Aryaman Financial Services Ltd

ARYAMAN

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Market Cap

₹ 841 Cr

P/E

20.67

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Investment Checklist

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Performance

MARKET LEADER

Valuation

REASONABLE

Growth

EXCEPTIONAL

Profitability

HIGH MARGIN

Technicals

Bearish

Risk

MODERATE RISK

Investment Checklist

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Price

PE Ratio

Price

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Overview

Detailed Summary

Aryaman Financial Services Limited (AFSL) is a SEBI registered Category - I Merchant Banker specializing in financial advisory and merchant banking services, particularly in the SME segment.

Post-2008 management change led by M/s. Mahshri Enterprises Pvt. Ltd., AFSL has substantially expanded its operations in managing public issues, rights issues, and open offers.

AFSL was the pioneer in managing the first SME IPO in India, aiding SMEs in transitioning to a regulated market through equity capital raising.

Through its subsidiaries, AFSL offers a broad range of services including portfolio management, stock broking, and advisory services for mergers and acquisitions.

The company has positioned itself as a critical enabler for SMEs seeking structured financial solutions and has seen significant transactions in public issues and open offers since its operational inception.

Sector

Finance

Industry

Finance - Small

Market Cap

841 Cr

Volatility

Low Risk

P/E Ratio

20.7

Industry P/E

20.4

PEG Ratio

0.3

P/B Ratio

5.6

52W High

1,100.00

52W Low

390.20

Sales CAGR

68.59%

60.66%

35.23%

10Y

25.97%

Profit CAGR

64.30%

65.73%

48.93%

10Y

30.78%

ROE

TTM

27.12%

14.29%

12.02%

10Y

9.99%

ROCE

TTM

45.45%

20.43%

17.24%

10Y

15.32%

Technicals

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Forecasts

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
LKPMERFIN	851.20	1,308 Cr	348.85	2.77	0.00	0.06	0.87	0.47
FEDDERSHOL	53.96	1,087 Cr	39.39	1.64	0.00	4.18	4.58	5.31
PRIMESECU	284.75	965 Cr	29.03	4.20	0.52	14.48	13.98	13.18
ARYAMAN	681.10	841 Cr	20.67	5.61	0.00	27.12	45.45	24.61
LAXMIINDIA	131.00	687 Cr	17.23	1.58	0.00	9.17	11.70	2.55
THEINVEST	118.25	618 Cr	28.29	0.85	0.00	3.01	6.83	1.87
ZNILKENG	—	324 Cr	74.48	6.80	0.00	9.13	9.14	6.96

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Revenue	12	32	17	6.27	11	25	38	39	29	19
Expenses	10	10	8.34	5.18	3.89	16	11	29	14	7.21
Interest	0.92	0.93	0.93	0.98	1.04	1.02	0.93	0.61	0.65	0.25
Financing Profit	0.39	20	7.46	0.11	6.04	7.78	25	10	14	12
Financing Margin %	3.39	64.49	44.59	1.75	55.06	31.30	67.03	25.48	50.12	60.70
Other Income	0.73	0.85	0.87	1.44	1.13	1.28	0.65	2.17	1.25	1.75
Depreciation	0.04	0.04	0.04	0.02	0.03	0.04	0.04	0.04	0.05	0.07
Profit Before Tax	1.09	21	8.29	1.53	7.14	9.02	26	12	16	13
Tax %	24.77	13.01	16.16	16.34	14.57	23.61	16.21	13.04	15.42	21.99
Net Profit	0.81	18	6.95	1.28	6.11	6.89	22	11	13	10
EPS in Rs	0.67	15.07	5.68	1.05	4.99	5.63	17.65	9.01	10.80	8.40
Gross NPA %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net NPA %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

Consolidated Profit Loss (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Revenue	28	39	86	89	137	84	54	66	113	131
Expenses	25	35	82	85	134	74	46	34	60	70
Interest	0.31	0.64	2.44	2.81	2.80	2.41	3.15	3.76	3.60	3.21
Financing Profit	3.29	3.45	1.84	0.69	0.47	7.64	4.30	28	49	57
Financing Margin %	11.59	8.88	2.14	0.78	0.34	9.11	8.03	42.91	43.48	43.96
Other Income	0.03	0.51	0.80	0.76	0.73	0.90	2.17	3.90	5.23	5.35
Depreciation	0.17	0.14	0.21	0.14	0.14	0.13	0.16	0.15	0.16	0.17
Profit Before Tax	3.15	3.83	2.43	1.31	1.06	8.42	6.31	32	54	63
Tax %	24.37	22.02	26.17	28.80	21.81	10.62	18.54	14.39	16.52	16.48
Net Profit	2.39	2.99	1.79	0.93	0.83	7.52	5.14	28	45	52
EPS in Rs	—	—	2.05	0.76	0.67	5.77	4.88	22.46	37.27	45.86
Dividend Payout %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	11	12	12	12	12	12	12	12	12	12
Reserves	6.05	14	17	19	18	24	31	44	61	116
Borrowings	0.36	2.94	18	32	33	28	31	41	46	28
Other Liabilities	5.01	8.46	18	16	14	20	26	36	41	68
Total Liabilities	22	37	65	79	77	83	99	133	160	225
Fixed Assets	2.36	2.81	1.70	2.34	2.38	2.27	2.16	2.29	2.28	2.47
CWIP	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Investments	6.44	24	35	28	21	30	39	58	62	97
Other Assets	14	11	28	49	54	51	58	73	95	125
Total Assets	22	37	65	79	77	83	99	133	160	225

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	-0.38	6.27	-6.70	-17	-5.36	14	17	11	26	46
Cash from Investing Activity	1.57	-11	-7.45	7.60	5.57	1.79	-3.06	0.76	-6.09	-12
Cash from Financing Activity	-0.60	4.91	14	12	-1.83	-7.66	0.12	7.06	1.57	-8.00
Net Cash Flow	0.59	0.12	0.15	2.08	-1.61	7.96	14	19	21	26

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	62.17%	62.17%	62.17%	62.17%	62.17%	62.17%	62.17%	62.17%	62.17%	63.92%	63.92%	63.92%
FIIs	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
DIIs	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%
Public	37.82%	37.82%	37.82%	37.82%	37.82%	37.82%	37.82%	37.82%	37.82%	36.08%	36.08%	36.08%
Total Shareholders	1,685	1,600	1,596	1,567	1,615	1,568	1,566	1,653	1,684	1,684	2,183	2,731

Market Transactions

Date	Party	Category	Type	Avg Price (₹)	Total Value (₹)	Quantity	Percent Traded
Mar 22, 2025	Mahshri enterprises private l...	Insider - Other	Acquisition	245.00	13.84 Cr	5,65,000	4.83
Jul 28, 2023	Vedankit traders private limited	Bulk	Buy	131.00	1.34 Cr	1,02,212	0.83
Jul 28, 2023	Tia enterprises private limited	Bulk	Sell	131.00	2.05 Cr	1,56,212	1.27
Jul 24, 2023	Gemzar enterprises private li...	Bulk	Buy	127.00	1.08 Cr	85,000	0.69
Jul 24, 2023	Tia enterprises private limited	Bulk	Sell	127.00	1.46 Cr	1,15,000	0.93
Feb 08, 2023	India finsec limited	Bulk	Sell	85.00	0.69 Cr	81,000	0.66

Projection

Actions

Action Type

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Announcements

Last 7 days

Newest

Sentiment

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Documents

Presentations

Concalls

Reports

Presentations

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Financial Statements

AI Powered Summary

Discover detailed, AI-driven financial summaries that break down key metrics, trends, and insights—empowering you to make smarter investment decisions.

AI Mode

Consolidated Quarterly Results (in ₹ Crores)

View Standalone

Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Revenue	12	32	17	6.27	11	25	38	39	29	19
Expenses	10	10	8.34	5.18	3.89	16	11	29	14	7.21
Interest	0.92	0.93	0.93	0.98	1.04	1.02	0.93	0.61	0.65	0.25
Financing Profit	0.39	20	7.46	0.11	6.04	7.78	25	10	14	12
Financing Margin %	3.39	64.49	44.59	1.75	55.06	31.30	67.03	25.48	50.12	60.70
Other Income	0.73	0.85	0.87	1.44	1.13	1.28	0.65	2.17	1.25	1.75
Depreciation	0.04	0.04	0.04	0.02	0.03	0.04	0.04	0.04	0.05	0.07
Profit Before Tax	1.09	21	8.29	1.53	7.14	9.02	26	12	16	13
Tax %	24.77	13.01	16.16	16.34	14.57	23.61	16.21	13.04	15.42	21.99
Net Profit	0.81	18	6.95	1.28	6.11	6.89	22	11	13	10
EPS in Rs	0.67	15.07	5.68	1.05	4.99	5.63	17.65	9.01	10.80	8.40
Gross NPA %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net NPA %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

Consolidated Profit Loss (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Revenue	28	39	86	89	137	84	54	66	113	131
Expenses	25	35	82	85	134	74	46	34	60	70
Interest	0.31	0.64	2.44	2.81	2.80	2.41	3.15	3.76	3.60	3.21
Financing Profit	3.29	3.45	1.84	0.69	0.47	7.64	4.30	28	49	57
Financing Margin %	11.59	8.88	2.14	0.78	0.34	9.11	8.03	42.91	43.48	43.96
Other Income	0.03	0.51	0.80	0.76	0.73	0.90	2.17	3.90	5.23	5.35
Depreciation	0.17	0.14	0.21	0.14	0.14	0.13	0.16	0.15	0.16	0.17
Profit Before Tax	3.15	3.83	2.43	1.31	1.06	8.42	6.31	32	54	63
Tax %	24.37	22.02	26.17	28.80	21.81	10.62	18.54	14.39	16.52	16.48
Net Profit	2.39	2.99	1.79	0.93	0.83	7.52	5.14	28	45	52
EPS in Rs	—	—	2.05	0.76	0.67	5.77	4.88	22.46	37.27	45.86
Dividend Payout %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	—

Consolidated Balance Sheet (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	11	12	12	12	12	12	12	12	12	12
Reserves	6.05	14	17	19	18	24	31	44	61	116
Borrowings	0.36	2.94	18	32	33	28	31	41	46	28
Other Liabilities	5.01	8.46	18	16	14	20	26	36	41	68
Total Liabilities	22	37	65	79	77	83	99	133	160	225
Fixed Assets	2.36	2.81	1.70	2.34	2.38	2.27	2.16	2.29	2.28	2.47
CWIP	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Investments	6.44	24	35	28	21	30	39	58	62	97
Other Assets	14	11	28	49	54	51	58	73	95	125
Total Assets	22	37	65	79	77	83	99	133	160	225

Consolidated Cash Flows (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	-0.38	6.27	-6.70	-17	-5.36	14	17	11	26	46
Cash from Investing Activity	1.57	-11	-7.45	7.60	5.57	1.79	-3.06	0.76	-6.09	-12
Cash from Financing Activity	-0.60	4.91	14	12	-1.83	-7.66	0.12	7.06	1.57	-8.00
Net Cash Flow	0.59	0.12	0.15	2.08	-1.61	7.96	14	19	21	26

Oscillators

BearishNeutralBullish

Neutral

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bearish

Neutral

Bullish

Moving Averages

BearishNeutralBullish

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bearish

Neutral

Bullish

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
LKPMERFIN	851.20	1,308 Cr	348.85	2.77	0.00	0.06	0.87	0.47
FEDDERSHOL	53.96	1,087 Cr	39.39	1.64	0.00	4.18	4.58	5.31
PRIMESECU	284.75	965 Cr	29.03	4.20	0.52	14.48	13.98	13.18
ARYAMAN	681.10	841 Cr	20.67	5.61	0.00	27.12	45.45	24.61
LAXMIINDIA	131.00	687 Cr	17.23	1.58	0.00	9.17	11.70	2.55
THEINVEST	118.25	618 Cr	28.29	0.85	0.00	3.01	6.83	1.87
ZNILKENG	—	324 Cr	74.48	6.80	0.00	9.13	9.14	6.96

Overview

Detailed Summary

Aryaman Financial Services Limited (AFSL) is a SEBI registered Category - I Merchant Banker specializing in financial advisory and merchant banking services, particularly in the SME segment.

Post-2008 management change led by M/s. Mahshri Enterprises Pvt. Ltd., AFSL has substantially expanded its operations in managing public issues, rights issues, and open offers.

AFSL was the pioneer in managing the first SME IPO in India, aiding SMEs in transitioning to a regulated market through equity capital raising.

Through its subsidiaries, AFSL offers a broad range of services including portfolio management, stock broking, and advisory services for mergers and acquisitions.

Sector

Finance

Industry

Finance - Small

Market Cap

841 Cr

Volatility

Low Risk

P/E Ratio

20.7

Industry P/E

20.4

PEG Ratio

0.3

P/B Ratio

5.6

52W High

1,100.00

52W Low

390.20

Sales CAGR

68.59%

60.66%

35.23%

10Y

25.97%

Profit CAGR

64.30%

65.73%

48.93%

10Y

30.78%

ROE

TTM

27.12%

14.29%

12.02%

10Y

9.99%

ROCE

TTM

45.45%

20.43%

17.24%

10Y

15.32%