Aryaman Financial Services Limited (ARYAMAN.BO) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+10.4%

₹728.92

vs ₹660.00 price

Levered DCF

₹1,113.65

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

—

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	19.27×	19.1×	16.28×	33.63×	12.89×	65×	57.69×	31.91×
P/B	3.55×	3.27×	3.94×	2.35×	1.42×	1.41×	1.75×	1.85×
P/S	6.75×	3.56×	4.1×	2.37×	0.71×	0.36×	0.59×	0.66×
EV / EBITDA	10.43×	5.96×	9.09×	17.81×	7.42×	18.73×	20.04×	17.3×
Gross margin	63.7%	54.8%	56.0%	22.3%	16.4%	4.9%	8.8%	8.9%
Operating margin	55.3%	52.3%	52.9%	17.0%	12.9%	3.7%	4.6%	5.7%
Net margin	35.0%	26.7%	25.2%	7.0%	5.5%	0.6%	1.0%	2.1%
Current ratio	15.55×	14.9×	1.86×	28.33×	37.58×	51.61×	88.46×	2.19×
Debt / equity	0×	0.22×	0.63×	0.73×	0.73×	0.8×	1.1×	1.05×
Interest coverage	51.38×	17.15×	9.86×	3.01×	4.54×	1.83×	1.46×	1.99×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	18.4%	24.5%	24.2%	7.0%	11.0%	2.2%	3.0%	5.8%
Return on invested capital	16.4%	21.0%	20.0%	4.5%	7.6%	4.9%	2.7%	8.1%
Return on assets	12.5%	14.0%	11.0%	3.0%	4.7%	0.9%	1.2%	2.2%
Free cash flow yield	6.8%	10.8%	8.8%	7.9%	27.6%	27.5%	-10.6%	-32.0%
Earnings yield	5.2%	7.5%	6.1%	3.0%	7.7%	1.5%	1.7%	3.1%
Enterprise value	₹4.9B	₹3.5B	₹3.3B	₹1.7B	₹814.3M	₹747.8M	₹852.4M	₹877.5M
Net debt / EBITDA	-1.72×	-1.31×	1.12×	4.07×	1.94×	6.18×	7.68×	6.13×
Cash conversion cycle (days)	-13	102	193	139	107	76	166	-7