ARMAN FINANCIAL SERVICES LIMITED

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Investment Opportunity in Embassy Group Company

Earn up to 13.04% p.a.

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Invest in Gold Loan Backed Bonds from Muthoottu Mini Financiers Ltd.

Earn up to 11.10% p.a

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Investment Opportunity in Embassy Group Company

Earn up to 13.04% p.a.

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Invest in Gold Loan Backed Bonds from Muthoottu Mini Financiers Ltd.

Earn up to 11.10% p.a

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Search for bonds, FD or IPO

Returns (YTM)

Upto 11.76%

Min. Investment

₹ 10,074.52

Tenure

12M - 29M

Payment Terms

Quarterly

Highlights

Credit Rating

ACUITE A-/STABLE

Seniority

SENIOR

Security

Secured

Default History

Zero

Diversified business model: Presence across 2W/3W Vehicle loan, MSME, LAP and microfinance (via Namra Finance)

Strong capitalization & low leverage: Net worth of ₹874.4 crore in FY25 with high CAR of 37.34% (Tier-I: 36.59%) and low gearing of 1.41x (FY24: 2.12x).

Healthy margins & core earnings: NIM remained strong at 15.11% in FY25 and improved to 15.49% in Q1 FY26; total income (net of interest) rose to ₹490.68 crore in FY25 (FY24: ₹396.06 crore).

Strong Debt Partnership: PSU Banks (SBI, BoB, PNB, Canara) & Private Banks (HDFC, ICICI, Federal)

Adequate liquidity position: Matched ALM profile with cumulative surplus across maturity buckets and cash & equivalents of ~₹330 crore as of Mar’25

Company Financials

Revenue

PAT

Debt

Net Worth

Important disclaimer

Ratio Analysis

0.95

Net NPA

Good

Benchmark: Lower than 3%

37.34

Capital Adequacy Ratio

Good

Benchmark: Minimum 14%

0.63

Debt to Equity Ratio

Good

Benchmark: Maximum 12 times

2.32

Interest Coverage Ratio

Good

Benchmark: Minimum 2

Important disclaimer

About Issuer

Arman Financial Services Ltd. (AFSL) connects dreams with reality. Recognized by the Reserve Bank of India (RBI), AFSL focuses on lending in rural areas. It offers loans for two-wheelers, three-wheelers, and microfinance through Namra Finance Ltd.

Operating in 8 states and 120 districts, AFSL has 336 branches and serves around 6.3 lakh customers. With 2,805 employees and partnerships with 45 banks and financial institutions, AFSL is dedicated to making finance accessible.

Established in 1992 and listed on the Mumbai Stock Exchange (BSE: 531179) since 1995, AFSL remains committed to helping people achieve their financial goals.

Total Annual Revenue

185.30 Cr FY (2025)

Year of Inception

1992

Industry

NBFC Retail

Head Office

AHMEDABAD

Type of Issuer

Corporate

Current MD/CEO

Mr. Jayendra B. Patel

Credit Rating / Outlook

A- STABLE

ACUITE

Rating Rationale

Rating Date: 21-Jan-2026

Credit rating by different rating agencies indicates the bond issuer’s ability to repay its debt obligations. A bond can be rated by one or more SEBI registered credit rating agencies e.g. CRISIL, CARE, ICRA, IND, BWR, ACUITE, INFOMERICS.
Bonds/NCDs with A credit rating are considered to have an adequate degree of safety regarding timely servicing of debt obligations. Such Bonds/NCDs carry low credit risk.
Stable Outlook suggests that the rating is unlikely to change significantly in the near to medium term, indicating a stable credit profile of the issuer.

Other Important Details & Disclosures

Issuer Name

ARMAN FINANCIAL SERVICES LIMITED

Security Name

11.35% ARMAN FINANCIAL SERVICES LIMITED Secured Rated Listed NCD Maturity 29-Jul-2028

ISIN

Copy

INE109C07139

Face Value

₹ 10,000

Issued FV

₹ 10,000

Coupon Rate

11.35%

Coupon Type

FIXED

Payment Terms

Quarterly

Maturity Date

29-Jul-2028

Clean Price

₹ 100.12

Dirty Price

₹ 100.68

Current Yield

11.336%

Yield to Maturity

11.7622%

Mode of Issue

Private Placement

Date of Issue

29-Jan-2026

Listed

Yes

Instrument Type

Taxable

Security

Secured

Seniority

SENIOR

Perpetual

Trustee Details

Vardhaman Trusteeship Private Limited

Unit No. 412, The Capital,C-70 G Block, Bandra Kurla Complex,Bandra East, Audit Bhavan, Mumbai,Bandra, Maharashtra, India, 400051

Registrar Details

Bigshare Services Pvt. Ltd

A-802, Samudra Complex, Off C.G. Road, Navrangpura, Near Girish Cold Drink, Ahmedabad 380009 Gujarat

Looking For More Information ?

Download Prospectus

Taxation

10%

TDS on Interest Income*

*Given TDS is indicative and fully claimable while filing ITR. The interest income from this bond will be taxable and will appear in the additional source of income in your ITR. Please consult your tax advisor for precise taxation details
As a listed bond, it is subject to capital gains tax based on the holding period. A holding period of less than 1 year qualifies as short-term, while more than 1 year qualifies as long-term.
You can submit your Form 15G/15H to the registrar and debenture trustee of the bond to avoid the TDS deduction. Download Form

Registrar details: Bigshare Services Pvt. Ltd A-802, Samudra Complex, Off C.G. Road, Navrangpura, Near Girish Cold Drink, Ahmedabad 380009 Gujarat

Unit

Select Tenure

Invest in this tenure with Early Sell option.

Investment Amount

₹ 10,068.28

Total Returns

₹ 1,066.72

Total Receivable

₹ 11,135

Cashflow Timeline

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FAQs about ARMAN FINANCIAL SERVICES LIMITED bonds

How to buy this ARMAN FINANCIAL SERVICES LIMITED bond online?

You can invest in bonds online in under 5 minutes. To buy ARMAN FINANCIAL SERVICES LIMITED bond online follow the steps below:

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What is the yield of this ARMAN FINANCIAL SERVICES LIMITED bond?

11.7622% is the current yield of this ARMAN FINANCIAL SERVICES LIMITED bond. A bond’s current yield indicates the annual return based on its current market price and annual coupon payment.
In addition to current yield, the yield to maturity (YTM) of this ARMAN FINANCIAL SERVICES LIMITED bond is 11.7622%, which indicates the total expected return if the bond is held till the maturity date. It is calculated using the XIRR method considering current price, face value, coupon payments, and time to maturity.

Is it safe to invest in bonds?

Investing in bonds is relatively a safer option but it depends on factors like:

The creditworthiness of the issuer indicated by the credit rating
The debt quality of the bond indicated by its seniority and security
Your investment goals and risk appetite

If you are an existing bond investor and want to sell your bond holdings before maturity, you can do so through the secondary market. This can be done either through exchanges such as BSE or NSE, or you can also request a quote from your relationship manager at GoldenPi.

How to redeem this ARMAN FINANCIAL SERVICES LIMITED bond?

To redeem this ARMAN FINANCIAL SERVICES LIMITED bond, bond, kindly first check its redemption value and redemption schedule. This can be found by downloading the cash flow from the “Calculate Your Returns” section of this page or by contacting the support team at GoldenPi.
Once you buy this bond, the units would be reflected in your demat account.
Upon maturity, the bond units held in your demat account will be automatically debited on the maturity date, and if the maturity date falls on a bank holiday, the redemption amount will be paid out on the next working day.
The funds will be credited to the bank account linked to your demat account. The process of redeeming this ARMAN FINANCIAL SERVICES LIMITED bond is generally simple and straightforward. Contact our support team for more information.

Is this ARMAN FINANCIAL SERVICES LIMITED bond tax-free?

No, this ARMAN FINANCIAL SERVICES LIMITED bond is not tax free. The interest income received from these bonds will be treated as “income from other sources” in the ITR and the tax will be calculated as per your income tax slab.

To know more about taxation in detail please read this article: https://goldenpi.com/blogessentials/bond-market/taxation-on-gains-from-bond-investments/

Can I sell this ARMAN FINANCIAL SERVICES LIMITED bond before the maturity date?

Yes, it is possible to sell this ARMAN FINANCIAL SERVICES LIMITED bond before maturity. However, as the sale process happens in the secondary market, the price can be determined by a variety of factors, including interest rates, credit ratings, company performance, and market demand.

To know more about the sale process, contact us at https://goldenpi.com/contact-us

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Talk to our Support Team for free. We will help you through your investment journey.

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Cashflow Timeline for Early Sell Option

Timeline

Total Receivable*

Net Receivable**

2026

₹ 848.92

₹ 764.03

29 Apr	Interest ₹ 279.86	Interest ₹ 251.88
29 Jul	Interest ₹ 282.97	Interest ₹ 254.68
29 Oct	Interest ₹ 286.08	Interest ₹ 257.47

2027

₹ 10,286.08

₹ 10,257.47

* The interest amount is paid as per total invested face value (₹ 10000) and annual coupon rate of 11.35%.

** The net interest receivable is after 10% TDS for Indian Residents. However for NRI 30% TDS is deducted. The deducted TDS can be claimed while filing ITR.

Highlights

Company Financials

Ratio Analysis

About Issuer