💰 Financial Performance

Revenue Growth by Segment

Total income grew 30.7% YoY to INR 250.45 Cr in FY25 from INR 191.6 Cr in FY24. Assets Under Management (AUM) reached INR 1,331.45 Cr, representing a 66.7% increase from INR 798.8 Cr in the previous year. The company maintains a 3-year AUM CAGR of 39.0%.

Geographic Revenue Split

Operations are concentrated across 6-7 states including Maharashtra, Gujarat, Rajasthan, Chhattisgarh, Madhya Pradesh, and Uttar Pradesh, covering 103 locations. Specific percentage revenue split per state is not disclosed.

Profitability Margins

Profit After Tax (PAT) increased 21.15% to INR 37.80 Cr in FY25 from INR 31.2 Cr in FY24. Net Interest Margin (NIM) stands at 12.56%, while the Return on Managed Assets (ROMA) was 2.60% in FY25, down from 4.4% in FY24.

EBITDA Margin

Net Interest Income (NII) was reported at INR 68.2 Cr for the period ending November 2025, with a 3-year NII CAGR of 39.7%. Core profitability is driven by an average yield on AUM of 23.34%.

Capital Expenditure

Not disclosed as a traditional CapEx figure; however, the lending book (AUM) expanded by INR 532.65 Cr YoY to reach INR 1,331.45 Cr in FY25.

Credit Rating & Borrowing

The company holds a CARE rating of BBB+ (Positive Outlook). The average cost of borrowings is 10.67%, and the total borrowings to equity ratio is 3.76 times.

⚙️ Operational Drivers

Raw Materials

Debt Capital/Funds represent the primary 'raw material' for lending, with interest expenses being the core cost. Cost of borrowings is 10.67%.

Import Sources

Domestic funding sourced from 3 public sector banks, 10 private sector banks, and 25 NBFCs.

Key Suppliers

Key financial partners include 13 banks and 25 NBFCs. Strategic OEM partners for lead generation include Suzuki, Yamaha, TVS, Piaggio, and Hero MotoCorp.

Capacity Expansion

Current distribution network includes 103 locations and 1,250+ dealers. The company recently reached a milestone of 1 million customers.

Raw Material Costs

Interest costs are the primary operational expense, reflected in a 10.67% cost of borrowing against a 23.34% yield on AUM.

Manufacturing Efficiency

Disbursement per employee is INR 0.231 Cr (INR 2.31 Mn) and disbursement per location per month is INR 0.325 Cr (INR 3.25 Mn). Over 60% of loans are sanctioned in under 15 minutes.

Logistics & Distribution

Distribution is handled through a coordinated workforce of 1,726 employees, including 700+ sales personnel across 103 locations.

📈 Strategic Growth

Expected Growth Rate

39%

Growth Strategy

Growth is targeted through geographic expansion across 103 locations in 6-7 states and diversifying the product portfolio into EV financing, used cars, and small business loans. The strategy relies on a technology-led model to maintain fast turnaround times (<15 mins) and leveraging a network of 1,250+ dealers to reach the next million customers.

Products & Services

New 2-wheeler loans, 3-wheeler loans, EV financing, used car loans, used 2-wheeler loans, small business loans, and personal loans.

Brand Portfolio

Manba Finance

New Products/Services

Recent expansion into Electric Vehicle (EV) financing and personal loans to diversify the portfolio beyond traditional 2-wheeler finance.

Market Expansion

Expanding presence in 103 locations across 6 states, with a recent entry into Uttar Pradesh to deepen geographic reach.

Strategic Alliances

Preferred financier agreements with Suzuki, Yamaha, TVS, Piaggio, and Hero MotoCorp.

🌍 External Factors

Industry Trends

The industry is shifting toward digital-first lending and EV adoption. Manba is positioned as a fast-growing NBFC with a 39% AUM CAGR, focusing on technology to maintain a competitive edge in turnaround times.

Competitive Landscape

Competes with captive finance arms of OEMs, private banks, and other specialized NBFCs in the 2-wheeler and 3-wheeler segments.

Competitive Moat

Sustainable moat built on 29+ years of experience, a deep-rooted network of 1,250+ dealers, and 'preferred financier' status with major OEMs which acts as a significant entry barrier.

Macro Economic Sensitivity

Highly sensitive to interest rate fluctuations in India and rural/semi-urban consumption trends affecting 2-wheeler demand.

Consumer Behavior

Increasing consumer preference for instant credit and digital processing for vehicle financing.

Geopolitical Risks

Primarily domestic; subject to changes in Indian government policies regarding NBFC regulations and EV subsidies.

⚖️ Regulatory & Governance

Industry Regulations

Governed by RBI NBFC regulations, Companies Act 2013, and SEBI (LODR) Regulations. The company reported full compliance with statutory provisions during the FY25 audit period.

Environmental Compliance

Not applicable for financial services, though the company supports environmental goals through EV financing.

Taxation Policy Impact

Compliant with Indian corporate tax laws; average remuneration for non-managerial personnel increased by 57.86% while managerial remuneration increased by 16.04%.

Legal Contingencies

Secretarial audit confirms compliance with the Companies Act and SCRA; no specific high-value pending court cases or labor disputes were quantified in the documents.

⚠️ Risk Analysis

Key Uncertainties

Credit risk associated with a 3.68% Gross NPA and potential margin compression if borrowing costs rise above 10.67%.

Geographic Concentration Risk

Significant concentration with operations limited to 6-7 Indian states, making it vulnerable to regional economic shifts.

Third Party Dependencies

High reliance on 1,250+ third-party dealers for customer acquisition and loan origination.

Technology Obsolescence Risk

Low risk due to current technology-led model, but requires continuous investment to maintain <15 min sanction speeds.

Credit & Counterparty Risk

Receivables quality is monitored via an internal collection team; Provision Coverage Ratio stands at 24.00%.