BSE: 537069
ARNOLD HOLDINGS LTD
A non-banking financial company (NBFC) based in Mumbai, it generates operating revenue of Rs. 16,689.35 lakh in FY26 from three streams: interest income from lending, fees and commission, and dividend income from its investment book. Interest income jumped to Rs. 7,032.44 lakh from Rs. 903.31 lakh in the prior year, indicating a sharp scale-up in lending activity. Beyond the operating revenue, the company ran a large securities trading line, with 'Sale of Securities' contributing Rs. 70,267.77 lakh in FY26 and pushing total income to Rs. 76,908.77 lakh. The largest cost line is other operating expenses at 40% of operating revenue, amounting to Rs. 66.71 crore, while employee cost is 3.1% (Rs. 5.24 crore). The company has been deleveraging — borrowings fell to Rs. 6,119.26 lakh by September 2025 and the debt-equity ratio improved to 0.39 from 1.40 at end-FY25. Total assets stood at Rs. 172.59 crore and net profit came in at Rs. 442.06 lakh for FY26. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Interest income, Fees and commission income, Dividend income, Sale of Securities. Small, deleveraging NBFC with lending, fee, and securities-trading activities
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 77 | 163 | 208 | 200 | 167 |
| EBITDA (ex other income) | (34) | 11 | 20 | 11 | 12 |
| margin % | (43.6) | 6.5 | 9.6 | 5.4 | 7.4 |
| Owners' profit | 2 | 4 | 9 | 5 | 4 |
| EPS, as reported (₹) | 0.50 | 1.27 | 3.71 | 2.24 | 1.86 |
| ROE % · ROCE % | 2.7 · — | 6.4 · — | 16.1 · — | 8.8 · — | 6.8 · — |
| Debt / equity (x) | — | — | — | — | — |
| Cash from operations | 21 | (4) | 31 | (12) | 23 |
| Capex | 0 | (5) | (4) | (0) | 0 |
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 | 52 | 39 | 46 | 44 | 39 | 38 | 46 | 71 |
| Profit before tax | 4 | 4 | (7) | 4 | 2 | 2 | (2) | 5 |
| Net profit | 3 | 3 | (5) | 3 | 2 | 2 | (2) | 4 |
| EPS (₹) | 1.24 | 1.24 | (2.23) | 5.41 | 0.70 | 2.54 | (2.66) | 5.90 |
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 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 2.7 | 18.1 | 12 of 200 | 95% |
| P/B | 0.7 | 1.1 | 82 of 253 | 66% |
| ROE | 6.8 | 3.1 | 82 of 257 | 68% |
| EBITDA margin | 10.0 | 48.6 | 177 of 249 | 29% |
| Revenue growth | 59.3 | 12.6 | 53 of 231 | 77% |
| Profit growth | 9.2 | 7.8 | 124 of 251 | 51% |
| Market cap | 42 | 34 | 124 of 268 | 54% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 12 Oct 2026 · RTA Certificate Filed for Q2 FY27 Under SEBI Regulation 74(5) | compliance | minimal | — | — |
| 26 Sept 2026 · Trading window to close from Oct 1 ahead of Q2 FY26 results | compliance | minimal | — | — |
| 18 Sept 2026 · Open offer for 39 percent stake in Arnold Holdings at Rs 12.50 per share | strategic transactions | high | — | — |
| 18 Sept 2026 · Corrigendum to open offer for Arnold Holdings shares at Rs 12.50 | strategic transactions | high | — | — |
| 10 Sept 2026 · 44th AGM voting results: all 4 resolutions approved | board shareholder meetings | medium | — | — |
| 9 Sept 2026 · Arnold Holdings 44th AGM concludes, 4 resolutions tabled | board shareholder meetings | low | — | — |
| 8 Sept 2026 · Promoter to buy 14.96% stake from non-promoters; open offer to follow | management changes | medium | — | — |
| 8 Sept 2026 · Open offer for 39% stake in Arnold Holdings at Rs 12.50/share | strategic transactions | high | — | — |
| 17 Aug 2026 · Arnold Holdings files Annual Report for FY 2025-26, PAT dips to Rs 442 lakhs | results | high | — | — |
| 17 Aug 2026 · Arnold Holdings 44th AGM notice on Sep 9, 2026; auditor change, director re-appointment | board shareholder meetings | low | — | — |
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.