1. At a Glance

Aryaman Financial Services Ltd is like that cousin who quietly ran a coaching class for years, and suddenly bought a Mercedes. Incorporated in 1994, the company does everything from merchant banking, M&A matchmaking, structured finance jugaad to managing IPO circus tents. With a ₹1,252 Cr market cap, 182% 1-year stock return, and promoters holding a tight 63.9%, Aryaman is no longer just arranging marriages between corporates and capital—it has become the groom everyone wants.

2. Introduction

When you hear “merchant banker,” you imagine a bunch of consultants in three-piece suits clicking photos at an IPO bell-ringing ceremony. Aryaman, however, is that background operator—quiet, flexible, but suddenly posting 174% profit growth like a cricketer who was on the bench and then smashed a T20 century.

From raising money for startups to hand-holding promoters through PE deals, Aryaman has built itself into a Swiss Army knife of financial services. The stock’s wild 182% 1-year return means Dalal Street is suddenly paying attention.

But hold your horses. Revenues are growing, yes (99% TTM), profits too (84% TTM), but sales growth over 5 years is a laughable 4.7%. Basically, Aryaman has gone from “sleeping beauty” to “hyperactive toddler” in a very short time. The question is—can it sustain this sugar rush?

3. Business Model (WTF Do They Even Do?)

Think of Aryaman as a wedding planner for corporates. Don’t know how to raise money? IPO. Need a second serving? FPO. Want to dilute equity without saying “loan”? Rights issue.

Their key services:

• Fund Raising:IPOs, FPOs, Rights Issues – they were behind Bikaji’s listing, among others.
• M&A Advisory:Buy-side, sell-side, and open offers. Basically Tinder for corporates.
• Private Equity:Finding those PE uncles and aunties to fund your business expansion.
• Structured Finance:Jugaadu loans and promoter funding packages.
• Corporate Finance Advisory:Handling mergers, ESOP structuring, and certifications like a CA on steroids.

Through its subs, it also runs a PMS and broking business (Escorp AM), and Aryaman Capital Markets handles big equity placement action.

Revenue mix FY23:

• Stock-in-trade sales: 78%
• Fee & commission: 12%
• Investments &