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Dossier · ARMAN FIN SERV LTD · 29 October 2026Page 1 of 3
Company Dossier
MarketPing Research · factual · no rating expressed
ARMAN FIN SERV LTD NSE: ARMANFIN · BSE: 531179
Financial Services › Financial Services › Finance › Non Banking Financial Company (NBFC)
ARMAN FIN SERV LTD
StateQ1 FY27 filed
Last close · 28 Oct 2026₹1,420.00
Market cap₹1.5k cr
TTM P/E · P/B · EV/EBITDA12.8 · 1.60 · —
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. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Microfinance (via subsidiary Namra Finance) (47%), Individual business loans (26%), MSME loans (20%), Two-wheeler loans (3%), Loan against property (LAP) (3%). Asset-light NBFC lender with a microfinance-heavy book, recovering from a multi-quarter credit-cost cycle and diversifying beyond JLG into individual and secured products
What a broker report prints here — the analyst's thesis. This dossier prints the filed record instead; the narrative read of the latest results, the guidance ledger and the earnings-call summary are the composer's sections (INSTITUTIONAL-PLAN.md M3) and are not yet produced.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
₹ crore · consolidated
FY22
FY23
FY24
FY25
FY26
Revenue
234
424
661
730
646
EBITDA (ex other income)
135
298
495
310
284
margin %
57.7
70.3
74.8
42.5
44.0
Owners' profit
32
94
174
52
57
EPS, as reported (₹)
37.36
110.47
195.00
49.67
53.91
ROE % · ROCE %
14.9 · —
25.7 · —
21.4 · —
6.0 · —
6.1 · —
Debt / equity (x)
—
—
—
—
—
Cash from operations
(281)
(713)
(302)
493
(476)
Capex
(1)
(2)
(2)
(25)
(3)
Source: SEBI results XBRL as filed with BSE/NSE; EBITDA excludes other income.
Every figure is a filed number or a ratio over filed numbers · No rating, target or fair value is expressed · Disclosures on the last pagemarketping.in
Dossier · ARMAN FIN SERV LTD · 29 October 2026Page 2 of 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
181
165
199
151
159
160
176
202
Profit before tax
22
(7)
13
(11)
18
29
42
57
Net profit
15
(7)
13
(15)
8
22
41
45
EPS (₹)
14.56
(6.94)
12.17
(13.90)
7.62
21.13
39.06
42.96
Source: quarterly results as filed; the balance sheet is filed half-yearly and is not repeated here.
Exhibit 3: 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 FINANCE LIMITED
5,70,768
28.1
4.88
—
16.5
—
25.2
70.7
SHRIRAM FINANCE LIMITED
1,94,820
14.6
2.96
—
15.2
—
22.5
74.7
CHOLAMANDALAM IN & FIN CO
1,31,798
22.8
4.33
—
17.2
—
26.5
71.2
TATA CAPITAL LIMITED
1,31,209
24.0
2.79
—
10.4
—
—
75.8
MUTHOOT FINANCE LIMITED
96,352
8.5
2.42
—
26.7
—
22.0
84.0
SBI CARDS & PAY SER LTD
50,202
22.1
3.19
—
13.8
—
—
33.1
SUNDARAM FINANCE LTD
43,766
19.6
2.94
—
13.8
—
—
78.4
AUTHUM INVEST & INFRA LTD
42,040
7.2
2.85
—
13.1
—
—
90.1
Source: exchange data and filed statements via the screener; multiples at current prices.
Exhibit 4: Where the company sits in its group
Metric
Company
Group median
Rank
Better than
P/E (TTM)
12.8
18.1
76 of 200
62%
P/B
1.6
1.1
165 of 253
35%
ROE
6.1
3.1
94 of 257
64%
EBITDA margin
60.4
48.6
108 of 249
57%
Revenue growth
33.6
12.6
82 of 231
65%
Profit growth
409.7
7.8
24 of 251
91%
Market cap
1493
34
32 of 268
88%
Source: MarketPing peer ranks; a rank is a measurement, not a view.
Every figure is a filed number or a ratio over filed numbers · No rating, target or fair value is expressed · Disclosures on the last pagemarketping.in
Dossier · ARMAN FIN SERV LTD · 29 October 2026Page 3 of 3
Exhibit 5: Filings of the last 90 days, with the measured price reaction
Date · filing
Category
Importance
Next day %
5-day %
26 Oct 2026 · Board meeting to approve September 2026 quarter and half-year results
results
low
—
—
24 Oct 2026 · CARE A- rating reaffirmed; outlook revised to Stable
credit debt
medium
—
—
16 Oct 2026 · Arman Financial Services appoints CBO at subsidiary Namra Finance
management changes
medium
—
—
8 Oct 2026 · RTA certifies no dematerialization in September 2026 quarter
compliance
minimal
—
—
6 Oct 2026 · Promoter Himani Manakiwala sells 500 shares of Arman Financial Services
ownership changes
low
—
—
5 Oct 2026 · Arman Financial Services makes monthly NCD interest payment of Rs 22.34 lakh
compliance
minimal
—
—
1 Oct 2026 · Acuite reaffirms A- rating, outlook revised to Positive
Source: exchange announcements; each reaction is measured from the close before the filing. Next day = the close one session after the reaction day (the first session that could trade the filing).
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More audited years; no estimates
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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.
Every figure is a filed number or a ratio over filed numbers · No rating, target or fair value is expressed · Disclosures on the last pagemarketping.in
