Arihant Capital Markets Limited

NSE

ARIHANTCAP

Stock

Yield per half year: -19.78%
Dividend yield: 0.4481%
Sector: Financials

Reporting Arihant Capital Markets Limited

Capitalization

IFRS

Reporting Annual Quarterly

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Average for 5 years	CAGR 5
Capitalization, bln ₹						15.4	15.45	5.55				12.13	-28.84
Revenue, bln ₹		0.8296	0.971	0.9483	0.5569	0.7237	0.9683	0.7965	1.22	1.39	1.22	1.02	13.94
Net profit, bln ₹		0.1669	0.2067	0.1902	0.1749	0.3467	0.5036	0.2912	0.7051	0.587	0.7051	0.4867	11.11
EV, bln ₹					-0.1166	16.27	16.73	4.42	6.45	7.95	6.45	10.36	-13.34
EBIT, bln ₹	0.1661	-0.2701	-0.2859	-0.2236	-0.2974	-0.3447	-0.3831	0.4888	0.9947		0.9947	0.0917	-227.31
EBITDA, bln ₹	0.1763	0.2916	0.38	0.376	0.3039	0.3302	0.4894	0.5078	1.02		1.02	0.5303	27.40
OIBDA ₹					0.4051	0.2925	0.6872	0.6285	0.2243		0.2243	0.4475	-11.15
Book value, bln ₹		1	1.19	1.36	1.5	1.82	2.29	2.57	3.23	3.84	3.23	2.75	16.11
FCF, bln ₹		0.1168	-0.4894	0.0242	1.17	-0.3241	-0.1806	0.1041	-0.3269	0.1476	-0.3269	-0.1160	-185.44
Operating Cash Flow, bln ₹		0.138	-0.463	0.0368	1.18	-0.3169	-0.1806	0.1469	-0.2963	0.3158	-0.2963	-0.0662	-199.93
Operating profit, bln ₹		0.283	0.3264	0.364	0.2557	0.309	0.4637	0.4119	-0.0894	-0.1802	-0.0894	0.1830	-189.78
Operating expenses, bln ₹		0.1683	0.1468	0.1062	0.0986	0.1014	0.127	0.1503	0.2316	1.57	0.2316	0.4361	72.97
CAPEX, bln ₹		0.0212	0.0264	0.0127	0.0105	0.0072	0.0428	0.0428	0.0306	0.1682	0.0306	0.0583	87.80

	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	Average for 5 quarters	CAGR 5
Capitalization, bln ₹	15.37	15.86	34.4	12.78	7.77	7.15	5.17	4.02	5.67	7.35						5.87	0.55
Revenue, bln ₹						0.2049	0.1848	0.2037	0.3088	0.3062	0.3988	0.4122	0.432	0.2989	0.2494	0.3583	-8.96
Net profit, bln ₹						0.0716	0.0195	0.1158	0.1469	0.1959	0.2466	0.1881	0.1994	0.1225	0.077	0.1667	-20.77
EV, bln ₹			35.67				6.12		8.46		6.45		13.72		7.95	8.54	5.37
EBIT, bln ₹					0.1147	0.1354	0.0676	-0.1695	0.1105	0.0512	0.3242	0.2408	0.3134	0.1125		0.2084	17.05
EBITDA, bln ₹					0.1191	0.141	0.0732	-0.1636	0.1164	0.0571	0.3305	0.2476	0.3206	0.1205		0.2153	16.11
OIBDA ₹										-0.0876	0.2248	0.0365	0.0886	-0.0625		0.0400	-6.53
Book value, bln ₹						2.49	2.57	2.57	2.79	2.79	3.23	3.23	3.7	3.7	3.84	3.54	3.52
FCF, bln ₹					0.0089	0.0113	0.011	0.0117	0.0118	0.0119						0.0115	1.04
Operating Cash Flow, bln ₹					0.0089	0.0113	0.011	0.0117	0.0118	0.0119						0.0115	1.04
Operating profit, bln ₹						0.1354	0.0676	-0.1695	0.1105	0.0512	0.1409	-0.023	-0.0326	-0.0604	-0.0642	-0.0079	-185.45
Operating expenses, bln ₹						0.0591	0.0654	0.0687	0.0624	0.0764	0.1581	0.0963	0.1299	0.0908	0.3136	0.1577	14.68

	Average for 5 quarters	CAGR 5

Cash flow Cash flow quarterly Assets

Balance sheet

IFRS

Reporting Annual Quarterly

	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Average for 5 years	CAGR 5
Cash, bln ₹				0.5219	1.06	1.18	0.5306	0.2478	0.3753	0.2021	0.2414	0.2032	0.2414	0.2540	-3.89
Short-Term Investments ₹				0.15	0.0264	0.9756	1.29	0.1414	0.3969	0.1179	0.5435	4.34	0.5435	1.11	98.34
Accounts Receivable ₹				0.6688	1.31	1.47	0.8782	1.99	2.52	2.65	2.88	0.9673	2.88	2.20	-13.44
Total Current Assets ₹				1.78	2.86	3.08	3.02	4.26	5.37	4.87	7.47	7.11	7.47	5.82	10.79
Net assets, bln ₹					0.2028	0.1851	0.1826	0.1747	0.0925					0.1675	-14.53
Assets, bln ₹				2	3.09	3.38	3.36	4.61	5.79	5.22	7.8	7.87	7.8	6.26	11.29
Short-Term Debt ₹		0.0000		0.0846	0.9508	1.09	0.414	0.5626	0.8238	0.5634	0.7168		0.7168	0.6161	11.60
Long-Term Debt ₹								0.5626	0.8238	0.5968	0.9928	0.9567	0.9928	0.7865	11.20
Liabilities, bln ₹				0.9985	1.9	2.02	1.86	2.79	3.5	2.65	4.58	4.02	4.58	3.51	7.58
Net debt, bln ₹				-0.4373	-0.109	-0.0858	-0.1166	0.3148	0.4485	0.3947	0.7514	0.7535	0.7514	0.5326	19.07
Debt, bln ₹							0.414	1.13	1.65	0.5968	0.9928		0.9928	0.9567	19.12
Interest Income ₹						0.0719	0.000499	0.0954	0.4133	0.5098				0.2182	47.96
Interest Expense, bln ₹				0.0338	0.0719	0.0995	0.0808	0.0344	0.0601	0.0904	0.1257	0.1991	0.1257	0.1019	42.07
Net interest income, bln ₹						-0.0349	-0.0856	0.0533	-0.0601	0.4194				0.0584	-264.42
Goodwill ₹				0.0043	0.0046	0.000625	0.0047		0.0021	0.000618				0.0025	-33.07
Amortization, bln ₹			0.0102	0.5617	0.6658	0.5996	0.6013	0.6749	0.8725	0.019	0.0241		0.0241	0.4384	-47.45
Cost of production, bln ₹				0.3555	0.4387	0.4922	0.4634	0.5512	0.7798	0.6806	1.08	1.17	1.08	0.8523	16.25
Inventory ₹	0.037	0.1914	0.3553	0.3333	0.4661	0.3443	0.2847	0.265	2.04	4.71				1.53	68.74

	2017Q1	2017Q3	2018Q1	2018Q3	2019Q1	2019Q3	2020Q1	2020Q3	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	Average for 5 quarters	CAGR 5
Cash, bln ₹										0.1655	0.1655	0.3753	0.3753		0.3186		0.2021		0.0554		0.2414		0.0532		0.2032	0.1511	0.11
Short-Term Investments ₹										0.8773	0.8773	0.3969	0.3969		2.06		1.93		3.67		0.5435		5.18		4.34	3.13	17.59
Accounts Receivable ₹							0.8782		1.99		1.68		2.39		2.69		2.65		0.851		2.92		3.69		0.9673	2.22	-18.25
Total Current Assets ₹										3.11	3.11	5.37	5.37		5.35		4.79		6.54		7.25		8.93		7.11	6.92	8.22
Net assets, bln ₹									0.1747		0.1905		0.0925		0.1182											0.1440	-9.31
Assets, bln ₹										5.68	5.68	5.79	5.79		5.96		5.22		7.44		7.8		9.89		7.87	7.64	8.56
Short-Term Debt ₹		0.8622	0.9508	1.09	1.09		0.414		0.5626			0.8238	0.8238				0.5634				0.7168					0.6981	4.96
Long-Term Debt ₹									0.5626		0.5817		0.8238		0.9806		0.5968		1.22		0.9928		1.97		0.9567	1.15	9.90
Liabilities, bln ₹												3.5	3.5		3.47		2.65		4.65		4.58	-3.23	6.19	-3.7	4.02	1.57	-2.57
Net debt, bln ₹										0.4162	0.4162	0.4485	0.4485		0.662		0.3947		1.16		0.7514		1.92		0.7535	0.9959	13.81
Debt, bln ₹									1.13				1.65				1.16		1.22		0.9928		1.97			1.40	3.61
Interest Income ₹											0.0969	0.1165	0.1115	0.1229	0.1188	0.1412	0.1269	0.1325	0.145	0.1718						0.1435	4.00
Interest Expense, bln ₹																0.0258	0.0253	0.0217	0.0213	0.0418	0.0409	0.0524	0.0594	0.0477	0.0396	0.0480	-0.64
Net interest income, bln ₹											-0.0132	-0.0163	-0.02	0.103	0.0993	0.1154	0.1016	0.1325	0.1238	0.1299						0.1206	2.40
Goodwill ₹	0
Amortization, bln ₹															0.0045	0.0056	0.0055	0.0058	0.0059	0.006	0.0064	0.0068	0.0073	0.008		0.0069	5.92
Cost of production, bln ₹																0.1565	0.1747	0.2128	0.2893	0.361	0.2338	0.3389	0.3347	0.2685	0.2255	0.2803	-0.72
Inventory ₹						0.3025	0.2847	0.282	0.265	0.2981	0.2981		2.17		-2.69		4.71		6.19							2.14	83.43

Share

IFRS

Reporting Annual Quarterly

	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Average for 5 years	CAGR 5
EPS				1.68	3.33	0.9674	2.8	6.77	5.64	6.77	3.90	11.11
Share price					197.05	64.5	69.5	98.54	78.68	78.68	101.65	-16.77
Number of shares, mln	104.25	104.11	103.92	104.02	104.01	104.11	104.11	104.11	104.11	104.11	104.09	0.02
FCF/share	1.12	-4.7	0.2325	11.27	-3.12	-1.73	0.9996	-3.14	1.42	-3.14	-1.1141	-185.43

	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	Average for 5 quarters	CAGR 5
EPS									1.41	1.88	2.37	1.81	1.83	1.12	0.7397		1.57	-20.78
Share price			330.75	123.54	74.93	68.65	49.62	38.65	54.44	70.64					68.58	78.68	62.20	15.28
Number of shares, mln	104.07	104.01	103.99	103.46	103.74	104.11	104.11	104.11	104.11	104.11							104.11	0.00
FCF/share					0.0859	0.1082	0.1058	0.1123	0.113	0.1144							0.1107	1.12

Efficiency

IFRS

Reporting Annual Quarterly

	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	Average for 5 years	CAGR 5
ROE, %	16.67	17.38	13.98	11.69	19.04	22	12	24.35	16.61	24.35	16.86	18.80	-2.69
ROA, %	8.34	6.69	5.63	5.21	7.51	8.7	5.29	10.83	7.49	10.83	4.25	7.96	-0.05
ROIC, %				10.25	12.48	13.72	10.52	17.95		17.95	9.97	12.98	11.86
ROS, %	20.11	21.28	20.06	31.4	47.91	52.01	36.56	57.91	57.91	57.91	55.32	50.46	3.86
ROCE, %	-26.98	-24.04	-16.44	-19.88	-18.93	-16.74	18.72	28.36	30.84	30.84	24.13	8.45	-210.25
EBIT margin				-49.75	-47.63	-15.02	61.37	81.7	81.7	81.7	59.28	32.42	-211.40
EBITDA margin	35.15	39.13	39.64	54.58	45.62	50.55	63.75	83.68	83.68	83.68	61.72	65.46	12.90
Net margin	20.11	21.28	20.06	31.4	47.91	52.01	36.56	57.91	42.16	57.91	55.32	47.31	-2.52
Operational efficiency, %	34.11	33.61	38.38	45.92	42.7	47.89	51.72	-7.34	-7.34	-7.34	56.13	25.53	-170.32
FCF yield, %					-2.1	-1.17	1.87					-0.4667	-196.21

	2021Q2	2021Q3	2021Q4	2022Q1	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	2025Q3	Industry average	Average for 5 quarters	CAGR 5
ROE, %						2.88	0.7619	4.51	5.73	7.42	8.94	6.43	6.39	3.66	2.18			16.86	5.52	-24.59
ROA, %	2.1	2.2	2.26	2.22	2.11		0.3744		3.95		6.32		4.03		1.96			4.25	3.33	39.25
ROS, %								56.83	47.55	63.97	61.84	45.63	46.16	41	30.87	57.91	57.91	55.32	46.77	4.64
ROCE, %		6.66	4.47	5.43	4.61		2.64		2.8		8.08		6.33			30.84	30.84	24.13	15.78	61.58
EBIT margin									35.8	16.71	81.29	58.43	72.54	37.64		81.7	81.7	59.28	66.40	6.93
EBITDA margin							39.58	-80.32	37.7	18.66	82.89	60.07	74.21	40.31		83.68	83.68	61.72	68.39	6.85
Net margin						34.95	10.58	56.83	47.55	63.97	61.84	45.63	46.16	41	30.87			55.32	45.10	-12.97
Operational efficiency, %								-83.19	35.8	16.71	35.33	-5.57	-7.55	-20.21	-25.72	-7.34	-7.34	56.13	-13.6320	-0.56
FCF yield, %					0.1146	0.1575	0.2133	0.2906	0.2075	0.1619									0.2062	0.55

Coefficients

IFRS

Reporting Annual Quarterly

	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	Average for 5 years	CAGR 5
P/E					44.4	30.69	13.82	8.08	12.25	8.08	36.28	21.85	-22.71
P/BV					8.45	6.75	1.57	1.77	1.87	1.77	3.47	4.08	-26.04
P/S					21.27	15.96	5.05	4.68	5.16	4.68	11.12	10.42	-24.67
P/FCF					-47.51	-85.59	53.34	0	0	0	9.16	-26.5867	-203.93
E/P					0.0225	0.0326	0.0525	0	0	0	0.14	0.0359	32.64
EV/EBIT				0.4208	-0.9132	-301.42	9.04	6.49	6.49	6.49	166.14	-56.0626	-248.03
EV/EBITDA				-0.3596	49.29	34.18	8.7	6.33		6.33	38.04	19.63	-277.47
EV/S				-0.2094	22.49	17.27	5.55	5.3	5.3	5.3	13.61	11.18	-25.10
EV/FCF				-0.0994	-50.22	-92.64	42.46	-19.74	-19.74	-19.74	11.74	-27.9760	-17.04
Debt/EBITDA				1.28	3.41	3.37	1.18	0.9745	0.9745	0.9745	17.17	1.98	-22.16
Netdebt/Ebitda	-1.5	-0.2869	-0.2282	-0.3836	0.9534	0.9163	0.7773	0.7375	0.7375	0.7375	-0.25	0.8244	-5.01
Debt/Ratio				0.1233	0.2438	0.2846	0.1143	0.1272	0.1272	0.1272	0.30	0.1794	-12.20
Debt/Equity				0.2767	0.6178	0.7198	0.2326	0.3078	1.42	1.42	7.29	0.6596	18.11
Debt/Net Income				2.37	3.24	3.27	2.05	1.41	1.41	1.41	13.96	2.28	-15.33
PEG									-1.74	-1.74	17.94	-1.7400	0.00
Beta								-9.58	-0.4726	-0.4726	4.91	-5.0263	-77.79
Altman Index					4.83	3.9		0	0.4895	0.4895	1.01	3.07	-53.38

	2021Q1	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	2025Q3	Industry average	Average for 5 quarters	CAGR 5
P/E							99.81	264.29	34.76	20.64	15.4	8.09	9.48	13.74	13.82	12.56			36.28	11.54	9.20
P/BV					5.58	3.12	2.87	2.01	1.57	2.62	2.64	1.77		3.19		1.87			3.47	2.42	-6.52
P/S							34.88	27.95	19.75	8.09	7.33	4.68	5.17	7.37	6.8	5.29			11.12	5.86	2.48
P/FCF						872.24	634.76	468.87	344.15	481.91	617.63								9.16	509.46	-0.55
E/P		0.0081	0.0083	0.0037	0.0058	0.0161	0.01	0.0038	0.0288	0.0259	0.0266								0.14	0.0190	21.61
EV/EBIT										76.56		19.9		43.8			6.49	6.49	166.14	30.65	-38.96
EV/EBITDA				280.22				83.72		17.48		6.93		11.91					38.04	80.05	-46.83
EV/S				155.44				33.13		27.41		16.18		31.77		31.85	5.3	5.3	13.61	18.08	-20.01
EV/FCF								555.83		719.56							-19.74	-19.74	11.74	308.98	-143.41
Debt/EBITDA	11.24			12.94				15.86		10.44		3		6.14			0.9745	0.9745	17.17	4.31	-37.77
Netdebt/Ebitda		2.99	4.26	3.52		5.56		5.4		9.96		2.27		5.98			0.7375	0.7375	-0.25	3.94	-40.58
Debt/Ratio	0.2438			0.2846				0.2222		0.1635		0.1272		0.199			0.1272	0.1272	0.30	0.1488	-4.90
Debt/Equity	0.6178			0.7198				0.4522		0.4361		0.3078		0.5323			1.42	1.42	7.29	0.8232	26.63
Debt/Net Income	8.83			12.81				59.35		8.28		4.03		9.87			1.41	1.41	13.96	5.00	-29.82
PEG																	-1.74	-1.74	17.94	-1.7400	0.00
Beta																5.74	0.1298	-0.4726	4.91	1.80	-143.50
Altman Index		3.68		7.4		1.81										0.5488	0.4895	0.4895	1.01	2.15	-41.91

Dividends

IFRS

Reporting Annual Quarterly

	2015	2016	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	Average for 5 years	CAGR 5
Div. payout, bln	0.0156	0.0312	0.0156	0.0156	0.0227	0.0208	0.0364	0.0416	0.0521		0.0521		0.0347	18.08
Dividend						0.2	0.3	0.4	0.5		0.5		0.3500	25.74
Dividend yield, %						0.1351	0.2021	1.01	0.4481		0.4481	1.35	0.4488	34.95
Dividends / profit, %		36.5	7.56	8.21	12.99	6.01	7.24	5.36	5.91	8.87	5.91	18.71	6.68	8.10
Dividend coverage ratio										13.55	13.55	9.89	13.55	0.00

	2021Q3	2022Q1	2022Q3	2023Q3	2025Q2	2025Q3	Industry average	Average for 5 quarters	CAGR 5
Dividend	0.2	0.15	0.15	0.4				0.2250	18.92
Dividend yield, %	0.1355	0.0454	0.2002	0.7347			1.35	0.2790	52.60
Dividend coverage ratio					13.55	13.55	9.89	13.55	0.00

	Industry average	Average for 5 quarters	CAGR 5

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IFRS

Reporting Annual

	2020	2021	2022	2023	2024	2025	LTM	CAGR 5
CAPEX/Revenue, %	1.89	0.9944	4.43	5.38	2.51	12.08	2.51	64.78

	CAGR 5

	CAGR 5