Manappuram Finance Ltd.

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manappuram.comBSE: 531213NSE: MANAPPURAM

Market Cap₹ 30,904 Cr.

Current Price

High / Low₹ 382 / 245

Stock P/E21.3

Book Value₹ 171

Price to Book1.52

Dividend Yield0.61 %

ROCE8.3 %

ROE7.1 %

Face Value₹ 2

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Gold & Other Loans: 86.9% • Microfinance: 13.1%

AI Sector View

AI GENERATED

Financial Services

Buy

Financials remain one of the clearest macro beneficiaries. Loan growth was 18.3% (Aug/26) versus deposit growth 14.7% (Aug/26), SCB credit growth was 17.5% YoY (2026-07), UPI transactions rose 22.0% YoY (2026-07), and M3 money supply grew 15.0% YoY (2026-07). Sector flows have also turned meaningfully supportive, with INR 13171 crore net FPI inflow over 3 months to 2026-08-31 after INR -114652 crore in the prior 3 months.

Confidence

84%

View full sector analysis →

PROS

Comfortable capital adequacy - CAR of 21.3%
Promoters have been increasing their shareholding - up 6.4pp over 2 years
Solid return on assets for a lender - ROA of 2.7%
Asset quality is healthy - gross NPA of just 1.8%
Company has consistently been profitable over the last 5 years
Latest quarter profit grew 341.4% YoY, showing strong momentum

CONS

Net NPA is elevated at 1.5% - provisioning cushion is thin
Company has a low return on capital employed of 11.2%
Free cash flow has been persistently negative
Company has delivered a poor profit growth of -10.5% over past five years
Operating margins have contracted to 56.2% from 66.2%
Equity base is being diluted - shares outstanding up 11.0%

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Financial ServicesFinanceFinance - NBFC

Part ofNIFTY ALPHA 50 NIFTY TOTAL MKT NIFTY SMLCAP 50 NIFTY 500 NIFTY SMLCAP 250

S.No.	Name
1.	BAJFINANCE	1034.20	31.71	643888.19	0.58	6080.60	27.60	23165.45	20.37	10.87	70.70
2.	SHRIRAMFIN	1028.00	21.37	241893.03	1.05	3452.77	59.90	13400.43	17.46	11.49	74.63
3.	CHOLAFIN	1845.00	27.40	157575.18	0.11	1656.22	45.56	8856.29	21.89	9.70	70.07
4.	TATACAP	362.80	28.50	154003.85	0.16	16281.80	1464.16	88219.30	1051.00	8.66	75.72
5.	JIOFIN	230.00	73.49	151872.26	0.26	830.25	155.73	2004.47	227.28	2.11	69.71
6.	BAJAJHLDNG	11120.70	13.97	123766.17	1.75	2708.08	-92.27	394.33	23.34	14.81	684.72
7.	MUTHOOTFIN	2794.40	9.86	112186.35	1.07	2824.84	43.08	8671.60	36.25	15.87	83.76
8.	ABCAPITAL	398.60	26.59	109118.68	0.00	12238.50	1332.54	121795.40	1181.69	8.82	41.91
9.	LTF	309.50	24.37	77571.61	0.89	9159.90	1206.99	52129.20	1123.81	8.54	62.13
10.	SBICARD	656.05	27.44	62432.55	0.38	664.44	19.51	5040.55	7.60	11.75	29.83
11.	HDBFS	668.65	25.53	55549.10	0.60	785.20	38.31	4937.90	18.71	9.09	57.98
12.	MANAPPURAM	329.00	21.32	30904.16	0.61	584.77	341.44	3034.16	35.41	8.35	70.14

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	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
	2,004	2,157	2,293	2,341	2,464	2,628	2,555	2,291	2,241	2,256	2,273	2,566	3,034
	671	1,427	729	773	846	892	1,191	1,637	1,233	1,028	1,034	877	2,259
Operating Profit	1,359	1,481	1,576	1,576	1,642	1,741	1,369	724	1,029	1,255	1,320	1,737	2,128
OPM %	67.78%	68.68%	68.74%	67.29%	66.62%	66.23%	53.58%	31.59%	45.92%	55.63%	58.05%	67.69%	70.14%
Other Income	27	17	21	14	24	4	3	2	3	2	6	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
	681	747	786	746	753	773	376	-236	102	302	303	564	782
Tax %	26.85%	24.92%	26.85%	24.41%	26.07%	25.96%	25.95%	13.87%	-30.49%	28.04%	21.23%	28.20%	25.20%
Net Profit	0	561	0	0	557	572	278	-203	132	217	239	405	585
	6	1	7	7	7	7	3	-2	2	3	3	5	1

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	3,385	3,421	4,180	5,465	6,331	6,061	6,700	8,848	10,011	9,509	10,129
	1,011	1,344	1,365	1,548	1,669	2,134	2,317	2,848	4,557	4,162	5,198
Operating Profit	2,374	2,077	2,814	3,917	4,661	3,927	4,382	6,000	5,454	5,347	4,932
OPM %	70.13%	60.72%	67.33%	71.68%	73.63%	64.80%	65.41%	67.81%	54.48%	56.23%	48.69%
	24	58	63	86	44	65	50	72	20	15	26
Interest	1,169	1,030	1,345	1,832	2,219	2,011	2,188	2,866	3,541	3,786	4,204
Depreciation	63	68	75	164	171	198	204	246	267	307	310
Profit before Tax	1,166	1,037	1,457	2,007	2,316	1,784	2,041	2,960	1,666	1,270	1,950
Tax %	34.93%	34.81%	34.88%	26.25%	25.52%	25.50%	26.50%	25.75%	27.72%	21.81%	25.89%
Net Profit	758	676	949	1,480	1,725	1,329	1,500	2,197	1,204	993	1,445
EPS	8.98	8.01	11.24	17.49	20.40	15.70	17.72	25.86	14.37	10.68	—
Dividend Payout %	22.28%	24.93%	19.10%	15.83%	6.14%	19.11%	16.97%	12.76%	27.84%	18.72%	—

COMPOUNDED SALES GROWTH

10 Years:: 15%
5 Years:: 8%
3 Years:: 12%

COMPOUNDED PROFIT GROWTH

10 Years:: 11%
5 Years:: -10%
3 Years:: -12%

STOCK PRICE CAGR

10 Years:: 14%
5 Years:: 15%
3 Years:: 33%
1 Year:: 15%

RETURN ON EQUITY

10 Years:: 19%
5 Years:: 14%
3 Years:: 13%
Last Year:: 7%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	168	169	169	169	169	169	169	169	169	188
Minority Interest	24	29	46	58	47	16	20	29	17	6
	3,193	3,621	4,347	5,518	7,125	8,185	9,462	11,379	12,263	15,315
	11,011	12,640	15,342	22,628	22,880	24,175	28,551	33,962	36,168	57,764
Trade Payables	73	118	133	109	124	142	106	122	112	191
	605	343	332	952	808	946	1,047	885	5,446	1,610
Total Liabilities	15,075	16,920	20,369	29,434	31,152	33,634	39,356	46,546	54,175	75,074
	222	310	367	803	926	1,052	1,094	1,070	1,134	1,057
Capital Work in Progress	1	0	1	3	8	11	16	33	11	27
	5	5	174	90	338	421	534	726	790	2,051
	0	0	0	0	0	0	0	0	0	0
Cash & Bank	555	724	1,164	3,667	2,912	2,697	3,035	3,012	3,676	6,046
	14,292	15,881	18,663	24,870	26,968	29,453	34,677	41,705	48,564	65,892
Total Assets	15,075	16,920	20,369	29,434	31,152	33,634	39,356	46,546	54,175	75,074

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	-854	356	-1,122	-3,158	-16	90	-2,634	-3,450	-467	-20,238
Cash from Investing	-25	-148	-371	26	-186	-193	-616	-601	-125	-1,632
Cash from Financing	1,211	293	2,388	6,049	59	438	3,849	4,092	1,132	23,834
	-84	112	356	2,455	-747	-177	130	41	541	1,965

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	35.24	35.25	35.25	35.25	35.25	35.25	35.25	31.77	41.66
	33.00	30.36	27.01	28.43	29.71	30.16	28.78	23.23	22.30
	9.34	10.97	7.87	7.99	8.61	9.17	11.15	12.96	14.84
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	22.42	23.42	29.87	28.33	26.41	25.42	24.83	32.03	21.20

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-01

Resignation of Director/KMP/SMP

2026-09-01 - Manappuram Finance Limited has informed the Exchange about Resignation of Director/KMP/SMP

2026-09-01

Resignation

2026-09-01 - Manappuram Finance Limited has informed the Exchange regarding Resignation of Mr Kamal P Parmar as Other of the company w.e.f. September 01, 2026.

2026-08-17

General Updates

2026-08-17 - Manappuram Finance Limited has informed the Exchange about General Updates

2026-08-17

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-17 - Manappuram Finance Limited has informed the Exchange about Transcript

2026-08-13

Shareholders meeting

2026-08-13 - Manappuram Finance Limited has submitted the Exchange a copy Srutinizers report of Annual General Meeting held on August 12, 2026. Further, the company has informed the Exchange regarding voting results.

2026-08-13

Monitoring Agency Report

2026-08-13 - Please find attached the monitoring agency report for the quarter ended June 30, 2026

2026-08-12

Shareholders meeting

2026-08-12 - Manappuram Finance Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on August 12, 2026

2026-08-12

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-12 - Manappuram Finance Limited has informed the Exchange about Schedule of meet

2026-08-12

Copy of Newspaper Publication

2026-08-12 - Manappuram Finance Limited has informed the Exchange about Copy of Newspaper Publication