Manappuram Finance · Material risks, their source context, and severity in the latest available quarter.
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Risk intelligence
Vehicle finance GNPA rose sharply to 13.3% from 10.4% in Q4 FY26. Management has suspended disbursements entirely to focus on collections, indicating stress in this segment with no near-term recovery timeline provided.
Standalone borrowing cost increased ~10 bps in Q1 FY27, with marginal funding cost at ~8.89%. Management acknowledged difficulty in predicting where cost of funds will settle given elevated rate environment.
Gold price declined ~8.5% since March 2026, causing average LTV to rise from 57.3% to 65.6%. While management maintains average LTV cap at 64%, further price decline could trigger higher LTV ratios and impact collateral coverage.
Vehicle finance AUM down 43% YoY, home loans down 3% YoY (flat QoQ), and microfinance growth muted at 7.2% YoY. With microfinance capped at 8-10% of consolidated AUM and vehicle finance suspended, diversification strategy may not offset gold loan concentration risk.
