Arman Financial Services Limited

BSE: ARMANFIN531179ISIN INE109C01017

Financial Services
Non Banking Financial Company (NBFC)
BSE Financial Services

Share price

₹1,583.15+93.40 (+6.27%)

as of 4 Nov 2026

Prices adjusted for splits and bonuses; cash dividends excluded. Volume shows actual shares traded.

52W high: ₹2,159.10
52W low: ₹1,302.30
Off 52W high: -26.68%
1M return: -10.16%
3M return: -22.75%
6M return: -11.72%
1Y return: -2.46%
20D avg volume: 2,420
50 DMA: ₹1,768.47
200 DMA: ₹1,694.82

Key ratios Consolidated

Market cap: ₹1,670 Cr
Current price: ₹1,583.15
52W high / low: ₹2,159.10 / ₹1,302.30
Face value: ₹10.00
P/E: 14.35
P/B: 1.78
EPS (TTM): ₹110.33
Book value / share: ₹887.80
ROE: —
ROCE: —
Operating margin: —
Net margin: —
Debt / equity: 0.99
Net debt: ₹833.68 Cr
Interest cover: 1.38
Dividend yield: —
Dividend / share (TTM): —
Payout: —
Cash conversion cycle: —

Financials

Metric	Q1 FY27	Q4 FY26	Q3 FY26	Q2 FY26	Q1 FY26	Q4 FY25	Q3 FY25	Q2 FY25	Q1 FY25	Q4 FY24	Q3 FY24	Q2 FY24
Income statement
	201.78	175.58	160.07	159.21	151.00	199.35	164.77	181.49	184.43	182.85	168.76	160.33
	0.04	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.07	0.00	0.00
	201.82	175.58	160.07	159.21	151.00	199.35	164.77	181.49	184.43	182.92	168.76	160.33
	144.65	133.50	131.57	141.27	162.17	186.69	171.66	159.18	143.42	118.30	113.58	101.85
	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	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	42.60	41.47	38.91	36.44	33.44	32.23	27.98	27.29	24.84	21.44	17.92	17.27
	64.28	52.78	50.80	49.62	52.22	51.75	56.98	65.26	65.37	62.95	71.20	67.35
	0.47	0.37	0.43	0.45	0.44	0.48	0.46	0.44	0.42	0.38	0.36	0.36
	17.80	21.62	15.21	16.50	9.55	13.26	1.41	1.51	1.33	1.29	0.75	0.82
	57.17	42.09	28.50	17.94	-11.17	12.66	-6.89	22.31	41.01	64.62	55.18	58.48
	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	57.17	42.09	28.50	17.94	-11.17	12.66	-6.89	22.31	41.01	64.62	55.18	58.48
	12.00	1.07	6.32	9.94	3.42	-0.11	—	—	—	—	—	—
	45.17	41.01	22.18	7.99	-14.58	12.76	-7.26	15.27	31.30	50.82	42.00	40.82
	42.96	39.06	21.13	7.62	-13.90	12.17	-6.94	14.56	29.88	52.23	47.71	48.04
Key metrics
	—	—	—	—	—	—	50.55	88.01	106.80	127.95	126.74	126.19
	—	—	—	—	—	—	30.70%	48.50%	57.90%	70.00%	75.10%	78.70%
	22.40%	23.40%	13.90%	5.00%	-9.70%	6.40%	-4.40%	8.40%	17.00%	27.80%	24.90%	25.50%
	33.60%	-11.90%	-2.90%	-12.30%	-18.10%	9.00%	-2.40%	13.20%	—	—	—	—
	409.80%	221.40%	405.50%	-47.70%	-146.60%	-74.90%	-117.30%	-62.60%	—	—	—	—

Metric	TTM	FY26	FY25	FY24	FY23	FY22
Income statement
	696.64	645.87	730.04	661.46	423.90	234.01
	0.04	0.00	0.00	0.07	0.00	0.99
	696.68	645.87	730.04	661.53	423.90	235.01
	550.99	568.51	660.95	433.44	298.95	189.49
	0.00	0.00	0.00	0.00	0.00	0.00
	0.00	0.00	0.00	0.00	0.00	0.00
	159.42	150.26	112.34	71.59	54.65	41.85
	217.48	205.42	239.36	265.48	172.00	89.45
	1.72	1.69	1.79	1.42	1.16	0.95
	71.13	62.89	43.36	4.87	4.79	2.83
	145.70	77.36	69.09	228.09	124.95	45.52
	0.00	0.00	0.00	0.00	0.00	0.00
	145.70	77.36	69.09	228.09	124.95	45.52
	29.33	20.75	17.02	—	—	—
	116.35	56.61	52.07	173.57	93.81	31.72
	110.77	53.91	49.67	195.00	110.47	37.36
Key metrics
	—	—	—	494.99	298.11	135.92
	—	—	—	74.80%	70.30%	58.10%
	16.70%	8.80%	7.10%	26.20%	22.10%	13.60%
	0.00%	-11.50%	10.40%	56.00%	81.10%	—
	1,779.64%	8.70%	-70.00%	85.00%	195.70%	—
	—	-479.51	467.45	—	—	—
	—	-8.42	9.46	—	—	—
	—	0.99	1.02	—	—	—
	—	833.68	820.06	—	—	—
Balance sheet
	—	2,798	2,227	—	—	—
	—	87.78	67.75	—	—	—
	—	0.00	0.00	—	—	—
	—	0.00	0.00	—	—	—
	—	29.44	29.99	—	—	—
	—	921.46	887.81	—	—	—
	—	933.33	874.41	—	—	—
Cash flow
	—	-476.40	492.82	—	—	—
	—	-49.68	-48.80	—	—	—
	—	546.12	-494.85	—	—	—
	—	3.11	25.37	—	—	—

Metric	Q1 FY27	Q4 FY26	Q3 FY26	Q2 FY26	Q1 FY26	Q4 FY25	Q3 FY25	Q2 FY25	Q1 FY25	Q4 FY24	Q3 FY24	Q2 FY24
Income statement
	65.87	60.16	53.63	51.74	50.26	50.56	45.02	44.12	42.18	37.74	32.61	33.78
	0.09	0.20	0.34	0.36	0.53	4.24	0.11	0.98	0.27	0.45	1.30	0.93
	65.96	60.37	53.97	52.10	50.78	54.80	44.91	43.14	42.45	37.28	33.91	34.71
	47.19	46.56	41.36	40.02	35.20	37.58	31.44	32.02	26.27	23.61	22.87	21.28
	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	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	15.43	17.09	15.37	12.91	11.28	10.15	9.15	9.15	8.51	6.95	6.15	6.06
	19.79	17.23	13.99	13.82	11.99	11.83	10.52	11.78	9.43	10.58	12.31	11.54
	0.13	0.10	0.10	0.11	0.09	0.10	0.09	0.09	0.08	0.07	0.04	0.04
	6.62	10.00	5.01	4.84	4.23	8.09	0.68	0.77	0.84	0.61	0.51	0.57
	18.77	13.81	12.61	12.08	15.58	17.22	13.47	11.13	16.18	13.68	11.04	13.43
	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	18.77	13.81	12.61	12.08	15.58	17.22	13.47	11.13	16.18	13.68	11.04	13.43
	4.18	3.96	3.21	3.16	3.13	4.43	—	—	—	—	—	—
	14.59	9.85	9.40	8.91	12.45	12.79	9.87	7.93	12.58	11.61	9.34	8.88
	13.88	9.38	8.94	8.49	11.87	12.19	9.41	7.56	12.00	12.00	10.63	10.45
Key metrics
	—	—	—	—	—	—	24.08	23.00	25.69	24.33	23.39	25.01
	—	—	—	—	—	—	53.50%	52.10%	60.90%	64.50%	71.70%	74.00%
	22.10%	16.40%	17.50%	17.20%	24.80%	25.30%	21.90%	18.00%	29.80%	30.80%	28.60%	26.30%
	31.10%	19.00%	19.10%	17.30%	19.20%	34.00%	38.10%	30.60%	—	—	—	—
	17.20%	-23.00%	-4.80%	12.40%	-1.00%	10.20%	5.70%	-10.70%	—	—	—	—

Metric	TTM	FY26	FY25	FY24	FY23	FY22
Income statement
	231.40	215.79	181.88	133.51	94.39	62.41
	0.99	1.43	3.42	2.66	1.75	3.81
	232.40	217.22	185.30	136.17	96.14	66.22
	175.13	163.15	127.30	87.82	58.55	44.92
	0.00	0.00	0.00	0.00	0.00	0.00
	0.00	0.00	0.00	0.00	0.00	0.00
	60.80	56.65	36.95	24.58	17.65	12.80
	64.83	57.03	43.56	45.57	30.70	17.89
	0.44	0.40	0.37	0.19	0.13	0.10
	26.47	24.08	17.55	2.49	2.03	1.92
	57.27	54.08	58.00	48.35	37.59	21.30
	0.00	0.00	0.00	0.00	0.00	0.00
	57.27	54.08	58.00	48.35	37.59	21.30
	14.51	13.47	14.83	—	—	—
	42.75	40.61	43.17	37.90	28.36	16.23
	40.69	38.68	41.17	42.58	33.40	19.12
Key metrics
	—	—	—	94.11	68.42	39.29
	—	—	—	70.50%	72.50%	63.00%
	18.47%	18.80%	23.70%	28.40%	30.00%	26.00%
	21.82%	18.60%	36.20%	41.40%	51.20%	—
	-0.67%	-5.90%	13.90%	33.60%	74.70%	—
	—	-176.79	-120.65	—	—	—
	—	-4.28	-2.23	—	—	—
	—	0.44	0.46	—	—	—
	—	204.94	266.89	—	—	—
Balance sheet
	—	1,372	1,016	—	—	—
	—	74.84	4.81	—	—	—
	—	0.00	0.00	—	—	—
	—	0.00	0.00	—	—	—
	—	25.34	25.31	—	—	—
	—	279.78	271.70	—	—	—
	—	632.44	585.80	—	—	—
Cash flow
	—	-174.01	-96.48	—	—	—
	—	-71.07	-92.19	—	—	—
	—	315.11	123.95	—	—	—
	—	2.78	24.17	—	—	—

Compounded growth

Standalone

Sales CAGR 3Y: +31.74%
Sales CAGR 5Y: —
Profit CAGR 3Y: +12.71%
Profit CAGR 5Y: —
Sales YoY (TTM): +21.82%
Profit YoY (TTM): -0.67%

Consolidated

Sales CAGR 3Y: +15.07%
Sales CAGR 5Y: —
Profit CAGR 3Y: -15.50%
Profit CAGR 5Y: —
Sales YoY (TTM): 0.00%
Profit YoY (TTM): +1,779.64%

Compounded from reported annual figures. We publish no share-price CAGR: our prices are as-traded, so one would be wrong across every split and bonus issue.

Shareholding as of 30 Sep 2026

Promoter holding: 21.92%

Quarter	30 Sep 2026	September 2026	June 2026
Promoter %	21.92%	21.92%	22.00%

Holder	Type	Holding	Previous	Change
NAMRA HOLDINGS AND CONSULTANCY SERVICES LLP	Promoter Group	8.99%	8.99%	0.00%
ELEVATION CAPITAL V LIMITED	Public	7.58%	7.58%	0.00%
RITABEN JAYENDRABHAI PATEL	Promoter	4.13%	4.13%	0.00%
Late JAYENDRABHAI BHAILALBHAI PATEL	Promoter	4.06%	4.06%	0.00%
MUKUL MAHAVIR AGRAWAL	Public	3.79%	3.79%	0.00%
AALOK JAYENDRABHAI PATEL	Promoter Group	2.35%	2.35%	0.00%
JAYENDRA BHAILAL PATEL HUF	Promoter Group	1.86%	1.86%	0.00%
AIRAVAT CAPITAL TRUST - AIRAVAT CAPITAL TRUST II	Public	1.79%	1.79%	0.00%
INVESTOR EDUCATION AND PROTECTION FUND AUTHORITY MINISTRY OF CORPORATE AFFAIRS	Public	1.76%	1.76%	0.00%
VINAY JAIPRAKASH AMBEKAR	Public	1.14%	1.14%	0.00%
ABHISHEK PRADEEPKUMAR BANSAL	Public	1.09%	1.09%	0.00%
DUMT TRADEVEST	Public	1.07%	1.07%	0.00%
WHITEOAK CAPITAL SPECIAL OPPORTUNITIES FUND	Public	1.03%	1.03%	0.00%
SAJNI AALOK PATEL	Promoter Group	0.39%	0.39%	0.00%
AMIT RAJNIKANT MANAKIWALA	Promoter	0.09%	0.09%	0.00%

Public shareholders are disclosed individually only above 1%.

Peer comparison

Company	Mkt cap (₹ Cr)	Price (₹)	P/E	ROCE	Sales YoY	Profit YoY	1Y return
Bajaj Finance Limited	6,18,269	993.05	28.02	—	+18.82% TTM	+18.85% TTM	-6.05%
Shriram Finance Limited	2,13,119	905.70	16.80	—	+13.76% TTM	+28.60% TTM	+13.74%
Tata Capital Limited	1,43,392	337.80	23.16	—	—	—	+2.57%
Cholamandalam Investment and Finance Company Ltd	1,42,265	1,659.05	22.87	—	+21.13% TTM	+33.94% TTM	-5.48%
MUTHOOT FINANCE LIMITED	1,08,792	2,709.85	8.83	—	+47.27% TTM	+70.66% TTM	-15.07%
L&T Finance Limited	66,033	263.45	19.22	—	+20.11% TTM	+27.39% TTM	-5.93%
SBI CARDS AND PAYMENT SERVICES LIMITED S	52,626	553.00	20.18	—	+5.81% TTM	+35.96% TTM	-37.17%
Piramal Finance Limited	45,975	1,942.90	24.08	—	—	—	—
SUNDARAM FINANCE LTD	44,403	3,996.55	27.42	—	—	—	-16.26%
Authum Investment & Infrastructure Limited	43,913	517.10	25.16	—	-24.30% TTM	-56.50% TTM	-10.17%
HDB FINANCIAL SERVICES LIMITED S	42,098	506.65	14.22	—	—	—	-30.70%
POONAWALLA FINCORP LIMITED	41,349	469.55	38.02	—	+75.12% TTM	+399.21% TTM	-0.70%
Mahindra & Mahindra Financial Services Limited	37,542	270.05	10.42	—	+14.94% TTM	+45.99% TTM	-15.21%
Manappuram Finance Limited	29,495	314.00	20.41	—	+4.79% TTM	+85.35% TTM	+17.85%
IIFL FINANCE LIMITED	24,697	578.65	9.35	—	+35.37% TTM	+157.78% TTM	+7.38%
Capri Global Capital Limited	23,121	240.30	17.65	—	+52.88% TTM	+82.77% TTM	+21.89%
Five-Star Business Finance Ltd. S	11,724	397.15	10.50	—	+8.28% TTM	+1.05% TTM	-39.17%
SBFC Finance Limited	9,820	88.32	28.37	—	+28.23% TTM	+45.63% TTM	-24.80%
PAISALO DIGITAL LIMITED	7,279	77.43	27.42	—	+23.60% TTM	+27.97% TTM	+101.17%
Bengal & Assam Company Limited	6,477	5,680.00	8.29	—	+12.05% TTM	+3.26% TTM	-25.74%
Fedbank Financial Services Limited S	5,923	157.85	13.66	—	+21.29% TTM	+76.56% TTM	+10.46%
Mrugesh Trading Ltd. S	5,665	78.41	—	-0.30%	+21.12% TTM	+94.74% TTM	+3,464.09%
SG FINSERVE LIMITED S	4,670	708.75	24.95	—	+104.57% TTM	+86.47% TTM	+85.76%
MAS Financial Services Limited	4,607	253.90	10.89	—	+22.72% TTM	+23.77% TTM	-19.01%
Northern Arc Capital Ltd.	4,481	276.95	9.38	—	+29.02% TTM	+70.21% TTM	+0.64%
Arman Financial Services Limited	1,670	1,583.15	14.35	—	0.00% TTM	+1,779.64% TTM	-2.46%

Filings & corporate actions

Recent announcements

Press Release on Q2 FY 2026-274 Nov 2026 · Company Update / Press Release / Media Release
Statement of Material Deviation4 Nov 2026 · Company Update / Reg. 32 (1), (3) - Statement of Deviation & Variation
Asset Cover Certificate for the quarter ended on September 30, 20264 Nov 2026 · Others / Reg. 54 - Asset Cover details
Outcome of Board Meeting held on November 04, 20264 Nov 2026 · Result / Financial Results
Financial Results for the Quarter and half year ended on September 30, 20264 Nov 2026 · Board Meeting / Outcome of Board Meeting
Intimation of conference call with the Senior Management to discuss the unaudited financial results for the quarter and half year ended September 30, 2026.2 Nov 2026 · Company Update / Analyst / Investor Meet
Certificate of Interest payment under Regulation 57 of SEBI (LODR) Regulations, 201529 Oct 2026 · Others / Reg. 57 (1) - Certificate of interest payment/Principal in case of NCD
Arman Financial Services Ltdhas informed BSE that the meeting of the Board of Directors of the Company is scheduled on 04/11/2026 ,inter alia, to consider and approve un-audited financial ....26 Oct 2026 · Board Meeting / Board Meeting
CARE Ratings Limited has reaffirmed Credit Rating of NCD of the Company and wholly owned subsidiary company24 Oct 2026 · Company Update / Credit Rating
Appointment of Chief Business officer In Namra Finance Limited a Wholly Owned Subsidiary Company of Arman Finance Limited16 Oct 2026 · Company Update / Change in Management
Certificate under Regulation 74(5) of SEBI (DP) Regulations, 20188 Oct 2026 · Company Update / Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
The Exchange has received the disclosure under Regulation 29(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for Himani Manakiwala6 Oct 2026 · Insider Trading / SAST / Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011
Certificate under Regulation 57 of the SEBI (LODR) Regulations, 20155 Oct 2026 · Others / Reg. 57 (1) - Certificate of interest payment/Principal in case of NCD
Revised Half yearly Report for the Period ended on September 30, 2026.1 Oct 2026 · Others / Half Yearly Report (SEBI Circular No. CIR/IMD/DF-1/67/2017)
Half yearly Report for the period ended on September 30, 20261 Oct 2026 · Others / Half Yearly Report (SEBI Circular No. CIR/IMD/DF-1/67/2017)
Acuite Ratings & Research Limited has reaffirmed Credit Rating of the Company1 Oct 2026 · Others
Scrutinizer Report and voting results of 34th AGM held on 28/09/202630 Sep 2026 · AGM/EGM / AGM
Intimation of Outcome of 34th AGM of the Company28 Sep 2026 · AGM/EGM / AGM
Intimation regarding the Trading Window closure26 Sep 2026 · Insider Trading / SAST / Closure of Trading Window
Reconstitution of Various Board Committees25 Sep 2026 · Company Update / General
Certificate of Interest Payment25 Sep 2026 · Others / Reg. 57 (1) - Certificate of interest payment/Principal in case of NCD
Arman Financial Services Limited has informed the Exchange about Schedule of meet18 Sep 2026 · Company Update / Analyst / Investor Meet
Allotment of Shares Pursuant to ESOP 2016 and ESOP Plan 2023.15 Sep 2026 · Company Update / Allotment of ESOP / ESPS
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)7 Sep 2026 · Company Update / Newspaper Publication
Letter to Shareholders5 Sep 2026 · Company Update / General
Business Responsibility and Sustainability Report - 31.03.20265 Sep 2026 · Others / Business Responsibility and Sustainability Reporting (BRSR)
34th Annual General Meeting to be held on September 28, 20265 Sep 2026 · AGM/EGM / AGM
Annual Report 2025-20265 Sep 2026 · Others / Reg. 34 (1) Annual Report
Arman Financial Services Limited has informed the Exchange about Schedule of meet4 Sep 2026 · Company Update / Analyst / Investor Meet
Certificate of Interest Payment.3 Sep 2026 · Others / Reg. 57 (1) - Certificate of interest payment/Principal in case of NCD
Certificate of Interest and Principal Redemption.3 Sep 2026 · Others / Reg. 57 (1) - Certificate of interest payment/Principal in case of NCD
The Exchange has received the disclosure under Regulation 29(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for Himani Manakiwala2 Sep 2026 · Insider Trading / SAST / Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011
The Exchange has received the disclosure under Regulation 29(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for Himani Manakiwala29 Aug 2026 · Insider Trading / SAST / Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011
Arman Financial Services Limited has informed the Exchange about Copy of Newspaper Publication with respect to 34th Annual General Meeting and E-voting Procedure26 Aug 2026 · Company Update / Newspaper Publication
Intimation regarding the demise of Mr. Jayendra B Patel, Founder and Whole-time Director of the Company25 Aug 2026 · Company Update / Demise
Earnings Call Transcript for Q1 FY 2026-2720 Aug 2026 · Company Update / Earnings Call Transcript
Analyst / Investor Meet Outcome Attached.13 Aug 2026 · Company Update / Analyst / Investor Meet
Newspaper Publication on Financial Results for Q1 FY 2026-2713 Aug 2026 · Company Update / Newspaper Publication
Investor Presentation for Q1 FY 2026-27.13 Aug 2026 · Company Update / Investor Presentation
Press Release on Q1 FY 2026-27: Financial Results12 Aug 2026 · Company Update / Press Release / Media Release

Board meetings

4 Nov 2026 Board Meeting - Financial Results
12 Aug 2026 Board Meeting - Financial Results