MANAPPURAM
Small CapManappuram Finance Limited
Financial Services
Manappuram Finance is a leading listed gold lender in India, operating 5,000+ branches. It pioneered online gold loans and cellular vaulting. The company has scaled Asirvad Microfinance and offers small ticket home loans, used vehicle loans, and MSME financing, aiming to be a financial partner for under-banked customers.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust is a red flag, price trend is neutral, and recent execution is weak.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Average · 30/100Rev +11% YoY · +11% QoQ
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹2,614 Cr | +10.7% | +11.1% |
| EBITDA | NDF | NDF | NDF |
| Operating margin | NDF | NDF | NDF |
| PAT | ₹405 Cr | NDF | +69.5% |
| PAT margin | 15.5% | +2409 bps | +534 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Consolidated AUM grew 22.4% QoQ and 48.3% YoY to INR 63,798 Cr, driven by strong gold loan growth. However, consolidated PAT declined 17.5% YoY to INR 405 Cr, despite a 69.7% QoQ increase, impacted by MFI segment losses.
While core gold loan AUM growth is robust, the consolidated PAT decline YoY and significant losses in the Asirvad Microfinance segment raise concerns. The MFI segment's asset quality and profitability remain a drag, offsetting strong performance in the primary business. Diversification benefits are not yet evident.
Consolidated AUM by Product (Q4 FY26)
Latest issuer-disclosed distribution across 5 reported categories.
Online Gold Loan (OGL)
Pioneered OGL in 2015, enabling 24x7 access and instant fund transfers up to pre-approved limits.
Business Associates / DSA Channel
Leveraging these channels for gold loan growth.
Digital Marketing
Utilizing digital marketing activities to expand reach.
Cross-sale
Cross-selling non-gold loan products to existing gold loan customers.
Gold Loan Product Attributes
Gold loans have limited sensitivity to interest rate fluctuations due to small ticket size, short tenor, and inherent convenience.
Operating Expense Leverage
Significant operating expense leverage expected as new branches mature.
Rating Upgrades
Received rating upgrade from S&P to BB- (Oct 2021) and CRISIL to AA (Sep 2019).
Diversified Funding
Raised $300 mn Debt under Reg S in May 2024, indicating access to diversified funding sources.
MFI Segment Underperformance
Asirvad Microfinance AUM declined 35.7% YoY, and the segment reported a full-year loss of INR 579 Cr in FY26.
Consolidated PAT Decline
Consolidated PAT decreased 17.5% YoY in Q4 FY26 and 17.5% for FY26, despite strong AUM growth.
Standalone PAT Decline
Standalone PAT decreased 9.4% YoY in Q4 FY26 and 14.5% for FY26.
High Provisions
Standalone provisions/bad debts increased 171.9% YoY in Q4 FY26, impacting profitability.
MFI Asset Quality
Asirvad Microfinance reported GNPA of 4.8% and NNPA of 1.6% in Q4 FY26, indicating elevated credit risk in this segment.
Rising Provisions
Standalone provisions for bad debts surged 171.9% YoY in Q4 FY26, suggesting potential asset quality stress beyond MFI.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
NBFC performance is best assessed by both sequential (QoQ) momentum in AUM and disbursements, and annual (YoY) trends for sustained growth, seasonal effects, and asset quality evolution.
Consolidated AUM
INR 63,798 Cr, up 22.4% QoQ and 48.3% YoY.
Standalone Gold Loan AUM
INR 48,814 Cr, up 31.4% QoQ and 98% YoY.
Consolidated PAT
INR 405 Cr, up 69.7% QoQ, down 17.5% YoY.
Standalone PAT
INR 376 Cr, down 1.5% QoQ, down 9.4% YoY.
Vision
To become the financial partner of choice for under-banked customers across their lifecycle.
Gold Loan Strategy
Create a market for gold loans as a mainstream, convenient, and affordable product.
Customer Focus
Aim to be a one-stop shop for meeting under-banked customers' borrowing and protection needs.
Technology Adoption
Increasing focus on technology for sourcing, underwriting credit, and managing risk.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Consolidated PAT | INR 405 Cr (Q4 FY26) | Sustained YoY growth and recovery from full-year decline. |
| Asirvad Microfinance Profitability | INR 13 Cr (Q4 FY26) | Consistent quarterly profitability and a return to full-year profit. |
| Standalone Gold Loan AUM Growth | INR 48,814 Cr (Q4 FY26), up 98% YoY | Track if high growth rates are sustainable without compromising asset quality. |
| Consolidated Cost of Borrowing | 8.80% (Q4 FY26) | Observe if the cost of funds continues to decline amidst rising interest rates. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
59NeutralSMA20 +11.9% / mo
Technical chart
MANAPPURAMdaily · 3Y+11.8%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 48. Wait for confirmation.
- SMA20 rising (~7.4% over last month) — short-term momentum positive.
- RSI(14) at 48 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 8% off 52W high · 25% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
WATCHLISTWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Quality contributes 12/20 to the score.
- Cash flow contributes 5/10 to the score.
- Valuation contributes 8/30 to the score.
Main drags
- Altman Z is 0.7, in distress territory.
- Fair-value margin of safety is negative at -446.9%.
- Growth is weaker at 3/25; verify the latest quarterly trend.
NBFC valuation: P/B, ROA, borrowing cost, and asset quality
Lenders can look optically cheap before credit losses emerge, so valuation is tied to book quality.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Low Trust: Claim history is still being built. It ranks around the 1st percentile of the scored universe and 1st percentile within Financial Services. Main check: results consistency is weak at 15/100.
Low Trust Lite: Promoter pledge is zero. Key concern: Operating cash flow is negative at ₹-20238 Cr.
Avoid relying on management narrative unless turnaround evidence is hard and recent.
overall median 67 · Financial Services: 1st pctile, median 62 · Small: 1st pctile, median 65
90 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Low Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
Trust risks
- ▸Operating cash flow is negative at ₹-20238 Cr.
- ▸Debt/equity is 3.60.
- ▸Altman Z is 0.66.
- ▸3 latest quarters had PAT decline worse than 25% YoY.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 28.00
- P/B
- 1.75
- EV/EBITDA
- 279.94
- Market Cap
- 28105.00Cr
Profitability
- ROE
- 7.04%
- ROCE
- 8.26%
- ROA
- 1.33%
- Dividend Y
- 1.17%
Growth (CAGR)
- Revenue 5Y
- 8.00%
- EPS 5Y
- -10.00%
- Revenue 3Y
- 12.00%
- EPS 3Y
- -12.00%
Balance Sheet
- Debt/Equity
- 3.60
- Interest Coverage
- —
- Altman Z
- 0.66
- Book Value
- 171.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 0/5
- OCF
- -20238.00 Cr
- EPS TTM
- 10.68
Shareholding
- Promoter Hold
- 31.77%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 61%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Financial Services — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.