Arohan Financial Services is heading for an IPO
An IPO has been announced. Issue details are on the IPO page.
Arohan Financial Services Unlisted Shares
Arohan Financial Services is a Kolkata-based NBFC-MFI that gives income-generating loans to underserved customers, mostly women, in rural and semi-urban India. Its assets under management were ₹63,084.14 million as of 31 December 2025.
Read the full company profileArohan Financial Services share details
- Lot size
- 250 shares
- Min. investment
- ₹57,000
- Face value
- ₹10
- Implied market cap
- ₹3,635 Cr
- Shares outstanding
- 159,412,320
- Founded
- 1991
- Headquarters
- Kolkata, West Bengal
- Website
- arohan.in
- ISIN
- INE808K01017
- CIN
- U74140WB1991PLC053189
- Lock-in after IPO
- 6 months
Arohan Financial Services share price chart
Indicative off-market dealer quotes, not exchange prices. A flat stretch means the quote did not change on those days.
Arohan Financial Services IPO status: SEBI review completed
Arohan Financial Services has completed SEBI's review of its draft offer document. The next step is a red herring prospectus with the issue dates.
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2 Jun 2026DRHP filed with SEBI
About Arohan Financial Services
Strengths
- AUM was ₹63,084.14 million as of 31 December 2025. The DRHP, citing a CARE report, ranks the company ninth largest NBFC-MFI in India with a 4.71% market share.
- It operates through 1,073 branches in 17 states and 320 districts, with 1.95 million active borrowers as of 31 December 2025.
- Capital adequacy (CRAR) was 31.20% as of 31 December 2025, with Tier I capital at 30.58%.
- Net worth rose from ₹13,380.25 million at March 2023 to ₹20,251.28 million at March 2025, and was ₹20,918.07 million at December 2025.
- Gross NPA ratio improved to 1.69% as of 31 December 2025 from 2.85% at March 2025, and net NPA ratio was 0.39%.
- Average cost of borrowings fell to 7.76% in the nine months to December 2025 from 11.79% in FY25.
- The company holds credit ratings from CARE (A-, Stable) and ICRA (A, Stable) as per the DRHP.
- Digital collection share rose from 6.89% in FY23 to 13.53% in the nine months to December 2025.
Risks
- The RBI directed the company to stop sanctioning and disbursing loans from 21 October 2024 until 3 January 2025. Any similar future direction could hurt the business.
- Profit after tax dropped from ₹3,138.21 million in FY24 to ₹1,096.86 million in FY25, and AUM shrank 15.60% in FY25.
- Gross NPAs were ₹1,017.16 million at December 2025 and ₹1,692.96 million at March 2025. The credit cost ratio was 6.06% in FY25.
- Total borrowings were ₹52,194.32 million at December 2025, a debt-to-equity ratio of 2.50 times. The business depends on steady funding from lenders.
- Net cash from operating activities was negative ₹1,332.20 million in the nine months to December 2025 and negative ₹13,953.74 million in FY24, even though profit was reported.
- About 67.89% of AUM sits in the top three states as of December 2025, so a local shock or regulatory change can hit hard.
- Interest income was 91.58% of total income in the nine months to December 2025, which leaves earnings exposed to interest rate moves.
- The business handles large volumes of small cash transactions, which carries risk of fraud, petty theft and operational lapses.
- Some old corporate records and filings relating to past share allotments are not traceable, as disclosed in the DRHP.
- Return on average net worth was 2.95% in the nine months to December 2025, against 19.30% in FY24, so returns have been volatile.
Arohan Financial Services financial performance
Revenue, profit and balance-sheet figures by fiscal year.
| Metric | FY25Latest | FY24 | FY23 |
|---|---|---|---|
| Revenue (₹ Cr) | 1,692 | 1,629 | 1,088 |
| EBITDA (₹ Cr) | 777 | 1,010 | 563 |
| PAT (₹ Cr) | 110 | 314 | 71 |
| EBITDA Margin (%) | 45.92 | 62.03 | 51.80 |
| PAT Margin (%) | 6.48 | 19.27 | 6.50 |
| RoNW (%) | 5.42 | 16.39 | 5.29 |
| EPS (₹) | 7.20 | 26.62 | 6.05 |
| Book Value (₹) | 132.60 | 162.11 | 110.43 |
| Debt / Equity | 2.32 | 3.14 | 3.39 |
| Total Assets (₹ Cr) | 6,886 | 8,115 | 6,018 |
| Net Worth (₹ Cr) | 2,025 | 1,915 | 1,338 |
Swipe the table sideways for earlier years →
Management team
Events & announcements
Arohan Financial Services filed its draft red herring prospectus with SEBI, the first public step towards an IPO.
Buy or sell Arohan Financial Services unlisted shares
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Arohan Financial Services unlisted shares: common questions
Important disclaimer
Unlisted shares are not traded on stock exchanges. Prices shown are indicative and based on off-market transactions; they may differ from eventual listing or future market prices. Exit liquidity depends on counter-party availability. SEBI mandates a 6-month lock-in on pre-IPO shares post-listing. Gains held beyond 24 months are taxed at 12.5% LTCG (no indexation). IPO Guru is not a SEBI Registered Investment Advisor. Information here is for general awareness, not personalised investment advice. Please consult your tax advisor before investing.
