ARMAN FIN SERV LTD

Operates as a Gujarat-based non-banking financial company (NBFC) lending to underserved and small-business borrowers, running two arms: a standalone book of MSME, two-wheeler and loan-against-property (LAP) loans, and a microfinance subsidiary called Namra Finance. FY26 consolidated assets under management (AUM) stood at ₹2,728 crore, up 21.5% YoY, with disbursements of ₹2,433 crore, up 42% YoY, served through 529 branches across 11 states and roughly 6.3 lakh customers. The portfolio is split across microfinance (47.1% of AUM), individual business loans (26%), MSME (20.3%), two-wheeler (3.4%) and LAP (2.9%), with the group moving beyond the joint-liability-group (JLG) microfinance model into individual loans, micro-LAP and a solar-loan pilot. Asset quality improved to consolidated GNPA of 3.43% and NNPA of 0.93%, with collection efficiency of 95.8% and December collection efficiency at 96.3%, and credit guarantee cover from CGFMU extended to 82% of the MFI portfolio. Capital is funded through a mix of bank, DFI and securitisation debt, with Q3 FY26 alone seeing ₹522 crore of debt raised and a board approval for up to ₹500 crore via NCDs; CRAR was 27.86% standalone and 41.01% at Namra, with ₹247 crore of liquidity. The largest cost line is employee expense at 23.3% of revenue, with other opex at 9.7%, and FY26 PAT came in at ₹56.6 crore (up 8.7% YoY) on revenue of ₹645.9 crore, which was down 11.5% YoY.