Manappuram Finance Ltd
Manappuram Finance Ltd
Financial Services F&OKey Fundamentals
SmallcapNBFCFinancial ServicesInsights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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35 extracted metrics + investor summaries across FY15–FY26.
Tapetide Score
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Technical Indicators
Key Insights
Strengths
2- Company has been maintaining a healthy dividend payout of 19.8%
- Promoter holding has increased by 9.89% over last quarter.
Weaknesses
3- Company has low interest coverage ratio.
- The company has delivered a poor sales growth of 8.48% over past five years.
- Company has a low return on equity of 11.9% over last 3 years.
Growth Rate
AI Analysis — Bull vs Bear
Manappuram Finance Ltd has a market cap of ₹32,726 Cr trading at a P/E of 22.1x and P/B of 2.06x. The company posted strong TTM profit growth of 81% but carries a weak 5-year compounded profit CAGR of -10% and a declining ROE trajectory from 17% (10-year) to 7% (last year).
- TTM profit growth of 81% indicates a sharp earnings recovery in the most recent period
- Stock CAGR of 32% over 3 years reflects strong market re-rating and investor confidence
- Promoter holding increased by 9.89% over the last quarter, signaling insider confidence
- 10-year compounded sales growth of 15% demonstrates long-term revenue scalability
- 10-year compounded profit growth of 11% shows the business has generated earnings over a full cycle
- P/B ratio of 2.06x is reasonable for an NBFC with a gold loan franchise of this scale
- Company maintains a healthy dividend payout ratio of 19.8%, providing some income support
- 1-year stock CAGR of 28% suggests continued momentum in recent market sentiment
- ROE has declined sharply from 17% (10-year average) to just 7% in the last year, indicating deteriorating capital efficiency
- 5-year compounded profit CAGR is -10%, showing sustained earnings pressure over the medium term
- 3-year compounded profit CAGR of -13% reflects a prolonged earnings decline before the recent TTM recovery
- 5-year compounded sales growth of only 8% is weak for a mid-cap NBFC in a growing credit market
- Low interest coverage ratio raises concerns about debt servicing ability in a rising rate environment
- 3-year ROE average of only 12% is below cost of equity expectations for a leveraged financial services firm
- Dividend yield of just 0.29% offers negligible income cushion for investors
- TTM sales growth of only 5% suggests current revenue momentum is sluggish despite the profit recovery
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- AUM hits ₹63,798 crore Aug 12
Consolidated AUM reached ₹63,798 crore and gold loan portfolio grew to ₹50,953 crore in FY26, highlighted at the 34th AGM by Chairman V. P. Nandakumar.
- ₹850 crore NCD allotment Aug 17
Allotted ₹850 crore in NCDs via private placement in two series (6-year at 9.05% and 10-year at 9.10% coupon), indicating ongoing debt fundraising.
- Analyst meet and earnings call Aug 12
Participating in Motilal Oswal 22nd Annual Global Investor Conference on Aug 17 and hosting Q1 FY27 earnings call on Aug 11 at 5:00 PM IST.
TL;DR: Manappuram Finance shows strong gold loan-led growth with AUM crossing ₹63,798 crore. No visible headwinds in recent news flow. The ₹850 crore NCD raise at ~9% coupon suggests stable access to debt markets. Outlook appears steady heading into Q1 FY27 results, with investor engagement events signalling management confidence.
Quarterly Results
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 2,030 | 2,161 | 2,305 | 2,348 | 2,488 | 2,633 | 2,560 | 2,361 | 2,262 | 2,273 | 2,354 | 2,614 | 3,034 |
| Expenses | 671 | 675 | 729 | 773 | 846 | 892 | 1,191 | 1,637 | 1,233 | 1,018 | 1,034 | 877 | 906 |
| Financing Profit | 710 | 796 | 827 | 796 | 793 | 835 | 444 | -172 | 174 | 380 | 375 | 627 | 854 |
| Fin. Margin % | 35% | 37% | 36% | 34% | 32% | 32% | 17% | -7% | 8% | 17% | 16% | 24% | 28% |
| Other Income | 27 | 13 | 21 | 14 | 24 | 4 | 3 | 2 | 3 | 2 | 5 | 12 | 6 |
| Interest | 648 | 689 | 749 | 779 | 848 | 906 | 925 | 895 | 855 | 876 | 945 | 1,109 | 1,274 |
| Depreciation | 56 | 62 | 62 | 65 | 64 | 67 | 70 | 66 | 75 | 79 | 77 | 75 | 78 |
| PBT | 681 | 747 | 786 | 746 | 753 | 773 | 376 | -236 | 102 | 302 | 303 | 564 | 782 |
| Tax % | 27% | 25% | 27% | 24% | 26% | 26% | 26% | -14% | -30% | 28% | 21% | 28% | 25% |
| Net Profit | 498 | 561 | 575 | 564 | 557 | 572 | 278 | -203 | 132 | 217 | 239 | 405 | 585 |
| EPS in Rs | 5.86 | 6.6 | 6.77 | 6.63 | 6.55 | 6.74 | 3.33 | -2.26 | 1.63 | 2.6 | 2.85 | 4.3 | 6.22 |
Profit & Loss
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 1,988 | 2,369 | 3,406 | 3,421 | 4,180 | 5,465 | 6,331 | 6,061 | 6,700 | 8,848 | 10,012 | 9,509 | 10,275 |
| Expenses | 648 | 820 | 1,011 | 1,344 | 1,365 | 1,547 | 1,669 | 2,133 | 2,317 | 2,848 | 4,557 | 4,162 | 3,835 |
| Financing Profit | 462 | 601 | 1,225 | 1,047 | 1,469 | 2,086 | 2,443 | 1,916 | 2,195 | 3,134 | 1,913 | 1,561 | 2,236 |
| Fin. Margin % | 23% | 25% | 36% | 31% | 35% | 38% | 39% | 32% | 33% | 35% | 19% | 16% | 22% |
| Other Income | 5 | 3 | 3 | 58 | 63 | 86 | 44 | 65 | 50 | 72 | 20 | 15 | 25 |
| Interest | 877 | 947 | 1,169 | 1,030 | 1,345 | 1,832 | 2,219 | 2,011 | 2,188 | 2,866 | 3,541 | 3,786 | 4,204 |
| Depreciation | 54 | 56 | 63 | 68 | 75 | 164 | 171 | 198 | 204 | 246 | 267 | 307 | 310 |
| PBT | 414 | 548 | 1,166 | 1,037 | 1,457 | 2,007 | 2,316 | 1,784 | 2,041 | 2,960 | 1,666 | 1,270 | 1,950 |
| 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 | 1,445 |
| 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 | 15.97 |
| Div. Payout % | 42% | 54% | 17% | 25% | 19% | 16% | 10% | 19% | 17% | 13% | 28% | 19% | — |
Balance Sheet
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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 | 695 | 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 | 790 | 2,051 |
| Other Assets | 11,193 | 12,560 | 14,925 | 16,715 | 19,904 | 28,639 | 30,066 | 32,322 | 37,860 | 44,918 | 47,269 | 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 |
Cash Flow
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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 |
Ratios
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE % | 11% | 13% | 25% | 19% | 22% | 28% | 26% | 17% | 17% | 21% | 10% | 7% |
Documents
Frequently Asked Questions about Manappuram Finance Ltd
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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)