MANBA
Manba Finance financials
- Market cap
- ₹681 Cr
- Sector
- Financial Services
- Calls analysed
- 6
Manba Finance Limited Q1 FY27
What went well
- Net Interest Income (NII) of INR42 crores, registering a significant growth of 36% year-on-year.
- Profit After Tax (PAT) for the quarter increased by 36% year-on-year to INR13 crores, reflecting healthy profitability.
- Asset Under Management (AUM) stood at INR1,731 crores as of June 30th, 2026, reflecting a robust year-on-year growth of 22%.
What to watch
- Capital Adequacy Ratio declined from 29.81% in FY25 to 24.40% in Q1 FY27, necessitating a capital raise of INR100 crores.
- Average cost of borrowing slightly increased to 10.86% due to maintaining healthy liquidity.
What Manba Finance Limited does
Manba Finance is a Non-Banking Finance Company founded in 1996 by Manish Shah, providing secured retail loans for new and electric two-wheelers and three-wheelers, used cars, small businesses (Manba Vyapaar Loans) and personal top-up loans to unbanked and emerging customer segments. It originates loans through a large network of vehicle dealers spread across several states and funds its book through tie-ups with public and private sector banks, NBFCs and a co-lending arrangement with Muthoot Finance. The company runs an in-house digital lending stack (Loan Origination, Management and Accounting systems) enabling fast, largely paperless sanctions, and maintains its own collections and legal-recovery infrastructure for delinquent accounts.
Segments
- Two-Wheeler Loans
- Three-Wheeler Loans
- Used Car Loans
- Small Business Loans (Manba Vyapaar Loans)
- Personal Loans (Top-up Loans)
- Branch locations
- 130 (FY26)
- States covered
- 6
- Dealer network
- 1,596 (FY26)
- Employees
- 1,802, including 900+ sales personnel (FY26)
- Customers
- 1 million+ milestone reached (2025)
- Operating history
- 29+ years (since 1996)
Guidance record · Q1 FY27
what the last two calls moved 17 tracked 3 delivered 3 missed 11 open- Cost of Borrowing delivered said Q1 FY26 Promised: reductions further 50 points to 1% rate of interest Q1 FY27: Promise remains achieved. The cost of borrowing in Q1 FY27 increased to 10.86% due to a strategy of holding higher liquidity, but the original target was met in FY26.
- FY27 Profit After Tax (PAT) went quiet said Q1 FY26 Promised: INR 85-100 crore Q1 FY27: The revised FY27 PAT target of INR 65-70 crore was not reiterated. Instead, management guided for PAT growth similar to Q1's 36% YoY and a 3.5% ROA for FY27.
- AUM YoY Growth Rate revised up said Q1 FY26 Promised: 30-35% every year Q1 FY27: Management guided for 35-40% AUM growth for FY27, a significant upward revision from the previous 25-30% guidance. Q1 FY27 YoY growth was 22%.
All 17 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 38.8%, net profit up 30.0% 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 | 65 | 69 | 68 | 67 | 78 +20% | 90 +30% | 93 +37% | 93 +39% |
| Net profit | 12 | 13 | 8 | 10 | 11 −8% | 13 +0% | 11 +38% | 13 +30% |
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 −4.7% 1Y
1Y: ₹139.02 on 10 Sept 2025 → ₹132.47. High ₹146.37 (27 Jul 2026), low ₹100.51 (30 Mar 2026).
How the price took the results
close before → close after
- Q1 FY27
- −6.1%
- 28 Jul
- Q4 FY26
- +2.5%
- 19 May
- Q3 FY26
- +1.8%
- 30 Jan
- Q2 FY26
- +0.8%
- 12 Nov
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 30.7% a year over 1 year, FY25 to FY26.
| Year ending | FY25 | FY26 |
|---|---|---|
| Revenue | ₹251 Cr | ₹328 Cr |
| Interest | ₹107 Cr | ₹152 Cr |
| Depreciation | ₹4 Cr | ₹4 Cr |
| Net profit | ₹38 Cr | ₹45 Cr |
| Net margin | 15.1% | 13.7% |
| Cash from operations | ₹-324 Cr | ₹-378 Cr |
| Free cash flow | ₹-326 Cr | ₹-379 Cr |
| ROE | 13.0% | 12.0% |
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 | ₹13 Cr | ₹13 Cr | ₹13 Cr | ₹38 Cr | ₹50 Cr | ₹50 Cr |
| Reserves | ₹130 Cr | ₹140 Cr | ₹154 Cr | ₹163 Cr | ₹339 Cr | ₹360 Cr |
| Borrowings | ₹379 Cr | ₹395 Cr | ₹608 Cr | ₹763 Cr | — | ₹1.6k Cr |
| Other liabilities | ₹6 Cr | ₹16 Cr | ₹15 Cr | ₹10 Cr | ₹28 Cr | ₹14 Cr |
| Total liabilities | ₹528 Cr | ₹564 Cr | ₹789 Cr | ₹974 Cr | ₹1.9k Cr | ₹2.0k Cr |
| Fixed assets | ₹16 Cr | ₹13 Cr | ₹22 Cr | ₹20 Cr | ₹17 Cr | ₹15 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Investments | ₹0 Cr | ₹0 Cr | ₹18 Cr | ₹27 Cr | ₹76 Cr | ₹94 Cr |
| Other assets | ₹512 Cr | ₹551 Cr | ₹749 Cr | ₹927 Cr | ₹1.8k Cr | ₹1.9k Cr |
| Total assets | ₹528 Cr | ₹564 Cr | ₹789 Cr | ₹974 Cr | ₹1.9k Cr | ₹2.0k 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.
All earnings calls (6)
Read the Q1 FY27 call →Learn to analyse Manba Finance Limited
Guides on how to read this kind of business and the numbers that matter.