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Manappuram Finance Ltd.

•
manappuram.comBSE: 531213NSE: MANAPPURAM
Market Cap₹ 30,904 Cr.
Current Price
High / Low₹ 382 / 245
Stock P/E18.3
Book Value₹ 170
Price to Book1.53
Dividend Yield0.61 %
ROCE9.6 %
ROE11.2 %
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%
  • Latest quarter profit grew 40.7% YoY, showing strong momentum

CONS

  • Net NPA is elevated at 1.5% - provisioning cushion is thin
  • Free cash flow has been persistently negative
  • Company has delivered a poor profit growth of -2.1% over past five years
  • Valuation is stretched - P/E of 18.3 is well above its own 5-year median (11.0)
  • 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 50NIFTY TOTAL MKTNIFTY SMLCAP 50NIFTY 500NIFTY SMLCAP 250
S.No.Name
1.BAJFINANCE1034.2031.71643888.190.586080.6027.6023165.4520.3710.8770.70
2.SHRIRAMFIN1028.0021.37241893.031.053452.7759.9013400.4317.4611.4974.63
3.CHOLAFIN1845.0027.40157575.180.111656.2245.568856.2921.899.7070.07
4.TATACAP362.8028.50154003.850.1616281.801464.1688219.301051.008.6675.72
5.JIOFIN230.0073.49151872.260.26830.25155.732004.47227.282.1169.71
6.BAJAJHLDNG11120.7013.97123766.171.752708.08-92.27394.3323.3414.81684.72
7.MUTHOOTFIN2794.409.86112186.351.072824.8443.088671.6036.2515.8783.76
8.ABCAPITAL398.6026.59109118.680.0012238.501332.54121795.401181.698.8241.91
9.LTF309.5024.3777571.610.899159.901206.9952129.201123.818.5462.13
10.SBICARD656.0527.4462432.550.38664.4419.515040.557.6011.7529.83
11.HDBFS668.6525.5355549.100.60785.2038.314937.9018.719.0957.98
12.MANAPPURAM329.0021.3230904.160.61584.77341.443034.1635.418.3570.14
Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
1,3281,4501,5191,5071,6191,7481,7991,7381,7421,8181,9152,1562,543
3858924154164564655095325195715906761,805
Operating Profit9591,0481,1111,0921,2041,2841,2901,2081,2241,2491,3251,4811,904
OPM %72.21%72.28%73.13%72.46%74.36%73.42%71.73%69.47%70.27%68.72%69.21%68.69%74.87%
Other Income13635212214761
Interest4154434814895445946296106456887639321,107
Depreciation44474849495151505559585859
513564584560593640612550526505511497740
Tax %25.68%25.60%26.66%23.55%25.72%25.80%25.93%24.70%25.41%25.61%25.39%24.51%25.39%
Net Profit381420429428441475453414392376381376552
4055565554441

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
3,0072,9273,4184,3115,1724,5634,8155,8306,9087,6438,432
8331,0501,1231,1281,0491,3621,4781,6171,9612,3563,643
Operating Profit2,1741,8772,2953,1834,1233,2013,3374,2134,9475,2874,790
OPM %72.31%64.12%67.14%73.83%79.71%70.15%69.30%72.26%71.61%69.17%56.80%
13494222983025261117
Interest1,0037941,0181,3911,7201,3921,4981,8282,3763,0283,491
Depreciation586168154156157163188201230234
Profit before Tax1,1151,0551,2181,6802,2701,7501,7062,2222,3962,0392,253
Tax %34.88%34.71%35.09%26.77%25.19%25.45%25.79%25.38%25.56%25.23%25.25%
Net Profit7266897901,2301,6981,3051,2661,6581,7831,5251,684
EPS8.638.179.3714.5320.0815.4114.9619.5921.0716.23—
Dividend Payout %23.19%24.45%22.92%18.89%6.23%19.46%20.05%16.85%18.99%12.32%—

COMPOUNDED SALES GROWTH

10 Years:
13%
5 Years:
8%
3 Years:
17%

COMPOUNDED PROFIT GROWTH

10 Years:
16%
5 Years:
-2%
3 Years:
6%

STOCK PRICE CAGR

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

RETURN ON EQUITY

10 Years:
19%
5 Years:
15%
3 Years:
15%
Last Year:
11%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Corporate actions

2026

Aug 17

₹ 0.50

Rs.1.0000 per share(50%)Interim Dividend

2026

May 11

₹ 0.25

Rs.0.5000 per share(25%)Interim Dividend

2026

Feb 6

₹ 0.25

Rs.0.5000 per share(25%)Interim Dividend

2025

Nov 7

₹ 0.25

Rs.0.5000 per share(25%)Interim Dividend

2025

Aug 14

₹ 0.25

Rs.0.5000 per share(25%)Interim Dividend

2025

May 15

₹ 0.25

Rs.0.5000 per share(25%)Interim Dividend

2025

Feb 21

₹ 0.50

Rs.1.0000 per share(50%)Interim Dividend

2024

Nov 18

₹ 0.50

Rs.1.0000 per share(50%)Interim Dividend

2024

Aug 26

₹ 0.50

Rs.1.0000 per share(50%)Interim Dividend

2024

Jun 5

₹ 0.50

Rs.1.0000 per share(50%)Interim Dividend

2024

Feb 16

₹ 0.45

Rs.0.9000 per share(45%)Interim Dividend

2023

Nov 24

₹ 0.42

Rs.0.8500 per share(42.5%)Interim Dividend

2023

Aug 23

₹ 0.40

Rs.0.8000 per share(40%)Interim Dividend

2023

May 24

₹ 0.37

Rs.0.7500 per share(37.5%)Interim Dividend

2023

Feb 15

₹ 0.37

Rs.0.7500 per share(37.5%)Interim Dividend

2022

Nov 22

₹ 0.37

Rs.0.7500 per share(37.5%)Interim Dividend

2022

May 27

₹ 0.37

Rs.0.7500 per share(37.5%)Interim Dividend

2022

Feb 24

₹ 0.37

Rs.0.7500 per share(37.5%)Interim Dividend

2021

Nov 24

₹ 0.37

Rs.0.7500 per share(37.5%)Interim Dividend

2021

Aug 20

₹ 0.37

Rs.0.7500 per share(37.5%)Interim Dividend

2021

Jun 4

₹ 0.37

Rs.0.7500 per share(37.5%)Interim Dividend

2021

Feb 10

₹ 0.32

Rs.0.6500 per share(32.5%)Interim Dividend

2020

Nov 18

₹ 0.30

Rs.0.6000 per share(30%)Interim Dividend

2019

Feb 15

Rs.0.5500 per share(27.5%)Interim Dividend

2018

Aug 23

Rs.0.5500 per share(27.5%)Interim Dividend

2018

May 29

₹ 0.25

Rs.0.5000 per share(25%)Interim Dividend

2018

Feb 20

₹ 0.25

Rs.0.5000 per share(25%)Interim Dividend

2017

Nov 16

₹ 0.25

Rs.0.5000 per share(25%)Interim Dividend

2017

Aug 22

₹ 0.25

Rs.0.5000 per share(25%)Interim Dividend

2017

Jun 5

₹ 0.25

Rs.0.5000 per share(25%)Interim Dividend

2017

Feb 16

₹ 0.25

09/03/2017 Equity Rs.0.5000 per share(25%)Interim Dividend

2016

Nov 22

₹ 0.25

Rs.0.5000 per share(25%)Interim Dividend

2016

Aug 22

₹ 0.25

08/09/2016 Equity Rs.0.5000 per share(25%)Interim Dividend

2016

Mar 22

Rs.0.4500 per share(22.5%)Interim Dividend

2016

Feb 23

Rs.0.4500 per share(22.5%)Interim Dividend

2015

Nov 24

Rs.0.4500 per share(22.5%)Interim Dividend

2015

Sep 4

12/09/2015 Equity Rs.0.4500 per share(22.5%)Interim Dividend

2015

Aug 14

Rs.0.4500 per share(22.5%)Interim Dividend

2015

Nov 16

Rs.0.4500 per share(22.5%)Interim Dividend

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital168169169169169169169169169188
3,1423,6204,1935,1286,7197,7608,79710,18011,62415,202
9,18810,30012,78517,70517,79617,98219,31523,07227,63851,006
Trade Payables64106114889510996107100170
5283333206347798768794,4014,9521,463
Total Liabilities13,09114,52817,58023,72425,55826,89629,25737,92944,48368,029
179265326741861892869815852813
Capital Work in Progress001361116331126
3243781,0119321,2001,2151,4541,7661,8223,513
Cash & Bank4124434512,2512,0661,7582,0801,6792,9394,855
12,17613,44215,79219,79821,42523,01924,83733,63538,85958,821
Total Assets13,09114,52817,58023,72425,55826,89629,25737,92944,48368,029

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
101359-960-2,15068035486-2,863-2,734-20,559
Cash from Investing-32-201-76034-261-118-264-307-63-3,011
Cash from Financing2482832,2054,268-87-1008882,8264,05724,960
-682831,796-197-330310-3431,2601,390

Ratios

Standalone Figures in Rs. Crores / View Consolidated

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

Shareholding Pattern

Numbers in percentages

Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
35.2435.2535.2535.2535.2535.2535.2531.7741.66
33.0030.3627.0128.4329.7130.1628.7823.2322.30
9.3410.977.877.998.619.1711.1512.9614.84
Government0.000.000.000.000.000.000.000.000.00
22.4223.4229.8728.3326.4125.4224.8332.0321.20

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

News

Recent coverage and analyst commentary for MANAPPURAM

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