Northern ARC Capital Ltd.

•

northernarc.comBSE: 544260NSE: NORTHARC

Market Cap₹ 4,926 Cr.

Current Price

High / Low₹ 334 / 206

Stock P/E11.0

Book Value₹ 245

Price to Book0.87

Dividend Yield0.00 %

ROCE10.0 %

ROE11.9 %

Face Value₹ 10

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Financial Activity: 97.9% • Investment Management Services: 1.4% • Others: 0.7%

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 delivered good profit growth of 50.2% CAGR over last 5 years
Comfortable capital adequacy - CAR of 22.6%
Solid return on assets for a lender - ROA of 2.9%
Company has delivered good sales growth of 32.6% CAGR over last 5 years
Attractively priced for its growth - PEG of 0.5

CONS

Promoter holding has decreased over last 2 years: -58.6pp
A large part of profit comes from other income (57.9% of PBT)
Company has a low return on capital employed of 10.4%
Free cash flow has been persistently negative
Equity base is being diluted - shares outstanding up 81.5%
Operating margins have contracted to 43.5% from 69.6%

* 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	1045.10	32.05	650674.48	0.57	6080.60	27.60	23165.45	20.37	10.87	70.70
2.	SHRIRAMFIN	1049.00	21.81	246827.97	1.03	3452.77	59.90	13400.43	17.46	11.49	74.63
3.	CHOLAFIN	1858.00	27.59	158685.46	0.11	1656.22	45.56	8856.29	21.89	9.70	70.07
4.	TATACAP	371.70	29.20	157781.78	0.15	16281.80	1464.16	88219.30	1051.00	8.66	75.72
5.	JIOFIN	237.70	75.95	156956.68	0.25	830.25	155.73	2004.47	227.28	2.11	69.71
6.	BAJAJHLDNG	11150.00	14.01	124092.26	1.75	2708.08	-92.27	394.33	23.34	14.81	684.72
7.	MUTHOOTFIN	2935.00	10.36	117831.00	1.02	2824.84	43.08	8671.60	36.25	15.87	83.76
8.	ABCAPITAL	399.10	26.62	109254.11	0.00	1223.85	43.85	12179.54	137.84	8.82	41.91
9.	LTF	315.00	24.81	78950.11	0.87	915.99	30.70	5212.92	22.38	8.54	62.13
10.	SBICARD	657.00	27.48	62522.95	0.38	664.44	19.51	5040.55	7.60	11.75	29.83
11.	HDBFS	692.90	26.45	57563.70	0.58	785.20	38.31	4937.90	18.71	9.09	57.98
12.	NORTHARC	304.70	11.21	4925.90	0.00	114.10	45.82	779.77	28.80	9.74	53.05

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
	388	424	473	543	561	573	560	590	591	606	712	731	767
	143	151	197	237	244	216	214	343	237	270	359	311	607
Operating Profit	245	274	276	306	318	357	346	247	354	336	352	421	422
OPM %	63.06%	64.46%	58.33%	56.35%	56.60%	62.34%	61.75%	41.83%	59.86%	55.45%	49.51%	57.54%	54.92%
Other Income	1	2	1	11	4	1	4	3	2	1	3	3	3
Interest	164	174	184	204	209	205	211	198	214	206	229	237	258
Depreciation	3	4	4	4	3	3	5	4	4	4	4	4	3
	79	98	89	109	109	150	134	48	138	127	122	183	163
Tax %	25.23%	25.65%	25.56%	25.07%	25.53%	25.43%	23.66%	2.63%	25.00%	25.50%	24.31%	24.20%	25.17%
Net Profit	59	73	66	82	81	112	102	47	104	95	92	139	122
	7	8	7	9	9	9	6	3	6	6	6	9	1

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
	357	456	561	599	643	867	1,252	1,829	2,284	2,634	2,817
	92	109	127	164	241	300	395	953	1,477	1,489	1,547
Operating Profit	265	347	435	435	402	567	858	876	807	1,146	1,269
OPM %	74.16%	76.00%	77.45%	72.58%	62.46%	65.40%	68.48%	47.91%	35.32%	43.49%	45.07%
	3	3	16	12	5	80	14	242	475	330	10
Interest	176	230	302	310	324	411	558	728	825	889	930
Depreciation	1	2	3	7	7	9	10	15	15	17	16
Profit before Tax	91	118	146	131	76	227	303	375	442	570	595
Tax %	34.35%	34.41%	38.71%	31.40%	26.57%	27.90%	25.64%	25.37%	22.44%	24.71%	24.77%
Net Profit	59	77	89	90	56	164	225	280	343	429	447
EPS	0.00	0.00	0.00	7.55	4.48	12.43	17.03	31.34	21.23	26.56	—
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:: 27%
5 Years:: 33%
3 Years:: 28%

COMPOUNDED PROFIT GROWTH

10 Years:: 22%
5 Years:: 50%
3 Years:: 24%

STOCK PRICE CAGR

10 Years:: —
5 Years:: —
3 Years:: —
1 Year:: 24%

RETURN ON EQUITY

10 Years:: 11%
5 Years:: 12%
3 Years:: 13%
Last Year:: 12%

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
	78	78	78	87	88	89	89	89	161	162
	395	514	976	1,297	1,365	1,518	1,738	2,046	3,206	3,684
	1,681	2,028	2,943	2,921	3,892	5,983	7,035	9,065	9,822	12,240
Trade Payables	10	7	9	8	16	54	106	136	67	245
	765	960	117	166	193	178	202	248	167	250
Total Liabilities	2,928	3,587	4,124	4,480	5,555	7,822	9,170	11,585	13,424	16,581
	4	4	4	23	21	19	43	48	68	57
	1,136	1,013	1,049	1,048	1,253	1,639	1,697	1,653	1,957	2,890
	0	0	0	0	0	0	0	14	12	11
Cash & Bank	126	193	235	402	456	792	387	344	614	429
	1,663	2,377	2,836	3,006	3,825	5,372	7,044	9,526	10,772	13,193
Total Assets	2,928	3,587	4,124	4,480	5,555	7,822	9,170	11,585	13,424	16,581

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
	-67	-340	-52	-253	-919	-1,620	-2,180	-4,281	-3,654	-4,176
Cash from Investing	-717	123	32	-1	-194	-377	-178	49	-398	-881
Cash from Financing	1,040	578	340	233	984	2,023	966	2,048	1,612	2,309
	62	61	2	142	63	316	-505	-43	160	-96

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 (₹)	7.45	9.88	11.40	10.24	6.37	18.42	25.31	31.34	21.23	26.56
Book Value (₹)	60.41	75.61	134.56	158.32	165.29	180.73	205.26	238.95	208.69	238.00
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 (₹)	7.74	10.09	11.77	11.01	7.14	19.44	26.46	32.99	22.18	27.59
PROFITABILITY
Operating Margin %	75.04%	76.61%	80.33%	74.63%	63.27%	74.61%	69.56%	47.91%	35.32%	43.49%
Net Margin %	16.64%	16.97%	15.92%	14.97%	8.72%	18.88%	17.99%	15.32%	15.00%	16.29%
ROE %	15.79%	14.53%	10.85%	7.35%	3.95%	10.70%	13.12%	14.14%	12.45%	11.90%
ROCE %	11.70%	11.01%	11.87%	10.39%	8.08%	9.68%	10.34%	10.89%	10.34%	9.96%
	2.52%	2.38%	2.32%	2.08%	1.12%	2.45%	2.65%	2.70%	2.74%	2.86%
EFFICIENCY
Debtor Days	0	0	11	8	6	7	5	3	2	2
Inventory Days	0	0	0	0	0	0	0	0	0	0
Payable Days	0	0	0	0	0	0	0	0	0	0
	0	0	11	8	6	7	5	3	2	2
FINANCIAL HEALTH
Debt to Equity (x)	4.66x	4.55x	2.58x	1.99x	2.56x	3.54x	3.68x	4.08x	2.91x	3.17x
Interest Coverage (x)	1.51x	1.51x	1.48x	1.42x	1.24x	1.55x	1.54x	1.52x	1.54x	1.64x
	1.02x	1.02x	1.03x	1.78x	7.06x	8.09x	10.95x	0.18x	0.33x	0.30x
GROWTH
Revenue Growth %	47.55%	27.68%	23.07%	6.66%	7.41%	34.83%	44.44%	46.01%	24.91%	15.33%
Operating Profit Growth %	33.67%	30.35%	29.04%	-0.91%	-8.95%	58.99%	34.67%	28.35%	14.62%	15.11%
Net Profit Growth %	-1.12%	30.18%	15.42%	0.30%	-37.46%	192.11%	37.64%	24.32%	22.29%	25.26%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	23.83%	-32.27%	25.11%
VALUATION
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	7.88x	7.78x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.80x	0.87x
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	0.00x	7.94x	9.26x	10.24x

Shareholding Pattern

Numbers in percentages

	Jul 2018	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	58.56	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	0.00	0.91	0.51	1.46	5.39	3.82	3.94	3.75	4.88
	0.00	23.36	23.09	22.50	6.87	7.42	8.29	7.11	5.63
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	41.44	71.96	72.65	72.27	83.99	84.99	84.01	85.38	85.73

Documents

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

2026-08-31

Allotment of Securities

2026-08-31 - Northern Arc Capital Limited has informed the Exchange regarding allotment of 12500 securities pursuant to ESOP/ESPS through Circular resolution dated August 31, 2026

2026-08-24

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-24 - Northern Arc Capital Limited has informed the Exchange about Schedule of meet

2026-08-18

Shareholders meeting

2026-08-18 - Northern Arc Capital Limited has submitted the Exchange a copy Srutinizers report of Annual General Meeting held on August 18, 2026. Further, the company has informed the Exchange regarding voting results.

2026-08-18

Shareholders meeting

2026-08-18 - Proceedings of 18th AGM

2026-08-18

Shareholders meeting

2026-08-18 - Outcome of 18th AGM of the Company

2026-08-14

Action(s) taken or orders passed

2026-08-14 - Northern Arc Capital Limited has informed the Exchange about Action(s) taken or orders passed

2026-08-03

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-03 - Northern Arc Capital Limited has informed the Exchange about Transcript

2026-07-29

Monitoring Agency Report

2026-07-29 - Monitoring Agency Report on the utilisation of proceeds raised through issuance of equity shares pursuant to Regulation 32(6) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 and Regulations 41(4) of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018.

2026-07-27

Analysts/Institutional Investor Meet/Con. Call Updates

2026-07-27 - Northern Arc Capital Limited has informed the Exchange about Link of Recording

News

Recent coverage and analyst commentary for NORTHARC

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Northern ARC Capital Ltd.

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Free 5nance Account

Name

BAJFINANCE

1045.10

32.05

650674.48

0.57

6080.60

27.60

23165.45

20.37

10.87

70.70

SHRIRAMFIN

1049.00

21.81

246827.97

1.03

3452.77

59.90

13400.43

17.46

11.49

74.63

CHOLAFIN

1858.00

27.59

158685.46

0.11

1656.22

45.56

8856.29

21.89

9.70

70.07

TATACAP

371.70

29.20

157781.78

0.15

16281.80

1464.16

88219.30

1051.00

8.66

75.72

JIOFIN

237.70

75.95

156956.68

0.25

830.25

155.73

2004.47

227.28

2.11

69.71

BAJAJHLDNG

11150.00

14.01

124092.26

1.75

2708.08

-92.27

394.33

23.34

14.81

684.72

MUTHOOTFIN

2935.00

10.36

117831.00

1.02

2824.84

43.08

8671.60

36.25

15.87

83.76

ABCAPITAL

399.10

26.62

109254.11

0.00

1223.85

43.85

12179.54

137.84

8.82

41.91

LTF

315.00

24.81

78950.11

0.87

915.99

30.70

5212.92

22.38

8.54

62.13

SBICARD

657.00

27.48

62522.95

0.38

664.44

19.51

5040.55

7.60

11.75

29.83

HDBFS

692.90

26.45

57563.70

0.58

785.20

38.31

4937.90

18.71

9.09

57.98

NORTHARC

304.70

11.21

4925.90

0.00

114.10

45.82

779.77

28.80

9.74

53.05

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

388

424

473

543

561

573

560

590

591

606

712

731

767

143

151

197

237

244

216

214

343

237

270

359

311

607

Operating Profit

245

274

276

306

318

357

346

247

354

336

352

421

422

OPM %

63.06%

64.46%

58.33%

56.35%

56.60%

62.34%

61.75%

41.83%

59.86%

55.45%

49.51%

57.54%

54.92%

Other Income

Interest

164

174

184

204

209

205

211

198

214

206

229

237

258

Depreciation

109

150

134

138

127

122

183

163

Tax %

25.23%

25.65%

25.56%

25.07%

25.53%

25.43%

23.66%

2.63%

25.00%

25.50%

24.31%

24.20%

25.17%

Net Profit

112

102

104

139

122

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

TTM

357

456

561

599

643

867

1,252

1,829

2,284

2,634

2,817

109

127

164

241

300

395

953

1,477

1,489

1,547

Operating Profit

265

347

435

402

567

858

876

807

1,146

1,269

OPM %

74.16%

76.00%

77.45%

72.58%

62.46%

65.40%

68.48%

47.91%

35.32%

43.49%

45.07%

242

475

330

Interest

176

230

302

310

324

411

558

728

825

889

930

Depreciation

Profit before Tax

118

146

131

227

303

375

442

570

595

Tax %

34.35%

34.41%

38.71%

31.40%

26.57%

27.90%

25.64%

25.37%

22.44%

24.71%

24.77%

Net Profit

164

225

280

343

429

447

EPS

0.00

7.55

4.48

12.43

17.03

31.34

21.23

26.56

—

Dividend Payout %

0.00%

—

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

161

162

395

514

976

1,297

1,365

1,518

1,738

2,046

3,206

3,684

1,681

2,028

2,943

2,921

3,892

5,983

7,035

9,065

9,822

12,240

Trade Payables

106

136

245

765

960

117

166

193

178

202

248

167

250

Total Liabilities

2,928

3,587

4,124

4,480

5,555

7,822

9,170

11,585

13,424

16,581

1,136

1,013

1,049

1,048

1,253

1,639

1,697

1,653

1,957

2,890

Cash & Bank

126

193

235

402

456

792

387

344

614

429

1,663

2,377

2,836

3,006

3,825

5,372

7,044

9,526

10,772

13,193

Total Assets

2,928

3,587

4,124

4,480

5,555

7,822

9,170

11,585

13,424

16,581

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

-67

-340

-52

-253

-919

-1,620

-2,180

-4,281

-3,654

-4,176

Cash from Investing

-717

123

-1

-194

-377

-178

-398

-881

Cash from Financing

1,040

578

340

233

984

2,023

966

2,048

1,612

2,309

142

316

-505

-43

160

-96

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

PER SHARE

EPS (₹)

7.45

9.88

11.40

10.24

6.37

18.42

25.31

31.34

21.23

26.56

Book Value (₹)

60.41

75.61

134.56

158.32

165.29

180.73

205.26

238.95

208.69

238.00

Dividend per Share (₹)

0.00

Cash EPS (₹)

7.74

10.09

11.77

11.01

7.14

19.44

26.46

32.99

22.18

27.59

PROFITABILITY

Operating Margin %

75.04%

76.61%

80.33%

74.63%

63.27%

74.61%

69.56%

47.91%

35.32%

43.49%

Net Margin %

16.64%

16.97%

15.92%

14.97%

8.72%

18.88%

17.99%

15.32%

15.00%

16.29%

ROE %

15.79%

14.53%

10.85%

7.35%

3.95%

10.70%

13.12%

14.14%

12.45%

11.90%

ROCE %

11.70%

11.01%

11.87%

10.39%

8.08%

9.68%

10.34%

10.89%

10.34%

9.96%

2.52%

2.38%

2.32%

2.08%

1.12%

2.45%

2.65%

2.70%

2.74%

2.86%

EFFICIENCY

Debtor Days

Inventory Days

Payable Days

FINANCIAL HEALTH

Debt to Equity (x)

4.66x

4.55x

2.58x

1.99x

2.56x

3.54x

3.68x

4.08x

2.91x

3.17x

Interest Coverage (x)

1.51x

1.48x

1.42x

1.24x

1.55x

1.54x

1.52x

1.54x

1.64x

1.02x

1.03x

1.78x

7.06x

8.09x

10.95x

0.18x

0.33x

0.30x

GROWTH

Revenue Growth %

47.55%

27.68%

23.07%

6.66%

7.41%

34.83%

44.44%

46.01%

24.91%

15.33%

Operating Profit Growth %

33.67%

30.35%

29.04%

-0.91%

-8.95%

58.99%

34.67%

28.35%

14.62%

15.11%

Net Profit Growth %

-1.12%

30.18%

15.42%

0.30%

-37.46%

192.11%

37.64%

24.32%

22.29%

25.26%

0.00%

23.83%

-32.27%

25.11%

VALUATION

P/E (x)

0.00x

7.88x

7.78x

P/B (x)

0.00x

0.80x

0.87x

Dividend Yield %

0.00%

0.00x

7.94x

9.26x

10.24x

Jul 2018

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

58.56

0.00

0.91

0.51

1.46

5.39

3.82

3.94

3.75

4.88

0.00

23.36

23.09

22.50

6.87

7.42

8.29

7.11

5.63

Government

0.00

41.44

71.96

72.65

72.27

83.99

84.99

84.01

85.38

85.73

Northern ARC Capital Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

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Northern ARC Capital 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