MarketFriction

Arman Financial Services Ltd

NSE ARMANFIN · BSE 531179 · Non Banking Financial Company (NBFC)
₹1,764.40 +1.16%
NSE close2026-10-01
52 week range1,301.00 - 2,158.60
Market cap₹1,805 Cr.
P/E15.5
Price band 20% Delivery 47.0%

Price

Drag to pan, scroll or pinch to zoom. Ruler (or Shift + drag) measures a move.Dashed lines: 52 week high and low. Prices adjusted for splits and bonuses.

Financials

Consolidated, Rs crore
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Interest & fee income160169183184181165199151159160176202
Interest paid677163656557525250515364
Operating costs & provisions344255789311413411091808080
Core operating profit5956654123-613-1118294258
Core operating margin %37%33%36%22%13%-4%7%-7%12%18%24%29%
Depreciation & amortisation000000000000
Non-operating income000000000000
Pre-tax profit5855654122-713-1118294257
Effective tax rate %30%24%21%24%32%5%-1%31%55%22%3%21%
Profit after tax4142513115-713-158224145
Earnings per share (Rs)46.8642.9148.5129.8714.56-6.9212.16-13.907.6021.1039.0142.96
Gross bad loans %2.48%2.83%2.88%2.68%3.74%4.13%3.37%3.45%3.70%3.46%3.43%2.76%
Net bad loans %0.23%0.33%0.31%0.22%0.64%0.67%0.55%0.51%0.50%0.79%0.93%0.84%
Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Interest & fee income415478139214195235424661730646697
Interest paid16243459887989172266240206217
Operating costs & provisions122034447210399126166419361332
Core operating profit121010375313461262297179147
Core operating margin %30%19%13%26%25%6%20%30%35%10%12%21%
Depreciation & amortisation000011111222
Non-operating income000010-000000
Pre-tax profit121010365412461252286977146
Effective tax rate %34%36%26%27%23%10%30%25%24%25%27%
Profit after tax86726421132941745257116
Earnings per share (Rs)13.9911.0512.7645.9849.1312.5137.35110.46165.6749.6453.85110.67
Paid out as dividend %12%11%9%4%0%0%0%0%0%0%0%
10 Years5 Years3 YearsTTM1 YearLast Year
Revenue CAGR32%27%15%0%
Profit CAGR22%40%-16%1780%
Share price CAGR21%15%-8%17%
Average return on equity15%14%12%6%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Net block (property, plant)22334445683132
Capital work in progress000000000003
Investments012333361973992
Current & other assets1361922104597468889331,2312,0132,6202,1572,671
Total assets1371952154657538969401,2412,0382,6352,2272,798
Share capital777778888101011
Reserves & surplus32394450116164178204355802864923
Total debt931431573956126987219901,6071,7251,2321,776
Other liabilities & provisions6771218263239689712189
Equity + liabilities1371952154657538969401,2412,0382,6352,2272,798
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating cash flow7-121-203-221-766-281-718-302493-476
Investing cash flow-1-7-2-12-122-2-1318-49-50
Free cash flow (after capex)6-221-203-222-775-282-720-305467-480
Financing cash flow-51-92052529422270681376-495546
Net change in cash1-710-9302030-12-4992-5120
Cash conversion (OCF / EBITDA) %49%12%74%-447%-223%-41%13%-194%-232%-49%168%-159%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Return on equity %17%19%13%14%29%28%6%16%33%30%6%6%
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoter group %26.58%23.65%22.09%22.09%22.07%22.07%22.06%22.05%22.00%22.00%22.00%22.00%
Foreign investors %3.89%6.64%10.20%5.18%4.90%1.97%1.19%1.42%1.80%1.69%2.61%3.08%
Domestic institutions %0.77%7.66%6.29%6.16%5.03%4.51%4.91%5.08%4.83%5.03%4.18%4.85%
Retail & others %68.76%62.05%61.41%66.56%68.01%71.44%71.82%71.45%71.37%71.29%71.20%70.07%
Shareholder count13,75815,68819,74521,67636,33942,62941,40037,60836,53134,93033,75232,079

Fundamentals

Market value₹ 1,805 Cr.
Last price₹ 1,711
P/E (trailing)15.5
Book value / share₹ 888
Return on capital11.8 %
Return on equity6.26 %
Dividend yield0.00 %
Face value₹ 10.0
Revenue CAGR (TTM)0%
Profit CAGR (TTM)1780%
Consolidated figures.
Valuation
Market capRs 1,855 Cr
Enterprise valueRs 3,232 Cr
P/E (TTM)15.94x
Price to book1.99x
Price to sales2.66x
EV / EBITDA8.86x
EV / EBIT8.90x
EV / sales4.64x
Earnings yield6.27%
P/E, 3-year average20.67x
P/B, 3-year average1.81x
P/E, 5-year average20.11x
P/B, 5-year average2.50x
Profitability
Operating margin (excl. other income)44.13%
Operating margin (incl. other income)44.13%
EBITDA margin52.38%
Pre-tax margin20.91%
Net profit margin16.70%
Net margin, latest quarter22.39%
ROE6.26%
ROCE11.77%
ROA2.25%
ROE, 3-year average13.98%
ROCE, 3-year average15.66%
ROA, 3-year average3.94%
ROE, 5-year average18.08%
ROCE, 5-year average15.70%
ROA, 5-year average4.09%
ROIC (approx.)11.50%
Tax rate26.82%
Growth
Sales growth (latest year)-11.53%
Profit growth (latest year)8.72%
Sales CAGR, 3 years15.07%
Sales CAGR, 5 years27.06%
Profit CAGR, 3 years-15.50%
Profit CAGR, 5 years39.75%
Sales growth QoQ14.92%
Profit growth QoQ10.14%
Sales growth YoY (latest quarter)33.63%
Per share
EPS (TTM)Rs 110.67
EPS (latest year)Rs 53.85
EPS (latest quarter)Rs 42.97
EPS, 3-year averageRs 89.72
EPS, 5-year averageRs 83.39
Book value per shareRs 887.79
Sales per shareRs 662.65
Cash flow per shareRs -453.16
Efficiency
Asset turnover0.23x
Fixed asset turnover20.43x
Leverage
Total debtRs 1,776 Cr
Cash and bankRs 399 Cr
Net debtRs 1,377 Cr
Debt to equity1.90x
Net debt / EBITDA3.77x
Interest coverage1.67x
Owners' fund to total sources33.36%
Debt to assets63.47%
Cash flow
Operating cash flow (latest year)Rs -476 Cr
Investing cash flow (latest year)Rs -50 Cr
Financing cash flow (latest year)Rs 546 Cr
Net change in cash (latest year)Rs 20 Cr
Statement figures
Net sales (TTM)Rs 697 Cr
Net sales (latest year)Rs 646 Cr
Sales (latest quarter)Rs 202 Cr
Operating profit excl. other income (latest year)Rs 285 Cr
Operating profit (latest quarter)Rs 122 Cr
EBITDA (TTM)Rs 365 Cr
PBDT (TTM)Rs 147 Cr
Profit before tax (TTM)Rs 146 Cr
Tax (latest year)Rs 21 Cr
Net profit (TTM)Rs 116 Cr
Net profit (latest year)Rs 57 Cr
Net profit (latest quarter)Rs 45 Cr
Depreciation (TTM)Rs 2 Cr
Depreciation (latest quarter)Rs 0 Cr
Interest (TTM)Rs 217 Cr
Cost of goods sold (latest year)Rs 1 Cr
Total expenditure (latest year)Rs 361 Cr
Total income (latest year)Rs 646 Cr
Share capitalRs 11 Cr
ReservesRs 923 Cr
Shareholders' fundsRs 933 Cr
Total assetsRs 2,798 Cr
Net blockRs 32 Cr
Capital work in progressRs 3 Cr
InvestmentsRs 92 Cr
Other liabilitiesRs 89 Cr
Shares outstanding (crore)1.05
Computed by MarketFriction from the consolidated statements. Returns use average balances.
P/E 15.9 is at the 22th percentile of its own 9.2-year range (median 33.0, low 7.5, high 277.1).
P/B 1.99 is at the 16th percentile (median 4.53).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
PeriodARMANFINNifty 50Difference
1 week-7.0%-2.8% -4.2 pts
1 month-9.6%-6.8% -2.8 pts
3 months+1.2%-7.6% +8.8 pts
6 months+31.3%+0.4% +30.9 pts
1 year+17.8%-9.9% +27.7 pts
2 years-1.4%-13.6% +12.2 pts
3 years-18.8%+14.2% -33.0 pts
5 years+103.1%+27.9% +75.2 pts
5 mutual fund schemes hold about ₹21 Cr. Over three months 2 bought more and 1 sold (share counts, price move removed).
FundWeightEst. Cr3m shares
WOC Special Opp Fund0.55%11 +54%
WOC Flexi Cap Fund0.08%7 +4%
WOC Multi Cap Fund0.06%2 +1%
WOC ELSS Tax Saver Fund0.11%1 +8%
Groww Banking & Financial Services Fund0.00%0 -100%

Red flags

F-score 3 of 8
explainWeak cash conversion Cash from operations was -101% of net profit over the last 3 years
explainHigh accruals Profit exceeded operating cash by 19% of total assets in 2026
explainLow interest cover Interest cover 1.4x in 2026
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.

Latest quarter

Jun 2026
Revenue ₹202 Cr +33.8% vs Jun 2025. Net profit ₹45 Cr +400.0%.
Against our estimate for Jun 2026: sales +44.3%, profit +242.3% beat. Our estimate for Sep 2026: sales Rs 177 Cr, profit Rs 32 Cr (how).

Activity

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No bulk or block deals on record.
Ex-dateActionFactor
2024-09-20Annual General Meeting
2023-09-22Annual General Meeting
2022-09-21Annual General Meeting
2021-09-21 Annual General Meeting
2020-09-21 Annual General Meeting
2019-09-13 Dividend - Rs 1.40 Per Share
2018-08-30 Annual General Meeting/Dividend Re 1 Per Share
2017-09-20 Annual General Meeting/Dividend - Re 1/- Per Share
2016-09-12 Aannual General Meeting/Dividend - 1.40 Per Share
DateTypeWhat it says
2026-10-01Credit Rating- RevisionCredit Rating- Revision
2026-09-30Shareholder meetingVoting results.
2026-09-28Shareholder meetingProceedings of Annual General Meeting held on September 28, 2026
2026-09-25General UpdatesReconstitution of various Board Committees
2026-09-18Concall / analyst meetSchedule of meet
2026-09-15ESOPAllotment of 31571 Shares.
2026-09-05General UpdatesLetter to shareholders
2026-09-05Shareholder meetingNotice of Annual General Meeting to be held on September 28, 2026
2026-09-04Concall / analyst meetSchedule of meet
2026-08-31Disclosure under SEBI TakeovHimani Manakiwala has Submitted to the Exchange a copy of Disclosure under Regulation 29(2) of the Securities and Exchange Board of India (Substantial...
2026-08-25DemiseDemise of JAYENDRABHAI BHAILALBHAI PATEL, whole time Director of the company on August 25, 2026.
2026-08-20Concall / analyst meetTranscript for Q1 FY 2026-27
2026-08-13Concall / analyst meetLink of Recording
2026-08-13Investor PresentationInvestor Presentation
2026-08-12Press ReleaseA press release dated August 12, 2026, titled "Press Release on Q1 FY 2026-27".
2026-08-12General UpdatesGrant of 3600 Stock Options (which would get converted into 3600 equity shares of the Company upon exercise) to the eligible employee of the Company /...
2026-08-12Board meeting outcomeArman Financial Services Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
2026-08-12Change in ManagementChange in Management
2026-08-07Concall / analyst meetSchedule of meet
2026-08-07Concall / analyst meetSchedule of meet
2026-06-09AppointmentAppointment of Mr Pushpendrakumar as Other of the company w.e.f. Jun 09, 2026.
2026-06-05Disclosure under SEBI TakeovJayendrabhai Bhailalbhai Patel has Submitted to the Exchange a copy of Disclosure under Regulation 31(4) of the Securities and Exchange Board of India...
2026-06-05Concall / analyst meetTranscript
2026-06-04Concall / analyst meetSchedule of meet
2026-06-04Concall / analyst meetSchedule of meet
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
No short selling reported to NSE in our files.
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
Not on any NSE surveillance list in the latest file.

Quick answers

What is the market cap of Arman Financial Services Ltd?

Arman Financial Services Ltd (ARMANFIN) has a market capitalisation of Rs 1,805 Cr. at the 2026-10-01 close.

What is the P/E ratio of Arman Financial Services Ltd?

Arman Financial Services Ltd trades at a P/E of 15.5 on trailing twelve-month profit, at the 2026-10-01 close.

What were Arman Financial Services Ltd's latest quarterly results?

In the Jun 2026 quarter, Arman Financial Services Ltd revenue was Rs 202 Cr (+33.8% vs Jun 2025) and net profit was Rs 45 Cr.

What is the 52-week high and low of Arman Financial Services Ltd?

The 52-week high is Rs 2,158.60 and the 52-week low is Rs 1,301.00.

Data: NSE and BSE daily reports, company filings. Numbers only, not investment advice, not a SEBI-registered research service.AboutMethodologyFAQResearchContactTermsPrivacyDisclaimerUpdated 2026-10-03