Arman Financial Services Ltd.

•

armanindia.comBSE: 531179NSE: ARMANFIN

Market Cap₹ 2,131 Cr.

Current Price

High / Low₹ 2,159 / 1,301

Stock P/E18.3

Book Value₹ 931

Price to Book1.57

Dividend Yield0.00 %

ROCE13.3 %

ROE6.2 %

Face Value₹ 10

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ABOUT

AI Sector View

AI GENERATED

Financial Services

Buy

Financials remain one of the clearest macro beneficiaries. Loan growth was 18.3% (Aug/26) versus deposit growth 14.7% (Aug/26), SCB credit growth was 17.5% YoY (2026-07), UPI transactions rose 22.0% YoY (2026-07), and M3 money supply grew 15.0% YoY (2026-07). Sector flows have also turned meaningfully supportive, with INR 13171 crore net FPI inflow over 3 months to 2026-08-31 after INR -114652 crore in the prior 3 months.

Confidence

84%

View full sector analysis →

PROS

Comfortable capital adequacy - CAR of 37.3%
Solid return on assets for a lender - ROA of 4.6%
Company has a good return on equity (ROE) track record: 3 Years ROE 22.8%
Asset quality is healthy - gross NPA of just 0.0%
Latest quarter profit grew 409.7% YoY, showing strong momentum
Company has delivered good sales growth of 28.1% CAGR over last 5 years

CONS

Equity base is being diluted - shares outstanding up 23.5%
Operating margins have contracted to 42.6% from 58.0%
Company has delivered a poor profit growth of 4.6% over past five years
Thin net interest margin of 0.0%
Though reporting repeated profits, the company pays out little dividend (0.0%)

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Financial ServicesFinanceFinance - NBFC

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	BAJFINANCE	1040.00	31.89	647499.25	0.58	6080.60	27.60	23165.45	20.37	10.87	70.70
2.	SHRIRAMFIN	1029.35	21.40	242204.36	1.05	3452.77	59.90	13400.43	17.46	11.49	74.63
3.	CHOLAFIN	1829.00	27.16	156208.67	0.11	1656.22	45.56	8856.29	21.89	9.70	70.07
4.	TATACAP	362.95	28.51	154067.52	0.16	16281.80	1464.16	88219.30	1051.00	8.66	75.72
5.	JIOFIN	231.00	73.81	152532.57	0.26	830.25	155.73	2004.47	227.28	2.11	69.71
6.	BAJAJHLDNG	11093.25	13.94	123460.67	1.76	2708.08	-92.27	394.33	23.34	14.81	684.72
7.	MUTHOOTFIN	2820.00	9.95	113214.11	1.06	2824.84	43.08	8671.60	36.25	15.87	83.76
8.	ABCAPITAL	398.80	26.60	109173.43	0.00	12238.50	1332.54	121795.40	1181.69	8.82	41.91
9.	LTF	310.20	24.43	77747.06	0.89	9159.90	1206.99	52129.20	1123.81	8.54	62.13
10.	SBICARD	670.00	28.02	63760.09	0.37	664.44	19.51	5040.55	7.60	11.75	29.83
11.	HDBFS	674.90	25.77	56068.33	0.59	785.20	38.31	4937.90	18.71	9.09	57.98
12.	ARMANFIN	2026.90	18.32	2131.24	0.00	45.17	409.74	201.78	36.71	13.31	60.40

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	141	156	159	168	175	169	157	188	148	147	154	168	202
	35	34	42	55	78	93	114	134	110	91	80	80	145
Operating Profit	114	126	127	128	107	88	51	65	41	68	80	95	122
OPM %	80.79%	80.78%	79.87%	75.92%	61.08%	51.93%	32.20%	34.46%	28.11%	46.22%	51.88%	56.80%	60.40%
Other Income	0	0	0	0	0	0	0	0	0	0	0	0	0
Interest	64	67	71	63	65	65	57	52	52	50	51	53	64
Depreciation	0	0	0	0	0	0	0	0	0	0	0	0	0
	50	58	55	65	41	22	-7	13	-11	18	28	42	57
Tax %	19.80%	30.21%	23.89%	21.37%	23.68%	31.60%	-5.37%	-0.87%	-30.62%	55.41%	22.18%	2.54%	20.98%
Net Profit	0	0	0	0	31	15	-7	13	-15	8	22	41	45
	47	48	48	52	30	15	-7	12	-14	8	21	39	4

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
	41	54	78	139	212	194	235	424	661	730	670
	13	21	35	44	72	103	99	126	166	419	397
Operating Profit	28	33	43	95	139	91	136	298	495	311	274
OPM %	67.76%	60.84%	55.44%	68.42%	65.87%	46.90%	57.84%	70.38%	74.87%	42.57%	40.84%
	0	0	1	1	4	1	0	0	0	0	0
Interest	15	23	34	59	88	80	90	172	266	240	217
Depreciation	0	0	0	0	1	1	1	1	1	2	2
Profit before Tax	12	10	10	36	54	12	46	125	228	69	146
Tax %	33.94%	35.92%	25.50%	27.04%	22.79%	9.75%	30.31%	24.92%	23.90%	24.63%	20.13%
Net Profit	8	6	7	26	42	11	32	94	174	52	116
EPS	0.00	0.00	0.00	0.00	0.00	12.53	37.35	107.28	165.67	49.64	—
Dividend Payout %	12.37%	12.20%	9.74%	3.68%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	—

COMPOUNDED SALES GROWTH

10 Years:: 38%
5 Years:: 28%
3 Years:: 46%

COMPOUNDED PROFIT GROWTH

10 Years:: 24%
5 Years:: 5%
3 Years:: 18%

STOCK PRICE CAGR

10 Years:: 23%
5 Years:: 18%
3 Years:: -4%
1 Year:: 41%

RETURN ON EQUITY

10 Years:: 19%
5 Years:: 18%
3 Years:: 23%
Last Year:: 6%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	7	7	7	7	8	8	8	8	10	10
	39	44	50	115	163	178	204	357	796	853
	138	151	395	612	698	721	990	1,604	1,727	1,234
Trade Payables	1	0	0	1	1	1	2	2	2	1
	24	29	26	32	47	51	49	96	133	135
Total Liabilities	208	231	478	767	917	960	1,253	2,067	2,668	2,233
	2	3	3	4	4	4	5	6	8	31
	1	2	3	3	3	3	6	19	7	39
	0	0	0	0	0	0	0	0	0	0
Cash & Bank	11	21	19	69	97	168	142	430	484	375
	194	205	454	692	813	784	1,100	1,611	2,169	1,788
Total Assets	208	231	478	767	917	960	1,253	2,067	2,668	2,233

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	3	25	-199	-290	-172	-94	-403	-893	-631	121
Cash from Investing	-7	-2	-12	-1	2	2	-2	-13	18	-49
Cash from Financing	1	-9	205	252	94	22	270	681	376	-495
	-7	10	-9	30	20	30	-12	-49	92	-51

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	22.09	22.07	22.07	22.06	22.05	22.00	22.00	22.00	22.00
	5.18	4.90	1.97	1.19	1.42	1.80	1.69	2.61	3.08
	6.16	5.03	4.51	4.91	5.08	4.83	5.03	4.18	4.85
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	66.57	68.01	71.45	71.82	71.45	71.37	71.29	71.21	70.07

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-07

Copy of Newspaper Publication

2026-09-07 - Copy of Newspaper advertisement for 34th AGM and Information about e-voting published today i.e. 07-09-2026 in the newspaper viz. The Indian Express (English) and Financial Express (Gujarati)

2026-09-05

General Updates

2026-09-05 - Arman Financial Services Limited has informed the Exchange about Letter to shareholders

2026-09-05

Shareholders meeting

2026-09-05 - Arman Financial Services Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 28, 2026

2026-09-04

Analysts/Institutional Investor Meet/Con. Call Updates

2026-09-04 - Arman Financial Services Limited has informed the Exchange about Schedule of meet

2026-08-31

Disclosure under SEBI Takeover Regulations

2026-08-31 - Himani Manakiwala has Submitted to the Exchange a copy of Disclosure under Regulation 29(2) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

2026-08-26

Copy of Newspaper Publication

2026-08-26 - Arman Financial Services Limited has informed the Exchange about Copy of Newspaper Publication with respect to 34th Annual General Meeting and E-voting Procedure

2026-08-25

Demise

2026-08-25 - Arman Financial Services Limited has informed the Exchange regarding Demise of JAYENDRABHAI BHAILALBHAI PATEL, whole time Director of the company on August 25, 2026.

2026-08-20

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-20 - Arman Financial Services Limited has informed the Exchange about Transcript for Q1 FY 2026-27

2026-08-13

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-13 - Arman Financial Services Limited has informed the Exchange about Link of Recording

News

Recent coverage and analyst commentary for ARMANFIN

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Arman Financial Services Ltd.

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Free 5nance Account

Name

BAJFINANCE

1040.00

31.89

647499.25

0.58

6080.60

27.60

23165.45

20.37

10.87

70.70

SHRIRAMFIN

1029.35

21.40

242204.36

1.05

3452.77

59.90

13400.43

17.46

11.49

74.63

CHOLAFIN

1829.00

27.16

156208.67

0.11

1656.22

45.56

8856.29

21.89

9.70

70.07

TATACAP

362.95

28.51

154067.52

0.16

16281.80

1464.16

88219.30

1051.00

8.66

75.72

JIOFIN

231.00

73.81

152532.57

0.26

830.25

155.73

2004.47

227.28

2.11

69.71

BAJAJHLDNG

11093.25

13.94

123460.67

1.76

2708.08

-92.27

394.33

23.34

14.81

684.72

MUTHOOTFIN

2820.00

9.95

113214.11

1.06

2824.84

43.08

8671.60

36.25

15.87

83.76

ABCAPITAL

398.80

26.60

109173.43

0.00

12238.50

1332.54

121795.40

1181.69

8.82

41.91

LTF

310.20

24.43

77747.06

0.89

9159.90

1206.99

52129.20

1123.81

8.54

62.13

SBICARD

670.00

28.02

63760.09

0.37

664.44

19.51

5040.55

7.60

11.75

29.83

HDBFS

674.90

25.77

56068.33

0.59

785.20

38.31

4937.90

18.71

9.09

57.98

ARMANFIN

2026.90

18.32

2131.24

0.00

45.17

409.74

201.78

36.71

13.31

60.40

Jun 2023

Sep 2023

Dec 2023

Mar 2024

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

141

156

159

168

175

169

157

188

148

147

154

168

202

114

134

110

145

Operating Profit

114

126

127

128

107

122

OPM %

80.79%

80.78%

79.87%

75.92%

61.08%

51.93%

32.20%

34.46%

28.11%

46.22%

51.88%

56.80%

60.40%

Other Income

Interest

Depreciation

-7

-11

Tax %

19.80%

30.21%

23.89%

21.37%

23.68%

31.60%

-5.37%

-0.87%

-30.62%

55.41%

22.18%

2.54%

20.98%

Net Profit

-7

-15

-7

-14

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

TTM

139

212

194

235

424

661

730

670

103

126

166

419

397

Operating Profit

139

136

298

495

311

274

OPM %

67.76%

60.84%

55.44%

68.42%

65.87%

46.90%

57.84%

70.38%

74.87%

42.57%

40.84%

Interest

172

266

240

217

Depreciation

Profit before Tax

125

228

146

Tax %

33.94%

35.92%

25.50%

27.04%

22.79%

9.75%

30.31%

24.92%

23.90%

24.63%

20.13%

Net Profit

174

116

EPS

0.00

12.53

37.35

107.28

165.67

49.64

—

Dividend Payout %

12.37%

12.20%

9.74%

3.68%

0.00%

—

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

115

163

178

204

357

796

853

138

151

395

612

698

721

990

1,604

1,727

1,234

Trade Payables

133

135

Total Liabilities

208

231

478

767

917

960

1,253

2,067

2,668

2,233

Cash & Bank

168

142

430

484

375

194

205

454

692

813

784

1,100

1,611

2,169

1,788

Total Assets

208

231

478

767

917

960

1,253

2,067

2,668

2,233

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

-199

-290

-172

-94

-403

-893

-631

121

Cash from Investing

-7

-2

-12

-1

-2

-13

-49

Cash from Financing

-9

205

252

270

681

376

-495

-7

-9

-12

-49

-51

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

22.09

22.07

22.06

22.05

22.00

5.18

4.90

1.97

1.19

1.42

1.80

1.69

2.61

3.08

6.16

5.03

4.51

4.91

5.08

4.83

5.03

4.18

4.85

Government

0.00

66.57

68.01

71.45

71.82

71.45

71.37

71.29

71.21

70.07

Arman Financial Services Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

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Arman Financial Services Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI