Aryaman Financial Services Ltd
Incorporated in 1994, Aryaman Financial Services Ltd is in the business of Merchant Banking, Investments (Strategic & Non Strategic)[1]
- Market Cap ₹ 739 Cr.
- Current Price ₹ 603
- High / Low ₹ 1,100 / 450
- Stock P/E 79.1
- Book Value ₹ 44.1
- Dividend Yield 0.00 %
- ROCE 20.4 %
- ROE 15.2 %
- Face Value ₹ 10.0
Pros
- Company is almost debt free.
- Company has delivered good profit growth of 48.8% CAGR over last 5 years
Cons
- Stock is trading at 13.7 times its book value
- Though the company is reporting repeated profits, it is not paying out dividend
- Company has a low return on equity of 12.6% over last 3 years.
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2.63 | 1.77 | 2.64 | 5.06 | 10.91 | 8.65 | 4.78 | 2.80 | 5.12 | 6.63 | 15.94 | 21.16 | 25.11 | |
| Interest | 0.02 | 0.02 | 0.01 | 0.13 | 0.03 | 0.05 | 0.05 | 0.03 | 0.04 | 0.02 | 0.00 | 0.00 | 0.00 |
| 2.07 | 1.32 | 1.87 | 3.42 | 7.53 | 6.27 | 3.46 | 2.01 | 3.23 | 3.99 | 10.80 | 12.89 | 14.17 | |
| Financing Profit | 0.54 | 0.43 | 0.76 | 1.51 | 3.35 | 2.33 | 1.27 | 0.76 | 1.85 | 2.62 | 5.14 | 8.27 | 10.94 |
| Financing Margin % | 20.53% | 24.29% | 28.79% | 29.84% | 30.71% | 26.94% | 26.57% | 27.14% | 36.13% | 39.52% | 32.25% | 39.08% | 43.57% |
| 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.02 | 0.01 | 0.00 | 0.00 | 0.00 | 1.63 | |
| Depreciation | 0.02 | 0.02 | 0.07 | 0.11 | 0.12 | 0.11 | 0.07 | 0.08 | 0.08 | 0.08 | 0.07 | 0.05 | 0.07 |
| Profit before tax | 0.52 | 0.41 | 0.69 | 1.40 | 3.23 | 2.22 | 1.20 | 0.70 | 1.78 | 2.54 | 5.07 | 8.22 | 12.50 |
| Tax % | 19.23% | 21.95% | 21.74% | 28.57% | 25.70% | 25.68% | 30.00% | 17.14% | 24.72% | 25.20% | 25.05% | 25.67% | |
| 0.41 | 0.32 | 0.55 | 1.00 | 2.41 | 1.65 | 0.84 | 0.58 | 1.34 | 1.90 | 3.80 | 6.12 | 9.34 | |
| EPS in Rs | 0.37 | 0.29 | 0.50 | 0.86 | 2.06 | 1.41 | 0.72 | 0.50 | 1.15 | 1.63 | 3.25 | 5.00 | 7.63 |
| Dividend Payout % | 0.00% | 0.00% | 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: | 28% |
| 5 Years: | 35% |
| 3 Years: | 60% |
| TTM: | 161% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | 34% |
| 5 Years: | 49% |
| 3 Years: | 66% |
| TTM: | 235% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | 41% |
| 5 Years: | 70% |
| 3 Years: | 73% |
| 1 Year: | 18% |
| Return on Equity | |
|---|---|
| 10 Years: | 9% |
| 5 Years: | 10% |
| 3 Years: | 13% |
| Last Year: | 15% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 10.98 | 10.98 | 10.98 | 11.68 | 11.68 | 11.68 | 11.68 | 11.68 | 11.68 | 11.68 | 11.68 | 12.25 | 12.25 |
| Reserves | 3.30 | 3.62 | 4.16 | 6.04 | 8.45 | 10.11 | 10.94 | 11.52 | 12.86 | 14.76 | 18.56 | 37.95 | 41.81 |
| Borrowing | 0.10 | 0.08 | 0.39 | 0.32 | 0.21 | 0.25 | 0.24 | 0.18 | 0.07 | 0.00 | 0.00 | 0.00 | 0.00 |
| 0.73 | 0.95 | 0.94 | 0.69 | 4.65 | 2.75 | 0.65 | 0.93 | 0.84 | 1.87 | 1.17 | 1.86 | 1.75 | |
| Total Liabilities | 15.11 | 15.63 | 16.47 | 18.73 | 24.99 | 24.79 | 23.51 | 24.31 | 25.45 | 28.31 | 31.41 | 52.06 | 55.81 |
| 1.09 | 1.04 | 1.47 | 1.34 | 1.25 | 1.25 | 1.19 | 1.12 | 1.06 | 0.99 | 0.95 | 1.11 | 1.10 | |
| CWIP | 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 |
| Investments | 8.69 | 9.37 | 9.37 | 13.47 | 13.76 | 13.47 | 13.47 | 13.47 | 13.47 | 13.47 | 13.47 | 23.97 | 23.97 |
| 5.33 | 5.22 | 5.63 | 3.92 | 9.98 | 10.07 | 8.85 | 9.72 | 10.92 | 13.85 | 16.99 | 26.98 | 30.74 | |
| Total Assets | 15.11 | 15.63 | 16.47 | 18.73 | 24.99 | 24.79 | 23.51 | 24.31 | 25.45 | 28.31 | 31.41 | 52.06 | 55.81 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2.02 | 0.35 | 0.69 | 1.38 | 5.87 | -0.66 | -1.23 | 0.93 | 1.19 | 2.44 | 0.36 | 3.43 | |
| -1.66 | -0.71 | -0.31 | -2.85 | -5.75 | 0.63 | 0.35 | 0.34 | 0.30 | 0.47 | 0.81 | -9.53 | |
| -0.04 | -0.04 | 0.28 | 1.39 | -0.10 | 0.01 | -0.04 | -0.09 | -0.15 | -0.08 | 0.00 | 13.84 | |
| Net Cash Flow | 0.32 | -0.40 | 0.66 | -0.08 | 0.02 | -0.02 | -0.93 | 1.17 | 1.34 | 2.84 | 1.17 | 7.75 |
| Free Cash Flow | 2.02 | 0.35 | 0.20 | 1.34 | 5.84 | -0.77 | -1.25 | 0.92 | 1.17 | 2.43 | 0.34 | 3.22 |
| CFO/OP | 361% | 78% | 90% | 116% | 199% | -1% | -70% | 142% | 87% | 114% | 37% | 64% |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE % | 2.91% | 2.22% | 3.70% | 6.09% | 12.73% | 7.87% | 3.78% | 2.53% | 5.61% | 7.45% | 13.41% | 15.22% |
Insights
In beta| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Cumulative IPOs Led Managed Number |
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| Funds Raised (Cumulative Last 5 Years) INR Crores |
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| IPO Mandates Pipeline INR Crores |
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| Number of IPOs completed (Annual) Number |
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| Total Employees (Group) Number |
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Documents
Announcements
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Closure of Trading Window
23 Mar - Trading window closed Apr 1, 2026 until 48 hours after audited FY2025-26 results announcement.
- Disclosures under Reg. 10(6) of SEBI (SAST) Regulations, 2011 10 Mar
- Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011 10 Mar
- Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011 10 Mar
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Announcement under Regulation 30 (LODR)-Newspaper Publication
14 Feb - Newspaper Advertisement under Regulation 47 read with Regulation 33 of the SEBI (LODR) Regulations, 2015
Annual reports
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Financial Year 2025
from bse
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Financial Year 2024
from bse
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Financial Year 2023
from bse
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Financial Year 2022
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Financial Year 2021
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Financial Year 2020
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Financial Year 2019
from bse
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Financial Year 2018
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Financial Year 2017
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Financial Year 2016
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Financial Year 2015
from bse
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Financial Year 2014
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Financial Year 2013
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Financial Year 2012
from bse
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Financial Year 2011
from bse
Services Offerings[1][2]
A) Fund Raising – Equity Capital Markets The company advises corporates and businesses of all sizes which are seeking to mobilize capital from investors in India and overseas through IPOs, FPOs, Rights Issues, and other ways of raising capital.
B) M&A Advisory and Open Offer Management: The M&A segment is engaged in turnkey transaction management and advises a diverse range of clients in medium to large transactions. It provides both buy-side and sell-side advisory services as part of our M&A advisory offerings.
C) Private Equity Offerings: It advises promoters and companies on the key considerations in a PE fundraising exercise.
D) Structured Finance Advisory: The company organizes appropriate financing solutions for client-specific situations and identifies and places the transaction with institutional investors. The portfolio of solutions comprises Promoter Financing and acquisition Financing.
E) Corporate Finance Advisory and Certifications: Managing corporate finance activities such as Schemes of Amalgamations, Mergers, ESOP Transactions, Foreign Remittance and Equity Placements, etc. [3]