₹5,751 Cr	16.8%	—	19.3%	—
Muthoot Finance LimitedMUTHOOTFINMUTHOOTFIN	₹1,08,289 Cr	₹2,60,075 Cr	₹33,431 Cr	₹27,558 Cr	81.4%	₹11,373 Cr	34%	—	30.9%	—
L&T Finance LimitedLTFLTF	₹66,238 Cr	₹1,76,126 Cr	₹18,928 Cr	₹11,603 Cr	61.1%	₹3,226 Cr	16.7%	—	11.2%	—
Sbi Cards And Payment Services LimitedSBICARDSBICARD	₹53,594 Cr	₹97,658 Cr	₹20,063 Cr	₹5,374 Cr	26.7%	₹2,275 Cr	10.9%	—	14.7%	—
Hdb Financial Services LimitedHDBFSHDBFS	₹51,335 Cr	₹1,38,733 Cr	₹16,300 Cr	₹9,318 Cr	57.2%	₹2,176 Cr	13.4%	—	14.7%	—
Sundaram Finance LimitedSUNDARMFINSUNDARMFIN	₹48,838 Cr	₹1,18,475 Cr	₹10,104 Cr	₹7,957 Cr	78.3%	₹2,220 Cr	21%	—	14.7%	—
Piramal Finance LimitedPIRAMALFINPIRAMALFIN	₹45,868 Cr	₹1,25,857 Cr	₹11,852 Cr	₹7,051 Cr	59.5%	₹1,504 Cr	12.7%	—	5.3%	—
Authum Investment & Infrastructure LimitedAIILAIIL	₹45,797 Cr	₹49,133 Cr	₹2,863 Cr	₹2,451 Cr	88.2%	₹3,582 Cr	74%	—	13.1%	—
Mahindra & Mahindra Financial Services LimitedM&MFINM&MFIN	₹44,445 Cr	₹1,72,816 Cr	₹21,733 Cr	₹13,785 Cr	62.5%	₹3,253 Cr	13.6%	—	11.9%	—
Poonawalla Fincorp LimitedPOONAWALLAPOONAWALLA	₹38,161 Cr	₹86,259 Cr	₹7,813 Cr	₹4,291 Cr	52.7%	₹787 Cr	8%	—	5.9%	—

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	212	191	234	424	661	730	646
Interest	88	77	89	172	265	239	205
Expenses	73	103	99	126	167	420	361
Financing profit	51	10	45	126	229	71	79
Financing margin %	24.1%	5.4%	19.4%	29.8%	34.7%	9.7%	12.2%
Other income	4	2	1	0	0	0	0
Depreciation	1	1	1	1	1	2	2
Profit before tax	54	12	46	125	228	69	77
Tax	12	1	14	31	55	17	21
Tax %	22.8%	9.8%	30.3%	24.9%	23.9%	24.6%	26.8%
PAT	42	11	32	94	174	52	57
EPS (₹)	55.8	12.5	37.4	110.5	195	49.7	53.9
EPS adjusted (₹)	49.1	12.5	37.4	110.5	165.6	49.6	53.9
Annual report	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	—

₹ Cr	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	8	8	8	8	10	10	11
Reserves	164	178	204	357	802	864	923
	698	721	990	1,604	1,725	1,232	1,776
	26	32	39	68	97	121	89
Total equity & liabilities	896	940	1,241	2,038	2,635	2,227	2,798
	4	—	4	5	6	31	32
CWIP	—	—	—	0	0	0	3
Investments	3	3	6	19	7	39	92
	889	937	1,232	2,014	2,622	2,157	2,671
Total assets	896	940	1,241	2,038	2,635	2,227	2,798

₹ Cr	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	-221	-76	6	-281	-713	-302	493	-476
	-1	2	2	-2	-13	18	-49	-50
	252	94	22	270	676	376	-495	546
Net cash flow	30	20	30	-12	-49	92	-51	20
Free cash flow	-223	-77	5	-282	-715	-305	467	-480
CFO / Operating profit %	—	-54.7%	6.7%	-208.1%	-239.2%	-61.1%	158.9%	-167.5%

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	—	—	—	—	—	—	—
EBITDA margin %	65.5%	45.9%	57.7%	70.3%	74.8%	42.5%	44%
EBIT margin %	65.1%	45.5%	57.2%	70.1%	74.6%	42.3%	43.8%
PAT margin %	19.6%	5.6%	13.6%	22.1%	26.2%	7.1%	8.8%
Working capital
Receivable days	—	—	—	—	—	—	—
Inventory days	—	—	—	0	0	0	0
Payable days	—	—	—	—	—	—	—
NWC days	—	—	—	—	—	—	—
Leverage
Current ratio	—	—	—	—	—	—	—
Debt to EBITDA	5.04	8.23	7.34	5.38	3.49	3.97	6.24
Debt to equity	4.05	3.86	4.65	4.39	2.12	1.41	1.9
Interest coverage	1.6	1.2	1.5	1.7	1.9	1.3	1.4
Asset turnover	0.24	0.2	0.19	0.21	0.25	0.33	0.23
Return ratios
Return on assets %	4.6%	1.1%	2.6%	4.6%	6.6%	2.3%	2%
Return on capital employed %	—	—	—	—	—	—	—
Return on equity %	24.1%	5.7%	14.9%	25.7%	21.4%	6%	6.1%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	26.58%	23.65%	22.09%	22.09%	22.07%	22.07%	22.06%	22.05%	22%	22%	22%	22%
	3.9%	6.64%	10.2%	5.18%	4.9%	1.97%	1.2%	1.42%	1.81%	1.68%	2.61%	3.08%
	0.77%	7.66%	6.29%	6.16%	5.03%	4.51%	4.92%	5.08%	4.83%	5.03%	4.18%	4.85%
	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	68.75%	62.05%	61.42%	66.57%	68%	71.45%	71.82%	71.45%	71.36%	71.29%	71.21%	70.07%
No. of shareholders	—	—	—	—	—	—	—	—	36,531	34,930	33,752	32,079

Promoter holding down 4.58 percentage points since Sep 2023.

1 disclosure

Person	Deal	Shares	Value	Holding	Filed
Amit R. ManakiwalaPromoters	SellMarket Sale	300	₹4.49 L	0.10% → 0.10%	30 Sept 20257(2)

Disclosed under SEBI’s insider-trading regulations, which require a filing only above ₹10 lakh in a quarter — smaller dealings are in no disclosure. Holdings are the filer’s own percentages, not recomputed.

18 deals · 31 May 2023 – 5 Sept 2025

Date	Client	Type	Venue	Side	Quantity	Price	Value
5 Sept 2025	AIRAVAT CAPITAL TRUST II	Block	NSE	Buy	1,33,279	₹1,414.00	₹18.85 Cr
5 Sept 2025	AIRAVAT CAPITAL TRUST	Block	NSE	Sell	1,33,279	₹1,414.00	₹18.85 Cr
5 Sept 2025	AIRAVAT CAPITAL TRUST II	Bulk	NSE	Buy	1,33,279	₹1,414.00	₹18.85 Cr
5 Sept 2025	AIRAVAT CAPITAL TRUST	Bulk	NSE	Sell	1,33,279	₹1,414.00	₹18.85 Cr
21 Mar 2025	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	62,633	₹1,404.97	₹8.80 Cr
21 Mar 2025	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	62,633	₹1,404.09	₹8.79 Cr
11 Jun 2024	PRUDENT EQUITY ACE FUND	Bulk	NSE	Buy	70,000	₹2,299.89	₹16.10 Cr
6 Jun 2024	ELEVATION CAPITAL V LIMITED	Bulk	NSE	Sell	1,29,000	₹2,290.62	₹29.55 Cr
27 Dec 2023	ELEVATION CAPITAL V LIMITED	Bulk	NSE	Sell	94,000	₹2,542.28	₹23.90 Cr
27 Dec 2023	STALLION ASSET PRIVATE LIMITED	Bulk	NSE	Buy	58,406	₹2,529.99	₹14.78 Cr

1–10 of 18

1 / 2

Mr. Alok PrasadNon-Executive - Independent Director-Chairperson
Mr. Govindarajan MoorthyChief Risk Officer
Mr. Jayendrabhai Bhailalbhai PatelExecutive Director
Mr. Aalok Jayendra PatelExecutive Director-MD
Mrs. Ritaben Jayendrabhai PatelNon-Executive - Non Independent Director
Mr. Aakash Jayendrabhai PatelNon-Executive - Non Independent Director
Mrs. Geeta Haresh SolankiNon-Executive - Independent Director
Mr. Yash Kaushik ShahNon-Executive - Independent Director
Mr. Pinakin Surendrai ShahNon-Executive - Independent Director
Mr. Vivek ModiChief Financial Officer
Mr. Uttam Narayanbhai PatelCompany Secretary & Chief Compliance Officer

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 1 fund houses

Held by these funds

0.04%

of the company's equity

All mutual funds

0.89%

shareholding pattern, Jun 2026

Portfolios as of

June 2026

compared with April 2026

1 schemes

		Shares
IB19-Groww Banking & Financial Services Fund	Groww Mutual Fund	3,958	0.67	0.89%	0.038%	-3,067

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Aug 2026Transcript AI SummaryPPTREC
Jun 2026Transcript AI Summary PPTREC

Documents link to external sources (exchange filings, company investor pages).

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Events

Upcoming dates and the company’s corporate-action history.

9

Final dividend13 Sept 2019 · ex-date₹1.4
Final dividend30 Aug 2018 · ex-date₹1
Dividend dividend12 Sept 2016 · ex-date₹1.4
Dividend dividend18 Sept 2015 · ex-date₹1.2
Dividend dividend15 Sept 2014 · ex-date₹1
Dividend dividend21 Aug 2013 · ex-date₹0.8
Dividend dividend20 Sept 2012 · ex-date₹0.8
Dividend dividend19 Sept 2011 · ex-date₹0.8
Final dividend30 Aug 2010 · ex-date₹0.6

1

Board meeting to consider results12 Aug 2026

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

124 announcementsExport CSV

29 Aug 2026, 4:08 pmInsider Trading / SAST

Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011

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Date	Category	Subject	Filing
29 Aug 2026, 4:08 pm	Insider Trading / SAST Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011	Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011	PDF
26 Aug 2026, 1:18 pm	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF
25 Aug 2026, 6:37 pm	Company Update Demise	Announcement under Regulation 30 (LODR)-Demise	PDF
20 Aug 2026, 11:33 am	Company Update Earnings Call Transcript	Announcement under Regulation 30 (LODR)-Earnings Call Transcript	PDF
13 Aug 2026, 6:29 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome	PDF
12 Aug 2026, 7:53 pm	Company Update Press Release / Media Release	Announcement under Regulation 30 (LODR)-Press Release / Media Release	PDF
12 Aug 2026, 7:30 pm	Company Update Change in Management	Announcement under Regulation 30 (LODR)-Change in Management	PDF
12 Aug 2026, 7:23 pm	Company Update Reg. 32 (1), (3) - Statement of Deviation & Variation	Statement Of Material Deviation For The Quarter Ended On June 30, 2026	PDF

Arman Financial Services Limited

Arman Financial Services Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Events

9

1

Announcements

Not in the F&O segment

9

1

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Compounded sales growth

Compounded profit growth

Stock price CAGR

Return on equity

Arman Financial Services Limited

Arman Financial Services Limited

About

Key insights

Key risks

Growth drivers

Risk & technicals

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Cash flow

Ratios

Ratio timeline

Shareholding

Quarterly record

Insider dealing

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Events

Dividends9

Board meetings1

Announcements

Not in the F&O segment

Dividends9

Board meetings1

Ratio timeline

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Quarterly record

Insider dealing

Bulk & block deals

Board and management

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Stock price CAGR

Return on equity

9

1

9

1