Forward Microfinance Laghubitta Bittiya Sanstha Limited

MicrofinanceHigh Cap

NPR 900.10

NPR +5.1+0.57%

09:14 AM NPT · Nov 6, 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

889.00

High

910.00

Low

889.00

Prev Close

895.00

Volume

1,029

Turnover

Rs 929,469

Txns

Valuation · Q4 FY25/26

EPS Ann.

52.14

EPS TTM

52.14

BVPS

278.57

P/E Ann.

17.26

P/E TTM

17.26

Graham #

571.67

Capital

Mkt Cap

10.76 Arab

Total

1.2 Crore

Public

35.88 Lakh

Promoter

83.72 Lakh

NEPSE Chart

Technical Analysis

Indicator Signals

MACD

Strong Buy

RSI

Sell

SuperTrend

Strong Sell

Trend Analysis

Direction

Uptrend

Strength

Weak

Momentum

RSI (14)

53.02

ADX

15.48

Overall Score

Above Line

Technical Score

Moving Averages

SMA 20

891.12

SMA 50

892.53

Bands & Channels

BB Width %

4.97%

Volume & Flow

OBV

281,402

Flow Analysis

[ Live 2026-11-06 ]

Total Buy

9,573

Shares Bought

Total Sell

9,573

Shares Sold

Net Flow

Net Accumulation

Active Brokers

Participating

ACCUM/DIST

Accumulation 41%

Distribution 59%

Accumulators

Quantity

3,480

Amount

3,104,669

Avg Rate

892.15

Rank

#22

Brokers

#41#16#26

Distributors

Quantity

5,012

Amount

4,464,040

Avg Rate

890.67

Rank

#15

Brokers

#34#45

Net Flow Impact:

-1,532units

(Rs. -1,359,372)

Net Flow by Timeframe

FOWAD — Broker Breakdown (7D)

15 Buyers15 Sellers

[ Vol: 15,552 ]

Buy Side

Total: 7,185

Broker

QTY

AVG

NET

1,865

890.83

+1,609

19.5%

1,015

885.22

+1,015

10.6%

619

899.26

+329

6.5%

600

907.94

+600

6.3%

499

897.83

+424

5.2%

434

893.59

+108

4.5%

379

890.25

+349

4.0%

275

898.93

+275

2.9%

255

885.23

+210

2.7%

246

891.23

+246

2.6%

223

896.01

+93

2.3%

200

890.00

+200

2.1%

200

890.20

+200

2.1%

190

902.00

+190

2.0%

185

895.05

+174

1.9%

Sell Side

Total: 8,367

Broker

QTY

AVG

NET

3,845

889.31

-3,330

40.2%

1,167

895.16

-877

12.2%

755

902.33

-755

7.9%

433

888.49

-433

4.5%

396

897.22

-227

4.1%

375

899.95

-375

3.9%

314

886.79

-244

3.3%

307

903.36

-272

3.2%

208

906.87

-90

2.2%

194

896.49

-103

2.0%

150

897.19

-127

1.6%

897.35

-46

0.9%

896.72

-71

0.7%

900.00

-47

0.5%

898.00

-20

0.2%

Financial Fundamentals

Financial Metric	FY25/26 Q4	FY24/25 Q4	FY23/24 Q4	FY22/23 Q4	Growth %
Capital & Liabilities
Paid Up Capital	0	1,195,954	1,055,564	0	+13.30%
Reserves and Surplus	0	1,789,741	1,994,605	0	-10.27%
Debentures and Bonds	0	0.00	0.00	0	-
Borrowings	0.00	8870913.03	9499483.16	0	-100.00%
Deposits	0	10,072,942	8,962,018	0	+12.40%
Income Tax Liabilities	0	31,460	23,887	0	+31.70%
Other Liabilities	380,171	297,505	336,427	0	+27.79%
Total Capital & Liabilities	0	22,258,516	21,871,984	0	+1.77%
Assets
Cash and Bank Balance	0	1,131,699	1,387,157	0	-18.42%
Money at Call & Short Notice	0	0.00	0.00	0	-
Investments	0	1,196	408	0	+192.82%
Loan and Advances	0	20,424,107	19,897,260	0	+2.65%
Fixed Assets	0	207,906	216,678	0	-4.05%
Non Banking Assets	0	0.00	0.00	0	-
Other Assets	144,524	493,608	370,480	0	-70.72%
Total Assets	24,073,760	22,258,516	21,871,984	0	+8.16%

Sector Peers — Microfinance (30)

Peer Comparison

Microfinance SECTOR — NEPAL

2025/2026 Q4

NPR/Millions

Statement

Highlight

TICKER	Market				Key Ratios
	Price	Chg	Chg%	Mkt Cap (M)	Asset Turnover	Book Value Per Share	C/D Ratio%	Debt to Equity	EPS (Annualized)	EPS (TTM)	Graham's Number	Interest Rate Spread	Net Interest Margin	Net Profit Margin	NPL%	P/B	P/E (Annualized)	PEG	P/E (TTM)	P/S	ROA (Annualized)	ROA (TTM)%	ROE (Annualized)	ROE (TTM)%
ACLBSL	817.5	-15.66	-1.88%	0	0.14	180.9	188.13%	7.96	27.79	27.79	336.32	9.04	8.24	12.44	6.01%	5.15	33.54	3.99	32.13	4.17	1.68	1.68%	16.48	16.48%
ADLB	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
AKBSL	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
ALBSL	1,169.6	-2.34	-0.2%	0.01	0.13	174.67	114%	7.78	32.63	32.63	358.1	8.56	7.25	17.03	8.57%	6.01	32.18	2.55	36.47	5.48	2.23	2.23%	19.62	19.62%
ANLB	4,899.3	+30.19	+0.62%	0	0.11	362.38	-	5.73	69.71	69.71	753.91	-	7.65	26.79	10.78%	19.87	103.29	3.24	71.8	27.67	3.07	3.07%	19.94	19.94%
AVYAN	1,020	+2.04	+0.2%	0	0.14	158.75	111.65%	8.35	57.04	57.04	451.38	8.37	8.5	27.5	7.41%	6.56	18.27	0.16	18.65	5.02	3.86	3.86%	39.92	39.92%
BPW	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
CBBL	987	-2.77	-0.28%	0.04	0.12	251.06	95.51%	5.35	35.91	35.91	450.39	6.23	5.32	19.33	2.3%	3.67	25.68	-	26.73	4.96	2.37	2.37%	14.96	14.96%
CYCL	1,362	+10.41	+0.77%	0	0.12	357.75	112.53%	6.62	110.66	110.66	943.79	7.91	6.61	33.9	14.04%	3.71	12	0.09	13.46	4.07	4.02	4.02%	34.85	34.85%
DDBL	862.5	-4.51	-0.52%	0.02	0.13	226.87	112.67%	5.38	48.15	48.15	495.77	7.76	7.42	26.83	6.49%	3.75	17.65	0.59	17.94	4.74	3.48	3.48%	23.1	23.1%
DLBS	1,039	0	0%	0	0.12	150.57	45.18%	11.27	15.72	15.72	230.77	7.98	6.58	7.08	20.52%	8.03	76.91	2.01	75.32	5.45	0.82	0.82%	9.82	9.82%
FMDBL	718	+2	+0.28%	0.01	0.06	137.26	123.87%	2.09	14.18	14.18	209.27	1.36	4.04	47.12	2.88%	6.27	60.65	1.2	53.67	28.58	3.06	3.06%	10.56	10.56%
GBLBS	641.3	-10.23	-1.57%	0.01	0.14	295.18	25.3%	4.49	40	36.73	493.91	8.13	9.36	18.98	4.94%	3.55	19.63	1	21.24	6.63	2.61	2.4%	14	12.85%
GGBSL	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
GILB	1,127.6	+17.54	+1.58%	0.01	0.14	242.58	270.5%	6.57	61.87	61.87	581.11	8.81	8.56	25.61	8.7%	4.37	17.13	0.3	18.4	4.39	3.6	3.6%	27.61	27.61%
GLBSL	1,440	-39.05	-2.64%	0	0.14	169.51	352.61%	9.34	31.11	31.11	344.46	8.49	8.14	13.37	8.09%	10.41	56.7	-	55.45	7.58	1.87	1.87%	20.28	20.28%
GMFBS	1,039	+9.98	+0.97%	0	0.12	158	105.93%	9.42	28.68	28.68	319.31	8.51	7.16	13.91	13.79%	7.52	41.42	17.08	38.95	5.77	1.68	1.68%	17.09	17.09%
HLBSL	870	-8.97	-1.02%	0	0.12	185.53	93.98%	8.71	31.26	31.26	361.24	8.3	7.31	14.98	9.04%	4.69	27.81	3.16	28.21	4.17	1.8	1.8%	18.06	18.06%
ILBS	965	+24.91	+2.65%	0	0.13	161.73	120.99%	6.56	36.66	36.66	365.24	8.82	8.07	22.62	12.92%	5.34	23.57	0.31	29.05	5.33	2.89	2.89%	23.03	23.03%
JALPA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
JBLB	1,289	+7.94	+0.62%	0.02	0.13	279.95	125.1%	6	61.8	61.8	623.92	7.19	7.21	25.61	5.33%	4.47	20.23	0.73	20.58	5.18	3.34	3.34%	24.42	24.42%
JSLBB	923.4	+10.41	+1.14%	0	0.12	175.1	110.76%	7.07	10.7	10.7	205.32	5.31	6.51	6.47	17.14%	5.71	93.36	3.8	92.34	6.04	0.75	0.75%	6.42	6.42%
KLBS	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
KLBSL	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
KMCDB	775.1	+0.08	+0.01%	0	0.13	178.73	114.65%	6.22	27.4	27.4	331.94	8.66	8.3	16.52	9.78%	4.32	28.2	9.34	31.39	4.66	2.21	2.21%	15.73	15.73%
LLBS	813.9	+0.89	+0.11%	0	0.13	204.16	194.11%	7.17	24.2	24.2	333.41	9.54	7.1	12.32	11.93%	4.51	38.01	0.08	35.99	4.68	1.59	1.59%	13.24	13.24%
MATRI	709.8	+9.18	+1.31%	0	0.12	145.42	114.29%	12.35	45.13	45.13	384.27	7.95	6.32	18.68	26.61%	5.77	18.59	0.03	16.37	3.47	2.3	2.3%	27.46	27.46%
MERO	631.9	+2.02	+0.32%	0.01	0.11	149.87	87.82%	8.3	8.47	8.47	169	8.37	5.92	6.22	17.32%	4.47	79.1	-	72.26	4.92	0.69	0.69%	5.63	5.63%
MKLB	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
MLBBL	920	0	0%	0	0.12	167.93	237.58%	7.88	20.07	20.07	275.38	7.03	6.92	11.91	9.89%	6.65	55.66	-	49.48	6.63	1.38	1.38%	11.97	11.97%

AVG	1,137.31	2	0.11%	0.01	0.124	205.18	136.06%	7.3	38.14	37.99	409.92	7.73	7.2	19.33	10.66%	6.127	40.89	2.759	38.904	7.254	2.33	2.32%	18.83	18.77%
MED	944.2	1.45	0.16%	0	0.125	176.92	114%	7.12	31.95	31.95	359.67	8.3	7.23	17.86	9.41%	5.245	30.19	1.1	31.76	5.1	2.26	2.26%	17.58	17.58%
MAX	4,899.3	30.19	2.65%	0.04	0.14	362.38	352.61%	12.35	110.66	110.66	943.79	9.54	9.36	47.12	26.61%	19.87	103.29	17.08	92.34	28.58	4.02	4.02%	39.92	39.92%
MIN	631.9	-39.05	-2.64%	0	0.06	137.26	25.3%	2.09	8.47	8.47	169	1.36	4.04	6.22	2.3%	3.55	12	0.03	13.46	3.47	0.69	0.69%	5.63	5.63%