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Arman Financial Services Limited (ARMANFIN)

₹1,535.50 -2.49% last close, 16 Oct

📊 NSE: ARMANFIN 🏢 Finance & Investments 📢 Latest filing: 16 Oct 2026 📝 Analysis written: 13 Dec 2025

Latest quarterly results (Q4 FY26)

In its latest reported quarter, Q4 FY26, Arman Financial's net interest income was ₹123 Cr (-16.3% year on year, +12.8% on the previous quarter), and net profit ₹41.0 Cr (+215.4% year on year).

Q4 FY26 (₹ Cr)	Value	YoY vs Q4 FY25	QoQ
Net interest income	₹123	-16.3%	+12.8%
Net profit	₹41.0	+215.4%	+86.4%
EPS (₹)	39.01	+220.8%	+84.9%
Gross NPA	3.43%	—	—

Full quarterly financials → Results calendar →

ARMANFIN delivery percentage

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 61.4% of the ARMANFIN shares traded on NSE were taken to delivery, against the stock's own 20-session average of 51.59%. The price fell 2.49% on that unusually high delivery, the pattern the delivery dashboard labels distribution.

61.4%Delivery, 16 Oct

51.59%Own 20-session average

1.7×Volume vs its average

₹1,535.50NSE close · -2.49%

Delivery in the last 5 sessions: 52.5% · 50.8% · 51.2% · 58.1% · 61.4%

Delivery across the market →

A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed

📢 Recent Corporate Announcements

Arman Financial Appoints Chandramouli Akkiraju as CBO of Subsidiary Namra Finance

🟡 NEUTRAL ⭐ 5/10

MANAGEMENT 📅 16 Oct 2026, 07:09 PM

Arman Financial Services has appointed Mr. Chandramouli Akkiraju as Chief Business Officer (CBO) of its wholly owned microfinance subsidiary, Namra Finance Limited, effective October 16, 2026. Mr. Akkiraju brings over 25 years of financial services experience and previously served as Namra's COO from 2017 to 2023. During his earlier tenure, he oversaw Namra's microfinance AUM expansion from approximately Rs 90 crore to Rs 1,500 crore. In his new role, he will be responsible for overseeing the company's microfinance portfolio.

Appointment of Mr. Chandramouli Akkiraju as CBO of Namra Finance effective October 16, 2026
Candidate brings over 25 years of financial services experience across 22 Indian states and 12 countries
Previously scaled Namra's microfinance AUM from ~Rs 90 crore to Rs 1,500 crore between 2017 and 2023
Tasked with overseeing the microfinance business portfolio at the wholly owned subsidiary

💡 Track subsequent quarterly updates to see if the re-hiring aids MFI asset quality recovery and collection efficiencies following recent sector-wide stress.

Acuite Reaffirms 'ACUITE A-' Rating for Arman Financial, Revises Outlook to 'Positive'

🟢 POSITIVE ⭐ 6/10

OTHER 📅 01 Oct 2026, 02:32 PM

Arman Financial Services Limited has announced that Acuité Ratings & Research reaffirmed its long-term credit rating of 'ACUITE A-' for its bank facilities and Non-Convertible Debentures (NCDs). Significantly, the rating agency revised the outlook from 'Stable' to 'Positive'. This rating and outlook revision also applies to its wholly-owned subsidiary, Namra Finance Limited. The revision reflects improving creditworthiness and operational profile across its lending business.

Long-term rating reaffirmed at 'ACUITE A-' for bank and NCD facilities.
Outlook revised from 'Stable' to 'Positive' by Acuité Ratings & Research.
Revision applies to both Arman Financial Services and its wholly-owned subsidiary Namra Finance Limited.
Rating action confirmed via Acuité's press release dated September 30, 2026.

💡 Track subsequent rating cycles to see if the 'Positive' outlook translates into an actual rating upgrade, and observe if borrowing costs decrease in upcoming quarterly results.

Arman Financial Services AGM Approves FY26 Accounts and Director Re-Appointment

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 30 Sep 2026, 04:09 PM

Arman Financial Services announced the voting results and scrutinizer's report for its 34th Annual General Meeting held on September 28, 2026. Shareholders approved all three ordinary resolutions with overwhelming majorities (>99.7% in favor). Approved items included the adoption of standalone and consolidated financial statements for FY26, as well as the re-appointment of Director Aalok Jayendra Patel.

Total of 42,88,515 valid votes polled out of 1,05,14,761 total shares (40.79% turnout)
Adoption of standalone and consolidated FY26 accounts passed with 99.9985% votes in favor (42,88,450 votes)
Re-appointment of Director Aalok Jayendra Patel passed with 99.71% votes in favor (42,75,895 votes)
Meeting was attended virtually by 52 shareholders (2 promoter group, 50 public)

💡 Track the company's upcoming Q2 FY27 operational and financial updates, specifically monitoring MFI asset quality trends and progress in diversifying into secured LAP/MSME lending.

Arman Financial Reconstitutes 6 Board Committees Effective September 25, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 25 Sep 2026, 07:03 PM

Arman Financial Services Limited has reconstituted six of its key Board committees effective September 25, 2026. The changes encompass the Stakeholders Relationship, Risk Management, Corporate Social Responsibility, Asset Liability Management, Finance & Investment, and Share Transfer committees. Independent Director Alok Prasad will chair both the Stakeholders Relationship and Risk Management Committees, while Vice Chairman & MD Aalok Jayendra Patel leads ALCO and Finance & Investment. This is a routine governance update with no direct financial impact on the company's ₹646 Cr TTM revenue base.

Reconstitution approved across 6 board committees with effect from September 25, 2026
Independent Director Mr. Alok Prasad appointed Chairperson of both Stakeholders Relationship and Risk Management Committees
Asset Liability Management Committee reconstituted with 3 key executives including the Vice Chairman & MD, CFO, and CRO
Finance & Investment Committee reconstituted with 3 members headed by Vice Chairman & MD Aalok Jayendra Patel

💡 Track the upcoming quarterly earnings release to monitor loan book growth and asset quality trends, particularly the GNPA levels in the microfinance portfolio.

Arman Financial Schedules Virtual Investor Group Meeting for September 29, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 18 Sep 2026, 03:56 PM

Arman Financial Services Limited has notified the exchanges that company officials will attend an investor conference organized by Arihant Capital. The interaction is scheduled as a virtual group meeting taking place on September 29, 2026, starting at 1:00 pm IST onwards. The company confirmed that discussions will be based strictly on publicly available information with no unpublished price-sensitive information (UPSI) shared.

Investor meeting scheduled for September 29, 2026, from 1:00 pm onwards
Meeting format is a virtual group interaction
Conference organized by Arihant Capital
Company confirmed no unpublished price sensitive information (UPSI) will be discussed

💡 Track whether any post-meet presentation or transcript is uploaded to exchange filings following the September 29 meeting for strategic updates.

Arman Financial Allots 31,571 Equity Shares Under ESOP Plans

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 15 Sep 2026, 07:08 PM

Arman Financial Services Limited has allotted a total of 31,571 equity shares of face value ₹10 each pursuant to the exercise of employee stock options. This includes 400 shares under the ESOP Plan 2016 and 31,171 shares under the ESOP Plan 2023. Following this allotment, the company's paid-up equity share capital increases to ₹10,54,63,320 comprising 1,05,46,332 equity shares. No shares were allotted to the directors of the company.

Allotted a total of 31,571 equity shares of face value ₹10 each
400 shares allotted under Arman-Employee Stock Option Plan 2016
31,171 shares allotted under Arman-Employee Stock Option Plan 2023
Total paid-up share capital expanded to ₹10,54,63,320 (1,05,46,332 shares)

💡 Track subsequent shareholding patterns for minor dilution effects. No immediate investor action is required as this is a routine ESOP allotment.

Arman Financial Schedules 34th AGM for Sept 28, 2026; Sets E-Voting Cut-Off Date as Sept 21

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 05 Sep 2026, 08:20 PM

Arman Financial Services has issued the notice for its 34th Annual General Meeting (AGM) to be held on September 28, 2026, via video conferencing. The cut-off date to determine member eligibility for remote e-voting is set as September 21, 2026. Key agenda items include adopting the audited standalone and consolidated FY26 financial statements and the re-appointment of Vice Chairman & Managing Director Mr. Aalok Jayendrabhai Patel, who retires by rotation. The company also noted the withdrawal of an agenda item following the demise of Whole-time Director Shri Jayendrabhai Bhailalbhai Patel on August 25, 2026.

34th Annual General Meeting scheduled for Monday, September 28, 2026, at 12:00 PM IST via VC/OAVM
Record/cut-off date for remote e-voting eligibility set for Monday, September 21, 2026
Adoption of FY26 Audited Standalone and Consolidated Financial Statements on the agenda
Proposal for re-appointment of Mr. Aalok Patel (holding 2,47,809 equity shares) as Director retiring by rotation
Demise of Late Shri Jayendrabhai Bhailalbhai Patel on August 25, 2026, noted with his reappointment item withdrawn

💡 Eligible shareholders holding shares as of September 21, 2026, can participate in the remote e-voting process or attend the virtual AGM on September 28, 2026.

Arman Financial Services Schedules 34th AGM on September 28, 2026; E-Voting Cut-Off Sept 21

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 05 Sep 2026, 08:01 PM

Arman Financial Services Limited has issued the notice for its 34th Annual General Meeting (AGM) scheduled for Monday, September 28, 2026, via video conferencing. The cut-off date for remote e-voting eligibility is set for September 21, 2026. Key ordinary resolutions include the adoption of FY26 audited standalone and consolidated financial statements and the reappointment of Vice Chairman & Managing Director Mr. Aalok Jayendra Patel, who retires by rotation. The notice also records the sad demise of Whole-time Director Late Shri Jayendrabhai Bhailalbhai Patel on August 25, 2026, leading to the withdrawal of his re-appointment resolution.

34th Annual General Meeting to be conducted via VC/OAVM on September 28, 2026 at 12:00 PM IST
Cut-off date for remote e-voting eligibility fixed as Monday, September 21, 2026
Ordinary agenda includes adoption of audited financial statements for the financial year ended March 31, 2026
Reappointment of Mr. Aalok Jayendra Patel (holding 2,47,809 equity shares) as Director retiring by rotation
Resolution regarding the retirement by rotation of Late Shri Jayendrabhai Bhailalbhai Patel withdrawn due to his demise on August 25, 2026

💡 Shareholders holding shares on the cut-off date (September 21, 2026) can exercise their voting rights through NSDL e-voting prior to or during the AGM on September 28, 2026.

Arman Financial Schedules Analyst Group Meeting & Branch Visit on September 9, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 04 Sep 2026, 11:28 AM

Arman Financial Services Limited has informed exchanges about a scheduled analyst group meeting on September 9, 2026, starting at 10:00 AM in Ahmedabad. The engagement includes an analyst visit to the company's branch and head office. The management stated that discussions will strictly be based on publicly available information with no unpublished price sensitive information (UPSI) involved. This is a routine regulatory intimation of investor relations activities.

Analyst group meeting scheduled for 9th September 2026
Meeting time specified from 10:00 am onwards
Interaction involves branch and head office visit in Ahmedabad
No Unpublished Price Sensitive Information (UPSI) will be shared

💡 Track subsequent exchange filings for any investor presentation or transcripts uploaded after the meeting, although discussions will be limited to publicly available facts.

Arman Financial Services Announces Demise of Founder & Whole-Time Director Jayendra Patel

🟡 NEUTRAL ⭐ 6/10

MANAGEMENT 📅 25 Aug 2026, 06:59 PM

Arman Financial Services has informed the exchanges of the sad demise of its Founder and Whole-time Director, Mr. Jayendra B. Patel, on August 25, 2026. Mr. Patel founded the company in 1992 and led its expansion across microfinance and MSME lending over more than three decades. As part of a planned succession, he had transitioned executive leadership in February 2026 to Mr. Aalok Patel (Vice Chairman & Managing Director). Consequent to his demise, Mr. Patel ceased to be a Director on August 25, 2026, while executive operations continue under current leadership.

Founder and Whole-time Director Mr. Jayendra B. Patel passed away on August 25, 2026.
Cessation as Director of the company became effective from August 25, 2026.
Mr. Patel founded Arman Financial Services in 1992, guiding it for over 30 years.
Orderly leadership transition was executed earlier in February 2026 with Mr. Aalok Patel serving as Vice Chairman & MD.

💡 Track any upcoming announcements regarding board reconstitution, while monitoring business execution under Managing Director Aalok Patel.

Q1 FY27 PAT Rebounds to ₹45 Cr; Consolidated AUM Surges 36% YoY to ₹2,925 Cr

🟢 POSITIVE ⭐ 6/10

EARNINGS 📅 20 Aug 2026, 11:45 AM

Arman Financial Services reported a strong turnaround in Q1 FY27 with consolidated PAT reaching ₹45 crore, compared to a net loss of ₹15 crore in Q1 FY26. Consolidated AUM rose 36% YoY to a record ₹2,925 crore, supported by a 76% YoY increase in quarterly disbursements to ₹686 crore. Asset quality showed consistent recovery, with consolidated GNPA moderating to 2.76% (from peak of 3.8%) and NNPA at 0.84%. Consolidated Net Interest Margin (NIM) remained robust at 17.4%, while annualized Return on Equity (RoE) stood at 18.9%.

Consolidated AUM increased by 36% YoY to a record ₹2,925 crore as of June 30, 2026
Consolidated PAT stood at ₹45 crore vs a loss of ₹15 crore in Q1 FY26 and ₹41 crore in Q4 FY26
Q1 disbursements rose 76% YoY to ₹686 crore, driven by growth across MSME and MFI segments
Consolidated GNPA improved to 2.76% and NNPA to 0.84%, with collection efficiency at 96.6%
Annualized RoE stood at 18.9% with Net Interest Margin (NIM) at 17.4%

💡 Track collection efficiency trends and credit cost trajectory in subsequent quarters to confirm that MFI asset quality stabilization sustains amidst macroeconomic/geopolitical crosswinds.

Arman Financial Services Releases Q1 FY26 Earnings Call Recording

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 13 Aug 2026, 06:42 PM

Arman Financial Services has uploaded the audio recording of its analyst and investor conference call held on August 13, 2026. The call focused on the financial results for the quarter ended June 30, 2026. This is a standard regulatory filing following the earnings announcement, providing transparency into management's discussion on asset quality and the strategic pivot toward secured lending. Investors can access the recording via the company's website to evaluate the 'calibrated approach' in the Microfinance segment.

Conference call held on August 13, 2026, at 04:30 PM IST to discuss Q1 FY26 results
Management addressed the GNPA increase to 3.45% in Q1 FY26 from 2.91% in FY24
Company operates a network of 402 branches across 149 districts as of the reporting period
Discussion included the strategic pivot toward Loan Against Property (LAP) to increase the secured book portion

💡 Investors should listen to the recording for management's specific commentary on the 3.45% GNPA level and the execution timeline for expanding the secured MSME and LAP portfolios.

₹2,925 Cr AUM: Arman Financial Reports 35.7% YoY Growth in Q1FY27

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 13 Aug 2026, 11:48 AM

Arman Financial Services reported a robust Q1FY27 with consolidated Assets Under Management (AUM) reaching ₹2,925 Cr, a 35.7% YoY increase. Disbursements saw a significant surge of 76.1% YoY to ₹686 Cr, while Profit After Tax (PAT) stood at ₹45 Cr. The company is executing a strategic pivot toward secured lending, with Loan Against Property (LAP) and MSME segments growing, though Microfinance (JLG) still constitutes 41.1% of the book. Asset quality remains stable with a GNPA of 2.76% and a healthy collection efficiency of 96.6%.

Consolidated AUM grew 35.7% YoY to ₹2,925 Cr as of June 30, 2026.
Disbursements for the quarter surged 76.1% YoY to ₹686 Cr.
Total Income for Q1FY27 increased 33.7% YoY to ₹202 Cr.
Asset quality reported with GNPA at 2.76% and NNPA at 0.84%.
Branch network expanded to 556 across 11 states, compared to 492 branches in Q1FY26.

💡 Watch for the continued scale-up of the secured Loan Against Property (LAP) and Solar loan segments to see if they can effectively balance the inherent risks of the unsecured microfinance portfolio.

Rs 45 Cr PAT: Arman Financial Reports Record AUM and Turnaround in Q1 FY27

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 12 Aug 2026, 07:58 PM

Arman Financial Services reported a strong turnaround in Q1 FY27, with a Profit After Tax (PAT) of Rs 45 crore compared to a loss of Rs 15 crore in the same quarter last year. Assets Under Management (AUM) reached a record high of Rs 2,925 crore, growing 35.7% YoY, supported by record first-quarter disbursements of Rs 686 crore (up 76% YoY). Asset quality showed improvement with GNPA at 2.76% and NNPA at 0.84%, while the company maintains a robust capital adequacy ratio of 33.57%. The Microfinance segment (Namra) remains the primary driver, contributing Rs 2,167 crore to the total AUM.

Consolidated AUM reached a record Rs 2,925 crore, marking a 35.7% YoY growth.
Q1 disbursements surged 76% YoY to Rs 686 crore, the highest-ever for a first quarter.
Profit After Tax turned around to Rs 45 crore from a loss of Rs 15 crore in Q1 FY26.
Gross NPA improved to 2.76% from 3.45% in the previous year, with collection efficiency at 96.6%.
Standalone AUM (MSME, 2W, LAP) grew 25.9% YoY to Rs 758 crore, showing diversification progress.

💡 Investors should monitor the collection efficiency trends in the MFI segment and the scaling of the secured Loan Against Property (LAP) book, which currently stands at Rs 90 crore, as a key diversification metric.

Arman Financial Q1 FY27 PBT at ₹42.09 Cr; Appoints Head of Internal Audit

🟡 NEUTRAL ⭐ 7/10

BOARD_MEETING 📅 12 Aug 2026, 07:47 PM

Arman Financial Services reported a consolidated Profit Before Tax (PBT) of ₹42.09 Cr for Q1 FY27, a 26% decline from ₹57.17 Cr in the same quarter last year. Despite the profit dip, consolidated total income grew to ₹201.82 Cr from ₹175.58 Cr YoY. The company formalized the appointment of Mr. Pushpendrakumar as Head of Internal Audit, who brings 16 years of experience from AU and Utkarsh Small Finance Banks. Asset quality remains stable with Stage III assets at 3.14% and a robust Capital Adequacy Ratio (CRAR) of 33.57%.

Consolidated Total Income increased to ₹201.82 Cr in Q1 FY27 compared to ₹175.58 Cr in Q1 FY26
Consolidated Profit Before Tax (PBT) fell to ₹42.09 Cr from ₹57.17 Cr in the year-ago period
Stage III loan assets (GNPA) reported at 3.14% with Net Stage III at 0.71% as of June 30, 2026
Capital to Risk-Weighted Assets Ratio (CRAR) remains strong at 33.57% against regulatory requirements
Granted 3,600 ESOPs at an exercise price of ₹500 per share, vesting over a 4-year period

💡 Investors should monitor the trend in impairment losses and credit costs which impacted the bottom line this quarter, while tracking the company's progress in diversifying into secured Loan Against Property (LAP) and MSME segments.

View All ARMANFIN Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Consolidated AUM stood at INR 2,130 Cr in H1 FY26, a decline of 13.6% YoY. The Microfinance (Namra) segment AUM was INR 1,507 Cr, while the Non-MFI segment (MSME, Two-Wheeler, LAP) grew 29% YoY to INR 623 Cr. H1 FY26 disbursements grew 3.9% YoY to INR 865 Cr, driven by a 26% YoY increase in Non-MFI disbursements to INR 260 Cr.

Geographic Revenue Split

Operations are spread across 149 districts in states including Gujarat, Madhya Pradesh, Maharashtra, Uttar Pradesh, Uttarakhand, Rajasthan, Telangana, Haryana, and Bihar through a network of 402 branches. Specific % split per region is not disclosed.

Profitability Margins

Profitability has weakened with PAT declining from INR 173.57 Cr in FY24 to INR 52.07 Cr in FY25. H1 FY26 reported a net loss of INR 7 Cr compared to a profit of INR 47 Cr in H1 FY25. However, Net Interest Margins (NIM) remained healthy, improving from 15.11% in FY25 to 15.49% in Q1 FY26.

EBITDA Margin

Pre-provisioning operating profit for the MFI subsidiary (Namra) was INR 36 Cr in Q2 FY26, up from INR 32 Cr in Q1 FY26. Core profitability is impacted by elevated credit costs which rose to INR 264.10 Cr in FY25 and INR 66.52 Cr in Q1 FY26 due to MFI sector stress.

Capital Expenditure

Not disclosed in available documents as the company is an NBFC; however, shareholders' funds stood at INR 872 Cr as of September 2025.

Credit Rating & Borrowing

Maintains an 'ACUITE A-' rating with a Stable outlook for NCD facilities. The company utilizes a diverse borrowing mix including Term Loans (TL), NCDs, and Direct Assignment (DA). Top lender concentration includes one partner providing 13.12% of total borrowings.

⚙️ Operational Drivers

Raw Materials

Capital/Debt Funds (100% of operational input cost for lending).

Import Sources

Domestic financial markets and banks across India.

Key Suppliers

Lenders include various banks and financial institutions; specific names include 'Lender 1' (13.12% of borrowings) and others providing TL and DA facilities.

Capacity Expansion

Current network of 402 branches across 149 districts. Expansion is focused on increasing the secured Loan Against Property (LAP) and MSME portfolios to diversify away from unsecured MFI lending.

Raw Material Costs

Cost of funds is managed through a borrowing mix of TL, NCDs, and DA. Average tenure of active borrowings is 15-16 months as of Q2 FY26.

Manufacturing Efficiency

Collection efficiency in the 'zero bucket' (on-time) improved to 99% in September 2025. The portfolio created after September 2024 shows a 99.4% zero DPD repayment rate.

Logistics & Distribution

Distribution is handled via 402 physical branches; operational efficiency is tracked via Cost-to-Income ratio, which was 50.1% for the MFI segment in Q2 FY26.

📈 Strategic Growth

Expected Growth Rate

33%

Growth Strategy

Achieving growth through a 'calibrated approach' in Microfinance while aggressively expanding the Non-MFI segments (MSME, Two-Wheeler, and LAP). The strategy involves a pivot toward a higher coverage of the secured book to enhance risk-adjusted growth and leveraging a 33% historical AUM CAGR (FY16-25).

Products & Services

Microfinance loans (Joint Liability Group model), MSME loans, Two-Wheeler loans, and Loan Against Property (LAP).

Brand Portfolio

Arman Financial Services, Namra Finance (wholly-owned subsidiary).

New Products/Services

Strategic pivot toward Loan Against Property (LAP) to increase the secured portion of the total book.

Market Expansion

Focusing on under-served rural and semi-urban retail markets across existing 10 states.

Strategic Alliances

Partnerships with multiple lending partners for Direct Assignment (DA) and Term Loans.

🌍 External Factors

Industry Trends

The MFI industry is currently undergoing a credit cycle stress phase with rising delinquencies. Arman is positioning for a recovery by focusing on 'quality over scale' and diversifying into secured retail lending segments.

Competitive Landscape

Competes with other NBFC-MFIs, Small Finance Banks, and local moneylenders in rural segments.

Competitive Moat

Durable advantage through a 30-year track record (since 1992) and deep rural distribution network. The moat is sustained by experienced management (100+ years combined experience) and a high-yield niche focus.

Macro Economic Sensitivity

Highly sensitive to rural economic sentiment and agricultural cycles which affect the repayment capacity of MFI and MSME borrowers.

Consumer Behavior

Shift toward seeking larger, secured loans (LAP/MSME) as rural entrepreneurs scale their businesses.

Geopolitical Risks

Low direct impact; primarily affected by domestic regulatory changes and Indian interest rate environment.

⚖️ Regulatory & Governance

Industry Regulations

Regulated by RBI as an NBFC-MFI. Must maintain CAR above 15%; currently maintains 38.73% (Standalone) and 57.78% (Namra), well above requirements. Complies with CGFMU guarantee scheme norms.

Taxation Policy Impact

Standard corporate tax rates apply; H1 FY26 saw a tax credit due to losses.

Legal Contingencies

A routine internal audit in January 2025 revealed a minor discrepancy of INR 11.10 lakhs. No major pending High Court or Supreme Court litigation values disclosed.

⚠️ Risk Analysis

Key Uncertainties

Asset quality in the MFI segment remains the primary uncertainty; credit costs rose to INR 264.10 Cr in FY25, significantly impacting the bottom line by 70% YoY.