Forward Microfinance Laghubitta Bittiya Sanstha Limited

MicrofinanceHigh Cap

NPR 900.80

NPR +11.8+1.33%

07:55 AM NPT · Sep 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

933.00

High

933.00

Low

895.00

Prev Close

889.00

Volume

2,564

Turnover

Rs 2,323,212.9

Txns

Valuation · Q4 FY25/26

EPS Ann.

52.14

EPS TTM

52.14

BVPS

278.57

P/E Ann.

17.28

P/E TTM

17.28

Graham #

571.67

Capital

Mkt Cap

10.77 Arab

Total

1.2 Crore

Public

35.88 Lakh

Promoter

83.72 Lakh

NEPSE Chart

Technical Analysis

Indicator Signals

MACD

Strong Buy

RSI

Buy

SuperTrend

Strong Sell

Trend Analysis

Direction

Uptrend

Strength

Moderate

Momentum

RSI (14)

36.49

ADX

21.36

Overall Score

Below Line

Technical Score

Moving Averages

SMA 20

897.61

SMA 50

939.8

Bands & Channels

BB Width %

12.43%

Volume & Flow

OBV

245,324

Flow Analysis

[ Live 2026-09-14 ]

Total Buy

7,179

Shares Bought

Total Sell

7,179

Shares Sold

Net Flow

Net Accumulation

Active Brokers

Participating

ACCUM/DIST

Accumulation 38%

Distribution 62%

Accumulators

Quantity

2,156

Amount

1,895,585

Avg Rate

879.21

Rank

#25

Brokers

#40#42#48

Distributors

Quantity

3,590

Amount

3,160,253

Avg Rate

880.29

Rank

#22

Brokers

#28#45

Net Flow Impact:

-1,434units

(Rs. -1,264,668)

Net Flow by Timeframe

FOWAD — Broker Breakdown (7D)

15 Buyers15 Sellers

[ Vol: 10,657 ]

Buy Side

Total: 5,666

Broker

QTY

AVG

NET

1,056

891.50

+20

14.7%

950

879.01

+950

13.2%

706

879.14

+629

9.8%

500

879.70

+499

7.0%

470

887.97

+346

6.5%

382

877.27

+382

5.3%

300

876.00

+300

4.2%

220

881.82

+156

3.1%

200

882.75

+161

2.8%

170

875.50

+170

2.4%

150

886.27

+100

2.1%

150

882.00

+150

2.1%

142

878.92

+132

2.0%

140

868.84

+140

1.9%

130

880.27

+80

1.8%

Sell Side

Total: 4,991

Broker

QTY

AVG

NET

2,070

878.91

-2,070

28.8%

1,520

882.17

-1,258

21.2%

456

878.66

-456

6.3%

253

875.52

-253

3.5%

135

884.96

-85

1.9%

117

890.00

-117

1.6%

110

886.45

-110

1.5%

100

887.50

-100

1.4%

879.10

-27

1.2%

878.00

-22

0.6%

882.10

-30

0.6%

882.00

-30

0.4%

886.30

-16

0.2%

878.00

-12

0.2%

882.00

-1

0.0%

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	894	+15.98	+1.82%	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	4.07	32.78	4.17	1.68	1.68%	16.48	16.48%
ADLB	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
AKBSL	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
ALBSL	1,207	+14.9	+1.25%	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	2.31	33.07	5.48	2.23	2.23%	19.62	19.62%
ANLB	5,051	+76.12	+1.53%	0	0.11	362.38	-	5.73	69.71	69.71	753.91	-	7.65	26.79	10.78%	19.87	103.29	3.33	73.73	27.67	3.07	3.07%	19.94	19.94%
AVYAN	1,050.4	+16.44	+1.59%	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	18.23	5.02	3.86	3.86%	39.92	39.92%
BPW	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
CBBL	954.1	+3.14	+0.33%	0.03	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	-	26.16	4.96	2.37	2.37%	14.96	14.96%
CYCL	1,514	+13.95	+0.93%	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	13.25	4.07	4.02	4.02%	34.85	34.85%
DDBL	857.9	+13.76	+1.63%	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	0.58	17.44	4.74	3.48	3.48%	23.1	23.1%
DLBS	1,030	+56.56	+5.81%	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	1.74	65.33	5.45	0.82	0.82%	9.82	9.82%
FMDBL	744	0	0%	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	1.19	53.46	28.58	3.06	3.06%	10.56	10.56%
GBLBS	654	+12.13	+1.89%	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	1,140	+22.02	+1.97%	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	0.28	17.62	4.39	3.6	3.6%	27.61	27.61%
GLBSL	1,689.9	+49.86	+3.04%	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	-	55.61	7.58	1.87	1.87%	20.28	20.28%
GMFBS	1,105	-13.99	-1.25%	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	17.72	40.41	5.77	1.68	1.68%	17.09	17.09%
HLBSL	880	+8.97	+1.03%	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	3.12	27.83	4.17	1.8	1.8%	18.06	18.06%
ILBS	934.1	+8.24	+0.89%	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	0.25	23.43	5.33	2.89	2.89%	23.03	23.03%
JALPA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
JBLB	1,280.1	+13.05	+1.03%	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	0.72	20.33	5.18	3.34	3.34%	24.42	24.42%
JSLBB	960.5	-11.47	-1.18%	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	3.72	90.37	6.04	0.75	0.75%	6.42	6.42%
KLBS	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
KLBSL	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
KMCDB	816	+5.99	+0.74%	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	8.41	28.25	4.66	2.21	2.21%	15.73	15.73%
LLBS	863.3	+0.26	+0.03%	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	36.24	4.68	1.59	1.59%	13.24	13.24%
MATRI	756	+11.03	+1.48%	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	17.46	3.47	2.3	2.3%	27.46	27.46%
MERO	610	-3	-0.49%	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	-	75.09	4.92	0.69	0.69%	5.63	5.63%
MKLB	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
MLBBL	980	+25.02	+2.62%	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	-	49.68	6.63	1.38	1.38%	11.97	11.97%

AVG	1,180.51	15.41	1.21%	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	2.711	38.046	7.254	2.33	2.32%	18.83	18.77%
MED	957.3	12.59	1.14%	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	1.095	30.515	5.1	2.26	2.26%	17.58	17.58%
MAX	5,051	76.12	5.81%	0.03	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	17.72	90.37	28.58	4.02	4.02%	39.92	39.92%
MIN	610	-13.99	-1.25%	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	13.25	3.47	0.69	0.69%	5.63	5.63%