Aryaman Capital Markets Shares Rise 7% After Financial Results

Key numbers

P/E Ratio	21.91Sector PE 36.17
Market Cap	₹538.91 CrSmall Cap
Promoter Holding	74.28%No Change QoQ
RSI	63.93Neutral Zone

Key highlights

• Net profit for Q2 FY27 reached ₹17.9 crore, up from ₹6.7 crore in the same quarter last year
• Revenue from operations grew 124.7% sequentially to ₹20.9 crore from ₹9.3 crore in Q1-27
• Operating margins expanded to 98.6%, driven by total quarterly expenses of just ₹0.27 crore
• Market value of the disclosed public equity portfolio stood at ₹70 crore across 10 companies
• Promoter holding remains stable at 74.28% with zero shares pledged as of September 2026

Proprietary Trading and Capital Fees Drive Revenue Growth

Aryaman Capital Markets, operating as a boutique capital markets and proprietary trading firm, saw its revenue from operations scale to ₹20.9 crore in the September 2026 quarter. This represents a 100.9% increase over the ₹10.4 crore reported in the same period last year. The firm's total income reached ₹21.2 crore, including a modest other income contribution of ₹0.2 crore.

This growth follows a steady upward trajectory in the firm's bottom line over the last year, moving from ₹4.32 crore in Q4 FY26 and ₹7.83 crore in Q1 FY27 to the current ₹17.9 crore, reflecting improved realizations from its market-linked operations.

Exceptional Operational Leverage and Margin Profile

• Operating margins reached a peak of 98.6% in Q2-27, significantly higher than the 74.6% recorded in Q2-26.
• Total expenses for the quarter were contained at ₹27.46 lakhs, despite the doubling of operational scale.
• Employee benefit expenses stood at ₹7.58 lakhs, while finance costs were negligible.
• Tax expenses for the quarter amounted to ₹2.95 crore, including current tax of ₹2.72 crore.
• The firm reported a Profit Before Tax (PBT) of ₹20.9 crore, nearly equal to its operational revenue.

Portfolio Performance and Valuation Context

As of September 30, 2026, the company disclosed that the market value of its public equity portfolio was ₹70 crore, spread across 10 companies. This proprietary book is a key component of the firm's balance sheet, which also held long-term strategic investments of ₹83 crore as of March 2026. From a valuation standpoint, the stock trades at a Price-to-Earnings (P/E) multiple of 21.91, which is below the industry average of 36.17 and significantly lower than its three-year average P/E of 98.85.

The company's Piotroski Score of 8 suggests strong financial health and operational efficiency across most tracked metrics.

Board Approval and Dissemination

The Board of Directors of the Company in its meeting held today i.e. on Thursday, November 12, 2026 at Registered Office of the Company, inter alia considered and approved the Unaudited Financial Results set out in compliance with Indian Accounting Standards for the Quarter and Half year ended September 30, 2026.

What to watch next

• Quarterly market valuation update for the ₹70 crore equity portfolio in January 2027
• Impact of market volatility on proprietary trading desk performance in Q3 FY27
• Next Board meeting for Q3 FY27 results scheduled for February 2027

Aryaman Capital Markets · financial snapshot

Share price	₹449.95
Market capitalisation	₹538.91 Cr
Revenue (annual)	₹59.08 Cr
Net profit (annual)	₹27.79 Cr
Revenue (latest quarter)	₹9.28 Cr+20.72% vs previous quarter
Net profit (latest quarter)	₹7.83 Cr+81.42% vs previous quarter
P/E (TTM)	21.91×Sector 20.8×
Promoter holding	74.28%0.00% QoQ
FII holding	0%Current quarter

Reference market data from a third-party provider, as of the story. Not a valuation or a recommendation.