Manappuram Finance
MANAPPURAM NSE
Manappuram Finance
Financial Services F&ONSE: MANAPPURAM BSE: 531213 NBFC
Key Fundamentals
SmallcapNBFCFinancial ServicesMarket Cap
₹30,477 Cr
Volatility
Moderate
P/E Ratio
20.6
EBITDA
₹5,362 Cr
Return on Equity
6.19%
Debt to Equity
3.3
Book Value
₹165.04
EPS
₹26.55
52W High
₹381.55
52W Low
₹245.15
Tapetide Score
Data-driven rating, 0–100. How it works →
Key Insights
Strengths
2- Company has been maintaining a healthy dividend payout of 19.8%
- Promoter holding has increased by 9.89% over last quarter.
Weaknesses
3- Company has low interest coverage ratio.
- The company has delivered a poor sales growth of 8.48% over past five years.
- Company has a low return on equity of 11.9% over last 3 years.
Growth Rate
Revenue Growth
-5.05% lower than
3Y
Net Income Growth
-17.5% lower than
3Y
Cash Flow Change
—
ROE
-35.99% lower than
3Y
ROCE
-33.09% higher than
3Y
EBITDA Margin (Avg.)
3.17% higher than
3Y
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 2d agoAI opinion · based on fundamentals
Risk high
Manappuram Finance Ltd trades at a market cap of ₹30,477 Cr with a P/E of 21.5x and P/B of 2x. The company saw a sharp TTM profit rebound of 81% but carries a weak 5-year compounded profit CAGR of -10% and subdued sales growth of 8% over five years, reflecting an uneven earnings trajectory for this gold-loan-focused NBFC.
Bull Case 8
- TTM compounded profit growth surged 81%, signaling a strong near-term earnings recovery from prior-year lows
- Promoter holding increased by 9.89% over the last quarter, indicating significant insider confidence in the business
- 10-year compounded sales CAGR of 15% demonstrates a long runway of sustained revenue expansion
- 10-year compounded profit CAGR of 11% shows the company has delivered reasonable long-term earnings growth despite recent volatility
- 10-year ROE averages 17%, suggesting historically efficient use of shareholder equity over a full business cycle
- Stock price CAGR of 34% over 3 years reflects strong market re-rating and investor interest
- Dividend payout ratio maintained at 19.8%, providing a degree of cash return to shareholders even during weaker periods
- P/B ratio of 2x is modest for a financial services company with a long operating history, leaving room for re-rating if ROE improves
Bear Case 8
- 3-year compounded profit CAGR is -13% and 5-year is -10%, indicating a sustained period of earnings decline before the recent bounce
- Last year ROE fell to just 7%, well below the 10-year average of 17%, pointing to a sharp deterioration in capital efficiency
- Low interest coverage ratio flagged as a known risk, raising concerns about debt servicing ability in a rising rate environment
- 5-year compounded sales growth of only 8% is weak for an NBFC operating in a large underpenetrated gold loan market
- 3-year ROE of just 12% and trailing 3-year average of 11.9% remain below the 10-year average of 17%, suggesting structural margin compression
- Dividend yield stands at only 0.3%, offering minimal income return for shareholders despite the 19.8% payout ratio
- TTM sales growth has decelerated to just 5%, down sharply from the 10-year CAGR of 15%, suggesting possible growth saturation or competitive pressure
- P/E of 21.5x looks elevated against the backdrop of negative 5-year profit CAGR of -10%, meaning the valuation prices in a recovery that is not yet fully proven
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 2h ago Neutral 1
- ₹850 Cr NCD private placement Aug 17
Manappuram Finance allotted ₹850 crore in NCDs via private placement across two series — 6-year at 9.05% coupon and 10-year at 9.10% coupon. This is a routine debt-raising exercise to support lending operations.
TL;DR: Limited news flow for Manappuram Finance this period. The company raised ₹850 crore through NCDs at ~9% coupon rates, a standard funding activity for an NBFC. No material headwinds or positive catalysts surfaced. Watch for upcoming quarterly results and any RBI regulatory developments affecting the gold loan sector for directional cues.
Quarterly Results
| Particulars | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 2,030 | 2,161 | 2,305 | 2,348 | 2,488 | 2,633 | 2,560 | 2,361 | 2,262 | 2,273 | 2,354 | 2,614 | 3,034 |
| Expenses | 671 | 675 | 729 | 773 | 846 | 892 | 1,191 | 1,637 | 1,233 | 1,018 | 1,034 | 877 | 906 |
| Financing Profit | 710 | 796 | 827 | 796 | 793 | 835 | 444 | -172 | 174 | 380 | 375 | 627 | 854 |
| Fin. Margin % | 35% | 37% | 36% | 34% | 32% | 32% | 17% | -7% | 8% | 17% | 16% | 24% | 28% |
| Other Income | 27 | 13 | 21 | 14 | 24 | 4 | 3 | 2 | 3 | 2 | 5 | 12 | 6 |
| Interest | 648 | 689 | 749 | 779 | 848 | 906 | 925 | 895 | 855 | 876 | 945 | 1,109 | 1,274 |
| Depreciation | 56 | 62 | 62 | 65 | 64 | 67 | 70 | 66 | 75 | 79 | 77 | 75 | 78 |
| PBT | 681 | 747 | 786 | 746 | 753 | 773 | 376 | -236 | 102 | 302 | 303 | 564 | 782 |
| Tax % | 27% | 25% | 27% | 24% | 26% | 26% | 26% | -14% | -30% | 28% | 21% | 28% | 25% |
| Net Profit | 498 | 561 | 575 | 564 | 557 | 572 | 278 | -203 | 132 | 217 | 239 | 405 | 585 |
| EPS in Rs | 5.86 | 6.6 | 6.77 | 6.63 | 6.55 | 6.74 | 3.33 | -2.26 | 1.63 | 2.6 | 2.85 | 4.3 | 6.22 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 1,988 | 2,369 | 3,406 | 3,421 | 4,180 | 5,465 | 6,331 | 6,061 | 6,700 | 8,848 | 10,012 | 9,509 | 10,275 |
| Expenses | 648 | 820 | 1,011 | 1,344 | 1,365 | 1,547 | 1,669 | 2,133 | 2,317 | 2,848 | 4,557 | 4,162 | 3,835 |
| Financing Profit | 462 | 601 | 1,225 | 1,047 | 1,469 | 2,086 | 2,443 | 1,916 | 2,195 | 3,134 | 1,913 | 1,561 | 2,236 |
| Fin. Margin % | 23% | 25% | 36% | 31% | 35% | 38% | 39% | 32% | 33% | 35% | 19% | 16% | 22% |
| Other Income | 5 | 3 | 3 | 58 | 63 | 86 | 44 | 65 | 50 | 72 | 20 | 15 | 25 |
| Interest | 877 | 947 | 1,169 | 1,030 | 1,345 | 1,832 | 2,219 | 2,011 | 2,188 | 2,866 | 3,541 | 3,786 | 4,204 |
| Depreciation | 54 | 56 | 63 | 68 | 75 | 164 | 171 | 198 | 204 | 246 | 267 | 307 | 310 |
| PBT | 414 | 548 | 1,166 | 1,037 | 1,457 | 2,007 | 2,316 | 1,784 | 2,041 | 2,960 | 1,666 | 1,270 | 1,950 |
| Tax % | 34% | 35% | 35% | 35% | 35% | 26% | 26% | 26% | 26% | 26% | 28% | 22% | — |
| Net Profit | 271 | 355 | 758 | 676 | 949 | 1,480 | 1,725 | 1,329 | 1,500 | 2,197 | 1,204 | 993 | 1,445 |
| EPS in Rs | 3.23 | 4.2 | 8.98 | 8.04 | 11.16 | 17.37 | 20.37 | 15.7 | 17.67 | 25.86 | 14.37 | 10.68 | 15.97 |
| Div. Payout % | 42% | 54% | 17% | 25% | 19% | 16% | 10% | 19% | 17% | 13% | 28% | 19% | — |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 168 | 168 | 168 | 169 | 169 | 169 | 169 | 169 | 169 | 169 | 169 | 188 |
| Reserves | 2,465 | 2,590 | 3,193 | 3,645 | 4,378 | 5,577 | 7,138 | 8,199 | 9,476 | 11,379 | 12,263 | 15,863 |
| Borrowing | 8,632 | 9,638 | 10,986 | 12,607 | 15,297 | 23,022 | 23,327 | 24,816 | 29,167 | 34,320 | 36,077 | 57,837 |
| Other Liabilities | 352 | 443 | 804 | 609 | 602 | 767 | 703 | 623 | 693 | 880 | 695 | 672 |
| Total Liabilities | 11,616 | 12,839 | 15,152 | 17,030 | 20,446 | 29,535 | 31,338 | 33,808 | 39,504 | 46,748 | 49,205 | 74,559 |
| Fixed Assets | 206 | 230 | 222 | 310 | 367 | 803 | 926 | 1,052 | 1,094 | 1,070 | 1,134 | 1,057 |
| CWIP | 1 | 0 | 1 | 0 | 1 | 3 | 8 | 13 | 17 | 33 | 11 | 27 |
| Investments | 217 | 49 | 5 | 5 | 174 | 90 | 338 | 421 | 534 | 726 | 790 | 2,051 |
| Other Assets | 11,193 | 12,560 | 14,925 | 16,715 | 19,904 | 28,639 | 30,066 | 32,322 | 37,860 | 44,918 | 47,269 | 71,424 |
| Total Assets | 11,616 | 12,839 | 15,152 | 17,030 | 20,446 | 29,535 | 31,338 | 33,808 | 39,504 | 46,748 | 49,205 | 74,559 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | -888 | -1,042 | -1,271 | -33 | -1,661 | -3,620 | -619 | -423 | -3,103 | -3,450 | -467 | -20,238 |
| Investing | 649 | 72 | -25 | -148 | -371 | 26 | -186 | -193 | -616 | -601 | -125 | -1,632 |
| Financing | 265 | 772 | 1,211 | 293 | 2,388 | 6,049 | 59 | 438 | 3,849 | 4,092 | 1,132 | 23,834 |
| Net Cash Flow | 26 | -198 | -84 | 112 | 356 | 2,455 | -747 | -177 | 130 | 41 | 541 | 1,965 |
| Free Cash Flow | -912 | -1,121 | -1,324 | -193 | -1,787 | -3,716 | -672 | -585 | -3,275 | -3,585 | -662 | -20,427 |
| CFO/OP | -56 | -56 | -36 | 17 | -40 | -81 | 0 | 2 | -60 | -44 | 5 | -369 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE % | 11% | 13% | 25% | 19% | 22% | 28% | 26% | 17% | 17% | 21% | 10% | 7% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
Log in to view Manappuram Finance insights
56 extracted metrics + investor summaries across FY09–FY26.
Documents
1
Announcement under Regulation 30 (LODR)-Change in Management
20 Jun - Ashish N Chandak appointed CCO from June 20, 2026; Issac E. A. tenure ended June 19, 2026. 20 Jun - Ashish N Chandak appointed CCO from June 20, 2026; Issac E. A. tenure ended June 19, 2026.
2
Announcement under Regulation 30 (LODR)-Earnings Call Transcript
11h - Transcript of the fourth quarter and financial year ended March 31,2026 financial results conference call 11h - Transcript of the fourth quarter and financial year ended March 31,2026 financial results conference call
3
Announcement under Regulation 30 (LODR)-Change in Management
5 May - Board reconstituted on May 5, 2026 after investor control; six independent directors resigned, new directors appointed, CFO changed. 5 May - Board reconstituted on May 5, 2026 after investor control; six independent directors resigned, new directors appointed, CFO changed.
4
Announcement under Regulation 30 (LODR)-Change in Directorate
5 May - May 5, 2026 board noted investors gained control; six independent directors resigned, six directors appointed, CFO changed. 5 May - May 5, 2026 board noted investors gained control; six independent directors resigned, six directors appointed, CFO changed.
5
Board Meeting Outcome for Change In Directors And Management
5 May - Investors acquired control; six independent directors resigned, four directors appointed, and CFO/designation changes approved on May 5, 2026. 5 May - Investors acquired control; six independent directors resigned, four directors appointed, and CFO/designation changes approved on May 5, 2026.
Frequently Asked Questions about Manappuram Finance
What does Manappuram Finance Ltd do?
Manappuram Finance is a Non-Banking Finance Company (NBFC), which provides a wide range of fund based and fee based services including gold loans, money exchange facilities, etc. The Company is a Systemically Important Non-Deposit taking NBFC(NBFC-ND).(Source : 202003 Annual Report Page No:120)
Where is Manappuram Finance Ltd (MANAPPURAM) listed?
Manappuram Finance Ltd trades as MANAPPURAM on the NSE and under code 531213 on the BSE.
Which sector does Manappuram Finance Ltd belong to?
Manappuram Finance Ltd is classified under the Financial Services sector, in the NBFC industry.
What is the market capitalisation of Manappuram Finance Ltd?
Manappuram Finance Ltd has a market capitalisation of ₹30,477 Cr, which places it in the Large Cap band.
What is the PE ratio of Manappuram Finance Ltd?
Manappuram Finance Ltd trades at a PE ratio of 20.60, on earnings per share of ₹26.55, against a book value of ₹165.04 per share.
What is the 52-week high and low of Manappuram Finance Ltd?
Over the last 52 weeks Manappuram Finance Ltd has traded between ₹245.15 and ₹381.55.
Does Manappuram Finance Ltd pay dividends?
Manappuram Finance Ltd has a dividend yield of 0.30%.
What is the Return on Equity (ROE) of Manappuram Finance Ltd?
Manappuram Finance Ltd reported a return on equity of 6.19%. Its debt-to-equity ratio is 3.30.
Company Information
Manappuram Finance is a Non-Banking Finance Company (NBFC), which provides a wide range of fund based and fee based services including gold loans, money exchange facilities, etc. The Company is a Systemically Important Non-Deposit taking NBFC(NBFC-ND).(Source : 202003 Annual Report Page No:120)
Website manappuram.com
CEO Mr. Vazhappully Padmanabhan Nandakumar M.Sc
Employees 24,650
Listed 1996-11-06
Face Value ₹ 2
Issued Size 84,64,34,729
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