Arman Financial Services Ltd.
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ABOUT
AI Sector View
AI GENERATEDFinancial Services
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.
PROS
- Comfortable capital adequacy - CAR of 37.3%
- Solid return on assets for a lender - ROA of 4.6%
- Asset quality is healthy - gross NPA of just 0.0%
- Company has delivered good sales growth of 22.1% CAGR over last 5 years
CONS
- Recent results are weak - TTM profit is down 15.2% versus prior year
- Free cash flow has been persistently negative
- Equity base is being diluted - shares outstanding up 23.5%
- Operating margins have contracted to 54.4% from 62.5%
- Thin net interest margin of 0.0%
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| BAJFINANCE | 1034.20 | 31.71 | 643888.19 | 0.58 | 6080.60 | 27.60 | 23165.45 | 20.37 | 10.87 | 70.70 |
| SHRIRAMFIN | 1028.00 | 21.37 | 241893.03 | 1.05 | 3452.77 | 59.90 | 13400.43 | 17.46 | 11.49 | 74.63 |
| CHOLAFIN | 1845.00 | 27.40 | 157575.18 | 0.11 | 1656.22 | 45.56 | 8856.29 | 21.89 | 9.70 | 70.07 |
| TATACAP | 362.80 | 28.50 | 154003.85 | 0.16 | 16281.80 | 1464.16 | 88219.30 | 1051.00 | 8.66 | 75.72 |
| JIOFIN | 230.00 | 73.49 | 151872.26 | 0.26 | 830.25 | 155.73 | 2004.47 | 227.28 | 2.11 | 69.71 |
| BAJAJHLDNG | 11120.70 | 13.97 | 123766.17 | 1.75 | 2708.08 | -92.27 | 394.33 | 23.34 | 14.81 | 684.72 |
| MUTHOOTFIN | 2794.40 | 9.86 | 112186.35 | 1.07 | 2824.84 | 43.08 | 8671.60 | 36.25 | 15.87 | 83.76 |
| ABCAPITAL | 398.60 | 26.59 | 109118.68 | 0.00 | 12238.50 | 1332.54 | 121795.40 | 1181.69 | 8.82 | 41.91 |
| LTF | 309.50 | 24.37 | 77571.61 | 0.89 | 9159.90 | 1206.99 | 52129.20 | 1123.81 | 8.54 | 62.13 |
| SBICARD | 656.05 | 27.44 | 62432.55 | 0.38 | 664.44 | 19.51 | 5040.55 | 7.60 | 11.75 | 29.83 |
| HDBFS | 668.65 | 25.53 | 55549.10 | 0.60 | 785.20 | 38.31 | 4937.90 | 18.71 | 9.09 | 57.98 |
| ARMANFIN | 2016.80 | 18.22 | 2120.62 | 0.00 | 45.17 | 409.74 | 201.78 | 36.71 | 13.31 | 60.40 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 29 | 32 | 33 | 38 | 42 | 44 | 45 | 51 | 50 | 52 | 54 | 60 | 66 | |
| 9 | 10 | 11 | 15 | 17 | 20 | 21 | 26 | 23 | 26 | 27 | 29 | 47 | |
| Operating Profit | 20 | 24 | 22 | 23 | 25 | 24 | 24 | 25 | 27 | 26 | 26 | 31 | 39 |
| OPM % | 69.78% | 76.13% | 67.74% | 60.20% | 60.27% | 54.33% | 53.73% | 49.27% | 53.98% | 49.57% | 49.15% | 51.43% | 58.61% |
| Other Income | 1 | 1 | 1 | 2 | 0 | -1 | -0 | 4 | 1 | 0 | 0 | 0 | 0 |
| Interest | 11 | 12 | 12 | 11 | 9 | 12 | 11 | 12 | 12 | 14 | 14 | 17 | 20 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 10 | 13 | 11 | 14 | 16 | 11 | 13 | 17 | 16 | 12 | 13 | 14 | 19 | |
| Tax % | 21.06% | 33.88% | 15.40% | 15.06% | 22.25% | 28.78% | 26.73% | 25.73% | 20.09% | 26.24% | 25.46% | 28.67% | 22.28% |
| Net Profit | 8 | 9 | 9 | 12 | 13 | 8 | 10 | 13 | 12 | 9 | 9 | 10 | 15 |
| 10 | 10 | 11 | 12 | 12 | 8 | 9 | 12 | 12 | 8 | 9 | 9 | 1 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 16 | 17 | 27 | 47 | 67 | 61 | 63 | 94 | 134 | 182 | 231 | |
| 7 | 8 | 13 | 16 | 25 | 34 | 27 | 28 | 44 | 83 | 130 | |
| Operating Profit | 9 | 9 | 14 | 30 | 42 | 27 | 37 | 67 | 90 | 99 | 102 |
| OPM % | 58.95% | 51.95% | 51.61% | 64.63% | 62.97% | 44.47% | 57.78% | 70.78% | 67.11% | 54.40% | 43.91% |
| 0 | 0 | 1 | 2 | 3 | 3 | 3 | 2 | 5 | 3 | 1 | |
| Interest | 6 | 5 | 11 | 16 | 22 | 20 | 18 | 31 | 46 | 44 | 65 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit before Tax | 4 | 4 | 4 | 16 | 23 | 9 | 21 | 38 | 48 | 58 | 57 |
| Tax % | 33.23% | 33.94% | 28.39% | 21.18% | 20.10% | 14.88% | 23.78% | 24.55% | 21.62% | 25.57% | 25.36% |
| Net Profit | 2 | 2 | 3 | 12 | 18 | 8 | 16 | 28 | 38 | 43 | 43 |
| EPS | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 9.44 | 19.12 | 33.02 | 36.17 | 41.15 | — |
| Dividend Payout % | 38.88% | 27.72% | 21.60% | 7.88% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 28%
- 5 Years:
- 22%
- 3 Years:
- 42%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 32%
- 5 Years:
- 19%
- 3 Years:
- 39%
STOCK PRICE CAGR
- 10 Years:
- 23%
- 5 Years:
- 17%
- 3 Years:
- -3%
- 1 Year:
- 40%
RETURN ON EQUITY
- 10 Years:
- 11%
- 5 Years:
- 10%
- 3 Years:
- 11%
- Last Year:
- 8%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 7 | 7 | 7 | 7 | 8 | 8 | 8 | 8 | 10 | 10 |
| 29 | 31 | 33 | 88 | 112 | 119 | 132 | 221 | 518 | 564 | |
| 38 | 47 | 101 | 162 | 171 | 153 | 178 | 322 | 294 | 411 | |
| Trade Payables | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 |
| 11 | 13 | 15 | 14 | 15 | 20 | 24 | 41 | 32 | 45 | |
| Total Liabilities | 84 | 98 | 157 | 271 | 306 | 301 | 343 | 592 | 855 | 1,031 |
| 2 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 2 | 25 | |
| 10 | 15 | 22 | 51 | 62 | 65 | 93 | 196 | 281 | 351 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Cash & Bank | 2 | 0 | 3 | 12 | 6 | 67 | 39 | 65 | 139 | 72 |
| 70 | 80 | 130 | 207 | 237 | 169 | 211 | 330 | 433 | 582 | |
| Total Assets | 84 | 98 | 157 | 271 | 306 | 301 | 343 | 592 | 855 | 1,031 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 10 | 2 | -30 | -104 | -46 | 30 | -54 | -186 | -170 | -222 | |
| Cash from Investing | -1 | -5 | -11 | -25 | -10 | 0 | -27 | -100 | -77 | -92 |
| Cash from Financing | -17 | 3 | 44 | 105 | 14 | -18 | 25 | 206 | 232 | 124 |
| -10 | -1 | 0 | 4 | -4 | 49 | -18 | -30 | 68 | -65 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
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 - Arman Financial Services Limited has informed the Exchange about Letter to shareholders
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 - Arman Financial Services Limited has informed the Exchange about Schedule of meet
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 - 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 - 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 - Arman Financial Services Limited has informed the Exchange about Transcript for Q1 FY 2026-27
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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