Manappuram Finance Ltd

Manappuram Fin. Summary Chart Analysis Peers Quarters Profit & Loss Balance Sheet Cash Flow Ratios Investors Documents

Manappuram Finance Ltd

₹ 325 -1.07%
16 Jul - close price
manappuram.com BSE: 531213 NSE: MANAPPURAM
About

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)

Key Points

Joint Promoter[1] [2] [3]
In Mar 2025, the company entered into a definitive agreement with Bain Capital for a strategic investment of Rs. 4,385 Cr through a preferential allotment of equity shares and warrants, enabling Bain Capital to acquire an 18% stake on a fully diluted basis, with a mandatory open offer for an additional 26% stake. It received the requisite approvals from the Reserve Bank of India in Mar 2026. It has received Rs. 2,740 Cr in equity infusion from Bain Capital in Mar 2026, while the remaining Rs. 1,644 Cr towards share warrants is expected over the next 4-18 months. Upon completion, Bain Capital became a joint promoter alongside the existing promoters, with board representation and joint control of the company.

Website BSE NSE
  • Market Cap ₹ 30,538 Cr.
  • Current Price ₹ 325
  • High / Low ₹ 349 / 245
  • Stock P/E 20.0
  • Book Value ₹ 170
  • Dividend Yield 1.08 %
  • ROCE 9.53 %
  • ROE 11.0 %
  • Face Value ₹ 2.00
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Pros

  • Company has been maintaining a healthy dividend payout of 17.1%

Cons

  • Company has low interest coverage ratio.
  • Promoter holding has decreased over last quarter: -3.48%
  • Working capital days have increased from 28.8 days to 87.2 days

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Financial Services Financial Services Finance Non Banking Financial Company (NBFC)

Part of BSE 500 Nifty 500 Nifty Smallcap 100 Nifty Alpha 50 BSE Financial Services

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
1,208 1,344 1,454 1,526 1,508 1,620 1,748 1,799 1,739 1,743 1,820 1,918 2,158
Interest 383 415 443 481 489 544 594 629 610 645 688 763 932
376 385 402 415 416 456 465 509 532 519 571 590 676
Financing Profit 450 544 610 630 603 620 690 661 598 580 561 565 549
Financing Margin % 37% 40% 42% 41% 40% 38% 39% 37% 34% 33% 31% 29% 25%
7 13 2 3 5 22 1 2 2 1 4 3 6
Depreciation 44 44 47 48 49 49 51 51 50 55 59 58 58
Profit before tax 413 513 564 584 560 593 640 612 550 526 505 511 497
Tax % 25% 26% 26% 27% 24% 26% 26% 26% 25% 25% 26% 25% 25%
309 381 420 429 428 441 475 453 414 392 376 381 376
EPS in Rs 3.65 4.50 4.96 5.06 5.06 5.21 5.61 5.36 4.90 4.63 4.44 4.50 4.00
Gross NPA % 1.33% 1.45% 1.56% 1.99% 1.90% 1.90% 2.40% 2.46% 2.80% 3.00% 3.00% 2.61%
Net NPA % 1.15% 1.24% 1.35% 1.75% 1.70% 1.70% 2.10% 2.23% 2.50% 2.60% 2.60% 2.18%
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
1,976 2,213 3,007 2,927 3,418 4,311 5,172 4,563 4,815 5,830 6,906 7,643
Interest 872 884 1,003 794 1,018 1,391 1,720 1,392 1,498 1,828 2,376 3,028
642 759 833 1,043 1,123 1,127 1,048 1,288 1,460 1,617 1,961 2,356
Financing Profit 461 570 1,172 1,090 1,277 1,793 2,404 1,883 1,857 2,385 2,569 2,258
Financing Margin % 23% 26% 39% 37% 37% 42% 46% 41% 39% 41% 37% 30%
5 2 1 27 9 41 21 24 12 25 28 11
Depreciation 54 53 58 61 68 154 156 157 163 188 201 230
Profit before tax 412 519 1,115 1,055 1,218 1,680 2,270 1,750 1,706 2,222 2,396 2,039
Tax % 34% 35% 35% 35% 35% 27% 25% 25% 26% 25% 26% 25%
271 337 726 689 790 1,230 1,698 1,305 1,266 1,658 1,783 1,525
EPS in Rs 3.22 4.01 8.62 8.18 9.38 14.56 20.06 15.41 14.96 19.59 21.07 16.23
Dividend Payout % 42% 45% 17% 24% 23% 19% 10% 19% 20% 17% 19% 15%
Compounded Sales Growth
10 Years: 13%
5 Years: 8%
3 Years: 17%
TTM: 11%
Compounded Profit Growth
10 Years: 16%
5 Years: -2%
3 Years: 6%
TTM: -14%
Stock Price CAGR
10 Years: 16%
5 Years: 12%
3 Years: 36%
1 Year: 20%
Return on Equity
10 Years: 18%
5 Years: 15%
3 Years: 14%
Last Year: 11%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

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 2,459 2,569 3,142 3,644 4,224 5,187 6,732 7,774 8,811 10,180 11,624 15,750
Borrowing 8,392 8,800 9,163 10,238 12,743 18,093 18,234 18,541 19,804 23,001 27,570 51,081
313 374 672 543 511 338 518 487 554 543 473 536
Total Liabilities 11,332 11,911 13,146 14,593 17,646 23,787 25,654 26,971 29,338 33,893 39,836 67,554
171 190 179 265 326 741 861 892 869 815 852 813
CWIP 1 0 0 0 1 3 6 11 16 33 11 26
Investments 379 324 324 378 1,011 932 1,200 1,215 1,454 1,766 1,822 3,513
10,780 11,397 12,643 13,950 16,309 22,111 23,587 24,852 26,998 31,279 37,150 63,202
Total Assets 11,332 11,911 13,146 14,593 17,646 23,787 25,654 26,971 29,338 33,893 39,836 67,554

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
-827 -361 -283 -53 -1,442 -2,506 150 -112 -314 -2,863 -2,734 -20,559
508 -27 -32 -201 -760 34 -261 -118 -264 -307 -63 -3,011
261 181 248 283 2,206 4,268 -87 -100 888 2,826 4,057 24,960
Net Cash Flow -58 -207 -68 28 3 1,796 -197 -330 310 -343 1,260 1,390
Free Cash Flow -850 -434 -329 -204 -1,566 -2,589 108 -215 -425 -2,957 -2,875 -20,709
CFO/OP -52% -13% 5% 19% -42% -68% 16% 11% 3% -53% -43% -379%

Ratios

Standalone Figures in Rs. Crores / View Consolidated

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% 24% 19% 19% 25% 28% 18% 15% 17% 16% 11%

Insights

In beta
Mar 2014 Mar 2015 Mar 2016 Dec 2017 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Average Gold Loan Ticket Size
Rs '000

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Gold AUM per Branch
Rs Cr
Gold Tonnage
tonnes
Gold Loan Customers
lakh
Gold Loan LTV
%
Online Gold Loan Share of Gold AUM
%
Gold Branches
number
Asirvad MFI Branches
number

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Shareholding Pattern

Numbers in percentages

3 Recently
Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
35.20% 35.20% 35.20% 35.20% 35.24% 35.25% 35.25% 35.25% 35.25% 35.25% 35.25% 31.77%
30.73% 27.08% 28.95% 31.99% 33.00% 30.36% 27.01% 28.43% 29.71% 30.16% 28.78% 23.23%
10.65% 12.25% 12.15% 9.50% 9.34% 10.97% 7.88% 7.99% 8.61% 9.17% 11.15% 12.96%
23.42% 25.47% 23.69% 23.32% 22.42% 23.41% 29.84% 28.33% 26.41% 25.41% 24.84% 32.03%
No. of Shareholders 3,70,9933,50,7103,85,1174,37,4884,52,0905,74,7266,66,7036,26,1375,99,5015,65,7945,51,9275,54,109

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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Documents

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