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FOWAD vs NUBL: Forward Microfinance Laghubitta Bittiya Sanstha and Nirdhan Utthan Laghubitta Bittiya Sanstha compared

On 24 Sep 2026, FOWAD (Forward Microfinance Laghubitta Bittiya Sanstha Limited) closed at Rs 900.00 and NUBL (Nirdhan Utthan Laghubitta Bittiya Sanstha Limited) at Rs 604.00. Over the past year, Rs 100 in FOWAD became Rs 82 and in NUBL Rs 82, adjusted for bonus shares.

NUBL is the larger company by market value, Rs 1,657 crore against Rs 1,076 crore. Cash dividends declared in the last 12 months yield nothing on FOWAD and 1.16% on NUBL at today’s price.

Close · 24 Sep 2026NEPSE published data, may be delayed

24 Sep 2026FOWAD Rs 100 → Rs 82 (close 900.00)NUBL Rs 100 → Rs 82 (close 604.00)

809010011012024 Sep7 Apr24 SepFOWAD 82NUBL 82

Rs 100 in each on the first session of the window, adjusted for bonus shares. Cash dividends are not added back. To the close of 24 Sep 2026.

FOWAD and NUBL side by side. Nothing is marked better.
FOWADForward Microfinance Laghubitta Bittiya Sanstha LimitedNUBLNirdhan Utthan Laghubitta Bittiya Sanstha Limited
SectorMicrofinanceMicrofinance
Close, Rs900.00604.00
Today+0.78% up+1.00% up
Return, 1 month+0.44% up+3.04% up
Return, 1 year−17.81% down−18.30% down
52-week range834.20 to 1,364.00555.10 to 802.00
Market valueRs 1,076 crRs 1,657 cr
Cash dividend yieldnone in 12 months1.16%
Latest dividends2081/82: 0% cash, 0% bonus2081/82: 7% cash, 5% bonus
Traded, last 30 daysRs 9.63 crRs 16.09 cr

FOWAD and NUBL dividends, year by year

Dividends declared by FOWAD and NUBL by Nepali fiscal year, as a percentage of paid-up value
Fiscal yearFOWADNUBL
2081/82none declared7% cash, 5% bonus
2080/810.3% cash, 13.3% bonusnone declared
2079/80none declarednone declared
2078/795% cash, 25% bonus1% cash, 19% bonus
2077/787% cash, 35% bonus1.553% cash, 29.5% bonus

As a percentage of paid-up value, as declared. Every dividend by year.

P/E, earnings per share and book value are not in the web data. The Punji app compares those too.

FOWAD or NUBL: questions

Which is bigger, FOWAD or NUBL?
NUBL is larger by market value: Rs 1,657 crore, against Rs 1,076 crore for FOWAD, at the close of 24 Sep 2026. Market value is the share price times the shares listed.
Which has risen more over the past year, FOWAD or NUBL?
Rs 100 in FOWAD became Rs 82 (−17.81%), and Rs 100 in NUBL became Rs 82 (−18.30%), adjusted for bonus shares and without cash dividends added back. How a share moved in the past does not say how it will move next.
Which pays a higher dividend, FOWAD or NUBL?
FOWAD last declared 0% cash and 0% bonus for 2081/82; NUBL last declared 7% cash and 5% bonus for 2081/82. Dividends are a percentage of the paid-up value, not of today’s price, so the cash dividend yield in the table above is the comparable figure.
Should I buy FOWAD or NUBL?
Punji does not say. This page lines up the published figures for both and marks neither as better; what fits depends on what you hold, why and for how long.

Valuation and earnings are in the app

The Punji app compares P/E, earnings and book value as well, next to the companies you hold. Free on iOS and Android.