Arohan Financial Services Ltd
Kolkata-based NBFC-MFI of the Aavishkaar group with ~₹7,000 Cr of loans to low-income women in eastern and central India; its 2021 IPO filing lapsed.
Market cap
₹3,355 Cr
14.40 Cr shares
P/E ratio
37.28
Sector average 15
Book value
₹131.94
P/B 1.77
1-year return
+17.83%
52w ₹186 – ₹291
Currently 45% of the way through its 52-week range.
Indicative price history
1Y change
+19.69% ₹195 → ₹233
52-week band in this window: ₹192.73 – ₹235.31. Weekly indicative marks, not exchange-traded prices.
Key highlights
- One of India's largest NBFC-MFIs with a ~₹7,000 Cr loan book across eastern and central India.
- Backed by the Aavishkaar group, Tano, TR Capital, Maj Invest and the Michael & Susan Dell Foundation.
- DRHP filed in February 2021 for a ₹1,800 Cr IPO lapsed; net worth now close to ₹1,900 Cr.
About Arohan
Arohan Financial Services Ltd is one of India's largest NBFC-MFIs, headquartered in Kolkata and part of the Aavishkaar impact-investing group (Aavishkaar Capital and Intellecap). Since 2006 it has lent small, unsecured joint-liability loans to women micro-entrepreneurs, and its footprint of roughly 1,000 branches concentrates on under-served states of eastern, central and north-eastern India such as West Bengal, Bihar, Assam, Odisha, Jharkhand and Uttar Pradesh. It also distributes insurance and runs an MSME lending vertical.
The gross loan portfolio has grown to around ₹7,000 Cr. The company filed a DRHP with SEBI in February 2021 for an IPO of up to ₹850 Cr fresh issue plus an offer for sale, received SEBI's observations, but did not launch the issue during the Covid-era stress in microfinance, and the approval lapsed. Growth has since been funded by private equity and bank lines: institutional holders include Aavishkaar Goodwell, Tano India, TR Capital, Maj Invest, the Michael & Susan Dell Foundation and Intellecap.
FY24 was a record year on the back of falling credit costs, before the microfinance sector-wide over-leverage and collection problems of FY25 raised provisions again. Managing Director Manoj Kumar Nambiar has led the company since 2012 and is a past chair of MFIN, the industry body.
All figures here are indicative: loan book, income, profit, net worth and borrowings are reconstructed from remembered reported totals and could not be re-verified at the time of writing; treat every line item as approximate.
Where the revenue comes from
- Microfinance (JLG) loans85%
Income-generation loans to women borrowers in groups
- MSME and individual loans8%
Larger-ticket loans to graduating customers and small businesses
- Fee income (insurance, BC services, other)7%
Distribution of insurance and partner products
Products & services
Saral / JLG microloans
Group-guaranteed income-generation loans of ₹15,000–80,000 to women borrowers.
MSME loans
Individual business loans for graduating customers and small enterprises.
Insurance and partner products
Life and health insurance distribution and utility products through branches.
What works
- • Scale and franchise: one of the top NBFC-MFIs by portfolio, with deep presence in eastern India where credit penetration remains low.
- • Diversified funding from 40+ banks and institutions plus patient impact-investor equity; net worth close to ₹1,900 Cr.
- • Experienced management with industry leadership at MFIN and a long-standing focus on customer protection and digital collections.
What to watch
- • Microfinance credit cycles: FY25 saw sector-wide over-leverage, higher delinquencies and tighter MFIN guardrails that cut profits and growth.
- • Geographic concentration in a few eastern states exposes the book to floods, political events and state-level loan-waiver rhetoric.
- • No live IPO plan; unlisted liquidity is limited and pricing follows sector sentiment for listed peers such as CreditAccess Grameen and Fusion.