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    Financial - Credit Services
Arman Financial Services Limited

Arman Financial Services Limited

ARMANFIN.NS
Arman Financial Services LimitedIN flagNational Stock Exchange of India
1,572.00
INR
-17.00
- -
16.53BMarket Cap
2014 Y
2015 Y
2016 Y
2017 Y
2018 Y
2019 Y
2020 Y
2021 Y
2022 Y
2023 Y
2024 Y
2025 Y
2026 Y
TTM
Revenue per Share
39.27
42.75
58.76
77.36
110.14
200.05
274.53
221.89
262.65
457.51
692.49
614.74
580.16
580.42
Basic EPS, GAAP
7.27
8.89
11.27
8
10.21
38.09
55.8
12.53
37.36
110.47
195
49.67
53.91
53.93
Free Cash Flow per Basic Share
-11.43
8.35
-2.22
29.43
-293.71
-320.69
-102.94
6.46
-331.66
-847.86
-342.41
445.87
-456.68
- -
Dividend per Share
0.81
1.13
1.4
2.56
1.7
1.22
1.56
0.03
- -
- -
- -
- -
- -
- -
Book Value per Share
27.8
30.46
44.76
43.47
45.87
76.2
107.48
103.8
132.64
220.42
367.81
352.12
10.01
10.02
Tangible Book Value per Share
54.09
56.63
72.65
73.37
78.61
177.2
231.24
220.46
250.07
430.22
912.7
833.77
888.89
889.29
Basic Weighted Avg Shares
6
7
7
7
7
7
7
8
8
8
9
10
10
10
Sales/Revenue/Turnover
245
296
407
536
763
1,388
2,043
1,880
2,230
3,885
6,164
6,445
6,092
6,092
Operating Margin (%)
31.18
34.81
31.6
24.38
20.56
32.01
26.91
11.31
26.13
34.18
31.32
38.42
31.01
31.01
Depreciation Expense
1
2
2
3
4
5
8
8
10
12
14
18
17
17
Net Income, GAAP
45
62
80
63
73
264
415
106
317
938
1,736
521
566
566
Effective Tax Rate (%)
32.09
33.5
33.94
35.92
25.5
27.04
22.79
9.75
30.31
24.92
23.9
24.63
26.83
26.83
Profit Margin (%)
18.51
20.8
19.65
11.8
9.57
19.04
20.33
5.65
14.23
24.15
28.16
8.08
9.29
9.29
Working Capital
286
434
598
660
2,200
4,063
2,583
2,314
2,101
6,369
10,150
6,692
27,309
27,309
LT Debt
103
223
458
482
1,701
2,883
3,938
3,152
3,410
6,722
6,224
12,323
17,757
17,757
Total Equity
337
392
505
560
547
1,232
1,722
1,868
2,127
3,657
8,127
8,744
9,333
9,333
Return on Invested Capital (%)
5.48
5.69
5.3
4.22
3.55
5.45
5.27
2.15
3.83
6.26
6.49
6.77
4.87
5.74
Return on Capital (%)
12.85
12.64
12.19
11.5
2.38
4.85
5.76
1.34
3.33
6.49
9.03
2.31
2.67
3.34
Return on Common Equity (%)
29.44
32.05
29.96
18.14
22.86
62.46
62.51
12.65
31.64
62.58
67.46
14.95
29.82
29.82

Capital Structure

FRC

•

in mil. unless spec.
Sep'26
Dec'26
Mar'26
ST Debt
- -
- -
- -
LT Borrowings
11,973
- -
17,757
LT Finance Leases
- -
- -
- -
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
11
- -
11
Market Capitalization
15,139
16,341
14,100

Working Capital

FRC

•

in mil. unless spec.
Sep'26
Dec'26
Mar'26
Total Current Assets
20,228
- -
27,328
Cash, Cash Equivalents & STI
4,449
- -
4,913
Accounts Receivable, Net
- -
- -
- -
Inventories
- -
- -
- -
Total Current Liabilities
6
- -
19
Payables & Accruals
- -
- -
- -
ST Debt
- -
- -
- -
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
40.46%
44.48%
6.74%
Free Cash Flow
-829.37%
-1,121.06%
-202.58%
Net Income, GAAP
65.77%
83.65%
8.7%
Sales/Revenue/Turnover
34.58%
30.12%
-5.48%
Total Cash Common Dividend
- -
- -
- -

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
1,395
1,536
1,566
1,368
6,164
2025
1,735
1,678
1,544
1,487
6,445
2026
1,462
1,450
1,517
1,663
6,092

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
47.03
48.04
47.71
- -
195
2025
29.88
14.56
-6.94
12.17
49.67
2026
-13.9
7.62
21.13
39.06
53.91

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
- -
- -
- -
2025
- -
- -
- -
- -
- -
2026
- -
- -
- -
- -
- -

Company Description

APIChat
CEO
Jayendrabhai Bhailalbhai Patel
Full Time Employees
951
Sector
Financial Services
Industry
Financial - Credit Services
Address
502-503, Sakar III Ahmedabad India 380014
IPO Date
Jun 14, 2016
Website
armanindia.com
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Business
Arman Financial Services Limited (ARMANFIN.NS), an RBI-registered non-banking financial company - asset finance company (NBFC-AFC), provides vehicle financing and microfinance services targeting rural and semi-urban markets in India. The company offers two-wheeler and three-wheeler loans to support personal mobility and livelihood enhancement for middle-class and emerging middle-class customers; microfinance products, including small-ticket joint liability group (JLG) loans to women for income-generating activities such as livestock, dairy, agriculture-related businesses, and kirana stores, delivered through its wholly owned subsidiary Namra Finance Limited, an RBI-registered NBFC-MFI; and micro, small, and medium enterprise (MSME) loans for working capital, expansion, and equipment financing. Founded in 1992 and headquartered in Ahmedabad, Gujarat, Arman operates approximately 402 branches across 11 states, serving over 800,000 active customers primarily in underserved geographies through direct lending without brokers. Recent developments include the opening of 67 new branches to reach a total of 402 in 2024, a Qualified Institutional Placement (QIP) fundraising of Rs 230 crore in 2024, and a credit rating revision by Acuité to A- from A for bank loans and NCDs in September 2025; the company maintains over 51 lending partnerships with banks and financial institutions while focusing on portfolio growth in microfinance and MSME segments.