Manappuram Finance Ltd

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

₹ 315 -0.25%
30 Sep 10:59 a.m.
manappuram.com BSE: 531213 NSE: MANAPPURAM F&O
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 F&O
  • Market Cap ₹ 29,608 Cr.
  • Current Price ₹ 315
  • High / Low ₹ 382 / 245
  • Stock P/E 20.4
  • Book Value ₹ 171
  • Dividend Yield 0.63 %
  • ROCE 8.25 %
  • ROE 6.97 %
  • Face Value ₹ 2.00
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Pros

  • Company has been maintaining a healthy dividend payout of 19.8%
  • Promoter holding has increased by 9.89% over last quarter.

Cons

  • 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.

* 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 Financial Services BSE SmallCap Select Index BSE 250 SmallCap Index BSE 400 MidSmallCap Index BSE Diversified Financials Revenue Growth

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

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
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
Interest 648 689 749 779 848 906 925 895 855 876 945 1,109 1,274
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
Financing Margin % 35% 37% 36% 34% 32% 32% 17% -7% 8% 17% 16% 24% 28%
27 13 21 14 24 4 3 2 3 2 5 12 6
Depreciation 56 62 62 65 64 67 70 66 75 79 77 75 78
Profit before tax 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%
498 561 575 564 557 572 278 -203 132 217 239 405 585
EPS in Rs 5.86 6.60 6.77 6.63 6.55 6.74 3.33 -2.26 1.63 2.60 2.85 4.30 6.22
Gross NPA %
Net NPA %
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

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
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
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
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
Financing Margin % 23% 25% 36% 31% 35% 38% 39% 32% 33% 35% 19% 16% 22%
5 3 3 58 63 86 44 65 50 72 20 15 25
Depreciation 54 56 63 68 75 164 171 198 204 246 267 307 310
Profit before tax 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%
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 4.20 8.98 8.04 11.16 17.37 20.37 15.70 17.67 25.86 14.37 10.68 15.97
Dividend Payout % 42% 54% 17% 25% 19% 16% 10% 19% 17% 13% 28% 19%
Compounded Sales Growth
10 Years: 15%
5 Years: 8%
3 Years: 12%
TTM: 5%
Compounded Profit Growth
10 Years: 11%
5 Years: -10%
3 Years: -13%
TTM: 81%
Stock Price CAGR
10 Years: 13%
5 Years: 12%
3 Years: 28%
1 Year: 13%
Return on Equity
10 Years: 17%
5 Years: 13%
3 Years: 12%
Last Year: 7%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

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
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
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
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 Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
-888 -1,042 -1,271 -33 -1,661 -3,620 -619 -423 -3,103 -3,450 -467 -20,238
649 72 -25 -148 -371 26 -186 -193 -616 -601 -125 -1,632
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

Consolidated / View Standalone

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

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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
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
35.20% 35.20% 35.20% 35.24% 35.25% 35.25% 35.25% 35.25% 35.25% 35.25% 31.77% 41.66%
27.08% 28.95% 31.99% 33.00% 30.36% 27.01% 28.43% 29.71% 30.16% 28.78% 23.23% 22.30%
12.25% 12.15% 9.50% 9.34% 10.97% 7.88% 7.99% 8.61% 9.17% 11.15% 12.96% 14.85%
25.47% 23.69% 23.32% 22.42% 23.41% 29.84% 28.33% 26.41% 25.41% 24.84% 32.03% 21.20%
No. of Shareholders 3,50,7103,85,1174,37,4884,52,0905,74,7266,66,7036,26,1375,99,5015,65,7945,51,9275,54,1095,26,798

* 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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