1. NBFC subsidiary receives RBI licence - Aryaman Finance (India) Limited received its Certificate of Registration from the RBI on 24 December 2025 to operate as a Type II NBFC-ND-ICC, and AFSL invested a further ₹79,99,920 in June 2026, taking its stake to 99%. This opens a second, recurring-income engine alongside the lumpy IPO fee business, with management targeting large-scale expansion to drive revenue growth.
2. IPO pipeline at record levels - Management notes that 190 DRHPs were filed for SME IPOs and 86 for Mainboard IPOs in 2025, against AFSL’s FY25 execution of 4 SME and 2 Mainboard mandates. AFSL’s dominant position in SME IPOs means even a modest share of this filed pipeline can sharply lift fee income from the current revenue base of ₹78 crore.
3. Capacity scale-up for IPO execution - The company states it is “in the process of increasing our capacity to bring economies of scale to our business” to boost profitability. More execution bandwidth directly raises the number of mandates AFSL can handle in a single year, removing the main bottleneck to converting the record DRHP pipeline into revenue.
4. Net worth strengthened to ₹50 crore - A preferential issue of 5.65 lakh equity shares at ₹245 each during FY25 lifted net worth to the SEBI-mandated minimum for Category I Merchant Bankers. Meeting this threshold preserves AFSL’s licence to operate in the mainboard IPO segment, where individual mandate fees are materially larger than in the SME segment.
5. Market-making subsidiary supports IPO flow - Aryaman Capital Markets Limited focuses on market-making for SMEs listing via IPOs on SME exchanges. Offering market-making alongside merchant banking creates a bundled proposition that can win more IPO mandates and generate a secondary revenue stream from the post-listing phase.