Arman Financial Services Ltd.

•

armanindia.comBSE: 531179NSE: ARMANFIN

Market Cap₹ 2,049 Cr.

Current Price

High / Low₹ 2,159 / 1,301

Stock P/E47.9

Book Value₹ 615

Price to Book2.36

Dividend Yield0.00 %

ROCE11.2 %

ROE7.8 %

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%
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

Financial ServicesFinanceFinance - NBFC

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

S.No.	Name
1.	BAJFINANCE	1057.00	32.41	658083.37	0.57	6080.60	27.60	23165.45	20.37	10.87	70.70
2.	SHRIRAMFIN	1046.85	21.76	246322.08	1.03	3452.77	59.90	13400.43	17.46	11.49	74.63
3.	JIOFIN	237.00	75.73	156494.46	0.25	830.25	155.73	2004.47	227.28	2.11	69.71
4.	CHOLAFIN	1820.00	27.03	155440.01	0.11	1656.22	45.56	8856.29	21.89	9.70	70.07
5.	TATACAP	364.85	28.66	154874.05	0.16	16281.80	1464.16	88219.30	1051.00	8.66	75.72
6.	BAJAJHLDNG	11090.30	13.94	123427.84	1.76	2708.08	-92.27	394.33	23.34	14.81	684.72
7.	MUTHOOTFIN	2935.45	10.36	117849.06	1.02	2824.84	43.08	8671.60	36.25	15.87	83.76
8.	ABCAPITAL	396.90	26.47	108651.86	0.00	1223.85	43.85	12179.54	137.84	8.82	41.91
9.	LTF	312.10	24.58	78223.26	0.88	915.99	30.70	5212.92	22.38	8.54	62.13
10.	SBICARD	633.05	26.48	60243.77	0.39	664.44	19.51	5040.55	7.60	11.75	29.83
11.	HDBFS	674.80	25.76	56060.02	0.59	785.20	38.31	4937.90	18.71	9.09	57.98
12.	ARMANFIN	1948.65	17.61	2048.96	0.00	45.17	409.74	201.78	36.71	13.31	60.40

Detailed Comparison with:

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
Equity Capital	8	9	10	10	10	10	10	10	10	11	11	11	11
Reserves	0	0	0	0	0	0	0	0	0	0	0	0	0
Promoter Pledge %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

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	10	9	15	32	45	30	40	69	94	102	—
OPM %	60	53	57	68	67	49	62	73	71	56	—
Other Income	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
	4	4	4	16	23	9	21	38	48	58	57
Tax %	33	34	28	21	20	15	24	25	22	26	25
Net Profit	2	2	3	12	18	8	16	28	38	43	43
EPS	0	0	0	0	0	9	19	33	36	41	—
Dividend Payout %	39	28	22	8	0	0	0	0	0	0	—
Minority Interest	0	0	0	0	0	0	0	0	0	0	0
Share of Associates	0	0	0	0	0	0	0	0	0	0	0
Adjusted EPS	4	4	5	18	22	9	19	33	36	41	—

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:: 22%
5 Years:: 23%
3 Years:: -5%
1 Year:: 39%

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
LIABILITIES	-	-	-	-	-	-	-	-	-	-
Equity Capital	7	7	7	7	8	8	8	8	10	10
	29	31	33	88	112	119	132	221	518	564
	36	47	73	35	22	40	15	58	173	285
Trade Payables	0	0	0	0	0	0	1	0	0	0
	12	13	44	141	164	134	187	304	152	171
Total Liabilities	84	98	157	271	306	301	343	592	855	1,031
ASSETS	-	-	-	-	-	-	-	-	-	-
	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
Total Debt	38	47	101	162	171	153	178	322	291	411
Net Working Capital	11	1	-3	171	204	172	206	291	-34	-221
Contingent Liabilities	60	73	194	112	147	140	134	388	1,230	667
Book Value per Share	51.51	55.12	58.06	136.57	142.09	150.43	165.85	269.80	504.27	547.53
Face Value	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00

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
	8	2	-33	-76	-8	66	-16	-136	-86	-96
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
Free Cash Flow	8	2	-33	-76	-8	66	-16	-136	-87	-121
OCF / Net Profit	3.22	0.62	-10.27	-6.14	-0.45	8.31	-0.97	-4.79	-2.28	-2.23
Cumulative 5-Year FCF	0	0	0	0	-108	-49	-67	-170	-180	-293

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
PER SHARE
EPS (₹)	3.60	3.61	4.63	17.77	21.58	9.42	19.12	33.40	36.17	41.15
Book Value (₹)	51.51	55.12	58.06	136.57	142.09	150.43	165.85	269.80	504.27	547.53
Dividend per Share (₹)	1.40	1.00	1.00	1.40	0.00	0.00	0.00	0.00	0.00	0.00
Cash EPS (₹)	3.79	3.77	4.78	17.93	21.71	9.54	19.24	33.55	36.35	41.50
PROFITABILITY
Operating Margin %	59.93%	52.50%	56.52%	68.44%	67.43%	49.33%	62.46%	72.63%	67.11%	54.40%
Net Margin %	15.66%	15.09%	11.74%	26.51%	27.17%	13.20%	25.66%	30.05%	28.39%	23.74%
ROE %	7.12%	6.77%	8.18%	18.29%	16.96%	6.46%	12.09%	15.33%	10.01%	7.83%
ROCE %	12.03%	10.82%	13.54%	15.91%	16.43%	10.41%	13.13%	15.72%	13.67%	11.19%
	2.83%	2.74%	2.52%	5.77%	6.32%	2.63%	5.04%	6.06%	5.24%	4.58%
EFFICIENCY
Debtor Days	32	41	35	0	0	0	0	0	0	0
Inventory Days	0	0	0	0	0	0	0	0	0	0
Payable Days	0	0	0	0	0	0	0	0	0	0
	32	41	35	0	0	0	0	0	0	0
FINANCIAL HEALTH
Debt to Equity (x)	1.07x	1.22x	2.52x	1.71x	1.42x	1.20x	1.26x	1.41x	0.55x	0.72x
Interest Coverage (x)	1.66x	1.79x	1.41x	1.97x	2.02x	1.46x	2.18x	2.22x	2.06x	2.32x
	1.28x	1.02x	0.96x	5.24x	8.53x	4.54x	10.08x	4.95x	0.83x	0.32x
GROWTH
Revenue Growth %	4.41%	4.02%	64.93%	70.67%	44.02%	-9.70%	4.39%	49.21%	41.44%	36.22%
Operating Profit Growth %	-4.71%	-8.87%	77.56%	106.67%	41.87%	-33.93%	32.16%	73.52%	37.58%	8.53%
Net Profit Growth %	-10.32%	0.19%	28.35%	285.41%	47.60%	-56.15%	103.00%	74.70%	33.63%	13.91%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	8.31%	13.76%
VALUATION
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	50.92x	31.39x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	3.65x	2.36x
Dividend Yield %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	22.07x	16.55x

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

2026-08-31

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

2026-08-13

Copy of Newspaper Publication

2026-08-13 - Arman Financial Services Limited has informed the Exchange about Copy of Newspaper Publication for Q1 - FY 2026-27

2026-08-13

Investor Presentation

2026-08-13 - Arman Financial Services Limited has informed the Exchange about Investor Presentation

2026-08-12

Press Release

2026-08-12 - Arman Financial Services Limited has informed the Exchange regarding a press release dated August 12, 2026, titled "Press Release on Q1 FY 2026-27".

2026-08-12

General Updates

2026-08-12 - Arman Financial Services Limited has informed the Exchange about Grant of 3600 Stock Options (which would get converted into 3600 equity shares of the Company upon exercise) to the eligible employee of the Company / Subsidiary Company subject to the terms of the "Arman- Employee Stock Option Plan 2023" ("ESOP Plan-2023").

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Free 5nance Account

Name

BAJFINANCE

1057.00

32.41

658083.37

0.57

6080.60

27.60

23165.45

20.37

10.87

70.70

SHRIRAMFIN

1046.85

21.76

246322.08

1.03

3452.77

59.90

13400.43

17.46

11.49

74.63

JIOFIN

237.00

75.73

156494.46

0.25

830.25

155.73

2004.47

227.28

2.11

69.71

CHOLAFIN

1820.00

27.03

155440.01

0.11

1656.22

45.56

8856.29

21.89

9.70

70.07

TATACAP

364.85

28.66

154874.05

0.16

16281.80

1464.16

88219.30

1051.00

8.66

75.72

BAJAJHLDNG

11090.30

13.94

123427.84

1.76

2708.08

-92.27

394.33

23.34

14.81

684.72

MUTHOOTFIN

2935.45

10.36

117849.06

1.02

2824.84

43.08

8671.60

36.25

15.87

83.76

ABCAPITAL

396.90

26.47

108651.86

0.00

1223.85

43.85

12179.54

137.84

8.82

41.91

LTF

312.10

24.58

78223.26

0.88

915.99

30.70

5212.92

22.38

8.54

62.13

SBICARD

633.05

26.48

60243.77

0.39

664.44

19.51

5040.55

7.60

11.75

29.83

HDBFS

674.80

25.76

56060.02

0.59

785.20

38.31

4937.90

18.71

9.09

57.98

ARMANFIN

1948.65

17.61

2048.96

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

Operating Profit

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

-0

Interest

Depreciation

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

Equity Capital

Reserves

Promoter Pledge %

0.00%

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

TTM

134

182

231

130

Operating Profit

102

—

OPM %

—

Other Income

Interest

Depreciation

Tax %

Net Profit

EPS

—

Dividend Payout %

—

Minority Interest

Share of Associates

Adjusted EPS

—

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

LIABILITIES

Equity Capital

112

119

132

221

518

564

173

285

Trade Payables

141

164

134

187

304

152

171

Total Liabilities

157

271

306

301

343

592

855

1,031

ASSETS

196

281

351

Cash & Bank

139

130

207

237

169

211

330

433

582

Total Assets

157

271

306

301

343

592

855

1,031

Total Debt

101

162

171

153

178

322

291

411

Net Working Capital

-3

171

204

172

206

291

-34

-221

Contingent Liabilities

194

112

147

140

134

388

1,230

667

Book Value per Share

51.51

55.12

58.06

136.57

142.09

150.43

165.85

269.80

504.27

547.53

Face Value

10.00

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

-33

-76

-8

-16

-136

-86

-96

Cash from Investing

-1

-5

-11

-25

-10

-27

-100

-77

-92

Cash from Financing

-17

105

-18

206

232

124

-10

-1

-4

-18

-30

-65

Free Cash Flow

-33

-76

-8

-16

-136

-87

-121

OCF / Net Profit

3.22

0.62

-10.27

-6.14

-0.45

8.31

-0.97

-4.79

-2.28

-2.23

Cumulative 5-Year FCF

-108

-49

-67

-170

-180

-293

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

PER SHARE

EPS (₹)

3.60

3.61

4.63

17.77

21.58

9.42

19.12

33.40

36.17

41.15

Book Value (₹)

51.51

55.12

58.06

136.57

142.09

150.43

165.85

269.80

504.27

547.53

Dividend per Share (₹)

1.40

1.00

1.40

0.00

Cash EPS (₹)

3.79

3.77

4.78

17.93

21.71

9.54

19.24

33.55

36.35

41.50

PROFITABILITY

Operating Margin %

59.93%

52.50%

56.52%

68.44%

67.43%

49.33%

62.46%

72.63%

67.11%

54.40%

Net Margin %

15.66%

15.09%

11.74%

26.51%

27.17%

13.20%

25.66%

30.05%

28.39%

23.74%

ROE %

7.12%

6.77%

8.18%

18.29%

16.96%

6.46%

12.09%

15.33%

10.01%

7.83%

ROCE %

12.03%

10.82%

13.54%

15.91%

16.43%

10.41%

13.13%

15.72%

13.67%

11.19%

2.83%

2.74%

2.52%

5.77%

6.32%

2.63%

5.04%

6.06%

5.24%

4.58%

EFFICIENCY

Debtor Days

Inventory Days

Payable Days

FINANCIAL HEALTH

Debt to Equity (x)

1.07x

1.22x

2.52x

1.71x

1.42x

1.20x

1.26x

1.41x

0.55x

0.72x

Interest Coverage (x)

1.66x

1.79x

1.41x

1.97x

2.02x

1.46x

2.18x

2.22x

2.06x

2.32x

1.28x

1.02x

0.96x

5.24x

8.53x

4.54x

10.08x

4.95x

0.83x

0.32x

GROWTH

Revenue Growth %

4.41%

4.02%

64.93%

70.67%

44.02%

-9.70%

4.39%

49.21%

41.44%

36.22%

Operating Profit Growth %

-4.71%

-8.87%

77.56%

106.67%

41.87%

-33.93%

32.16%

73.52%

37.58%

8.53%

Net Profit Growth %

-10.32%

0.19%

28.35%

285.41%

47.60%

-56.15%

103.00%

74.70%

33.63%

13.91%

0.00%

8.31%

13.76%

VALUATION

P/E (x)

0.00x

50.92x

31.39x

P/B (x)

0.00x

3.65x

2.36x

Dividend Yield %

0.00%

0.00x

22.07x

16.55x

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

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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