HDFC Bank Limited
NSE: HDFCBANK
Financial Services · Banks - Regional
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Research updated
Manappuram Finance Ltd.
NSE: MANAPPURAMFinancial ServicesCredit Services
- Last close
- ₹286.10
- Day change
- −₹15.80 (−5.23%)vs
- Market cap
- ₹30,378 crIndian rupees
- Research updated
- 1 report
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About Manappuram Finance
Manappuram Finance Ltd. is a leading non-banking financial company (NBFC) in India, primarily focusing on providing gold loans. Established in 1949, the company serves as a pivotal player in the Indian financial market by offering secured credit to individuals, significantly impacting the rural and semi-urban communities where traditional banking services are less accessible. In addition to gold loans, Manappuram Finance has diversified its portfolio to include microfinance loans, housing finance, and commercial vehicle loans, catering to various economic segments and business needs. This diversification helps mitigate risks inherent in lending and supports inclusive financial growth. The company's widespread network across India enhances its reach, contributing to its role as a critical facilitator of financial inclusion. By enabling access to credit for a significant portion of the population, Manappuram Finance Ltd. plays an essential role in supporting personal and small business finance, thereby contributing to the broader economic development of the country.
- Sector
- Financial Services
- Industry
- Credit Services
- Listing
- NSE: MANAPPURAM
- Chief executive
- Mr. K. Senthil Kumar
- Employees
- 23,984
- Headquarters
- Thrissur, India
- ISIN
- INE522D01027
- Website
- manappuram.com
Public research · Report of
Business model & financial foundation
Manappuram Finance (NSE: MANAPPURAM), NBFC - gold loans: revenue of ₹9,509 crore in FY26 (-5.3% on FY25) and net profit of ₹993.0 crore.
- Revenue, FY26 (₹ crore)
- 9,509
- consolidated
- Revenue growth, FY26
- -5.3%
- on FY25
- Net profit, FY26 (₹ crore)
- 993.0
- to owners
- Return on equity, FY26
- 7.0%
- on average equity
- Market capitalisation (₹ crore)
- 30,049
- at the close of 15 Oct 2026
Company profile
Manappuram Finance is India's second-largest gold-loan NBFC, lending against household gold jewellery through ~4,050 gold branches and an online channel that carries ~86% of the gold book. Gold loans were 82% of its 69,635 cr consolidated AUM at June 2026; the rest is microfinance (Asirvad), vehicle and equipment finance (in run-off), MSME and housing loans. Bain Capital became joint promoter in April 2026 after investing 2,192 cr in shares and committing 2,192 cr in warrants.
| Item | Value |
|---|---|
| Legal name | Manappuram Finance Limited (formerly Manappuram General Finance and Leasing Limited) |
| Exchange and ticker | NSE: MANAPPURAM; BSE: 531213 |
| ISIN | INE522D01027 |
| Sector | Financial Services |
| Industry | NBFC - gold loans |
| Headquarters | Thrissur, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | KKC & Associates LLP and Chokshi & Chokshi LLP (joint statutory auditors) (since 2024) |
| Market capitalisation | ₹30,049 crore (15 Oct 2026) |
| Shares outstanding | 93.93 crore (FY26) |
| Price | ₹324.0 (close, 15 Oct 2026) |
| 52-week range | ₹245.1 - ₹381.5 (to 15 Oct 2026) |
| Website | https://www.manappuram.com |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Asirvad Micro Finance Ltd | 98.56% | Microfinance (JLG) plus gold and MSME loans; AUM 7,188 cr Jun-26; FY26 loss 579 cr |
| Manappuram Home Finance Ltd | 100% | Affordable housing finance; AUM 1,839 cr Jun-26; FY26 PAT 28 cr |
| Manappuram Comptech and Consultants Ltd | 100% | IT services to the group; FY26 PAT ~2 cr |
Co-promoted since 21 Apr 2026 by V.P. Nandakumar family and BC Asia Investments XXV/XIV (Bain Capital), with joint control.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 35.25% | 31.77% | 41.66% | 41.66% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | |
| Foreign institutions | 28.78% | 23.23% | 22.30% | 21.04% |
| Domestic institutions | 11.15% | 12.97% | 14.85% | 17.55% |
| of which mutual funds | 9.09% | 10.97% | 12.84% | 15.76% |
| Retail | 16.31% | 15.57% | 14.71% | |
| Other | 24.84% | 32.03% | 21.20% | 19.76% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Manappuram lends against household gold jewellery through about 4,054 gold branches (Jun-26) and an online channel that carries about 86% of the gold book. Gold loans were 57,006 cr of 69,635 cr consolidated AUM at Q1 FY27 (82%), up from 65% a year earlier. Loans are short (behavioural tenor of a few months), secured by liquid collateral at an average LTV of 65.6% (Q1 FY27 call); credit losses on gold are near zero, so earnings are set by pricing (yield), funding cost and operating cost. The non-gold book is the earnings risk: Asirvad microfinance (4,827 cr MFI AUM, 98.56% owned), vehicle and equipment finance (2,562 cr, in run-off, GNPA 13.3%), MSME (3,432 cr) and housing (1,839 cr). The company controls its pricing, branch roll-out and underwriting; it does not control the gold price, which sets the size of each loan, or RBI's LTV rules.
| Peer | Why the dossier compares them |
|---|---|
| Muthoot Finance (MUTHOOTFIN) | Largest gold-loan NBFC; same product, same southern franchise |
| IIFL Finance (IIFL) | Third large listed gold-loan NBFC with a diversified book |
| Muthoot Microfin (MUTHOOTMF) | Microfinance peer for Asirvad |
| CreditAccess Grameen (CREDITACC) | Largest listed MFI; benchmark for Asirvad asset quality |
| Bajaj Finance (BAJFINANCE) | Fastest-growing new entrant in gold loans (1,701 gold branches Jun-26) |
| Capri Global Capital (CGCL) | Mid-size NBFC scaling gold loans rapidly |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Profit before tax | 1,784 | 2,041 | 2,960 | 1,666 | 1,270 |
| Tax expense | 454.8 | 540.9 | 762.0 | 462.0 | 277.0 |
| Profit after tax (consolidated) | 1,329 | 1,500 | 2,197 | 1,204 | 993.0 |
| Diluted EPS (₹) * | 15.70 | 17.67 | 25.86 | 14.37 | 11.83 |
| Finance expenses | 2,866 | 3,575 | 3,786 | ||
| Net interest income | 5,982 | 6,466 | 5,723 | ||
| Other income | 72.0 | 34.0 | 15.0 | ||
| Employee benefit expenses | 1,597 | 1,842 | 1,851 | ||
| Other operating / administrative expenses incl. depreciation | 919.0 | 1,030 | 1,061 | ||
| Loan losses and provisions (credit cost) | 578.0 | 1,963 | 1,556 | ||
| Income from operations (consolidated) | 8,848 | 10,041 | 9,509 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity * | 8,384 | 9,665 | 11,577 | 12,449 | 16,057 |
| Borrowings * | 24,820 | 29,169 | 34,322 | 36,079 | 57,839 |
| Cash and cash equivalents * | 2,585 | 2,929 | 2,830 | 3,574 | 6,080 |
| Trade payables * | 173.5 | 162.0 | 209.2 | 215.9 | 254.6 |
| Net property, plant and equipment * | 644.4 | 604.3 | 566.6 | 557.3 | 487.9 |
| Capital work in progress * | 10.7 | 16.0 | 33.4 | 11.5 | 26.9 |
| Total assets * | 46,748 | 49,205 | 74,559 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operations * | -768.8 | -599.1 | 30.2 | -466.6 | -20,238 |
| Capital expenditure (the provider's sign: an outflow is negative) * | 1.14 | 1.07 | 0.88 | -144.7 | -200.3 |
| Free cash flow (vendor definition) * | -585.9 | -3,276 | -3,519 | -662.4 | -20,438 |
| Dividends paid (the provider's sign: an outflow is negative) * | -253.9 | -262.0 | -294.3 | -338.6 | -169.3 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding, year end (crore) | 84.64 | 84.64 | 84.64 | 84.64 | 93.93 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Finance expenses | 905.7 | 925.0 | 895.0 | 855.0 | 876.0 | 945.0 | 1,110 | 1,274 |
| Net interest income | 1,727 | 1,635 | 1,465 | 1,407 | 1,407 | 1,408 | 1,502 | 1,759 |
| Other income | 4.00 | 3.00 | 4.00 | 3.00 | 2.00 | 6.00 | 4.00 | 7.00 |
| Employee benefit expenses | 447.6 | 448.0 | 500.0 | 474.5 | 444.0 | 502.0 | 431.0 | 497.0 |
| Other operating / administrative expenses incl. depreciation | 250.8 | 259.0 | 285.0 | 274.0 | 294.0 | 255.0 | 238.0 | 262.0 |
| Loan losses and provisions (credit cost) | 260.4 | 555.0 | 919.0 | 559.5 | 369.0 | 354.0 | 273.5 | 225.0 |
| Income from operations (consolidated) | 2,633 | 2,560 | 2,360 | 2,262 | 2,283 | 2,353 | 2,620 | 3,033 |
| Profit before tax | 772.7 | 376.0 | -236.0 | 101.5 | 302.0 | 303.0 | 563.5 | 782.0 |
| Tax expense | 200.6 | 98.0 | -33.0 | -31.0 | 85.0 | 64.0 | 159.0 | 197.0 |
| Profit after tax (consolidated, before OCI) | 572.1 | 278.0 | -203.0 | 132.5 | 217.0 | 239.0 | 405.0 | 585.0 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 13.5% | -5.3% | |||
| Net margin | 24.8% | 12.0% | 10.4% | ||
| Return on equity | 16.9% | 16.6% | 20.7% | 10.0% | 7.0% |
| Return on assets | 4.7% | 2.5% | 1.6% | ||
| Dividend payout | 19.1% | 17.5% | 13.4% | 28.1% | 17.0% |
| EPS, diluted (₹) | 15.70 | 17.67 | 25.86 | 14.37 | 11.83 |
| Book value per share (₹) | 99,06,21,267 | 1,14,19,29,005 | 1,36,77,90,643 | 1,47,08,01,040 | 1,70,94,87,917 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on assets: net profit to owners / average total assets.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 15 Oct 2026); market data at the close of 15 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on Manappuram Finance includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
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- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
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The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on Manappuram Finance
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 15 Oct 2026; page updated 25 Oct 2026.
Mool’s research is written by AI agents and published by Mool Capital Private Limited, a SEBI-registered Research Analyst, registration INH000012449, which is responsible for it. This page shows factual company information and an excerpt of that research; it carries no rating and is not investment advice for any individual. Investment in securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Read the disclosures.