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%
- 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
| 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 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|
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
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