Aryaman Financial Services (ARYAMAN) had a P/E of 21.7× on 6 Nov 2026, above the industry P/E of 18.4×, and the shares are close to their 52-week high. Sales and net profit grew 13% and 96% a year over 3 years, with ROCE of 21% and ROE of 20%. It is a small-cap company with a market cap of ₹845 Cr, ranked 30th of 219 Capital Markets companies by market cap; the shares rose 15% over the past year.
- ₹690.00
- ₹690.00
- ₹690.00
- ₹687.10
- 50
Health check
- ReturnsAhead
+15.0% over a year, better than 5 of 7 peers.
- Price tagPricier
P/E 21.7 vs industry 18.4.
- GrowthSteady
Sales +13.5%, profit +96.0% a year over 3 years.
- ProfitabilityAverage
ROCE 20.6% vs peer median 22.1%.
- Balance sheetFair
Piotroski 5 of 9.
- Red flags1 to check
Quarterly sales down 30.8% on a year ago.
Small cap
Market sensitivity
Key metrics
- Market cap
- ₹845 Cr
- Small cap
- P/E
- 21.7
- Industry 18.4
- Price to book
- 4.20
- Peers 4.53
- Dividend yield
- 0.00%
- ROE
- 20.5%
- Peers 18.9%
- ROCE
- 20.6%
- Peers 22.1%
- Debt to equity
- n/a
- Debt ₹0.00 Cr
- EPS (TTM)
- ₹31.85
- Face value ₹10
- OPM (TTM)
- 61.3%
- Net margin 39.4%
- Sales growth
- −30.8%
- Latest quarter vs a year ago
- Profit growth
- +0.9%
- Latest quarter vs a year ago
- Price to sales
- 11.22
- EV/EBITDA 12.1
Strengths and risks
Strengths
- Return on equity of 20.5%.
- Return on capital employed of 20.6%.
- Net margin of 39.4%.
- Positive operating cash flow in each of the last 4 years.
Risks to check
- Quarterly sales down 30.8% on a year ago.
About Aryaman Financial Services
Aryaman Financial Services Limited, together with its subsidiaries, provides merchant banking services in India. The company is involved in the lead management and syndication of small and medium sized initial public offerings, follow-on public offerings, rights issues, composite issues, qualified institutional placements, preferential issues, foreign currency convertible bonds, American and global depositary receipts issues, private investment in public…
- Headquarters
- Mumbai
- Employees
- 45
- Sector
- Financial Services
- ISIN
- INE032E01017
- Website
- afsl.co.in
Price range
- Avg volume (3M)
- 2.2K
- 1-year return
- plus 15.0%
- From 52-week high
- minus 0.9%
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% |
| ARYAMANAryaman Financial Services | 690.00 | plus 0.42% | 845 | 21.7 | 4.20 | 20.6% | 20.5% | 61.3% | 13.5% | 96.0% | 0.00% | plus 15.0% |
| 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 |
|---|---|---|---|---|---|
| 28.8 | 19 | 19.9 | 10.5 | 19.9 | |
| 13.7 | 7.2 | 10.1 | 5.6 | 3.9 | |
| 15.1 | 11.8 | 9.9 | 4.9 | 16 | |
| 52.4% | 62.0% | 49.5% | 46.4% | 80.2% | |
| 1.2 | 1.7 | 1.8 | 1.4 | 1 | |
| 0.6 | 0.2 | 0 | 0 | – | |
| 0 | 0.1 | 0.1 | 0.1 | 0.1 | |
| 15.6 | 13.2 | 11.6 | 6.2 | 16.9 | |
| 15.4% | 22.1% | 23.8% | 7.2% | 16.8% | |
| 10 | 8.1 | 6.9 | 4.6 | 10.1 | |
| 10.80 | 8.40 | 7.24 | 4.70 | 11.51 |
Profit & loss
- Sales CAGR 3Y
- +13.5%
- Profit CAGR 3Y
- +96.0%
- EPS CAGR 3Y
- +93.0%
- ROE
- 20.5%
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 53.5 | 66.1 | 113 | 78.2 | |
| – | +23.6% | +70.6% | minus 30.7% | |
| 46.1 | 34 | 60.2 | 36.4 | |
| 7.4 | 32.1 | 52.7 | 41.8 | |
| 13.9% | 48.6% | 46.7% | 53.4% | |
| 2.2 | 3.9 | 5.2 | 6.2 | |
| 3.1 | 3.8 | 3.6 | 1.1 | |
| 0.2 | 0.2 | 0.2 | 0.2 | |
| – | – | – | −0 | |
| 6.3 | 32.1 | 54.1 | 46.7 | |
| 18.5% | 14.4% | 16.5% | 18.3% | |
| 3.9 | 17.6 | 31.6 | 29.6 | |
| – | +349.7% | +78.9% | minus 6.3% | |
| 3.36 | 15.11 | 26.98 | 24.14 |
Forecast
Balance sheet
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 11.7 | 11.7 | 12.2 | 12.2 | |
| 44.4 | 61.2 | 116 | 148 | |
| 40.9 | 46.3 | 28 | – | |
| 35.5 | 41.1 | 68.2 | 76.7 | |
| 133 | 160 | 225 | 237 | |
| 2.3 | 2.3 | 2.5 | 2.6 | |
| 57.6 | 62.5 | 97.8 | 134 | |
| 52 | 68.8 | 104 | 80.7 | |
| 20.6 | 26.7 | 21 | 20 | |
| 133 | 160 | 225 | 237 |
Cash flow
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 10.8 | 25.9 | 48.4 | 33.5 | |
| 0.8 | −6.1 | −11.7 | −27.6 | |
| 7.1 | 1.6 | −8 | −28.9 | |
| 18.6 | 21.3 | 28.6 | −23 | |
| −0.3 | −0.1 | −0.3 | −0.3 | |
| 10.5 | 25.7 | 48 | 33.2 |
Shareholding pattern
NSE hasn’t returned a shareholding pattern for this company.
Major shareholders
Filings & events
News
No recent news coverage found.