Mangal Credit and Fincorp Limited (MANCREDIT)
₹216.88 -1.88% last close, 16 Oct
Latest quarterly results (Q4 FY26)
In its latest reported quarter, Q4 FY26, Mangal Credit's net interest income was ₹11.9 Cr (+48.3% year on year, +21.5% on the previous quarter), and net profit ₹5.5 Cr (+109.2% year on year).
| Q4 FY26 (₹ Cr) | Value | YoY vs Q4 FY25 | QoQ |
|---|---|---|---|
| Net interest income | ₹11.9 | +48.3% | +21.5% |
| Net profit | ₹5.5 | +109.2% | +43.1% |
| EPS (₹) | 2.60 | +94.0% | +43.6% |
MANCREDIT delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 7.29% of the MANCREDIT shares traded on NSE were taken to delivery, against the stock's own 20-session average of 14.73%. That is close to its usual level.
Delivery in the last 5 sessions: 11.5% · 28.3% · 18.5% · 9.6% · 7.3%
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
Mangal Credit and Fincorp Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The certificate was issued by Registrar and Share Transfer Agent MUFG Intime India Private Limited for the quarter ended September 30, 2026. The RTA confirmed that securities received for dematerialisation during the quarter were duly processed, listed, and physical certificates mutilated. This represents a purely administrative filing with no financial or operational impact.
- Compliance certificate submitted for the quarter ended September 30, 2026
- Issued by RTA MUFG Intime India Private Limited dated October 3, 2026
- Company filing submitted to BSE and NSE on October 12, 2026
- Physical security certificates processed and mutilated as per regulatory timelines
Mangal Credit and Fincorp has declared the voting results of its 64th AGM held on September 22, 2026, with all resolutions passing with requisite majority. Shareholders approved doubling the company's borrowing limit from ₹750 Crore to ₹1,500 Crore, as well as material related-party loan transactions of up to ₹250 Crore from Meghraj Sohanlal Jain and ₹50 Crore from Hardik Meghraj Jain. Additionally, the AGM approved the issuance of up to 25,00,000 convertible equity warrants on a preferential basis and a final dividend of ₹0.75 per equity share.
- Approved increase in borrowing limits under Section 180(1)(c) from ₹750 Crore to ₹1,500 Crore
- Sanctioned material related-party loan transactions of up to ₹250 Crore from Meghraj Sohanlal Jain and ₹50 Crore from Hardik Meghraj Jain
- Approved preferential issue of up to 25,00,000 convertible equity warrants to promoters and non-promoters
- Declared final dividend of ₹0.75 per equity share of face value ₹10
Mangal Credit and Fincorp concluded its 64th AGM, placing major capital and borrowing resolutions before shareholders. The company proposed doubling its borrowing limit from ₹750 Crore to ₹1,500 Crore, as well as approving material related-party loan transactions of up to ₹250 Crore from Meghraj Sohanlal Jain and ₹50 Crore from Hardik Meghraj Jain for FY27. Additionally, the AGM considered a final dividend of ₹0.75 per share, an increase in authorized share capital to ₹30 Crore, and the issuance of up to 25,00,000 convertible equity warrants on a preferential basis.
- Proposed doubling of borrowing limits under Section 180(1)(c) from ₹750 Crore to ₹1,500 Crore
- Approval sought for related-party loans up to ₹250 Crore from Meghraj Sohanlal Jain and ₹50 Crore from Hardik Meghraj Jain
- Proposed issuance of up to 25,00,000 convertible equity warrants to promoter and non-promoter groups
- Final dividend of ₹0.75 per equity share of face value ₹10 proposed for FY25-26
- Authorised share capital increase proposed from ₹25 Crore to ₹30 Crore
Mangal Credit and Fincorp Limited issued a clarification regarding Resolution 7 in its 64th AGM notice relating to the preferential issuance of up to 25,00,000 convertible equity warrants. The notice clarifies the subscription intentions of promoter members and confirms that proposed allottee Ms. Ritu Jain will be reclassified from Non-Promoter to Promoter post-allotment. Pre-preferential shareholding will be subject to a lock-in of 90 trading days, while the warrants will be locked in for one year from allotment. The company currently holds a market cap of Rs 512 Cr with an existing promoter holding of 55.25%.
- Clarification applies to the issuance of up to 25,00,000 Convertible Equity Warrants on a preferential basis.
- Proposed allottee Ms. Ritu Jain will be categorized under the 'Promoter' category post-allotment.
- Pre-preferential holdings will be locked in for 90 trading days from the allotment date.
- Warrants will remain locked in for a period of 1 year from the date of allotment.
Mangal Credit and Fincorp Limited has allotted 3,500 senior, secured, rated, listed Non-Convertible Debentures (NCDs) aggregating to ₹35.00 crore on a private placement basis. The NCDs carry a face value of ₹1,00,000 each and offer an interest rate of 11.50% p.a. payable monthly. The instrument has a 23-month tenure, maturing on August 9, 2028, and is backed by a 1.05x asset cover on identified receivables. Relative to its financials, this ₹35 crore fundraise represents ~31.3% of TTM revenue (₹112 crore) and ~20.2% of net worth (₹173 crore).
- Allotment of 3,500 NCDs of face value ₹1,00,000 each, raising ₹35.00 crore
- Coupon rate fixed at 11.50% p.a. with monthly interest payment terms
- Tenor of 23 months with allotment on September 9, 2026, and maturity on August 9, 2028
- Secured by a first ranking exclusive charge on receivables with a minimum 1.05x cover
Mangal Credit and Fincorp Limited has issued the notice for its 64th Annual General Meeting scheduled for September 22, 2026, along with its FY2025-26 Annual Report. The company proposed a dividend of ₹0.75 per equity share, setting September 14, 2026, as the record date. The report highlights an AUM reaching ₹428.68 Cr (₹42,868 lakh) across 30 branches and a customer base of 4,875 borrowers. E-voting will take place from September 19 to September 21, 2026.
- 64th AGM scheduled for September 22, 2026, via Video Conferencing
- Proposed dividend of ₹0.75 per equity share with record date fixed as September 14, 2026
- E-voting window opens September 19, 2026 (9:00 AM) and closes September 21, 2026 (5:00 PM)
- Assets Under Management (AUM) reached ₹428.68 Cr (₹42,868 lakh) with Net Interest Income of ₹37.56 Cr (₹3,756 lakh)
- Total secured redeemable NCDs stood at ₹78.18 Cr (₹7,817.58 lakh) as of March 31, 2026
Mangal Credit and Fincorp Limited has submitted newspaper clippings regarding the intimation of its 64th Annual General Meeting (AGM). The AGM is scheduled to take place on Tuesday, September 22, 2026, at 12:30 PM IST via Video Conferencing/Other Audio Visual Means. The notice was published in News Hub (English) and Pratahkal (Marathi) in accordance with MCA and SEBI guidelines. This is a standard statutory compliance filing with no operational or financial impact.
- 64th Annual General Meeting scheduled for September 22, 2026, at 12:30 PM IST
- AGM to be conducted via Video Conferencing (VC) / Other Audio Visual Means (OAVM)
- Newspaper advertisements published on August 25, 2026, in News Hub and Pratahkal
Mangal Credit and Fincorp Limited (MANCREDIT) has approved a new fundraise of ₹35 crore through the private placement of 3,500 secured Non-Convertible Debentures (NCDs). This replaces a smaller ₹20 crore NCD proposal approved just eight days prior on August 6, 2026, which has now been withdrawn with no liabilities incurred. The new debt carries a coupon of 11.50% p.a. and a 23-month tenor, aimed at boosting the company's lending liquidity. This fundraise is significant, representing approximately 20% of the company's current net worth.
- Approved issuance of 3,500 secured, listed NCDs with a face value of ₹1,00,000 each, totaling ₹35 crore
- Withdrew the previous ₹20 crore NCD offer approved on August 6, 2026, confirming no subscriptions were received
- Fixed coupon rate at 11.50% p.a. with monthly interest payments and a bullet principal repayment
- Maintained a security cover of 1.05x through identified receivables of the company
- Set a deemed date of allotment for the new NCDs as September 9, 2026
Mangal Credit and Fincorp has approved a fresh fundraise of ₹20 Cr through secured Non-Convertible Debentures (NCDs) at an 11.75% coupon rate to support onward lending. Significantly, the board proposed doubling the company's borrowing limits from ₹750 Cr to ₹1,500 Cr, indicating a massive planned expansion of its loan book relative to its current ₹578 Cr market cap. The company also set September 14, 2026, as the record date for its final dividend and proposed increasing its authorized share capital to ₹30 Cr.
- Proposed doubling of borrowing limits from ₹750 Cr to ₹1,500 Cr, subject to shareholder approval.
- Approved issuance of 2,000 NCDs aggregating to ₹20 Cr with a 30-month tenor and 11.75% annual coupon.
- Increase in Authorised Share Capital from ₹25 Cr to ₹30 Cr to accommodate future capital needs.
- Record date for FY26 final dividend fixed as September 14, 2026.
- NCDs are secured by a 1.20x cover on receivables, with at least 60% comprising gold loans.
Mangal Credit and Fincorp has approved a new ₹20 Cr secured NCD issuance at an 11.75% coupon rate to support its onward lending business. Crucially, the board proposed doubling the company's borrowing limit from ₹750 Cr to ₹1,500 Cr, indicating a significant long-term growth ambition relative to its current TTM revenue of ₹112 Cr. The company also confirmed the full utilization of ₹30 Cr previously raised via NCDs for MSME and gold loans. A record date of September 14, 2026, has been set for the final dividend, pending AGM approval.
- Approved issuance of 2,000 secured NCDs aggregating to ₹20 Cr with a 30-month tenor
- Proposed 100% increase in borrowing limits from ₹750 Cr to ₹1,500 Cr under Section 180(1)(c)
- Authorised share capital to be increased by ₹5 Cr, reaching a total of ₹30 Cr
- Fixed September 14, 2026, as the record date for the final dividend for FY 2025-26
- Confirmed zero deviation in the utilization of ₹30 Cr raised through previous private placements
Mangal Credit and Fincorp has fixed September 14, 2026, as the record date for its final dividend for FY26. The board approved a fresh ₹20 crore fundraise through secured Non-Convertible Debentures (NCDs) at an 11.75% coupon rate to support onward lending. Significantly, the company is seeking shareholder approval to double its borrowing limits from ₹750 crore to ₹1,500 crore, indicating aggressive growth targets. The authorized share capital is also being increased from ₹25 crore to ₹30 crore to facilitate future capital needs.
- Fixed September 14, 2026, as the Record Date for the final dividend for FY 2025-26.
- Approved issuance of ₹20 crore in secured NCDs with a 30-month tenor and 11.75% annual coupon.
- Proposed doubling of borrowing limits from ₹750 crore to ₹1,500 crore, which is over 5x the current AUM of ₹269.3 Cr.
- Increased authorized share capital by 20% from ₹25 crore to ₹30 crore.
- Confirmed full utilization of ₹30 crore previously raised through private placements for MSME and gold loan origination.
Mangal Credit and Fincorp Limited has filed its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations for the quarter ended June 30, 2026. The document, issued by Registrar MUFG Intime India Private Limited, confirms that physical share certificates received for dematerialization were processed, mutilated, and cancelled. It also verifies that the names of depositories have been updated in the register of members within the required timelines. This is a standard administrative filing with no impact on the company's financial position.
- Compliance confirmed for the quarter ended June 30, 2026
- Certificate issued by MUFG Intime India Private Limited dated July 1, 2026
- Confirmation of security listing on exchanges for all dematerialized shares
- Physical certificates mutilated and cancelled as per SEBI timelines
Mangal Credit and Fincorp Limited has announced the closure of its trading window for all designated persons and their immediate relatives starting July 1, 2026. This routine regulatory measure is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the company's quarterly financial reporting. The window will remain closed until 48 hours after the declaration of the un-audited financial results for the quarter ending June 30, 2026. The specific date for the board meeting to approve these results is yet to be announced.
- Trading window closure commences on Wednesday, July 1, 2026.
- Closure is related to the upcoming Un-audited Financial Results for the quarter ending June 30, 2026.
- The restriction applies to all Designated Persons and their immediate relatives as per SEBI regulations.
- Trading window will reopen 48 hours after the financial results are officially declared to the exchanges.
Mangal Credit and Fincorp Limited has successfully allotted 2,000 secured, rated, and listed Non-Convertible Debentures (NCDs) on a private placement basis. The issuance raised a total of ₹20 crore, with each NCD having a face value of ₹1,00,000, issued at a discount of ₹2,000 per unit. These debentures carry a high coupon rate of 11.75% per annum, with interest payable on a monthly basis. The NCDs have a tenor of 27 months and are scheduled to mature on September 23, 2028.
- Allotment of 2,000 secured, rated, and listed NCDs aggregating to ₹20 crore
- High coupon rate of 11.75% per annum with monthly interest payment schedule
- NCDs issued at a discount price of ₹98,000 against a face value of ₹1,00,000
- Tenor of 27 months with a final maturity date of September 23, 2028
- Secured by a 1.20x asset cover on identified receivables
Mangal Credit and Fincorp Limited has approved a significant fundraise through the issuance of 25,00,000 fully convertible equity warrants on a preferential basis to promoters and non-promoters. Upon full conversion, the promoter group's holding is expected to increase from 55.25% to 59.99%, indicating strong internal confidence. The board also recommended a final dividend of ₹0.75 per share for FY26 and confirmed the appointment of new internal auditors. Additionally, the company reported the successful utilization of ₹30 crore previously raised through Non-Convertible Debentures.
- Approved issuance of up to 25,00,000 fully convertible unlisted equity warrants on a preferential basis.
- Promoter stake expected to increase to 59.99% from 55.25% post-conversion of warrants.
- Recommended a final dividend of ₹0.75 (7.5%) per equity share of ₹10 face value for FY26.
- Confirmed utilization of ₹30 crore raised through the issuance of 3,000 Non-Convertible Debentures.
- Appointed M/s Anand R. Chandak & Company as Internal Auditors for the financial year 2026-27.
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).
