ARMANFIN

Arman Financial Services Limited

NBFC offering microfinance, MSME, two-wheeler and LAP loans

Financial Services›Financial Services›Finance›Non Banking Financial Company (NBFC)

armanindia.com(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-19

Stock price
₹1522.90
Market cap
1,601 Cr
Stock P/E
13.8
P/B
1.71
Dividend yield
0.0%
ROE (FY26)
6.1%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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What you need to know

Arman Financial Services (Arman) is an Ahmedabad-based non-banking finance company (NBFC) that makes small-ticket retail loans, including microfinance, MSME and two-wheeler loans, to underserved informal-segment customers in rural and semi-urban India.

Company snapshot

31stBy market cap

Ranked among 58 companies in Non Banking Financial Company (NBFC).

What we see

Concerns
  • ✗Operating cash flow is negative even though the company shows a profit — the business may not be generating real cash yet.
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Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Net Interest Income80 Cr80 Cr98 Cr—96 Cr91 Cr90 Cr88 Cr89 Cr91 Cr105 Cr119 Cr
Other income0 Cr0 Cr0.07 Cr0.0009 Cr0 Cr0 Cr0 Cr0.0007 Cr0 Cr0 Cr0 Cr0.04 Cr
Net operating income80 Cr80 Cr98 Cr0.0009 Cr96 Cr91 Cr90 Cr88 Cr89 Cr91 Cr105 Cr119 Cr
Employee cost17 Cr18 Cr21 Cr25 Cr27 Cr28 Cr32 Cr33 Cr36 Cr39 Cr41 Cr43 Cr
Other expenses6 Cr7 Cr10 Cr9 Cr11 Cr10 Cr13 Cr10 Cr17 Cr15 Cr22 Cr18 Cr
Provisions & contingencies————————————
Depreciation0.36 Cr0.36 Cr0.38 Cr0.42 Cr0.44 Cr0.46 Cr0.48 Cr0.44 Cr0.45 Cr0.43 Cr0.37 Cr0.47 Cr
Profit before tax58 Cr55 Cr65 Cr41 Cr22 Cr-7 Cr13 Cr-11 Cr18 Cr29 Cr42 Cr57 Cr
Tax %30.2%23.9%21.4%23.7%31.6%-5.4%-0.8%-30.6%55.4%22.2%2.5%21.0%
Net profit41 Cr42 Cr51 Cr31 Cr15 Cr-7 Cr13 Cr-15 Cr8 Cr22 Cr41 Cr45 Cr
EPS (₹)₹48.04₹47.71₹52.23₹29.88₹14.56₹-6.94₹12.17₹-13.90₹7.62₹21.13₹39.06₹42.96

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Net Interest Income———113 Cr108 Cr—215 Cr328 Cr380 Cr372 CrSign in free for the trailing twelve months
Other income0.02 Cr0.01 Cr0.55 Cr4 Cr2 Cr0.99 Cr0.0034 Cr0.07 Cr0.0009 Cr0.0007 CrSign in free for the trailing twelve months
Net operating income0.02 Cr0.01 Cr0.55 Cr116 Cr111 Cr0.99 Cr215 Cr328 Cr380 Cr372 CrSign in free for the trailing twelve months
Employee cost10 Cr16 Cr26 Cr36 Cr36 Cr42 Cr55 Cr72 Cr112 Cr150 CrSign in free for the trailing twelve months
Other expenses11 Cr17 Cr21 Cr17 Cr13 Cr20 Cr26 Cr30 Cr43 Cr63 CrSign in free for the trailing twelve months
Provisions & contingencies——————————Sign in free for the trailing twelve months
Depreciation0.29 Cr0.37 Cr0.48 Cr0.80 Cr0.81 Cr0.95 Cr1 Cr1 Cr2 Cr2 CrSign in free for the trailing twelve months
Profit before tax10 Cr10 Cr31 Cr54 Cr12 Cr46 Cr125 Cr228 Cr69 Cr77 CrSign in free for the trailing twelve months
Tax %35.9%25.5%30.4%22.8%9.8%30.3%24.9%23.9%24.6%26.8%Sign in free for the trailing twelve months
Net profit6 Cr7 Cr21 Cr42 Cr11 Cr32 Cr94 Cr174 Cr52 Cr57 CrSign in free for the trailing twelve months
EPS (₹)₹8.00₹10.21₹30.74₹55.80₹12.53₹37.36₹110.47₹195.00₹49.67₹53.91Sign in free for the trailing twelve months
Dividend payout %————0.2%0.0%0.0%0.0%0.0%0.0%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital12 Cr7 Cr7 Cr8 Cr8 Cr8 Cr8 Cr10 Cr10 Cr11 Cr
Reserves44 Cr50 Cr72 Cr164 Cr178 Cr204 Cr357 Cr802 Cr864 Cr923 Cr
Borrowings91 Cr272 Cr—698 Cr721 Cr990 Cr1,604 Cr1,725 Cr1,232 Cr1,776 Cr
Other liabilities69 Cr135 Cr619 Cr26 Cr32 Cr39 Cr68 Cr97 Cr121 Cr89 Cr
Total liabilities215 Cr464 Cr699 Cr896 Cr940 Cr1,241 Cr2,038 Cr2,635 Cr2,227 Cr2,798 Cr
Fixed assets (net)2 Cr3 Cr4 Cr4 Cr3 Cr4 Cr5 Cr6 Cr30 Cr29 Cr
CWIP———0 Cr0 Cr0 Cr0 Cr0 Cr0.20 Cr3 Cr
Investments2 Cr3 Cr3 Cr3 Cr3 Cr6 Cr19 Cr7 Cr39 Cr92 Cr
Loans & advances———778 Cr743 Cr1,058 Cr1,537 Cr2,033 Cr1,684 Cr2,213 Cr
Trade receivables6 Cr7 Cr6 Cr0 Cr0 Cr0 Cr0 Cr0 Cr0 Cr0 Cr
Cash & bank21 Cr19 Cr39 Cr58 Cr88 Cr76 Cr26 Cr119 Cr68 Cr88 Cr
Other assets184 Cr432 Cr648 Cr52 Cr102 Cr99 Cr451 Cr470 Cr407 Cr372 Cr
Total assets215 Cr464 Cr699 Cr896 Cr940 Cr1,241 Cr2,038 Cr2,635 Cr2,227 Cr2,798 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity21 Cr-201 Cr——6 Cr-281 Cr-713 Cr-302 Cr493 Cr-476 Cr
Cash from investing-2 Cr-12 Cr——2 Cr-2 Cr-13 Cr18 Cr-49 Cr-50 Cr
Cash from financing-9 Cr203 Cr——22 Cr270 Cr676 Cr376 Cr-495 Cr546 Cr
Net cash flow10 Cr-9 Cr——30 Cr-12 Cr-49 Cr92 Cr-51 Cr20 Cr
Free cash flow (OCF − Capex)20 Cr-201 Cr——5 Cr-282 Cr-715 Cr-305 Cr467 Cr-480 Cr

Ratios

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROE %11.3%12.8%26.9%24.1%5.7%14.9%25.7%21.4%6.0%6.1%
Debt / equity1.624.780.004.053.864.654.392.121.411.90