NBFC lending to underserved MSME, consumer & rural borrowers, plus credit solutions for partner NBFCs.
Reported
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 768 | +29.9% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | Operating profit / revenue | Quarter to Jun 2026 | Not in the filed figures for the quarter to jun 2026. No older figure is substituted. | ||
| Net profit | 122 | +17.3% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
| Return on equity | 12.01 | +0.3 pts | Trailing twelve months | TTM to Jun 2026 | Adjusted profit attributable to owners ÷ average owners’ equity. |
| Free cash flow margin | Fiscal year | FY ending Mar 2026 | Not in the analysed materials. No older figure is substituted. | ||
| Revenue growth (YoY) | 21.15 | −9.2 pts | Trailing twelve months | TTM to Jun 2026 | Revenue change against the same period one year earlier. |
Guidance
4 of 8 judged targets kept · 16 open · verdicts reflect calls analysed to Q1 FY27.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Balance Sheet Growth | faster than the industry | Q1 FY25 | Assets Under Management (AUM) grew by about 26% on a Y-o-Y basis to INR 16,855 crores, outpacing industry growth. | Achieved |
| Overall Growth Rate (AUM CAGR) | similar kind of growth rate (30%+ CAGR) | Q1 FY25 | The original 30%+ CAGR target was not mentioned. Current YoY AUM growth is 26%, and the active guidance remains 22-25% for FY27, confirming the original promise is abandoned. | Ghosted |
| ROA | 3.7% to 4% over next 3 years | Q1 FY26 | Management guided for an ROA 'closer to 3% in this year' (FY27), confirming the original 3.7-4.0% target is abandoned. | Revised Down |
4 of Northern Arc Capital Limited's 24 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 21 more targets are in the full ledger.
Claimed
Qualified
Price
1Y: ₹268.55 on 24 Oct 2025 → ₹247.05. High ₹325.3 (10 Jul 2026), low ₹206.85 (30 Mar 2026).
Overview
Based on the company's own presentations, annual report and earnings calls.
Northern Arc Capital is a diversified NBFC that finances the credit needs of underserved households and small businesses across India through two channels: direct-to-customer (D2C) lending to MSME, consumer-finance and rural-finance borrowers via its own branch network and digital partners, and credit solutions that connect capital providers (banks, funds, offshore/institutional investors) to a network of originator-partner NBFCs and fintechs through securitisation/structured placements, managed credit funds, and balance-sheet (intermediate retail) lending. It earns net interest income on its own D2C loan book and fee income from placements, fund management and technology-platform monetisation. Underwriting and portfolio monitoring across both channels are run on in-house risk-analytics tools built on a large historical loan dataset accumulated over the company's 15+ years in the sector.
Segments
close before → close after
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.
Guidance
4 of 8 judged targets kept · 16 open · verdicts reflect calls analysed to Q1 FY27.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Balance Sheet Growth | faster than the industry | Q1 FY25 | Assets Under Management (AUM) grew by about 26% on a Y-o-Y basis to INR 16,855 crores, outpacing industry growth. | Achieved |
| Overall Growth Rate (AUM CAGR) | similar kind of growth rate (30%+ CAGR) | Q1 FY25 | The original 30%+ CAGR target was not mentioned. Current YoY AUM growth is 26%, and the active guidance remains 22-25% for FY27, confirming the original promise is abandoned. | Ghosted |
| ROA | 3.7% to 4% over next 3 years | Q1 FY26 | Management guided for an ROA 'closer to 3% in this year' (FY27), confirming the original 3.7-4.0% target is abandoned. | Revised Down |
Claimed
Qualified
The full ledger
A free account opens 5 company ledgers a month. All 24 tracked commitments, with each call’s wording and source.
Call summaries
Northern Arc Capital Limited Q1 FY27
Northern Arc Capital Limited reported a strong Q1 FY27 with significant growth in PAT and AUM, driven by its direct lending portfolio crossing INR 10,000 crores. Asset quality improved with GNPA at 1%, and NIMs expanded YoY despite a sequential dip. The company remains well-capitalized and focused on disciplined growth amidst global uncertainties.
Read the full callNorthern ARC Q4 FY26
Northern Arc Capital delivered a strong Q4 FY26, reporting its highest ever quarterly profit of INR 133 crores, contributing to an FY26 profit of INR 406 crores. This performance was driven by a 22% YoY growth in AUM to INR 16,594 Cr, significant NIM expansion to 9.4%, and improved asset quality with credit costs declining. The company's direct-to-customer business, particularly MSME and consumer finance, continues to be a key growth driver, while management remains cautious about macroeconomic and geopolitical risks.
Read the full callNorthern ARC Q3 FY26
Northern Arc Capital delivered a strong Q3 FY26, achieving record-high quarterly profit and surpassing INR15,000 crores in AUM. This growth was primarily fueled by the Direct-to-Customer (D2C) segment, particularly in consumer and MSME finance, while the microfinance portfolio showed signs of stabilization. The company maintained healthy margins and capital adequacy, despite acknowledging industry-wide stress in certain unsecured loan segments, and provided clear forward-looking targets for AUM growth, profitability, and credit costs.
Read the full callEvery analysed call
Fundamentals
Current values with the period they cover; the trend reads across the 6 fiscal years held (Mar 2021 to Mar 2026).
Financials
Net profit, year on year: +17% (quarter to jun 2026 against jun 2025).
| Line item | Sept 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 573 | 560 | 590 | 591 | 606 | 712 | 731 | 768 |
| Expenses | 216 | 214 | 343 | 237 | 270 | 359 | 311 | 346 |
| Operating profit | 341 | 309 | 236 | 323 | 333 | — | — | — |
| Operating margin | 58.0% | 54.0% | 39.0% | 53.0% | 53.0% | — | — | — |
| Other income | 1 | 4 | 3 | 2 | 1 | 3 | 3 | 3 |
| Interest | 205 | 211 | 198 | 214 | 206 | 229 | 237 | 258 |
| Depreciation | 3 | 5 | 4 | 4 | 4 | 4 | 4 | 3 |
| Profit before tax | 150 | 134 | 48 | 138 | 127 | 122 | 183 | 163 |
| Tax rate | 25.0% | 24.0% | 3.0% | 25.0% | 25.0% | 24.0% | 24.0% | 25.0% |
| Net profit | 112 | 102 | 47 | 104 | 95 | 92 | 139 | 122 |
| EPS (₹ per share) | 6.95 | 6.34 | 2.90 | 6.42 | 5.87 | 5.70 | 8.58 | 7.54 |
| Line item | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|
| Sales | 1,841 | 2,284 | 2,640 |
| Expenses | 711 | 1,017 | 1,177 |
| Operating profit | 1,172 | 1,218 | — |
| Other income | 18 | 12 | 9 |
| Interest | 726 | 823 | 886 |
| Depreciation | 15 | 15 | 16 |
| Profit before tax | 408 | 441 | 570 |
| Net profit | 312 | 342 | 430 |
| Line item | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sept 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Equity capital | 89 | 89 | 89 | 161 | 162 | 162 |
| Reserves | 1,538 | 1,755 | 2,078 | 3,248 | 3,501 | 3,732 |
| Borrowings | 6,066 | 7,117 | 9,130 | 9,784 | 10,331 | 12,198 |
| Other liabilities | 142 | 243 | 321 | 327 | 368 | 561 |
| Total liabilities | 7,835 | 9,205 | 11,620 | 13,521 | 14,362 | 16,653 |
| Fixed assets | 19 | 43 | 48 | 68 | 81 | 57 |
| Capital work in progress | 0 | 1 | 2 | 6 | 0 | 13 |
| Investments | 1,639 | 1,697 | 1,653 | 1,957 | 2,409 | 2,890 |
| Other assets | 6,177 | 7,464 | 9,917 | 11,490 | 11,872 | 13,693 |
| Total assets | 7,835 | 9,205 | 11,620 | 13,521 | 14,362 | 16,653 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Cash from operations | -977 | -1,329 | -1,292 | -2,140 | -1,054 | -1,524 |
| Cash from investing | 356 | -377 | -174 | 49 | -398 | -881 |
| Cash from financing | 684 | 2,023 | 966 | 2,048 | 1,612 | 2,309 |
| Net cash flow | 63 | 316 | -500 | -43 | 160 | -96 |
| Free cash flow | -981 | -1,337 | -1,304 | -2,151 | -1,070 | -1,534 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Return on equity | 4.0% | 11.0% | 13.0% | 14.0% | 12.0% | 12.0% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
The businesses behind the company’s reported revenue.
Financing activity contributes 95.7% of reported segment revenue.
Quarter ended 30 Jun 2026 · Consolidated
₹767.50 crore
₹24.97 crore
₹9.17 crore
₹0.04 crore
| Business segment | Revenue · ₹ crore | Share |
|---|---|---|
| Financing activity | 767.50 | 95.7% |
| Others | 24.97 | 3.1% |
| Investment management services | 9.17 | 1.1% |
| Investment advisory services | 0.04 | <0.1% |
Share = segment revenue ÷ total segment revenue, before intersegment adjustments.
Intersegment transactions are between the company’s own businesses. Net segment revenue can differ from income-statement revenue because reporting definitions differ.
Source: FinEdge · Last checked 19 Sept 2026. Reported segment names are kept as supplied.
Financing activity grew from 93% to 96% of revenue over the last two years.
| Segment | Jun 2024 | Sep 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Financing activity | 93% | 97% | 98% | 97% | 95% | 96% | 96% | 96% | +30.0% |
| Others | 5% | 2% | <1% | 1% | 2% | 3% | 3% | 3% | +693.6% |
| Investment management services | 1% | 2% | 2% | 2% | 2% | 1% | 1% | 1% | -30.8% |
| Investment advisory services | 0% | 0% | 0% | <1% | <1% | <1% | <1% | <1% | -30.2% |
Share of reported segment revenue by quarter, consolidated basis, as filed. A quarter the company did not report is left blank, never carried forward.
See how segments are shifting across companies → Segment Shift
Ownership
Public hold 81.95% as of Sept 2026; institutions added 3.80 pts since Jun 2026.
since Jun 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
The same filing shows 3 holders trimming and 4 off the list — both are in the register beside this.
Named in the Sep 2026 filing
Every holder of Northern Arc Capital Limited above SEBI's 1% disclosure line, and what changed since Jun 2026.
| Holder | Stake | Change |
|---|---|---|
| 13.81% | −2.21 pp | |
| 12.45% | −3.70 pp | |
| NBFC / DFI | 6.07% | unchanged |
| Bank | 3.76% | unchanged |
| FPI fund | 3.01% | newly disclosed |
| 2.89% | newly disclosed | |
| 2.47% | newly disclosed | |
| 2.16% | unchanged | |
| FPI fund | 1.54% | unchanged |
| 1.53% | unchanged | |
| 1.31% | −0.73 pp | |
| — | off the list |
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.
Your own record
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