Abans Financial Services Ltd(AFSL)

NSE: AFSLBSE: 543712

₹ 201.8+0.40%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 1,034 crWebsite: www.abansholdings.comUpdated: 24 Oct 2026

About

Abans Financial Services Ltd (AFSL) is a financial services holding company. It runs three verticals: Fee-Based Investment Services, Principal Investment & Treasury, and Lending & Credit Solutions. The group holds licences and operates in India, the UK, Mauritius and GIFT City. Reported FY26 revenue was Rs 23,873.57 Cr, and Principal Investment & Treasury made up almost all of it.^[1][2]

Business segments

Principal Investment & Treasury segment revenue was Rs 23,664.79 Cr in FY26 vs Rs 3,078.73 Cr in FY25. That was 99.1% of reported segment revenue in FY26.^[1][3][4]
Fee-based investment services segment revenue was Rs 190.81 Cr in FY26 vs Rs 165.48 Cr in FY25.^[1][3]
Lending & Credit Solutions segment revenue was Rs 22.05 Cr in FY26 vs Rs 38.23 Cr in FY25.^[1][3]
In Q1 FY26, fee-based investment services made up 60% of total core revenue and 61% of EBIT. Principal investment and treasury made up 39% of EBIT.^[5]
Fee-based investment services' share of EBIT rose from 25.1% in FY23 to 49.2% in FY24 and 69.8% in FY25.^[6]

Products and services

The fee-based vertical covers domestic and GIFT City AIFs, a Mauritius fund and brokerage income. The company describes these as capital-light, recurring income streams (FY26).^[1]
The flagship product is the Global Arbitrage Opportunities Fund. It is an open-ended strategy regulated in Mauritius that trades arbitrage across commodities, currencies and interest rate derivatives.^[1]
The Global Arbitrage Fund returned a net 8% in USD since inception, and its AUM was nearing USD 100 million as of FY25.^[3]
The group manages Category II AIFs in India and Category III AIFs in GIFT City for institutional and HNI clients. Its PMS business offers the Growth & Momentum Fund, which holds mid- and large-cap stocks.^[1]
The company sells Market Linked Debentures and other structured fixed-income products, both directly and through a partner network.^[1]
Its investment banking vertical offers structuring, fundraising and M&A advisory in India and selected offshore markets.^[1]
Through its Mauritius entity, AFSL runs a Variable Capital Company. It offers equity strategies, derivative funds (macro/volatility and arbitrage) and multi-asset products.^[3]

Operations and subsidiaries

Abans Finance Pvt Ltd is a Middle Layer, non-deposit-taking NBFC registered with the RBI. It makes corporate, trade, business and retail loans.^[1]
Abans Broking Services Pvt Ltd is a broker on NSE, BSE, MCX and NCDEX. It is also a SEBI-registered Research Analyst and Portfolio Manager and an AMFI-registered mutual fund distributor.^[1]
Abans Global Limited has been regulated by the UK FCA since April 02, 2013. It deals in securities, commodities, derivatives and currencies for professional and institutional clients.^[1]
Abans Middle East FZCO trades commodities and runs allied activities.^[1]
As of March 31, 2025, AFSL had 15 national and 4 international offices, and 14 subsidiaries including step-down subsidiaries.^[3]
In FY26 the GIFT City IFSC branch began full operations as a Fund Management Entity.^[1]
AFSL had 177 permanent employees in FY26 (150 men, 27 women), vs 165 as of March 31, 2025.^[1][3]

Key operating numbers

Consolidated AUM was Rs 3,50,438 lakhs in Q1 FY26 vs Rs 2,47,810 lakhs in the prior quarter. Distribution-channel AUM crossed Rs 1,300 Cr in Q1 FY26.^[5]
The NBFC loan book was Rs 23,776 lakhs in Q1 FY26, down from a peak of Rs 34,751 lakhs in FY23. CRAR was 33% and NIM 10.6% in Q1 FY26.^[5]
The NBFC had zero non-performing assets throughout FY26.^[1]
Fee-based investment services segment EBIT margin was 51% in Q1 FY26.^[5]

Customers and distribution

Clients include HNIs, UHNIs, financial institutions and corporates, including SMEs.^[3]
The broking subsidiaries give access to BSE, NSE, MCX and NCDEX in India and to LME, COMEX, DGCX, SGX, DCE and SGEI abroad.^[1]
Distribution alliances include Bajaj Capital and Equirus. Over 300 distribution partners attended the Confluence 2025 event.^[3]
Exports were 0.04% of total turnover in FY26 vs 0.21% in FY25.^[1][3]

Expansion and new initiatives

A scheme was approved to merge Abans Capital, Abans Commodities (I), Abans Securities and Clamant Broking into Abans Broking Services. Regulatory approvals were in process as of FY26.^[1]
A new AIF was launched in GIFT City with a target of about USD 100 million AUM within 12-18 months from May 2025.^[5][6]
Management states in FY26 that the lending vertical needs capital and that internal accruals alone may not sustain its target growth rate.^[1]
AFSL is entering merchant banking and launching structured credit and global investment products in FY26.^[5]

Recent developments

Abans Capital Strategies Limited was incorporated in Mauritius on October 02, 2025 for proprietary trading and strategic investments in global markets.^[1]
CFO Nirbhay Vassa left office at the close of business on May 15, 2026. Raghunathan Selvaraj Mudaliar was appointed CFO.^[1]
The FY26 annual report says the Iran war, disruption at Hormuz and the gold/silver rally caused unpredictable mark-to-market moves in the derivative, commodity and currency portfolios.^[1]

Market Cap

₹1,034 Cr

High / Low

₹241 / 196

Stock P/E

8.0

Price / Book

0.8

Book Value

₹247

EPS

₹19.0

No. of Shares

5.07 Cr

ROCE

7.9%

ROE

8.3%

Sales

₹23,874 Cr

Net Profit

₹105 Cr

Promoter holding

70.6%

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