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MANCREDIT - Mangal Credit

📊 NSE: MANCREDIT 🏢 Finance & Investments 📅 Last Updated: 12/14/2025 9:32

📢 Recent Corporate Announcements

Mangal Credit to Raise ₹30 Crore via Private Placement of NCDs at 11.75% Coupon

🟢 POSITIVE ⭐ 7/10

FUNDRAISE 📅 05 Mar 2026, 06:20 PM

Mangal Credit and Fincorp Limited's Board has approved raising ₹30 crore through the issuance of secured, listed, and rated Non-Convertible Debentures (NCDs). The NCDs carry a coupon rate of 11.75% per annum with interest payable monthly and a bullet principal repayment after 30 months. The issue is structured as a private placement with a face value of ₹1 lakh per unit. This capital infusion is likely intended to support the company's lending operations and liquidity management.

Board approved raising up to ₹30 crore through 3,000 Non-Convertible Debentures (NCDs)
The NCDs offer a coupon rate of 11.75% per annum with monthly interest payments
The instrument has a tenure of 30 months with a maturity date set for September 18, 2028
Secured by a first-ranking charge on receivables with a minimum security cover of 1.20x
Deemed date of allotment is scheduled for March 18, 2026, with listing on BSE Limited

💡 Investors should monitor the company's ability to deploy this capital into high-yield assets to maintain healthy net interest margins given the 11.75% cost of debt. This fundraise is a positive sign of credit access for the NBFC to fuel its growth trajectory.

Mangal Credit Q3 FY26 Net Profit Rises 10% YoY to ₹3.83 Crore; Revenue Up 44%

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 09 Feb 2026, 07:10 PM

Mangal Credit and Fincorp reported a strong 44.3% YoY growth in total revenue from operations, reaching ₹18.31 Crore for the quarter ended December 31, 2025. Net profit for the quarter increased by 10.2% YoY to ₹3.83 Crore, supported by higher interest income. However, the nine-month profit showed a slight decline to ₹9.83 Crore compared to ₹10.45 Crore in the previous year, primarily due to a significant jump in finance costs. The company also successfully raised ₹10 Crore through NCDs during the quarter to support its lending operations.

Total Revenue from Operations grew 44.3% YoY to ₹1,830.88 Lakhs in Q3 FY26.
Net Profit for the quarter stood at ₹383.43 Lakhs, up from ₹347.87 Lakhs in the same period last year.
Finance costs surged to ₹655.26 Lakhs in Q3 FY26 compared to ₹475.60 Lakhs in Q3 FY25.
The company raised ₹10 Crore via NCDs, bringing total outstanding NCDs to ₹50 Crore.
Basic EPS for the quarter improved slightly to ₹1.82 from ₹1.78 YoY.

💡 Investors should monitor the rising finance costs which are impacting margins despite strong top-line growth. The successful debt fundraise indicates liquidity for expansion, but the slight dip in 9-month cumulative profit warrants a cautious watch on operational efficiency.

CRISIL Assigns and Reaffirms 'BBB/Stable' Rating for Mangal Credit's Rs 500 Cr Facilities

🟢 POSITIVE ⭐ 7/10

REGULATORY 📅 02 Feb 2026, 06:24 PM

CRISIL has assigned a 'BBB/Stable' rating to Mangal Credit and Fincorp's new Rs 50 crore NCDs and reaffirmed the same for its Rs 400 crore bank facilities. The company's Assets Under Management (AUM) grew to Rs 342.6 crore as of September 2025, supported by a comfortable networth of Rs 158 crore and a gearing of 1.7x. While profitability remains healthy with a PAT of Rs 6 crore for H1 FY26, the company faces geographical concentration with 89% of its portfolio in Maharashtra. Asset quality has shown improvement, with 90+ dpd declining to 1.3% from 2.6% in March 2024.

CRISIL assigned 'BBB/Stable' rating to new Rs 50 Cr NCDs and reaffirmed ratings for Rs 450 Cr existing facilities.
AUM increased to Rs 342.6 Cr as of Sept 30, 2025, compared to Rs 294.6 Cr in March 2025.
Asset quality improved significantly with 90+ dpd at 1.3% in Sept 2025 versus 2.6% in March 2024.
Capital position is comfortable with a networth of Rs 158 Cr and a conservative gearing of 1.7 times.
Profit After Tax (PAT) for H1 FY26 stood at Rs 6.0 Cr with an annualized Return on Assets (RoA) of 3.0%.

💡 Investors should view the rating reaffirmation as a sign of financial stability, but should monitor the company's progress in diversifying its loan book geographically. The improved asset quality and low gearing provide a good cushion for future growth in the NBFC segment.

Mangal Credit and Fincorp Expands Footprint with New Branch in Chittorgarh, Rajasthan

🟢 POSITIVE ⭐ 4/10

EXPANSION 📅 15 Jan 2026, 01:47 PM

Mangal Credit and Fincorp Limited (MANCREDIT) has announced the inauguration of a new branch in Chittorgarh, Rajasthan, scheduled for January 16, 2026. This expansion is part of the company's strategy to broaden its geographical reach and tap into the credit demand in the Rajasthan region. The new branch is situated at Bapu Nagar, Senthi, Chittorgarh. This move indicates the company's ongoing efforts to scale its operations and enhance its market presence in North India.

Opening of a new branch in Chittorgarh, Rajasthan on January 16, 2026.
The branch is located at 11A, Ground Floor, Near Dungar Palace, Bapu Nagar, Senthi.
Expansion aligns with SEBI Regulation 30 and 51 for material disclosures.
The move signifies the company's intent to increase its physical network and customer accessibility.

💡 Investors should view this as a positive sign of organic growth and monitor how the expansion impacts the company's loan book and operational efficiency over the coming quarters.

Mangal Credit Submits SEBI Reg 74(5) Compliance Certificate for Q3 FY26

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 08 Jan 2026, 12:03 PM

Mangal Credit and Fincorp Limited has filed its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The filing confirms that for the quarter ended December 31, 2025, all securities received for dematerialization were processed within the prescribed timelines. The company's Registrar and Share Transfer Agent, MUFG Intime India Private Limited, verified that physical certificates were mutilated and cancelled. This is a standard administrative procedure required for all listed entities in India to ensure the integrity of electronic shareholding records.

Compliance certificate submitted for the quarter ended December 31, 2025.
Confirmation provided by Registrar and Share Transfer Agent, MUFG Intime India Private Limited.
Securities received for dematerialization were processed and listed on stock exchanges where applicable.
Physical certificates were mutilated and cancelled after due verification by depository participants.
Register of members updated with depository names within prescribed regulatory timelines.

💡 No action is required from investors as this is a routine regulatory filing confirming standard administrative compliance.

Mangal Credit Receives CRISIL BBB/Stable Rating; Bank Loan Limit Doubled to ₹400 Crore

🟢 POSITIVE ⭐ 6/10

ROUTINE 📅 31 Dec 2025, 06:04 PM

CRISIL Ratings has reaffirmed its 'CRISIL BBB/Stable' rating for Mangal Credit and Fincorp Limited's debt instruments. Significantly, the rated amount for bank loan facilities has been enhanced from ₹200 crore to ₹400 crore, doubling the company's rated borrowing capacity. The rating for ₹50 crore in Non-Convertible Debentures (NCDs) was also reaffirmed. This move indicates a stable credit profile and provides the NBFC with more room to raise capital for its lending operations.

CRISIL reaffirmed 'CRISIL BBB/Stable' rating for both Bank Loan Facilities and NCDs.
Total rated Bank Loan Facilities increased from ₹200 Crore to ₹400 Crore.
Non-Convertible Debentures (NCDs) rating reaffirmed for a total of ₹50 Crore.
The 'Stable' outlook indicates expected maintenance of the credit profile over the medium term.

💡 The enhancement in the rated bank loan limit is a positive sign for growth-oriented investors as it facilitates business expansion. Monitor the company's ability to maintain asset quality as it scales its loan book using this increased credit headroom.

Mangal Credit and Fincorp to Close Trading Window from Jan 1, 2026, for Q3 Results

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 24 Dec 2025, 03:52 PM

Mangal Credit and Fincorp Limited has announced the closure of its trading window starting January 1, 2026, in preparation for the announcement of its Q3 and nine-month financial results. This move is a standard regulatory requirement under SEBI (Prohibition of Insider Trading) Regulations, 2015. The restriction applies to all designated persons and their immediate relatives to prevent insider trading. The window will remain closed until 48 hours after the financial results for the period ending December 31, 2025, are declared.

Trading window closure starts on Thursday, January 1, 2026.
Closure is for the Unaudited Financial Results for the quarter and nine months ending December 31, 2025.
The window will reopen 48 hours after the official declaration of the financial results.
Complies with SEBI (Prohibition of Insider Trading) Regulations, 2015.

💡 This is a routine regulatory announcement with no direct impact on stock value; investors should focus on the upcoming Q3 financial results for performance insights.

View All MANCREDIT Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Total Revenue for H1 FY26 reached INR 30.32 Cr, representing a 28.8% YoY growth from INR 23.53 Cr in H1 FY25. This was driven by Interest Income (INR 29.29 Cr, up 28.8% YoY) and Fees & Commission Income (INR 1.01 Cr, up 27.6% YoY).

Geographic Revenue Split

The company is primarily based in Mumbai, Maharashtra, with a high geographic concentration in this region as noted in credit rating assessments.

Profitability Margins

Profit After Tax (PAT) for FY24 was INR 10.5 Cr, a 32.9% increase from INR 7.9 Cr in FY23. Return on Assets (RoA) improved to 4.6% (annualized) for 9M FY25 from 4.4% in FY24.

EBITDA Margin

Operating Profit before tax for H1 FY26 was INR 8.21 Cr on revenue of INR 30.32 Cr, yielding a core operating margin of approximately 27.1%.

Capital Expenditure

Promoters infused INR 7 Cr in FY24 and raised INR 12.79 Cr via warrant conversion in August 2025. A further infusion of INR 11 Cr is expected by September 2025/FY26 to support AUM growth.

Credit Rating & Borrowing

The company maintains a 'Stable' credit rating from CRISIL. The average cost of borrowings increased to 10.8% for 9M FY25 from previous periods.

⚙️ Operational Drivers

Raw Materials

As an NBFC, the primary 'raw material' is Debt Capital, which represents 100% of the funding required for onward lending operations.

Import Sources

100% of capital is sourced domestically from the Indian banking and financial system.

Key Suppliers

Key capital providers include Federal Bank, State Bank of India (SBI), Indian Overseas Bank (IOB), ICICI Bank, Catholic Syrian Bank, City Union Bank, Tata Capital, and Poonawalla Fincorp.

Capacity Expansion

Assets Under Management (AUM) grew to INR 269.3 Cr as of December 31, 2024, up 17.1% from INR 229.9 Cr in March 2024 (which was up 42.7% from INR 161.1 Cr in March 2023).

Raw Material Costs

Finance costs reached INR 13.36 Cr in H1 FY26, representing 44.1% of total revenue, up from 35.1% in H1 FY25 due to increased borrowing to fund the loan book.

Manufacturing Efficiency

Operating costs as a percentage of AUM elevated to 3.7% in FY24 from 3.3% in FY23 due to branch additions and geographical diversification efforts.

Logistics & Distribution

Distribution costs are primarily driven by employee benefits (INR 4.39 Cr in H1 FY26) and other operating expenses (INR 2.79 Cr in H1 FY26).

📈 Strategic Growth

Expected Growth Rate

25-30%

Growth Strategy

Growth will be achieved through a planned INR 11 Cr promoter capital infusion in FY26, geographical diversification beyond Mumbai, and a strategic shift toward lower-ticket size MSME loans to improve asset quality and market penetration.

Products & Services

Business loans for MSMEs, Loans Against Property (LAP), Gold loans, and Personal loans.

Brand Portfolio

Mangal Credit and Fincorp Limited (MCFL).

New Products/Services

Expansion of the Gold loan and MSME business loan portfolios is expected to contribute the majority of incremental revenue growth.

Market Expansion

Targeting geographical diversification beyond the Mumbai region to reduce regional concentration risk.

Strategic Alliances

Maintains funding relationships with over 10 major banks and NBFCs including SBI, ICICI, and Tata Capital.

🌍 External Factors

Industry Trends

The NBFC industry is seeing a shift toward secured MSME lending; MCFL has positioned itself by increasing its secured AUM contribution to 57% to ensure long-term sustainability.

Competitive Landscape

Competes with private sector banks and other MSME-focused NBFCs like Cholamandalam and Poonawalla Fincorp.

Competitive Moat

The company's moat is built on strong promoter support (INR 25 Cr infused) and a diverse lender base, which provides a capital cushion and liquidity access that is sustainable as long as asset quality (90+ dpd) remains below 4%.

Macro Economic Sensitivity

Highly sensitive to RBI monetary policy; a 1% increase in repo rates directly impacts the 10.8% borrowing cost for its INR 178.9 Cr debt.

Consumer Behavior

Increasing demand for formal credit among MSMEs as they shift away from unorganized lending sectors.

Geopolitical Risks

Low risk due to domestic focus, though general economic slowdowns could impact MSME repayment capacity.

⚖️ Regulatory & Governance

Industry Regulations

Subject to RBI Scale Based Regulation (SBR) for non-deposit taking NBFCs and SEBI listing requirements.

Taxation Policy Impact

Standard Indian corporate tax rates apply; H1 FY26 tax expense was not explicitly detailed but PBT was INR 8.21 Cr.

Legal Contingencies

No major pending court cases or case values disclosed in the available financial reports.

⚠️ Risk Analysis

Key Uncertainties

Asset quality remains the primary uncertainty; an increase in 90+ dpd beyond 4% would significantly impact earnings and credit ratings.

Geographic Concentration Risk

High concentration in Mumbai/Maharashtra, with the region contributing the vast majority of AUM.

Third Party Dependencies

High dependency on banking partners for debt refinancing and liquidity support.

Technology Obsolescence Risk

Not disclosed; however, digital transformation in loan processing is an industry-wide requirement.

Credit & Counterparty Risk

MSME borrowers represent the primary credit risk; receivables quality is monitored through impairment on financial instruments (INR 0.81 Cr in H1 FY26).