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Revenue
₹2,614 Cr
verified against source
Revenue YoY
11%
reported change
EBITDA
Pending
latest reported figure
Source
screener in partial
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Manappuram Finance reported a strong Q4 FY26 with consolidated revenue of ₹2,614 crore (+11% YoY) and PAT of ₹405 crore (+70% QoQ). Growth was driven by the gold loan portfolio, which surged 99% YoY to ₹50,953 crore AUM, now 80% of consolidated AUM. The microfinance subsidiary Asirvad posted a modest profit of ₹13 crore versus a loss of ₹156 crore in Q3, aided by a new book mix (59% of portfolio) with collection efficiency of 99.4%. Management guided for continued gold loan momentum, targeting 500-550 new branches in FY27, and expects consolidated ROE to improve to 13-16% over 1-2 years. Key risk: elevated credit costs in vehicle and MSME portfolios may persist, requiring further write-offs.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects gold loan volume growth in FY27 to be higher than FY26, supported by new products and branch expansion.
- New branches will be opened in identified high-potential locations, leveraging removal of prior approval requirement.
- Management targets ROE exceeding 15% in FY28, driven by improving margins and asset quality.
- Management expects gold loan yield to stabilize in the 17.5-18% range, with no further decline.
Risks flagged
- Vehicle finance AUM declined 37% YoY; GNPA improved to 10.4% but remains elevated. A one-time write-off of ₹84 crore was taken in Q4.
- MSME GNPA rose to 7.1% from 6.1% QoQ, raising concerns about potential further write-offs.
- Higher growth in larger ticket gold loans at lower rates could pressure yields despite management's guidance of stability.
- MD Ravi is undergoing treatment in Singapore; his return timeline is unclear, creating leadership uncertainty.
Key quotes
- Our new book stands at 59% of our overall book and our old book is at 41%. The overall collection efficiency for the total book stands at 95%.
- We are targeting over 15%.
- We plan to open some 500 to 550 branches in gold during this year.
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