Forward Microfinance Laghubitta Bittiya Sanstha Limited

MicrofinanceHigh Cap

NPR 1,059.00

NPR +9+0.86%

09:14 AM NPT · May 15, 2026

Est. 2069-05-28 B.S. (Licensed and began formal microfinance operations in 2070 B.S.) · Duhabi, Sunsari, Nepal · CEO: Ramdayal Rajbanshi

Forward Community Microfinance (FOWAD) began as a grassroots microfinance NGO in Nepal in early 2000s, with initial operations inspired by the model of Grameen Bank in Bangladesh.Over time, to scale operations and meet regulatory frameworks, it was reconstituted as a formal microfinance company. Legally established under company law in September 2012 (2069-Bhadra-28), the institution obtained its microfinance license from the central bank and commenced formal operations in May 2013. Since then, FOWAD has expanded its services offering micro-loans, deposit products (savings), remittance support, micro-insurance and other financial-inclusion services aimed at low-income households, small enterprises, and underserved rural or peri-urban communities across Nepal.Under the leadership of Ramdayal Rajbanshi the current Chief Executive Officer (CEO) of FOWAD the institution has focused on strengthening outreach, improving financial inclusion, and maintaining transparent governance standards. With a network of branch offices and a management team including a Deputy CEO and heads of various departments (audit, HR, credit, recovery, IT etc.), FOWAD aims to deliver convenient microfinance services to vulnerable populations that traditional banking often overlooks.FOWAD’s commitment to its mission is reflected in its financial operations and public disclosures: regular balance-sheet reporting, deposit & loan portfolios, and regulatory compliance key for credibility in Nepal’s microfinance sector.Its loan-lending model includes both group-lending (inspired by Grameen-style solidarity groups) and individual lending (collateral- or non-collateral-based), allowing flexibility depending on clients’ needs.

forwardmfbank.com.np/index.php/

Trading

Open

1,050.00

High

1,075.00

Low

1,050.00

Prev Close

1,050.00

Volume

3,010

Turnover

Rs 3,180,458.8

Txns

Valuation · Q2 FY25/26

EPS Ann.

31.98

EPS TTM

20.71

BVPS

234.69

P/E Ann.

33.11

P/E TTM

51.13

Graham #

410.94

Capital

Mkt Cap

12.67 Arab

Total

1.2 Crore

Public

35.88 Lakh

Promoter

83.72 Lakh

NEPSE Chart

Technical Analysis

Indicator Signals

MACD

Strong Sell

RSI

Neutral

SuperTrend

Strong Buy

Trend Analysis

Direction

Uptrend

Strength

Very Strong

Momentum

RSI (14)

46.45

ADX

41.76

Overall Score

Below Line

Technical Score

Moving Averages

SMA 20

1125.23

SMA 50

1126.32

Bands & Channels

BB Width %

22.42%

Volume & Flow

OBV

316,757

Flow Analysis

[ Live 2026-05-15 ]

Total Buy

45,661

Shares Bought

Total Sell

45,661

Shares Sold

Net Flow

Net Accumulation

Active Brokers

Participating

ACCUM/DIST

Accumulation 38%

Distribution 62%

Accumulators

Quantity

10,688

Amount

11,456,196

Avg Rate

1071.87

Rank

Brokers

#49#42#14#26#39

Distributors

Quantity

17,414

Amount

18,553,303

Avg Rate

1065.42

Rank

Brokers

#58#41

Net Flow Impact:

-6,726units

(Rs. -7,097,107)

Net Flow by Timeframe

FOWAD — Broker Breakdown (7D)

15 Buyers15 Sellers

[ Vol: 57,739 ]

Buy Side

Total: 21,302

Broker

QTY

AVG

NET

3,472

1073.95

+1,852

7.6%

3,177

1063.61

+2,438

7.0%

2,134

1065.64

+420

4.7%

1,646

1088.08

+1,510

3.6%

1,256

1066.80

+1,186

2.8%

1,137

1070.78

+957

2.5%

1,109

1068.54

+909

2.4%

1,092

1063.42

+792

2.4%

1,033

1060.56

+929

2.3%

1,026

1089.00

+813

2.3%

879

1062.57

+358

1.9%

860

1073.56

+187

1.9%

850

1079.35

+520

1.9%

816

1062.24

+756

1.8%

815

1078.03

+255

1.8%

Sell Side

Total: 36,437

Broker

QTY

AVG

NET

12,361

1065.70

-7,461

27.1%

5,053

1064.75

-4,855

11.1%

4,850

1082.49

-3,241

10.6%

2,745

1061.80

-2,339

6.0%

2,304

1064.64

-747

5.0%

2,140

1079.90

-698

4.7%

1,753

1047.34

-455

3.8%

1,247

1061.03

-411

2.7%

1,200

1081.80

-348

2.6%

1,083

1085.33

-121

2.4%

524

1084.15

-359

1.1%

400

1060.29

-356

0.9%

328

1089.51

-178

0.7%

240

1087.23

-3

0.5%

209

1054.55

-209

0.5%

Financial Fundamentals

Financial Metric	FY25/26 Q2	FY24/25 Q2	FY23/24 Q2	FY22/23 Q2	Growth %
Capital & Liabilities
Paid Up Capital	1,195,953,710	1,195,953,710	1,055,563,734	1,055,563,734	0.00%
Reserves and Surplus	1,610,820,904	1,817,111,449	1,646,807,223	1,708,521,811	-11.35%
Debentures and Bonds	0.00	0.00	0.00	0.00	-
Borrowings	9,021,258,539	8,947,047,359	8,804,838,685	25,462,854	+0.83%
Deposits	10,736,976,934	9,441,424,283	8,568,722,080	8,431,316,105	+13.72%
Income Tax Liabilities	56,457,377	0	0	0	-
Other Liabilities	329,050,947	367,092,766	370,931,992	10,339,030,332	-10.36%
Total Capital & Liabilities	22,950,518,411	21,768,629,566	20,446,863,715	21,559,894,835	+5.43%
Assets
Cash and Bank Balance	2,171,743,121	996,062,155	780,540,731	1,514,079,030	+118.03%
Money at Call & Short Notice	0.00	0.00	0.00	0.00	-
Investments	1,195,691	1,336,775	408,334	2,000,000	-10.55%
Loan and Advances	19,670,822,598	20,137,862,298	19,112,055,594	19,765,565,109	-2.32%
Fixed Assets	200,896,361	208,877,795	199,812,176	207,138,771	-3.82%
Non Banking Assets	0.00	0.00	0.00	0.00	-
Other Assets	905,860,639	424,490,542	354,046,881	71,111,927	+113.40%
Total Assets	22,950,518,410	21,768,629,566	20,446,863,715	21,559,894,835	+5.43%

Sector Peers — Microfinance (30)

Peer Comparison

Microfinance SECTOR — NEPAL

2025/2026 Q2

NPR/Millions

Statement

Highlight

TICKER	Market				Key Ratios
	Price	Chg	Chg%	Mkt Cap (M)	Asset Turnover	BVPS	C/D Ratio%	EPS (Annu.)	EPS (TTM)	Graham's No.	Int. Rate Spread%	NIM%	NPL%	NPM%	P/B	P/E (Annu.)	PEG	P/E (Latest)	P/E (TTM)	P/S	ROA (Annu.)%	ROA (TTM)%	ROE (Annu.)%	ROE (TTM)%
ACLBSL	949.9	-2.09	-0.22%	0	0.13	169.98	213.9%	32.57	33.11	355.85	8.27%	7.44%	5.2%	14.84%	11.3	29.47	0.38	31.23	30.72	17.51	1.98%	2.01%	21%	21.36%
ADLB	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
AKBSL	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
ALBSL	1,100	-5.53	-0.5%	0.01	0.13	158.08	6.57%	31.29	38.77	371.35	8.4%	7.16%	10.15%	17.5%	14.95	37.78	0.09	35.6	28.73	26.45	2.24%	2.79%	21.34%	26.44%
ANLB	6,020	+15.01	+0.25%	0.01	0.12	428.75	0%	77.9	85.26	906.91	0%	-	11.81%	27.93%	28.45	78.31	0.31	80.87	73.89	87.5	3.32%	3.65%	20.24%	22.16%
AVYAN	1,129	+8.96	+0.8%	0	0.03	149.39	109.7%	61.89	55.85	433.27	8.34%	8.86%	4.15%	29.02%	12.66	15.29	0.01	15.51	17.19	17.75	0.9%	0.81%	47.92%	43.25%
BPW	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
CBBL	907	-4.47	-0.49%	0.03	0.13	233.66	94.92%	31.85	35.31	430.86	5.51%	6.96%	2.45%	17.74%	7.89	28.95	963	28.89	26.05	20.54	2.22%	2.46%	14.32%	15.87%
CYCL	1,466.1	-5.89	-0.4%	0	0.12	268.72	111.75%	27.99	41.89	503.26	7.91%	6.38%	18.48%	9.02%	11.24	53.96	0	55.09	36.81	19.47	1.06%	1.61%	10.74%	16.09%
DDBL	844.5	-2.54	-0.3%	0.02	0.14	221.13	115.62%	47.41	47.55	486.4	7.83%	8.32%	8.43%	24.37%	7.42	17.3	0.27	17.51	17.46	16.87	3.36%	3.37%	23.26%	23.33%
DLBS	1,315	-7.94	-0.6%	0	0.12	179.13	94.98%	18.38	19.05	277.09	7.67%	7.44%	9.83%	7.8%	14.52	70.73	0.15	71.27	68.77	22.09	0.94%	0.98%	10.82%	11.23%
FMDBL	796	+0.08	+0.01%	0.01	0.06	128.31	114.74%	10.47	11.14	179.33	1.42%	4.14%	4.52%	35.1%	12.39	75.93	2.15	74.4	69.93	106.64	2.12%	2.27%	8.24%	8.78%
GBLBS	773	+1.08	+0.14%	0.01	0.14	278.07	26.68%	43.75	34.76	466.35	8.84%	9.62%	4.76%	20.85%	5.57	17.69	1.06	17.21	21.66	14.76	2.94%	2.34%	15.96%	12.68%
GGBSL	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
GILB	1,120	+9	+0.81%	0.01	0.15	197.29	282.59%	32.67	34.47	391.17	8.43%	9.46%	8.96%	13.69%	11.67	35.23	0	33.76	32	19.3	2.02%	2.14%	16.8%	17.73%
GLBSL	1,790	+9.97	+0.56%	0	0.14	159.33	393.94%	40.22	38.34	370.74	8.44%	8.32%	3.13%	17.81%	24.15	47.84	0.9	41.57	0	34.09	2.5%	2.38%	28.82%	27.47%
GMFBS	1,334.6	+7.56	+0.57%	0	0.14	185.26	107.54%	-4.71	17.54	270.39	8.32%	8.86%	14.37%	-2.06%	16.14	-317.41	0	-309.55	83.12	26.18	-0.28%	1.07%	-2.96%	11.05%
HLBSL	890	0	0%	0	0.11	167.35	95.52%	26.24	32.38	349.17	8.6%	7.9%	8.58%	13.2%	10.68	34.05	0.57	34.49	27.95	17.99	1.48%	1.82%	16.98%	20.97%
ILBS	922.5	-12.53	-1.34%	0	0.13	136.88	119.88%	24.07	49.91	392.06	8.31%	7.38%	17.85%	15.51%	14.52	41.3	0.24	39.05	18.83	25.63	2%	4.16%	18.84%	39.06%
JALPA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
JBLB	1,305	-9.99	-0.76%	0.02	0.13	277.15	124.79%	50.65	60.15	612.44	5.85%	7.32%	5.98%	19.57%	9.54	26.1	0.39	25.94	21.84	20.44	2.56%	3.05%	20.08%	23.85%
JSLBB	1,102	+11.99	+1.1%	0	0.11	170.87	107.57%	11.8	19.17	271.48	7.6%	6.12%	9.15%	7.55%	13.55	98.14	0.42	95.25	58.63	29.66	0.86%	1.4%	7.44%	12.11%
KLBS	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
KLBSL	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
KMCDB	872	+5.98	+0.69%	0	0.14	164.7	112.75%	26.09	27.74	320.62	8.67%	8.82%	11.42%	16.43%	11.48	36.22	1.33	34.92	32.84	23.81	2.3%	2.45%	16.28%	17.31%
LLBS	966	+12.02	+1.26%	0	0.12	187.67	107.03%	15.31	8.11	185.05	6.19%	7.64%	13.04%	8.25%	9.88	60.55	0.66	60.42	114.06	19.99	0.98%	0.52%	8.78%	4.65%
MATRI	895	+0.98	+0.11%	0.01	0.1	119.9	102.58%	11.25	9.36	158.91	7.28%	4.96%	10.48%	5.5%	16.35	87.11	0.6	85.78	103.1	19.18	0.54%	0.45%	7%	5.84%
MERO	710	-5.08	-0.71%	0.01	0.12	155.78	110.81%	13.88	16.56	240.92	8.6%	7.38%	19.54%	10.28%	9.53	53.46	3.4	51.59	43.24	21.99	1.24%	1.48%	9.08%	10.84%
MKLB	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
MLBBL	1,199	+19	+1.61%	0	0.14	223.65	235.93%	47.22	44.45	472.95	7.86%	8.78%	8.39%	23.4%	11.8	27.95	1.18	27.61	29.33	26.17	3.24%	3.05%	23.7%	22.32%

AVG	1,291.21	2.07	0.12%	0.01	0.12	198.23	126.81%	30.83	34.59	383.94	7.2%	7.58%	9.58%	16.06%	12.985	29.816	44.414	29.473	43.461	28.819	1.84%	2.1%	16.58%	18.84%
MED	1,033	0.53	0.06%	0	0.13	175	110.26%	29.64	34.61	371.05	8.09%	7.44%	9.06%	15.97%	11.735	37	0.405	35.26	31.36	21.265	2.01%	2.21%	16.54%	17.52%
MAX	6,020	19	1.61%	0.03	0.15	428.75	393.94%	77.9	85.26	906.91	8.84%	9.62%	19.54%	35.1%	28.45	98.14	963	95.25	114.06	106.64	3.36%	4.16%	47.92%	43.25%
MIN	710	-12.53	-1.34%	0	0.03	119.9	0%	-4.71	8.11	158.91	0%	4.14%	2.45%	-2.06%	5.57	-317.41	0	-309.55	0	14.76	-0.28%	0.45%	-2.96%	4.65%