Available Finance Ltd H1 FY26: From NBFC Dreams to Investment Drama — ₹114 Cr Profit, ₹0 Debt, and 0% Dividend — The Financial Minimalist of Bhopal
1. At a Glance
Once upon a spreadsheet in Bhopal, Available Finance Ltd (AFL) — or as insiders call it, “Agarwal Finance in disguise” — decided to ditch its NBFC badge and become a glorified investment holding company. And the results? A ₹114 crore profit on just ₹0.58 crore of sales. Yes, you read that right — that’s a net profit margin of 18,282%, possibly the most dramatic ROI this side of Dalal Street.
At ₹150 per share, the stock trades at a laughably low P/E of 1.33x and a Price-to-Book of 0.12x, practically shouting, “Either I’m a hidden gem or a cosmic prank.” With zero debt, ROE of 9.15%, and book value north of ₹1,200 per share, AFL is the quiet kid in class who brings a Bugatti to the school parking lot but refuses to rev the engine.
Market cap? ₹153 crore. Quarterly PAT? ₹23.4 crore. Dividend? Haha, still 0%. The company seems allergic to paying shareholders, preferring to hoard wealth like a squirrel before tax season.
2. Introduction
Once an RBI-registered NBFC, now a “core investment company without the core excitement.” Available Finance Ltd has seen it all — the rise, the regulation, the resignation from NBFC status, and now the peaceful post-regulatory life of a balance sheet stuffed with investments in Agarwal family enterprises.
The irony? It’s no longer “available” for public borrowing or lending — it’s just a financial museum displaying the glory of group investments. This isn’t your typical finance company issuing flashy loans or announcing fintech partnerships. No AI lending bots, no startup buzzwords. Just good old-fashioned “interest income from loans to group companies.”
Its primary income source is interest from loans and dividends from group holdings like Agarwal Coal Corporation and Agarwal Fuel Corporation — both deeply entrenched in the trading and energy business.
And while sales growth is flatter than a dosa left overnight (-12.9% over five years), the company continues to churn profits thanks to its investment income. You’d think ₹114 crore in profit would trigger some champagne corks, but the company prefers to stay sober — perhaps because it’s run like a family trust rather than a public enterprise.
3. Business Model – WTF Do They Even Do?
Let’s get this straight: Available Finance Ltd doesn’t really do finance anymore. It doesn’t collect deposits, it doesn’t lend publicly, and it doesn’t chase fintech valuations. What it does instead is hold, own, and earn.
Think of it as the “family office” of the Agarwal Group, disguised as a listed company. The firm extends secured and unsecured loans to group companies and invests in equity shares, bonds, and debentures. The revenue is largely interest and dividend income — basically, the money makes more money while doing nothing.
In FY23, it applied to the RBI Bhopal Regional Office to cancel its NBFC registration. Now, it operates as an Unregistered Core Investment Company (CIC). In human language: “We’re done playing by NBFC rules; we’ll just manage our own money quietly.”
Its main investments include:
Agarwal Coal Corporation Pvt. Ltd.
Agarwal Fuel Corporation Pvt. Ltd.
Archana Coal Pvt. Ltd.
So technically, it’s not “Available Finance” — it’s “Agarwal Family Holdings Ltd.”
If Berkshire Hathaway were born in Madhya Pradesh and ran by chartered accountants instead of Wall Street legends, it might look like this — minus the charisma, dividends, and storytelling.
4. Financials Overview
Let’s dissect the numbers from the dump (Quarterly Results lock detected: Quarterly Results).
Metric
Latest Qtr (Sep’25)
YoY Qtr (Sep’24)
Prev Qtr (Jun’25)
YoY %
QoQ %
Revenue (₹ Cr)
0.15
0.14
0.14
7.1%
7.1%
EBITDA (₹ Cr)
0.08
0.07
0.07
14.3%
14.3%
PAT (₹ Cr)
23.4
16.1
37.0
45.6%
-36.8%
EPS (₹)
22.88
15.72
36.74
45.6%
-37.7%
The numbers are surreal. AFL earns more from “interest and dividends” than from actual “operations,” which explains why its operating income is ₹0.15 crore while PAT rockets into ₹23+ crore.
A profit margin above 18,000% is not a typo — it’s a
