The global economy remained resilient during FY 2025-26, recording moderate growth despite persistent challenges. Strong technology-led investments and stable demand in the services sector supported economic activity, while elevated interest rates and geopolitical uncertainties continued to weigh on global sentiment. As the year progressed, the outlook became increasingly cautious, with downside risks gaining prominence.
Economic performance remained uneven across regions. Advanced economies continued to experience subdued growth due to structural constraints, whereas emerging and developing economies maintained stronger momentum, supported by robust domestic consumption, infrastructure investment, and favourable demographics. Asia remained the primary driver of global growth, led by India s strong economic performance and China s steady expansion.
Global trade also reflected this divergence. Rising protectionist measures, shifting policy priorities, and escalating tariff disputes among major economies slowed trade growth and increased costs. At the same time, geopolitical tensions in West Asia disrupted supply chains, impacted energy markets, and heightened uncertainty across global commerce.
These developments have significantly influenced financial markets, particularly in emerging economies. Businesses are increasingly diversifying supply chains and adopting regional sourcing strategies to improve resilience, although this has resulted in higher operating costs and lower efficiencies. Additionally, a strong US dollar has tightened financial conditions, increased refinancing risks, and limited the policy flexibility of governments already burdened by elevated public debt. Together, these factors have created a more fragile global economic environment despite stable headline growth.
Looking ahead, the global outlook remains cautiously balanced but tilted towards downside risks. Further geopolitical conflicts, financial market volatility, and persistent inflation could weaken growth prospects. Conversely, easing trade tensions and productivity gains from the wider adoption of artificial intelligence could strengthen medium-term economic growth. The direction of the global economy in CY 2026 will largely depend on how these evolving economic, geopolitical, and technological factors unfold.
India s capital markets have witnessed significant growth in recent years, driven by a robust IPO market, a steady increase in the number of demand accounts, and rising participation in derivatives trading. The sector comprises key segments such as stock exchanges, asset management, broking, wealth management, investment banking, and depository services, all of which have experienced strong and sustained growth.
This growth has been supported by several structural and economic factors. According to the NSE Market Pulse Report, India is projected to become the world s third-largest economy by 2027, with its GDP expected to reach US$10 trillion by 2033. The country s economic expansion is being driven by a growing working-age population, an expanding consumer base, and its strengthening role in global supply chains. As the economy continues to grow, household savings are increasingly expected to shift towards financial assets. The NSE Market Pulse Report estimates that the combined share of equities and mutual funds in household financial assets will increase from 16% to approximately 23-25% by 2033, reflecting greater participation in the capital markets.
During FY 2025-26, India s capital markets continued to strengthen their position as one of the world s fastest-growing financial ecosystems. Building on three decades of structural reforms, the market has evolved from the digitisation and modernisation phase of the 1990s to a mature and diversified ecosystem supported by robust regulatory oversight, advanced market infrastructure, and increasing investor participation. The widespread adoption of dematerialised securities, electronic trading platforms, and efficient settlement systems has significantly enhanced market transparency, accessibility, and operational efficiency.
India s capital markets are now characterised by growing institutional participation, expanding retail investor interest, and greater integration with global financial markets. Domestic institutional investors, including mutual funds, insurance companies, and pension funds, continue to provide stable capital flows, while initiatives such as the inclusion of Indian government securities in global bond indices, the development of GIFT City, and the increasing adoption of REITs, InvITs, green bonds, and other innovative financial instruments are broadening investment opportunities. Supported by continued regulatory reforms, digital innovation, and a resilient macroeconomic environment, India s capital markets remain well-positioned to support long-term capital formation, economic growth, and the country s aspiration to emerge as a leading global financial hub.
India s capital market, with a market capitalisation exceeding USD 3 trillion, is among the world s largest and continues to expand, supported by strong economic growth, regulatory reforms, and increasing investor participation. However, market-based financing remains relatively underdeveloped, as businesses continue to rely primarily on bank lending, and the corporate bond market remains comparatively small. Retail participation is steadily improving, driven by greater financial literacy, digital investment platforms, and a growing base of young investors.
Looking ahead, continued efforts to deepen the debt market, diversify financial instruments, strengthen market infrastructure, and broaden investor participation will further enhance the efficiency and resilience of India s financial ecosystem. With sustained reforms and a stable macroeconomic environment, India s capital markets are well-positioned to support long-term investment, accelerate economic growth, and reinforce the country s position as a leading global financial hub.
The Total Income of the Company stood at 6,156.78 lacs for the financial year ended March 31, 2026, as against 7733.62 lacs in the previous financial year. The Company reported a net profit of 2,779.35 lacs for the financial year ended March 31, 2026, compared to a net profit of 2293.11 lacs in the previous financial year.
The Company has established a robust internal control framework commensurate with the nature, size, and complexity of its business operations. The framework is designed to safeguard assets, ensure the accuracy and reliability of financial and operational information, enhance operational efficiency, and ensure compliance with applicable laws, regulations, and internal policies.
The Company has implemented well-defined policies, standard operating procedures, and an appropriate delegation of authority to ensure effective monitoring and control of business activities. Adequate checks and balances, along with clearly defined approval mechanisms, are in place to ensure the proper authorization and recording of financial and operational transactions. The management periodically reviews the internal control systems to ensure their continued effectiveness and alignment with evolving business and regulatory requirements.
The Company also has an independent internal audit function that periodically evaluates the adequacy and effectiveness of internal controls, risk management processes, and compliance mechanisms. The internal audit findings are reviewed by the Audit Committee of the Board, which monitors the implementation of corrective actions and provides strategic guidance for strengthening the overall control environment. Based on these reviews, the management believes that the Companys internal control systems are adequate and operating effectively during the year under review.
Risk management is an integral part of the Companys business strategy and governance framework. The Company strives to achieve sustainable growth by maintaining an appropriate balance between risk and return while operating in a dynamic financial services environment characterised by changing market conditions, technological advancements, and evolving regulatory requirements.
The Company has implemented a comprehensive risk management framework to identify, assess, monitor, and mitigate key business, operational, financial, regulatory, and technology-related risks. The management periodically reviews the risk landscape and strengthens internal policies, processes, and controls to effectively manage potential risks. Significant risk matters, where necessary, are placed before the Board of Directors for its review and guidance.
The Company continuously monitors changes in the regulatory environment and ensures compliance with all applicable laws, regulations, and industry standards. Through proactive risk management practices and a strong compliance culture, the Company seeks to safeguard stakeholders interests, enhance operational resilience, and support sustainable business growth.
Aryaman Capital Markets Limited has established a comprehensive Risk Management Policy to identify, assess, monitor, and mitigate risks that may impact its business operations and strategic objectives. The Company periodically evaluates operational, financial, regulatory, compliance, and technology-related risks and implements appropriate mitigation measures to minimise their potential impact.
The Board of Directors, supported by the Audit Committee, oversees the Companys risk management framework and ensures the adequacy and effectiveness of internal controls and compliance mechanisms. The Company continuously reviews and strengthens its risk management practices to address emerging risks and align with evolving business needs, regulatory developments, and industry best practices.
| PARTICULARS | 2025-26 | 2024-25 | Change in ratios in % |
| Current ratio | 8.75 | 2.02 | 332.84 % |
| Debt-Equity Ratio | 0.09 | 0.50 | -81.48% |
| Debt Service Coverage Ratio | 1.18 | 1.40 | -15.70% |
| Inventory Turnover Ratio | 7.51 | 3.02 | 149.04% |
| Debtors Turnover Ratio | 265.69 | 413.48 | -35.74% |
| Interest Service Coverage Ratio | 37.64 | 8.48 | 343.94% |
| Long-term debt to working capital | N.A. | N.A. | N.A. |
| Bad debts to accounts receivable ratio | N.A. | N.A. | N.A. |
| Current liability ratio | 0.31 | 0.86 | -64.41% |
| Total debts to total assets | 0 | 0.24 | -100.00% |
| Return on Equity Ratio | 0.30 | 0.39 | -22.55% |
| Trade Payable Turnover Ratio | N.A. | N.A. | N.A. |
| Net Capital Turnover Ratio | 2.47 | 2.18 | 13.36% |
| Net Profit Ratio | 0.47 | 0.31 | 53.02% |
| Return on Capital Employed | 0.29 | 0.29 | -0.53% |
| Return on Investment | 0.30 | 0.31 | -2.71% |
| RATIOS WITH VARIANCE MORE THAN 25% | REASONS FOR VARIANCE |
| Current ratio | Due to the reduction in current liabilities, driven by the repayment of short-term borrowings during the period |
| Debt-Equity Ratio | Improvement due to increase in equity capital and repayment of borrowing. |
| Debt Service Coverage Ratio | NA |
| Inventory Turnover Ratio | Improvement due to the reduction in average inventory levels, driven by the absence of closing inventory at year-end. |
| Debtor Turnover Ratio | Due to contraction in net revenue as compared to last year. |
| Interest Service Coverage Ratio | Due to stronger operating earnings (EBIT) combined with a lower interest burden resulting from deleveraging activities. |
| Return on Equity Ratio | NA |
| Trade Payable Turnover Ratio | NA |
| Net Capital Turnover Ratio | NA |
| Net Profit Ratio | Due to reduction in operational and overhead expenses outpaced the decline in net revenue, resulting in a higher net profit margin compared to the previous year. |
| Return on capital employed | NA |
The Company firmly believes that its employees are its most valuable asset and a key driver of operational excellence and sustainable growth. It is committed to fostering a safe, inclusive, and performance-driven work environment that encourages collaboration, innovation, and continuous learning. The Companys culture is guided by its core values of Integrity, Collaboration, Agility, Respect, Excellence, and Simplicity, which form the foundation of its business practices and employee engagement.
During FY 2025-26, the Company continued to strengthen its people-centric culture through structured induction programmes and periodic training initiatives. Mandatory training on the Code of Conduct, ethical business practices, and regulatory compliance was conducted across functions to reinforce the highest standards of integrity, professionalism, and corporate governance.
The strategic initiatives undertaken by the Company are currently in their initial phase, and FY 2026-27 marks the beginning of its transformation from a traditional brokerage business to a technology-driven digital brokerage platform. Leveraging its established relationships with fintech companies and banking partners, the Company aims to strengthen its market presence, enhance customer experience, and capitalise on the growing opportunities in Indias evolving financial services and capital markets ecosystem.
This document contains forward-looking statements relating to the Companys future business prospects, financial performance, operational results, and strategic initiatives. These statements are based on managements current expectations, assumptions, estimates, and projections and are subject to various known and unknown risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed or implied. Such factors include, but are not limited to, changes in economic conditions, regulatory developments, market dynamics, technological advancements, competitive pressures, and other unforeseen events beyond the Companys control.
Readers are cautioned not to place undue reliance on these forward-looking statements, as actual outcomes may vary materially from those anticipated. The Company undertakes no obligation to update or revise any forward-looking statements to reflect subsequent events or circumstances, except as required under applicable laws and regulations.
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