Overview

Detailed Summary

Northern Arc Capital Limited is a diversified financial services platform focused on meeting the retail credit needs of underserved households and businesses in India. The company offers lending, placements, and fund management solutions.
In Q3FY26, Northern Arc achieved record-high AUM and profit levels with AUM reaching INR 15,121 crore and PAT crossing INR 101 crore despite challenging economic conditions.
The Direct to Customer (D2C) business model accounted for 56% of total AUM as of December 2025, demonstrating significant growth both year-on-year and quarter-on-quarter.
Northern Arc has successfully leveraged technology through platforms like Nimbus, nPOS, and NuScore to enhance credit flow and optimize risk-adjusted returns, showing potential for future fee-based business expansion.
Despite the offshore funding challenges, Northern Arc maintained a strong liquidity position with a diverse funding base and a focus on long-term funding sources.

Sector: Finance
Industry: NBFC-Others
Market Cap: 3,757 Cr
Volatility: High Risk
P/E Ratio: 12.2
Industry P/E: 26.8
PEG Ratio: 0.4
P/B Ratio: 1.0
52W High: 290.00
52W Low: 153.50

Sales CAGR

1Y: 23.97%
3Y: 37.06%
5Y: 29.91%
10Y: —

Profit CAGR

1Y: -5.15%
3Y: 18.31%
5Y: 23.96%
10Y: —

ROE

TTM: 7.81%
3Y: 10.77%
5Y: 9.56%
10Y: —

ROCE

TTM: 8.52%
3Y: 10.36%
5Y: 9.95%
10Y: —

Technicals

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Forecasts

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Analyst Target, Price, EPS and Revenue Projections

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
FEDFINA	121.25	4,536 Cr	14.48	1.67	0.00	9.06	9.14	2.36
DHENUBUILD	7.37	4,373 Cr	8240.45	5.19	0.00	15.90	0.05	0.13
NORTHARC	234.25	3,757 Cr	12.24	1.03	0.00	7.81	8.52	2.15
INDOSTAR	207.20	3,370 Cr	5.76	0.76	0.00	-10.94	3.10	5.87
AYE	112.20	2,739 Cr	12.30	1.12	0.00	7.44	9.43	2.09
SGFIN	391.65	2,189 Cr	23.84	2.04	0.00	9.37	7.21	3.65
ELCIDIN	97363.95	1,947 Cr	14.96	0.18	0.03	1.20	1.61	1.04

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Revenue	437	492	564	578	585	576	603	605	627	721
Expenses	153	200	242	245	243	267	366	282	292	354
Interest	174	184	204	209	205	214	200	216	208	231
Financing Profit	109	108	118	123	137	96	36	107	128	136
Financing Margin %	25.05	22.02	20.85	21.31	23.36	16.62	6.02	17.61	20.33	18.82
Other Income	1.87	4.01	0.89	4.18	0.05	4.18	3.70	1.99	-1.60	3.83
Depreciation	4.20	4.65	4.66	3.87	3.18	5.87	4.96	4.24	4.97	4.88
Profit Before Tax	107	108	114	123	134	94	35	104	121	135
Tax %	25.85	23.87	24.86	24.17	28.02	22.18	-9.63	25.03	24.79	24.48
Net Profit	79	82	86	94	96	73	38	78	91	102
EPS in Rs	—	—	—	—	6.72	4.65	2.33	4.98	5.62	6.21
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)

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Total Figures

YoY Changes

Total Figures

	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Revenue	602	633	681	910	1,305	1,890	2,342	2,369
Expenses	136	174	256	248	419	741	1,121	1,159
Interest	302	309	323	411	557	726	828	835
Financing Profit	164	150	103	251	329	422	392	375
Financing Margin %	27.25	23.64	15.07	27.59	25.20	22.34	16.73	15.84
Other Income	16	1.63	4.12	7.01	4.36	15	12	9.92
Depreciation	4.69	6.73	6.74	9.58	12	17	18	18
Profit Before Tax	175	144	100	248	321	420	386	367
Tax %	33.97	28.76	23.40	26.75	24.60	24.40	21.95	22.08
Net Profit	115	103	77	182	242	318	301	286
EPS in Rs	—	—	—	—	—	23.45	—	19.13
Dividend Payout %	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 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	78	87	88	89	89	89	161
Reserves	1,089	1,419	1,494	1,650	1,866	2,225	3,273
Borrowings	2,925	2,921	3,932	5,983	7,035	9,048	9,860
Other Liabilities	185	170	183	252	382	346	344
Total Liabilities	4,278	4,597	5,697	7,974	9,372	11,708	13,638
Fixed Assets	84	25	22	24	51	57	76
CWIP	3.43	0.95	0.54	0.28	0.99	2.31	5.93
Investments	1,193	1,171	1,383	1,766	1,790	1,785	2,052
Other Assets	2,997	3,400	4,292	6,184	7,530	9,864	11,504
Total Assets	4,278	4,597	5,697	7,974	9,372	11,708	13,638

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	-456	-336	-54	-711	-1,326	-1,296	-2,134	-1,047
Cash from Investing Activity	74	-36	-26	-201	-386	-115	36	-388
Cash from Financing Activity	449	375	223	977	2,028	928	2,045	1,586
Net Cash Flow	67	3.57	142	65	317	-483	-53	151

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Jul 2021	Feb 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Promoters	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
FIIs	0.00%	0.00%	0.91%	0.50%	1.47%	5.39%	3.82%	3.95%
DIIs	100.00%	100.00%	27.20%	26.90%	26.30%	10.65%	11.21%	12.05%
Public	0.00%	0.00%	71.90%	72.60%	72.23%	83.97%	84.97%	84.01%
Total Shareholders	17	33	1,24,981	1,15,060	1,10,098	1,11,037	1,04,045	1,01,790

Market Transactions

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Documents

Presentations

Concalls

Reports

Presentations

Investor Presentation

Q3 FY26

Investor Presentation

Q2 FY26

Investor Presentation

Q1 FY26

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