Manappuram Finance Ltd logo

Manappuram Finance Ltd

MANAPPURAM NSE

Manappuram Finance is a Non-Banking Finance Company (NBFC), which provides a wide range of fund based and fee based services including gold loans, money exchange facilities, etc. The Company is a Systemically Important Non-Deposit taking NBFC(NBFC-ND).(Source : 202003 Annual Report Page No:120)

AI Verdict: HOLD Confidence: 5%

Manappuram Finance trades at a PE of 30.1x with declining profitability (TTM profit growth -17%) and weak sales growth (-5% TTM), but the stock has delivered a 37% CAGR over 3 years and analyst consensus is split evenly between buy and hold. The risk-reward is balanced but tilted cautiously given deteriorating fundamentals.

Key Fundamentals

SmallcapNBFCFinancial Services
Market Cap
₹26,269 Cr
Volatility
Moderate
P/E Ratio
27.99
EBITDA
₹5,347 Cr
Return on Equity
18.98%
Debt to Equity
2.94
Book Value
₹170.87
EPS
₹26.55
52W High
₹334
52W Low
₹245.15

Technical Indicators

Key Insights

Strengths

1
  • Company has been maintaining a healthy dividend payout of 21.3%

Weaknesses

4
  • Company has low interest coverage ratio.
  • Promoter holding has decreased over last quarter: -3.48%
  • The company has delivered a poor sales growth of 8.48% over past five years.
  • Company has a low return on equity of 12.0% over last 3 years.

Growth Rate

Revenue Growth
-5.29% ↘
Net Income Growth
-34.61% ↘
Cash Flow Change
86.48% ↗
ROE
-49.05% ↘
ROCE
-16.55% ↘
EBITDA Margin (Avg.)
2.97% ↘

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 2d ago
HOLD
Risk high

Manappuram Finance trades at a PE of 30.1x with declining profitability (TTM profit growth -17%) and weak sales growth (-5% TTM), but the stock has delivered a 37% CAGR over 3 years and analyst consensus is split evenly between buy and hold. The risk-reward is balanced but tilted cautiously given deteriorating fundamentals.

Bull Case 7
  • Stock has delivered a strong 3-year price CAGR of 37%, significantly outperforming many NBFC peers
  • Analyst consensus is favorable with 46.67% recommending Buy (7 out of 15 analysts), indicating institutional confidence
  • 10-year compounded sales growth of 15% demonstrates long-term business scalability in the gold loan segment
  • 10-year ROE of 17% shows the company has historically generated strong shareholder returns
  • Market cap of Rs 27,027 crore provides reasonable liquidity and scale for institutional participation
  • Consistent dividend payout of 21.3% with a current yield of 0.63% provides income support to shareholders
  • Price-to-book ratio of 1.86x is reasonable for a financial services company with established gold loan franchise
Bear Case 8
  • TTM compounded profit growth is deeply negative at -17%, indicating sharp earnings deterioration
  • TTM sales growth has turned negative at -5%, signaling potential demand headwinds or market share loss
  • 3-year compounded profit growth of -12% shows this is not a one-quarter blip but a sustained earnings decline
  • ROE has collapsed from 17% (10-year) to just 7% last year, reflecting severe return compression
  • Promoter holding decreased by 3.48% in the last quarter, a negative governance and confidence signal
  • Low interest coverage ratio indicates vulnerability to rising borrowing costs in a tight monetary environment
  • 5-year sales CAGR of only 8.48% is poor for a mid-cap NBFC operating in a high-growth economy
  • PE of 30.1x is expensive given the negative earnings trajectory — 5-year profit CAGR is -10%

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 14h ago
Positives 3
  • Strong gold loan FY27 guidance Jun 3

    Management provided optimistic guidance for gold loan portfolio growth in FY27, reaffirming strategic commitment to the gold lending segment.

  • Board considers fund raising Jun 18

    Board meeting scheduled for June 23, 2026 to consider fund raising proposals, signaling potential capital strengthening.

  • No promoter share encumbrance Jun 12

    Promoters declared zero encumbrance on shares for entire FY26, confirming clean promoter holding structure per SEBI regulations.

Neutral 3
  • 4.28 lakh ESOPs granted Jun 23

    Board approved 4,28,568 stock options under ESOP 2025 with 1-5 year vesting and max 20% discount to market price.

  • EGM to appoint six directors Jun 20

    EGM scheduled for July 14, 2026 via video conferencing to seek shareholder approval for appointment of six directors.

  • New CCO appointed Jun 20

    Ashish N Chandak appointed as Chief Compliance Officer effective June 20, 2026, replacing Mr. Issac E. A. after tenure completion.

TL;DR: Manappuram Finance is positioning for growth with strong gold loan guidance for FY27 and potential fund raising on the agenda. Governance remains clean with zero promoter encumbrance and orderly board reconstitution. No material headwinds are visible in recent news flow. The trend appears constructive with management signaling confidence in the core gold lending business heading into FY27.

Quarterly Results

  Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Revenue
1,776
2,030
2,161
2,305
2,348
2,488
2,633
2,560
2,361
2,262
2,273
2,354
2,614
Expenses
587
671
675
729
773
846
892
1,191
1,637
1,233
1,018
1,034
877
Financing Profit
600
710
796
827
796
793
835
444
-172
174
380
375
627
Fin. Margin %
34%
35%
37%
36%
34%
32%
32%
17%
-7%
8%
17%
16%
24%
Other Income
23
27
13
21
14
24
4
3
2
3
2
5
12
Interest
589
648
689
749
779
848
906
925
895
855
876
945
1,109
Depreciation
56
56
62
62
65
64
67
70
66
75
79
77
75
PBT
567
681
747
786
746
753
773
376
-236
102
302
303
564
Tax %
27%
27%
25%
27%
24%
26%
26%
26%
-14%
-30%
28%
21%
28%
Net Profit
415
498
561
575
564
557
572
278
-203
132
217
239
405
EPS in Rs
4.88
5.86
6.6
6.77
6.63
6.55
6.74
3.33
-2.26
1.63
2.6
2.85
4.3
Figures in ₹ Crores

Profit & Loss

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Revenue
1,988
2,369
3,406
3,421
4,180
5,465
6,331
6,061
6,700
8,848
10,007
9,509
Expenses
648
820
1,011
1,344
1,365
1,547
1,669
2,133
2,317
2,848
4,567
4,162
Financing Profit
462
601
1,225
1,047
1,469
2,086
2,443
1,916
2,195
3,134
1,899
1,561
Fin. Margin %
23%
25%
36%
31%
35%
38%
39%
32%
33%
35%
19%
16%
Other Income
5
3
3
58
63
86
44
65
50
72
34
15
Interest
877
947
1,169
1,030
1,345
1,832
2,219
2,011
2,188
2,866
3,541
3,786
Depreciation
54
56
63
68
75
164
171
198
204
246
267
307
PBT
414
548
1,166
1,037
1,457
2,007
2,316
1,784
2,041
2,960
1,666
1,270
Tax %
34%
35%
35%
35%
35%
26%
26%
26%
26%
26%
28%
22%
Net Profit
271
355
758
676
949
1,480
1,725
1,329
1,500
2,197
1,204
993
EPS in Rs
3.23
4.2
8.98
8.04
11.16
17.37
20.37
15.7
17.67
25.86
14.37
10.68
Div. Payout %
42%
54%
17%
25%
19%
16%
10%
19%
17%
13%
28%
23%
Figures in ₹ Crores

Balance Sheet

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
168
168
168
169
169
169
169
169
169
169
169
188
Reserves
2,465
2,590
3,193
3,645
4,378
5,577
7,138
8,199
9,476
11,379
12,263
15,863
Borrowing
8,632
9,638
10,986
12,607
15,297
23,022
23,327
24,816
29,167
34,320
36,077
57,837
Other Liabilities
352
443
804
609
602
767
703
623
693
880
696
672
Total Liabilities
11,616
12,839
15,152
17,030
20,446
29,535
31,338
33,808
39,504
46,748
49,205
74,559
Fixed Assets
206
230
222
310
367
803
926
1,052
1,094
1,070
1,134
1,057
CWIP
1
0
1
0
1
3
8
13
17
33
11
27
Investments
217
49
5
5
174
90
338
421
534
726
788
2,051
Other Assets
11,193
12,560
14,925
16,715
19,904
28,639
30,066
32,322
37,860
44,918
47,272
71,424
Total Assets
11,616
12,839
15,152
17,030
20,446
29,535
31,338
33,808
39,504
46,748
49,205
74,559
Figures in ₹ Crores

Cash Flow

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
-888
-1,042
-1,271
-33
-1,661
-3,620
-619
-423
-3,103
-3,450
-467
-20,238
Investing
649
72
-25
-148
-371
26
-186
-193
-616
-601
-125
-1,632
Financing
265
772
1,211
293
2,388
6,049
59
438
3,849
4,092
1,132
23,834
Net Cash Flow
26
-198
-84
112
356
2,455
-747
-177
130
41
541
1,965
Free Cash Flow
-912
-1,121
-1,324
-193
-1,787
-3,716
-672
-585
-3,275
-3,585
-662
-20,427
CFO/OP
-56
-56
-36
17
-40
-81
0
2
-60
-44
5
-369
Figures in ₹ Crores

Ratios

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROE %
11%
13%
25%
19%
22%
28%
26%
17%
17%
21%
10%
7%

Shareholding Pattern

As of Apr 2026
Promoters 41.66%
FIIs 23.42%
Public 16.02%
DIIs 12.96%
Others 5.94%
Total 100.00%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Apr 2026
Promoters
34.99%
34.99%
35.05%
35.06%
35.06%
35.15%
35.18%
35.20%
35.20%
35.20%
35.20%
35.20%
35.20%
35.24%
35.25%
35.25%
35.25%
35.25%
35.25%
35.25%
31.77%
41.66%
FIIs
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
31.99%
33.00%
30.36%
27.01%
28.42%
29.71%
30.16%
28.77%
23.23%
23.42%
DIIs
8.12%
10.18%
12.59%
13.44%
15.06%
12.71%
11.47%
11.57%
12.85%
10.68%
11.07%
10.87%
9.50%
9.34%
10.97%
7.88%
8.00%
8.62%
9.17%
11.14%
12.97%
12.96%
Government
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Public
13.86%
14.10%
13.11%
12.44%
16.06%
19.19%
20.78%
19.60%
17.94%
18.23%
19.14%
18.27%
18.73%
17.70%
18.69%
22.94%
20.51%
19.22%
18.61%
18.01%
16.31%
16.02%
Others
43.03%
40.73%
39.25%
39.06%
33.81%
32.95%
32.57%
33.62%
34.01%
35.88%
34.59%
35.66%
4.58%
4.71%
4.73%
6.92%
7.82%
7.19%
6.81%
6.82%
15.72%
5.94%
No. of Shareholders
2,14,395
2,31,395
2,56,307
2,61,476
3,46,543
4,06,937
4,22,087
4,00,372
3,90,490
3,70,993
3,50,710
3,85,117
4,37,488
4,52,090
5,74,726
6,66,703
6,26,137
5,99,501
5,65,794
5,51,927
5,54,164
5,47,762

Documents

Frequently Asked Questions about Manappuram Finance Ltd

What does Manappuram Finance Ltd do?
Manappuram Finance is a Non-Banking Finance Company (NBFC), which provides a wide range of fund based and fee based services including gold loans, money exchange facilities, etc. The Company is a Systemically Important Non-Deposit taking NBFC(NBFC-ND).(Source : 202003 Annual Report Page No:120)
Where is Manappuram Finance Ltd (MANAPPURAM) listed?
Manappuram Finance Ltd is listed on the Indian stock exchanges. It is listed on NSE: MANAPPURAM and BSE: 531213. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Manappuram Finance Ltd belong to?
Manappuram Finance Ltd operates in the Financial Services sector within the Finance industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Manappuram Finance Ltd?
Manappuram Finance Ltd has a market capitalisation of approximately ₹26269.10 Cr. Based on this, it is classified as a Large Cap stock.
What is the PE ratio of Manappuram Finance Ltd?
The Price-to-Earnings (PE) ratio of Manappuram Finance Ltd is 27.99. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Manappuram Finance Ltd?
Over the past 52 weeks, Manappuram Finance Ltd has traded between a low of ₹245.15 and a high of ₹334. This range helps investors understand the stock's price volatility and recent trading levels.
Does Manappuram Finance Ltd pay dividends?
Yes, Manappuram Finance Ltd has a dividend yield of 0.63%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of Manappuram Finance Ltd?
Manappuram Finance Ltd has a Return on Equity (ROE) of 18.98%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research Manappuram Finance Ltd on Tapetide?
On Tapetide, you can view Manappuram Finance Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

Company Information

Manappuram Finance is a Non-Banking Finance Company (NBFC), which provides a wide range of fund based and fee based services including gold loans, money exchange facilities, etc. The Company is a Systemically Important Non-Deposit taking NBFC(NBFC-ND).(Source : 202003 Annual Report Page No:120)

Website manappuram.com
CEO Mr. Vazhappully Padmanabhan Nandakumar M.Sc
Employees 24,650
Listed 1996-11-06
Face Value ₹ 2
Issued Size 84,64,34,729

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