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Aryaman Capital Mkts Overview

1. Business Overview

Aryaman Capital Markets Ltd. is an India-based financial services company operating within the capital markets sector. Its core business model revolves around providing a range of services to individuals, high-net-worth individuals (HNIs), and corporate clients. This typically includes equity and commodity broking, depository participant services, investment banking activities (such as mergers & acquisitions advisory, private equity placements, and potentially initial public offerings), and corporate advisory services. The company primarily generates revenue through commissions on broking transactions, fees for investment banking and advisory services, and charges for depository services.

2. Key Segments / Revenue Mix

While specific revenue contribution percentages are not publicly detailed without access to financial reports, typical segments for a company like Aryaman Capital Markets would include:

Broking & Trading: Commissions earned from facilitating equity and commodity trades for clients.

Investment Banking & Corporate Advisory: Fees generated from advising on corporate finance transactions, including fundraising (e.g., IPOs, private placements), mergers, acquisitions, and restructuring.

Depository Services: Fees for acting as a Depository Participant (DP) for NSDL/CDSL, holding and facilitating the transfer of securities.

Potential: Other segments might include wealth management or portfolio management services for HNIs, though this requires confirmation from company disclosures.

3. Industry & Positioning

Aryaman Capital Markets Ltd. operates in the highly competitive and fragmented Indian financial services industry, specifically within the capital markets segment. This industry includes large diversified financial conglomerates, full-service broking houses, discount brokers, boutique investment banks, and wealth management firms. Aryaman Capital Markets likely positions itself as a mid-sized or niche player, potentially focusing on specific client segments (e.g., retail, HNIs, SMEs for investment banking) or regions. It competes against both established players with wider reach and deeper pockets, and newer fintech-driven platforms. Its positioning would generally be based on client relationships, specialized expertise, and service quality rather than broad market share leadership.

4. Competitive Advantage (Moat)

Aryaman Capital Markets Ltd. likely possesses a relatively weak or nascent competitive moat compared to larger, more diversified financial institutions. Potential advantages could include:

Client Relationships: Long-standing trust and personal relationships with a dedicated client base, particularly in broking and advisory services.

Niche Expertise: Specialization in certain sectors or types of transactions within investment banking (e.g., SME IPOs, specific industry M&A).

Brand Reputation (Localized): A trusted name within its specific operational focus areas or client segments, rather than a national power brand.

Switching Costs (Moderate): For advisory clients, changing service providers can involve moderate switching costs due to established relationships and ongoing projects. For broking, switching costs are generally low.

Sustainable competitive advantages like significant scale, strong network effects, or proprietary technology are less likely for a mid-tier player unless specifically developed and disclosed.

5. Growth Drivers

Financialization of Savings: India's long-term trend of household savings shifting from physical assets to financial assets (equities, mutual funds) provides a secular tailwind.

Rising Retail Participation: Increasing investor awareness, digital penetration, and easier access to capital markets drive higher trading volumes and new client acquisition.

Economic Growth & Corporate Activity: A robust Indian economy generally leads to increased corporate fundraising, M&A activity, and wealth creation, boosting demand for investment banking and wealth management services.

Digital Adoption: Leveraging technology to enhance client experience, streamline operations, and expand reach to new demographics.

Expansion into High-Margin Services: Diversifying into higher-value services like wealth management or specialized investment banking mandates can improve profitability.

6. Risks

Market Volatility: The company's revenues are highly dependent on capital market performance. Downturns, reduced trading volumes, and fewer corporate deals can significantly impact profitability.

Regulatory Changes: SEBI (Securities and Exchange Board of India) regulations regarding brokerage fees, compliance, capital requirements, or new product norms can affect business operations and profitability.

Intense Competition: Fierce competition from established banks, large broking houses, and new-age fintech platforms can lead to margin pressure and difficulty in client acquisition/retention.

Reputational Risk: Any ethical lapses, client disputes, or regulatory non-compliance can severely damage trust and business prospects.

Talent Retention: The financial services industry is people-driven. Losing key personnel (brokers, investment bankers, advisors) to competitors can impact client relationships and revenue.

Technology & Cybersecurity: Failure to invest in competitive technology or succumbing to cyber threats can lead to operational inefficiencies and loss of client data/trust.

7. Management & Ownership

Information on specific promoters and detailed management quality would typically be available in annual reports or regulatory filings. However, companies like Aryaman Capital Markets are often promoter-driven, meaning a significant portion of the ownership and strategic direction is controlled by the founding family or individuals. The quality of management would be assessed based on their industry experience, strategic vision, regulatory compliance track record, and ability to navigate market cycles and competitive pressures. The ownership structure typically features a strong promoter holding, with the remaining shares held by the public and potentially institutional investors.

8. Outlook

Aryaman Capital Markets Ltd. operates in a sector with significant long-term growth potential, driven by India's ongoing economic development and the increasing financialization of savings. The company has opportunities to grow by expanding its client base, deepening its presence in advisory services, and leveraging digital platforms. However, it faces formidable challenges from a highly competitive landscape, where larger players have scale advantages and new entrants bring technological disruption. Its future success will largely depend on its ability to cultivate and retain strong client relationships, identify and capitalize on profitable niche opportunities, adapt to evolving regulatory environments, and effectively manage the inherent volatility of capital markets. While the underlying industry tailwinds are favorable, the company must demonstrate consistent execution and strategic agility to thrive amidst intense competition and market cycles.

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Aryaman Capital Mkts Key Financials

Market Cap ₹526 Cr.

Stock P/E 22.9

P/B 5.1

Current Price ₹439

Book Value ₹ 86.6

Face Value 10

52W High ₹753.9

Dividend Yield 0%

52W Low ₹ 258

Aryaman Capital Mkts Share Price

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Volume
Price

Aryaman Capital Mkts Quarterly Price

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Aryaman Capital Mkts Peer Comparison

Aryaman Capital Mkts Quarterly Results

#(Fig in Cr.) Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Operating Revenue 21 24 26 26 10 15 8
Other Income 1 1 1 0 1 1 0
Total Income 21 25 27 26 11 16 8
Total Expenditure 13 10 21 13 3 8 4
Operating Profit 8 15 6 13 9 8 4
Interest Expense 1 1 1 1 0 0 0
Depreciation 0 0 0 0 0 0 0
Profit Before Tax 7 14 5 13 9 8 4
Provision for Tax 2 2 0 2 2 2 -0
Profit After Tax 6 12 5 11 7 6 4
Adjustments 0 -0 -0 0 -0 0 0
Profit After Adjustments 6 12 5 11 7 6 4
Adjusted Earnings Per Share 4.7 9.7 4.4 9.2 5.6 4.8 3.6

Aryaman Capital Mkts Profit & Loss

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 TTM
Operating Revenue 7 11 23 28 78 84 135 73 45 32 75 59
Other Income 0 0 0 0 0 0 0 0 1 2 3 2
Total Income 7 11 23 28 78 85 135 73 47 34 77 61
Total Expenditure 7 11 21 27 75 82 132 70 42 23 47 28
Operating Profit 0 0 2 1 3 3 3 3 5 11 31 34
Interest Expense 0 0 0 1 2 3 3 2 3 4 4 1
Depreciation 0 0 0 0 0 0 0 0 0 0 0 0
Profit Before Tax 0 0 2 0 0 0 0 0 2 7 27 34
Provision for Tax 0 0 0 0 0 0 0 0 0 1 4 6
Profit After Tax 0 0 1 0 0 0 0 0 1 6 23 28
Adjustments 0 0 0 0 0 0 0 0 0 0 0 0
Profit After Adjustments 0 0 1 0 0 0 0 0 1 6 23 28
Adjusted Earnings Per Share 0 0.1 1 0.4 0.2 0.1 0.2 0.3 1.2 5.4 19.1 23.2

Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR 134% 1% -2% 27%
Operating Profit CAGR 182% 118% 60% 0%
PAT CAGR 283% 0% 0% 0%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR 71% 112% 61% 36%
ROE Average 39% 21% 13% 7%
ROCE Average 32% 18% 13% 9%

Aryaman Capital Mkts Balance Sheet

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Shareholder's Funds 13 15 19 20 20 18 18 18 29 41 77
Minority's Interest 0 0 0 0 0 0 0 0 0 0 0
Borrowings 0 0 0 0 0 0 0 0 0 0 0
Current Liability 1 0 1 18 32 33 29 31 41 47 33
Other Liabilities & Provisions 0 0 0 0 0 -0 0 0 2 2 5
Total Liabilities 14 15 20 39 52 51 47 50 72 91 116
Loans 0 0 0 0 0 0 0 0 0 0 0
Investments 7 6 15 23 13 5 4 6 18 26 47
Fixed Assets 0 0 0 0 1 1 1 1 1 1 1
Other Loans 0 1 0 0 1 1 0 1 1 1 1
Other Non Current Assets 0 0 0 0 0 0 0 0 0 0 0
Current Assets 6 7 4 15 38 44 41 42 51 63 67
Total Assets 14 15 20 39 52 51 47 50 72 91 116

Aryaman Capital Mkts Cash Flow

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Opening Cash & Cash Equivalents 1 2 0 0 3 7 6 13 21 34 47
Cash Flow from Operating Activities 0 -2 7 -10 -18 -4 13 9 7 9 28
Cash Flow from Investing Activities -2 2 -5 -7 9 5 1 -1 -1 2 -3
Cash Flow from Financing Activities 3 -0 -1 17 12 -2 -8 0 7 2 -22
Net Cash Inflow / Outflow 1 -0 0 0 3 -1 7 8 13 12 3
Closing Cash & Cash Equivalent 2 2 0 0 7 6 13 21 34 47 50

Aryaman Capital Mkts Ratios

# Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Earnings Per Share (Rs) 0.05 0.1 1.01 0.41 0.18 0.08 0.21 0.27 1.24 5.39 19.15
CEPS(Rs) 0.1 0.15 1.02 0.47 0.26 0.13 0.26 0.31 1.3 5.46 19.24
DPS(Rs) 0 0 0 0 0 0 0 0 0 0 0
Book NAV/Share(Rs) 10.83 11.99 15.94 16.87 16.36 14.76 14.7 15.22 23.89 34.36 64.61
Net Profit Margin 0.79 1.08 5.29 1.75 0.28 0.11 0.19 0.45 3.28 20.24 30.74
Operating Margin 3.74 1.78 6.77 3.91 3.48 3.42 2.32 3.91 10.87 35.24 41
PBT Margin 1.35 1.65 6.75 1.77 0.37 0.12 0.26 0.64 3.95 23.46 36.11
ROA(%) 0.48 0.84 6.96 1.68 0.48 0.18 0.52 0.67 2.45 7.94 22.15
ROE(%) 0.53 0.9 7.22 2.5 1.09 0.51 1.44 1.81 6.35 18.51 38.69
ROCE(%) 2.39 1.48 9.24 3.85 6.04 5.66 6.5 6.03 8.32 14.32 31.73
Price/Earnings(x) 263.92 195.69 22.51 61.66 154.46 0 180.73 106.42 38.32 22.45 11.74
Price/Book(x) 1.18 1.67 1.42 1.5 1.71 0 2.61 1.9 1.99 3.52 3.48
Dividend Yield(%) 0 0 0 0 0 0 0 0 0 0 0
EV/Net Sales(x) 1.8 1.92 1.05 1.59 0.76 0.46 0.46 0.61 1.4 4.54 3.31
EV/Core EBITDA(x) 39.02 82.74 15.47 38.27 21.13 13.23 19.31 15.31 12.73 12.77 8.06
Interest Earned Growth(%) 150.49 55.05 100.7 22.83 176.24 8.68 59.93 -45.96 -37.78 -29.62 133.93
Net Profit Growth -9.8 110.56 887.02 -59.4 -55.66 -56.41 168.04 27.78 358.21 333.88 255.23
EPS Growth(%) 0 110.72 886.88 -59.4 -55.65 -56.39 167.93 27.76 358.21 333.88 255.23
Interest Coverage(x) % 1.56 13.98 322.17 1.83 1.12 1.04 1.13 1.19 1.57 2.99 8.38

Aryaman Capital Mkts Shareholding Pattern

# Sep 2022 Mar 2023 Sep 2023 Mar 2024 Sep 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Promoter 74.28 74.28 74.28 74.28 74.28 74.28 74.28 74.28 74.28 74.28
FII 0 0 0 0 0 0 0 0 0 0
DII 0 0 0 0 0 0 0 0 0 0
Public 25.72 25.72 25.72 25.72 25.72 25.72 25.72 25.72 25.72 25.72
Others 0 0 0 0 0 0 0 0 0 0
Total 100 100 100 100 100 100 100 100 100 100

Aryaman Capital Mkts News

Aryaman Capital Mkts Pros & Cons

Pros

  • Company has a good return on equity (ROE) track record: 3 Years ROE 21%
  • Company is almost debt free.

Cons

  • Debtor days have increased from 0.14 to 5.44days.
  • Stock is trading at 5.1 times its book value.
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