Arman Financial Services Limited (ARMANFIN) AI Stock Analysis

Arman Financial Services Limited

(NSE:ARMANFIN)

Select Model

Rating:46.3Neutral

Price Target:INR 1,392.00▼(-2.19% Downside)

Action:reiterated

Date:09/29/26

The overall score reflects a still-profitable business burdened by slower growth, higher leverage, and a sharp deterioration in cash generation, combined with a weak price trend; a moderate P/E valuation offers some support but is not strong enough to offset the financial and technical risks.

Positive Factors

Historical Revenue ExpansionRevenue expanded strongly from 2022–2024, showing that the lending platform has demonstrated the ability to grow its book and interest-generating base over multiple years. That established expansion provides a foundation for operating scale, even though recent growth has weakened.

Negative Factors

Revenue Deceleration and Earnings CompressionThe shift from strong earlier revenue growth to slightly negative growth in 2026, alongside sharp net-income declines after 2024, signals weaker earnings power. Persistent compression could reduce internal capital generation and limit the company’s ability to expand lending sustainably.

Arman Financial Services Limited (ARMANFIN) vs. iShares MSCI India ETF (INDA)

Market Cap: INR 18.96B
Dividend Yield: ―
Average Volume (3M): 2,076
Price to Earnings (P/E): 12.8
Beta (1Y): 1.15
Revenue Growth: <0.01%
EPS Growth: 1773.87%
Country: India
Employees: 1,753
Sector: General
Sector Strength: 55
Industry: Financial - Credit Services

Arman Financial Services Limited Business Overview & Revenue Model

Company Description

Arman Financial Services Limited, operating in India alongside its subsidiary Namra Finance Limited, functions as a non-banking financial company. The firm's core business involves offering financing solutions for individuals purchasing two- and thre...

How the Company Makes Money

ARMANFIN makes money primarily by earning interest income and fees from loans it originates and services. Key revenue streams generally include: (1) Interest income: the spread between the interest the company charges borrowers on microfinance/retail...

Arman Financial Services Limited Financial Statement Overview

Summary

Profitability and margins remain positive, but revenue growth has slowed, net income has declined versus last year, leverage has increased, and cash flows have turned from strongly positive to negative, indicating rising balance sheet and liquidity risk.

Income Statement

68Positive

Balance Sheet

42Neutral

Cash Flow

28Negative

Financial statement breakdown
Breakdown	TTM	Mar 2026	Mar 2025	Mar 2024	Mar 2023	Mar 2022
Income Statement
Total Revenue	6.65B	6.09B	6.17B	5.87B	3.89B	2.23B
Gross Profit	3.30B	2.53B	2.84B	2.64B	1.68B	957.61M
EBITDA	1.97B	1.91B	709.74M	2.30B	1.26B	465.90M
Net Income	1.16B	566.05M	520.73M	1.74B	938.11M	317.23M
Balance Sheet
Total Assets	0	27.98B	22.27B	26.35B	20.38B	12.41B
Cash, Cash Equivalents and Short-Term Investments	0	4.91B	4.52B	5.32B	4.53B	1.42B
Total Debt	0	17.76B	12.32B	17.25B	16.04B	9.90B
Total Liabilities	-9.33B	18.64B	13.53B	18.22B	16.72B	10.29B
Stockholders Equity	9.33B	9.33B	8.74B	8.13B	3.66B	2.13B
Cash Flow
Free Cash Flow	804.08M	-4.80B	4.67B	-3.05B	-7.20B	-2.82B
Operating Cash Flow	808.79M	-4.76B	4.93B	-3.02B	-7.18B	-2.81B
Investing Cash Flow	85.94M	-496.80M	-488.04M	183.80M	-126.16M	-19.68M
Financing Cash Flow	-359.23M	5.46B	-4.95B	3.76B	6.81B	2.70B

Arman Financial Services Limited Technical Analysis

Technical Analysis SentimentNegative

Last Price1423.20

Price Trends

50DMA1795.97Negative

100DMA1816.05Negative

200DMA1696.28Negative

Market Momentum

MACD-119.35Positive

RSI25.66Positive

STOCH26.46Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:ARMANFIN, the sentiment is Negative. The current price of 1423.20 is below the 20-day moving average (MA) of 1571.16, below the 50-day MA of 1795.97, and below the 200-day MA of 1696.28, indicating a bearish trend. The MACD of -119.35 indicates Positive momentum. The RSI at 25.66 is Positive, neither overbought nor oversold. The STOCH value of 26.46 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:ARMANFIN.

Arman Financial Services Limited Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

IN:ARMANFIN against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
IN:SATIN	73Outperform	INR 26.27B	4.93	―	―	19.64%	296.19%
IN:CREDITACC	63Neutral	INR 163.93B	10.34	―	―	17.44%	1085.33%
IN:PAISALO	59Neutral	INR 74.09B	26.93	―	0.13%	23.67%	26.77%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
IN:ARMANFIN	46Neutral	INR 14.96B	12.79	―	―	<0.01%	1773.87%
IN:MUTHOOTMF	40Underperform	INR 23.02B	22.78	―	―	5.19%	―
IN:SPANDANA	37Underperform	INR 16.73B	-4.45	―	―	-46.58%	78.01%

* General Sector Average

Performance Comparison

IN:ARMANFIN and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
IN:ARMANFIN	Arman Financial Services Limited	1423.20	-199.90	-12.32%
IN:CREDITACC	CreditAccess Grameen Ltd.	1036.60	-341.55	-24.78%
IN:MUTHOOTMF	Muthoot Microfin Ltd	142.35	-26.15	-15.52%
IN:PAISALO	Paisalo Digital Ltd.	79.24	40.80	106.12%
IN:SATIN	Satin Creditcare Network Ltd	237.35	86.40	57.24%
IN:SPANDANA	Spandana Sphoorty Financial Ltd.	184.50	-58.55	-24.09%

Arman Financial Services Limited Corporate Events

Arman Financial Services Announces Q2 and H1 FY27 Conference Call

Nov 2, 2026

Arman Financial Services Limited’s senior management will hold a conference call with stakeholders on November 6, 2026, to discuss the company’s unaudited financial results for the quarter and half year ended September 30, 2026. The inter...

Arman Financial Services to Join Virtual Investor Conference on September 29

Sep 18, 2026

Arman Financial Services Limited has announced that its officials will participate in a virtual investor conference organized by Arihant Capital on September 29, 2026, for a group meeting with analysts and institutional investors. The company emphasi...

Glossary

BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

Date of analysis: Sep 29, 2026

Arman Financial Services Limited AI Stock Analysis