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
| ₹ 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) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | (281) | (713) | (302) | 493 | (476) |
| Capex | (1) | (2) | (2) | (25) | (3) |
| ₹ 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 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| BAJAJ FINANCE LIMITED | 6,43,552 | 31.7 | 5.50 | 11.6 | 16.5 | — | 25.2 | 70.7 |
| SHRIRAM FINANCE LIMITED | 2,42,019 | 18.1 | 3.67 | 6.7 | 15.2 | — | 22.5 | 74.7 |
| CHOLAMANDALAM IN & FIN CO | 1,57,446 | 27.2 | 5.17 | 6.9 | 17.2 | — | 26.5 | 71.2 |
| TATA CAPITAL LIMITED | 1,54,110 | 28.2 | 3.27 | 6.5 | 10.4 | — | — | 75.8 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 7 Sept 2026 · Arman Financial Services 34th AGM on Sep 29 via VC, e-voting Sep 27-29 | compliance | minimal | — | — |
| 5 Sept 2026 · AGM Notice and Annual Report Letter Sent to Shareholders | compliance | minimal | — | — |
| 5 Sept 2026 · Arman Financial files BRSR for FY 2025-26 | compliance | low | — | — |
| 5 Sept 2026 · Arman Financial Services 34th AGM scheduled September 28, 2026 | board shareholder meetings | low | — | — |
| 5 Sept 2026 · Annual Report FY25-26 and 34th AGM Notice filed | board shareholder meetings | low | — | — |
| 4 Sept 2026 · Arman Financial Services schedules analyst meeting for September 9 | board shareholder meetings | low | — | — |
| 3 Sept 2026 · Interest Payment of Rs 2.15 Crore Made to Debenture Holders | credit debt | low | — | — |
| 3 Sept 2026 · Timely NCD interest and partial principal redemption made | compliance | minimal | — | — |
| 2 Sept 2026 · Promoter Himani Manakiwala sells 500 shares in Arman Financial Services | ownership changes | low | — | — |
| 31 Aug 2026 · Promoter Himani Manakiwala sells 500 shares via open market | ownership changes | low | — | — |
| 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 |
| MUTHOOT FINANCE LIMITED | 1,12,094 | 9.9 | 2.82 | 3.9 | 26.7 | — | 22.0 | 84.0 |
| SBI CARDS & PAY SER LTD | 62,349 | 27.4 | 3.96 | — | 13.8 | — | — | 33.1 |
| HDB FINANCIAL SERVICES L | 55,706 | 20.2 | 2.70 | — | 12.3 | — | — | 58.0 |
| SUNDARAM FINANCE LTD | 52,217 | 23.3 | 3.51 | 6.7 | 13.8 | — | — | 78.4 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 18.2 | 18.2 | 107 of 212 | 50% |
| P/B | 2.3 | 1.1 | 181 of 245 | 25% |
| ROE | 6.1 | 3.0 | 97 of 266 | 64% |
| Debt / Equity | 0.0 | 0.0 | 5 of 266 | 11% |
| 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 | 2118 | 37 | 29 of 260 | 89% |
| 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 |
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.
