Manappuram Finance Limited (MANAPPURAM) share price

₹304.15 on NSE as of 2026-10-08. -1.54% on the day. market cap ₹28,570 Cr. P/E 18.6. 52-week range ₹251.10 to ₹371.85. Financial Services.

www.manappuram.com

What the company does

Incorporated in July 1992 and promoted by Mr V P Na ndakumar, MAFIL is the flagship company of the Manappuram group. It is a non-deposit-taking NBFC that provides finan ce against personal gold ornaments. It had 4,380 br anches across India as on March 31, 2019. The company went public in Au gust 1995, with shares listed on the stock exchange s of Chennai, Kochi, and Mumbai (Bombay Stock Exchange and Nation al Stock Exchange). Over the past three years, the Manappuram group has diversified into other businesses such as microfinance, vehicle finance, loans against prope rty, and affordable housing finance. It also entered the insurance broking business. The overall AUM of Rs 20,186 crore as on June 30, 2 019, includes gold loan (66%), microfinance (21%), commercial vehicle finance (6%), housing (3%), and lending to other NBFCs (4%).The gold loan portfolio is diversi fied across 28 states and Union Territories, while the microfinance, comm ercial vehicle, and housing portfolios are diversif ied across 20, 19, and 6 states, respectively. For fiscal 2019, consolidated profit after tax (PAT) was Rs 927 crore on total income of Rs 4,179 cror e, against a PAT of Rs 676 crore on total income of Rs 3,423 crore for fis cal 2018. For the quarter ended June 30, 2019, PAT was Rs 272 crore on total income of Rs 1,185 crore.

Filed by CRISIL, page 5.

Manappuram Finance Q1 FY27: Gold AUM at ₹57,006 Cr, PAT of ₹585 Cr, and a ₹20,238 Cr Operating Cash Outflow

At a glance

Manappuram Finance lends money against gold jewellery that households already own.

Revenue for the three months to June 2026 was ₹3,034 crore. A year earlier it was ₹2,262 crore, a rise of 34.1 per cent. The March quarter brought ₹2,614 crore, so the sequential rise was 16.1 per cent. Operating profit was ₹2,128 crore, against ₹1,029 crore a year earlier. Profit after tax was ₹585 crore, against ₹138 crore in the same quarter last year. The March quarter figure was ₹404 crore. Earnings per share came in at ₹6.22.

The quarter also brought a full changing of the guard. The board approved an interim dividend of ₹1 per share. It raised the proposed borrowing limit to ₹1,00,000 crore, a number that needs a comma to be pronounced. Mr Ashish Singh was appointed MD and CEO with effect from 1 January 2027. Mr V.P. Nandakumar continues as MD and Chairperson until 31 December 2026. He is then redesignated Non-Executive Chairperson.

Underneath all of it sits the gold. Consolidated gold loan AUM stood at ₹57,006 crore. AUM is assets under management, the total loan book a lender is running. Management stated that gold was 82 per cent of consolidated AUM of ₹69,635 crore. The comparable share a year earlier was 65 per cent. Crisil, a credit-rating agency, reaffirmed its AA/Stable and A1+ ratings in a rationale dated 31 July 2026. It also assigned AA/Stable to ₹1,000 crore of subordinated debt, which ranks behind other lenders for repayment.

Consolidated net worth at the end of the quarter was ₹16,552 crore.

Introduction

Manappuram Finance was incorporated in July 1992 and promoted by Mr V.P. Nandakumar. Crisil, a credit-rating agency, says the promoter family has been in the gold-loan business for more than six decades. The company is therefore younger than the trade it carries on. It went public in August 1995, listing on the Chennai, Kochi and Mumbai exchanges. The head office sits at Valapad, Thrissur, in Kerala. That address appears on every filing with the settled confidence of a firm that has never moved to Mumbai.

The recent history is mostly one transaction. In March 2025 the company signed a definitive agreement with Bain Capital for a strategic investment of ₹4,385 crore. The money came through a preferential allotment of equity shares and warrants, warrants being the right to buy shares later. That gave Bain 18 per cent on a fully diluted basis. It also carried a mandatory open offer for a further 26 per cent, the compulsory bid to buy from existing shareholders. RBI approvals came in March 2026.

On 27 March 2026, ₹2,740 crore landed. Of that, ₹2,192.47 crore bought 9,29,01,373 equity shares for BC Asia Investments XXV Limited. A further ₹548.11 crore was 25 per cent of an equal number of warrants, subscribed by BC Asia Investments XIV Limited. The balance of ₹1,644 crore follows over four to eighteen months as those warrants convert. Bain Capital became a joint promoter, with board representation and joint control.

What followed was a board with an unusually busy calendar. On 5 May 2026 the company disclosed that investors had acquired control. Six non-executive independent directors resigned with effect from 5 May, new directors were appointed and the CFO changed. BC Asia Investments gained control on 21 April 2026, following completion of the open offer. On 3 July 2026 the company disclosed that CEO Deepak Reddy had resigned, effective 31 December 2026. Bain has nominated Mr Rishi Mandawat and Mr Ashish Kotecha to the board.

The share count moved with all this. There were 84.64 crore shares at March 2025 and 93.93 crore at March 2026.

Business model

The core proposition is beautifully unglamorous. A household brings in gold jewellery it already owns. The branch assesses purity and applies a loan-to-value ratio, the share of the gold's worth it is willing to lend. Money changes hands, and the ornaments are locked in a vault until the loan is repaid. Crisil, a credit-rating agency, notes that the entire skill set is appraisal, custody and valuation. The collateral is small enough to fit in a drawer and liquid enough to sell before lunch. The company describes this as "cellular vaulting".

Standalone gold AUM, the loan book run by the parent company, was ₹54,655 crore in the three months to June 2026. That was 12.0 per cent above the March quarter and 97.4 per cent above the year-ago figure. Average ticket size reached ₹1,33,000, against ₹57,000 in the year to March 2022. Standalone loan-to-value averaged 65.6 per cent. Management attributed that largely to a gold price denominator effect, gold having fallen about 8.5 per cent over the quarter. Management guides a normal range of 64 to 67 per cent. Gold holdings stood at 64.2 tonnes. Customers numbered 27 lakh standalone, with the presentation counting 29.2 lakh for the quarter.

Distribution runs to 4,054 gold branches, with South India accounting for 63 per cent. Tamil Nadu has 578 branches and Karnataka 570. Kerala has 479. Online Gold Loan, launched in September 2015, is 90 per cent of gold AUM. A customer can borrow against jewellery sitting in a Thrissur vault from anywhere in the world, at three in the morning, in a regional language. That is a sentence which would have baffled a pawnbroker in 1992.

Then there is everything else. Asirvad Microfinance, 98.97 per cent held, lends to women from low-income households. Its AUM is ₹7,188 crore, of which gold loans are now ₹2,344 crore. Manappuram Home Finance does affordable housing, with AUM of ₹1,847 crore. Roughly 80 per cent of its borrowers are self-employed. Standalone lending to small and medium businesses is ₹3,303 crore, run out of about 160 existing gold branches. Vehicle and equipment finance is ₹2,562 crore, down 43 per cent on a year earlier. Management said on the earnings call, "We do not want to disburse any more vehicle loans during this year."

Non-gold was 20 per cent of the portfolio at March 2026, against 47 per cent at March 2024.

Quarterly results, balance sheet, cash flow, ratios, shareholding and the filings themselves are on the full page for Manappuram Finance Limited.

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