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Evidence ledger · recorded run

Every claim in the sample output, mapped to its evidence.

One row per claim from the recorded run the interactive replay shows. Source-backed claims name their page; computed values expose inputs and formula; judgment is labelled judgment.

Deliverable
Tearsheet — Project Aravalli
Entity
Aravalli Finance Limited (fictional)
Workflow
company_tearsheet · v1
Approval
auto in v1
18 records · full field set in the downloads

Investment thesis

  1. [ANALYST JUDGMENT] Aravalli Finance presents a strong investment opportunity in the rural financial inclusion sector given its established distribution network and experienced promoter leadership.

    Analyst judgment · Not applicable

  2. The company operates as an RBI-registered NBFC focused on livestock and dairy-equipment loans to smallholder farmers.

    Source-backed · SupportedAravalli Finance Annual Report FY2025 · p.1 · Business Overview

    Source passage

    “Aravalli Finance Limited is a non-banking financial company registered with the Reserve Bank of India, focused on livestock and dairy-equipment loans to smallholder farmers across Rajasthan and Gujarat. The company operates 142 branches and serves over 2.1 lakh active borrowers as of March 2025.”

    thesis-2 · artifact: annual_report_fy25.txt

  3. It serves over 2.1 lakh active borrowers across 142 branches in Rajasthan and Gujarat as of March 2025.

    Source-backed · SupportedAravalli Finance Annual Report FY2025 · p.1 · Business Overviewas of March 2025

    Source passage

    “Aravalli Finance Limited is a non-banking financial company registered with the Reserve Bank of India, focused on livestock and dairy-equipment loans to smallholder farmers across Rajasthan and Gujarat. The company operates 142 branches and serves over 2.1 lakh active borrowers as of March 2025.”

    thesis-3 · artifact: annual_report_fy25.txt

  4. Founder Ramesh Iyer serves as Managing Director, supported by 54.2 percent promoter holding and four independent board directors.

    Source-backed · SupportedAravalli Finance Annual Report FY2025 · p.1 · Promoters And Management

    Source passage

    “The company was founded in 2011 by Ramesh Iyer, a former rural banking head, who continues as Managing Director. Promoter holding stands at 54.2 percent. The board includes four independent directors with microfinance and audit backgrounds.”

    thesis-4 · artifact: annual_report_fy25.txt

Business overview

  1. Aravalli Finance Limited is an RBI-registered non-banking financial company focused on livestock and dairy-equipment loans to smallholder farmers across Rajasthan and Gujarat.

    Source-backed · SupportedAravalli Finance Annual Report FY2025 · p.1 · Business Overview

    Source passage

    “Aravalli Finance Limited is a non-banking financial company registered with the Reserve Bank of India, focused on livestock and dairy-equipment loans to smallholder farmers across Rajasthan and Gujarat. The company operates 142 branches and serves over 2.1 lakh active borrowers as of March 2025.”

    overview-1 · artifact: annual_report_fy25.txt

  2. The company was founded in 2011 by Managing Director Ramesh Iyer; promoter holding stands at 54.2 percent.

    Source-backed · SupportedAravalli Finance Annual Report FY2025 · p.1 · Promoters And Management

    Source passage

    “The company was founded in 2011 by Ramesh Iyer, a former rural banking head, who continues as Managing Director. Promoter holding stands at 54.2 percent. The board includes four independent directors with microfinance and audit backgrounds.”

    overview-2 · artifact: annual_report_fy25.txt

  3. It operates 142 branches and serves over 2.1 lakh active borrowers as of March 2025.

    Source-backed · SupportedAravalli Finance Annual Report FY2025 · p.1 · Business Overviewas of March 2025

    Source passage

    “Aravalli Finance Limited is a non-banking financial company registered with the Reserve Bank of India, focused on livestock and dairy-equipment loans to smallholder farmers across Rajasthan and Gujarat. The company operates 142 branches and serves over 2.1 lakh active borrowers as of March 2025.”

    overview-3 · artifact: annual_report_fy25.txt

  4. For FY2025, consolidated total income was Rs. 412 crore with profit after tax of Rs. 61.8 crore.

    Source-backed · SupportedAravalli Finance Annual Report FY2025 · p.2 · Financial PerformanceFY2025

    Source passage

    “Consolidated total income for FY2025 stood at Rs. 412 crore, against Rs. 350 crore in FY2024. Profit after tax for the year was Rs. 61.8 crore. Gross NPA improved to 2.4 percent from 3.1 percent a year earlier. Capital adequacy ratio stood at 21.6 percent, well above the regulatory minimum.”

    overview-4 · artifact: annual_report_fy25.txt

Catalysts

  1. Not available in dataroom

    Not available · Not applicable

Promoters & management

  1. Aravalli Finance Limited was founded in 2011 by Ramesh Iyer, a former rural banking head, who continues as Managing Director.

    Source-backed · SupportedAravalli Finance Annual Report FY2025 · p.1 · Promoters And Management

    Source passage

    “The company was founded in 2011 by Ramesh Iyer, a former rural banking head, who continues as Managing Director. Promoter holding stands at 54.2 percent. The board includes four independent directors with microfinance and audit backgrounds.”

    promoters-1 · artifact: annual_report_fy25.txt

  2. Promoter holding stands at 54.2 percent.

    Source-backed · SupportedAravalli Finance Annual Report FY2025 · p.1 · Promoters And Management

    Source passage

    “The company was founded in 2011 by Ramesh Iyer, a former rural banking head, who continues as Managing Director. Promoter holding stands at 54.2 percent. The board includes four independent directors with microfinance and audit backgrounds.”

    promoters-2 · artifact: annual_report_fy25.txt

  3. The board includes four independent directors with microfinance and audit backgrounds.

    Source-backed · SupportedAravalli Finance Annual Report FY2025 · p.1 · Promoters And Management

    Source passage

    “The company was founded in 2011 by Ramesh Iyer, a former rural banking head, who continues as Managing Director. Promoter holding stands at 54.2 percent. The board includes four independent directors with microfinance and audit backgrounds.”

    promoters-3 · artifact: annual_report_fy25.txt

Key risks

  1. Key risks include geographic loan book concentration, with Rajasthan and Gujarat accounting for 87 percent of assets under management.

    Source-backed · SupportedAravalli Finance Annual Report FY2025 · p.2 · Key Risks

    Source passage

    “The loan book remains geographically concentrated, with Rajasthan and Gujarat accounting for 87 percent of assets under management. Monsoon variability directly affects borrower cash flows. The company also flags rising funding costs as bank borrowing rates reset.”

    risks-1 · artifact: annual_report_fy25.txt

  2. Additionally, borrower cash flows are directly affected by monsoon variability, and the company flags rising funding costs as bank borrowing rates reset.

    Source-backed · SupportedAravalli Finance Annual Report FY2025 · p.2 · Key Risks

    Source passage

    “The loan book remains geographically concentrated, with Rajasthan and Gujarat accounting for 87 percent of assets under management. Monsoon variability directly affects borrower cash flows. The company also flags rising funding costs as bank borrowing rates reset.”

    risks-2 · artifact: annual_report_fy25.txt

Verified values

  1. Total income FY25: ₹412.0 cr

    Connector record · SupportedFY2025

    Source passage

    “Fetched by the recorded financials connector. The same figure appears in the annual report, p.2 · Financial Performance.”

    value-total-income-fy25

  2. Revenue growth: 17.7%

    Computed · SupportedFY2024 → FY2025

    Inputs & formula

    Total income FY2025 = ₹412.0 cr · Aravalli Finance Annual Report FY2025 · p.2

    Total income FY2024 = ₹350.0 cr · Aravalli Finance Annual Report FY2025 · p.2

    growth_pct = ((412.0 − 350.0) ÷ 350.0) × 100 = 17.7%

    value-revenue-growth

  3. PAT margin: 15.0%

    Computed · SupportedFY2025

    Inputs & formula

    Profit after tax FY2025 = ₹61.8 cr · Aravalli Finance Annual Report FY2025 · p.2

    Total income FY2025 = ₹412.0 cr · Aravalli Finance Annual Report FY2025 · p.2

    margin_pct = (61.8 ÷ 412.0) × 100 = 15.0%

    value-pat-margin

  4. Gross NPA: 2.4%

    Source-backed · SupportedAravalli Finance Annual Report FY2025 · p.2 · Financial PerformanceFY2025

    Source passage

    “Consolidated total income for FY2025 stood at Rs. 412 crore, against Rs. 350 crore in FY2024. Profit after tax for the year was Rs. 61.8 crore. Gross NPA improved to 2.4 percent from 3.1 percent a year earlier. Capital adequacy ratio stood at 21.6 percent, well above the regulatory minimum.”

    value-gross-npa · artifact: annual_report_fy25.txt

Watch these claims land in the replay

Derived from the recorded run fixture — the ledger and the replay can never disagree.