Aryaman Financial Services Ltd

₹ 621 -0.59%

23 Oct - close price

About

Incorporated in 1994, Aryaman Financial Services Ltd is in the business of Merchant Banking, Investments (Strategic & Non Strategic)^[1]

Key Points

Business Overview: ^[1]^[2]
AFSL is a SEBI-registered Category I Merchant Banker providing capital-raising, corporate finance, restructuring and strategic advisory services, with a focus on SME and start-up IPOs.
Through its group companies, Aryaman Capital Markets Ltd, Escorp Asset Management Ltd and Aryaman Finance (India) Ltd, the Group also provides stockbroking, portfolio and asset management, and NBFC services.

Website BSE NSE

Market Cap ₹ 761 Cr.
Current Price ₹ 621
High / Low ₹ 854 / 480
Stock P/E 101
Book Value ₹ 46.6
Dividend Yield 0.00 %
ROCE 17.2 %
ROE 12.9 %
Face Value ₹ 10.0

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Pros

Company is almost debt free.
Company is expected to give good quarter
Company has delivered good profit growth of 64.1% CAGR over last 5 years
Company's working capital requirements have reduced from 39.1 days to 15.8 days

Cons

Stock is trading at 13.3 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 13.8% 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.

Peer comparison

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

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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
	1.23	5.96	6.58	1.34	1.97	3.94	2.36	11.70	2.48	7.48	3.45	2.40	5.74
Interest	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
	0.59	4.62	4.37	1.21	1.05	2.98	1.62	7.25	0.95	4.54	1.43	1.29	3.42
Financing Profit	0.64	1.34	2.21	0.13	0.92	0.96	0.74	4.45	1.53	2.94	2.02	1.11	2.32
Financing Margin %	52.03%	22.48%	33.59%	9.70%	46.70%	24.37%	31.36%	38.03%	61.69%	39.30%	58.55%	46.25%	40.42%
	0.17	0.18	0.23	0.25	0.23	0.27	0.28	0.42	0.27	0.46	0.47	0.50	0.37
Depreciation	0.02	0.02	0.02	0.00	0.01	0.01	0.01	0.01	0.02	0.02	0.02	0.02	0.02
Profit before tax	0.79	1.50	2.42	0.38	1.14	1.22	1.01	4.86	1.78	3.38	2.47	1.59	2.67
Tax %	25.32%	25.33%	25.21%	23.68%	25.44%	25.41%	25.74%	25.51%	25.28%	25.44%	24.70%	27.04%	25.09%
	0.58	1.12	1.81	0.28	0.85	0.91	0.75	3.61	1.34	2.52	1.87	1.17	2.00
EPS in Rs	0.50	0.96	1.55	0.24	0.73	0.78	0.64	2.95	1.09	2.06	1.53	0.96	1.63
Gross NPA %
Net NPA %
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
	1.77	2.64	5.06	10.91	8.65	4.78	2.80	5.12	6.63	15.94	21.16	17.51	19.07
Interest	0.02	0.01	0.13	0.03	0.05	0.05	0.03	0.04	0.02	0.00	0.00	0.00	0.00
	1.32	1.87	3.42	7.53	6.27	3.46	2.01	3.23	3.99	10.80	12.89	8.20	10.68
Financing Profit	0.43	0.76	1.51	3.35	2.33	1.27	0.76	1.85	2.62	5.14	8.27	9.31	8.39
Financing Margin %	24.29%	28.79%	29.84%	30.71%	26.94%	26.57%	27.14%	36.13%	39.52%	32.25%	39.08%	53.17%	44.00%
	0.00	0.00	0.00	0.00	0.00	0.00	0.02	0.01	0.00	0.00	0.00	0.00	1.80
Depreciation	0.02	0.07	0.11	0.12	0.11	0.07	0.08	0.08	0.08	0.07	0.05	0.07	0.08
Profit before tax	0.41	0.69	1.40	3.23	2.22	1.20	0.70	1.78	2.54	5.07	8.22	9.24	10.11
Tax %	21.95%	21.74%	28.57%	25.70%	25.68%	30.00%	17.14%	24.72%	25.20%	25.05%	25.67%	25.32%
	0.32	0.55	1.00	2.41	1.65	0.84	0.58	1.34	1.90	3.80	6.12	6.90	7.56
EPS in Rs	0.29	0.50	0.86	2.06	1.41	0.72	0.50	1.15	1.63	3.25	5.00	5.63	6.18
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:	21%
5 Years:	44%
3 Years:	38%
TTM:	-7%

Compounded Profit Growth
10 Years:	29%
5 Years:	64%
3 Years:	54%
TTM:	14%

Stock Price CAGR
10 Years:	40%
5 Years:	68%
3 Years:	58%
1 Year:	-24%

Return on Equity
10 Years:	10%
5 Years:	12%
3 Years:	14%
Last Year:	13%

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	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	3.62	4.16	6.04	8.45	10.11	10.94	11.52	12.86	14.76	18.56	37.95	44.85
Borrowing	0.08	0.39	0.32	0.21	0.25	0.24	0.18	0.07	0.00	0.00	0.00	0.00
	0.95	0.94	0.69	4.65	2.75	0.65	0.93	0.84	1.87	1.17	1.86	2.02
Total Liabilities	15.63	16.47	18.73	24.99	24.79	23.51	24.31	25.45	28.31	31.41	52.06	59.12
	1.04	1.47	1.34	1.25	1.25	1.19	1.12	1.06	0.99	0.95	1.11	1.08
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
Investments	9.37	9.37	13.47	13.76	13.47	13.47	13.47	13.47	13.47	13.47	23.97	30.97
	5.22	5.63	3.92	9.98	10.07	8.85	9.72	10.92	13.85	16.99	26.98	27.07
Total Assets	15.63	16.47	18.73	24.99	24.79	23.51	24.31	25.45	28.31	31.41	52.06	59.12

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
	0.35	0.69	1.38	5.87	-0.66	-1.23	0.93	1.19	2.44	0.36	7.61	5.55
	-0.71	-0.31	-2.85	-5.75	0.63	0.35	0.34	0.30	0.47	0.81	-9.53	-5.34
	-0.04	0.28	1.39	-0.10	0.01	-0.04	-0.09	-0.15	-0.08	0.00	13.84	0.00
Net Cash Flow	-0.40	0.66	-0.08	0.02	-0.02	-0.93	1.17	1.34	2.84	1.17	11.92	0.21
Free Cash Flow	0.35	0.20	1.34	5.84	-0.77	-1.25	0.92	1.17	2.43	0.34	7.40	5.51

Ratios

Standalone / 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 %	2.22%	3.70%	6.09%	12.73%	7.87%	3.78%	2.53%	5.61%	7.45%	13.41%	15.22%	12.86%

Insights

In beta

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Number of IPOs completed as Lead Manager
count

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x					xx	xx	xx		xx
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Number of permanent employees
count

Aggregate funds raised by clients (last 5 years)
Rs Crore

Consecutive years as BSE SME Top Performing Merchant Banker
years

Current IPO mandate (order book)
Rs Crore

Market capitalization of listed clients
Rs Crore

Cumulative IPOs handled as Lead Merchant Banker
count

Sector-wise client diversification
%

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
	62.17%	62.17%	62.17%	62.17%	62.17%	63.92%	63.92%	63.92%	63.92%	63.92%	63.92%	63.92%
	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%
	37.81%	37.81%	37.81%	37.82%	37.82%	36.07%	36.07%	36.07%	36.07%	36.07%	36.07%	36.08%
No. of Shareholders	1,615	1,568	1,566	1,653	1,684	1,861	2,183	2,731	2,524	2,347	2,215	2,101

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Sep 2026
	62.17%	62.17%	62.17%	62.17%	62.17%	62.17%	62.17%	62.17%	63.92%	63.92%	63.92%
	0.00%	0.00%	0.00%	0.00%	0.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
	0.01%	0.01%	0.01%	0.01%	0.00%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%
	37.81%	37.82%	37.82%	37.82%	37.82%	37.82%	37.82%	37.81%	36.07%	36.07%	36.08%
No. of Shareholders	1,385	1,413	1,486	1,592	1,550	1,689	1,600	1,568	1,861	2,347	2,101

* 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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Aryaman Financial Services Ltd

Aryaman Financial Services Ltd

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flows

Ratios

Insights

Shareholding Pattern

Documents

Announcements

Annual reports