ARMANFIN

Arman Financial Services share price & financials

Price
₹1,694.2
Market cap
₹2.1k Cr
Sector
Financial Services
Calls analysed
7
Latest concall · Q1 FY27 · call held 13 Aug 2026

Arman Financial Services Limited Q1 FY27

Consolidated PAT ₹45 cr Consolidated AUM ₹2,925 cr +36%Consolidated GNPA 2.76%

What went well

  • Consolidated AUM grew 36% YoY to INR 2,925 crores, a record high.
  • Consolidated disbursements increased 76% YoY to INR 686 crores.
  • Consolidated PAT turned profitable at INR 45 crores, compared to a loss of INR 15 crores in Q1 FY26.

What to watch

  • Volumes were a bit lower than expected in Q1, though attributed to emphasis on quality over quantity.
  • Continued macroeconomic uncertainties and geopolitical disruptions remain a watch item.
Read the full call →

What Arman Financial Services Limited does

Arman Financial Services is a diversified non-banking finance company headquartered in Ahmedabad that lends to underserved rural and semi-urban retail borrowers across five products: Joint Liability Group (JLG) and individual microfinance loans (through wholly owned subsidiary Namra Finance), MSME/working-capital loans, two-wheeler loans and loan-against-property, plus a newly piloted solar-loan product. Each product line runs its own field-based credit appraisal and collections model, sourced entirely through the company's own branch network rather than through partner-agent channels. It earns interest income on loans disbursed via a mix of cash and digital/UPI-enabled cashless channels, with underwriting supported by an in-house loan origination and management system, credit-bureau integration and geo-tagged customer verification.

Segments

  • Microfinance (JLG)
  • Individual Business Loans (Microfinance)
  • MSME Loans
  • Two-Wheeler Loans
  • Loan Against Property (LAP)
  • Solar Loans
Branches
529
States of operation
11
Districts covered
162
Active/live customers
~6.3 lakh
Employees
4,900+
Loan officers
4,100+
Founded 1992Headquarters Ahmedabad, Gujarat, India Company website

Guidance record · Q1 FY27

what the last two calls moved 17 tracked 5 delivered 4 missed 8 open
  • MFI Zero DPD Flow Forward Rate delivered said Q3 FY25 Promised: Return to 99% Q1 FY27: Early-stage delinquencies remained stable at approximately 99.5% zero DPD flow forwards, continuing to exceed the target.
  • MFI Attrition Rate went quiet said Q4 FY25 Promised: Down to about 40% in H1 FY26 Q1 FY27: No update provided for the third consecutive quarter where data was expected; the topic remains unaddressed.
  • MSME CGTMSE Subscription delayed said Q2 FY26 Promised: Hope to start subscribing to it as we move in Quarter 3. Q1 FY27: Management mentioned including the cost of CGFMU in credit cost calculations, implying the subscription has started. The promise was achieved, but with a significant communication lag.

All 17 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 33.8%, net profit up 400.0% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue181 165 199 151 159 −12%160 −3%176 −12%202 +34%
Net profit15 -7 13 -15 8 −47%22 +414%41 +215%45 +400%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance +39.1% 1Y

₹1.4k₹1.6k₹1.8k₹2.0kSept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 14 Nov 2025Q3 FY26 — 16 Feb 2026Q4 FY26 — 29 May 2026Q1 FY27 — 13 Aug 2026

1Y: ₹1,446.2 on 10 Sept 2025 → ₹2,011.3. High ₹2,069.3 (4 Sept 2026), low ₹1,339.2 (9 Mar 2026).

How the price took the results

close before → close after

Q1 FY27
+0.1%
13 Aug
Q4 FY26
−6.5%
29 May
Q3 FY26
+2.2%
16 Feb
Q2 FY26
+6.4%
14 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 15.1% a year over 3 years, FY23 to FY26.

Year endingFY23FY24FY25FY26
Revenue₹424 Cr₹662 Cr₹729 Cr₹646 Cr
Interest₹172 Cr₹265 Cr₹239 Cr₹206 Cr
Depreciation₹0 Cr₹0 Cr₹0 Cr₹0 Cr
Net profit₹94 Cr₹174 Cr₹52 Cr₹56 Cr
Net margin22.2%26.3%7.1%8.7%
Cash from operations₹-718 Cr₹-302 Cr₹493 Cr₹-476 Cr
Free cash flow₹-720 Cr₹-305 Cr₹467 Cr₹-480 Cr
ROE33.0%30.0%6.0%6.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹8 Cr₹8 Cr₹8 Cr₹10 Cr₹11 Cr₹11 Cr
Reserves₹178 Cr₹204 Cr₹355 Cr₹802 Cr₹862 Cr₹923 Cr
Borrowings₹721 Cr₹990 Cr₹1.6k Cr₹1.7k Cr—₹1.8k Cr
Other liabilities₹32 Cr₹39 Cr₹68 Cr₹97 Cr₹83 Cr₹89 Cr
Total liabilities₹940 Cr₹1.2k Cr₹2.0k Cr₹2.6k Cr₹2.2k Cr₹2.8k Cr
Fixed assets₹4 Cr₹5 Cr₹6 Cr₹8 Cr₹32 Cr₹32 Cr
Capital work in progress₹0 Cr₹0 Cr₹0 Cr₹0 Cr₹0 Cr₹3 Cr
Investments₹3 Cr₹6 Cr₹19 Cr₹7 Cr₹33 Cr₹92 Cr
Other assets₹933 Cr₹1.2k Cr₹2.0k Cr₹2.6k Cr₹2.1k Cr₹2.7k Cr
Total assets₹940 Cr₹1.2k Cr₹2.0k Cr₹2.6k Cr₹2.2k Cr₹2.8k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, FIIs added +1.66 pp while the public trimmed −1.38 pp. The shareholder count shrank 15% to 32,079.

Promoters
22.0%
FIIs
3.1%
DIIs
4.8%
Public
70.1%

Since Jun 2025

  • FIIs +1.66 pp
  • Public −1.38 pp
  • DIIs −0.23 pp

How it drifted, 12 quarters

Over this window promoters fell from 26.6% to 22.0% — −4.6 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 26.6%, FIIs 3.9%, DIIs 0.8%, Public 68.8%.Dec '23: Promoters 23.6%, FIIs 6.6%, DIIs 7.7%, Public 62.0%.Mar '24: Promoters 22.1%, FIIs 10.2%, DIIs 6.3%, Public 61.4%.Jun '24: Promoters 22.1%, FIIs 5.2%, DIIs 6.2%, Public 66.6%.Sep '24: Promoters 22.1%, FIIs 4.9%, DIIs 5.0%, Public 68.0%.Dec '24: Promoters 22.1%, FIIs 2.0%, DIIs 4.5%, Public 71.4%.Mar '25: Promoters 22.1%, FIIs 1.2%, DIIs 4.9%, Public 71.8%.Jun '25: Promoters 22.1%, FIIs 1.4%, DIIs 5.1%, Public 71.5%.Sep '25: Promoters 22.0%, FIIs 1.8%, DIIs 4.8%, Public 71.4%.Dec '25: Promoters 22.0%, FIIs 1.7%, DIIs 5.0%, Public 71.3%.Mar '26: Promoters 22.0%, FIIs 2.6%, DIIs 4.2%, Public 71.2%.Jun '26: Promoters 22.0%, FIIs 3.1%, DIIs 4.8%, Public 70.1%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 2 holders trimming and 0 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of Arman Financial Services Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Namra Holdings And Consultancy Services Llp 9.02%unchanged
Elevation Capital V Limited VC / PE8.09%−0.27 pp
Ritaben Jayendrabhai Patel 4.15%unchanged
Jayendrabhai Bhailalbhai Patel 4.07%unchanged
Mukul Mahavir Agrawal 3.80%unchanged
Aalok Jayendrabhai Patel 2.36%unchanged
Jayendra Bhailal Patel Huf 1.86%unchanged
Investor Education And Protection Fund Authority Ministry Of Corporate Affairs 1.79%−0.05 pp
Airavat Capital Trust - Airavat Capital Trust Ii AIF1.79%unchanged
Abhishek Pradeepkumar Bansal 1.10%unchanged
Vinay Jaiprakash Ambekar 1.08%newly disclosed
Dumt Tradevest 1.05%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

All earnings calls (7)

Read the Q1 FY27 call →

Learn to analyse Arman Financial Services Limited

Guides on how to read this kind of business and the numbers that matter.