Manappuram Finance Limited (MANAPPURAM)
₹323.95 +0.17% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Manappuram Finance's net interest income was ₹1,724 Cr (+24.9% year on year, +14.5% on the previous quarter), and net profit ₹585 Cr (+341.4% year on year).
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Net interest income | ₹1,724 | +24.9% | +14.5% |
| Operating profit | ₹1,007 | +52.4% | — |
| Net profit | ₹585 | +341.4% | +44.4% |
| EPS (₹) | 6.23 | +296.8% | +44.9% |
MANAPPURAM delivery percentage and open interest
NSE end-of-day data for
On Fri, 16 Oct 2026, 27.64% of the MANAPPURAM shares traded on NSE were taken to delivery, against the stock's own 20-session average of 42.74%. That is lower than usual for this stock. In MANAPPURAM futures, open interest rose 2.01% while the futures price fell 0.09%: short buildup (new short positions).
Delivery in the last 5 sessions: 50.1% · 42.2% · 40.6% · 27.0% · 27.6%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Manappuram Finance Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate from Registrar and Transfer Agent MUFG Intime India Private Limited confirms that security certificates received for dematerialisation during the period were duly processed, accepted or rejected, and listed on the stock exchanges. This is a recurring administrative filing confirming standard regulatory adherence. There is no impact on operations, earnings, or share capital.
- Regulation 74(5) compliance confirmed for the quarter ended September 30, 2026
- Issued by RTA MUFG Intime India Private Limited on October 03, 2026
- Applicable to equity shares under ISIN INE522D01027
Digbijay Bandyopadhyay, Business Head for Commercial Vehicles (CV) & Construction Equipment (CE), has resigned from Manappuram Finance Ltd citing personal reasons. His resignation was tendered on 18 June 2026 with a 90-day notice period ending on 15 September 2026. The departure affects the vehicle finance vertical, which operates across 150+ branches as part of the company's diversification beyond core gold loans. Given that vehicle finance is a sub-segment within total TTM revenues of ₹10,300 crore, the direct near-term operational impact remains limited.
- Resignation tendered on 18 June 2026 due to personal reasons
- Completed a 90-day notice period ending on 15 September 2026
- Departing executive served as Business Head - CV & CE (Senior Management Personnel)
- Operations conducted from Kanakia Wall Street, Andheri East, Mumbai
Manappuram Finance Limited has reported the resignation of two senior management personnel from its vehicle lending operations citing personal reasons. Mr. Digbijay Bandyopadhyay, Business Head – Commercial Vehicle Finance (VP), ceased duties on September 15, 2026, following a 90-day notice served from June 18, 2026. Concurrently, Mr. Ajay Bhalchandra Shelke, Business Head – Two-Wheeler Finance, stepped down with his last working day on September 16, 2026. This double departure affects non-gold vehicle finance segments where the company has been targeting higher-ticket sizes and operating across 150+ branches.
- Resignation of Digbijay Bandyopadhyay, Business Head – Commercial Vehicle Finance (VP), effective September 15, 2026
- Resignation of Ajay Bhalchandra Shelke, Business Head – Two-Wheeler Finance, effective September 16, 2026
- Both executives cited personal reasons, with Bandyopadhyay serving out a 90-day notice period tendered on June 18, 2026
- Departures affect the vehicle lending divisions operating across 150+ branch networks
Manappuram Finance Limited announced the resignation of Mr. Kamal P Parmar from the position of Business Head – Commercial Vehicle Finance (Senior Vice President) and Senior Management Personnel. The resignation is attributed to personal reasons and takes effect from the close of business hours on September 1, 2026. Mr. Parmar led the commercial vehicle financing division, which operates out of 150+ branches across the company's network. The company has not yet named an immediate successor for the vertical in this filing.
- Mr. Kamal P Parmar, Senior VP & Business Head of Commercial Vehicle Finance, resigned due to personal reasons
- Resignation is effective from the close of business hours on September 1, 2026
- Disclosed under Regulation 30 read with SEBI Master Circular dated January 30, 2026
- Commercial vehicle financing is an auxiliary lending vertical operated across 150+ gold loan branches
Manappuram Finance Limited has allotted Rated, Subordinated, Unsecured, Listed Non-Convertible Debentures (NCDs) aggregating to ₹850 crore on a private placement basis on August 17, 2026. The issue comprises Series A of ₹250 crore (6-year tenure at a 9.05% annual coupon) and Series B of ₹600 crore (10-year / 3,650-day tenure at a 9.10% annual coupon). The total fundraise represents ~5.33% of the company's net worth (₹15,938 crore) and will be listed on the BSE. As subordinated debt, these proceeds typically support Tier-II capital adequacy and long-term asset-liability matching for lending operations.
- Allotted ₹850 crore total across two tranches of subordinated unsecured NCDs on August 17, 2026.
- Series A raised ₹250 crore across 25,000 NCDs maturing August 14, 2032 (6 years) at 9.05% p.a. payable annually.
- Series B raised ₹600 crore across 60,000 NCDs maturing August 14, 2036 (3,650 days) at 9.10% p.a. payable annually.
- Both tranches are unsecured, subordinated, and to be listed on BSE Limited with nil asset charge.
Manappuram Finance released the transcript for its Q1 FY27 earnings conference call. Consolidated AUM grew 57% YoY (9% QoQ) to ₹69,635 crore, driven primarily by gold loans which reached ₹57,006 crore (82% of total AUM). Consolidated PAT rose 45% QoQ and 47% YoY to ₹585 crore, while standalone GNPA improved to 1.56% from 1.8% in the previous quarter. Management shared medium-term targets including an ROA of 3.5%-4.0% and taking ROE to ~18% over the next 3 years.
- Consolidated AUM reached ₹69,635 crore, up 9% QoQ and 57% YoY, with Gold Loan AUM at ₹57,006 crore (82% of mix)
- Consolidated PAT stood at ₹585 crore, up 45% QoQ and 47% YoY; Standalone PAT rose to ₹552 crore
- Standalone asset quality improved with GNPA at 1.56% versus 1.8% in the preceding quarter, with credit costs at 1%
- Asirvad Microfinance reported AUM of ₹7,188 crore (up 7.2% YoY) and PAT of ₹21 crore (up 108% YoY)
- Leadership transition on track: Mr. Ashish Singh appointed MD & CEO, taking charge by January 1, 2027
Manappuram Finance Limited concluded its 34th Annual General Meeting on August 12, 2026, with shareholders passing two key resolutions. The adoption of FY26 financial statements received near-unanimous approval (99.999%). However, the re-appointment of Dr. Sumitha Nandan as Director saw significant dissent from public institutions, with 28.68% of their votes cast against the resolution, though it passed with an overall 87.57% majority.
- Resolution to adopt FY26 financial statements passed with 99.999% assent from 69.12 crore votes.
- Re-appointment of Dr. Sumitha Nandan as Director passed with 87.57% total assent.
- Public institutions cast 8.58 crore votes (28.68% of their polled votes) against the director re-appointment.
- A total of 589 shareholders attended the meeting, representing 73.6% of the total voting power.
- The record date for voting eligibility was August 05, 2026, with 531,570 shareholders on record.
Manappuram Finance concluded its 34th Annual General Meeting on August 12, 2026, where management highlighted a consolidated Assets Under Management (AUM) of ₹63,798 crore for FY 2025-26. The core gold loan portfolio reached ₹50,953 crore, accounting for approximately 80% of total AUM. Key resolutions included the adoption of FY26 financial statements and the re-appointment of Dr. Sumitha Nandan as Director. The company emphasized its strategic partnership with Bain Capital and its focus on digital transformation to drive future growth.
- Consolidated Assets Under Management (AUM) reached ₹63,798 crore for the financial year ended March 31, 2026
- Core gold loan portfolio grew to ₹50,953 crore, representing the majority of the company's lending book
- The 34th AGM transacted two main resolutions: adoption of financial statements and re-appointment of Dr. Sumitha Nandan
- Management confirmed the induction of Bain Capital as a strategic partner to enhance shareholder value
- Remote e-voting was conducted from August 08 to August 11, 2026, prior to the meeting
Manappuram Finance Limited has scheduled its participation in the Motilal Oswal 22nd Annual Global Investor Conference on August 17, 2026. The engagement will involve both group and one-to-one meetings with institutional investors throughout the day (10 A.M. to 6 P.M.). The company clarified that discussions will be based on publicly available information, specifically the investor presentation for the quarter ended June 30, 2026. This is a standard investor relations activity for a company with a market capitalization of Rs 31,013 Cr.
- Scheduled participation in the Motilal Oswal 22nd Annual Global Investor Conference on August 17, 2026.
- Meetings will be conducted in-person from 10 A.M. to 6 P.M. IST.
- Discussions will refer to the June 30, 2026, quarterly investor presentation submitted on August 11, 2026.
- The company maintains a TTM revenue base of Rs 9,525 Cr and a net worth of Rs 15,938 Cr.
Manappuram Finance has disclosed the audio recording of its Q1 FY2026 results conference call held on August 11, 2026. This is a standard procedural filing following the release of quarterly financial performance. The company recently reported a TTM revenue of Rs 9,525 Cr and a TTM PAT of Rs 993 Cr. The call likely addressed the company's 6-priority roadmap, including the stabilization of the Asirvad MFI segment and expansion of co-lending models.
- Audio recording for Q1 FY2026 results conference call made available on August 11, 2026
- Company reported TTM Revenue of Rs 9,525 Cr and TTM PAT of Rs 993 Cr
- Promoter holding stands at 41.66% as of June 2026
- Management is executing a 6-priority roadmap focusing on gold loans and MFI stabilization
Manappuram Finance has declared an interim dividend of ₹1 per share (50% of face value) with a record date of August 17, 2026. The board has proposed a massive enhancement of borrowing limits to ₹1,00,000 crore, which is approximately 6.27x its current net worth of ₹15,938 crore, signaling aggressive growth intent. A significant leadership transition was confirmed, with Ashish Singh (formerly of IDFC FIRST Bank) appointed as MD & CEO for 5 years starting January 1, 2027, as founder V.P. Nandakumar moves to a Non-Executive role. The company also seeks to vary the utilization of funds from its previous preferential issue to BC Asia.
- Interim dividend of ₹1 per equity share (50% of face value) declared for FY27.
- Proposed enhancement of borrowing limits to ₹1,00,000 crore, subject to shareholder approval.
- Appointment of Ashish Singh as MD & CEO for a 5-year term effective January 1, 2027.
- Transition of current MD V.P. Nandakumar to Non-Executive Chairperson from January 2027.
- Variation in objects for utilization of funds raised via 9.29 crore equity shares and warrants issued to BC Asia.
Manappuram Finance has announced a significant leadership transition, appointing Mr. Ashish Singh (ex-IDFC FIRST Bank) as MD & CEO for 5 years effective January 1, 2027, while founder V.P. Nandakumar moves to a Non-Executive Chairperson role. The board declared an interim dividend of ₹1 per share (50% of face value) with a record date of August 17, 2026. Crucially, the company is seeking shareholder approval to enhance its borrowing limit to ₹1,00,000 crore, signaling aggressive growth intentions. The board also approved a variation in the utilization of funds from a previous preferential issue to BC Asia Investments.
- Appointment of Ashish Singh as MD & CEO for a 5-year term starting January 1, 2027
- Proposed enhancement of borrowing limits to ₹1,00,000 crore, subject to shareholder approval
- Declaration of interim dividend of ₹1 per equity share (50% of ₹2 face value)
- Record date for dividend payment fixed as August 17, 2026
- Variation in objects for utilization of funds from 9,29,01,373 equity shares and warrants issued to BC Asia
Manappuram Finance has announced a major leadership transition, appointing Ashish Singh (formerly of IDFC FIRST Bank) as MD & CEO for a five-year term starting January 1, 2027. The current MD, V.P. Nandakumar, will transition to a Non-Executive Chairperson role. The board declared an interim dividend of ₹1 per share (50% of face value) with a record date of August 17, 2026. Additionally, the company is seeking shareholder approval to significantly enhance its borrowing limit to ₹1,00,000 crore to support future growth.
- Interim dividend of ₹1 per equity share (50% of face value) declared.
- Proposed enhancement of borrowing limits to ₹1,00,000 crore, subject to shareholder approval.
- Appointment of Ashish Singh as MD & CEO for 5 years effective January 1, 2027.
- V.P. Nandakumar to transition to Non-Executive Chairperson on January 1, 2027.
- Record date for the interim dividend fixed as August 17, 2026.
Manappuram Finance has declared an interim dividend of ₹1 per share (50% of face value) with a record date of August 17, 2026. The board approved a massive increase in borrowing limits to ₹1,00,000 crore, representing approximately 6.3x the company's current net worth. A significant leadership transition was announced: Mr. Ashish Singh (ex-IDFC FIRST Bank) will take over as MD & CEO on January 1, 2027, for a five-year term. Founder V.P. Nandakumar will transition to a Non-Executive Chairperson role starting January 2027, ensuring a structured succession plan.
- Interim dividend of ₹1 per equity share (50%) declared for FY27.
- Proposed enhancement of borrowing limits to ₹1,00,000 crore, subject to shareholder approval.
- Appointment of Ashish Singh as MD & CEO for 5 years starting January 1, 2027.
- Redesignation of V.P. Nandakumar as Non-Executive Chairperson effective January 1, 2027.
- Variation in objects for the preferential issue of 9.29 crore shares and warrants to BC Asia Investments.
Manappuram Finance has announced a major leadership transition, appointing Ashish Singh (formerly of IDFC FIRST Bank) as MD & CEO for a five-year term starting January 1, 2027. Current MD V.P. Nandakumar will transition to Non-Executive Chairperson on the same date. The board also declared an interim dividend of ₹1 per share (50% of FV) with a record date of August 17, 2026. Significantly, the company is seeking to increase its borrowing limit to ₹1,00,000 crore to support its long-term growth strategy across gold, housing, and vehicle finance.
- Appointment of Ashish Singh as MD & CEO for a 5-year term effective January 1, 2027
- Proposed increase in borrowing limits to ₹1,00,000 crore, representing ~10.5x TTM revenue
- Declaration of an interim dividend of ₹1 per equity share (50% of face value)
- Record date for dividend payment set for August 17, 2026
- Transition of promoter V.P. Nandakumar to Non-Executive Chairperson starting January 2027
Financial Performance
Revenue Growth by Segment
Asirvad Microfinance revenue fell 53.8% YoY to INR 360 Cr in Q2 FY26. Standalone Vehicle and Equipment Finance AUM grew to INR 5,085 Cr, up from INR 4,773 Cr in the previous quarter. Gold loan auction volume was INR 229 Cr for the quarter.
Geographic Revenue Split
Not disclosed in available documents, though operations focus on semi-urban and rural locations across India.
Profitability Margins
Asirvad Microfinance reported a PAT loss of INR 168 Cr in Q2 FY26, a 323.3% decline from a profit of INR 75 Cr in Q2 FY25. Pre-provision profit for Asirvad fell 90.2% YoY to INR 30 Cr.
EBITDA Margin
Asirvad Microfinance Net Interest Income (NII) fell 58% YoY to INR 209 Cr. Consolidated profitability was impacted by a 21.2% YoY increase in Asirvad's impairment of financial instruments to INR 247 Cr.
Capital Expenditure
Parent company infused INR 500 Cr equity into Asirvad Microfinance to support liquidity and capital structure during a difficult sector phase.
Credit Rating & Borrowing
Approved issuance of Secured Non-Convertible Debentures (NCDs) up to INR 500 Cr on a private placement basis in December 2025. Asirvad finance costs fell 46.3% YoY to INR 151 Cr due to lower disbursement volumes.
Operational Drivers
Raw Materials
Debt and Equity Capital represent 100% of the 'raw material' for lending operations. Finance costs for Asirvad were INR 151 Cr, representing 41.9% of its revenue from operations.
Import Sources
Domestic capital markets and banking institutions within India.
Key Suppliers
Lenders include various Indian banks and institutional investors through private placement of debentures (INR 500 Cr approved).
Capacity Expansion
Vehicle Finance operations are carried out from 150+ existing gold loan branches. The company is focusing on increasing per-branch AUM to reduce OpEx to AUM ratios.
Raw Material Costs
Finance costs for Asirvad fell 46.3% YoY to INR 151 Cr in Q2 FY26. Procurement strategy involves shifting to co-lending models with 10-20% participation to optimize capital use.
Manufacturing Efficiency
Focusing on OpEx to AUM reduction through per-branch AUM growth and leveraging technology for auto-underwriting.
Strategic Growth
Expected Growth Rate
6.5-6.6%
Growth Strategy
Executing a 6-priority roadmap: strengthening gold loans, accelerating Housing Finance (HFC) growth, stabilizing Asirvad MFI through better collections, and expanding co-lending. The company is also shifting vehicle finance to higher ticket sizes (INR 8-15L) to improve asset quality.
Products & Services
Gold Loans, Microfinance Loans (Asirvad), Vehicle and Equipment Finance, Housing Finance (Manappuram Home Finance), MSME Loans, and Insurance Broking.
Brand Portfolio
Manappuram Finance, Asirvad Microfinance, Manappuram Home Finance.
New Products/Services
Expansion of co-lending models (10-20% participation) and digital lending platforms to improve operational efficiency.
Market Expansion
Focus on semi-urban and rural locations for used commercial vehicle finance and marketing the PMAY government subsidy scheme for housing finance.
Strategic Alliances
Co-lending partnerships where Asirvad participates with 10% to 20% of the loan value.
External Factors
Industry Trends
Increasing recognition of NBFCs in financial penetration. Industry yield benchmark is 18.5%. Shift toward digital payment platforms for operational efficiency.
Competitive Landscape
Competition from banks resetting rates and other NBFCs; company maintains NIM by resetting borrowing costs and improving OpEx efficiency.
Competitive Moat
Brand legacy and a massive physical branch network (150+ for vehicle finance alone) provide a durable cost and reach advantage in rural/semi-urban markets.
Macro Economic Sensitivity
Highly sensitive to India's GDP growth (projected 6.5-6.6%) and moderated inflation (1.5%) which supports domestic consumption and credit demand.
Consumer Behavior
Resilient domestic demand and a shift toward digital payment platforms among rural/semi-urban customers.
Geopolitical Risks
External headwinds from global tariffs and volatility are noted, but domestic growth momentum remains robust due to strong FOREX reserves.
Regulatory & Governance
Industry Regulations
Compliance with RBI LTV guidelines (30-day trailing average gold price) and MFI regulatory orders which recently impacted disbursement volumes.
Taxation Policy Impact
Asirvad reported a tax credit of INR 47 Cr in Q2 FY26 due to losses.
Risk Analysis
Key Uncertainties
MFI asset quality slippage (Stage 1 AUM at INR 4,097 Cr out of INR 4,501 Cr) and the impact of gold price fluctuations on collateral value.
Geographic Concentration Risk
Not disclosed; however, the company has a strong presence in semi-urban and rural India.
Third Party Dependencies
Dependency on banking institutions for sanctions and funding for subsidiaries like Asirvad.
Technology Obsolescence Risk
Risk of falling behind in digital lending; mitigated by moving customers to digital payment platforms and upgrading auto-underwriting tech.
Credit & Counterparty Risk
Asirvad Stage 1 bucket represents ~91% of on-book AUM, indicating high concentration of performing assets despite recent losses.
