Aryaman Capital Markets Limite (ARYACAPM) share price

₹423.00 on BSE as of 2026-09-11. +1.44% on the day. market cap ₹507 Cr. P/E 20.6. 52-week range ₹391.35 to ₹723.25. Financial Services.

Aryaman Capital Markets FY26 & Q1 FY27: PAT of ₹27.79 Cr on Revenue of ₹59.08 Cr, Borrowings at Zero, and a 97.6% OPM Quarter

At a glance

Aryaman Capital Markets closed FY26 with revenue of ₹59.08 crore, down from ₹77.33 crore, and net profit of ₹27.79 crore, up from ₹22.93 crore. Revenue went one way, profit went the other, and the two lines have apparently agreed to stop speaking.

The June 2026 quarter posted sales of ₹9.28 crore against expenses of ₹0.22 crore. That produces an operating margin of 97.63% — a number that in most industries would trigger a factory inspection, and in this one just means the securities went up. Operating profit for the quarter was ₹9.06 crore on PAT of ₹7.83 crore.

Borrowings on the March 2026 balance sheet read nil, against ₹28.02 crore a year earlier and ₹46.26 crore the year before that. Reserves climbed to ₹96.13 crore on an equity capital of ₹11.98 crore that has not moved since 2017 — a company that grew nine times over without once asking anyone for fresh money.

The shareholder register tells its own story: 34 shareholders in March 2022, 576 by June 2026. Somewhere in there, the company migrated from the BSE SME platform to the BSE Main Board on May 8, 2025, and a lot of people found the ticker.

FY26 also brought ₹2.49 crore of Other Income into a P&L that had recorded effectively none for a decade.

Introduction

Aryaman Capital Markets Ltd is the fund-based and secondary-market arm of the Aryaman Group, and a 74.28%-owned subsidiary of Aryaman Financial Services Ltd. The parent is a SEBI-registered Category-I Merchant Banker running lead management and syndication for SME-sized IPOs, rights issues, QIPs and PIPE deals. The subsidiary does the part where somebody actually has to hold the shares.

The ten-year P&L reads like two different companies wearing the same PAN. FY2021 revenue was ₹135.1 crore and net profit was ₹0.25 crore — a company that moved enormous volume for a rounding error. FY2026 revenue was ₹59.08 crore and net profit ₹27.79 crore. Sales are compounding at -15% over five years while profit compounds at 157%, which is the sort of pairing that makes a spreadsheet want a lie-down.

The registrations pile up impressively: BSE, NSE, MCX and CDSL. As market maker it has served 70-plus scrips since inception and was sole designated market maker for 14 actively traded ones — "actively traded" being SME-segment language for a scrip that had a buyer that week.

The May 2025 migration to the Main Board was approved by a board resolution back in January 2024, alongside an increase in borrowing limits. Borrowings then proceeded to go to zero, which is one way to use a higher limit.

The board itself had a busy August 2025. On a single day it appointed a secretarial auditor for a five-year term, accepted one CFO's resignation, appointed another CFO, ceased one independent director, appointed another, and changed the designations of two directors in opposite directions. The meeting commenced at 12:30 P.M. and concluded at 05:30 P.M., a duration that the minutes report without comment and which the agenda entirely explains.

FY26's revenue split, per the company's disclosure: gains on investments 96%, fees and commissions 3%, operating interest 1%.

Business model

Ninety-six percent of FY26 revenue came from gains on investments. Strip away the licences and the letterhead and this is a company whose principal activity is owning securities that subsequently become worth more, which is either the oldest business in the world or not a business at all depending on how philosophical the reader is feeling.

Around that core sit four genuine service lines. **Proprietary investment and trading** in quoted and unquoted securities — the ₹82.47 crore investment book at March 2026, of which ₹48.58 crore is carried through OCI and ₹33.89 crore through profit and loss. Two buckets, two accounting destinations, one portfolio manager who has to remember which is which.

**SME market making**, which is the obligation to quote both sides in scrips that on some days have all the liquidity of a locked cupboard. Fifteen SME scrips were added to the market-making portfolio in one year against three the year before. Someone in that office is contractually obliged to be the counterparty of last resort on 14 tickers simultaneously.

**Underwriting and broking**, plus **CDSL depository-participant services** — the demat plumbing, where the company holds other people's shares in electronic form and charges for the privilege of nothing going wrong.

The stock-in-trade line is where the mechanics get vivid. Inventory here is not steel or shirts; it is quoted equity held for market making, and it stood at ₹15.74 crore in FY25 before being fully reduced to nil by FY26-end. Inventory Days accordingly went from 134 to 0. A retailer that emptied its shelves this thoroughly would be closing down; a market maker that did it simply sold the book.

All of this is run by, at last disclosed count, eight permanent employees. Annual purchase of stock-in-trade peaked at ₹121.69 crore in one year. That is roughly ₹15 crore of turnover per human being, before anyone has made tea.

Quarterly results, balance sheet, cash flow, ratios, shareholding and the filings themselves are on the full page for Aryaman Capital Markets Limite.

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