# Northern Arc Capital share price today (Northern Arc Capital Ltd, NSE: NORTHARC)

> Northern Arc Capital share price today: ₹277.25 at the NSE close on 4 November 2026, up 3.1% in a year. Northern Arc Capital (NSE: NORTHARC) is worth ₹4,483 crore, trades at a P/BV of 1.1 and has closed between ₹212.15 and ₹325.30 over the past 52 weeks. > Northern Arc Capital Ltd is Middle-layer non-bank lender: own-book retail plus a loan-placement platform. Northern Arc Capital Ltd's earnings have grown faster than its share price. Earnings per share grew +33.2% in a year while the price moved +3.1%. NORTHARC · Finance & Investments - Microfinance · data as of 4 November 2026. Page: https://www.sectoralpha.in/stocks/northern-arc-capital-ltd

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## Key numbers

- Price: ₹277.25 (+3.1% in a year)
- P/BV: 1.1× (lower than 51% of the last 2 years)
- Revenue (Jun 2026): ₹780 Cr (+28.9% on a year ago)
- Profit (Jun 2026): ₹114 Cr (+46.2% on a year ago)
- Net margin: 14.6% (+1.7 points on a year ago)
- ROE: 11%, FY26

The main question: yearly earnings per share moved +33.2% while the share price moved +3.1%. ## What is the Northern Arc Capital share price today? Northern Arc Capital Ltd's share price was ₹277.25 at the close on 4 November 2026. It has been rising for 23 weeks. That is 0.2% below its average price over the last 200 trading days. In the last 52 weeks it traded between ₹212 and ₹325, and at that close it sat 58% of the way up from that low. Over the past 13 weeks it has done better than the NIFTY 500, and it has stayed ahead for 1 week in a row. Over the last 2.1 years the share price moved −10% while the NIFTY 500 moved −10%, so it is ahead of the index over that whole period. The chart above shows the 13-week comparison for every week. This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row. ## What changed at Northern Arc Capital this quarter? Three changes stood out: revenue up on a year earlier for 9 quarters in a row (every quarter we can compare), indian funds and insurers (DIIs) cut their stake for 3 quarters in a row and highest quarterly revenue in 13 quarters. 1. Revenue up on a year earlier for 9 quarters in a row (every quarter we can compare) In the June 2026 quarter revenue was ₹780 crore, +28.9% on a year earlier. Why: Revenue rose because the company lent more. Partner-run consumer loans led the growth. From the earnings call on 29 Sep 2026. 2. Indian funds and insurers (DIIs) cut their stake for 3 quarters in a row From 8.3% to 5.1% of the company by the September 2026 quarter. 3. Highest quarterly revenue in 13 quarters Revenue of ₹780 crore in the June 2026 quarter is the highest of the last 13 quarters. Next results: check whether bad-loan costs stay in the stated range as partner-run consumer loans become a bigger part of the book. From the earnings call on 29 Sep 2026. ## What are Northern Arc Capital's latest quarterly results? For April to June 2026 (the quarter ended 30 June 2026), Northern Arc Capital reported total income of ₹780 crore, up 28.9% from ₹605 crore a year earlier, and a profit of ₹114 crore, up 46.2% from ₹78.0 crore. ### Northern Arc Capital results: April to June 2026 against a year earlier

| Measure | April to June 2026 | April to June 2025 | Change |
| --- | --- | --- | --- |
| Total income | ₹780 crore | ₹605 crore | +28.9% |
| Profit | ₹114 crore | ₹78.0 crore | +46.2% |
| Earnings per share | ₹7.07 | ₹5.02 | +40.8% |
| Net margin | 14.6% | 12.9% | +1.7 points |

The next results, for July to September 2026, are due by 14 November 2026: listed companies must publish quarterly results within 45 days of the quarter's end (60 days for the January to March quarter). Northern Arc Capital's management discussed these results on a call held on 29 September 2026; what it said is further down this page. (From the company's reported quarterly results (quarter ended 30 June 2026). Income and profit in ₹ crore.)

## What is the Northern Arc Capital share price history? Northern Arc Capital closed at ₹277.25 on 4 November 2026, up 3.1% from ₹268.90 a year earlier (7 November 2025). Its highest weekly close since September 2024 was ₹325.30 on 10 July 2026. ### Northern Arc Capital share price: then and now

| When | Close | Change to 4 Nov 2026 |
| --- | --- | --- |
| 1 week ago · 30 Oct 2026 | ₹252.80 | +9.7% |
| 1 month ago · 1 Oct 2026 | ₹288.70 | −4.0% |
| 6 months ago · 8 May 2026 | ₹287.30 | −3.5% |
| 1 year ago · 7 Nov 2025 | ₹268.90 | +3.1% |
| Earliest weekly close in our records · 27 Sep 2024 | ₹309.00 | −10.3% |
| Highest weekly close since September 2024, also the 52-week high · 10 Jul 2026 | ₹325.30 | −14.8% |
| Lowest weekly close since September 2024 · 28 Mar 2025 | ₹167.52 | +65.5% |
| 52-week low (weekly close) · 27 Mar 2026 | ₹212.15 | +30.7% |

Weekly closing prices. Each change is the move from that price to the 4 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes. (118 weekly closes from 27 September 2024 to 4 November 2026.)

## What is the latest news on Northern Arc Capital? 4 Nov 2026: Northern Arc Capital closed at ₹277.25, up 9.7% on the week and down 4.0% on the month. Our read, 10 Oct 2026: Northern Arc's earnings recovery is visible, but unreconciled direct-lending disclosures and incomplete loss reporting keep the case conditional. ### Earlier

- 29 Sep 2026: Northern Arc Capital held its results call for April to June 2026. Management guided: FY27 growth 22-23%. - Results for April to June 2026: Total income up 28.9% and profit up 46.2% on a year earlier. ### Our read of the business

Latest quarter: Growth guidance lasts, but the credit-cost ceiling widens and segment balances need reconciliation. (Our read after the latest results, written 10 October 2026.)

## What dividend does Northern Arc Capital pay? Northern Arc Capital has paid no dividend on the NSE since its first NSE close in our records (27 September 2024), the start of the period we checked. No. Northern Arc Capital Ltd paid out 0% of its profit as dividends in each of its last 9 reported years, so there is no payout history to show. That comes from the filed annual statements, not an estimate. (From the NSE corporate-actions record, read 5 November 2026.)

## What did Northern Arc Capital management say on the latest results call? On the call for April to June 2026, held on 29 September 2026, Northern Arc Capital's management guided: FY27 growth 22-23%. > “We are sticking to our growth guidance of 22-23% for the year. Since we are at the fag end of September, let me tell you that we are on track. - Atul Tibrewala”
> CFO, on the call for April to June 2026

### What management guided

- FY27 ROA moving from 2.6-2.7% toward 3% by year-end. - FY27 credit cost 2.6-2.8% despite a higher D2C mix. - D2C mix expected to reach 70% by year-end. - Funding cost expected to rise 15-20 paise over six months, with lending rates also increased. Management’s own plans and goals, from our notes of the call. A plan is not a result. Source: [the call transcript](https://files.tijoristack.ai/concall/transcript/44647-29-Sep-2026.pdf). (From the call for April to June 2026, 29 September 2026.)

## What is the future of Northern Arc Capital? What is changing in the business? The changes showing up in Northern Arc Capital's own numbers are fewer bad loans. It is too early to say whether they last. Fewer bad loans too early to call

Loan losses are coming down after the 2024-25 microfinance stress. Credit cost (yearly loan losses as a share of loans) was 3.0% in Apr-Jun 2025, 2.7% in Jul-Sep 2025, 3.2% in Oct-Dec 2025 (2.9% without a one-time ₹23 crore charge), 2.2% in Jan-Mar 2026 (helped by a ₹29 crore reversal) and 2.6% in Apr-Jun 2026. Early-stage late loans (31-90 days overdue) fell from 2.6% to 1.8% to 1.5% over Sep 2025-Mar 2026, and collection rates in microfinance rose from 98.7% to 99.6%. Why it may last: This is recovery from the microfinance and small-loan credit cycle, helped by an accounting rule change. Management's own guidance swung from 2.3-2.5% to 2.7-2.8% to 2.6-2.7% in three quarters, and the fast-growing small-ticket consumer book has not been tested through a downturn. What could be flattering it: Bad-loan ratios falling because loans are written off at 90 days, because the loan book is growing 26% a year (new loans have not had time to go bad), and because a February 2026 RBI rule let the company count partners' cash guarantees against expected losses, which lowers provisions on paper without any borrower paying more. Next check: Credit cost stays at or below 2.7% in Jul-Sep 2026 with no one-off reversal, while early-stage (31-90 day) late loans stay at or below 1.5%. Quarter by quarter, 4 quarters

July to September 2025

Credit cost fell from 3.0% to 2.7%; microfinance credit cost fell from 7.7% to 5.1%; provisions fell to ₹92 crore from ₹102 crore. Operating expenses including provisions were ₹295 crore against revenue of ₹627 crore. ✓ fact

From our notes of the call for July to September 2025: Credit cost for the quarter improved to 2.7% compared to 3% in Q1, resulting in H1 credit cost of 2.8%. October to December 2025

Credit cost rose to 3.2% (2.9% excluding a one-time ₹23 crore digital-lending provision); bad loans rose to 1.36% gross and 0.69% net; management admitted stress building in small-ticket property loans and unsecured business loans. Operating expenses including provisions jumped to ₹354 crore. ✓ fact

From our notes of the call for October to December 2025: Stress continues to build in the unsecured business loan and the small-ticket LAP segments. January to March 2026

Reported credit cost 2.2%, but this includes a ₹29 crore reversal of earlier digital-lending provisions; management itself put the underlying run-rate at about 2.9-3.0%. Early-stage late loans fell to 1.5% and microfinance collections reached 99.6%. Operating expenses including provisions fell to ₹326 crore from ₹354 crore. ✓ fact

From our notes of the call for January to March 2026: Stage 2 assets (31-90 days delinquent) improved sequential from 2.6% (September 2025) to 1.8% (December) to 1.5% (March)

April to June 2026

Credit cost 2.6% against 3.0% a year earlier; gross bad loans 1.0%, net 0.5%; no account moved into the worst (stage three) bucket. But the lower bad-loan ratio was helped by writing off unsecured loans at 90 days overdue. Operating expenses including provisions ₹366 crore against ₹283 crore a year earlier (+29%), the same pace as revenue (₹780 crore vs ₹605 crore, +29%). ✓ fact

From our notes of the call for April to June 2026: Credit costs moderated to 2.6% and GNPA improved to 1.0%, supported by conservative 90-day write-offs for unsecured loans. We check 16 kinds of change in every company, such as costs spread over more sales, higher-value products, new orders, new regions or falling debt, against its reported numbers and what management said on its calls. Only changes the numbers back are shown. (Checked against results and calls up to April to June 2026, 10 October 2026.)

## What could change the Northern Arc Capital story? What are the risks? Reconciled direct-lending assets contract, or cohort losses consume the yield premium. ### Each change stops working if

- Direct-to-customer mix and pricing: Reconciled direct-lending assets contract, or cohort losses consume the yield premium. - Collections and rural lending restart: Rural collections deteriorate or renewed disbursements raise credit losses above guidance. - Fee and fund throughput: Fundraising and placements fail to convert into recurring net fee income. - Loan repricing and funding headroom: Asset repricing lags funding resets or higher lending rates impair growth and collections. ### The main risks

- Guidance and segment reconciliation: Profitability guidance and the direct-lending balance remain insufficiently reconciled. ⚠ estimate
- Write-offs and provision quality: Low bad-loan ratios can coexist with losses removed through early write-offs. ⚠ estimate
- Direct-lending and partner cohort losses: Higher-yield loans can reveal losses after origination, while partner protection has limits. ⚠ estimate
- Funding resets and dilution: Funding can reprice before fixed customer loans, and a later equity raise may dilute per-share returns. ⚠ estimate

(Our read after the latest results, written 10 October 2026.)

## What to watch in Northern Arc Capital's next results? When Northern Arc Capital reports July to September 2026, these are the 4 checks that show whether the story is still on course. First: Credit cost stays at or below 2.7% in Jul-Sep 2026 with no one-off reversal, while early-stage (31-90 day) late loans stay at or below 1.5%. | What to check | Why |
| --- | --- |
| Credit cost stays at or below 2.7% in Jul-Sep 2026 with no one-off reversal, while early-stage (31-90 day) late loans stay at or below 1.5%. | Fewer bad loans |
| Credit-cost performance with rising D2C mix - check whether the maintained range lasts without portfolio deterioration. | From the call |
| ROA progression toward the year-end objective - check whether lending-rate repricing offsets funding pressure. | From the call |
| MFI disbursement recovery and collections across Karnataka, Tamil Nadu and Bihar - check whether growth remains asset-quality neutral. | From the call |

## Which stock lists is Northern Arc Capital on? Northern Arc Capital is on one of our India lists: Multibagger study list. [Multibagger study list Study stage: middle](https://www.sectoralpha.in/multibagger-stocks-india)

## Is Northern Arc Capital profitable? Northern Arc Capital Ltd earned ₹114 Cr of net profit in the Jun 2026 quarter, +46.2% on the same quarter a year earlier. That is the 3rd quarter in a row of profit growth. Full-year FY26 profit was ₹404 Cr. Over 9 years profit has grown 22.7% a year on average. That is 14.6% of the quarter's revenue. Why this happened. FY27-Q1 profit 114 crore versus 78 a year earlier (+46 percent including non-controlling interest; headline +41 percent uses 81). Sequential 133 to 114 is −14 percent, and the whole profit-before-tax drop of 23 crore is the credit-cost add of 23 crore. FY26 profit 406 crore sits beside auditor write-offs 694.16 crore (171 percent of profit) and impairment 412 crore. Q1 credit cost 110 is 96 percent of Q1 profit. The same quarter a year earlier earned ₹78.0 Cr. For the full year, FY26 profit was ₹404 Cr (+34.2% on the year before). Why profit moved: revenue changed +28.9% on a year earlier and the margin moved +1.7 percentage points. Sales did the work, and the margin was about flat. On average over the last four quarters, profit changed +82.7% and revenue +21.1%. Profit is growing faster than sales: fixed costs are spread over more sales, so each extra rupee of revenue adds more to profit. Pre-cycle expansion, still-low credit cost · FY24-Q1 → FY24-Q4. Pre-cycle expansion; credit-cost rupees not in the decks used; database profit 91. Book still compounding; credit-cost rupees not in the decks used. Credit-cost cycle into the March 2025 trough (profit 38) · FY25-Q1 → FY25-Q4. First listed call. Credit cost 51 (1.7 percent of average assets, 60 bps model change). Gross bad loans 0.47 percent, before the 90-day write-off flood. Direct-to-customer 52 percent. Promise: no additional stress on own book. Credit cost 78; first-half 130 = 2.1 percent of assets. Stage-1 cover 0.65 percent to 1.01 percent. Direct microfinance 11 percent. Branches paused at 370. AUM guide 25 to 27 percent, later cut. Repair with a moving guide; FY26 gross bad loans 1.2 percent · FY26-Q1 → FY26-Q4. AUM −2 percent sequential. Credit cost 102 (3.0 percent) includes residual default-loss-guarantee 19. Gross bad loans 1.13 percent beside write-off policy. later walked back. Credit cost 92 (2.7 percent). First of the FY26 guide cuts: AUM 20 to 25 to 18 to 22 percent; next-year credit cost 2.3 to 2.5 percent (later abandoned). Rural credit cost 7.7 to 5.1 percent. Why-sources: our stock research file (17 August 2026) and the company’s own results for those quarters. ## How much revenue does Northern Arc Capital make, and is it growing? Northern Arc Capital Ltd reported ₹780 Cr of income in the Jun 2026 quarter, +28.9% on the same quarter a year earlier. That is the 9th quarter in a row with growth on the year before. Over 9 years it has grown 24.7% a year on average. The last full year, FY26, came in at ₹2,691 Cr. The last four reported quarters add to ₹2,870 Cr. FY26 revenue was ₹2,691 Cr, +14.8% on the year before. Recent pace: the last four quarters grew +21.1% on average, against 24.7% a year over the longer run, so this year is growing slower than its own long-run rate. Is growth speeding up? Revenue over the last 12 months grew +21.1%, against +17.7% a year over the last 8 quarters (accelerating); profit over the last 12 months grew +54.4%, against +13.6% a year (accelerating). Book compounding interrupted only in FY25-Q3 freeze and FY26-Q1 dip · FY24-Q1 → FY27-Q1. Pre-cycle expansion; credit-cost rupees not in the decks used; database profit 91. Book still compounding; credit-cost rupees not in the decks used. Why-sources: our stock research file (17 August 2026) and the company’s own results for those quarters. ## How much does Northern Arc Capital keep from what it earns? Northern Arc Capital Ltd's net margin was 14.6% in the Jun 2026 quarter, 1.7 percentage points higher than the same quarter a year ago. Across 9 years it has been between 11.3% and 20.0%. The latest quarter is within that range. Why this happened. Net interest income 394 crore (+32 percent year-on-year). Net interest margin 9.3 percent in the quarter against a 9.5 percent next-quarter promise and a 10 percent year-end promise. Book cost of funds 8.46 percent; incremental 8.69 percent. That gap caps the spread. Opex 3.6 percent of assets in FY26. Credit cost 2.6 percent of average total assets (2.76 percent of earning assets) is the line that governs residual return on assets 2.7 percent versus a 3 percent goal. Why: the net margin move is clear, but the cost details behind it are not in our data, so we show the move without guessing the reason. ## How many of Northern Arc Capital's loans have gone bad? Northern Arc Capital Ltd does not report loan-quality figures this page can read, so this section says so rather than guess. No bad-loan figures are filed in a form this page can read, and none are guessed from the profit line. The income, margin and return sections carry what this business does report. Why this happened. FY26 operating cash outflow 1,541 crore is loan-book growth (loans increased 3,521 crore in the working-capital line), not an industrial cash-quality fail. The lender substitute is credit cost plus write-offs plus funding: FY26 pre-provision 956 versus credit cost 412 (43 percent eaten) versus auditor write-offs 694 (73 percent eaten). First-loss unsized. Negative operating cash on a growing lender is shown and then ignored as a fail. Why this happened. Gross bad loans 1.0 percent in June 2026 and 1.2 percent at FY26 close, both beside the 90-day unsecured write-off and beside FY26 auditor write-offs 694.16 crore (3.58 times remaining Stage-3 of 194 crore). Q1 ARC 38.23 crore gross. Stage-3 cover 48.5 percent on a 64 percent direct-to-customer book. Consumer 0.2 percent gross bad loans with 5.0 percent credit cost. Small-business Gross Stage-3 5.47 percent in June 2025. Overlay about 66 crore held. Write-offs in the same breath as the ratio, from the notes, not the call. Why: loan quality drives a lender, but its details (new bad loans, recoveries, money set aside) are not in our data for this company. The sections around this one carry what we can back up. ## How fast is Northern Arc Capital's loan book growing? Northern Arc Capital Ltd's revenue was ₹2,691 Cr in FY26, +14.8% on the year before, so the loan book is growing. The latest quarter was +28.9% on a year earlier. The net margin on that income is 14.6%, +1.7 percentage points on a year ago. Why this happened. Lending assets under management 16,855 crore (+26 percent year-on-year, +1.6 percent sequential). Direct-to-customer 10,766 crore, 64 percent, +51 percent. Intermediate book shrank 713 crore sequential to 6,089. Direct rural 1,203 crore is 7.14 percent; look-through unsecured adding 18 to 22 percent of the intermediate book is 13.6 to 15.1 percent. Co-lending 2,119 crore is on someone else's sheet with 10 percent retention. On-book 13,555. Branch count 430, rural about 3.5 crore of assets per branch. Interest income stands in for the size of the loan book; changes in interest rates can move it a few points in any year. In short: a lender grows well when its loan book grows, its margin stays steady and its loans stay clean. Gross NPA is the loan-quality figure this page uses. ## What is Northern Arc Capital's P/BV ratio, and how does it compare with its own history? Northern Arc Capital Ltd's P/BV is 1.1×, in the middle of its own history: higher than 49% of past readings. Its usual P/BV (the middle reading) is 1.2×, over 2 years of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth. Why this happened. Price 281 rupees on 16 August 2026. Price-to-book 1.17 on March book 241 and 1.12 on June book. Listed September 2024, about 22 months of history, not a ten-year cycle. A 1.35 snapshot for the week of 9 August carries low-reliability and zero cycle count. Ordinary earnings-multiple 10.4 is the wrong lens. Price-to-book divided by return on equity is 10.5. The multiple assumes about 14 percent return on equity; the book delivered 11.1. Sensitivity must shock leverage and credit cost, not only return on equity. Why the multiple is low: this lender earns about 11% a year on its equity. A lender that earns less on its net worth is valued lower for each rupee of it, and that gap usually closes only if returns improve. Why the multiple is where it is: over the past year book value grew while the price moved +3.1%. Price and book value moved together, so the multiple stayed in its range. In short: the multiple is about average against its own past, so the book value trend underneath matters more than the multiple. The PEG ratio and its quarterly curve, which only the second data source has, are not shown on this page: its two data sources disagree by up to 20% on reported income across 13 comparable periods. When two sources disagree on a figure, we leave it out on purpose. The gap is a choice, not missing data. ## What growth does the Northern Arc Capital share price assume? Worked out from its price on 11 October 2026, Northern Arc Capital Ltd's share price assumed profit growth of about 3.1% a year. Over the past 9 years its profit actually grew 22.7% a year. Today its P/BV is 1.1×, lower than 51% of its own last 2 years. This is a one-day reading, taken on 11 October 2026. Every other number on this page, the multiple included, uses the latest price as of 4 November 2026. A higher price assumes more growth and a lower price less, so it changes whenever the price changes, and this page does not update it between measurements. ## Is the Northern Arc Capital business getting better or worse? Northern Arc Capital Ltd's business is turning around. Profit growth has swung from −17.0% at its low to +46.2%, rising from a low 4 quarters ago (from single-quarter figures), with ROE steady at 11.0%. This is based on 9 quarters of 3 measures, with some gaps. Why it matters: a turn in growth is often where a bigger change starts. The lines say a turn is forming, so the question is whether the next quarters confirm it. One or more growth lines have an extreme jump caused by comparing with a near-zero or loss-making quarter. Those jumps are capped before reading and drawn at the edge of the chart, so one odd quarter does not decide the result. The return figures here are yearly, not quarterly. They show level and direction only; they can support the growth lines but never decide the reading alone. This reading has some gaps: at least one line is short, or the return line is not the quarterly series, so treat it with a little more caution. ## What is the Northern Arc Capital story, and has it been checked? Northern Arc Capital Ltd's story is not scored yet against the checks our research set on 17 August 2026. Where it sits in its own cycle: Early expansion with defensive provisioning after a deep credit-loss cycle. Checks so far: 20 not due yet. From the numbers. Profit recovered from the March 2025 trough of 38 crore to 114 crore in FY27-Q1, but credit cost is still 110 crore that quarter (96 percent of profit) and the guide has 2.6 to 2.7 percent. From the price. Fell 4.9 percent on results day; 281 rupees on 16 August 2026 is 1.17 times March book and 1.12 times June book on a 22-month listed series. From the research. Three guidance cuts, two 2026 regulator penalties, unanswered 5 percent first-loss on 19 consumer partners, overlay of about 66 crore held after default-loss-guarantee relief. What is proven. Lending assets under management 16,855 crore (+26 percent), direct-to-customer 64 percent, pre-provision profit covering the profit-and-loss credit-cost charge in all eight fully measured quarters, capital adequacy 22.71 percent. FY26 auditor-noted gross loans written off 694.16 crore against profit after tax 406 crore (171 percent of profit); profit-and-loss impairment 412 crore. The 301 crore figure is FY25 profit, discarded as a write-off. What is not proven yet. Credit cost below the live 2.6 to 2.7 percent guide without 90-day write-offs, stressed-loan sales and partner first-loss; seasoning of 430 branches and the 51 percent direct-to-customer burst; look-through unsecured 14 to 16 percent versus direct rural 7 percent; Nimbus first-loss stock in rupees; unlocked private-equity supply. What would change our mind. Gross bad-loan ratio above 2 percent is a crash test, not this WATCH test. The test written in advance. Credit cost delivers toward the original FY27 path, not the cut guide. Measured by: credit cost as a percent of quarterly average total assets at or below 2.3 percent for two consecutive prints, with the live guide not raised by FY27-Q3 results, expected around 31 January 2027. The test written in advance. Write-off rupees disclosed and falling. Measured by: quarterly loans written off in rupees, and FY27 auditor-noted gross write-offs. The test written in advance. Gross bad-loan stock in rupees, not only the ratio. Measured by: Stage-3 / gross bad-loan stock in crore, beside write-offs of the same period Stage-3 stock in rupees not rising while the 1.0 percent ratio is celebrated; write-offs named in the same sentence by FY27-Q2 results, expected around 31 October 2026. How the money is made. Profit is (loan yield minus borrowing cost) times earning assets, plus fees, minus operating costs, minus credit cost (provisions plus write-offs minus recoveries), minus tax. Did the business cover its own costs? Operating profit covered credit cost and gross write-offs against pre-provision operating profit in 8 of 8 periods; cumulatively . The P&L charge is covered. The write-off machine is not a covered story. Guide 2.6 to 2.7 percent means coverage does not improve by management intention. Gross bad-loan ratio versus write-off rupees. Gross bad loans printed 1.0 percent on 30 June 2026 and 1.2 percent at FY26 close. In the same breath: unsecured written off at 90 days, FY26 auditor write-offs 694.16 crore (3.58 times remaining Stage-3 of 194 crore, 171 percent of profit 406), Q1 stressed-loan sale 38.23 crore, consumer 0.2 percent gross bad loans with 5.0 percent credit cost, small-business Gross Stage-3 5.47 percent in June 2025, Stage-3 cover 48.5 percent. The ratio and the rupees tell opposite stories. Equifax itself flags write-offs as the microfinance improvement channel. Optical domestic-institution exit versus frozen private-equity blocks. Domestic-institution share 23.36 percent (September 2024) to 5.63 percent (June 2026) looks like a dump. The cliff is March to June 2025, the quarter after lock-in expired. LeapFrog 16.15 percent and Augusta 16.02 percent share counts are frozen; they were recast from domestic-institution-others into public foreign companies. What this research does not know. Quarterly write-off rupees for all 13 quarters except the FY27-Q1 stressed-loan sale of 38.23 crore gross. Old-dive Q1 write-off 74 crore is unmapped in Q1 notes and is not used.; Annual Report 2025-26 Notes 7 and 36 not extracted, the page does not list that report as of 17 August 2026. Auditor write-offs 694.16 versus profit-and-loss 411.88 remains unreconciled (attempted remainder about 8 crore, mixed…; Assigned versus on-book versus partnership write-off split unknown. Consolidated versus standalone write-off perimeter mixed.; Look-through unsecured of assets under management has no official table. Direct rural 7.14 percent plus 18 to 22 percent of 6,089 crore intermediate = 13.6 to 15.1 percent is arithmetic, not a filing line.; Nimbus first-loss / cash collateral outstanding in rupees, as a percent of net worth 4,056 crore, and by special-purpose vehicle, unsized.; First-loss percent on each of 19 live consumer partners, asked 27 July 2026, unanswered. Co-lending note says up to 5 percent. Sources: Official Q1 FY27 earnings-call transcript (IR PDF, 14 pages / 7,197 words, not the truncated stub) (27 July 2026); Hindu Business Line, Q1 FY27 print and 4.9 percent results-day move (28 July 2026); CNBC TV18, Q1 FY27 (standalone profit 121.8 crore, provisions 110.5 crore) (27 July 2026); ScanX, Q1 FY27 notes: overlay 65.84 crore and ARC transfer 38.23 crore (28 July 2026); Standalone FY26 results PDF (Walker Chandiok, year ended 31 March 2026), KAM write-offs cited via annual-report digest (31 March 2026); ICRA rationale PDF, AA- Stable, first-loss at 90-plus days, gearing about 3.0 times (29 December 2025); CARE rationale, MSME Gross Stage-3 5.47 percent as of June 2025 (6 October 2025); Trendlyne shareholding, June 2026 pattern, lock-in 0, LeapFrog 16.15 percent, Augusta 16.02 percent (17 August 2026); +8 more. The story check is re-scored every results season; the record below never changes. ## Did Northern Arc Capital management deliver what it promised? What Northern Arc Capital Ltd's management promised, against what actually happened: 6 promises on the record. Scored in our research file, promise by promise. A promise that slipped stays on this page after it is met. Said 1 October 2024, due FY25 close: missed. Promised: Fee and other income back to FY24's 1 percent of average total assets. What arrived: FY25 fee 0.8 percent; Q4 FY25 0.9 percent; FY26 0.7 percent; FY27-Q1 0.5 percent. Said 1 October 2024, due FY25: missed. Promised: Credit cost consistent; 1.7 percent includes 60 bps model, underlying about 1.1 percent; no additional stress on own book. What arrived: FY25 credit cost 3.2 percent (405 crore); Q4 194 crore. Said 1 October 2024, due next few quarters: missed. Promised: Growth similar to 30 percent-plus three-year compounding. What arrived: FY25 assets under management +16 percent. Said 28 October 2024, due 31 Mar 2025: missed. Promised: Assets under management 25 to 27 percent by end-FY25. What arrived: +16 percent to 13,634 crore. Cut to 15 to 20 percent on 14 Feb 2025, guidance cut 1. Said 28 October 2024, due FY25: missed. Promised: no change in guidance. What arrived: 3.2 percent / 2.6 percent excluding the default-loss-guarantee item. Said 28 October 2024, due near term / FY25: not due yet. Promised: Branch expansion paused until the credit environment eases. What arrived: Held through FY25 (370 to 360). Restarted FY26 (+72). Delivered as a pause; restart is a new promise. Every quote above is taken word for word from the company’s own earnings calls. ## What is Northern Arc Capital management's track record? The FY26 annual report says lending was moderated during the microfinance downturn, while the original July-call excerpt acknowledges early unsecured write-offs. This is evidence of acting through stress, but write-off rupees, provision quality and partner-loss protection remain unresolved. ### Regulatory and governance record

RBI found incomplete or inaccurate complaint disclosures and failed escalation. Neither proves fraud, a material lie, a currently open material case or a huge unowned central miss; pass under the specified bar, with the completed disclosure finding explicitly retained. 0% Promoter shares pledged

Sources:

- [northernarc.com](https://www.northernarc.com/assets/microsite/pdf/Northern%20Arc%20Annual-Report-2025-2026.pdf)
- [rbi.org.in](https://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=63375)
- [equitymaster.com](https://www.equitymaster.com/stock-research/shareholding-pattern/NORT/NORTHERN-ARC-CAPITAL-LTD-Shareholding-Pattern)

(Checked 14 October 2026.)

## How much does Northern Arc Capital earn on its equity and assets? Northern Arc Capital Ltd earned a return on equity of 11% in FY26. Its lowest yearly reading on file was 5% in FY21. For a lender the balance sheet is the business, so the return on equity and on assets have to be read together. Why this happened. FY26 return on equity 11.1 percent, Q1 about 11.5, return on assets 2.7 to 2.8 percent. Gearing 3.07 times pins it. Goal 15 to 17 percent in 8 to 10 quarters is unearned while credit cost has 2.6 to 2.7 percent. Capital adequacy 22.71 percent is solvency, not earning power. Price-to-book 1.17 on 11.1 percent return is 10.5 years of that return to earn the book premium. Return on purchase price 9.5 percent. Return on assets is left out here, because its two sources disagree for this quarter. That return is below the level a bank needs to grow its net worth quickly, which helps explain why its multiple is where it is. Why ROE moved: profit grew 22.7% a year over 9 years while net worth grew more slowly. When earnings recover faster than net worth builds up, ROE climbs off its low. The quarterly return-on-equity and return-on-assets curves, which only the second data source has, are not shown on this page: its two data sources disagree by up to 20% on reported income across 13 comparable periods. When two sources disagree on a figure, we leave it out on purpose. The gap is a choice, not missing data. ## Does Northern Arc Capital have too much debt? For a bank, borrowing is the raw material of the business, not a warning sign: it borrows money in order to lend it out. Its safety is read through its returns and its loans. Its safety is read from the bad-loan figures and the return on equity instead. Why this happened. Borrowings 12,440 crore in June 2026 against equity 4,056, gearing 3.07 times. Capital adequacy 22.71 percent. Rating AA- stable / A1+ reaffirmed. Incremental cost of funds 8.69 percent versus book 8.46. Annual-general-meeting 18 August 2026 seeks borrowing limit 15,000 to 17,000 crore and 5,000 crore of private-placement notes. Funding access lasts. First-loss on the partner book is the un-sized liability-side plug: 29 percent of assets under management is partner-originated retail with first-loss invoked at 90-plus days, per the December 2025 rating rationale. For a manufacturer, debt is a claim on its profits. For a lender it is the stock it trades in, so the usual debt-to-equity test would mislead and is not used here. ## What is the Northern Arc Capital shareholding pattern? Domestic institutions cut their stake in Northern Arc Capital Ltd by 18.2 percentage points over 8 quarters, the biggest change among its owners. Domestic institutions now own 5.1% of the company. Foreign institutions moved +8.3 points over the same period, to 12.9%. This uses the four owner groups that companies report every quarter; nothing is guessed between filings. Why this happened. No promoter. Pledge zero. Lock-in already zero since about March 2025. LeapFrog still has 16.15 percent and Augusta 16.02 percent with lock-in already at zero since about March 2025. Eight Roads 6.87, IFC 6.07, Accion 3.98, foreign companies about 49 percent, unlocked. Optical domestic-institution drop 23.36 to 5.63 percent is mostly a recast after lock-in expiry; LeapFrog and Augusta share counts are frozen. insurance 2.70 to 1.61. Shareholder count 124,981 to 90,306. Supply risk is live, not a 2025 event. Why the owners changed: foreign institutions moved +8.3 points and domestic institutions −18.2 points over 8 quarters. One group of institutions took over shares from the other; it is not a change of mind by the people running the company. ## How far is Northern Arc Capital from balance-sheet trouble? For Northern Arc Capital Ltd, the Z-score is not used, because it was built for manufacturers, not lenders. For a lender, safety is read from its capital and bad-loan figures instead. Why this happened. Two Reserve Bank penalties in 2026: 2.70 lakh on 29 to 30 January (no suspicious-transaction software) and 6.20 lakh on 14 August (wrong FY25 complaint disclosure plus Internal Ombudsman bypass). FY26 complaints 29,768 received / 156 pending, and the August order says FY25 complaint disclosure was wrong, so the complaint print cannot be taken at face value until restated. Subsidiary employee misappropriation 2.09 crore. Employee turnover 51.80 percent. Amounts on the penalties are small. Pattern on a 64 percent direct-to-customer book is franchise risk. ## How does Northern Arc Capital rank in its industry? 71.2 out of 100, rank 2 of 7 in Finance & Investments - Microfinance, with 70% of the evidence available. Northern Arc Capital Ltd scores 71.2 out of 100 against the 7 companies it is compared with in Finance & Investments - Microfinance, ranking 2. The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. The four parts add up to the total exactly: 24.2 + 16.2 + 14.2 + 16.6 = 71.2. This is the same number shown on the industry page; it is worked out once for the whole group and read here. What would change it: The score would fall if ROA turns down or gross NPA rises while the share price lags its sector. ## Which companies is Northern Arc Capital compared with? Northern Arc Capital ranks 2 of 7 Finance & Investments - Microfinance companies on the 4-Factor Sector Score, with 71.2 out of 100. 1. [Satin Creditcare Network Ltd](https://www.sectoralpha.in/stocks/satin-creditcare-network-ltd) SATIN · turning · Sector-leading setup · 82% evidence 84.2 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 29.9/35 · Income 20.3% · Profit 100% · 86% evidence Capital efficiency 18.0/25 · ROA 3.3% · ROE 12.3% · GNPA n/a · 72% evidence Valuation 16.3/20 · P/BV 0.83× · P/BV÷ROE 0.07 · 70% evidence Relative strength 20.0/20 · Lead over its industry 45.2% · Lead over NIFTY 500 30.5% · 1 year 52.6% · 100% evidence · 2 of 12 weeks ahead Exact sum: 29.9 + 18 + 16.3 + 20 = 84.2 · What this means: Earnings, capital efficiency and relative strength all agree. The open questions are about management, upcoming events and risks. 2. Northern Arc Capital Ltd this page NORTHARC · quiet · Most evidence points up · 70% evidence 71.2 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 24.2/35 · Income 21.1% · Profit 54.4% · 55% evidence Capital efficiency 16.2/25 · ROA 2.9% · ROE 11.1% · GNPA n/a · 68% evidence Valuation 14.2/20 · P/BV 1.05× · P/BV÷ROE 0.1 · 70% evidence Relative strength 16.6/20 · Lead over its industry 7.8% · Lead over NIFTY 500 -2% · 1 year -7.1% · 100% evidence · 3 of 12 weeks ahead Exact sum: 24.2 + 16.2 + 14.2 + 16.6 = 71.2 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 3. [CreditAccess Grameen Ltd](https://www.sectoralpha.in/stocks/creditaccess-grameen-ltd) CREDITACC · quiet · Most evidence points up · 93% evidence 66.9 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 31.9/35 · Income 17.6% · Profit 100% · 100% evidence Capital efficiency 18.1/25 · ROA 4.6% · ROE 10.5% · GNPA n/a · 72% evidence Valuation 11.6/20 · P/BV 1.84× · P/BV÷ROE 0.17 · 100% evidence Relative strength 5.3/20 · Lead over its industry -10.9% · Lead over NIFTY 500 -18.9% · 1 year -28.1% · 100% evidence · 4 of 12 weeks ahead Exact sum: 31.9 + 18.1 + 11.6 + 5.3 = 66.9 · What this means: Earnings are strong; relative strength in its sector is -10.9% and the one-year return is -28.1%. 4. [Muthoot Microfin Ltd](https://www.sectoralpha.in/stocks/muthoot-microfin-ltd) MUTHOOTMF · quiet · Evidence leans down · 89% evidence 44.2 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 26.2/35 · Income 0.9% · Profit 100% · 88% evidence Capital efficiency 9.2/25 · ROA 1.3% · ROE 6.2% · GNPA n/a · 72% evidence Valuation 7.3/20 · P/BV 0.81× · P/BV÷ROE 0.13 · 100% evidence Relative strength 1.5/20 · Lead over its industry -15.9% · Lead over NIFTY 500 -23.8% · 1 year -19.9% · 100% evidence · 5 of 12 weeks ahead Exact sum: 26.2 + 9.2 + 7.3 + 1.5 = 44.2 · What this means: Earnings are strong; relative strength in its sector is -15.9% and the one-year return is -19.9%. 5. [Arman Financial Services Ltd](https://www.sectoralpha.in/stocks/arman-financial-services-ltd) ARMANFIN · quiet · Evidence leans down · 86% evidence 40.5 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 11.8/35 · Income 0.1% · Profit 100% · 60% evidence Capital efficiency 13.8/25 · ROA 2% · ROE 6.3% · GNPA 2.8% · 100% evidence Valuation 5.0/20 · P/BV 1.6× · P/BV÷ROE 0.26 · 100% evidence Relative strength 9.9/20 · Lead over its industry -1.8% · Lead over NIFTY 500 -10.9% · 1 year -13.1% · 100% evidence · 8 of 12 weeks ahead Exact sum: 11.8 + 13.8 + 5 + 9.9 = 40.5 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 6. [Spandana Sphoorty Financial Ltd](https://www.sectoralpha.in/stocks/spandana-sphoorty-financial-ltd) SPANDANA · basing · Evidence leans down · 61% evidence 36.2 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 14.6/35 · Income -26.3% · Profit 96% · 46% evidence Capital efficiency 4.2/25 · ROA -0.9% · ROE -29.4% · GNPA n/a · 68% evidence Valuation 9.2/20 · P/BV 0.72× · P/BV÷ROE n/a · 40% evidence Relative strength 8.2/20 · Lead over its industry -11.1% · Lead over NIFTY 500 -18.9% · 1 year -25.6% · 100% evidence · 1 of 12 weeks ahead Exact sum: 14.6 + 4.2 + 9.2 + 8.2 = 36.2 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 7. [Fusion Finance Ltd](https://www.sectoralpha.in/stocks/fusion-finance-ltd) FUSION · quiet · Evidence leans down · 78% evidence 35.4 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 17.0/35 · Income -18.1% · Profit 100% · 40% evidence Capital efficiency 14.6/25 · ROA 3.5% · ROE 0.7% · GNPA 2.5% · 95% evidence Valuation 3.2/20 · P/BV 0.85× · P/BV÷ROE 1.25 · 100% evidence Relative strength 0.6/20 · Lead over its industry -16.8% · Lead over NIFTY 500 -24.6% · 1 year -29% · 100% evidence · 5 of 12 weeks ahead Exact sum: 17 + 14.6 + 3.2 + 0.6 = 35.4 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. Missing figures are not scored as bad. They lower the confidence and pull the final score toward the middle. Relative strength counts only when the company has a reading for this week; with no reading, that factor is left out and its 20 points are shared across the other three in proportion. Financial companies use P/BV÷ROE and asset quality; PEG, industrial OPM and ROCE are excluded. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step path the industry is placed on (basing, turning, breaking out, leader, fading, asleep), read from how many weeks running it has led NIFTY 500 and whether that lead is growing or shrinking. It describes where the share price stands, not the direction of earnings, and it is not a recommendation; it is left blank for a company whose weekly history is too short or too stale to read. The figures in this ranking come from the industry comparison: results through the Sep 2026 quarter, and the P/E at that quarter's end. The sections above use the latest weekly price, so a P/E or return there can differ a little from the one here. The stage words in this ranking (such as losing its lead or breaking out) describe the lead over the index, not the price phase in the price section. Related companies: [Finance & Investments - Microfinance](https://www.sectoralpha.in/sectors/finance-investments-microfinance), all 7 compared on one page. ## Which companies are close to Northern Arc Capital in size? Northern Arc Capital is the 2nd largest of 7 Finance & Investments - Microfinance companies on Sector Alpha by market value (scores of 30 October 2026). Just above it: CreditAccess Grameen. Just below it: Satin Creditcare Network, Muthoot Microfin, Fusion Finance, Spandana Sphoorty Financial and Arman Financial Services. ### Finance & Investments - Microfinance companies close in size

1. [CreditAccess Grameen Ltd](https://www.sectoralpha.in/stocks/creditaccess-grameen-ltd) ₹16,434 crore
2. Northern Arc Capital Ltd ₹4,091 crore
3. [Satin Creditcare Network Ltd](https://www.sectoralpha.in/stocks/satin-creditcare-network-ltd) ₹2,639 crore
4. [Muthoot Microfin Ltd](https://www.sectoralpha.in/stocks/muthoot-microfin-ltd) ₹2,300 crore
5. [Fusion Finance Ltd](https://www.sectoralpha.in/stocks/fusion-finance-ltd) ₹2,093 crore
6. [Spandana Sphoorty Financial Ltd](https://www.sectoralpha.in/stocks/spandana-sphoorty-financial-ltd) ₹1,993 crore
7. [Arman Financial Services Ltd](https://www.sectoralpha.in/stocks/arman-financial-services-ltd) ₹1,495 crore

[All 7 Finance & Investments - Microfinance companies, largest first](https://www.sectoralpha.in/sectors/finance-investments-microfinance#all-companies)

### Companies close in size in other industries

1. [Sunteck Realty Ltd](https://www.sectoralpha.in/stocks/sunteck-realty-ltd) ₹4,115 crore · Realty - Construction & Contracting
2. [Uflex Ltd](https://www.sectoralpha.in/stocks/uflex-ltd) ₹4,098 crore · Packaging - BOPP
3. Northern Arc Capital Ltd ₹4,091 crore
4. [Shilchar Technologies Ltd](https://www.sectoralpha.in/stocks/shilchar-technologies-ltd) ₹4,091 crore · Capital Goods - Transformers
5. [Mahindra Logistics Ltd](https://www.sectoralpha.in/stocks/mahindra-logistics-ltd) ₹4,090 crore · Logistics - Warehousing/Supply Chain

## Quarterly scorecard? Our Northern Arc Capital Ltd research of 17 August 2026 set 20 checks, and every results season scores each one. No results season has been scored against them yet. A row is permanent: a miss stays on the record after it is fixed. ## Governance? What we checked on how Northern Arc Capital Ltd is run. 6 items came back clean and 8 are being watched. Read from the company’s own filings and earnings calls; a watch item is a question, not a finding. Clean (6). FY26 standalone audit unmodified by Walker Chandiok (year ended 31 March 2026); opinion not modified on the default-loss-guarantee emphasis-of-matter. Auditor fee 1.628 crore.; FY27-Q1 limited review also Walker Chandiok, board 27 July 2026.; No promoter; pledge 0.0 percent every quarter since listing. Chair (P.S. Jayakumar) is not the chief executive (Ashish Mehrotra).; Locked-in shares 0.0 percent as of June 2026, lock-in expired about 20 March 2025. This is a fact, not a quality stamp; supply sits on watch.; Whistle-blower complaints 0 in FY26. Directors: non-disqualification certificate, FY26.; Capital adequacy 22.71 percent at 30 June 2026; rating AA- stable / A1+ reaffirmed (rationale 29 December 2025). Joint-auditor add is threshold-driven (assets above 15,000 crore), not a qualified opinion. On watch (8). Private-equity / development-finance overhang about 49 percent unlocked: LeapFrog 16.15 percent (26,108,216 shares, count frozen), Augusta / Affirma 16.02 percent (25,887,110, unlocked from March 2025), Eight Roads 6.87 percent, IFC 6.07…; Chief executive FY26 pay 10.66 crore versus median employee 5,58,280 = 191 times. Annual-general-meeting 18 August 2026 seeks fixed 6.05 crore, variable 3.52 crore, plus special discretionary 2.10 crore. Chair commission 2.03 crore for…; Director-interested loans FY26: Easy Home 6.36 crore (chief executive interest); Neogrowth 21.88 crore (nominee director). Small versus assets under management; they are related-party credit.; First-loss unsized: 29 percent of assets under management is partner-originated retail with first-loss invoked at 90-plus days (December 2025 rating rationale). 5 percent on all 19 consumer partners asked 27 July 2026, unanswered. Nimbus…; 90-day write-off plus auditor write-offs 694.16 crore plus Q1 stressed-loan sale 38.23 crore versus gross bad loans 1.0 percent in June 2026 and 1.2 percent at FY26 close. Stage-3 cover 48.5 percent on a 64 percent direct-to-customer book.; Two Reserve Bank penalties in 2026: 2.70 lakh (29 to 30 January, no suspicious-transaction software) and 6.20 lakh (14 August, wrong FY25 complaint disclosure plus Internal Ombudsman bypass). Repeat supervisory hits.; Subsidiary employee misappropriation 2.09 crore (annual-report note). Employee turnover 51.80 percent FY26. Customer complaints FY26: 29,768 received, 156 pending, and the August order says FY25 complaint disclosure was wrong.; Three guidance cuts (FY25 assets-under-management 25 to 27 to 15 to 20; FY26 20 to 25 to 18 to 22; FY27 credit cost 2.3 to 2.5 abandoned). Founder/vice-chair tenure ended 31 March 2026. Write-off policy versus ratio cosmetics is a disclosure game, not…

## What else do people ask about Northern Arc Capital? ### What is Northern Arc Capital's share price today? Northern Arc Capital Ltd's share price is ₹277.25, +3.1% over the past year. The whole company is worth ₹4,483 Cr on the market. In the last 52 weeks it traded between ₹212 to ₹325; today it is 58% of the way up from the low, 0.2% below its 200-day average (as of 4 November 2026). ### What were Northern Arc Capital's latest quarterly results? Northern Arc Capital Ltd reported total income of ₹780 Cr and net profit of ₹114 Cr for the Jun 2026 quarter. Income rose 28.9% and profit rose 46.2% compared with a year earlier. Earnings per share were ₹7.07 (as of 4 November 2026). ### What is Northern Arc Capital's market cap? Northern Arc Capital Ltd's market capitalisation is ₹4,483 Cr at a share price of ₹277.25. Market cap is the share price times the number of shares, so it changes whenever the price moves (as of 4 November 2026). ### How is Northern Arc Capital performing? Northern Arc Capital Ltd's share price has been rising for 23 weeks. In its latest quarter, income rose 28.9% and profit rose 46.2% compared with a year earlier. Over the past 13 weeks it has done better than the NIFTY 500, for 1 week running (as of 4 November 2026). ### Will Northern Arc Capital's share price go up? This page does not forecast Northern Arc Capital Ltd's share price. What it shows instead: the share price is ₹277.25, and it has been rising for 23 weeks. Its P/BV of 1.1× is higher than 49% of its own last 2 years (as of 4 November 2026). ### Where is Northern Arc Capital in its business cycle? Northern Arc Capital Ltd's FY26 net margin was 15.0%, against a 9-year range of 11.3% to 20.0%: the middle of its own range, neither a peak nor a low. The latest quarter was 14.6%. Comparing margins with a company's own long history is a good way to see where it is in its cycle (as of 4 November 2026). ### What could break the Northern Arc Capital story? The main question: yearly earnings per share moved +33.2% while the share price moved +3.1%. On price, this page treats a rise as over when the share price closes below its 200-day average on two Fridays in a row (as of 4 November 2026). ### Is Northern Arc Capital a stock worth studying right now? What the numbers show: Northern Arc Capital Ltd is Middle-layer non-bank lender: own-book retail plus a loan-placement platform. Northern Arc Capital Ltd's earnings have grown faster than its share price. Earnings per share grew +33.2% in a year while the price moved +3.1%. The main open question: whether the price catches up with earnings that have already grown. Every number on this page is worked out by code from the published figures, with no forecasts and no price opinions (as of 4 November 2026). ### Is there a Northern Arc Capital share price forecast for 2026? What management itself guided: FY27 growth 22-23%. The changes showing up in Northern Arc Capital's own numbers are fewer bad loans. It is too early to say whether they last. What would change the story: Reconciled direct-lending assets contract, or cohort losses consume the yield premium. ### Where does this page get Northern Arc Capital's management information? From Northern Arc Capital's results calls, its filings and public records on governance, each dated on the page. Management’s plans are shown as plans, never as results. ## Lists

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