Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 30 Sep - Newspaper Publication - Special Window for Transfer and Dematerialisation of Physical Share
Source: Bse
Abans Financial Services Limited (AFSL)
Small CapFinancial Services stocks · Small cap · NSE
Abans Financial Services Limited (AFSL), established 2009 and listed 2022, is a diversified financial institution offering asset management, lending, and proprietary investment strategies. Globally present, AFSL aims to be a boutique institution known for excellence and innovation, governed by SEBI, RBI, and FCA.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals06 Oct 2026 · screener
Latest result16 Aug, 12:56 am IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags03 May 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Financial Services P/E 17.0 (n=243)
Technical timing lens
Trend score and candlestick chart
42NeutralSMA20 -1.1% / mo · MACD + · near 52W low
Stock trend: 41
Sector RS: 44
Sector 3M: -5.8% vs Nifty 500 -5.6%
Financial Services FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
AFSLD candles · FIT view-1.9%Latest close ₹201.08 on 2026-10-19
Bar
-0.1%
RSI
46
MACD hist
0.08
52W pos
9%
2026-10-19O ₹201.20H ₹201.95L ₹201.00C ₹201.08Vol 5,168 sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
AFSLNifty Financial ServicesNifty 500
- AFSL
- -0.0%
- Nifty 500
- -5.6%
- Nifty Financial Services
- -6.0%
- Vs Nifty 500
- +5.6 pp
Chart stats
19 Oct 2026- From 52W high
- -11.4%
- 52W range position
- 20%
- ATR (14)
- 1.0%
- Volume vs 20D
- 0.96x
- Avg traded value
- ₹0.1 Cr
- 20D price channel
- ₹201 - ₹207.4
₹227
₹194.4 - ₹227
₹2
Latest completed session
20-session average
8.0% annualized volatility
Research snapshot
What the evidence says now
Investable fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is mixed.
Suggested next step
Add to watchlist
Fundamental setup is interesting, but technical confirmation is weak.
U-Score
Legacy · UNDERVALUED72
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Good62
Revenue +96.0% · PAT +100.0% YoY
Technical
Neutral42
Price trend and sector-relative-strength timing.
Valuation
Legacy model+68.9%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence71
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Good · 62/100Rev +96% YoY · PAT +100% YoY · margin compression
Filed 30 Jun 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹3,713 Cr | +96.0% | -57.4% |
| EBITDA | ₹100 Cr | +96.1% | +525.0% |
| Operating margin | 2.7% | +0 bps | +250 bps |
| PAT | ₹66 Cr | +100.0% | NDF |
| PAT margin | 1.8% | +4 bps | +183 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 8.02
- P/B
- 0.81
- EV/EBITDA
- 8.53
- Market Cap
- 1029.00Cr
Profitability
- ROE
- 8.29%
- ROCE
- 7.90%
- ROA
- 4.76%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 78.00%
- EPS 5Y
- 18.00%
- Revenue 3Y
- 156.00%
- EPS 3Y
- 14.00%
Balance Sheet
- Debt/Equity
- 0.60
- Interest Coverage
- 4.90×
- Altman Z
- 4.36
- Book Value
- 247.00
Cash Flow
- FCF Yield
- 22.93%
- FCF Positive Y
- 3/5
- OCF
- 505.00 Cr
- EPS TTM
- 25.31
Shareholding
- Promoter Hold
- 71.11%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 15%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 23.9k+627.6% vs prev
Net Profit
₹ CrLatest: 105-3.7% vs prev
Return on Equity
%Latest: 8.4-17.2% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 46. Wait for confirmation.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 falling (~1.1% over last month) — short-term momentum negative.
- RSI(14) at 46 — sideways, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- Within 5% of 52-week low — testing support.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
63
RS percentile
Stage 1 Base / Transition
1M return
+0.0%
3M return
+0.0%
6M return
+0.0%
1Y return
+0.0%
RS 1D
+2
RS 20D
+13
Sector rank
#10
Industry rank
#67
Stage evidence
- Price is within 0.5% of the 30-week proxy.
- The 30-week proxy changed -0.0% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price below
Sector
weakening
Industry
lagging
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 100.94+1.01%
RS vs Nifty 500101
Valuation & peers
U-Score 72 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 72 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Top Setup
Fundamental score breakdown
U band · UNDERVALUEDValuation29/30
Growth18/25
Quality0/20
Balance Sheet10/15
Cash Flow9/10
Piotroski
7/9 (+5)
Penalties
1
Raw sum
72
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
72/100 · legacy band UNDERVALUED
Positive drivers
- FCF yield is supportive at 22.9%.
- Piotroski is strong at 7/9.
- Fair-value margin of safety is positive at 68.9%.
Main drags
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Balance sheet is weaker at 10/15; verify the latest quarterly trend.
- Growth is weaker at 18/25; verify the latest quarterly trend.
Sector valuation model
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Primary lens
PE, EV/EBITDA, margin of safety, and FCF yield together.
Secondary checks
ROE/ROCE, growth, cash conversion, leverage, promoter risk.
Main risk check
One cheap metric is not enough if quality or cash flow is weak.
PE
8.0
PB
0.8
EV/EBITDA
8.5
ROE
8.3%
ROCE
7.9%
FCF Yield
22.9%
Debt/Equity
0.6
MoS
+68.9%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
72
Previous: 72
Legacy U-Score band
UNDERVALUED
Previous: UNDERVALUED
Margin of safety
+68.9%
Previous: +68.9%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
72
72
72
72
72
72
72
72
72
72
72
72
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹375.05
+46.4% MoS
Growth-justified P/E
25.5
Growth-justified Value
₹645.41
+68.9% MoS
PEG
0.49
Comparable companies
Peers
Business-comparable peers in Financial Services — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
HDBFS
Large
HDB Financial Services Limited
NBFC
match 145
35
14.4
14.7%
+44%
WATCHLIST
ABCAPITAL
Mid
Aditya Birla Capital Limited
NBFC
match 144
24
26.0
12.0%
+3%
OVERVALUED
BAJAJFINSV
Large
Bajaj Finserv Limited
NBFC
match 144
19
26.9
13.2%
-5%
OVERVALUED
CENTRUM
Small
Centrum Capital Limited
NBFC
match 140
35
—
-25.9%
-97%
WATCHLIST
AKCAPIT
Small
AK Capital Services Limited
NBFC
match 140
43
10.2
11.0%
+48%
WATCHLIST
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-10-08T07:24:42.199Z
Management commentary snapshot
AFSL reports strong Q1FY26 results: Total Income surged 540% QoQ to ₹1,89,555 lakhs, PAT grew 35% QoQ to ₹3,269 lakhs, and AUM increased 41% QoQ to ₹3,50,438 lakhs. Core Revenue rose 28% QoQ to ₹8,537 lakhs, with EBIT up 33% QoQ to ₹4,384 lakhs, driven by fee-based services and treasury.
AFSL's Q1FY26 performance shows robust growth in AUM, core revenue, and profitability, supported by its fee-based and treasury verticals. Management's strategic shift to a capital-light, fee-led model appears to be yielding results, despite geopolitical uncertainties. The company is expanding its global footprint and product offerings.
Current business mix
Core Revenue by Business Segment (Q1FY26)
Latest issuer-disclosed distribution across 3 reported categories.
Fee-based Investment Services52.4%
Lending & Credit Solutions7.1%
Principal Investment & Treasury40.5%
Growth engines
Asset Management
AUM grew by 41% QoQ to ₹3,50,438 lakhs, with asset management income increasing by 39% QoQ.
Fee-based Services
Fee-based Investment Services grew by 31% QoQ to ₹4,476 lakhs, driven by advisory mandates, distribution income, and AUM-linked revenue.
Principal Investment & Treasury
Core revenue grew by 50% QoQ to ₹3,454 lakhs, reflecting expertise in managing volatility with strategic asset allocation.
Strategic Expansion
Strategic expansion into mutual funds, merchant banking, and offshore alternatives is progressing well.
Capacity and execution
GIFT City Branch
A branch in GIFT City has been established to act as manager of AIFs.
Tailwinds
Demand for Alternative Investments
Rising demand for alternative investments in a volatile equity environment.
Shift to Advisory-led Models
Client preference shifting to advisory-led models.
Inflows into Regulated Funds
Strong inflows into regulated AIFs and global structures.
Headwinds
Geopolitical Instability
Geopolitical instability impacting commodity flows and requiring greater risk oversight.
Softness in Risk-on Segments
Short-term softness in risk-on segments amid global tightening.
Market & Demand Challenges (Lending)
Lending performance tempered by factors beyond interest rates, highlighting broader market and demand challenges.
Risk radar
Market Volatility
Commodity, currency, and other asset classes showed value volatility, requiring strategic asset allocation.
Geopolitical Tensions
Challenging environment marked by geopolitical tensions and tariff uncertainties.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
The presentation provides both QoQ and YoY (Q1FY25) comparisons for headline numbers and QoQ for segment-wise performance, indicating that both sequential momentum and annual trends are relevant for assessing performance in this financial services business.
Sector KPIs management disclosed
AUM Growth
Total AUM of ₹3,50,438 lakhs, grew by 41% QoQ, demonstrating sustained inflow in its diversified asset management portfolio.
Net Interest Margin (NIM)
NBFC arm reported NIM of 10.6% as against industry average of 6.6%.
Capital to Risk-weighted Assets Ratio (CRAR)
NBFC arm reported CRAR of 33% as against industry average of 15%.
Loan Book
Loan Book stood at ₹23,776 lakhs as on Q1FY26.
Management forward view
Commitment to Technology
Management's commitment to becoming a technology-driven institution remains unwavering, deepening efforts to embed technology at its core.
Focused & Regulated Institution
Committed to building a focused and regulated institution, designed for the future of capital, with technology, talent, and trust as cornerstones.
Shift to Fee-led Model
AFSL's shift to a fee-led model with lean cost structures and prudent capital allocation is driving sustainable profitability and unlocking shareholder value.
Treasury Focus for FY26
Treasury will deepen focus on commodities-based strategies, support liquidity, and prioritize yield stability through disciplined capital deployment.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| AUM Growth | ₹3,50,438 lakhs (41% QoQ growth) | Sustained inflows and growth in diversified asset management portfolio. |
| Core Revenue Mix | 60% from Fee-based and Lending verticals | Continued shift towards fee-led model and stable contribution from lending. |
| NBFC Asset Quality | No NPA, 100% standard advances | Maintenance of high asset quality and negligible delinquency in the loan book. |
| Treasury Performance | Core revenue grew 50% QoQ, 39% of total EBIT | Continued ability to generate stable income and risk-adjusted returns amid market volatility. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
71Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 66th percentile of the scored universe and 78th percentile within Financial Services. Main check: financial discipline is weak at 48/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
41 docs text-extracted · 13 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
66th percentile
overall median 67 · Financial Services: 78th pctile, median 62 · Small: 69th pctile, median 66
Evidence depth
Financial-only
41 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
86
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
73
acceptable · leverage and solvency
Discipline
48
watch · capital discipline
Results
72
acceptable · quarterly consistency
Trust positives
- ▸Promoter holding is 71.1%.
- ▸Promoter pledge is zero.
- ▸FCF yield is 23%.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸ROCE is low at 7.9%.
- ▸1 of the latest 4 quarters had PAT decline worse than 25% YoY.
- ▸Profit margin is 0.8%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Abans Financial Services Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Trading Plan under SEBI (PIT) Regulations, 2015 7 Sep - Abans Financial reports approved trading plan from Assistant Vice President Jignesh Dinesh Shah on September 07, 2026.
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Newspaper Publication 15 Aug - Newspaper Advertisement in connection with information regarding 17th Annual General Meeting (AGM) to be held on September 10, 2026, through Video Conferencing (VC)/Other Audio Visual …
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 17 Sep - Allotment of Equity Shares pursuant to Abans Financial Services Limited (Formerly known as Abans Holding Limited) - ESOP Scheme 2023
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 10 Sep - Allotment of Equity Shares pursuant to Abans Financial Services Limited ESOP Scheme 2023
Source: Bse
Annual report
Reg. 34 (1) Annual Report. 9 Sep
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 20 Aug - Copy of Newspaper Publication relating to dispatch of the Notice of 17th Annual General Meeting of the Company
Source: Bse
AnnouncementJul 2026
Jul 2026 · Announcement under Regulation 30 (LODR)-Newspaper Publication 11 Jul - Newspaper Advertisement of Postal Ballot Notice dated July 07, 2026
Source: Bse
AnnouncementJul 2026
Jul 2026 · Announcement under Regulation 30 (LODR)-Change in Management 21 May - VP-Operations Saurav Garg resigns effective July 15, 2026, for personal reasons.
Source: Bse
AnnouncementJun 2026
Jun 2026 · Announcement under Regulation 30 (LODR)-Newspaper Publication 12 Aug - Newspaper advertisement regarding the Unaudited Financial Results of the Company for the quarter ended June 30, 2026
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 10 Jun - Allotment of Equity Shares pursuant to Abans Financial Services Limited ESOP Scheme 2023
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order 4 Jun - IFSCA QJAE imposed Rs.8 lakh penalty on Abans Financial Services IFSC Branch for compliance lapses.
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.