Ad-Manum Finance

What Ad-Manum Finance does

Ad-Manum Finance Limited is a publicly listed Indian Non-Banking Finance Company (NBFC) incorporated on 6 May 1986 as Agarwal Warehousing & Leasing Limited and renamed to its current form in June 1992 when it converted to NBFC operations and conducted its public issue. The company is registered with the Reserve Bank of India and is listed on BSE Limited (Scrip Code: 511359, ISIN INE556D01017), with its corporate headquarters at Agarwal House, 5 Yeshwant Colony, Indore 452003, Madhya Pradesh. It operates under the Agarwal Group umbrella, which was established in 1975, and has promoter and promoter group holdings of approximately 74.3% (5,572,570 out of 7,500,000 equity shares), with the remainder held by public shareholders, IEPF, and institutional investors.

The company's core business is providing short-term and medium-term advances to body corporates through loan, hire purchase finance, bill discounting, and factoring services delivered via direct corporate lending relationships and a Channel/DSA distribution model. A secondary revenue stream is electricity generation through windmills located in Maharashtra and Rajasthan. There is no proprietary technology platform, mobile app, or API disclosed; the business runs as a traditional NBFC with a small operating footprint of 1–10 employees. Customer acquisition is direct-to-corporate within India, primarily Central India (Indore-based) with related-party lending to group entities including Available Finance Limited and Agarwal Coal Corporation.

Revenue mechanics consist of recurring interest income from the corporate lending book plus revenue from windmill-based power generation. The company communicates primarily through BSE regulatory filings, AGM disclosures, and its investor-relations website, with no active consumer-facing marketing channels. Distribution of BSE-listed equity shares constitutes the public capital-market interface, and UCO Bank (Tilak Nagar Branch, Pipliyana Indore) is the disclosed banking partner. Recent leadership activity has centered on governance refreshes — appointments of Independent Directors Apoorva Jain and Pradhumn Pathak in August 2024, the retirement of Independent Director Aseem Trivedi in March 2024, and the resignation of Executive Director and CEO Dharmendra Agrawal effective 3 April 2026 — rather than expansion or restructuring moves.

Name

Ad-Manum Finance

Legal name

Ad-Manum Finance Limited

Website

https://admanumfinance.com

Company type

Public

Founded year

1986

Operating status

Operating

Headcount range

1–10 employees

Short description

Ad-Manum Finance Limited is a publicly listed, RBI-registered Indian NBFC headquartered in Indore that provides short-term corporate loans, hire purchase finance, bill discounting, and factoring, and additionally generates electricity through windmills in Maharashtra and Rajasthan under the Agarwal Group.

Ownership category

akta.pro rank

Product category

Non-Banking Financial Services (Corporate Lending)

NAICS

Sales Financing (522220)

SIC

Short-Term Business Credit Institutions (6153)

akta.pro primary industry

Supply Chain Finance (Trade Credit, PO/Inventory Financing) (FSAKAGAE)

Keywords

• Non-banking finance
• Corporate lending
• Short-term loans
• Bill discounting
• Windmill power generation

Headquarters

HQ city

Indore

HQ country

India

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Infrastructure

Revenue model

1. Interest Income from Corporate Lending: The primary revenue stream is interest income from providing short-term loans to body corporates. The company offers short and medium-term advances in the form of loan/hire purchase finance, bill discounting, and factoring through channel/DSA business.
2. Windmill Electricity Generation: The company generates electricity through windmills located at Maharashtra and Rajasthan, providing an additional revenue stream from power generation operations.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels4 records

Core offering

Ad-Manum Finance Limited is an RBI-registered Non-Banking Finance Company (NBFC) that provides short-term loans to body corporates, including hire purchase finance, bill discounting, and factoring services through its channel/DSA business. The company also generates electricity through windmills located in Maharashtra and Rajasthan as an additional revenue stream. Operations are conducted from its headquarters in Indore, Madhya Pradesh, with regulatory disclosures filed through BSE Limited.

Product overview

Ad-Manum Finance Limited is a Non-Banking Finance Company (NBFC) registered under Reserve Bank of India, listed on BSE Limited. The company operates under the Agarwal Group flagship. Its core offerings consist of short-term loans to body corporates and electricity generation through windmills located in Maharashtra and Rajasthan. Originally incorporated as Agarwal Warehousing & Leasing Limited in 1986, the company changed its name to Ad-Manum Finance Limited in 1992. The website primarily functions as an investor relations and corporate governance disclosure portal, providing access to financial reports, shareholding patterns, corporate governance documents, and regulatory filings.

Differentiator

Problem solved

Functional benefit

Products and services

• Short-term Loans to Body Corporates

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Two partnerships are on record, tiered minor.

• Agarwal Coal Corporation Private LimitedminorOthersGroup company within the Agarwal Group conglomerate. Entity with which the company has related party transactions including inter-corporate deposits and interest receivables.
• Available Finance LimitedminorOthersRelated group company. The company has extended loans and received interest payments from this entity as part of related party transactions.

Scale indicators3 records

Recent moves6 records

Expansion highlights3 records

Direct peers

• Capri Global Capital: Indian NBFC offering MSME lending, construction finance, and short-term business loans. Comparable as a small/mid-cap listed NBFC focused on corporate working capital products.
• MAS Financial Services: Mid-sized Indian NBFC providing SME loans, corporate finance, bill discounting, and factoring. Most closely comparable in product mix (especially bill discounting/factoring) and scale bracket.
• Muthoot Capital Services: Mid-sized Indian NBFC focused on used commercial vehicle loans, SME financing, and micro-enterprise lending. Directly comparable in scale and product orientation to Ad-Manum's small-ticket corporate lending.

Broad incumbents

• Manappuram Finance: Diversified Indian NBFC offering gold loans, microfinance, and commercial vehicle/SME credit. Comparable in NBFC status and short-term lending product set.
• Sundaram Finance: Long-established South India–based NBFC offering hire purchase, leasing, and corporate credit products. Directly overlaps with Ad-Manum's hire purchase and short-term advance offerings.
• Shriram Finance: Large Indian NBFC with significant presence in commercial vehicle finance, SME lending, and corporate credit. Comparable as an established NBFC offering working capital and term advances to businesses.
• Cholamandalam Investment and Finance Company: Listed Indian NBFC providing SME and corporate loans, factoring, and bill discounting services. Comparable product set to Ad-Manum, though at substantially greater scale.
• Bajaj Finance: One of India's largest diversified NBFCs offering corporate lending, SME financing, bill discounting, and factoring. Although vastly larger, it is comparable in product mix to Ad-Manum's short-term credit business.

Others

• Inox Wind / Suzlon Energy (NBFC counterparties): Wind-power generation companies operating in Maharashtra and Rajasthan. Relevant as industry-adjacent peers for Ad-Manum's windmill electricity generation revenue stream.

Regional players

• Power Finance Corporation: Large Indian public-sector financial institution focused on power-sector lending. Relevant as a benchmark for the windmill-energy/renewable credit segment of Ad-Manum's business.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat2 records

Key risks6 records

Key highlights5 records

Customer concentration

• LinkedInlinkedin.com/company/ad-manum-finance-ltd

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Ad-Manum Finance