NSE: ARYAMAN · BSE: 530245
ARYAMAN FINANCIAL SERV L
A listed financial services holding company operating through three subsidiaries — Aryaman Capital Markets, Escorp Assets Management, and Aryaman Finance (India) Limited. On a consolidated basis, the group reported revenue of Rs 78.1894 crore, net profit of Rs 38.1358 crore, and total assets of Rs 237.1481 crore for FY26, with an EBITDA margin of 61.124%. Aryaman Finance (India) Limited, in which the parent holds 99%, received a Certificate of Registration from the RBI on December 24, 2025 to operate as an NBFC-ND-ICC; it is engaged in financing, money lending, bill discounting, factoring, and providing loans to individuals, firms, and corporates. The parent continued to invest in this subsidiary through rights issues in 2026, subscribing to shares at Rs 144 each, with Rs 79.99 lakhs infused on June 3, 2026 and a further Rs 4.92 crore infused in early July 2026. On a consolidated basis the balance sheet showed zero borrowings with cash and equivalents of Rs 8,070 lakhs. Employee costs at 5.4% of revenue and other operating expenses at 4.0% are the main cost lines; depreciation at 0.3% and capex at 0.4% of revenue are minimal. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Capital Markets (Aryaman Capital Markets), Asset Management (Escorp Assets Management), NBFC Lending (Aryaman Finance India). Asset-light financial services holding company with three subsidiaries; lending arm newly licensed as NBFC
Exhibit 1: Financial summary, FY21–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY21 | FY22 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 138 | 84 | 66 | 113 | 78 |
| EBITDA (ex other income) | 4 | 10 | 32 | 53 | 42 |
| margin % | 2.9 | 12.0 | 48.6 | 46.7 | 53.2 |
| Owners' profit | 1 | 5 | 18 | 32 | 30 |
| EPS, as reported (₹) | 0.71 | 3.99 | 23.55 | 38.64 | 31.14 |
| ROE % · ROCE % | 1.6 · — | 11.9 · — | 25.7 · — | 25.0 · — | 17.2 · — |
| Debt / equity (x) | — | — | — | — | — |
| Cash from operations | 14 | 17 | 26 | 46 | 34 |
| Capex | 0 | 0 | (0) | (0) | (0) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 11 | 25 | 38 | 39 | 29 | 19 | 20 | 10 |
| Profit before tax | 7 | 9 | 26 | 12 | 16 | 13 | 12 | 6 |
| Net profit | 6 | 7 | 22 | 11 | 13 | 10 | 9 | 6 |
| EPS (₹) | 5.23 | 5.90 | 18.50 | 9.01 | 10.80 | 8.40 | 7.24 | 4.70 |
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) | 20.9 | 18.1 | 109 of 200 | 46% |
| P/B | 3.6 | 1.1 | 221 of 253 | 13% |
| ROE | 17.2 | 3.1 | 11 of 257 | 96% |
| EBITDA margin | 59.8 | 48.6 | 110 of 249 | 56% |
| Revenue growth | (73.5) | 12.6 | 205 of 231 | 11% |
| Profit growth | (45.7) | 7.8 | 156 of 251 | 38% |
| Market cap | 796 | 34 | 39 of 268 | 86% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 15 Oct 2026 · RTA confirms dematerialisation compliance for Sep 2026 quarter | compliance | minimal | — | — |
| 25 Sept 2026 · Trading window closed for Q2 results | compliance | minimal | — | — |
| 15 Sept 2026 · Authorisation of KMPs for materiality under SEBI Reg 30(5) | compliance | minimal | — | — |
| 15 Sept 2026 · Company Secretary Ms Reenal Khandelwal resigns from Aryaman Financial | management changes | medium | — | — |
| 15 Sept 2026 · New Company Secretary appointed at Aryaman Financial Services | management changes | medium | — | — |
| 15 Sept 2026 · New Company Secretary appointed; previous one resigns at Aryaman Financial | management changes | medium | — | — |
| 12 Sept 2026 · Aryaman Financial 32nd AGM: All 3 resolutions passed with over 99.99% approval | compliance | minimal | — | — |
| 11 Sept 2026 · 32nd AGM of Aryaman Financial Services held on Sept 11, 2026 | board shareholder meetings | low | — | — |
| 27 Aug 2026 · Invests Rs 5.01 crore in wholly owned subsidiary via rights issue | capex operations | low | — | — |
| 18 Aug 2026 · Notice of 32nd AGM and e-voting details published in newspapers | 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.