Announcement
Announcement under Regulation 30 (LODR)-Change in Management 15 Sep - Manappuram Finance reports resignations of two business heads, effective September 15 and 16, 2026.
Source: Bse
Manappuram Finance Limited (MANAPPURAM)
Small CapFinancial Services stocks · Small cap · NSE
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.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals16 Oct 2026 · screener
Latest result16 Aug, 01:49 am IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags03 May 2026
Coverage10/10 · 100%
Valuation2026-07-20 · Rf 6.8% · Financial Services P/E 17.0 (n=243)
Technical timing lens
Trend score and candlestick chart
48NeutralSMA20 -5.9% / mo · MACD +
Stock trend: 51
Sector RS: 44
Sector 3M: -5.8% vs Nifty 500 -5.6%
Financial Services FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
MANAPPURAMD candles · FIT view+10.4%Latest close ₹319.55 on 2026-10-19
Bar
-1.6%
RSI
48
MACD hist
2.08
52W pos
55%
2026-10-19O ₹324.75H ₹325.95L ₹316.20C ₹319.55Vol 19.0L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
MANAPPURAMNifty Financial ServicesNifty 500
- MANAPPURAM
- -5.2%
- Nifty 500
- -5.6%
- Nifty Financial Services
- -6.0%
- Vs Nifty 500
- +0.4 pp
Chart stats
19 Oct 2026- From 52W high
- -16.2%
- 52W range position
- 55%
- ATR (14)
- 3.0%
- Volume vs 20D
- 0.44x
- Avg traded value
- ₹133 Cr
- 20D price channel
- ₹303.4 - ₹334.3
₹381.6
₹245.2 - ₹381.6
₹9.5
Latest completed session
20-session average
33.7% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is weak.
Suggested next step
Verify management risk first
Do not let cheap valuation override weak Trust or governance evidence.
U-Score
Legacy · OVERVALUED21
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent85
Revenue +34.1% · PAT +343.2% YoY
Technical
Neutral48
Price trend and sector-relative-strength timing.
Valuation
Legacy model-509.7%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence40
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Excellent · 85/100Rev +34% YoY · PAT +343% YoY · +16% QoQ · operating leverage
Filed 30 Jun 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹3,034 Cr | +34.1% | +16.1% |
| EBITDA | NDF | NDF | NDF |
| Operating margin | NDF | NDF | NDF |
| PAT | ₹585 Cr | +343.2% | +44.4% |
| PAT margin | 19.3% | +1344 bps | +379 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 21.00
- P/B
- 1.89
- EV/EBITDA
- 284.75
- Market Cap
- 30434.00Cr
Profitability
- ROE
- 6.97%
- ROCE
- 8.25%
- ROA
- 1.94%
- Dividend Y
- 0.63%
Growth (CAGR)
- Revenue 5Y
- 8.00%
- EPS 5Y
- -10.00%
- Revenue 3Y
- 12.00%
- EPS 3Y
- -13.00%
Balance Sheet
- Debt/Equity
- 3.60
- Interest Coverage
- —
- Altman Z
- 0.69
- Book Value
- 171.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 0/5
- OCF
- -20238.00 Cr
- EPS TTM
- 15.97
Shareholding
- Promoter Hold
- 41.66%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 58%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 3,034+16.1% vs prev
Net Profit
₹ CrLatest: 585+44.4% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
NeutralTrend is undirectional — long-term uptrend intact. RSI 48.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 falling (~6.3% over last month) — short-term momentum negative.
- RSI(14) at 48 — sideways, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 16% off 52W high · 30% 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.
Nifty 500 leadership
Relative Strength & Trend Stage
78
RS percentile
Stage 1 Base / Transition
1M return
+0.1%
3M return
-5.2%
6M return
+8.3%
1Y return
+15.6%
RS 1D
-2
RS 20D
+10
Sector rank
#9
Industry rank
#17
Stage evidence
- Price is within 0.9% of the 30-week proxy.
- The 30-week proxy changed +1.9% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price above
Sector
neutral
Industry
neutral
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 118.92-0.34%
RS vs Nifty 500119
Valuation & peers
U-Score 21 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 21 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
OVERVALUED
Fundamental score breakdown
U band · OVERVALUEDValuation0/30
Growth3/25
Quality12/20
Balance Sheet3/15
Cash Flow3/10
Piotroski
2/9 (+0)
Penalties
0
Raw sum
21
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
21/100 · legacy band OVERVALUED
Positive drivers
- Quality contributes 12/20 to the score.
- Cash flow contributes 3/10 to the score.
- Balance sheet contributes 3/15 to the score.
Main drags
- Altman Z is 0.7, in distress territory.
- Fair-value margin of safety is negative at -509.7%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
Sector valuation model
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.
Primary lens
P/B adjusted for ROA/ROE and leverage quality.
Secondary checks
AUM growth, spreads, credit cost, liquidity and ALM risk.
Main risk check
Fast growth with weak asset quality deserves a discount.
PE
21.0
PB
1.9
EV/EBITDA
284.8
ROE
7.0%
ROCE
8.3%
FCF Yield
—
Debt/Equity
3.6
MoS
-509.7%
Score movement
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.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
21
Previous: 21
Legacy U-Score band
OVERVALUED
Previous: OVERVALUED
Margin of safety
-509.7%
Previous: -509.7%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
21
21
21
21
21
21
21
21
21
21
21
21
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹247.88
-28.9% MoS
Justified P/B
0.31
Justified Value
₹53.01
-509.7% MoS
PEG
—
Comparable companies
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.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
PILANIINVS
Small
Pilani Investment and Industries Corporation Limited
Insurance
match 154
37
—
0.2%
-40%
WATCHLIST
NAM-INDIA
Large
Nippon Life India Asset Management Limited
Insurance
match 142
63
41.2
34.5%
+2%
UNDERVALUED
SHRIRAMFIN
Large
Shriram Finance Limited
Insurance
match 142
47
19.8
16.4%
+6%
FAIR VALUE
MUTHOOTFIN
Large
Muthoot Finance Limited
Insurance
match 140
67
9.1
30.9%
+79%
UNDERVALUED
SBILIFE
Large
SBI Life Insurance Company Limited
Insurance
match 140
27
64.2
13.7%
-40%
OVERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis under stressReviewed 2026-06-07T07:11:05.157Z
Management commentary snapshot
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.
Current business mix
Consolidated AUM by Product (Q4 FY26)
Latest issuer-disclosed distribution across 5 reported categories.
Gold80.0%
MFI7.0%
HFC3.0%
VEF5.0%
MSME5.0%
Growth engines
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.
Tailwinds
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.
Headwinds
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.
Risk radar
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.
Management accountability
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.
Analyst reading lens
Compare BOTH
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.
Sector KPIs management disclosed
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.
Management forward view
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.
Thesis monitor
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.
Trust Score
40Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 1st percentile of the scored universe and 1st percentile within Financial Services. Main check: balance sheet trust is weak at 22/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 20 Oct 2026
management-trust-v1
58 docs text-extracted · 28 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
1st percentile
overall median 67 · Financial Services: 1st pctile, median 62 · Small: 1st pctile, median 66
Evidence depth
Financial-only
58 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Do not rely on management narrative unless hard turnaround evidence is visible.
Read 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.
Promoter
82
strong · holding, pledge, alignment
Cash flow
28
weak · profit to cash conversion
Balance sheet
22
weak · leverage and solvency
Discipline
40
weak · capital discipline
Results
27
weak · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸Promoter holding increased 6.4%.
Trust risks
- ▸Operating cash flow is negative at ₹-20238 Cr.
- ▸Debt/equity is 3.60.
- ▸Altman Z is 0.69.
- ▸2 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.
Continue researching Manappuram Finance Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 4 Sep - Newspaper Advertisement of Notice of Transfer of shares of MAFIL, in respect of which dividend has not been claimed for seven consecutive years or more …
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2026 from bse
Source: Bse
Annual report
Annual Report 2025
Source: Bse
Annual report
Notice Of The 34Th Annual General Meeting Of Manappuram Finance Limited And Annual Report Of The Company For FY 2025-26 2d
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.