NSE: AFSL · BSE: 543712
ABANS FINANCIAL SRVCS LTD
Operates as a diversified financial services group with three revenue pillars. The Principal investment & Treasury segment accounts for 99.1% of FY26 segment revenue at INR 23,664.79 crore but contributes only INR 10.88 crore of EBIT, reflecting the thin-margin nature of proprietary trading on the firm's own capital. The Fee based investment services segment generates INR 190.81 crore (0.8% of revenue) yet delivers INR 104.24 crore of EBIT, making it the profit engine through asset management, distribution partnerships and broking services for HNI and institutional clients. Lending & Credit solutions through its NBFC adds INR 22.05 crore of revenue and INR 12.38 crore of EBIT. The fee-based segment houses the Global Arbitrage Fund at Rs 831 crore AUM (around 25% of total AUM) and a new GIFT City AIF being seeded with a roughly $100 million target. Geographic build-out includes GIFT City, the UK (Abans Global) and Mauritius platforms, while broking licenses are being consolidated under Abans Broking Services. The largest cost line is 'materials' at 98.6% of revenue, essentially the cost of the securities held in the principal investment book that drives most revenue but minimal profit. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Principal investment & Treasury (99%), Fee based investment services (1%), Lending & Credit solution (0%), Others / un allocable (0%). Fee-income-led diversified financial services; thin-margin proprietary treasury dominant by revenue, asset management and fee businesses dominant by profit.
Exhibit 1: Financial summary, FY23–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | 1,151 | 1,378 | 3,281 | 23,874 |
| EBITDA (ex other income) | 73 | 150 | 189 | 158 |
| margin % | 6.4 | 10.9 | 5.8 | 0.7 |
| Owners' profit | 65 | 82 | 102 | 96 |
| EPS, as reported (₹) | 14.84 | 17.80 | 21.56 | 20.78 |
| ROE % · ROCE % | 7.8 · 8.4 | 8.8 · 12.4 | 9.3 · 15.8 | 7.8 · 11.2 |
| Debt / equity (x) | 0.49 | 0.92 | 0.72 | 0.55 |
| Cash from operations | 253 | 45 | (119) | 505 |
| Capex | (0) | (1) | (2) | (3) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 641 | 1,280 | 1,063 | 1,894 | 8,725 | 6,495 | 8,708 | 3,713 |
| Profit before tax | 35 | 35 | 33 | 41 | 81 | 36 | 4 | 86 |
| Net profit | 27 | 27 | 30 | 33 | 75 | 34 | (4) | 66 |
| EPS (₹) | 5.46 | 5.36 | 5.96 | 6.46 | 14.74 | 6.78 | (0.73) | 12.20 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Fee based investment services | 236 | 0.9 |
| Principal investment & Treasury | 16,942 | 65.6 |
| Lending & Credit solution | 5 | 0.0 |
| Others / un allocable | 1 | 0.0 |
| Lending & Credit solutions | 6 | 0.0 |
| Others/unallocable | 1 | 0.0 |
| Principal investment and treasury | 8,622 | 33.4 |
| Lending and credit solutions | 11 | 0.0 |
| Lending and Credit Solutions | 6 | 0.0 |
| others/un allocable | 0 | 0.0 |
| Total, before eliminations | 25,830 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| BAJAJ FINSERV LTD. | 2,68,128 | 26.4 | 1.90 | — | 14.0 | — | 20.0 | 40.8 |
| BAJAJ HOLDINGS & INVS LTD | 1,21,311 | 13.7 | 1.47 | — | 11.9 | — | 21.8 | 92.9 |
| CHOICE INTERNATIONAL LTD | 16,040 | 62.0 | 8.80 | 39.3 | 13.0 | 13.9 | 46.0 | 36.8 |
| EDELWEISS FIN SERV LTD | 11,661 | 16.3 | 1.96 | — | 11.4 | — | 2.2 | 29.3 |
| JM FINANCIAL LIMITED | 10,465 | 10.1 | 0.92 | — | 10.6 | — | 5.1 | 60.3 |
| RANE HOLDINGS LIMITED | 2,153 | 25.5 | 1.51 | 6.2 | 9.6 | 11.7 | 23.7 | 7.5 |
| BF INVESTMENT LIMITED | 1,470 | 3.8 | 0.17 | — | 3.3 | — | 36.0 | 90.4 |
| BALMER LAWRIE INVSTS. L | 1,393 | 10.8 | 0.62 | — | 12.4 | — | 12.2 | 18.2 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 6.1 | 10.8 | 4 of 13 | 75% |
| P/B | 0.8 | 1.4 | 4 of 14 | 77% |
| ROCE | 8.4 | 11.2 | 6 of 8 | 29% |
| ROE | 7.8 | 10.1 | 10 of 14 | 31% |
| Debt / Equity | 0.6 | 0.5 | 5 of 7 | 33% |
| EBITDA margin | 2.7 | 29.6 | 12 of 14 | 15% |
| Revenue growth | 96.0 | 18.6 | 2 of 15 | 93% |
| Profit growth | 101.4 | 18.1 | 4 of 15 | 79% |
| Market cap | 1022 | 1208 | 9 of 16 | 47% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 8 Oct 2026 · RTA certifies no share dematerialisation for September 2026 quarter | compliance | minimal | — | — |
| 7 Oct 2026 · Abans Financial Services buys 6.01% stake in subsidiary AFPL | strategic transactions | medium | — | — |
| 30 Sept 2026 · Newspaper notice on special window for physical share transfer and demat | compliance | minimal | — | — |
| 25 Sept 2026 · Trading window closes Oct 1, 2026 ahead of Q2 results | compliance | minimal | — | — |
| 17 Sept 2026 · Revised ESOP allotment of 3,75,365 shares under ESOP Scheme 2023 | capital market events | low | — | — |
| 11 Sept 2026 · AGM 2026: All 3 Resolutions Passed Including Director Re-appointment | board shareholder meetings | medium | — | — |
| 10 Sept 2026 · 17th AGM held via video conferencing; 3 ordinary resolutions tabled | board shareholder meetings | medium | — | — |
| 10 Sept 2026 · Allotment of Equity Shares under ESOP Scheme 2023 | capital market events | low | — | — |
| 9 Sept 2026 · Rectification of typographical errors in FY2025-26 Annual Report | compliance | minimal | — | — |
| 7 Sept 2026 · Insider Trading Plan: AVP Plans to Sell 2,500 Shares in Jan 2027 | ownership changes | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.