MANAPPURAM
Manappuram Finance share price & financials
- Price
- ₹318.65
- Market cap
- ₹32.8k Cr
- Sector
- Financial Services
- Calls analysed
- 8
Manappuram Finance Limited Q1 FY27
What went well
- Consolidated AUM at ₹69,635 crores, up 9% QoQ and 57% YoY.
- Consolidated PAT at ₹585 crores, up 45% QoQ and 47% YoY.
- Standalone gold loan AUM at ₹54,655 crores, up 12% QoQ and 97% YoY.
What to watch
- Vehicle finance AUM declined 14.3% QoQ and 43% YoY, with GNPA elevated at 13.3%.
- Standalone borrowing cost increased by 10 basis points in Q1 FY27.
What Manappuram Finance Limited does
Manappuram Finance is a gold-loan focused non-banking finance company that lends against pledged household gold jewellery, which it safekeeps in its branch vaults, earning interest income on the loan book. It has diversified beyond gold into microfinance (through subsidiary Asirvad Microfinance, a joint-liability-group lender to women borrowers), affordable housing finance, vehicle & equipment finance for self-employed customers, MSME loans and co-lending/onlending arrangements. The gold-loan business is run through a pan-India branch network alongside a digital Online Gold Loan channel, funded via a mix of term loans, NCDs, ECBs/USD bonds and commercial paper.
Segments
- Gold Loan
- Microfinance
- Housing Finance
- Vehicle & Equipment Finance (VEF)
- MSME
- Onlending
- Market position
- #2 listed gold-loan NBFC in India
- Gold jewellery held in custody
- c.63 metric tonnes of household gold jewellery
- Active gold-loan customers
- 2.7 million (27.11 lakh)
- Branch network (consolidated)
- 5,000+ branches pan-India
- Gold-loan branches (standalone)
- 4,044 branches
- Geographic reach of gold-loan network
- Branches spread across 28 states and union territories (North, South, East, West India)
Guidance record · Q1 FY27
what the last two calls moved 21 tracked 6 delivered 6 missed 9 open- MFI Disbursement Ban Resolution delivered said Q2 FY25 Promised: 3-4 months Q1 FY27: Previously achieved.
- Asirvad MFI AUM Growth missed said Q3 FY25 Promised: 10%-12% annually for next 2 years Q1 FY27: AUM grew 7.2% YoY to ₹7,188 cr, which is below the 10-12% annual growth target for FY27.
- Consolidated ROE revised up said Q4 FY26 Promised: 13% to 16% in the next 1 or 2 years Q1 FY27: Management revised guidance upwards to a target of 15-18% ROE, with a goal of reaching 18% within three years.
All 21 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 45.9%, net profit up 40.8% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,748 | 1,799 | 1,739 | 1,743 | 1,820 +4% | 1,918 +7% | 2,158 +24% | 2,543 +46% |
| Net profit | 475 | 453 | 414 | 392 | 376 −21% | 381 −16% | 376 −9% | 552 +41% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +14.2% 1Y
1Y: ₹288 on 10 Sept 2025 → ₹329. High ₹371.85 (31 Jul 2026), low ₹251.1 (30 Mar 2026).
How the price took the results
close before → close after
- Q1 FY27
- −2.5%
- 11 Aug
- Q4 FY26
- +3.7%
- 4 May
- Q3 FY26
- +1.8%
- 29 Jan
- Q2 FY26
- −0.6%
- 30 Oct
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 7.7% a year over 3 years, FY23 to FY26.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹6.1k Cr | ₹5.8k Cr | ₹6.9k Cr | ₹7.6k Cr |
| Interest | ₹2.0k Cr | ₹1.8k Cr | ₹2.4k Cr | ₹3.0k Cr |
| Depreciation | ₹192 Cr | ₹188 Cr | ₹201 Cr | ₹230 Cr |
| Net profit | ₹1.4k Cr | ₹1.7k Cr | ₹1.8k Cr | ₹1.5k Cr |
| Net margin | 22.8% | 28.4% | 25.8% | 20.0% |
| ROE | 15.0% | 17.0% | 16.0% | 11.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹169 Cr | ₹169 Cr | ₹169 Cr | ₹169 Cr | ₹169 Cr | ₹188 Cr |
| Reserves | ₹6.7k Cr | ₹7.8k Cr | ₹8.8k Cr | ₹10.2k Cr | ₹12.5k Cr | ₹15.8k Cr |
| Borrowings | ₹18.2k Cr | ₹18.5k Cr | ₹19.8k Cr | ₹23.0k Cr | — | ₹51.1k Cr |
| Other liabilities | ₹518 Cr | ₹487 Cr | ₹554 Cr | ₹543 Cr | ₹578 Cr | ₹536 Cr |
| Total liabilities | ₹25.7k Cr | ₹27.0k Cr | ₹29.3k Cr | ₹33.9k Cr | ₹51.7k Cr | ₹67.6k Cr |
| Fixed assets | ₹861 Cr | ₹892 Cr | ₹869 Cr | ₹815 Cr | ₹1.1k Cr | ₹813 Cr |
| Capital work in progress | ₹6 Cr | ₹11 Cr | ₹16 Cr | ₹33 Cr | ₹13 Cr | ₹26 Cr |
| Investments | ₹1.2k Cr | ₹1.2k Cr | ₹1.5k Cr | ₹1.8k Cr | ₹1.2k Cr | ₹3.5k Cr |
| Other assets | ₹23.6k Cr | ₹24.9k Cr | ₹27.0k Cr | ₹31.3k Cr | ₹49.3k Cr | ₹63.2k Cr |
| Total assets | ₹25.7k Cr | ₹27.0k Cr | ₹29.3k Cr | ₹33.9k Cr | ₹51.7k Cr | ₹67.6k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, FIIs trimmed −7.41 pp while promoters added +6.41 pp. The shareholder count shrank 12% to 5,26,798.
- Promoters
- 41.7%
- FIIs
- 22.3%
- DIIs
- 14.8%
- Public
- 21.2%
Since Jun 2025
- FIIs −7.41 pp
- Promoters +6.41 pp
- DIIs +6.24 pp
How it drifted, 12 quarters
Over this window promoters went from 35.2% to 41.7% — +6.5 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 35.2%, FIIs 27.1%, DIIs 12.3%, Public 25.5%.Dec '23: Promoters 35.2%, FIIs 28.9%, DIIs 12.2%, Public 23.7%.Mar '24: Promoters 35.2%, FIIs 32.0%, DIIs 9.5%, Public 23.3%.Jun '24: Promoters 35.2%, FIIs 33.0%, DIIs 9.3%, Public 22.4%.Sep '24: Promoters 35.3%, FIIs 30.4%, DIIs 11.0%, Public 23.4%.Dec '24: Promoters 35.3%, FIIs 27.0%, DIIs 7.9%, Public 29.8%.Mar '25: Promoters 35.3%, FIIs 28.4%, DIIs 8.0%, Public 28.3%.Jun '25: Promoters 35.3%, FIIs 29.7%, DIIs 8.6%, Public 26.4%.Sep '25: Promoters 35.3%, FIIs 30.2%, DIIs 9.2%, Public 25.4%.Dec '25: Promoters 35.3%, FIIs 28.8%, DIIs 11.2%, Public 24.8%.Mar '26: Promoters 31.8%, FIIs 23.2%, DIIs 13.0%, Public 32.0%.Jun '26: Promoters 41.7%, FIIs 22.3%, DIIs 14.8%, Public 21.2%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- BC Asia Investments XXV Limited newly disclosed 9.89% held
- SBI Arbitrage Opportunities Fund Mutual fund newly disclosed 2.38% held
- ICICI Prudential Multicap Fund Mutual fund newly disclosed 1.30% held
- Goldman Sachs Bank Europe Se - Odi Global fund house newly disclosed 1.04% held
- Quant Mutual Fund - Quant Small Cap Fund Mutual fund +0.33 pp 2.09% held
- BC Asia Investments XIV Limited newly disclosed 0.00% held
- BC Asia Investments XXIV Limited newly disclosed 0.00% held
The same filing shows 1 holder trimming and 1 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Manappuram Finance Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Nandakumar V P | 26.18% | unchanged |
| BC Asia Investments XXV Limited | 9.89% | newly disclosed |
| Smallcap World Fund, Inc Global fund house | 5.49% | −0.53 pp |
| Sushama Nandakumar | 5.11% | unchanged |
| SBI Arbitrage Opportunities Fund Mutual fund | 2.38% | newly disclosed |
| Government Pension Fund Global Sovereign | 2.24% | unchanged |
| Quant Mutual Fund - Quant Small Cap Fund Mutual fund | 2.09% | +0.33 pp |
| ICICI Prudential Multicap Fund Mutual fund | 1.30% | newly disclosed |
| Goldman Sachs Bank Europe Se - Odi Global fund house | 1.04% | newly disclosed |
| Jyothy Prasannan | 0.48% | unchanged |
| Shelly Ekalavian | 0.00% | unchanged |
| Dr. Sumitha Nandan | 0.00% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in MANAPPURAM
Filings to Aug 2026
0 new, 5 added, 3 trimmed, 0 sold out — net +31.18 L shares (+9.9%).
- Held by funds
- ₹1.2k Cr
- 15 schemes
- Biggest holder
- SBI ELSS Tax Saver Fund
- ₹298 Cr · 0.9% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| SBI ELSS Tax Saver Fund SBI Mutual Fund | ₹298 Cr | held | May '26 |
| SBI Arbitrage Fund SBI Mutual Fund | ₹227 Cr | −0.33 L | Aug '21 |
| Nippon India Arbitrage Fund Nippon India Mutual Fund | ₹163 Cr | +35.82 L | May '20 |
| SBI Dividend Yield Fund SBI Mutual Fund | ₹160 Cr | held | Jun '26 |
| SBI Banking And Financial Services Fund SBI Mutual Fund | ₹139 Cr | held | May '26 |
| SBI Smallcap Fund SBI Mutual Fund | ₹109 Cr | held | May '26 |
| Nippon India Nifty Smallcap 250 Index Fund Nippon India Mutual Fund | ₹30 Cr | +0.11 L | Sep '22 |
| SBI Nifty Smallcap 250 Index Fund SBI Mutual Fund | ₹15 Cr | +0.05 L | Oct '22 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
5 added, 3 trimmed — net +31.18 L shares (+9.9%)
- Funds are sitting on
- +2%
- vs est. average cost
- Held by funds
- ₹1.2k Cr
- 15 schemes · ≈ 3.4% of the company
- Biggest holder
- SBI ELSS Tax Saver Fund
- ₹298 Cr · 0.9% of that fund
- Longest holder
- Nippon India Arbitrage Fund
- 6y 4m · since May '20
Shares held by these funds +144%
Aug '23 3.09 cr shares Jul '26
All earnings calls (8)
Read the Q1 FY27 call →Learn to analyse Manappuram Finance Limited
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