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Arman Financial Services financials and balance sheet

NSE: ARMANFINBSE: 531179FinanceSmall Cap

Last close ₹1,411.70down ₹40.30 (2.78%)BSE ₹1,409.35

Share price at the NSE close on 23 Oct 2026. Previous close ₹1,452.00.

52-week range of traded prices to 23 Oct 2026
₹1,301.00Low, 9 Mar 2026₹2,158.60High, 13 Aug 2026
Market cap
₹1,489 Cr1,243rd largest listed
P/E
12.8
P/B
1.6
Dividend yield
Nonein the last 12 months
ROE
12.9%
NIM
18.46%
Cost of funds
13.66%
Credit cost
7.61%
ROA
2.25%
Leverage
2.78times net worth
Volume, NSE
1,06,98760.8% delivered

10 years at a glance

Consolidated, laid out as a lender that is not a bank files them. A lender's lines are blank for the years to Mar 2017, Mar 2018 and Mar 2019: the company's filing for those results has none of them.Arman Financial Services annual reports

Net interest income, Net profit, ₹ crore

  • Net interest income
  • Net profit

Net interest margin, Return on assets, per cent

  • Net interest margin
  • Return on assets

Income

₹ crore, years to March.

₹ croreMar 2017Mar 2018Mar 2019Mar 2020Filed 27 JulMar 2021Filed 6 AugMar 2022Filed 15 JunMar 2023Filed 31 MayMar 2024Filed 14 JunMar 2025Filed 29 MayMar 2026Filed 27 May
Total income–––215193235424662730646
Interest earned–––200186221387593619577
Interest paid–––887789172265239205
Net interest income–––113108131215328380372
–––15814376811169
Fees and commission–––65616232632
Gains on fair value changes–––0022887
Other operating revenue–––5–619377730
Income outside operations–––4210000
The lines under it are parts of it, not all of it.–––54496382103157215
Profit before provisions–––746683170293333226
Set aside for bad loans–––2055374565264148
Exceptional items–––0000000
Profit before tax1010315412461252286977
4291211431551721
Net profitThe lines under it are parts of it, not all of it.6721421132941745257
Other comprehensive income–––14−6−562−3
Total comprehensive income–––421426891795453
Earnings per share₹8.00–₹30.74₹55.80₹12.53₹37.36₹110.47₹195.00₹49.67₹53.91
Diluted earnings per share₹8.00–₹28.07₹55.54₹12.53₹37.36₹107.28₹192.76₹49.26₹53.57

Balance sheet

₹ crore, at 31 March.

₹ croreMar 2019Mar 2020Filed 27 JulMar 2021Filed 6 AugMar 2022Filed 15 JunMar 2023Filed 31 MayMar 2024Filed 14 JunMar 2025Filed 29 MayMar 2026Filed 27 May
Total assets–8969401,2412,0382,6352,2272,798
Loans given–7787431,0581,5372,0331,6842,213
Investments–3361973992
Deposits–0000000
–6987219901,6041,7251,2321,776
Bonds and debentures–106178195243302335844
Subordinated debt–15152564251010
Loans–5775297701,2971,398888921
–172187213366813874933

Margins and returns

Per cent a year, on the average of the opening and closing balance sheets.

FigureMar 2020Filed 27 JulMar 2021Filed 6 AugMar 2022Filed 15 JunMar 2023Filed 31 MayMar 2024Filed 14 JunMar 2025Filed 29 MayMar 2026Filed 27 May
Net interest margin–14.16%14.49%16.39%18.22%20.17%18.46%
Yield on interest-earning assets–24.30%24.37%29.52%32.98%32.90%28.66%
Cost of funds–10.91%10.46%13.26%15.95%16.19%13.66%
Spread–13.38%13.92%16.26%17.04%16.71%15.00%
Cost to income42.15%42.70%43.08%32.64%25.97%32.10%48.78%
Credit cost–7.18%4.15%3.45%3.65%14.21%7.61%
Return on assets–1.16%2.91%5.72%7.43%2.14%2.25%
Assets per rupee of net worth–5.125.465.673.972.882.78
Return on equity–5.91%15.88%32.44%29.46%6.17%6.26%

Where the return on assets comes from

Per cent of average total assets, a year. Each line adds to the one below it. The year to Mar 2020, the first with a balance sheet on this form, has none a year before it to average with, so its ratios are blank.

Per centMar 2021Filed 6 AugMar 2022Filed 15 JunMar 2023Filed 31 MayMar 2024Filed 14 JunMar 2025Filed 29 MayMar 2026Filed 27 May
Net interest income11.78%12.02%13.10%14.02%15.61%14.80%
Other income0.83%1.32%2.27%2.93%4.57%2.73%
Operating expenses5.39%5.75%5.01%4.40%6.48%8.55%
Profit before provisions7.23%7.60%10.35%12.55%13.70%8.98%
Set aside for bad loans5.95%3.42%2.73%2.79%10.86%5.90%
Exceptional items0.00%0.00%0.00%0.00%0.00%0.00%
Profit before tax1.28%4.17%7.62%9.76%2.84%3.08%
Tax0.12%1.26%1.90%2.33%0.70%0.83%
Associates and businesses sold or closed0.00%0.00%0.00%0.00%0.00%0.00%
Return on assets1.16%2.91%5.72%7.43%2.14%2.25%

Cash flow

Consolidated, ₹ crore, years to March.

₹ croreMar 2021Filed 6 AugMar 2022Filed 15 JunMar 2023Filed 31 MayMar 2024Filed 14 JunMar 2025Filed 29 MayMar 2026Filed 27 May
Cash from operations6−281−713−302493−476
Capital spending0122253
Free cash flow5−282−715−305467−480
Cash from investing2−2−1318−49−50
Cash from financing22270676376−495546
Dividends paid000000
Shares bought back000000
Shares issued00–22311
Net change in cash30−12−4992−5120
Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020. Shares issued is left blank for the year to Mar 2023: the money stated as raised on shares and other equity instruments is more than three times what the shares issued in the period were worth at its end, so not all of it bought shares and the figure is not given.

Per share

Consolidated, ₹ per share, years to March.Arman Financial Services dividend history

₹ per shareMar 2017Mar 2018Mar 2019Filed 4 JunMar 2020Filed 27 JulMar 2021Filed 6 AugMar 2022Filed 15 JunMar 2023Filed 31 MayMar 2024Filed 14 JunMar 2025Filed 29 MayMar 2026Filed 27 May
Earnings per share₹8.00–₹30.74₹55.80₹12.53₹37.36₹110.47₹195.00₹49.67₹53.91
Diluted earnings per share₹8.00–₹28.07₹55.54₹12.53₹37.36₹107.28₹192.76₹49.26₹53.57
Dividend per share₹1.00₹1.00₹1.40–––––––
Book value per share––₹113.95₹203.80₹220.02₹250.47₹430.61₹775.70₹833.53₹887.80
Dividend payout9.0%7.8%4.6%–––––––
Shareholder yield––––0.0%0.0%–−12.4%0.0%−0.1%
Market cap at the year end (₹ crore)1071792573505178411,1291,7961,3531,412
Earnings per share is left blank for the year to Mar 2018: the earnings per share stated does not match any profit the filing states over the shares in issue, and the share count barely moved during the period. Shareholder yield is left blank for the year to Mar 2023: the money stated as raised on shares and other equity instruments is more than three times what the shares issued in the period were worth at its end, so not all of it bought shares and the figure is not given.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Measure10 years5 years3 years
Revenue growth, yearly rate31.5%27.6%15.1%
Profit growth, yearly rate21.6%39.8%−15.5%
Return on equity, average–18.0%14.0%
Net margin, average13.9%15.6%14.0%
Asset turnover, average–0.260.28

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore5 years3 yearsLatest year
Cash from operations−1,280−286−476
Cash from investing−95−80−50
Cash from financing1,374428546
Capital spending34313
Dividends paid000
Shares bought back000
Shares issued for cash–2251

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

DateAgencyBorrowing ratedRatingOutlookAmount, ₹ Cr
22 Oct 2026CARE Ratings Limited (opens in a new tab)Debentures-Non Convertible DebenturesLong-term scaleCARE A-Review, Re-affirmProposed, Outlook revisedStable28.89
22 Oct 2026CARE Ratings Limited (opens in a new tab)Debentures-Non Convertible DebenturesLong-term scaleWithdrawnWithdrawn
30 Sep 2026Acuite Ratings & Research Limited (opens in a new tab)DebenturesACUITE A-Review, Re-affirmPositive365
30 Sep 2026Acuite Ratings & Research Limited (opens in a new tab)Proposed DebenturesACUITE A-Review, Re-affirmPositive25
30 Sep 2026Acuite Ratings & Research Limited (opens in a new tab)Bank Loan RatingsACUITE A-Review, Re-affirmPositive70
20 Aug 2025ICRA Limited (opens in a new tab)Haven 2025-PTC SERIES A1[ICRA]A-(SO)Review, Other39.98
The latest rating on each borrowing. The agency's name opens its reasoning for the rating.