Arman Financial Services Limited · NSE:ARMANFIN
Arman Financial Services — H1 FY2027 Earnings Presentation
37 slides from Arman Financial Services's earnings presentation, Nov 5, 2026
Slide 1: Cover letter to stock exchanges
________________________________________________________________________________________________________________________________________________________________________________________________ _Registered Office: 502-503, SAKAR III, OPP. OLD HIGH COURT, OFF ASHRAM ROAD, AHMEDABAD-380014, GUJARAT, IN
Slide 2: Investor Presentation November 2026
=A) ARMAN FINANCIAL SERVICES LTD. Built tobe | Antifragile INVESTOR PRESENTATION November 2026
Slide 3: Safe Harbor
Safe Harbor 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 any
Slide 4: Business Update
B U S I N E S S U P DAT E 3
Slide 5: H1 FY27 Performance Highlights
H1 FY27 Performance Highlights Assets Under Active Customer Disbursement Collection Efficiency Management Base INR 3,209 Crore INR 1,505 Crore Approximately 96.6% 6.4 Lakhs For H1FY27 (50.6% Y-o-Y) (74.1% Y-o-Y) Financial Strength Asset Quality Capital Position & Returns INR 436 Crore % ROAA 6.51% T
Slide 6: About the Company
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Slide 7: About Arman Financial Services
About Arman Financial Services About the Company Efficient Liability Management A diversified NBFC focusing on large under-served rural & semi- • Consistent rating upgrades backed by strong financial & operating performance urban retail markets ➢ Namra & Arman credit rating reaffirmed to A- (Positiv
Slide 8: Journey So Far
Journey So Far Foundation Expansion Diversification Growth & Innovation • AUM crossed INR 1,000 Crore • Upgraded to A- (Stable) from BBB+ by • Raised ~INR 115 Crore CARE Ratings for Arman and Namra • Expanded to Maharashtra, MP, in Mar-24 • AUM crossed UP & Uttarakhand through allotment of CCDs • Li
Slide 9: Geographical Presence
Geographical Presence Number of Geographical AUM Mix (Consolidated) Q2FY27 Q2FY26 Branches Microfinance 466 391 12.9% 15.0% 9.3% 5.0% MSME 135 97 6 11 2W & Rural 2W 4 4 2.6% 15.6% 113 3.0% Total 605 492 68 21.5% 73 2.6% 32 1.7% 101 102 25.7% 0.7% 48 27 Gujarat Uttar Pradesh Madhya Pradesh Bihar Raja
Slide 10: Underwriting Framework
Underwriting Framework Microfinance Loans Individual Loans MSME, 2W and LAP Loans Instant Loan Verification Selective graduation In-house sourcing & field PD OCR and face-match KYC, OTP mobile 700+ Offered to proven MFI borrowers with strong In-house sourcing & field PD check, UPI penny-drop bank ch
Slide 11: Our BCM & Collections Model
Our BCM & Collections Model How BCM Model Works Collection Journey Customer Onboarding Unique UPI QR and Mandate Setup Frontline Sourcing by Branch Credit Manager (BCM) Credit Approval Field Team Repayment Reminders Credit Decision based SMS Reminders in local languages Independent customer income a
Slide 12: Risk Governance Practices
Risk Governance Practices Key Responsibilities Across the Organisation Key risks and how we managed them • Field teams identify and onboard customers. Risk Key Mitigation Measures • Independent credit team (BCMs) evaluates and approves/rejects loans. Origination and • Separate recovery team handles
Slide 13: FY26 to FY27: Disciplined Growth
FY26 to FY27: Disciplined Growth Recalibrate Regain Momentum Sustainable Growth FY26 FY26 Outcomes FY27 Focus Prioritised Asset Quality Over Growth Stabilised the Portfolio & Strengthened Disciplined Growth with Stronger Returns Execution • Diversified Book Growth • Book Rationalisation • Book Stabi
Slide 14: Eminent Board of Directors
Eminent Board of Directors Alok N. Prasad Aalok J. Patel Ritaben J. Patel Aakash J. Patel Chairman Vice Chairman & Non-Executive Non-Executive Managing Director Director Director • A veteran banker with over 35 years of regulatory, banking • He has 16 years of banking and finance experience, • She h
Slide 15: Product Offerings
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Slide 16: Product Offerings across Verticals
Product Offerings across Verticals Individual Business Microfinance - JLG Loans - Microfinance MSME Loans Average Ticket Size Average Ticket Size Average Ticket Size INR 57,000 INR 1,00,000 INR 86,000 (Cycle 1 & 2 -INR 25K – 60K Cycle 3+ -INR 25K – 75K) 34.52% 41.03% 18.20% Tenure Tenure Tenure 12 -
Slide 17: Microfinance & MSME Loans
Microfinance & MSME Loans (INR Crore) Microfinance Loans MSME Loans AUM* Disbursement Avg. Ticket (INR) AUM Disbursement Avg. Ticket (INR) 2,424 1,184 80,000 584 252 77,000 71,000 473 196 1,507 51,000 605 H1FY26 H1FY27 H1FY26 H1FY27 H1FY26 H1FY27 H1FY26 H1FY27 H1FY26 H1FY27 H1FY26 H1FY27 *Includes I
Slide 18: Two-Wheeler & LAP Loans
Two-Wheeler & LAP Loans (INR Crore) Two-Wheeler Loans LAP Loans AUM Disbursement Avg. Ticket (INR) AUM Disbursement Avg. Ticket (INR) 94 37 77,000 76,000 104 35 570,000 536,000 75 29 30 75 H1FY26 H1FY27 H1FY26 H1FY27 H1FY26 H1FY27 H1FY26 H1FY27 H1FY26 H1FY27 H1FY26 H1FY27 25.48% 3.24% 1.49% 24.97% 1
Slide 19: Collection Efficiency
Collection Efficiency Microfinance MSME Two-Wheeler Total 96.7% 96.6% 96.2% 96.7% 96.9% 96.6% 96.5% 95.4% 96.4% 96.7% 96.6% 96.3% Jul-26 Aug-26 Sep-26 Jul-26 Aug-26 Sep-26 Jul-26 Aug-26 Sep-26 Jul-26 Aug-26 Sep-26 Two- Update on Collections Particulars (INR Crore) Microfinance MSME Total Wheeler • C
Slide 20: Asset Quality
Asset Quality PAR 31-90 (%) Movement GNPA 5.0% 4.3% 3.9% 4.0% 3.7% 3.8% 3.5% 3.3% 3.8% 3.4% 3.2% 3.4% 3.4% 2.6% 2.6% 4.0% 0.3% 1.5% 1.5% 0.7% 3.0% Sep-25 Dec-25 Mar-26 Jun-26 Sep-26 2.9% 2.5% 2.4% 2.5% 1.6% NNPA 1.3% 1.3% 0.9% 1.1% 0.9% 2.1% 0.8% 0.8% 1.9% 0.1% 0.3% 0.7% 1.7% 0.7% 0.5% 0.5% 1.5% 1.5
Slide 21: Efficient Liability Management
EFFICIENT LIABILITY MANAGEMENT 20
Slide 22: Strong Capitalization with Sufficient Liquidity
Strong Capitalization with Sufficient Liquidity Capital Adequacy Ratio Net worth (INR Crore) ALM Position (in Months) 57.8% 1,033 20 52.3% 979 19 19 892 933 18 18 872 17 17 16 16 41.0% 38.8% 15 38.7% 38.3% 36.3% 37.2% 33.6% 27.9% 30-Sep-25 31-Dec-25 31-Mar-26 30-Jun-26 30-Sep-26 Sep-25 Dec-25 Mar-26
Slide 23: Borrowing Profile
Borrowing Profile Borrowing Mix (%) Incremental Cost of Borrowing (%) (INR Crore) 1,880 2,225 2,403 2,659 12.0% 12.0% 11.8% 11.7% 11.3% 1,695 23.8% 23.8% 29.1% 31.3% 30.2% 1.7% 1.0% 0.4% 2.6% 15.3% 0.6% Q2 FY 2 6 Q3 FY 2 6 Q4 FY 2 6 Q1 FY 2 7 Q2 FY 2 7 18.2% 15.7% 14.6% 1.8% 16.4% 3.1% 0.9% 0.2% Top
Slide 24: Strong & Diversified Lender Base
Strong & Diversified Lender Base Bank Borrowings Non Bank Borrowings Securitization Partners Online Bond Platform Provider (OBPP) & Bond Market Partners NCDs & ECB The Brand Names mentioned are the property of their respective owners and are used here for identification purposes only 23
Slide 25: Financial Performance
FINANCIAL PERFORMANCE 24
Slide 26: Consolidated Profit & Loss Statement
Consolidated Profit & Loss Statement Particulars (INR Crore) Q2FY27 Q2FY26 YoY % Q1FY27 QoQ% H1FY27 H1FY26 YoY % Income from Operations 234.6 159.2 201.8 436.4 310.2 Other Income 0.0 0.0 0.0 0.0 0.0 Gross Total Income 234.6 159.2 47% 201.8 16% 436.5 310.2 41% Finance Costs 73.2 49.6 64.3 137.5 101.8
Slide 27: Balance Sheet – 30th September 2026
Balance Sheet – 30th September 2026 Particulars (INR Crore) Consolidated Standalone Particulars (INR Crore) Consolidated Standalone ASSETS Sep-26 Mar-26 Sep-26 Mar-26 LIABILITIES & EQUITY Sep-26 Mar-26 Sep-26 Mar-26 Financial Assets Equity Share capital 10.5 10.5 10.5 10.5 Cash and cash equivalents
Slide 28: Consolidated Business Performance
Consolidated Business Performance (INR Crore) AUM Disbursement Gross Total Income 3,209 951 235 2,925 2,728 818 202 2,274 686 176 2,130 618 159 160 475 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 Net Total Income Pre-provision Operating Pr
Slide 29: Consolidated Business Performance
Consolidated Business Performance Net Interest Margin (%) Cost to Income Ratio (%) Yield (%) 18.2% 51.7% 26.5% 27.8% 17.2% 17.4% 48.9% 49.9% 25.9% 25.9% 25.6% 16.7% 16.6% 44.3% 41.2% Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 Asset Qualit
Slide 30: Standalone P&L Statement (2W, MSME & LAP)
Standalone P&L Statement (2W, MSME & LAP ) Particulars (INR Crore) Q2FY27 Q2FY26 YoY% Q1FY27 QoQ% H1 FY27 H1 FY26 YoY% Income from Operations 67.9 51.7 65.9 133.8 102.0 Other Income 0.0 0.4 0.1 0.1 0.9 Gross Total Income 67.9 52.1 30% 66.0 3% 133.9 102.9 30% Finance Costs 19.1 13.8 19.8 38.9 25.8 Ne
Slide 31: Standalone Business Performance
Standalone Business Performance (INR Crore) AUM Disbursement Gross Total Income* 758 784 213 63.0 730 60.4 94 21 55.7 6.0 657 94 93 51.6 5.9 623 163 164 49.2 91 156 5.9 75 140 20 4.9 5.6 32 17 16 573 584 172 50.8 554 49.1 473 489 127 41.8 45.5 99 115 125 40.6 75 77 82 93 107 25 17 20 14 17 6.1 3.6 4
Slide 32: Namra Finance (Microfinance Business) - P&L Statement
Namra Finance (Microfinance Business) - P&L Statement Particulars (INR Crore) Q2FY27 Q2FY26 YoY% Q1FY27 QoQ% H1 FY27 H1 FY26 YoY % Income from Operations 167.8 107.5 137.7 305.5 209.3 Other Income - - 0.0 0.0 0.0 Gross Total Income 167.8 107.5 56.1% 137.8 21.8% 305.5 209.3 46.0% Finance Costs 55.1 3
Slide 33: Namra Finance Performance (1/2)
Namra Finance (Microfinance Business) Performance - (1/2) (INR Crore) AUM Disbursement Gross Total Income 2,424 738 168 2,167 654 1,999 138 1,618 530 117 1,507 455 107 107 335 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 Net Total Income Pr
Slide 34: Namra Finance Performance (2/2)
Namra Finance (Microfinance Business) Performance - (2/2) Net Interest Margin (%) Cost to Income Ratio (%) Yield (%) 16.6% 50.1% 49.7% 48.6% 26.2% 14.8% 14.9% 15.4% 23.4% 24.2% 23.1% 24.3% 14.0% 43.4% 40.2% Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 Q2FY26 Q3FY26 Q4FY26 Q1
Slide 35: Tested Through Cycles: A Decade of Compounding
Tested Through Cycles: A Decade of Compounding Demonetization COVID-19 MFI Cycle Particulars (Rs. Crs) FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 CAGR/Average AUM 204 453 685 860 814 1,233 1,943 2,639 2,245 2,728 33.4% Disbursement 247 545 784 874 510 1,022 1,767 2,297 1,713 2,433 28.9% Gross
Slide 36: 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 • GNPA
Slide 37: Thank You!
Thank You! Company: Investor Relations Advisors: Arman Financial Services Limited Strategic Growth Advisors Pvt. Ltd. CIN: L55910GJ1992PLC018623 CIN: U74140MH2010PTC204285 Mr. Vivek Modi Mr. Abhishek Shah / Ms. Krunali Shah Executive Director & Group CFO [email protected] / krunali.shah@sgapl.
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