Aryaman Capital Markets (BSE: ARYACAPM) had a P/E of 21.6× on 6 Nov 2026, above the industry P/E of 18.4×, and the shares are 22% below their 52-week high. Its ROCE of 30% is the second-highest among the 7 largest Capital Markets peers, and sales and net profit grew 9.2% and 165% a year over 3 years. It is a small-cap company with a market cap of ₹531 Cr, ranked 38th of 219 Capital Markets companies by market cap; the shares fell 22% over the past year.
- ₹434.95
- ₹445.00
- ₹434.95
- ₹435.00
- 5
Health check
- ReturnsBehind
−21.7% over a year, better than 0 of 7 peers.
- Price tagPricier
P/E 21.6 vs industry 18.4.
- GrowthSteady
Sales +9.2%, profit +165.3% a year over 3 years.
- ProfitabilityStrong
ROCE 29.7% vs peer median 22.1%.
- Balance sheetFair
Piotroski 7 of 9.
- Red flags2 to check
Quarterly profit down 29.0% on a year ago.
Small cap
Market sensitivity
Key metrics
- Market cap
- ₹531 Cr
- Small cap
- P/E
- 21.6
- Industry 18.4
- Price to book
- 4.91
- Peers 4.53
- Dividend yield
- 0.00%
- ROE
- 30.0%
- Peers 18.9%
- ROCE
- 29.7%
- Peers 22.1%
- Debt to equity
- n/a
- Debt ₹0.00 Cr
- EPS (TTM)
- ₹20.53
- OPM (TTM)
- 64.8%
- Net margin 55.3%
- Sales growth
- −63.9%
- Latest quarter vs a year ago
- Profit growth
- −29.0%
- Latest quarter vs a year ago
- Price to sales
- 11.93
Strengths and risks
Strengths
- Return on equity of 30.0%.
- Return on capital employed of 29.7%.
- Net margin of 55.3%.
- Positive operating cash flow in each of the last 4 years.
Risks to check
- Quarterly profit down 29.0% on a year ago.
- Quarterly sales down 63.9% on a year ago.
About Aryaman Capital Markets
Aryaman Capital Markets Limited carries out various fund-based and secondary-market activities in India. It engages in trading and investments in quoted and unquoted securities, underwriting capital market issuances, brokerage of equity/debt market placements, depository participation, and market making businesses. The company is also involved in merchant and investment banking, corporate advisory, stock broking, and portfolio management activities, as…
- Headquarters
- Mumbai
- Employees
- 9
- Sector
- Financial Services
- ISIN
- INE229R01011
- Website
- afsl.co.in
Price range
- Avg volume (3M)
- 363
- 1-year return
- minus 21.7%
- From 52-week high
- minus 21.6%
Peers · Capital Markets
| Company | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| GROWWBillionbrains Garage Ventures | 215.08 | minus 3.93% | 1,33,585 | 50.3 | 13.78 | 29.3% | 21.6% | 62.9% | – | – | 0.00% | plus 63.8% |
| MOTILALOFSMotilal Oswal Financial Services | 1,102.00 | plus 0.64% | 66,448 | 25.0 | 4.27 | 18.1% | 18.9% | 52.4% | 29.0% | 26.1% | 0.54% | plus 11.1% |
| AIILAuthum Investment & Infrastructure | 570.05 | plus 0.08% | 48,410 | 27.6 | 3.29 | 15.2% | 13.1% | 74.0% | 44.4% | −23.5% | 0.00% | minus 0.7% |
| ANGELONEAngel One | 331.00 | plus 1.49% | 30,290 | 26.8 | 4.53 | 26.9% | 18.4% | 39.7% | 20.3% | 0.9% | 1.95% | plus 29.5% |
| CDSLCentral Depository Services (India) | 1,331.40 | minus 0.19% | 27,826 | 55.1 | 14.03 | 29.7% | 26.4% | 51.3% | 27.3% | 18.2% | 0.96% | minus 13.3% |
| CHOICEINChoice International | 748.20 | minus 0.09% | 16,668 | 62.9 | 8.90 | 17.6% | 15.8% | 35.3% | 42.2% | 53.6% | 0.00% | minus 7.4% |
| IIFLCAPSIIFL Capital Services | 349.80 | plus 0.13% | 13,036 | 18.8 | 3.15 | 22.1% | 19.5% | 36.1% | 19.9% | 30.9% | 0.86% | plus 4.1% |
| ARYACAPMAryaman Capital Markets | 443.00 | plus 1.84% | 531 | 21.6 | 4.91 | 29.7% | 30.0% | 64.8% | 9.2% | 165.3% | 0.00% | minus 21.7% |
| Median of 7 peers | – | 0.08% | 30,290 | 27.6 | 4.53 | 22.1% | 18.9% | 51.3% | 28.2% | 22.2% | 0.54% | 4.1% |
Quarterly results
| ₹ Cr | Jun 25 | Sep 25 | Dec 25 | Mar 26 | Jun 26 |
|---|---|---|---|---|---|
| 25.7 | 10.4 | 15.4 | 7.7 | 9.3 | |
| 12.7 | 2.6 | 8.5 | 3.8 | 0.2 | |
| 13 | 7.9 | 7 | 3.9 | 9.1 | |
| 50.6% | 75.4% | 45.2% | 50.1% | 97.6% | |
| 0.5 | 1 | 0.7 | 0.4 | 0.2 | |
| 0.6 | 0.2 | 0 | – | – | |
| 0 | 0 | 0 | 0 | 0 | |
| 12.8 | 8.5 | 7.6 | 4.2 | 9.2 | |
| 13.9% | 21.3% | 24.8% | −3.1% | 15.2% | |
| 11 | 6.7 | 5.7 | 4.3 | 7.8 | |
| 9.21 | 5.61 | 4.78 | 3.60 | 6.54 |
Profit & loss
- Sales CAGR 3Y
- +9.2%
- Profit CAGR 3Y
- +165.3%
- EPS CAGR 3Y
- +165.5%
- ROE
- 30.0%
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 45.3 | 31.9 | 74.6 | 59.1 | |
| – | minus 29.6% | +133.9% | minus 20.8% | |
| 41.7 | 23 | 46.6 | 27.2 | |
| 3.6 | 8.9 | 28 | 31.9 | |
| 7.9% | 27.9% | 37.5% | 54.0% | |
| 1.4 | 2.4 | 2.7 | 2.5 | |
| 3.1 | 3.8 | 3.6 | 1.1 | |
| 0.1 | 0.1 | 0.1 | 0.2 | |
| – | – | −0 | – | |
| 1.8 | 7.5 | 26.9 | 33.1 | |
| 16.9% | 13.7% | 14.9% | 16.1% | |
| 1.5 | 6.5 | 22.9 | 27.8 | |
| – | +333.9% | +255.2% | +21.2% | |
| 1.24 | 5.39 | 19.15 | 23.21 |
Forecast
Balance sheet
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 12 | 12 | 12 | 12 | |
| 16.6 | 29.2 | 65.4 | 96.1 | |
| 40.9 | 46.3 | 28 | – | |
| 2.2 | 3.5 | 10.7 | 10 | |
| 71.7 | 90.9 | 116 | 118 | |
| 1.3 | 1.3 | 1.3 | 1.5 | |
| 18.8 | 26.2 | – | 33.9 | |
| 51 | 68 | 97.1 | 73.7 | |
| 0.6 | −4.6 | 17.6 | 9.1 | |
| 71.7 | 90.9 | 116 | 118 |
Cash flow
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 7.1 | 8.8 | 27.9 | 33.8 | |
| −0.8 | 1.9 | −2.5 | −29.8 | |
| 7.1 | 1.6 | −21.8 | −28.9 | |
| 13.4 | 12.3 | 3.5 | −25 | |
| −0.2 | −0.1 | −0.1 | −0.3 | |
| 6.9 | 8.7 | 27.8 | 33.5 |
Shareholding pattern
This company is listed only on BSE, so there’s no NSE category split. See Major shareholders below for the named holders.
Major shareholders
Filings & events
News
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