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Last Updated: April 2, 2026, 2:37 am
Author: Getaka|Social: XLinkedIn
Stock Ticker - BSE: 531179 | NSE: ARMANFIN

Arman Financial Services Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹2,302.53Undervalued by 55.05%vs CMP ₹1,485.00

P/E (55.1) × ROE (6.2%) × BV (₹830.00) × DY (2.00%)

₹992.20Overvalued by 33.19%vs CMP ₹1,485.00
MoS: -49.7% (Negative)Confidence: 54/100 (Moderate)Models: 1 Under, 1 Fair, 6 Over
ModelCategoryValueWeightSignal
PE-ROEEarnings₹2,157.5224%Under (+45.3%)
Graham NumberEarnings₹709.8217%Over (-52.2%)
Earnings PowerEarnings₹795.4011%Over (-46.4%)
DCFCash Flow₹262.6914%Over (-82.3%)
Net Asset ValueAssets₹830.508%Over (-44.1%)
EV/EBITDAEnterprise₹19.039%Over (-98.7%)
Earnings YieldEarnings₹269.808%Over (-81.8%)
ROCE CapitalReturns₹1,598.019%Fair (+7.6%)
Consensus (8 models)₹992.20100%Overvalued
Key Drivers: Wide model spread (₹19–₹2,158) — high uncertainty.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: -6.3%

*Investments are subject to market risks

Investment Snapshot

55
Arman Financial Services Ltd scores 55/100 (Average)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health64/100 · Moderate
ROCE 13.3% GoodROE 6.2% AverageD/E 3.86 High debtInterest Coverage 0.0x RiskyProfitable 5/5 years Consistent
Smart Money60/100 · Moderate
FII holding up 0.50% (6mo) Slight increasePromoter holding at 22.0% Stable
Earnings Quality50/100 · Moderate
Quarterly Momentum40/100 · Moderate
Profit (4Q): -101% YoY Declining
Industry Rank65/100 · Strong
P/E 55.1 vs industry 101.6 Cheaper than peersROCE 13.3% vs industry 15.8% Average

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

Share Price and Basic Stock Data

Last Updated: April 2, 2026, 2:37 am

Market Cap 1,561 Cr.
Current Price 1,485
Intrinsic Value₹992.20
High / Low 1,850/1,111
Stock P/E55.1
Book Value 830
Dividend Yield0.00 %
ROCE13.3 %
ROE6.17 %
Face Value 10.0
PEG Ratio-8.75

Stock P/E, Current Price, and Intrinsic Value Over Time

View Share Price Target for Arman Financial Services Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
Arman Financial Services Ltd 1,561 Cr. 1,485 1,850/1,11155.1 8300.00 %13.3 %6.17 % 10.0
Balmer Lawrie Investment Ltd 1,505 Cr. 67.8 95.8/62.38.73 61.26.34 %17.2 %13.2 % 1.00
Ashika Credit Capital Ltd 1,504 Cr. 336 569/286155 1380.00 %22.1 %20.2 % 10.0
Mufin Green Finance Ltd 1,765 Cr. 102 126/63.183.7 18.40.00 %12.6 %7.89 % 1.00
AK Capital Services Ltd 997 Cr. 1,511 1,719/9309.59 1,5372.51 %8.48 %8.97 % 10.0
Industry Average22,241.21 Cr369.74101.56513.160.26%15.81%8.84%8.50

All Competitor Stocks of Arman Financial Services Ltd

Quarterly Result

MetricSep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025
Revenue92.65103.04149.31149.51160.33168.76182.85184.43181.49164.77199.35151.00159.21
Interest 36.0744.0463.3163.9767.3571.2062.9565.3765.2656.9851.7552.2249.61
Expenses 29.6029.3036.8635.4234.1342.0254.9777.6393.48114.22134.46109.5191.21
Financing Profit26.9829.7049.1450.1258.8555.5464.9341.4322.75-6.4313.14-10.7318.39
Financing Margin %29.12%28.82%32.91%33.52%36.71%32.91%35.51%22.46%12.54%-3.90%6.59%-7.11%11.55%
Other Income 0.000.000.000.000.000.000.070.000.000.000.000.000.00
Depreciation 0.260.310.310.320.360.360.380.420.440.460.480.440.45
Profit before tax 26.7229.3948.8349.8058.4955.1864.6241.0122.31-6.8912.66-11.1717.94
Tax % 25.41%25.25%25.89%19.80%30.21%23.89%21.36%23.65%31.60%5.37%-0.87%30.53%55.41%
Net Profit 19.9221.9836.2039.9440.8242.0050.8231.3015.27-7.2612.76-14.587.99
EPS in Rs 23.4625.8842.6347.0246.8642.9148.5129.8714.57-6.9312.18-13.907.60
Gross NPA %2.80%2.50%2.48%2.83%2.88%2.68%3.74%4.13%3.37%3.45%3.70%
Net NPA %0.20%0.10%0.23%0.33%0.31%0.22%0.64%0.67%0.55%0.51%0.50%

Last Updated: January 2, 2026, 11:00 am

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 23, 2026, 9:50 am

MetricMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Revenue2430415478139214195235424661730670
Interest 91116243459887989172266240204
Expenses 99122034447210399126166419416
Financing Profit79121010375313461262297150
Financing Margin %28%32%30%19%13%26%25%6%20%30%35%10%7%
Other Income 00000010-00000
Depreciation 0000001111122
Profit before tax 79121010365412461252286948
Tax % 32%33%34%36%26%27%23%10%30%25%24%25%
Net Profit 5686726421132941745228
EPS in Rs 7.9210.7713.9911.0512.7645.9849.1312.5137.35110.46165.6749.6926.98
Dividend Payout % 15%13%12%11%9%4%0%0%0%0%0%0%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2014-20152015-20162016-20172017-20182018-20192019-20202020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)20.00%33.33%-25.00%16.67%271.43%61.54%-73.81%190.91%193.75%85.11%-70.11%
Change in YoY Net Profit Growth (%)0.00%13.33%-58.33%41.67%254.76%-209.89%-135.35%264.72%2.84%-108.64%-155.22%

Arman Financial Services Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2014-2015 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:38%
5 Years:28%
3 Years:46%
TTM:0%
Compounded Profit Growth
10 Years:24%
5 Years:5%
3 Years:18%
TTM:-96%
Stock Price CAGR
10 Years:22%
5 Years:20%
3 Years:0%
1 Year:-17%
Return on Equity
10 Years:18%
5 Years:17%
3 Years:19%
Last Year:6%

Last Updated: September 4, 2025, 11:35 pm

Balance Sheet

Last Updated: December 4, 2025, 12:58 am

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 7777778888101011
Reserves 2732394450116164178204355802864862
Borrowing75931431573956126987219901,6071,7251,2321,197
Other Liabilities 36771218263239689712183
Total Liabilities 1121371952154657538969401,2412,0382,6352,2272,153
Fixed Assets 222334445683132
CWIP 0000000000000
Investments 0012333361973933
Other Assets 1101361922104597468889331,2312,0132,6202,1572,087
Total Assets 1121371952154657538969401,2412,0382,6352,2272,153

Reserves and Borrowings Chart

Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + -67-121-203-221-766-281-718-302493
Cash from Investing Activity + -2-1-7-2-12-122-2-1318-49
Cash from Financing Activity + 16-51-92052529422270681376-495
Net Cash Flow 81-710-9302030-12-4992-51
Free Cash Flow -76-221-203-222-775-282-720-305467
CFO/OP -25%49%12%74%-447%-223%-41%13%-194%-232%-49%168%

Free Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow-66.00-84.00-131.00-137.00-361.00-568.00-626.00-618.00-891.00125.00165.00418.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
ROE % 16%17%19%13%14%29%28%6%16%33%30%6%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Promoters 27.31%27.26%26.58%23.65%22.09%22.09%22.07%22.07%22.06%22.05%22.00%22.00%
FIIs 5.04%4.86%3.89%6.64%10.20%5.18%4.90%1.97%1.19%1.42%1.80%1.69%
DIIs 0.76%0.81%0.77%7.66%6.29%6.16%5.03%4.51%4.91%5.08%4.83%5.03%
Public 66.89%67.05%68.76%62.05%61.41%66.56%68.01%71.44%71.82%71.45%71.37%71.29%
No. of Shareholders 11,19612,18513,75815,68819,74521,67636,33942,62941,40037,60836,53134,930

Shareholding Pattern Chart

No. of Shareholders

Arman Financial Services Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

Mutual Fund Holdings

Fund NameNo of SharesAUM (%)Amount Invested (Cr)Previous Number of SharesPrevious DatePercentage Change
WhiteOak Capital Flexi Cap Fund 39,558 0.09 6.4N/AN/AN/A
WhiteOak Capital Multi Cap Fund 12,209 0.07 1.98N/AN/AN/A
Groww Banking & Financial Services Fund 7,025 1.82 1.14N/AN/AN/A
WhiteOak Capital ELSS Tax Saver Fund 2,733 0.1 0.44N/AN/AN/A

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 22Mar 21
FaceValue 10.0010.0010.0010.0010.00
Basic EPS (Rs.) 49.67195.00110.4737.3612.53
Diluted EPS (Rs.) 49.26192.76110.4737.3512.53
Cash EPS (Rs.) 51.34167.03111.8338.4813.46
Book Value[Excl.RevalReserv]/Share (Rs.) 833.53775.70355.45250.47220.02
Book Value[Incl.RevalReserv]/Share (Rs.) 833.53775.70355.45250.47220.02
Revenue From Operations / Share (Rs.) 695.91631.35499.16275.58224.94
PBDIT / Share (Rs.) 295.74472.46351.03160.07106.05
PBIT / Share (Rs.) 294.03471.10349.67158.94105.10
PBT / Share (Rs.) 65.86217.71147.1453.6013.86
Net Profit / Share (Rs.) 49.64165.67110.4737.3612.51
NP After MI And SOA / Share (Rs.) 49.64165.67110.4737.3612.51
PBDIT Margin (%) 42.4974.8370.3258.0847.14
PBIT Margin (%) 42.2574.6170.0557.6746.72
PBT Margin (%) 9.4634.4829.4719.456.16
Net Profit Margin (%) 7.1326.2422.1313.555.55
NP After MI And SOA Margin (%) 7.1326.2422.1313.555.55
Return on Networth / Equity (%) 5.9521.3531.0714.915.68
Return on Capital Employeed (%) 34.9659.6879.0030.8423.09
Return On Assets (%) 2.336.584.602.551.12
Long Term Debt / Equity (X) 0.000.000.001.031.03
Total Debt / Equity (X) 1.412.125.324.653.86
Asset Turnover Ratio (%) 0.300.280.250.090.10
Current Ratio (X) 1.611.441.211.521.67
Quick Ratio (X) 1.611.441.211.521.67
Interest Coverage Ratio (X) 1.301.861.731.521.16
Interest Coverage Ratio (Post Tax) (X) 1.221.651.551.351.14
Enterprise Value (Cr.) 2183.853129.922303.821687.641069.74
EV / Net Operating Revenue (X) 2.994.735.437.215.60
EV / EBITDA (X) 7.046.327.7312.4211.88
MarketCap / Net Operating Revenue (X) 1.862.922.673.592.71
Price / BV (X) 1.552.373.743.952.77
Price / Net Operating Revenue (X) 1.862.922.673.592.71
EarningsYield 0.030.080.080.030.02

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

Arman Financial Services Ltd. is a Public Limited Listed company incorporated on 26/11/1992 and has its registered office in the State of Gujarat, India. Company's Corporate Identification Number(CIN) is L55910GJ1992PLC018623 and registration number is 018623. Currently Company is involved in the business activities of Other financial service activities, except insurance and pension funding activities. Company's Total Operating Revenue is Rs. 181.88 Cr. and Equity Capital is Rs. 10.49 Cr. for the Year ended 31/03/2025.
INDUSTRYADDRESSCONTACT
Non-Banking Financial Company (NBFC)502-503, Sakar III, Ahmedabad Gujarat 380014Contact not found
Management
NamePosition Held
Mr. Alok N PrasadChairman
Mr. Jayendrabhai B PatelVice Chairman & Mng.Director
Mr. Aalok J PatelJoint Managing Director
Mrs. Ritaben J PatelNon Executive Director
Mr. Aakash J PatelNon Executive Director
Mr. Yash Kaushik ShahIndependent Director
Mrs. Geeta Haresh SolankiIndependent Director
Mr. Pinakin S ShahIndependent Director

FAQ

What is the intrinsic value of Arman Financial Services Ltd and is it undervalued?

As of 18 April 2026, Arman Financial Services Ltd's intrinsic value is ₹992.20, which is 33.19% lower than the current market price of ₹1,485.00, suggesting the stock is overvalued. This is calculated using the PE ratio method factoring in ROE (6.17 %), book value (₹830), dividend yield (0.00 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of Arman Financial Services Ltd?

Arman Financial Services Ltd is trading at ₹1,485.00 as of 18 April 2026, with a FY2026-2027 high of ₹1,850 and low of ₹1,111. The stock is currently in the middle of its 52-week range. Market cap stands at ₹1,561 Cr..

How does Arman Financial Services Ltd's P/E ratio compare to its industry?

Arman Financial Services Ltd has a P/E ratio of 55.1, which is below the industry average of 101.56. This is broadly in line with or below the industry average.

Is Arman Financial Services Ltd financially healthy?

Key indicators for Arman Financial Services Ltd: ROCE of 13.3 % is moderate; ROE of 6.17 % is below ideal levels (industry average: 8.84%). Dividend yield is 0.00 %.

Is Arman Financial Services Ltd profitable and how is the profit trend?

Arman Financial Services Ltd reported a net profit of ₹52 Cr in Mar 2025 on revenue of ₹730 Cr. Compared to ₹32 Cr in Mar 2022, the net profit shows an improving trend.

Does Arman Financial Services Ltd pay dividends?

Arman Financial Services Ltd has a dividend yield of 0.00 % at the current price of ₹1,485.00. The company is currently not paying meaningful dividends.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in Arman Financial Services Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
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