Aryaman Financial Services Ltd.

•

afsl.co.inBSE: -NSE: ARYAMAN

Market Cap₹ 760 Cr.

Current Price

High / Low₹ 675 / 570

Stock P/E25.6

Book Value₹ 143

Price to Book4.58

Dividend Yield0.00 %

ROCE30.1 %

ROE26.4 %

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

Company has a good return on equity (ROE) track record: 3 Years ROE 38.0%
Company has a healthy return on capital (ROCE) of 35.1%
Solid return on assets for a lender - ROA of 12.4%
Company has consistently been profitable over the last 5 years
Operating margins have improved to 53.4% from 13.9%

CONS

Recent results are weak - TTM profit is down 18.1% versus prior year
Company's sales have been declining over the last five years
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	1924.00	30.39	308236.60	0.08	6296.67	18.15	42036.90	92.22	11.88	40.79
2.	AIIL	512.35	20.74	43510.07	0.00	11082.20	1075.19	14695.40	1109.37	13.85	88.91
3.	CHOLAHLDNG	1525.85	10.74	28652.02	0.09	1788.99	42.04	11113.57	42.92	10.52	57.53
4.	TVSHLTD	13146.60	13.50	26598.34	0.65	1173.58	73.77	17076.18	40.01	19.39	16.25
5.	CGCL	272.25	23.23	26194.64	0.07	353.38	102.04	1576.47	62.12	11.68	68.54
6.	MAHSCOOTER	13098.50	53.75	14969.71	1.68	3.32	-90.61	5.41	-81.52	1.06	84.10
7.	JSWHL	11436.55	92.41	12694.14	0.00	24.54	-92.74	34.58	14.97	0.58	92.45
8.	JMFINANCIL	127.35	11.72	12186.88	2.55	368.57	-19.66	1200.53	9.69	11.91	58.30
9.	TSFINV	441.15	20.13	9798.11	2.53	124.95	-92.11	305.57	102.23	3.47	53.35
10.	RELIGARE	258.30	162.10	8904.47	0.00	-46.98	-674.86	2353.40	1051.76	4.71	-2.08
11.	KAMAHOLD	2288.70	7.89	7344.57	1.81	584.02	10.80	4657.56	7.07	20.86	22.01
12.	ARYAMAN	620.50	25.62	759.93	0.00	14.09	6.56	19.93	19.50	30.11	80.20

Detailed Comparison with:

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
	1	26	12	19	8	5	0	0	17	14	0	0	20
	10	10	8	5	4	16	11	29	14	7	10	6	4
Operating Profit	1	21	8	1	7	9	26	11	15	12	10	5	16
OPM %	98.51%	82.93%	67.25%	5.66%	89.73%	162.55%	—	—	90.41%	82.93%	—	—	80.20%
Other Income	1	1	1	1	1	1	1	2	1	2	2	1	1
Interest	1	1	1	1	1	1	1	1	1	0	0	0	0
Depreciation	0	0	0	0	0	0	0	0	0	0	0	0	0
	1	21	8	2	7	9	26	12	16	13	12	6	17
Tax %	24.77%	13.01%	16.16%	16.34%	14.57%	23.61%	16.24%	13.05%	15.42%	21.99%	23.73%	7.10%	16.85%
Net Profit	0	0	0	0	6	7	22	11	13	10	9	6	14
	1	16	6	1	5	6	18	9	11	8	7	5	1

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	28	39	86	89	137	84	54	66	113	78	34
	25	35	82	85	134	74	46	34	60	36	27
Operating Profit	4	4	4	4	3	10	7	32	53	42	7
OPM %	12.67%	10.53%	5.00%	3.97%	2.38%	12.01%	13.91%	48.62%	46.67%	53.43%	21.09%
	0	1	1	1	1	1	2	4	5	6	6
Interest	0	1	2	3	3	2	3	4	4	1	0
Depreciation	0	0	0	0	0	0	0	0	0	0	0
Profit before Tax	3	4	2	1	1	8	6	32	54	47	48
Tax %	24.37%	22.02%	26.17%	28.80%	21.81%	10.62%	18.54%	14.39%	16.52%	18.25%	18.67%
Net Profit	2	3	2	1	1	8	5	28	45	38	39
EPS	0.00	0.00	0.00	0.00	0.71	3.99	3.36	15.11	25.77	24.14	—
Dividend Payout %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	—

COMPOUNDED SALES GROWTH

10 Years:: 19%
5 Years:: -11%
3 Years:: 13%

COMPOUNDED PROFIT GROWTH

10 Years:: 47%
5 Years:: 108%
3 Years:: 96%

STOCK PRICE CAGR

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

RETURN ON EQUITY

10 Years:: 18%
5 Years:: 29%
3 Years:: 38%
Last Year:: 26%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	12	12	12	12	12	12	12	12	12	12
Minority Interest	7	13	13	12	17	21	28	34	52	61
	14	17	19	18	24	31	44	61	116	148
	3	18	32	33	28	31	42	46	28	0
Trade Payables	0	3	2	0	0	0	1	0	1	1
	1	4	2	2	3	4	6	7	15	14
Total Liabilities	37	67	79	77	83	99	133	160	225	237
	3	2	2	2	2	2	2	2	2	3
	24	35	28	21	30	39	58	62	97	134
	0	11	31	37	28	21	17	16	16	0
Cash & Bank	6	11	13	12	20	33	52	73	104	81
	5	7	5	5	4	3	4	6	5	20
Total Assets	37	67	79	77	83	99	133	160	225	237

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	7	-5	-16	-5	14	17	11	26	50	34
Cash from Investing	-11	-7	8	6	2	-3	1	-6	-12	-28
Cash from Financing	5	14	12	-2	-8	0	7	2	-8	-29
	0	0	2	-2	8	14	19	21	30	-23

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026

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

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