⚡ At a Glance
Aryaman Capital is not your usual NBFC. It doesn’t lend money. It lends liquidity. From underwriting obscure SME IPOs to market-making in BSE SME scrips, this low-float mini-rocket has seen a 137% 1Y stock surge and 203% profit CAGR in 5 years. But behind the numbers lie some wild quirks: 117% TTM sales growth, 39% ROE… and only 251 shareholders. 🫠
1. 🎯 Introduction – The Broker Behind the BSE SME Circus
If you’ve ever wondered “Who even buys those ₹10 SME IPOs on BSE?”, Aryaman Capital might be the answer.
- It underwrites SME IPOs
- It “market-makes” the scrips post-listing (read: provides exit to trapped investors)
- It also does proprietary trading (read: makes money when others lose)
📈 Over the last 3 years, it’s gone from ₹1 EPS to ₹19 EPS
💥 ROE? 39%
🧠 ROCE? 32%
But before you scream “Hidden gem!”, let’s dig deeper.
2. 🏦 WTF Do They Even Do?
Aryaman Capital is the market-facing arm of the Aryaman group.
Their business model includes:
- 📌 Market Making for SME stocks
- 💰 Prop Trading in listed & unlisted equities
- 🧾 Underwriting of SME IPOs (usually sub-₹50 Cr issues)
- 💼 Secondary market placements – aka shady block deals that nobody sees coming
Basically, they are the invisible hand behind many unknown SME price movements.
Tagline:
“We list them. We pump them. We make the market look busy.”
3. 💸 Financials Overview – From ₹0 to ₹23 Cr PAT in 3 Years
| Metric | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue (₹ Cr) | 135 | 73 | 47 | 34 | 75 |
| PAT (₹ Cr) | 0 | 0 | 1 | 6 | 23 |
| EPS (₹) | 0.21 | 0.27 | 1.24 | 5.39 | 19.14 |
| OPM (%) | 2% | 4% | 11% | 33% | 37% |
🎯 FY25 PAT up 283% YoY
📈 FY25 OPM = 37% (for a brokerage? That’s chef’s kiss)
🔁 117% TTM revenue growth after 5-year slump
But… Sales CAGR for 5 years? -2.5% 😵
Classic cyclical operator: when IPO seasons are hot, business is booming. When not? They snooze.
4. 🧠 Valuation – Is It Cheap, Meh, or Crack?
- CMP: ₹316
- TTM EPS: ₹19.14
- P/E: 16.5x
- Book Value: ₹64.6
- P/B: 4.88x
- ROE: 38.7%
✅ P/E 16 is reasonable
✅ ROE near 40% = very rare in NBFC world
❗But P/B of 4.9 is spicy for a finance co.
5. 🧂 What’s Cooking – SME IPO Boom = Aryaman’s Diwali
Recent trends that helped:
- SME IPO boom (record 200+ issues in FY25)
- Aryaman was market maker for over 50 of them
- IPO underwriting margins improved
- Prop trading gains + PE-style exits = big FY25 PAT bump
⚠️ But Q4 FY25 sales = ₹50 Cr, suggesting some slowdown already.
Also: no dividend, no payout. All cash flows back into trading.
6. 🧾 Balance Sheet – How Much Debt, How Many Dreams?
| Metric | FY25 |
|---|---|
| Equity Capital | ₹12 Cr |
| Reserves | ₹65 Cr |
| Borrowings | ₹28 Cr |
| Total Assets | ₹116 Cr |
| Investments | ₹47 Cr |
Fairly clean. Small net debt, most of the assets are equity stakes.
But valuation of those investments? 🤔 No granular breakup = red zone.
7. 💰 Cash Flow – Sab Number Game Hai
| Metric | FY25 |
|---|---|
| CFO | ₹28 Cr ✅ |
| CFI | ₹-3 Cr |
| CFF | ₹-22 Cr (repaying loans) |
| Net | ₹4 Cr |
Positive operating cash. But FCF depends entirely on profitable exits and volume trading.
8. 📊 Ratios – Sexy or Stressy?
| Ratio | FY25 |
|---|---|
| ROCE | 31.7% 🔥 |
| ROE | 38.7% ✅ |
| OPM | 37% |
| Working Capital | 59.5 days (down from 121) ✅ |
| Inventory Days | 134 (not actual inventory, it’s mostly stock positions) |
Everything looks sweet. But remember: all these are backward-looking and market-cycle dependent.
9. 🧾 P&L Breakdown – Show Me the Money
- FY25 Revenue: ₹75 Cr
- OpEx: ₹47 Cr
- Op Profit: ₹28 Cr
- PAT: ₹23 Cr
- Net Margin: 30%+ (very high for finance sector)
But note: low interest + zero depreciation = most profit comes from timing trades and dealmaking.
10. 🔍 Peer Comparison – Against the Big Boys
| Company | P/E | ROE | PAT Margin | Mcap (Cr) |
|---|---|---|---|---|
| Aryaman Capital | 16x | 39% | 30.7% | ₹378 Cr |
| Aditya Birla Cap | 22x | 12% | 7.9% | ₹73,000+ Cr |
| JSW Holdings | 121x | 0.7% | 4% | ₹23,000 Cr |
| Chola Finance | 18x | 19% | 24% | ₹39,000 Cr |
Aryaman’s numbers make it look like a mini Chola on steroids, but the scale is minuscule and risks are non-systemic, high-variance.
11. 🧠 Misc – Promoters, Shareholding, Quirks
- Promoters hold: 74.28% – stable, unchanged
- Public float: 25.72%
- No. of shareholders: 251 🥲
- Liquidity: Illiquid AF. One dump = -20%.
- Dividend: None. Not once in 12 years.
Also… company has historically operated like a tight club, with low disclosures and low investor interaction. Not ideal for big-ticket investors.
12. 🧨 EduInvesting Verdict™
“Aryaman isn’t your classic NBFC – it’s the silent operator behind the SME IPO circus. When the music is playing, they dance. But if SEBI brings the lights on – who’s left holding the mic?”
✅ Strong FY25 numbers
✅ Best-in-class ROE
✅ SME IPO tailwind at its back
🚨 Very low float, high risk of manipulation
🚨 Entire business tied to one segment’s boom-bust cycle
🚨 No dividend, no institutional visibility, low disclosures
🎯 Fair Value Range: ₹250 to ₹310
(Current Price: ₹316 = at upper limit)
Would we ride it? Maybe…
Would we YOLO in after a 137% rally? Hell no.
✍️ Written by Prashant | 📅 July 2, 2025
Tags: Aryaman Capital, SME IPOs, NBFCs, Market Making, SME Stocks, Financial Services, EduInvesting
