Northern ARC Capital Ltd.
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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 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
- 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
| 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 |
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 |
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
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 - Northern Arc Capital Limited has informed the Exchange about Schedule of meet
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 - Proceedings of 18th AGM
2026-08-18 - Outcome of 18th AGM of the Company
2026-08-14 - Northern Arc Capital Limited has informed the Exchange about Action(s) taken or orders passed
2026-08-03 - Northern Arc Capital Limited has informed the Exchange about Transcript
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 - Northern Arc Capital Limited has informed the Exchange about Link of Recording
News
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