Arman Financial Services Ltd

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Arman Financial Services Ltd

₹ 2,069 3.89%
04 Sep - close price
armanindia.com BSE: 531179 NSE: ARMANFIN
About

Arman Financial Service Ltd is an RBI-registered category ‘A’ Non-Banking Finance Company. They provide loans to the unorganized sector residing in rural and semi-rural locales across six states with around 400 branches that cater to about 7.6 lakh customers.
Headquartered in Ahmedabad, Gujarat. Arman and its subsidiary provide three financial services, Two-Wheeler Finance, Group-Based Microfinance, and Micro-Enterprise (MSME) Loans. [1]

Key Points

Product Offerings
1) Microfinance: The company’s WOS, Namra Finance Ltd, offers women small-ticket loans under the JLG model for income-generating activities like livestock, dairy, agriculture-related businesses, and Kirana stores. It operates through 392 MFI branches, serving 6.56 lakh active customers across 11 states. [1]

Website BSE NSE
  • Market Cap ₹ 2,176 Cr.
  • Current Price ₹ 2,069
  • High / Low ₹ 2,159 / 1,301
  • Stock P/E 50.9
  • Book Value ₹ 602
  • Dividend Yield 0.00 %
  • ROCE 9.45 %
  • ROE 6.67 %
  • Face Value ₹ 10.0
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Pros

  • Company's median sales growth is 38.8% of last 10 years

Cons

  • Stock is trading at 3.44 times its book value
  • Though the company is reporting repeated profits, it is not paying out dividend
  • Company has low interest coverage ratio.
  • Promoter holding is low: 22.0%
  • Company has a low return on equity of 8.01% over last 3 years.
  • Contingent liabilities of Rs.667 Cr.
  • Promoter holding has decreased over last 3 years: -5.26%

* 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.

Peer comparison

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

Part of BSE Financial Services

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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
29 34 33 38 42 44 45 51 50 52 54 60 66
Interest 11 12 12 11 9 12 11 12 12 14 14 17 20
9 10 11 13 17 20 21 26 23 26 27 29 27
Financing Profit 9 13 10 14 16 12 14 13 15 12 12 14 19
Financing Margin % 32% 37% 30% 38% 38% 28% 30% 26% 30% 23% 23% 23% 29%
1 1 1 -0 0 -1 -0 4 1 0 0 0 0
Depreciation 0 0 0 0 0 0 0 0 0 0 0 0 0
Profit before tax 10 13 11 14 16 11 13 17 16 12 13 14 19
Tax % 21% 34% 15% 15% 22% 29% 27% 26% 20% 26% 25% 29% 22%
8 9 9 12 13 8 10 13 12 9 9 10 15
EPS in Rs 9.50 10.19 9.54 11.08 12.01 7.56 9.41 12.19 11.87 8.48 8.94 9.37 13.88
Gross NPA % 2.80% 3.11% 3.03% 2.63% 2.46% 2.83% 3.40% 3.38% 3.49% 3.77% 3.41% 3.50% 3.14%
Net NPA % 0.58% 0.75% 1.01% 0.89% 0.56% 0.60% 0.96% 0.95% 1.04% 0.26% 0.98% 0.89% 0.71%
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026 TTM
15 16 17 27 47 67 61 63 94 134 182 216 231
Interest 6 6 5 11 16 22 20 18 31 46 44 57 65
5 6 8 12 16 25 34 27 28 44 83 106 110
Financing Profit 4 4 4 5 14 20 7 18 36 44 55 53 57
Financing Margin % 29% 24% 23% 17% 30% 30% 11% 29% 38% 33% 30% 25% 25%
0 0 0 0 2 3 3 3 2 5 3 1 1
Depreciation 0 0 0 0 0 0 0 0 0 0 0 0 0
Profit before tax 4 4 4 4 16 23 9 21 38 48 58 54 57
Tax % 34% 33% 34% 28% 21% 20% 15% 24% 25% 22% 26% 25%
3 2 2 3 12 18 8 16 28 38 43 41 43
EPS in Rs 4.86 4.35 4.37 5.61 21.50 21.58 9.42 19.11 33.39 36.18 41.15 38.63 40.67
Dividend Payout % 30% 39% 28% 22% 8% 0% 0% 0% 0% 0% 0% 0%
Compounded Sales Growth
10 Years: 30%
5 Years: 29%
3 Years: 32%
TTM: 22%
Compounded Profit Growth
10 Years: 32%
5 Years: 38%
3 Years: 13%
TTM: -1%
Stock Price CAGR
10 Years: 23%
5 Years: 19%
3 Years: -4%
1 Year: 43%
Return on Equity
10 Years: 10%
5 Years: 9%
3 Years: 8%
Last Year: 7%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Equity Capital 7 7 7 7 7 8 8 8 8 10 10 11
Reserves 27 29 31 33 89 112 119 132 157 524 575 622
Borrowing 48 38 47 101 162 171 153 178 386 291 411 723
2 3 3 5 6 6 10 8 16 22 19 17
Total Liabilities 85 76 88 146 264 297 291 327 568 848 1,016 1,372
2 2 2 1 1 1 1 1 1 2 25 25
CWIP 0 0 0 0 0 0 0 0 0 0 0 3
Investments 10 10 15 22 51 62 65 93 196 281 351 421
73 64 71 122 212 234 225 234 370 565 639 923
Total Assets 85 76 88 146 264 297 291 327 568 848 1,016 1,372

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
-2 8 2 -33 -76 -8 66 -16 -136 -86 -96 -174
0 -1 -5 -11 -25 -10 0 -27 -100 -77 -92 -71
-0 -17 3 44 105 14 -18 25 206 232 124 315
Net Cash Flow -2 -10 -1 0 4 -4 49 -18 -30 68 -65 70
Free Cash Flow -2 8 2 -33 -75 -8 66 -16 -136 -87 -121 -177
CFO/OP -6% 101% 29% -196% -243% -5% 261% -28% -189% -86% -87% -139%

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
ROE % 8% 7% 7% 8% 18% 17% 6% 12% 19% 11% 8% 7%

Insights

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Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Consolidated AUM
INR Crore

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Consolidated Disbursements
INR Crore
Active Customers
lakhs
Number of Branches
count
Number of Districts
count
MFI Average Ticket Size
INR
MFI Collection Efficiency
%

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

1 Recently
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
26.58% 23.65% 22.09% 22.09% 22.07% 22.07% 22.06% 22.05% 22.00% 22.00% 22.00% 22.00%
3.89% 6.64% 10.20% 5.18% 4.90% 1.97% 1.19% 1.42% 1.80% 1.69% 2.61% 3.08%
0.77% 7.66% 6.29% 6.16% 5.03% 4.51% 4.91% 5.08% 4.83% 5.03% 4.18% 4.85%
68.76% 62.05% 61.41% 66.56% 68.01% 71.44% 71.82% 71.45% 71.37% 71.29% 71.20% 70.07%
No. of Shareholders 13,75815,68819,74521,67636,33942,62941,40037,60836,53134,93033,75232,079

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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Documents

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