Abans Financial Services Limited (AFSL) share price
₹202.07 on NSE as of 2026-09-04. -3.21% on the day. market cap ₹1,027 Cr. P/E 7.6. 52-week range ₹201.00 to ₹225.75. Financial Services.
Abans Financial Q1 FY27: ₹3,713 Cr of Revenue, ₹99.5 Cr of Operating Profit, and Fourteen Subsidiaries
At a glance
Abans Financial Services reported revenue of ₹3,712.76 crore for the quarter ended June 2026, against ₹1,893.81 crore a year earlier — a 96% increase. Operating profit came in at ₹99.53 crore and profit after tax attributable to owners at ₹61.95 crore, versus ₹29.95 crore in the June 2025 quarter. Operating margin for the quarter was 2.7%, which for most companies would be an emergency and for this one is roughly quadruple the previous quarter's 0.2%.
Sequentially, revenue fell from ₹8,708.28 crore in March 2026. This is a business where the top line swings by thousands of crore between quarters and the bottom line moves by tens, which makes the P&L read less like a ladder and more like a seismograph.
The March 2026 quarter had carried a loss of ₹3.87 crore. The June quarter's ₹61.95 crore arrives alongside a segment disclosure showing Principal Investment & Treasury delivering a segment result of ₹68.62 crore before tax, against a negative ₹14.44 crore in the March quarter.
The quarter also contained a reversal of ESOP expenses of ₹5.17 crore at group level, booked because senior management personnel resigned during it. Employee benefit expenses for the group therefore netted down to ₹5.76 crore — an accounting line that manages to be smaller than the number that went into it.
Elsewhere on the record: a new CFO effective May 16, 2026, a registered office shift, a postal ballot covering FY27 related-party transactions of ₹12,875 crore, and fourteen subsidiaries.
Introduction
Incorporated in 2009, Abans Financial Services Limited spent its early life as a commodities trading company. It now describes itself as a multi-asset, multinational financial services company operating across Institutional Broking, Asset Management, Financial Lending, Treasury operations and Remittance Services. Until recently it was called Abans Holdings Limited, and every filing still carries "(Formerly known as Abans Holdings Limited)" in a parenthesis so persistent it has become part of the letterhead.
The scale of the transformation is visible in one row of the P&L. FY19 revenue was ₹4,377 crore. FY22 revenue was ₹645 crore. FY26 revenue was ₹23,874 crore. Very few companies get to shrink by 85% and then grow 37x within the same decade of financial statements, and fewer still do it while the net profit line stays in a polite band between ₹35 crore and ₹102 crore the whole time.
The group operates from Nariman Point in Mumbai with a presence across five countries — the United Kingdom, Dubai, Shanghai, Hong Kong and Mauritius — and holds 750,000 licences in the UK. Through subsidiaries it is a broker member on the Dubai Gold and Commodities Exchange, an associate trade member on the London Metal Exchange, a trader member on the Dalian Commodity Exchange, the Shanghai International Energy Exchange, the Singapore Exchange and the Shanghai International Gold Exchange, and it is a registered Qualified Foreign Institutional Investor for Chinese markets. The list of memberships is longer than most companies' list of employees.
Recent corporate activity has been steady. In July 2024, subsidiary Abans Investment Managers Private Limited raised ₹9.88 crore in a Series A round. The group acquired the portfolio management services business of SATCO Capital Markets Ltd, which carried an AUM of ₹148 crore as on September 30, 2024. In April 2025 the company added new business objectives covering asset management and trustee services and merchant banking and financial advisory, and planned to acquire 327 equity shares of subsidiary Abans Capital Pvt Ltd through a rights issue. In August 2025, the board of Abans Broking Services Private Limited approved a scheme merging four sibling entities into itself; as on March 31, 2026 the scheme had exchange approval and sat with the Mumbai bench of the NCLT.
The 17th AGM is scheduled for September 10, 2026.
Business model
Three verticals, arranged in ascending order of how much revenue they actually move.
**Agency Business** offers multi-asset global institutional trading in equities, commodities and currency, plus private client broking, asset management, investment advisory and wealth management for corporates, institutions and high net worth individuals. Abans International Limited, a fund under the group, had an AUM of ₹909 crore as on September 30, 2024 and runs a flagship product called The Global Arbitrage Fund — a name that tells you exactly what it does, which is rare and should be encouraged.
**Finance Business** provides secured and unsecured term financing to individuals and small and medium enterprises across India. The FY24 lending book was 61% agri-commodity, 10% financial services and 29% other industries, making this a financial services company whose loan book is mostly warehoused crops.
**Capital Business** is where the arithmetic happens. It comprises internal treasury operations including physical commodities trading, combined with exchange-based trading in foreign exchange, equities and commodities, plus investments and dividend income. In FY24 this segment was 90% of segment revenue. Agency was 7%. Finance was 3%.
The FY24 revenue break-up explains the shape of everything else in this article: sale of commodities was ~84%, sale of services ~6%, net gain on fair value change ~3%, interest on loans ~3% and interest on investments ~4%. Physical commodities move through the books at enormous gross values and razor-thin spreads, which is why a company with a ₹1,023 crore market capitalisation reported ₹23,874 crore of FY26 revenue. Geographically, FY24 was 56% overseas and 44% domestic.
For the June 2026 quarter, group segment revenue splits as Fee based investment services ₹42.45 crore, Principal Investment & Treasury ₹3,666.94 crore, Lending & Credit solutions ₹3.39 crore, and Others/unallocable ₹0.59 crore. Segment results before tax run the other way round in flavour: ₹19.42 crore from fee-based, ₹68.62 crore from treasury, ₹2.57 crore from lending and ₹0.40 crore from others. The company's own segment note explains that assets and liabilities are used interchangeably across segments and forced allocation would not be meaningful — a sentence that quietly concedes the whole thing is one large pool of capital wearing three name tags.
Quarterly results, balance sheet, cash flow, ratios, shareholding and the filings themselves are on the full page for Abans Financial Services Limited.
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