As of 6 Nov 2026, Arman Financial Services trades at 10.6× trailing earnings, and the shares are 26% below their 52-week high. Its ROE of 6.3% is the lowest among the 7 largest Credit Services peers, and net profit fell 15% a year over 3 years. For banks and lenders, ROCE and debt-to-equity are not used; it trades at 1.80× book value. It is a small-cap company with a market cap of ₹1,688 Cr, ranked 39th of 193 Credit Services companies by market cap; the shares fell 0.8% over the past year.
- ₹1,606.60
- ₹1,619.90
- ₹1,530.50
- ₹1,606.60
- 34.4K
Health check
- ReturnsIn line
−0.8% over a year, better than 3 of 7 peers.
- Price tagCheaper
P/B 1.80 vs peer median 2.62.
- GrowthShrinking
Profit −15.5% a year over 3 years.
- ProfitabilityWeak
ROE 6.3% vs peer median 18.7%.
- Balance sheetn/a
Asset quality (bad loans) isn’t in our data.
- Red flags1 to check
Return on equity is low at 6.3%.
Small cap
Defensive
Key metrics
- Market cap
- ₹1,688 Cr
- Small cap
- P/E
- 10.6
- Industry 15.5
- Price to book
- 1.80
- Peers 2.62
- Dividend yield
- 0.00%
- ROE
- 6.3%
- Peers 18.7%
- ROCE
- n/m
- Not meaningful for lenders
- Debt to equity
- n/m
- Not meaningful for lenders
- EPS (TTM)
- ₹151.35
- Face value ₹10
- OPM (TTM)
- 33.5%
- Net margin 30.8%
- Sales growth
- n/m
- Not meaningful for lenders
- Profit growth
- +544.0%
- Latest quarter vs a year ago
- Price to sales
- 4.47
Strengths and risks
Strengths
- Quarterly profit up 544.0% on a year ago.
Risks to check
- Return on equity is low at 6.3%.
About Arman Financial Services
Arman Financial Services Limited, together with its subsidiary, operates as a non-banking finance company in India. The company offers micro, small, and medium enterprise loans; two wheeler financing for motorcycles, mopeds, scooterettes, and scooters; and micro finance loans, as well as individual business loans and loan against property. The company was formerly known as Arman Lease and Finance Limited and changed its name to Arman Financial Services…
- Headquarters
- Ahmedabad
- Employees
- 1,753
- Sector
- Financial Services
- ISIN
- INE109C01017
- Website
- armanindia.com
Price range
- Avg volume (3M)
- 47K
- 1-year return
- minus 0.8%
- From 52-week high
- minus 25.9%
Peers · Credit Services
| Company | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| BAJFINANCEBajaj Finance | 1,087.75 | plus 1.66% | 6,77,005 | 31.3 | 5.49 | 19.0% | 3.8% | 18.2% | 0.50% | plus 1.2% |
| SHRIRAMFINShriram Finance | 961.15 | minus 0.30% | 2,26,167 | 16.0 | 2.03 | 14.8% | 3.9% | 18.6% | 1.80% | plus 21.0% |
| CHOLAFINCholamandalam Investment and Finance Company | 1,785.00 | plus 1.42% | 1,53,103 | 24.5 | 4.41 | 20.6% | 2.6% | 25.2% | 0.11% | plus 0.8% |
| TATACAPTata Capital | 358.05 | plus 2.93% | 1,50,979 | 25.4 | 3.10 | 14.1% | 2.2% | – | 0.16% | plus 5.6% |
| MUTHOOTFINMuthoot Finance | 2,869.00 | plus 1.06% | 1,15,181 | 9.4 | 2.62 | 31.6% | 6.3% | 43.1% | 1.05% | minus 11.0% |
| PFCPower Finance Corporation | 328.80 | minus 0.18% | 1,08,507 | 4.1 | 0.74 | 18.7% | 2.7% | 17.7% | 4.99% | minus 16.9% |
| IRFCIndian Railway Finance Corporation | 80.43 | plus 0.37% | 1,05,110 | 14.3 | 1.73 | 12.6% | 1.4% | 4.4% | 2.74% | minus 34.4% |
| ARMANFINArman Financial Services | 1,600.10 | minus 0.40% | 1,688 | 10.6 | 1.80 | 6.3% | – | −15.5% | 0.00% | minus 0.8% |
| Median of 7 peers | – | 1.06% | 1,50,979 | 16.0 | 2.62 | 18.7% | 2.7% | 18.4% | 1.05% | 0.8% |
Quarterly results
| ₹ Cr | Sep 25 | Dec 25 | Mar 26 | Jun 26 | Sep 26 |
|---|---|---|---|---|---|
| 145 | 152 | 166 | 193 | 218 | |
| 103 | 105 | 116 | 125 | 139 | |
| 42.4 | 46.8 | 50.4 | 68 | 78.8 | |
| 29.3% | 30.8% | 30.3% | 35.3% | 36.2% | |
| 0 | 0 | 0 | 0 | 0 | |
| 0.5 | 0.4 | 0.4 | 0.5 | 0.7 | |
| −24 | −17.8 | −8 | −10.4 | −9 | |
| 17.9 | 28.5 | 42.1 | 57.2 | 69.2 | |
| 55.4% | 22.2% | 2.5% | 21.0% | 25.6% | |
| 8 | 22.2 | 41 | 45.2 | 51.5 | |
| 7.55 | 20.99 | 38.82 | 42.69 | 48.85 |
Profit & loss
- Profit CAGR 3Y
- −15.5%
- EPS CAGR 3Y
- −20.7%
- ROE
- 6.3%
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 389 | 616 | 617 | 586 | |
| – | +58.6% | +0.1% | minus 5.0% | |
| 255 | 422 | 546 | 507 | |
| 134 | 194 | 71 | 79.3 | |
| 34.5% | 31.6% | 11.5% | 13.5% | |
| 14.3 | 29.6 | 151 | 151 | |
| 0.1 | 0.1 | – | 0.2 | |
| 1.2 | 1.4 | 1.8 | 1.7 | |
| −22.1 | 5.5 | −151 | −151 | |
| 125 | 228 | 69.1 | 77.4 | |
| 24.9% | 23.9% | 24.6% | 26.8% | |
| 93.8 | 174 | 52.1 | 56.6 | |
| – | +85.0% | minus 70.0% | +8.7% | |
| 107.28 | 192.76 | 49.26 | 53.57 |
Forecast
Balance sheet
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 8.5 | 10.5 | 10.5 | 10.5 | |
| 357 | 802 | 864 | 923 | |
| 1,604 | 1,725 | 1,232 | 1,776 | |
| 68.1 | 97.4 | 121 | 88.8 | |
| 2,038 | 2,635 | 2,227 | 2,798 | |
| 5.8 | 7.4 | 30.9 | 34 | |
| – | – | 0.2 | 2.6 | |
| 26 | 41.2 | 32 | 23 | |
| 453 | 532 | 403 | 494 | |
| 1,554 | 2,055 | 1,761 | 2,244 | |
| 2,038 | 2,635 | 2,227 | 2,798 |
Cash flow
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| −718 | −302 | 493 | −476 | |
| −12.6 | 18.4 | −48.8 | −49.7 | |
| 681 | 376 | −495 | 546 | |
| −49.3 | 92.4 | −50.8 | 20 | |
| −2.4 | −2.4 | −25.4 | −3.1 | |
| −720 | −305 | 467 | −480 |
Shareholding pattern
- Promoters21.93%
- Public78.07%
| Quarter | Split | Promoters | Public | Promoter change |
|---|---|---|---|---|
| 30 Sep 2026 | 21.93% | 78.07% | minus 0.07 | |
| 30 Jun 2026 | 22.00% | 78.00% | 0.00 | |
| 31 Mar 2026 | 22.00% | 78.00% | 0.00 | |
| 31 Dec 2025 | 22.00% | 78.00% | 0.00 | |
| 30 Sep 2025 | 22.00% | 78.00% | – |
Major shareholders
Filings & events
News
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