MANBA Q3 FY26 earnings call.
A source-linked concall view: reported numbers, management language, guidance, commitments and risks that should carry forward.
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Manba Finance delivered a strong Q3 FY26 with AUM reaching ₹1,631 crore (25% YoY) and record quarterly disbursements of ₹347 crore (up 48.9% QoQ). The company added 37,500 new customers, expanding its live base to 2.2 lakh borrowers. PAT for 9M FY26 stood at ₹34 crore (up 15% YoY), though margins were compressed as the company built liquidity ahead of the festive season—major disbursements from October will generate full-quarter income from Q4 onwards. Asset quality remained well-controlled with Gross NPA improving to 3.38% from 3.52% in Q2, and credit costs consistently below 1%. The company entered a strategic MOU with TVS Motor for three-wheeler financing, targeting ₹250-300 crore incremental disbursements over 18-24 months. For FY27, management targets 25-30% AUM growth with PAT of ₹65-70 crore. Key risks include competitive intensity in used car financing where the company faces margin pressure (cost of funds at 11% vs. market rates of 16%) and the need for co-lending partnerships. Capital raise is planned for mid-FY27 to support growth while maintaining leverage below 4.25x.
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Guidance to track
- Management reiterated guidance based on current momentum and expects to end FY26 at this range.
- Targeting 15% YoY PAT growth with ROA of 3.25-3.5% and ROE of 14-15%.
- Company targets 25-30% YoY growth rate as a steady-state objective, supported by new product launches and deeper penetration in existing states.
- New product (loan against property) with ticket size ₹5-20 lakh to be launched starting Mumbai and Pune, with targeted yield of 19-20%.
Risks flagged
- Company's cost of funds at 11% makes it difficult to compete effectively in used four-wheeler financing where market rates are around 16%. Management acknowledged this challenge and is seeking co-lending partners to overcome the structural disadvantage.
- Management admitted to collection challenges with EV three-wheeler passenger vehicles from local manufacturers, citing quality issues after one year of usage. This could impact asset quality in the 3.05% three-wheeler portfolio going forward.
- Analyst questioned whether 24% PCR is sufficient given industry averages of 40-60%. Management acknowledged the gap but attributed lower provisions to historically sub-1% credit losses. Plans to increase PCR to 25-26% this quarter with profitability support.
- Company borrowed ₹410 crore in September (for October-November seasonal demand) resulting in higher finance costs in Q3 (₹42 crore) vs. Q2 (₹34 crore) despite lower average borrowings. This creates quarterly volatility in reported profitability that could confuse investors.
Key quotes
- As of December 31st, 2025, our asset under management stood at rupees 1,631 cr reflecting a robust year-on-year growth of 25%.
- We delivered season's highest disbursement of rupees 347 cr in the quarter which was 48.90% increase in quarter-on-quarter. We also added 37,500 new customer taking our total live customer base to over two two lakh.
- We will not expand state but we'll go deeper in the state especially in UP and MP. We are also expecting a big amount of sanction from one of the PSU at a very less rate of interest. So definitely quarter on quarter this is on a decreasing rate scenario.
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