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Arman Financial Services Ltd.

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armanindia.comBSE: 531179NSE: ARMANFIN
Market Cap₹ 2,121 Cr.
Current Price
High / Low₹ 2,159 / 1,301
Stock P/E49.6
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 50NIFTY 500NIFTY LARGEMIDCAP 250NIFTY 100NIFTY 200
S.No.Name
1.BAJFINANCE1034.2031.71643888.190.586080.6027.6023165.4520.3710.8770.70
2.SHRIRAMFIN1028.0021.37241893.031.053452.7759.9013400.4317.4611.4974.63
3.CHOLAFIN1845.0027.40157575.180.111656.2245.568856.2921.899.7070.07
4.TATACAP362.8028.50154003.850.1616281.801464.1688219.301051.008.6675.72
5.JIOFIN230.0073.49151872.260.26830.25155.732004.47227.282.1169.71
6.BAJAJHLDNG11120.7013.97123766.171.752708.08-92.27394.3323.3414.81684.72
7.MUTHOOTFIN2794.409.86112186.351.072824.8443.088671.6036.2515.8783.76
8.ABCAPITAL398.6026.59109118.680.0012238.501332.54121795.401181.698.8241.91
9.LTF309.5024.3777571.610.899159.901206.9952129.201123.818.5462.13
10.SBICARD656.0527.4462432.550.38664.4419.515040.557.6011.7529.83
11.HDBFS668.6525.5355549.100.60785.2038.314937.9018.719.0957.98
12.ARMANFIN2016.8018.222120.620.0045.17409.74201.7836.7113.3160.40
Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
29323338424445515052546066
9101115172021262326272947
Operating Profit20242223252424252726263139
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 Income11120-1-0410000
Interest1112121191211121214141720
Depreciation0000000000000
10131114161113171612131419
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 Profit89912138101312991015
10101112128912128991

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
1617274767616394134182231
781316253427284483130
Operating Profit991430422737679099102
OPM %58.95%51.95%51.61%64.63%62.97%44.47%57.78%70.78%67.11%54.40%43.91%
00123332531
Interest65111622201831464465
Depreciation00000000000
Profit before Tax444162392138485857
Tax %33.23%33.94%28.39%21.18%20.10%14.88%23.78%24.55%21.62%25.57%25.36%
Net Profit223121881628384343
EPS0.000.000.000.000.009.4419.1233.0236.1741.15—
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

Corporate actions

2019

Sep 13

₹ 0.14

Rs.1.4000 per share(14%)Final Dividend

2018

Aug 30

₹ 0.10

Rs.1.0000 per share(10%)Final Dividend

2016

Sep 12

₹ 0.14

Rs.1.4000 per share(14%)Dividend

2015

Sep 18

₹ 0.12

Rs.1.2000 per share(12%)Dividend

Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Equity Capital777788881010
29313388112119132221518564
3847101162171153178322294411
Trade Payables0000001000
11131514152024413245
Total Liabilities84981572713063013435928551,031
21111111225
10152251626593196281351
0000000000
Cash & Bank20312667396513972
7080130207237169211330433582
Total Assets84981572713063013435928551,031

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
102-30-104-4630-54-186-170-222
Cash from Investing-1-5-11-25-100-27-100-77-92
Cash from Financing-1734410514-1825206232124
-10-104-449-18-3068-65

Ratios

Standalone Figures in Rs. Crores / View Consolidated

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

Shareholding Pattern

Numbers in percentages

Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
22.0922.0722.0722.0622.0522.0022.0022.0022.00
5.184.901.971.191.421.801.692.613.08
6.165.034.514.915.084.835.034.184.85
Government0.000.000.000.000.000.000.000.000.00
66.5768.0171.4571.8271.4571.3771.2971.2170.07

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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