On 19 Nov 2025, the company’s Mojo Score was updated to 27.0, accompanied by a change in its Mojo Grade to Strong Sell from the previous Sell grade recorded on 18 Nov 2025. This adjustment was primarily influenced by a shift in the technical grade, which moved from mildly bullish to sideways, signalling a more cautious outlook on price momentum and market sentiment. The market capitalisation grade remains at 4, underscoring the company’s mid-tier valuation status within its sector.
Examining the technical indicators in detail, the Moving Average Convergence Divergence (MACD) on both weekly and monthly charts presents a mildly bearish stance, while the Relative Strength Index (RSI) shows no significant signal on either timeframe. Bollinger Bands reveal a bearish trend on the weekly scale but mildly bullish on the monthly, indicating mixed volatility patterns. The Know Sure Thing (KST) oscillator and Dow Theory signals both lean mildly bearish across weekly and monthly periods. Meanwhile, On-Balance Volume (OBV) diverges with bearish weekly readings but bullish monthly trends, suggesting volume-based support for longer-term price movements despite short-term selling pressure.
From a price perspective, Arman Holdings closed at ₹84.46 on the day of the update, down 4.98% from the previous close of ₹88.89. The stock’s 52-week high stands at ₹113.35, while the low is ₹52.51, reflecting a wide trading range over the past year. Daily price action on the update day was narrow, with both the high and low at ₹84.46, indicating limited intraday volatility.
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Turning to the quality parameter, Arman Holdings exhibits a weak long-term fundamental strength. The average Return on Equity (ROE) over recent periods is 0.69%, which is notably low for the NBFC sector. Net sales have grown at an annual rate of 7.64% over the last five years, while operating profit has expanded at a modest 1.92% annually. These figures suggest limited growth momentum and operational leverage. Additionally, the company’s ability to service debt is constrained, with an average EBIT to interest coverage ratio of 0.05, indicating potential challenges in meeting interest obligations from operating earnings.
Financial trends for the quarter ending September 2025 reveal flat performance, with operating cash flow for the year reported at a low of ₹-0.02 crore. This stagnation in cash generation further emphasises the subdued financial health of the company in the near term. The valuation metric also draws attention; despite a Return on Equity of 2.2% in the latest period, the Price to Book Value ratio stands at 7, signalling a very expensive valuation relative to the company’s book value. However, the stock is trading at a discount compared to its peers’ average historical valuations, which may reflect market caution or sector-specific headwinds.
In terms of market returns, Arman Holdings has delivered a 21.53% return over the past year, outperforming the BSE500 index return of 8.30% during the same period. Profit growth over the last year has been recorded at 18%, with a Price/Earnings to Growth (PEG) ratio of 1.6, indicating a valuation that factors in moderate growth expectations. Longer-term returns present a mixed picture: a 3-year return of 172.89% significantly outpaces the Sensex’s 37.31%, while the 5-year return of 51.09% trails the Sensex’s 91.65%. Over a 10-year horizon, the stock has declined by 52.55%, contrasting sharply with the Sensex’s 232.28% gain, highlighting volatility and cyclical challenges in the company’s performance history.
Shareholding patterns reveal that majority ownership rests with non-institutional investors, which may influence liquidity and trading dynamics. The company operates within the NBFC sector, which has faced regulatory and macroeconomic pressures impacting credit growth and asset quality across the industry.
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In summary, the adjustment in Arman Holdings’ evaluation reflects a complex interplay of factors. The technical trend’s shift to sideways from mildly bullish suggests a pause or consolidation phase in price action. Financially, the company’s flat quarterly results, limited growth in sales and profits, and constrained debt servicing capacity weigh on its quality assessment. Valuation metrics indicate a premium pricing relative to book value, albeit with some discounting against peer averages. Market returns have been mixed across different timeframes, with recent outperformance contrasting with longer-term underperformance relative to benchmark indices.
Investors analysing Arman Holdings should consider these multifaceted elements in the context of sector dynamics and broader economic conditions. The revision in its score grade underscores the importance of monitoring both fundamental and technical indicators to gauge the company’s evolving investment profile.
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