Mangal Credit and Fincorp Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2013 • Finance: 74.4% • Trading: 25.6%
AI Sector View
AI GENERATEDFinancial Services
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.
PROS
- Comfortable capital adequacy - CAR of 41.1%
- Solid return on assets for a lender - ROA of 4.2%
- Promoters have been increasing their shareholding - up 3.5pp over 2 years
- Asset quality is healthy - gross NPA of just 1.2%
- Latest quarter profit grew 89.7% YoY, showing strong momentum
- Company has delivered good sales growth of 41.1% CAGR over last 5 years
CONS
- Company has a low return on capital employed of 10.6%
- Company has a low return on equity of 8.8% over last 3 years
- Free cash flow has been persistently negative
- Company has delivered a poor profit growth of 4.0% over past five years
- Thin net interest margin of 0.0%
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| BAJFINANCE | 1057.00 | 32.41 | 658083.37 | 0.57 | 6080.60 | 27.60 | 23165.45 | 20.37 | 10.87 | 70.70 |
| SHRIRAMFIN | 1046.85 | 21.76 | 246322.08 | 1.03 | 3452.77 | 59.90 | 13400.43 | 17.46 | 11.49 | 74.63 |
| JIOFIN | 237.00 | 75.73 | 156494.46 | 0.25 | 830.25 | 155.73 | 2004.47 | 227.28 | 2.11 | 69.71 |
| CHOLAFIN | 1820.00 | 27.03 | 155440.01 | 0.11 | 1656.22 | 45.56 | 8856.29 | 21.89 | 9.70 | 70.07 |
| TATACAP | 364.85 | 28.66 | 154874.05 | 0.16 | 16281.80 | 1464.16 | 88219.30 | 1051.00 | 8.66 | 75.72 |
| BAJAJHLDNG | 11090.30 | 13.94 | 123427.84 | 1.76 | 2708.08 | -92.27 | 394.33 | 23.34 | 14.81 | 684.72 |
| MUTHOOTFIN | 2935.45 | 10.36 | 117849.06 | 1.02 | 2824.84 | 43.08 | 8671.60 | 36.25 | 15.87 | 83.76 |
| ABCAPITAL | 396.90 | 26.47 | 108651.86 | 0.00 | 1223.85 | 43.85 | 12179.54 | 137.84 | 8.82 | 41.91 |
| LTF | 312.10 | 24.58 | 78223.26 | 0.88 | 915.99 | 30.70 | 5212.92 | 22.38 | 8.54 | 62.13 |
| SBICARD | 633.05 | 26.48 | 60243.77 | 0.39 | 664.44 | 19.51 | 5040.55 | 7.60 | 11.75 | 29.83 |
| HDBFS | 674.80 | 25.76 | 56060.02 | 0.59 | 785.20 | 38.31 | 4937.90 | 18.71 | 9.09 | 57.98 |
| MANCREDIT | 227.30 | 66.95 | 479.92 | 0.33 | 5.69 | 89.70 | 22.16 | 53.13 | 12.13 | 82.04 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 7 | 8 | 9 | 9 | 12 | 12 | 13 | 13 | 14 | 16 | 18 | 21 | 22 | |
| 2 | 2 | 2 | 3 | 2 | 3 | 3 | 3 | 4 | 4 | 4 | 4 | 14 | |
| Operating Profit | 6 | 6 | 6 | 6 | 9 | 9 | 10 | 9 | 11 | 11 | 14 | 17 | 18 |
| OPM % | 75.03% | 78.29% | 74.08% | 68.61% | 79.61% | 77.19% | 77.44% | 69.11% | 74.71% | 72.63% | 77.55% | 81.36% | 82.04% |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest | 2 | 2 | 2 | 3 | 4 | 4 | 5 | 5 | 6 | 7 | 9 | 9 | 10 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 3 | 4 | 4 | 4 | 5 | 4 | 5 | 4 | 4 | 4 | 5 | 7 | 8 | |
| Tax % | 26.27% | 26.33% | 26.85% | 25.93% | 29.51% | 25.40% | 26.58% | 31.41% | 26.47% | 27.60% | 26.44% | 26.24% | 25.80% |
| Net Profit | 2 | 3 | 3 | 3 | 4 | 3 | 3 | 3 | 3 | 3 | 4 | 5 | 6 |
| 1 | 1 | 1 | 1 | 2 | 2 | 2 | 1 | 2 | 1 | 2 | 3 | 0 | |
| Equity Capital | 19 | 19 | 19 | 20 | 20 | 20 | 20 | 20 | 20 | 21 | 21 | 21 | 21 |
| Reserves | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Promoter Pledge % | 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% |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 7 | 8 | 9 | 9 | 9 | 11 | 15 | 21 | 33 | 50 | 78 | |
| 3 | 3 | 1 | 2 | 2 | 2 | 4 | 6 | 9 | 11 | 27 | |
| Operating Profit | 6 | 6 | 8 | 9 | 14 | 9 | 11 | 16 | 25 | 38 | — |
| OPM % | 93 | 69 | 89 | 101 | 157 | 80 | 74 | 75 | 74 | 77 | — |
| Other Income | 2 | 1 | 0 | 2 | 7 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest | 4 | 1 | 2 | 1 | 0 | 1 | 2 | 5 | 9 | 18 | 35 |
| Depreciation | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 1 | 2 |
| 1 | 4 | 6 | 8 | 14 | 8 | 9 | 11 | 14 | 18 | 24 | |
| Tax % | 19 | 34 | 27 | 25 | 21 | 30 | 30 | 27 | 26 | 28 | 26 |
| Net Profit | 1 | 3 | 5 | 6 | 11 | 6 | 6 | 8 | 11 | 13 | 18 |
| EPS | 1 | 0 | 3 | 3 | 6 | 3 | 3 | 4 | 5 | 7 | — |
| Dividend Payout % | 0 | 15 | 21 | 16 | 9 | 17 | 16 | 12 | 11 | 11 | — |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share of Associates | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Adjusted EPS | 1 | 2 | 2 | 3 | 6 | 3 | 3 | 4 | 5 | 7 | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 16%
- 5 Years:
- 41%
- 3 Years:
- 50%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 30%
- 5 Years:
- 4%
- 3 Years:
- 29%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
- 1 Year:
- 25%
RETURN ON EQUITY
- 10 Years:
- 7%
- 5 Years:
- 8%
- 3 Years:
- 9%
- Last Year:
- 10%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| LIABILITIES | - | - | - | - | - | - | - | - | - | - |
| Equity Capital | 16 | 16 | 19 | 19 | 19 | 19 | 19 | 19 | 20 | 20 |
| 43 | 47 | 61 | 66 | 76 | 80 | 87 | 93 | 104 | 117 | |
| 3 | 18 | 8 | 2 | 6 | 13 | 28 | 79 | 86 | 134 | |
| Trade Payables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 |
| 15 | 9 | 1 | 2 | 3 | 3 | 3 | 11 | 64 | 78 | |
| Total Liabilities | 77 | 89 | 89 | 89 | 104 | 117 | 138 | 203 | 273 | 349 |
| ASSETS | - | - | - | - | - | - | - | - | - | - |
| 1 | 1 | 1 | 0 | 0 | 1 | 1 | 2 | 2 | 2 | |
| 16 | 16 | 32 | 26 | 15 | 15 | 17 | 16 | 14 | 14 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Cash & Bank | 1 | 2 | 0 | 1 | 2 | 0 | 2 | 11 | 6 | 12 |
| 58 | 70 | 56 | 62 | 87 | 99 | 118 | 174 | 251 | 321 | |
| Total Assets | 77 | 89 | 89 | 89 | 104 | 117 | 138 | 203 | 273 | 349 |
| Total Debt | 3 | 18 | 8 | 2 | 6 | 13 | 28 | 86 | 137 | 199 |
| Net Working Capital | 44 | 48 | 45 | 57 | 77 | 69 | 74 | 87 | -88 | -130 |
| Contingent Liabilities | 0 | 17 | 110 | 36 | 60 | 28 | 8 | 7 | 1 | 1 |
| Book Value per Share | 37.31 | 38.97 | 4.14 | 44.01 | 49.13 | 51.66 | 54.84 | 57.96 | 62.92 | 69.74 |
| Face Value | 10.00 | 10.00 | 1.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| -0 | -8 | 15 | 2 | -9 | -5 | -11 | -46 | -54 | -49 | |
| Cash from Investing | 10 | 0 | -15 | 6 | 7 | -1 | -0 | -0 | -7 | -5 |
| Cash from Financing | -12 | 8 | -1 | -8 | 3 | 5 | 12 | 56 | 56 | 60 |
| -3 | 0 | -1 | 0 | 1 | -1 | 1 | 10 | -5 | 6 | |
| Free Cash Flow | -1 | -8 | 15 | 2 | -10 | -6 | -11 | -47 | -55 | -51 |
| OCF / Net Profit | -0.39 | -2.82 | 3.22 | 0.33 | -0.87 | -0.95 | -1.77 | -5.83 | -5.12 | -3.78 |
| Cumulative 5-Year FCF | 0 | 0 | 0 | 0 | -1 | -7 | -10 | -72 | -129 | -171 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| PER SHARE | ||||||||||
| EPS (₹) | 0.69 | 1.68 | 0.24 | 3.11 | 5.57 | 2.96 | 3.15 | 4.10 | 5.39 | 6.68 |
| Book Value (₹) | 37.31 | 38.97 | 4.14 | 44.01 | 49.13 | 51.66 | 54.84 | 57.96 | 62.92 | 69.74 |
| Dividend per Share (₹) | 0.00 | 0.25 | 0.05 | 0.50 | 0.50 | 0.50 | 0.50 | 0.50 | 0.60 | 0.75 |
| Cash EPS (₹) | 1.02 | 1.87 | 2.48 | 3.20 | 5.65 | 3.08 | 3.36 | 4.37 | 5.76 | 7.31 |
| PROFITABILITY | ||||||||||
| Operating Margin % | 92.87% | 68.51% | 89.11% | 101.22% | 156.80% | 79.55% | 74.33% | 74.71% | 73.67% | 76.99% |
| Net Margin % | 16.51% | 32.61% | 48.40% | 67.60% | 121.43% | 50.52% | 41.61% | 37.22% | 31.77% | 26.36% |
| ROE % | 2.44% | 4.43% | 6.42% | 7.28% | 11.97% | 5.87% | 5.91% | 7.26% | 8.97% | 10.07% |
| ROCE % | 7.83% | 7.07% | 9.52% | 10.09% | 14.63% | 8.18% | 8.47% | 9.25% | 10.32% | 12.13% |
| 1.31% | 3.25% | 5.14% | 6.73% | 11.13% | 5.17% | 4.78% | 4.65% | 4.43% | 4.20% | |
| EFFICIENCY | ||||||||||
| Debtor Days | 0 | 0 | 0 | 148 | 230 | 127 | 8 | 5 | 0 | 0 |
| Inventory Days | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Payable Days | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 0 | 0 | 0 | 148 | 230 | 127 | 8 | 5 | 0 | 0 | |
| FINANCIAL HEALTH | ||||||||||
| Debt to Equity (x) | 0.05x | 0.28x | 0.10x | 0.02x | 0.07x | 0.13x | 0.27x | 0.77x | 1.11x | 1.46x |
| Interest Coverage (x) | 1.31x | 4.27x | 4.18x | 10.24x | 69.72x | 15.37x | 5.87x | 3.36x | 2.51x | 1.99x |
| 4.22x | 3.20x | 5.76x | 14.71x | 8.92x | 5.06x | 3.33x | 2.04x | 0.07x | 0.09x | |
| GROWTH | ||||||||||
| Revenue Growth % | -43.05% | 24.54% | 14.40% | -6.14% | -0.24% | 27.52% | 29.29% | 45.45% | 56.15% | 49.35% |
| Operating Profit Growth % | -44.95% | -8.13% | 48.81% | 6.61% | 54.54% | -35.31% | 20.81% | 46.19% | 54.47% | 55.57% |
| Net Profit Growth % | 18.27% | 145.96% | 69.80% | 31.09% | 79.20% | -46.95% | 6.49% | 30.13% | 33.26% | 23.91% |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 31.56% | 23.91% | |
| VALUATION | ||||||||||
| P/E (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 20.44x | 25.26x |
| P/B (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 1.75x | 2.42x |
| Dividend Yield % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.54% | 0.44% |
| 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 14.10x | 13.55x |
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-02 - Newspaper clippings titled Notice of 64th Annual General Meeting, EVoting Information, Book Closure and Record Date.
2026-08-31 - Notice of 64th Annual General Meeting of the Company to be held on September 22, 2026 at 12.30 P.M.through video conferencing / Audio Visual Means.
2026-08-25 - Mangal Credit and Fincorp Limited has informed the Exchange about Copy of Newspaper Publication of Pre AGM Notice in accordance with MCA and SEBI circulars.
2026-08-25 - Enclosed herewith Pre AGM Notice Newspaper clippings published in today''s newspaper in accordance with MCA and SEBI circulars
2026-08-14 - Mangal Credit and Fincorp Limited has informed the Exchange regarding Outcome of Board Meeting held on August 14, 2026.
2026-08-14 - Newspaper clippings of the IEPF Notice to Shareholders.
2026-08-08 - Copy of Newspaper clippings of Unaudited Financial Results for the quarter ended June 30, 2026
2026-08-06 - Outcome of the Board Meeting held on August 6, 2026.
2026-08-06 - The fixation of the date of the 64th Annual General Meeting to be held on Tuesday, September 22, 2026.
News
Recent coverage and analyst commentary for MANCREDIT
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Mangal Credit and Fincorp Ltd.
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