Aryaman Capital Markets Ltd (ARYACAPM)

About

Aryaman Capital Markets Ltd is an investment company in India's financial services sector with a market cap of ₹480 Cr. Operating at ₹400 per share, it generates strong profitability metrics with 37.4% operating margin and 38.69% ROE, positioning it as a high-return but small-scale player in capital markets.

Face value: ₹10

Market cap

₹503 Cr

P/E

21.9×

P/B

6.5×

Dividend yield

0%

ROE

38.7%

ROCE

48.2%

Debt / equity

0.36

OPM

37.4%

EPS (TTM)

₹19.1

Book value

₹64.6

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Ownership concentration: promoters hold 74.28% with zero FII and DII participation. Verify institutional investor appetite and whether a 25.72% public float supports liquid price discovery.
Margin sustainability: 37.4% OPM and 38.69% ROE assume stable profitability. Verify whether these metrics are consistent across business cycles or tied to market conditions.
Price volatility: 52-week range of ₹316.45–₹723.25 (2.3x) reflects significant swings. Understand whether this reflects micro-cap liquidity or underlying business uncertainty.
Competitive scale: At ₹480 Cr market cap, the company is small relative to peers. Verify competitive positioning in investment services.

Generated analysis · source review pending

Growth drivers

ROE of 38.69% reflects capital-efficient operations; sustaining or growing this as scale increases could compound shareholder returns.
Operating margin of 37.4% provides a profitable base to fund expansion; verify whether margins sustain or compress as the company scales revenue.
Low leverage (D/E 0.36) creates financial capacity for growth investments; unused debt capacity is available if business expansion is pursued.
Small market-cap base offers runway for organic growth; verify the company's strategy for expanding revenue and client base in capital markets.

Generated analysis · source review pending

604 historical price candles were omitted because the exchange source has not been verified.

₹419.0-1.4%1Y

Quick read

rule-based

Pros

+Strong return on equity of 20.8% (3-yr avg)
+High return on capital employed of 31.5%
+Healthy operating margin of 37.4%
+High promoter holding of 74.3% with no pledge

Cons

No red flags triggered.

Research score

Structured signal from quality, growth, valuation and momentum.

71/100

Business quality: 87
Valuation: 54

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
Jio Financial Services LimitedJIOFINJIOFIN	₹1,40,316 Cr	₹1,62,084 Cr	₹4,905 Cr	₹3,264 Cr	65.6%	₹2,066 Cr	44.4%	—	1.2%	—
Aditya Birla Capital LimitedABCAPITALABCAPITAL	₹1,02,546 Cr	₹2,81,426 Cr	₹48,186 Cr	₹17,803 Cr	36.7%	₹4,104 Cr	8.5%	—	11.6%	—
Tata Investment Corporation LimitedTATAINVESTTATAINVEST	₹31,122 Cr	₹31,122 Cr	₹404 Cr	₹361 Cr	89.4%	₹431 Cr	109.2%	—	1.4%	—
Cholamandalam Financial Holdings LimitedCHOLAHLDNGCHOLAHLDNG	₹25,721 Cr	₹2,36,121 Cr	₹40,993 Cr	₹22,781 Cr	55.1%	₹2,669 Cr	14%	—	17.5%	—
Tvs Holdings LimitedTVSHLTDTVSHLTD	₹24,010 Cr	₹60,166 Cr	₹62,488 Cr	₹9,940 Cr	15.8%	₹1,970 Cr	5.8%	—	30.4%	—
Maharashtra Scooters LimitedMAHSCOOTERMAHSCOOTER	₹14,113 Cr	₹14,113 Cr	₹289 Cr	₹285 Cr	98.7%	₹279 Cr	99.3%	—	1.1%	—
Jsw Holdings LimitedJSWHLJSWHL	₹12,496 Cr	₹12,496 Cr	₹184 Cr	₹168 Cr	92.2%	₹137 Cr	81.7%	—	0.5%	—
Religare Enterprises LimitedRELIGARERELIGARE	₹7,663 Cr	₹8,064 Cr	₹8,941 Cr	₹60 Cr	1.6%	₹50 Cr	0.9%	—	3.2%	—
Pilani Investment And Industries Corporation LimitedPILANIINVSPILANIINVS	₹4,320 Cr	₹6,712 Cr	₹248 Cr	₹216 Cr	88.5%	₹-12 Cr	11%	—	0.2%	—
Nalwa Sons Investments LimitedNSILNSIL	₹2,633 Cr	₹2,636 Cr	₹98 Cr	₹77 Cr	74.8%	₹55 Cr	56.1%	—	0.3%	—
Kalyani Investment Company LimitedKICLKICL	₹2,065 Cr	₹2,065 Cr	₹78 Cr	₹65 Cr	82.2%	₹41 Cr	47.1%	—	0.4%	—
El Cid Investments LimitedELCIDINELCIDIN	₹2,043 Cr	—	₹134 Cr	₹127 Cr	94.5%	₹109 Cr	81%	—	1.2%	—

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Financials

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

Annual Quarterly

Standalone figures · ₹ crore

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	0	0	45	32	75
Interest	0	0	3	4	4
Expenses	0	0	42	23	47
Financing profit	0	0	0	5	24
Financing margin %	0%	0%	1%	16.1%	32.6%
Other income	0	0	1	2	3
Depreciation	0	0	0	0	0
Profit before tax	0	0	2	7	27
Tax	0	0	0	1	4
Tax %	—	—	16.8%	13.8%	14.9%
PAT	0	0	1	6	23
EPS (₹)	0.2	0.3	1.2	5.4	19.2
EPS adjusted (₹)	—	—	1.2	5.4	19.1
Annual report	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
Equity capital	0	0	0	12	12	12
Reserves	—	0	0	17	29	65
	—	0	0	41	46	28
	—	0	0	2	4	11
Total equity & liabilities	—	0	0	72	91	116
	0	0	0	1	1	1
CWIP	—	0	0	—	—	—
Investments	—	0	0	18	26	47
	—	—	—	52	64	68
Total assets	—	0	0	72	91	116

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	0	0	7	9	28
	0	0	-1	2	-3
	0	0	7	2	-22
Net cash flow	0	0	13	12	4
Free cash flow	0	0	7	9	28
CFO / Operating profit %	—	—	195.8%	99%	99.9%

Compounded sales growth

7 years: —
5 years: —
3 years: —
1 year: 134%

Compounded profit growth

7 years: —
5 years: —
3 years: —
1 year: 255%

Return on equity

7 years: —
5 years: —
3 years: 17%
Last year: 30%

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Ratios

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

Standalone figures

Ratio	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Margins
Gross margin %	—	—	8.7%	29.4%	41.4%
EBITDA margin %	—	—	8%	27.9%

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Shareholding

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

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Mar 2022	Sep 2022	Mar 2023	Sep 2023	Mar 2024	Sep 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	74.28%	74.28%	74.28%	74.28%	74.28%	74.28%	74.28%	74.28%	74.28%	74.28%	74.28%	74.28%
FII	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
DII	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	25.72%	25.72%	25.72%	25.72%	25.72%	25.72%	25.72%	25.72%	25.72%	25.72%	25.72%	25.72%
No. of shareholders	—	—	—	—	—	—	—	—	768	650	583	576

Promoter holding up 0 percentage points since Mar 2022.

23 deals · 26 Nov 2021 – 4 Feb 2025

Date	Client	Type	Venue	Side	Quantity	Price	Value
4 Feb 2025	ARVIND KUMAR BANSAL (HUF)	Bulk	BSE	Buy	90,000	₹214.00	₹1.93 Cr
4 Feb 2025	GANGA DEVI BANSAL	Bulk	BSE	Sell	75,000	₹214.00	₹1.61 Cr
24 Sept 2024	VEDANKIT TRADERS PRIVATE LIMITED	Bulk	BSE	Sell	1,12,500	₹195.00	₹2.19 Cr
23 Sept 2024	BLACKBERRY SAREES PRIVATE LIMITED	Bulk	BSE	Sell	1,10,000	₹197.00	₹2.17 Cr
11 Jul 2024	WAJID AHMED	Bulk	BSE	Sell	1,07,500	₹139.65	₹1.50 Cr
11 Jul 2024	INVESTINO VENTURE LLP .	Bulk	BSE	Buy	1,06,250	₹139.65	₹1.48 Cr
3 Aug 2023	TIA ENTERPRISES PRIVATE LIMITED	Bulk	BSE	Sell	70,000	₹50.00	₹0.35 Cr
3 Aug 2023	MENTAX IMPEX PRIVATE LIMITED	Bulk	BSE	Buy	70,000	₹50.00	₹0.35 Cr
1 Aug 2023	TIA ENTERPRISES PRIVATE LIMITED	Bulk	BSE	Sell	1,10,000	₹50.00	₹0.55 Cr
1 Aug 2023	BLACKBERRY SAREES PRIVATE LIMITED	Bulk	BSE	Buy	1,10,000	₹50.00	₹0.55 Cr

1–10 of 23

1 / 3

Mr. Shripal Shrenik ShahExecutive Director-Chairperson
Mr. Shreyas Shrenik ShahExecutive Director
Ms. Kajal ChhatwalNon-Executive - Independent Director
Mrs. Damini BaidNon-Executive - Independent Director
Mr. Ronak JainNon - Executive Independent Director
Mr. Pradeep MardhekarChief Financial Officer
Ms. Reenal KhandelwalCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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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.

No fund holdings on record

No scheme among the 32 fund houses on record reported a position in Aryaman Capital Markets Ltd. Portfolios are published monthly by each AMC; coverage is still partial.

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Documents

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

Announcements

30

Annual reports

15

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

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Events

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

1

Board meeting to consider results10 Aug 2026

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

17 announcementsExport CSV

10 Aug 2026, 4:52 pmCorp. Action

Intimation Of Book Closure For 18Th Annual General Meeting

Book Closure PDF

10 Aug 2026, 4:48 pmOthers

Reg. 34 (1) Annual Report.

Reg. 34 (1) Annual Report PDF

10 Aug 2026, 4:42 pmAGM/EGM

Notice Of 18Th Annual General Meeting (AGM) To Be Held On Wednesday, September 02, 2026

AGM PDF

10 Aug 2026, 3:09 pmResult

Results- Financial Results For The Quarter Ended June 30, 2026

Financial Results PDF

10 Aug 2026, 2:53 pmBoard Meeting

Board Meeting Outcome for Outcome Of Board Meeting Held On August 10, 2026

Outcome of Board Meeting PDF

3 Aug 2026, 11:44 amBoard Meeting

Board Meeting Intimation for Consideration And Approval Of Unaudited Financial Results For The Quarter Ended June 30, 2026

Exchange filing PDF

31 Jul 2026, 11:27 amCompany Update

Announcement under Regulation 30 (LODR)-Change in Management

Change in Management PDF

31 Jul 2026, 11:17 amOthers

Board Meeting Outcome for Outcome Of Board Meeting Held On July 31, 2026

Outcome without intimation PDF

Date	Category	Subject	Filing
10 Aug 2026, 4:52 pm	Corp. Action Book Closure	Intimation Of Book Closure For 18Th Annual General Meeting	PDF
10 Aug 2026, 4:48 pm	Others Reg. 34 (1) Annual Report	Reg. 34 (1) Annual Report.	PDF

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Leverage
Current ratio	—	—	1.69	1.89	3.45

Return ratios
Return on assets %	—	—	2.1%	7.1%	19.7%

Working capital
Receivable days	—	—	1	2	1

Aryaman Capital Markets Ltd

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Annual reports

Events

Board meetings1

Announcements

Not in the F&O segment

Board meetings1

No fund holdings on record

Quarterly record

Bulk & block deals

Board and management

Ratio timeline

Announcements

Annual reports

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

1

1