Aryaman Capital Markets Limited (**ACML**) is a specialized financial services provider and a key subsidiary of **Aryaman Financial Services Limited (AFSL)**. Operating as the fund-based and secondary market arm of the **Aryaman Group**, the company has carved a niche in the **SME (Small and Medium Enterprise)** segment. Unlike conventional retail brokerages, ACML focuses on high-value advisory, market-making, and proprietary trading, currently undergoing a strategic pivot toward becoming a **new-generation digital brokerage**. --- ### **Core Business Operations & Market Presence** ACML operates within a single primary segment: **Financial Services and Related Activities**. Its revenue model is diversified across several high-margin capital market functions: * **Market Making:** ACML is a dominant player in the **SME segment**. It currently acts as a designated market maker for **14 actively traded scrips** under formal agreements and has provided market-making services for over **70 scrips** to date. * **Proprietary Trading & Investments:** A significant portion of revenue is derived from trade income through strategic investments in **quoted and unquoted securities**, with a specific focus on **listed SME stocks**. * **Capital Market Services:** The company provides essential infrastructure services, including the **underwriting** of capital market issuances and **Depository Participant (DP)** services. * **Corporate Advisory:** Leveraging group-wide synergies, ACML provides specialized investment banking and advisory services, targeting opportunities in **consolidations, acquisitions, and restructurings**. #### **Regulatory Registrations & Memberships** The company maintains a robust regulatory framework with memberships across all major Indian exchanges: | Authority / Exchange | Registration / ID Type | Details | | :--- | :--- | :--- | | **SEBI** | Registration No. | **INZ000004739** | | **BSE** | Trading cum Clearing Member | **6514** | | **NSE** | Member ID | **90085** | | **MCX** | Member ID | **29435** | | **CDSL** | Depository Participant (DP) ID | **12086100** | --- ### **Strategic Evolution: The Digital Pivot & Main Board Migration** The company is currently in a "transition year" (**FY 2025**), shifting from a traditional brokerage model to a **digital-first platform**. * **Digital Transformation:** ACML is leveraging partnerships with **multiple fintech and bank partners** to capture the expanding market of tech-savvy urban youth and increasing disposable income in India. * **Main Board Migration:** A major corporate milestone was achieved on **May 8, 2025**, when the company successfully migrated from the **BSE SME Platform** to the **BSE Main Board**. This move is intended to enhance liquidity, increase retail investor participation, and has resulted in the transition to **quarterly financial reporting**. * **Technological Edge:** The company utilizes a lean operational structure (**5 employees**) supported by state-of-the-art in-house software development to ensure **speed of trade execution** and **product neutrality**. --- ### **Financial Performance & Capital Structure** ACML has demonstrated exponential growth in profitability and revenue over the recent fiscal periods, driven by robust market activity and an expanding client base. #### **Comparative Financial Summary** | Particulars (₹ in lacs) | FY 2024-25 | FY 2023-24 | FY 2022-23 | | :--- | :--- | :--- | :--- | | **Total Income** | **7,733.62** | **3,432.04** | *Not Disclosed* | | **Net Profit (PAT)** | **2,293.11** | **645.53** | **148.78** | | **Other Comprehensive Income**| *Not Disclosed* | **1,731.04** | **1,122.89** | | **Investment Portfolio (FV)** | *Not Disclosed* | **2,571.57** | **1,848.39** | #### **Capital Management & Solvency** * **Share Capital:** As of March 31, 2024, the paid-up capital stood at **₹1,197.71 lacs** (**11,977,126 shares** at **₹10** par value). * **Borrowing Capacity:** To fund its digital expansion, the company increased its borrowing limit from **₹60 Crores** to **₹100 Crores** in August 2025. Lenders may have the option to convert loans into **equity shares or debentures**. * **Liquidity:** The company reports **no long-term borrowings**, mitigating interest rate risk. Audit reports confirm **no material uncertainty** regarding the company's ability to meet liabilities due within one year. --- ### **Ownership & Governance Framework** ACML is a subsidiary of **Aryaman Financial Services Limited (AFSL)**, which holds a **74.28%** stake. The ultimate holding company is **Mahshri Enterprises Private Limited (MEPL)**. * **Promoter Control:** **Mr. Shripal S. Shah** is the designated Promoter. As of **March 2026**, his control was further solidified via the transmission of a **26.09%** stake in the ultimate holding company (**MEPL**). * **Corporate Structure:** The company operates as a standalone entity with **no subsidiaries, joint ventures, or associate companies**. --- ### **Risk Management & Sensitivity Analysis** The company employs a **four-step risk management process** (identification, assessment, treatment, and monitoring) overseen by the **Board of Directors** and the **Audit Committee**. #### **Key Risk Exposures** * **Market Sensitivity:** Financial health is highly correlated with the **BSE Sensex**. A **5% movement** in the index is estimated to impact **Profit Before Tax** by approximately **₹128.58 lacs**. * **Operational & Tech Risk:** Heavy reliance on third-party platforms and servers creates vulnerability to **execution failures**, **cybersecurity breaches**, and **data disclosure**. * **Underwriting Risk:** As a market maker, the company is compelled to provide **two-way quotes**, a risk mitigated by rigorous **internal research** prior to commitment. * **Macroeconomic Factors:** Exposure to **global liquidity flows**, **RBI interest rate hikes**, and geopolitical tensions (e.g., the **Russia-Ukraine war**) which impact international crude prices and supply chains. #### **Risk Mitigation Strategy** | Feature | Strategy | | :--- | :--- | | **Regulatory Compliance** | Alignment with **Companies Act, 2013** and **Clause 49** of the Listing Agreement. | | **Portfolio Risk** | Diversification of the proprietary investment book to manage equity price volatility. | | **Credit Risk** | Minimal exposure; service delivery model ensures low trade receivable risk. | | **Obsolescence** | Continuous tech-stack upgrades to counter disruptive fintech business models. |