Arman Financial Services Limited · NSE:ARMANFIN
Arman Financial Services — Q1 FY26 Earnings Presentation
42 slides from Arman Financial Services's earnings presentation, Aug 14, 2025
Slide 1: Exchange filing cover letter
________________________________________________________________________________________________________________________________________________________________________________________________ _Registered Office: 502-503, SAKAR III, OPP. OLD HIGH COURT, OFF ASHRAM ROAD, AHMEDABAD-380014, GUJARAT, IN
Slide 2: Arman Financial Services Limited Investor Presentation – August 2025
Arman Financial Services Limited Investor Presentation – August 2025
Slide 3: Safe Harbour
Safe Harbour This presentation and the accompanying slides (the “Presentation”), which have been prepared by Arman Financial Services Ltd. (the “Company”), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for an
Slide 4: Contents
Contents Business Update Page 4 - Page 7 About the Company Page 8 - Page 14 Presence in Attractive Retail Page 15 - Page 22 Lending Segments Efficient Liability Management Page 23 - Page 26 Strong Financial Performance Page 27 - Page 40
Slide 5: Business Update
Business Update Business Update
Slide 6: Q1FY26 Performance Highlights
Q1FY26 Performance Highlights INR 2,156 Crore INR 67 Crore* Assets Under Provisions Cumulative Provisions stood at INR 111 Crore as on 30 th June Management and Write offs 2025 (-17% Y-o-Y) (covering 5.16% of the consolidated AUM, 6.29% on book) INR 387 Crore GNPA: 3.45% Disbursement Asset Quality (
Slide 7: Track Record of Capital Raising (1/2)
Track Record of Capital Raising (1/2) 2018: Investment by SAIF Partners Shareholding Pattern as on 30 th June 25, on Fully diluted basis • In 2018, raised Rs. 50 crore by issuing compulsorily convertible debentures (CCDs) to SAIF Partners, a leading private equity firm Business Performance 22.1% 202
Slide 8: Track Record of Capital Raising (2/2)
Track Record of Capital Raising (2/2) Calculated as per IND-AS Net worth (INR Crore) Debt/Equity (x) # CRAR (%) 865 859 874 861 1.5 50.1% 1.4 43.8% 45.7% 48.4% 1.3 1.3 39.2% 39.5% 37.3% 38.2% Sep-24 Dec-24 Mar-25 Jun-25 Sep-24 Dec-24 Mar-25 Jun-25 Sep-24 Dec-24 Mar-25 Jun-25 Arman (Standalone) Namra
Slide 9: About the Company
About the Company About the Company
Slide 10: About Arman Financial Services
About Arman Financial Services About the Company Business Performance Efficient Liability Management • A diversified NBFC focusing on large under-served rural & semi-urban • Consistent rating upgrades backed by strong financial & operating retail markets performance • Namra & Arman credit rating upg
Slide 11: Journey so Far
Journey so Far 1992 1995 1998 2010 2011 • Company Incorporated • Listing on BSE – • Launched 2W Loans • Launched Microfinance • Raised PE funding • Started bill discounting Issue subscribed business from Incofin & Machine leasing 22x • Disbursement crosses INR 50 Crore 2019 2018 2017 2014-16 2013 •
Slide 12: Geographical Footprint
Geographical Footprint Geographical AUM Mix Number of (Consolidated) Q1FY26 Q1FY25 Branches 1% 11% Microfinance 391 342 2% 30% 4% 3% MSME 97 64 2 12 10% 2W & Rural 2W 4 4 93 55 60 15% Total 492 343 22% 18 95 82 2% Gujarat Rajasthan Bihar 45 Uttar Pradesh Telangana Others 23 Jharkhand Maharashtra Mad
Slide 13: Strong Underwriting Measures by Leveraging Digital Transformation
Strong Underwriting Measures by Leveraging Digital Transformation Loan Management Instant Verification Of Key Details • Loan Utilization check • The LOS* & LMS* System facilitates instant verification • Instant pre-closure and pre-settlement and its • KYC Validation through OCR and face recognition
Slide 14: Eminent Board of Directors
Eminent Board of Directors Alok N. Prasad Jayendrabhai B. Patel Aalok J. Patel Chairman Vice Chairman & Managing Director Joint Managing Director • A veteran banker with over 35 years of regulatory, banking and • He has been an entrepreneur for 45 years. He was involved in a • He has 16 years of ban
Slide 15: Competitive Moat
Competitive Moat Focus on small ticket retail loans to the large under served informal segment customer in rural & semi urban geographies Diversifying products, geographies, sources of funds and delivering growth by increasing volumes rather than ticket sizes Competitive Conservative operations fram
Slide 16: Presence in Attractive Retail Lending Segments
Presence in Attractive Retail Lending Segments
Slide 17: Product Offerings across Verticals
Product Offerings across Verticals 71.3% 21.3% 3.5% Microfinance - JLG MSME Loans Two-Wheeler Loans Average Ticket Size : INR 50,000 Average Ticket Size: Average Ticket Size: (Cycle 1 & 2 -INR 25k - 60k INR 74,000 INR 76,000 Cycle 3+ -INR 25k – 75k) Tenur e: 18 -24 Months Tenure: 24 Months Tenure: 1
Slide 18: Microfinance Loans
Microfinance Loans (INR Crore) AUM* Disbursement Total Income Profit After Tax Avg. Ticket Size (INR) 2,129 356 143 19 50,000 47,000 1,554 270 102 Q1FY25 Q1FY26 Q1FY25 Q1FY26 Q1FY25 Q1FY26 -28 Q1FY25 Q1FY26 Q1FY25 Q1FY26 *Includes Individual Business Loans • Disbursement: 100% Cashless • JLG model w
Slide 19: MSME Loans
MSME Loans (INR Crore) AUM Disbursement Total Income Avg. Ticket Size (INR) 460 94 41 77,000 75,000 85 34 383 Q1FY25 Q1FY26 Q1FY25 Q1FY26 Q1FY25 Q1FY26 Q1FY25 Q1FY26 • Individual enterprise /working capital loans for small rural businesses in low competition • Disbursement: 100% Cashless areas • Cre
Slide 20: LAP Loans
LAP Loans (INR Crore) AUM Disbursement Total Income Avg. Ticket Size (INR) 36 10 1.89 4,70,000 4,10,000 4 6 0.27 Q1FY25 Q1FY26 Q1FY25 Q1FY26 Q1FY25 Q1FY26 Q1FY25 Q1FY26 • Disbursement: 100% Cashless • Credit Checks: CIBIL & CRIF Score; Home & Business Field Investigation, • Company launched and pilo
Slide 21: 2W and Rural 2W Loans
2W and Rural 2W Loans (INR Crore) AUM Disbursement Total Income Avg. Ticket Size (INR) 76 75 14 13 5 5 72,500 76,000 Q1FY25 Q1FY26 Q1FY25 Q1FY26 Q1FY25 Q1FY26 Q1FY25 Q1FY26 • Hypothecation (secured) loans given to self-employed /cash-salaried customer in the • Disbursement: 100% Cashless informal se
Slide 22: MSME Process Overview
MSME Process Overview MSME Process Overview Sourcing Underwriting Collections • In-house sourcing team (No DSAs) • Credit bureau check (CRIF & CIBIL) • Team member that does sales also • handles collections • Feet-on-Street sales team model Physical FI & PD by in house credit manager at residence &
Slide 23: Collection Efficiency
Collection Efficiency Microfinance MSME Two-Wheeler Total 95.3% 95.1% 95.3% 94.5% 95.5% 96.1% 95.2% 95.4% 95.3% 95.1% 95.2% 95.5% Apr-25 May-25 Jun-25 Apr-25 May-25 Jun-25 Apr-25 May-25 Jun-25 Apr-25 May-25 Jun-25 Two- Update on Collections Particulars (INR Crore) Microfinance MSME Wheeler Total • T
Slide 24: Efficient Liability Management
Efficient Liability Management
Slide 25: Strong Capitalization with Sufficient Liquidity
Strong Capitalization with Sufficient Liquidity Capital Adequacy Ratio ALM Position (in Months) 48.4% 50.1% 19 19 43.8% 45.7% 17 16 16 16 16 16 39.2% 39.5% 38.2% 15 15 37.3% 30-Sep-24 31-Dec-24 31-Mar-25 30-Jun-25 Q1 FY 2 5 Q2 FY 2 5 Q3FY25 Q4 FY 2 5 QFY 2 6 Arman (Standalone) Namra Av g T enur e o
Slide 26: Borrowing Profile
Borrowing Profile Borrowing Mix (%) (INR Crore) Top 5 Lending Partners 2,217 2,019 1,765 1,769 1,621 Top 5 Lenders % of Borrowings Lender 1 - TL 12.69% 33.9% 32.2% 32.8% 35.9% 40.2% Lender 2 - TL & DA 11.68% Lender 3 - TL & DA 5.72% 3.7% 4.3% 3.4% 4.4% 12.3% Lender 4 - DA 4.99% 4.6% 11.8% 13.0% 12.3
Slide 27: Securitization and Lending Partnerships
Borrowings Bank Borrowings Non-Bank Securitization Lending Partnerships NCDs & ECB Partners The Brand Names mentioned are the property of their respective owners and are used here for identification purposes only 26
Slide 28: Financial Performance
Financial Performance
Slide 29: Consolidated Profit & Loss Statement
Q1FY25 Consolidated Profit & Loss Statement Particulars (INR Crore) Q1FY26 Q1FY25 YoY % Q4FY25 QoQ% Income from Operations 151.0 184.4 199.4 • Consolidated AUM stood at ~INR 2,156 as on 30 th June 2025 Other Income 0.0 0.0 0.0 • Total Disbursement of ~INR 387 Crore in Q1FY26; of which Gross Total In
Slide 30: Balance Sheet – 30th June 2025
Balance Sheet – 30th June 2025 Particulars (INR Crore) Consolidated Standalone Particulars (INR Crore) Consolidated Standalone ASSETS Jun-25 Mar-25 Jun-25 Mar-25 LIABILITIES & EQUITY Jun-25 Mar-25 Jun-25 Mar-25 Financial Assets Equity Share capital 10.5 10.5 10.5 10.5 Cash and cash equivalents 23.2
Slide 31: Consolidated Business Performance
Consolidated Business Performance (INR Crore) AUM Disbursement Gross Total Income 2,594 544 199 2,465 184 181 2,280 2,245 2,156 459 165 387 151 373 338 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Net Total Income Pre-provision Operating Pr
Slide 32: Consolidated Business Performance
Consolidated Business Performance Net Interest Margin (%) Cost to Income Ratio (%) Yield (%) 16.0% 16.0% 44.0% 25.4% 25.4% 24.8% 25.1% 25.5% 15.5% 15.1% 15.2% 35.9% 33.3% 31.1% 28.7% Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Asset Qualit
Slide 33: PAR Movement
PAR Movement PAR 31-90 (%) Movement GNPA (%) 7.9% 6.9% 6.8% 4.7% 4.4% 3.2% 3.7% 3.7% 3.4% 2.4% 3.6% 6.1% 2.2% 3.8% 2.8% 2.9% 3.4% 4.8% 4.6% 4.5% Mar-22 Mar-23 Mar-24 Mar-25 Jun-25 4.7% 3.9% 4.7% NNPA (%) 2.3% 2.1% 1.1% 2.1% 1.9% 1.6% 0.5% 1.4% 1.4% 1.4% 0.3% 1.1% 1.6% 0.9% 1.1% 0.7% Mar-22 Mar-23 Ma
Slide 34: Q1FY26 – Standalone P&L Statement (2W, MSME & LAP)
Q1FY26 – Standalone P&L Statement (2W, MSME & LAP ) Particulars (INR Crore) Q1FY26 Q1FY25 YoY % Q4FY25 QoQ% • Standalone AUM stood at ~INR 572 as on 30 th June 2025 Income from Operations 50.3 42.2 50.6 • Disbursement of ~INR 117 Crore in Q1FY26; of Other Income 0.5 0.3 4.2 which MSME contributed ~I
Slide 35: Standalone Business Performance
Standalone Business Performance (INR Crore) AUM Disbursement Gross Total Income* 560 572 151 48.9 47.5 494 512 75 12 43.3 471 78 125 42.3 6.1 4.9 83 117 39.2 85 106 109 5.2 5.0 82 25 13 4.7 14 18 454 460 130 40.7 410 41.6 383 398 91 94 34.2 36.6 37.3 89 86 6 11 19 28 36 4 5 9 9 10 0.6 0.9 1.2 1.9 0.
Slide 36: Q1FY26 - Namra Finance Profit & Loss Statement
Q1FY26 - Namra Finance Profit & Loss Statement Particulars (INR Crore) Q1FY26 Q1FY25 YoY % Q4FY25 QoQ% • Over the years we have steadily expanded and Income from Operations 101.8 143.1 150.3 deepened our MFI presence through our wholly owned subsidiary, Namra Finance. This involves entering new geog
Slide 37: Microfinance Business Performance – Namra Finance (1/2)
Microfinance Business Performance – Namra Finance (1/2) (INR Crore) AUM Disbursement Gross Total Income 2,129 393 143 150 1,981 356 138 1,768 1,686 121 1,554 269 270 102 214 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Net Total Income Pre-
Slide 38: Microfinance Business Performance – Namra Finance (2/2)
Microfinance Business Performance – Namra Finance (2/2) Net Interest Margin (%) Cost to Income Ratio (%) Yield (%) 13.0% 12.5% 47.9% 23.6% 23.0% 22.6% 11.9% 12.0% 12.4% 22.1% 21.6% 35.8% 31.2% 29.5% 26.2% Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q1FY25 Q2FY25 Q3FY25 Q4FY
Slide 39: AUM and Disbursements Trends
AUM and Disbursements Trends Total AUM (INR Crore) Total Disbursements (INR Crore) 2,639 2,297 14% 2,245 3% 14% 1,943 20% 1,767 3% 1,713 13% 13% 3% 1% 3% 3% 23% 1,233 4% 1,024 13% 83% 880 860 4% 778 14% 82% 814 16% 4% 685 17% 84% 75% 12% 84% 11% 15% 6% 547 12% 10% 509 72% 453 14% 10% 15% 83% 248 0%
Slide 40: Historical Metrics
Historical Metrics Gross and Net Total Income Yield & NIM (%) Asset Quality (INR Crore) COVID-19 Demonetization COVID-19 Demonetization 730 6.7% Demonetization COVID-19 662 28.3% 27.4% 26.7% 25.5% 24.4% 25.2% 25.2% 22.9% 491 21.5% 424 4.6% 396 16.5% 16.5% 15.9% 15.4% 3.3% 14.0% 14.3% 14.2% 13.8% 2.6
Slide 41: Annexure
Annexure • Gross Interest Income = Interest Income + processing fees / other charges • Net Interest Margins = Net Interest Income / Average AUM (On + Off -Book) • Yields = Gross Interest Income / Avg. AUM (On + Off Off -Book) • Cost-to -Income Ratio = Opex (excl. provisions) / Net Total Income • GNP
Slide 42: Thank You
Thank You Contact Information Company: Investor Relations Advisors: Arman Financial Services Limited Strategic Growth Advisors Pvt. Ltd. CIN: L55910GJ1992PLC018623 CIN: U74140MH2010PTC204285 Mr. Vivek Modi Mr. Abhishek Shah Chief Financial Officer (CFO) abhishek.shah@sgapl.net Email : vivek@armanind
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