BSE: 538716
Aryaman Capital Markets Limite
Operates as an investment company listed on the BSE Main Board, earning from trading in securities and returns on its investment portfolio of Rs 8,246.67 lakhs. Revenue is split between revenue from operations (trading activity) and other investment income; FY26 total income was Rs 2,712.88 lakhs, down from Rs 7,733.62 lakhs in FY25, with the decline attributed in filings to lower trading and investment income. The cost base is minimal — no material inputs, employee costs at 1.1% of revenue, other operating expenses at 3.3%, and depreciation at 0.3%. The company has fully repaid its borrowings (from Rs 2,801.72 lakhs to nil) and holds cash and bank balances of Rs 2,510 lakhs as of March 31, 2026. Profit after tax for FY26 stood at Rs 832.19 lakhs against Rs 2,779.35 lakhs in the prior year. The promoter group, routed through Mahshri Enterprises Pvt Ltd (which holds 62.45% in Aryaman Financial Services Ltd) and Aryaman Financial Services Ltd, controls 74.28% of equity (88,97,122 of 1,19,77,126 total voting shares). The company recently migrated from the BSE SME platform to the BSE Main Board. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Revenue from operations (securities trading), Other investment income. Light-cost, asset-light investment and securities trading company
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 73 | 45 | 32 | 75 | 59 |
| EBITDA (ex other income) | 2 | 4 | 9 | 28 | 32 |
| margin % | 3.3 | 7.9 | 27.9 | 37.4 | 53.7 |
| Owners' profit | 0 | 1 | 6 | 23 | 28 |
| EPS, as reported (₹) | 0.27 | 1.24 | 5.39 | 19.15 | 23.21 |
| ROE % · ROCE % | 1.8 · — | 5.2 · — | 15.7 · — | 29.6 · — | 25.7 · — |
| Debt / equity (x) | — | — | — | — | — |
| Cash from operations | 9 | 7 | 9 | 28 | 34 |
| Capex | (0) | (0) | (0) | (0) | (0) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY24 | Q4 FY24 | Q2 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 19 | 13 | 24 | 50 | 26 | 11 | 15 | 8 |
| Profit before tax | 3 | 4 | 8 | 19 | 13 | 9 | 8 | 4 |
| Net profit | 3 | 4 | 6 | 17 | 11 | 7 | 6 | 4 |
| EPS (₹) | 2.29 | 3.10 | 4.96 | 14.19 | 9.21 | 5.61 | 4.78 | 3.60 |
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. % |
|---|---|---|---|---|---|---|---|---|
| JIO FIN SERVICES LTD | 1,35,496 | 63.7 | 1.01 | — | 1.2 | — | — | 70.7 |
| ADITYA BIRLA CAPITAL LTD. | 97,598 | 22.8 | 2.65 | — | 10.5 | — | 18.8 | 40.8 |
| L&T FINANCE LIMITED | 61,858 | 19.4 | 2.21 | — | 10.6 | — | 5.5 | 62.3 |
| TATA INVESTMENT CORP LTD | 28,442 | 66.0 | 0.97 | — | 1.5 | — | 19.5 | 92.6 |
| CHOLAMANDALAM FIN HOL LTD | 24,545 | 9.2 | 0.72 | — | 16.2 | — | 23.0 | 58.4 |
| TVS HOLDINGS LIMITED | 23,883 | 12.1 | 1.85 | — | 26.3 | — | 23.4 | 16.4 |
| MAHARASHTRA SCOOTERS LTD | 13,373 | 48.0 | 0.48 | — | 1.1 | — | — | 84.1 |
| JSW HOLDINGS LIMITED | 12,440 | 90.6 | 0.38 | — | 0.4 | — | 14.1 | 84.0 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 17.9 | 19.9 | 22 of 51 | 58% |
| P/B | 4.6 | 0.6 | 60 of 63 | 5% |
| ROE | 25.7 | 1.3 | 3 of 65 | 97% |
| EBITDA margin | 55.0 | 61.6 | 34 of 62 | 46% |
| Revenue growth | (84.7) | 13.6 | 54 of 56 | 4% |
| Profit growth | (74.6) | 10.7 | 51 of 66 | 23% |
| Market cap | 497 | 273 | 28 of 68 | 60% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 15 Oct 2026 · Compliance Certificate Under SEBI Regulation 74(5) for September 2026 | compliance | minimal | — | — |
| 30 Sept 2026 · KMP authorisation under SEBI Regulation 30(5) | compliance | minimal | — | — |
| 30 Sept 2026 · Company Secretary and Compliance Officer resigns at Aryaman Capital | management changes | medium | — | — |
| 30 Sept 2026 · Aryaman Capital Markets appoints Ms. Hetni Shah as Company Secretary | management changes | medium | — | — |
| 30 Sept 2026 · New Company Secretary appointed; predecessor steps down at Aryaman Capital | management changes | medium | — | — |
| 25 Sept 2026 · Trading window closed from Oct 1 for Q2 results | compliance | minimal | — | — |
| 3 Sept 2026 · 18th AGM results: All 4 resolutions passed with near-unanimous support | board shareholder meetings | low | — | — |
| 2 Sept 2026 · 18th AGM held via VC; 4 resolutions tabled including director and RPT items | board shareholder meetings | low | — | — |
| 11 Aug 2026 · Newspaper publication of notice for 18th Annual General Meeting | compliance | minimal | — | — |
| 11 Aug 2026 · Newspaper Publication of Q1 FY27 Unaudited Financial Results | compliance | minimal | — | — |
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.