Key Metrics of Arman Financial Services Limited
About Arman Financial Services Limited
Sectors
Company details
- Registered office
- 502-503, Sakar-iii,, Opp Old High Court, Off Ashram Road, Ahmedabad, In-gj, 380014
- Listed
- NSE: ARMANFIN · ₹1,411.70
Operational Areas of Arman Financial Services Limited
Company summary
Entity details
Compliance
Industry classification
Financials, ratios and risk analysis
Revenue, EBITDA, net profit, net worth, debt and assets for every filing year, 15+ ratios, the financial health score, shareholding, charges and peer comparison are part of the premium plan.
Sign in to continue See plans & pricingFiling compliance
Due dates follow the Companies Act: AGM within six months of the year end, AOC-4 within 30 days and MGT-7 within 60 days of the AGM. A filing made but not yet uploaded here shows as pending.
Vendor checks & payment capacity
Sign in with access to company financials to review vendor evidence.
Credit ratings
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 22 Oct 2026 | CARE | Revised | — | — | Stable | ₹70.9 Cr | View |
| 31 Dec 2025 | CARE | Reaffirmed | A- | — | Negative | ₹150 Cr | View |
| 16 Jun 2025 | CARE | Assigned | A- | — | Negative | ₹150 Cr | View |
| 07 Jan 2025 | CARE | Reaffirmed | A- | — | Stable | ₹97.5 Cr | View |
| 06 Mar 2024 | CARE | Revised (from BBB+) | A- | — | Stable | ₹97.5 Cr | View |
| 05 Apr 2023 | CARE | Reaffirmed | BBB+ | — | Stable | ₹135 Cr | View |
| 03 Jan 2023 | CARE | Reaffirmed | BBB+ | — | Stable | ₹154 Cr | View |
| 19 Sep 2022 | CARE | Reaffirmed | BBB+ | — | Stable | ₹0 | View |
| 01 Jun 2022 | CARE | Reaffirmed | BBB+ | — | Stable | ₹6.80 Cr | View |
| 03 Jan 2022 | CARE | Reaffirmed | BBB+ | — | Stable | ₹35.5 Cr | View |
| 22 Nov 2021 | CARE | Reaffirmed | BBB+ | A2 | Stable | ₹276 Cr | View |
| 07 Oct 2020 | CARE | Reaffirmed | BBB+ | A2 | Stable | ₹72.5 Cr | View |
| 27 Feb 2020 | CARE | Other | — | — | — | — | View |
| 13 Sep 2019 | CARE | Other | — | — | — | — | View |
| 13 Sep 2019 | CARE | Reaffirmed | BBB+ | A2 | Stable | ₹72.5 Cr | View |
Credit strengths (CARE, Oct 2026)
+ Comfortable capitalisation and moderate leverage
The group’s capitalisation remains comfortable, supported by its sizeable net worth and internal accruals. Consolidated TNW stood at ₹957 crore as on June 30, 2026, while the CAR remained healthy at 36.9%, providing adequate headroom over the regulatory requirement. Borrowings increased from ₹1,232 crore as on March 31, 2025, to ₹1,776 crore as on March 31, 2026, and further to ₹1,964 cror e as on June 30, 2026, in line with the expansion in the on -book portfolio. Consequently, overall gearing
+ Recovery in profitability, although operating expenses remain elevated
The group’s profitability was affected in FY25 and H1FY26 by industry-wide stress in the microfinance segment. PAT declined from ₹174 crore in FY24 to ₹52 crore in FY25, before improving to ₹57 crore in FY26, owing to elevated credit costs of ₹264 crore in FY25 and ₹148 crore in FY26, compared to ₹65 crore in FY24. However, the benefit of lower credit costs in FY26 was partly offset by an increase in operating expenses to ₹215 crore from ₹157 crore in FY25, primarily due to investments in an ind
Credit challenges
− Asset quality remains a key monitorable, despite the improvement
The group’s asset quality has improved since Q2FY26, supported by lower fresh delinquencies, better collection efficiency, recoveries from stressed accounts and continued write-offs. Consolidated GNPA and NNPA ratios improved to 2.7% and 0.8%, respectively, as on June 30, 2026, from 3.5% and 1.0% as on March 31, 2026. Corresponding ratios stood at 3.4% and 0.6%, respectively, as on March 31, 2025. The improvement followed several structural measures, including the separation of credit and recove
− Relatively high cost of borrowings
The group raises funds independently through AFSL and NFL from banks, financial institutions, and capital markets. Its funding sources include term loans, NCDs, overdraft facilities, and direct assignment transactions. While the group has demonstrated adequate access to funding, its borrowing costs remain relatively high compared to peers. The incremental cost of borrowing stood at ~11.7% in Q1FY27, reflecting the group’s dependence on capital-market instruments
− Concentration in unsecured lending and regulatory and event-based risks
Microfinance and MSME loans together accounted for ~94% of consolidated AUM as on June 30, 2026. These portfolios are predominantly unsecured, exposing the group to borrower cash-flow volatility, over-indebtedness, and changes in repayment behaviour, with limited recovery recourse during the default. The group is also exposed to regulatory changes governing borrower indebtedness, pricing, qualifying assets, and collection
Could lead to an upgrade
Factors that could individually or collectively lead to positive rating action: • Sizeable scale-up of operations and net worth base, with improved geographical diversification and continued comfortable capitalisation. • Improving profitability profile with ROTA of over 4% on a sustained basis.
Could lead to a downgrade
Factors that could individually or collectively lead to negative rating action: • Significant weakening in asset quality leading to deterioration in profitability profile with ROTA remaining below 2% on a sustained basis. • Deteriorating capital structure, with overall gearing exceeding 5x.
Agency-reported financials (CARE, 22 Oct 2026)
| Metric | Q1FY27 |
|---|---|
| Total income | ₹202 Cr |
| Profit after tax (PAT) | ₹45.00 Cr |
| Assets under management (AUM) | ₹2,925 Cr |
| On-book gearing (x) | 2.10× |
| AUM / tangible net-worth (TNW) (x) | ₹3.10 Cr |
| Gross non-performing assets (NPA) / gross stage 3 (%) | 2.7% |
| Return on managed assets (ROMA) (%) | 5.5% |
| Capital adequacy ratio (CAR) (%) | 36.9% |
| PAT margin | 22.3% |
Borrowings & rated debt
Rated limits over time
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Non-convertible | Other | — | ₹10.1 Cr | — | — | Revised | CARE |
| debentures Non-convertible | Debentures & bonds | — | ₹8.77 Cr | — | A- (Stable) | Revised | CARE |
| debentures Non-convertible | Debentures & bonds | — | ₹52.0 Cr | — | A- (Stable) | Revised | CARE |
Debt instruments
| ISIN | Instrument | Type | Coupon | Issued | Maturity | Amount | Rating | Status |
|---|---|---|---|---|---|---|---|---|
| INE109C07113 | — | Debentures & bonds | 11.10% | — | — | ₹42.0 Cr | A- | Not stated |
| — | — | Debentures & bonds | 13.15% | 03 Mar 2020 | 03 Mar 2025 | ₹37.8 Cr | BBB+ | Matured |
| INE109C07014 | — | Debentures & bonds | 12.60% | 19 Sep 2018 | 19 Mar 2022 | ₹13.5 Cr | BBB+ | Matured |
| INE109C07071 | — | Debentures & bonds | 12.20% | — | — | ₹0 | — | Withdrawn |
| INE109C07048 | — | Debentures & bonds | 11.30% | — | — | ₹0 | — | Withdrawn |
| INE109C07022 | Convertible * Mar | Debentures & bonds | 13.15% | — | — | ₹0 | — | Withdrawn |
CARE ratings on record (checked 22 Oct 2026)
| Instrument | Amount | Rating |
|---|---|---|
| Cash Credit | — | Withdrawn |
| Non Convertible Debentures | — | Withdrawn |
| Non Convertible Debentures | ₹70.9 Cr | CARE A-; Stable |
| Others | — | Withdrawn |
| Term Loan | — | Withdrawn |
Credit assessment · Banks, NBFCs & HFCs
Financial Ratios – Financial Sector (Feb 2025) · Standalone accounts · FY 2025-26
Ratios, pillar scores and the indicative rating are part of Premium.
Rating status
| Default | No default on record |
| Issuer cooperation | Cooperating |
| Credit enhancement | None – standalone rating |
| Next action stable or better (model) | 35% |
| Information on file | 67% · missing: Debt obligations and repayment schedule, Capex / investment plans, Auditor details |
Indicative assessment from public data using the published methodology factors; not a credit rating.
Borrowing & funding lifecycle
- Credit outlook model: 35% chance the next rating action is stable or better
Rated limits by facility
Timeline
From the report
As on June 30, 2026, consolidated unencumbered cash and liquid investments stood at ₹269 crore (comprising ₹193 crore at AFSL and ₹76 crore at NFL), unavailed sanctioned lines of ₹300 crore, provides adequate cover against scheduled principaland interest repayments of ₹331 crore during July-September 2026.
From the report
On a standalone basis, AFSL had free cash and liquid investments of ₹193 crore and unavailed sanctioned lines of ₹20 crore, providing adequate coverage against its scheduled principal repayments of ₹85 crore during July-September 2026.
Lender names, bank charges and audited borrowings are part of Premium.
Built from MCA charges, ICRA/CARE rating reports and audited accounts. The borrowing view is an estimate, not a lender's credit decision.
Registered office and contact
Directors and key people
Directors are read from the MGT-7 annual return and AOC-4 signatories.
Competitors of Arman Financial Services Limited
Top competitors by location
| Company | Description | Domain | Founded | Location |
|---|---|---|---|---|
 Bajaj Finserv |
Fintech, Broking & Market Infrastructure · Banking & Financial Services | bajajfinserv.in | 2007 | Pune, India |
 Power Finance Corporation |
Fintech, Broking & Market Infrastructure · Banking & Financial Services | pfc.gov.in | 1986 | New Delhi, India |
| Bajaj Finance |
Fintech, Broking & Market Infrastructure · Banking & Financial Services | bajajfinserv.in | — | Pune, India |
 REC Limited |
Maharatna & Navratna PSUs · Public Sector (PSU) & Government | recindia.nic.in | 1997 | New Delhi, India |
 SHRI RAM FINANCE CORPORATION PRIVATE LIMITED |
NBFC, Lending & Housing Finance · Finance | shriramfinance.in | — | Raipur, Chhattisgarh, India |
 ADITYA BIRLA CAPITAL LIMITED |
General Insurance · Insurance | adityabirlacapital.com | — | Gujarat, India |
| CHOLAMANDALAM FINANCIAL HOLDINGS LIMITED | · Finance | — | — | Chennai, Tamil Nadu, India |
 Muthoot Finance |
Fintech, Broking & Market Infrastructure · Banking & Financial Services | muthootfinance.com | — | Ernakulam, India |
| NBFC, Lending & Housing Finance · Banking & Financial Services | irfc.co.in | — | Delhi, India | |
| ABANS FINANCIAL SERVICES LIMITED | Fintech, Broking & Market Infrastructure · Banking & Financial Services | — | — | Mumbai, Maharashtra, India |
Similar companies
Charges (secured borrowings)
0 registered charges. Lenders, amounts and dates are part of the premium plan.
Statutory auditors
Auditors are read from the AOC-4 auditor's report section.
Business activities and related parties
Principal business activities and related-party transactions are read from MGT-7 and AOC-4 filings.
Filings
No filings on record yet.