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Vehicle finance portfolio stress
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Manappuram Finance Ltd — Q4 FY26
Manappuram Finance reported a strong Q4 FY26 with consolidated revenue of ₹2,614 crore (+11% YoY) and PAT of ₹405 crore (+70% QoQ).
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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.
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Gold Loan AUM
₹50,953 Cr
+99.1% YoY
Gold loan AUM nearly doubled YoY, now 80% of consolidated AUM.
Gold Loan Tonnage Growth
3.82 tons
+6-7% QoQ
Tonnage added in Q4, contributing to AUM growth alongside gold price rise.
Asirvad New Book Collection Efficiency
99.4%
+Improving
New book (59% of MFI portfolio) shows pristine collection performance.
Standalone Gold Loan Yield Guidance
17.5-18%
Stable
Management expects gold loan yield to stabilize at current levels.
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Guidance and risk preview
Management expects gold loan volume growth in FY27 to be higher than FY26, supported by new products and branch expansion.
Vehicle finance AUM declined 37% YoY; GNPA improved to 10.4% but remains elevated.
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