Aryaman Financial Services Ltd.

•

afsl.co.inBSE: -NSE: ARYAMAN

Market Cap₹ 778 Cr.

Current Price

High / Low₹ 675 / 570

Stock P/E103.0

Book Value₹ 48

Price to Book12.87

Dividend Yield0.00 %

ROCE17.2 %

ROE12.9 %

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

Solid return on assets for a lender - ROA of 12.4%
Company has delivered good sales growth of 45.0% CAGR over last 5 years
Latest quarter profit grew 48.9% YoY, showing strong momentum
Operating margins have improved to 48.1% from 34.9%
Company generates healthy free cash flow

CONS

Recent results are weak - TTM profit is down 55.2% versus prior year
Stock is trading at 12.9x its book value
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 - Investment

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

S.No.	Name
1.	BAJAJFINSV	1990.00	31.43	318810.21	0.08	6296.67	18.15	42036.90	92.22	11.88	40.79
2.	AIIL	510.20	20.65	43327.49	0.00	11082.20	1075.19	14695.40	1109.37	30.27	88.91
3.	CHOLAHLDNG	1487.10	10.46	27924.39	0.09	1788.99	42.04	11113.57	42.92	10.52	57.53
4.	TVSHLTD	13055.20	13.41	26413.42	0.66	1173.58	73.77	17076.18	40.01	19.39	16.25
5.	CGCL	256.20	21.86	24650.38	0.08	353.38	102.04	1576.47	62.12	11.68	68.54
6.	MAHSCOOTER	13572.20	55.69	15511.08	1.62	3.32	-90.61	5.41	-81.52	1.06	84.10
7.	JSWHL	11458.70	92.58	12718.73	0.00	24.54	-92.74	34.58	14.97	0.58	92.45
8.	JMFINANCIL	129.45	11.91	12387.85	2.51	368.57	-19.66	1200.53	9.69	11.91	58.30
9.	TSFINV	403.15	18.39	8954.12	2.77	124.95	-92.11	305.57	102.23	3.47	53.35
10.	RELIGARE	247.65	155.41	8537.33	0.00	-46.98	-674.86	2353.40	1051.76	-1.28	-2.08
11.	KAMAHOLD	2341.45	8.07	7513.85	1.77	584.02	10.80	4657.56	7.07	20.86	22.01
12.	ARYAMAN	635.00	26.22	777.68	0.00	14.09	6.56	19.93	19.50	30.11	80.20

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
	1	6	7	1	2	4	0	0	2	7	0	0	6
	1	5	4	1	1	3	2	7	1	5	1	1	3
Operating Profit	1	1	2	0	1	1	1	4	2	3	2	1	2
OPM %	51.22%	22.48%	33.59%	8.96%	46.46%	24.37%	—	—	62.10%	39.30%	—	—	40.26%
Other Income	0	0	0	0	0	0	0	0	0	0	0	0	0
Interest	0	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation	0	0	0	0	0	0	0	0	0	0	0	0	0
	1	2	2	0	1	1	1	5	2	3	2	2	3
Tax %	25.64%	24.67%	25.21%	24.32%	25.44%	25.41%	25.74%	25.51%	25.14%	25.44%	24.70%	26.88%	25.17%
Net Profit	1	1	2	0	1	1	1	4	1	3	2	1	2
	0	1	2	0	1	1	1	3	1	2	2	1	0
Equity Capital	12	12	12	12	12	12	12	12	12	12	12	12	12
Reserves	15	15	15	15	19	19	19	19	38	38	38	38	45
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 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	5	11	8	4	2	5	6	15	20	16	13
	3	8	6	3	2	3	4	11	13	8	11
Operating Profit	2	3	2	1	1	2	3	5	8	9	—
OPM %	33	32	29	30	33	40	43	34	41	59	—
Other Income	0	0	0	0	0	0	0	1	1	2	2
Interest	0	0	0	0	0	0	0	0	0	0	0
Depreciation	0	0	0	0	0	0	0	0	0	0	0
	1	3	2	1	1	2	3	5	8	9	10
Tax %	29	26	26	30	17	25	25	25	26	25	25
Net Profit	1	2	2	1	1	1	2	4	6	7	8
EPS	0	0	0	0	0	1	2	3	5	6	—
Dividend Payout %	0	0	0	0	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	1	2	1	1	0	1	2	3	5	6	—

COMPOUNDED SALES GROWTH

10 Years:: 20%
5 Years:: 45%
3 Years:: 37%

COMPOUNDED PROFIT GROWTH

10 Years:: 29%
5 Years:: 64%
3 Years:: 54%

STOCK PRICE CAGR

10 Years:: —
5 Years:: —
3 Years:: —
1 Year:: —

RETURN ON EQUITY

10 Years:: 9%
5 Years:: 11%
3 Years:: 14%
Last Year:: 13%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
LIABILITIES	-	-	-	-	-	-	-	-	-	-
Equity Capital	12	12	12	12	12	12	12	12	12	12
	6	8	10	11	12	13	15	19	38	45
Trade Payables	0	3	2	0	0	0	1	0	0	0
	1	1	1	1	1	1	1	1	2	2
Total Liabilities	19	25	25	24	24	25	28	31	52	59
ASSETS	-	-	-	-	-	-	-	-	-	-
	1	1	1	1	1	1	1	1	1	1
	13	14	13	13	13	13	13	13	24	31
Cash & Bank	1	7	7	6	7	8	11	12	24	24
	3	3	4	3	3	3	3	5	3	3
Total Assets	19	25	25	24	24	25	28	31	52	59
Total Debt	0	0	0	0	0	0	0	0	0	0
Net Working Capital	1	2	4	8	8	10	13	15	25	25
Contingent Liabilities	0	0	0	0	0	0	0	0	0	0
Book Value per Share	15.17	17.24	18.65	19.36	19.86	21.01	22.63	25.88	40.99	46.62
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 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	1	6	-1	-1	1	1	2	0	8	6
Cash from Investing	-3	-6	1	0	0	0	0	1	-10	-5
Cash from Financing	1	-0	0	-0	-0	-0	-0	-0	14	-0
	-0	0	-0	-1	1	1	3	1	12	0
Free Cash Flow	1	6	-1	-1	1	1	2	0	7	6
OCF / Net Profit	1.38	2.44	-0.40	-1.48	1.61	0.89	1.29	0.09	1.24	0.80
Cumulative 5-Year FCF	0	0	0	0	6	6	3	4	12	17

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
PER SHARE
EPS (₹)	0.85	2.06	1.41	0.71	0.49	1.15	1.62	3.25	5.00	5.63
Book Value (₹)	15.17	17.24	18.65	19.36	19.86	21.01	22.63	25.88	40.99	46.62
Dividend per Share (₹)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash EPS (₹)	0.95	2.16	1.51	0.78	0.56	1.22	1.70	3.31	5.03	5.69
PROFITABILITY
Operating Margin %	32.60%	31.57%	28.99%	30.08%	32.76%	39.63%	34.92%	28.59%	35.44%	48.12%
Net Margin %	19.85%	22.48%	20.13%	18.91%	23.35%	27.92%	30.92%	25.15%	30.64%	43.60%
ROE %	6.07%	12.73%	7.88%	3.76%	2.51%	5.63%	7.45%	13.41%	15.21%	12.85%
ROCE %	9.12%	17.01%	10.66%	5.58%	3.13%	7.59%	9.98%	17.92%	20.45%	17.23%
	5.67%	11.03%	6.63%	3.46%	2.41%	5.40%	7.06%	12.73%	14.67%	12.41%
EFFICIENCY
Debtor Days	7	4	3	9	12	6	5	2	3	3
Inventory Days	0	0	0	0	0	0	0	0	0	0
Payable Days	0	0	0	0	0	0	0	0	0	0
	7	4	3	9	12	6	5	2	3	3
FINANCIAL HEALTH
Debt to Equity (x)	0.02x	0.01x	0.01x	0.01x	0.01x	0.01x	0.00x	0.00x	0.00x	0.00x
Interest Coverage (x)	11.66x	104.15x	49.13x	23.36x	24.03x	41.44x	167.90x	1411.33x	4569.78x	2369.54x
	2.16x	1.46x	2.44x	14.39x	10.10x	12.88x	13.29x	14.25x	14.47x	13.31x
GROWTH
Revenue Growth %	100.98%	113.42%	-23.52%	-46.17%	-44.22%	95.48%	27.50%	146.09%	32.18%	-20.80%
Operating Profit Growth %	111.93%	106.71%	-29.78%	-44.14%	-39.26%	136.51%	38.07%	95.37%	60.69%	12.55%
Net Profit Growth %	82.50%	141.67%	-31.51%	-49.42%	-31.11%	133.68%	41.23%	100.13%	61.05%	12.70%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	41.23%	100.13%	53.62%	12.70%
VALUATION
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	69.54x	75.63x	102.09x	106.59x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	4.99x	9.50x	12.44x	12.87x
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	45.94x	53.46x	72.60x	76.34x

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	62.17	62.17	62.17	63.92	63.92	63.92	63.92	63.92	63.92
FIIs	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	37.82	37.82	37.82	36.08	36.08	36.08	36.08	36.08	36.08

Documents

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

No announcements filed.

News

Recent coverage and analyst commentary for ARYAMAN

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Aryaman Financial Services Ltd.

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Name

BAJAJFINSV

1990.00

31.43

318810.21

0.08

6296.67

18.15

42036.90

92.22

11.88

40.79

AIIL

510.20

20.65

43327.49

0.00

11082.20

1075.19

14695.40

1109.37

30.27

88.91

CHOLAHLDNG

1487.10

10.46

27924.39

0.09

1788.99

42.04

11113.57

42.92

10.52

57.53

TVSHLTD

13055.20

13.41

26413.42

0.66

1173.58

73.77

17076.18

40.01

19.39

16.25

CGCL

256.20

21.86

24650.38

0.08

353.38

102.04

1576.47

62.12

11.68

68.54

MAHSCOOTER

13572.20

55.69

15511.08

1.62

3.32

-90.61

5.41

-81.52

1.06

84.10

JSWHL

11458.70

92.58

12718.73

0.00

24.54

-92.74

34.58

14.97

0.58

92.45

JMFINANCIL

129.45

11.91

12387.85

2.51

368.57

-19.66

1200.53

9.69

11.91

58.30

TSFINV

403.15

18.39

8954.12

2.77

124.95

-92.11

305.57

102.23

3.47

53.35

RELIGARE

247.65

155.41

8537.33

0.00

-46.98

-674.86

2353.40

1051.76

-1.28

-2.08

KAMAHOLD

2341.45

8.07

7513.85

1.77

584.02

10.80

4657.56

7.07

20.86

22.01

ARYAMAN

635.00

26.22

777.68

0.00

14.09

6.56

19.93

19.50

30.11

80.20

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 %

51.22%

22.48%

33.59%

8.96%

46.46%

24.37%

—

62.10%

39.30%

—

40.26%

Other Income

Interest

Depreciation

Tax %

25.64%

24.67%

25.21%

24.32%

25.44%

25.41%

25.74%

25.51%

25.14%

25.44%

24.70%

26.88%

25.17%

Net Profit

Equity Capital

Reserves

Promoter Pledge %

0.00%

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

TTM

Operating Profit

—

OPM %

—

Other Income

Interest

Depreciation

Tax %

Net Profit

EPS

—

Dividend Payout %

—

Minority Interest

Share of Associates

Adjusted EPS

—

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

LIABILITIES

Equity Capital

Trade Payables

Total Liabilities

ASSETS

Cash & Bank

Total Assets

Total Debt

Net Working Capital

Contingent Liabilities

Book Value per Share

15.17

17.24

18.65

19.36

19.86

21.01

22.63

25.88

40.99

46.62

Face Value

10.00

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

-1

Cash from Investing

-3

-6

-10

-5

Cash from Financing

-0

-1

Free Cash Flow

-1

OCF / Net Profit

1.38

2.44

-0.40

-1.48

1.61

0.89

1.29

0.09

1.24

0.80

Cumulative 5-Year FCF

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

PER SHARE

EPS (₹)

0.85

2.06

1.41

0.71

0.49

1.15

1.62

3.25

5.00

5.63

Book Value (₹)

15.17

17.24

18.65

19.36

19.86

21.01

22.63

25.88

40.99

46.62

Dividend per Share (₹)

0.00

Cash EPS (₹)

0.95

2.16

1.51

0.78

0.56

1.22

1.70

3.31

5.03

5.69

PROFITABILITY

Operating Margin %

32.60%

31.57%

28.99%

30.08%

32.76%

39.63%

34.92%

28.59%

35.44%

48.12%

Net Margin %

19.85%

22.48%

20.13%

18.91%

23.35%

27.92%

30.92%

25.15%

30.64%

43.60%

ROE %

6.07%

12.73%

7.88%

3.76%

2.51%

5.63%

7.45%

13.41%

15.21%

12.85%

ROCE %

9.12%

17.01%

10.66%

5.58%

3.13%

7.59%

9.98%

17.92%

20.45%

17.23%

5.67%

11.03%

6.63%

3.46%

2.41%

5.40%

7.06%

12.73%

14.67%

12.41%

EFFICIENCY

Debtor Days

Inventory Days

Payable Days

FINANCIAL HEALTH

Debt to Equity (x)

0.02x

0.01x

0.00x

Interest Coverage (x)

11.66x

104.15x

49.13x

23.36x

24.03x

41.44x

167.90x

1411.33x

4569.78x

2369.54x

2.16x

1.46x

2.44x

14.39x

10.10x

12.88x

13.29x

14.25x

14.47x

13.31x

GROWTH

Revenue Growth %

100.98%

113.42%

-23.52%

-46.17%

-44.22%

95.48%

27.50%

146.09%

32.18%

-20.80%

Operating Profit Growth %

111.93%

106.71%

-29.78%

-44.14%

-39.26%

136.51%

38.07%

95.37%

60.69%

12.55%

Net Profit Growth %

82.50%

141.67%

-31.51%

-49.42%

-31.11%

133.68%

41.23%

100.13%

61.05%

12.70%

0.00%

41.23%

100.13%

53.62%

12.70%

VALUATION

P/E (x)

0.00x

69.54x

75.63x

102.09x

106.59x

P/B (x)

0.00x

4.99x

9.50x

12.44x

12.87x

Dividend Yield %

0.00%

0.00x

45.94x

53.46x

72.60x

76.34x

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

62.17

63.92

FIIs

0.00

0.01

Government

0.00

37.82

36.08

Aryaman 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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Aryaman 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