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ABANS FINANCIAL SERVICES LTD (AFSL)

Finance · Investment Banks/Brokers · figures to Nov '26

Quality scoreHow the business itself ranks against its sector peers on profitability, 3-year growth and leverage. 50 is the middle of the sector.53 / 100
Profitability 34Growth 81Balance sheet 44
Momentum scoreHow strong the recent trend is: 3-month price change, 12-month improvement in earnings and the rise in FII + DII holding, among companies above ₹500 cr.70 / 100
Price 67Earnings 45FII/DII 97

Passes these screensCash RichValue PickLittle growth priced in

Compare withBSEBILLIONBRAINS GARAGE VENTURESMULTI COMMODITY EXCHANGE

Share price

Closing priceAdjusted for splits and bonus issues.

₹201.99 latest close · +0.5% over the last 90 sessions

₹200₹205₹210₹215Jul 3Jul 29Aug 24Sep 17Oct 14Nov 9 ₹200₹205₹210₹215Jul 3Sep 4Nov 9

₹201.99 month-end · +0.2% over 12 months

₹200₹205₹210Nov '25Jan '26Apr '26Jun '26Sep '26Nov '26 ₹200₹205₹210Nov '25May '26Nov '26

₹201.99 month-end · −40.4% over 3 years

₹200₹400₹600Nov '23Jun '24Jan '25Sep '25Apr '26Nov '26 ₹200₹400₹600Nov '23May '25Nov '26

₹201.99 month-end · +6.3% since Dec '22

₹200₹400₹600Dec '22Sep '23Jul '24Apr '25Feb '26Nov '26 ₹200₹400₹600Dec '22Dec '24Nov '26

52-week range ₹198.51 to ₹227.00 · 1-year volatility 16.8%

Was the rally earned?

+0%share price, 1 yearRoughly flat
  • The share price was roughly flat over 1 year (+0%).
  • The share count barely moved.
Net profit growth: +17 pts. Points of the price return explained by net profit growing (or shrinking).+17 ptsNet profit growthP/E change: −15 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−15 ptsP/E changeShare count change: −1 pts. Points of the price return explained by the share count changing. More shares count against the price.−1 ptsShare count changeShare price: 0%0%Share priceNet profit growth: +17 pts. Points of the price return explained by net profit growing (or shrinking).+17ProfitP/E change: −15 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−15P/EShare count change: −1 pts. Points of the price return explained by the share count changing. More shares count against the price.−1SharesShare price: 0%0%Share price
Net profit growth+17 ptsNet profit growth over the period.
P/E change-15 ptsThe P/E fell from 9.3x to 8.0x, which lowers the price.
Share count change-1 ptsShare count was little changed. More shares would count against the price.
-40%share price, 3 yearsLower P/E held it back

Earnings helped, the multiple did not.

  • Per-share earnings added 53 points, but investors now pay less per rupee of profit (P/E 26.2x to 8.0x), which took 93 points back.
  • The share count barely moved.
Net profit growth: +53 pts. Points of the price return explained by net profit growing (or shrinking).+53 ptsNet profit growthP/E change: −93 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−93 ptsP/E changeShare count change: 0 pts. Points of the price return explained by the share count changing. More shares count against the price.0 ptsShare count changeShare price: −40%−40%Share priceNet profit growth: +53 pts. Points of the price return explained by net profit growing (or shrinking).+53ProfitP/E change: −93 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−93P/EShare count change: 0 pts. Points of the price return explained by the share count changing. More shares count against the price.0SharesShare price: −40%−40%Share price
Net profit growth+53 ptsNet profit rose about 97%, which lifts the price.
P/E change-93 ptsThe P/E fell from 26.2x to 8.0x, which lowers the price.
Share count change0 ptsShare count was little changed. More shares would count against the price.
What do "pts" mean?

"pts" are percentage points of the share price return. The parts add up to the total shown for each period. Because price = P/E × net profit ÷ share count, higher profit pushes the price up, a higher P/E pushes it up, and more shares push it down.

Example: if the price rose 34% and profit growth accounts for +58 pts while a lower P/E accounts for -24 pts, then 58 - 24 = 34. The +58 is not the profit growth rate itself: it is the part of the price move that profit growth explains.

Not shown for 5 years: earnings were negative at one end, or there is not enough history.

Net profit is trailing twelve months as reported with a 60-day lag.

Compare this with BSE

How rough has the ride been?

Maximum drawdown-71.8%not yet recovered
1-year volatility16.8%annualised
Beta vs sector index0.433-year daily, correlation 0.21
Volume spikes3last 90 sessions, 5x the 50-day median

Drawdown from peak

0%−20%−40%−60%202420252026−70.9% 0%−20%−40%−60%202420252026−70.9%
Largest drawdowns

-71.8% (2024-08 peak to 2025-02 low, not yet recovered)

-23.9% (2023-10 peak to 2024-03 low, recovered 2024-04)

-23.7% (2023-01 peak to 2023-03 low, recovered 2023-05)

Most recent volume spikes

2026-08-24: 6x the 50-day median, price -0.2% that day

2026-08-12: 11.7x the 50-day median, price +1.5% that day

2026-08-11: 36.9x the 50-day median, price +4.7% that day

Beta is the slope of daily returns against a market-cap-weighted index of the sector's other listed companies, built from today's constituents (so it excludes companies no longer listed).

Is it expensive against its own past and its peers?

8.0xP/E todayNear its historic low
Against its own history10th percentile
CheapestMedian 15.2xDearest

Usual range 8.0x to 27.1x since 2022-12.

Against Finance8.0x vs 18.1x
This company
8.0x
Sector median
18.1x

56% below the Finance median.

7.9x16.9x25.9x34.9xDec '22Oct '23Aug '24Jun '25Apr '26Nov '267.9x16.9x25.9x34.9xDec '22Apr '24Aug '25Nov '26
P/E (this company)10th to 90th percentile of its own historyIts medianFinance median

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P/B (this company)10th to 90th percentile of its own historyIts medianFinance median

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P/S (this company)10th to 90th percentile of its own historyIts medianFinance median
How to read this

Shaded band: 10th to 90th percentile of the company's own P/E history; dotted line: its median; orange line: sector median (companies with a positive multiple, at least 5 in the sector).

Sector figures are built from today's listed companies, so they exclude companies that are no longer listed.

All terms explained in the glossary →

How Finance is valued

Where does it rank among Finance peers?

Each cell is the company's percentile rank among its Finance peers (non-financial companies) that month.
Darker is better-ranked.
Rows marked ↓ are inverted (lower debt, shorter cash cycle and a lower P/E rank higher).

Where it ranks today

  • ROCE48thflat vs a year ago
  • Op. margin20thflat vs a year ago
  • Revenue growth97thflat vs a year ago
  • EPS growth62nd▼ 15 pts vs a year ago
  • Debt/equity ↓26th▲ 5 pts vs a year ago
  • Cash cycle ↓89th▲ 40 pts vs a year ago
  • P/E ↓89thflat vs a year ago
  • 12M momentum68th▲ 62 pts vs a year ago

Rank history

ROCE
Op. margin
Revenue growth
EPS growth
Debt/equity ↓
Cash cycle ↓
P/E ↓
12M momentum
Dec '21Jul '22Jan '23Jul '23Jan '24Jul '24Jan '25Jul '25Jan '26Jul '26Nov '26
Lower rank Higher rank Not enough data

Percentiles use today's listed companies in the sector and need at least 5 peers with a value; grey cells have too few.
ROE is computed from net profit and book value where the source does not report it.

The Finance sector page Watch it move against Finance in the Observatory

What is the price implying?

~5%annual earnings growth implied by the priceBelow delivered growth

At P/E of 8.0x, a holder earning 12%/yr needs earnings to grow about 5.2%/yr for 10 years, then trade at 15x.

Delivered16.6%/yrEPS, last 8 fiscal years · fitted trend
Gap−11.5 ptsimplied minus delivered
Rank718thmost demanding of 856

Over time

Implied growth by month (solid) and delivered growth (dashed).

0%11%22% Dec 2022Nov 2026 0%11%22% Dec 2022Nov 2026

Change the assumptions

Exit P/E / return11%12%13%
12x6.6%7.5%8.5%
15x4.2%5.2%6.1%
20x1.3%2.2%3.1%

Drag a slider to test other assumptions

Implied: 5.2%/yr

“Implied growth” is what the current price would require under our stated assumptions, not what we expect. How this is calculated and the market-wide lists.

What prices imply across Finance The market-wide Expectations lists

Key figures

Share Priceclose 9 Nov
₹201.99
P/E
8.0x
ROCE
8.0%
Market Cap
₹1037 cr
Revenue (TTM)
₹25748 cr
P/S
0.0x
P/B
0.8x
ROE
10.4%
Operating Margin
2.7%
Debt / Equity
0.6x
Promoter Holding
71.1%
12M Momentum
0.3%

52-week range

₹198.51₹227.00
12% of the way from its 52-week low to its high

Price risk

1Y volatility
16.8%
Beta vs sector
1-year daily
0.08

Balance sheet & cash

Interest cover
operating profit ÷ interest
4.9x
Cash from profit, 3Y
operating cash flow ÷ net profit
1.38x
Share count, 1Y
unchanged

Are profits backed by cash?

6 of 7checks within range1 near a threshold
Other income reliance3%Within range

Other income as a share of pre-tax profit (trailing twelve months): 3.0%. Bands: below 15%, 15% to 35%, above 35%.

Tax rate19%Within range

Median quarterly effective tax rate over about 2.5 years: 18.5%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.

Cash conversion1.38xWithin range

Operating cash flow divided by net profit over the last three fiscal years: 1.38x (cash from operations ₹419 cr, net profit ₹303 cr). Bands: 0.8x and above, 0.5x to 0.8x, below 0.5x.

Free cash flow3 of 5 yrsNear threshold

Fiscal years with positive free cash flow in the last 5: 3. Bands: at least 80% of years, 40% to 80%, below 40%.

Receivable days vs history-57 daysWithin range

Debtor days are below the median of the previous three fiscal years by 57 days (1 vs 58). Bands: under 15 days, 15 to 45, over 45.

Capital work in progress0% of fixed assetsWithin range

Capital work-in-progress is 0% of fixed assets. Bands: not rising or up to 30%; rising for three years and above 30%; rising and above 60%.

Payable days-12 days / 2 yrsWithin range

Days payable changed by -12 over two years. Bands: rise of up to 30 days; more than 30 days.

Tap a check to see how it is measured

How to read this

Each check is a named rule with fixed thresholds, not a score. Annual statements are the latest restated figures, so a past year may differ from what was originally reported.

All terms explained in the glossary →

Who has been buying and selling?

  • Over 3 years, FIIs added 9.0 pts; promoters trimmed 1.0 pts.

Holdings, Jun '26

How each group changed

GroupSep '23Jun '26Change
Promoters72.1%71.1%-1.0 pts
FIIs11.7%20.7%+9.0 pts
DIIs0.0%0.0%0.0 pts
Public and others16.2%8.2%-8.0 pts

Number of shareholders

14,110shareholders-3% since Sep '23
11k13k15k17k Sep '23Jun '24Mar '25Dec '25Jun '26
Sep '23: 14,524
Dec '23: 13,193
Mar '24: 12,871
Jun '24: 11,459
Sep '24: 15,513
Dec '24: 16,537
Mar '25: 16,786
Jun '25: 16,215
Sep '25: 16,140
Dec '25: 15,473
Mar '26: 14,635
Jun '26: 14,110
 11k13k15k17k Sep '23Sep '24Sep '25Jun '26
Sep '23: 14,524
Dec '23: 13,193
Mar '24: 12,871
Jun '24: 11,459
Sep '24: 15,513
Dec '24: 16,537
Mar '25: 16,786
Jun '25: 16,215
Sep '25: 16,140
Dec '25: 15,473
Mar '26: 14,635
Jun '26: 14,110

Quarterly shareholding as reported, labelled by the quarter it covers (it becomes visible about two months later).
Shareholder counts are only available for recent quarters.

This quarter's smart-money board

What happened next to similar setups

Not enough comparable history to show analogs for this company yet.

Methodology

How historical analogs are built

Data as of 2026-11-09. Outcome pool: Jan 2020 to Oct 2025.

For every company we look at the situation it is in today (valuation, return on capital, margins, debt, growth, 12-month price momentum, drawdown, size and volatility) and find past company-months that looked most like it. We then show what happened to those past situations over the following 12 months, measured against the ApnaFunda All index and against the base rate. It describes history. It does not predict anything.

What is compared

FeatureWeightNon-financialFinancial
P/E1yesyes
P/S1yes—
P/B1—yes
ROCE1yes—
operating margin1yes—
ROE1—yes
debt/equity0.75yes—
interest cover0.5yes—
revenue growth0.75yesyes
12-month momentum1yesyes
drawdown from 12-month high0.75yesyes
size0.75yesyes
volatility0.5yesyes

Weights were set by judgement before any outcome was looked at and are never tuned on results. Loss-making companies (negative P/E or net profit) are only matched with other loss-making companies. Banks, NBFCs and insurers are compared only with each other and use a different feature set. Every feature is converted, month by month, to its rank among companies in the same pool in that month, so a P/E of 30 in a hot market and a P/E of 22 in a cold one can match if both were equally expensive for their time. Only that month's data is used.

How closeness and the sample are defined

Distance is the weighted root-mean-square gap between the standardised features both companies have. A match needs at least 70% of the query's feature weight, a distance of at most 0.9, and 30 matches at minimum to be shown. We keep up to 50 matches with these exclusions: never the company itself, one match per company (its closest month), and at most 7 from any one calendar month so a single market episode cannot dominate.

Base rate

The base rate is the distribution of 12-month returns, relative to the market, of every eligible company-month in the same pool, with each month weighted to match the months the analogs came from. It answers: how did a random company do in these same months? Because matches from nearby months share the same market conditions, we also report the number of distinct 12-month windows behind a result, and a bootstrap that resamples months decides whether the analog median differs from the base rate at all. "Not meaningfully different" is the usual outcome and the page copy is written for it.

Limits you should know

  • One market period. The outcome pool covers 2020–2025 only (70 months), including the 2020 crash and the 2020–21 rally.
  • Survivorship. Only companies listed today are included. Delisted and bankrupt companies are missing, which flatters past outcomes, particularly for distressed-looking setups.
  • Price return only. Dividends are excluded, and the benchmark is an ApnaFunda market-cap-weighted index of the same listed companies, not an official index.
  • Reporting lag. Fundamentals are matched on an assumed 60-day lag after the quarter end, not on real announcement dates.
  • Pools: non-financial: 98,395 company-months from 2019 companies; financial: 5,659 company-months from 108 companies. 2349 companies currently have a result; the rest are suppressed because too few comparable situations exist.

Does it work? A walk-forward check

The walk-forward check has not been run for this build, so skill is shown as not yet measured.

Disclaimer

This is history, not a forecast. These are past situations where other companies had broadly similar reported numbers and price trends. What happened to them does not tell you what will happen to any company shown. The comparison covers only 2020–2025, a single market period, and only companies still listed today. Companies that were delisted or went bankrupt are missing, which makes past outcomes look better than they were. Returns exclude dividends and are measured against an ApnaFunda-built index, not an official benchmark. Fundamentals are matched on a 60-day assumed reporting lag, not actual announcement dates. Its historical skill has not yet been measured. Past patterns may not repeat.

What else looks like this?

Companies with the most similar financial profile today, regardless of industry.

HMA AGRO INDUSTRIESHMAAGRO
Distribution Services
45%similar
operating marginP/E
SANDHAR TECHNOLOGIESSANDHAR
Consumer Durables
42%similar
promoter holdingdebt/equity
ROSSARI BIOTECHROSSARI
Process Industries
39%similar
promoter holdingdebt/equity
BMW VENTURES LIMITEDBMWVENTLTD
Non-Energy Minerals
33%similar
debt/equityoperating margin
MANGALAM GLOBAL ENTERPRISEMGEL
Process Industries
33%similar
operating marginpromoter holding
MAHINDRA LIFESPACE DEVELOPERSMAHLIFE
Finance
29%similar
ROCErevenue growth
KEYSTONE REALTORSRUSTOMJEE
Finance
24%similar
revenue growthdebt/equity
ASHIANA HOUSINGASHIANA
Finance
23%similar
revenue growthoperating margin

Similarity is statistical, based on reported metrics; it does not imply similar business quality or future returns.

What changed?

30 events since Jan '24

  1. SepResultsYear-on-year EPS growth turned positive.
  2. SepInstitutionsFII + DII holding rose 3.7 pts over 2 quarters to 20.7%.
  3. SepValuationP/E fell below the 10th percentile of its own history to date (7.9x).
  4. SepPeer rankSlipped to the bottom quartile of Finance on operating margin (from the 3rd quartile).
  5. AugPriceVolume reached 36.9x its 50-day median on 2026-08-11; price +4.7% that day.
  6. JunResultsYear-on-year EPS growth turned negative.
  7. JunPeer rankSlipped to the 3rd quartile of Finance on ROCE (from the 2nd quartile).
  8. MayPriceVolume reached 22.4x its 50-day median on 2026-05-21; price +0.1% that day.
Show 22 earlier events
  1. AprPeer rankMoved into the 2nd quartile of Finance on ROCE (from the 3rd quartile).
  2. JanPriceVolume reached 15.9x its 50-day median on 2026-01-22; price -0.0% that day.
  3. NovPeer rankSlipped to the 3rd quartile of Finance on ROCE (from the 2nd quartile).
  4. NovPriceVolume reached 9.1x its 50-day median on 2025-11-12; price +7.8% that day.
  5. SepPeer rankMoved into the top quartile of Finance on EPS growth (from the 2nd quartile).
  6. AugValuationP/E fell below the 10th percentile of its own history to date (10.7x).
  7. JulPriceVolume reached 12.6x its 50-day median on 2025-07-16; price -11.8% that day.
  8. JunInstitutionsFII + DII holding rose 4.0 pts over 2 quarters to 15.1%.
  9. JunPeer rankMoved into the 2nd quartile of Finance on ROCE (from the 3rd quartile).
  10. JunPriceVolume reached 7.4x its 50-day median on 2025-06-11; price +11.7% that day.
  11. MarPeer rankMoved into the 2nd quartile of Finance on EPS growth (from the 3rd quartile).
  12. MarPriceVolume reached 6.6x its 50-day median on 2025-03-27; price -2.0% that day.
  13. FebPriceFell 72% from the Aug 2024 peak to the Feb 2025 low.
  14. DecValuationP/E fell below the 10th percentile of its own history to date (14.8x).
  15. DecPeer rankSlipped to the bottom quartile of Finance on operating margin (from the 3rd quartile).
  16. OctPeer rankMoved into the 2nd quartile of Finance on EPS growth (from the 3rd quartile).
  17. OctPriceVolume reached 7.0x its 50-day median on 2024-10-21; price +12.6% that day.
  18. AugPriceVolume reached 6.4x its 50-day median on 2024-08-01; price +1.3% that day.
  19. JunResultsRevenue (TTM) reached a new high of ₹1,375 cr.
  20. JunPeer rankSlipped to the 3rd quartile of Finance on ROCE (from the 2nd quartile).
  21. AprPriceVolume reached 35.4x its 50-day median on 2024-04-08; price +20.0% that day.
  22. JanPriceVolume reached 9.0x its 50-day median on 2024-01-15; price +6.0% that day.

Events are generated from the data by fixed rules.
The month shown is when the change became visible in the reported figures, assuming a 60-day lag after each quarter end; it is not an announcement date.

Where price and fundamentals disagree, market-wide Rewind the whole market to any month

Monthly history48 months · 2022-12 to 2026-11
MonthP/ERevenue (TTM)ROEROCEDebt / Equity
2026-118.0x₹25748 cr10.4%8.0%0.6x
2026-108.0x₹25748 cr10.4%8.0%0.6x
2026-097.9x₹25748 cr10.4%8.0%0.6x
2026-0811.1x₹23929 cr7.9%8.0%0.6x
2026-0710.6x₹23929 cr7.9%8.0%0.6x
2026-0610.6x₹23929 cr7.9%8.0%0.6x
2026-057.9x₹16284 cr12.2%10.0%0.8x
2026-047.9x₹16284 cr12.2%10.0%0.8x
2026-037.9x₹16284 cr12.2%10.0%0.8x
2026-028.3x₹11069 cr11.6%10.0%0.8x
2026-018.3x₹11069 cr11.6%10.0%0.8x
2025-128.3x₹11069 cr11.6%10.0%0.8x
2025-119.3x₹4878 cr10.3%10.0%0.8x
2025-109.3x₹4878 cr10.3%10.0%0.8x
2025-099.4x₹4878 cr10.3%10.0%0.8x
2025-0810.7x₹3280 cr9.5%10.0%0.8x
2025-0710.9x₹3280 cr9.5%10.0%0.8x
2025-0612.3x₹3280 cr9.5%10.0%0.8x
2025-0511.3x₹2469 cr10.0%9.0%1.0x
2025-0410.0x₹2469 cr10.0%9.0%1.0x
2025-039.6x₹2469 cr10.0%9.0%1.0x
2025-0210.8x₹1695 cr9.7%9.0%1.0x
2025-0110.1x₹1695 cr9.7%9.0%1.0x
2024-1214.8x₹1695 cr9.7%9.0%1.0x
2024-1121.6x₹1419 cr9.3%9.0%1.0x
2024-1021.9x₹1419 cr9.3%9.0%1.0x
2024-0922.7x₹1419 cr9.3%9.0%1.0x
2024-0834.9x₹1375 cr9.0%9.0%1.0x
2024-0734.9x₹1375 cr9.0%9.0%1.0x
2024-0628.4x₹1375 cr9.0%9.0%1.0x
2024-0531.2x₹1163 cr8.0%8.0%0.5x
2024-0432.7x₹1163 cr8.0%8.0%0.5x
2024-0320.6x₹1163 cr8.0%8.0%0.5x
2024-0224.8x₹1163 cr8.0%8.0%0.5x
2024-0125.3x₹1163 cr8.0%8.0%0.5x
2023-1224.6x₹1163 cr8.0%8.0%0.5x
2023-1126.2x₹1163 cr8.0%8.0%0.5x
2023-1023.6x₹1163 cr8.0%8.0%0.5x
2023-0926.5x₹1163 cr8.0%8.0%0.5x
2023-0821.0x₹1163 cr8.0%8.0%0.5x
2023-0720.8x₹1163 cr8.0%8.0%0.5x
2023-0624.7x₹1163 cr8.0%8.0%0.5x
2023-0522.6x₹645 cr9.3%10.0%0.1x
2023-0420.8x₹645 cr9.3%10.0%0.1x
2023-0317.4x₹645 cr9.3%10.0%0.1x
2023-0219.7x₹645 cr9.3%10.0%0.1x
2023-0119.8x₹645 cr9.3%10.0%0.1x
2022-1215.5x₹645 cr9.3%10.0%0.1x

Methodology and data notes

Methodology

Methodology and data notes

All figures come from public exchange prices and screener.in financial statements. Quarterly and annual results are shown from 60 days after the period end, so a month never uses a result before it would plausibly have been published. Statements are the latest versions, which may include later restatements.

Sector medians, percentiles and indices use today's listed companies in the sector (survivorship bias). Prices are adjusted for splits and bonus issues; around a corporate action the fundamentals may lag the price by up to a month, and affected sections are hidden.

The return decomposition uses price = P/E × net profit ÷ share count. The reverse DCF uses a fixed 12% cost of equity, a 10-year horizon and a 15x terminal P/E, and is an illustration only. Events, flags and twins follow fixed rules and thresholds described next to each section.

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