Gold Loan AUM
₹50,953 Cr
+99.1% YoY
Gold loan AUM nearly doubled YoY, now 80% of consolidated AUM.
MANAPPURAMFINANCE
Financial Services
2026-04-??
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).
✓ Verified against BSE filing
2-Min Summary
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.
Key Numbers
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.
Management Guidance
Gold loan AUM growth to exceed FY26 pace
Management expects gold loan volume growth in FY27 to be higher than FY26, supported by new products and branch expansion.
growthPlan to open 500-550 new gold loan branches in FY27
New branches will be opened in identified high-potential locations, leveraging removal of prior approval requirement.
expansionConsolidated ROE target of over 15% by FY28
Management targets ROE exceeding 15% in FY28, driven by improving margins and asset quality.
growthGold loan yield to remain at 17.5-18%
Management expects gold loan yield to stabilize in the 17.5-18% range, with no further decline.
marginsKey Risks
Vehicle finance portfolio stress
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.
high · management_commentaryMSME portfolio NPA increase
MSME GNPA rose to 7.1% from 6.1% QoQ, raising concerns about potential further write-offs.
medium · analyst_questionGold yield compression from mix shift
Higher growth in larger ticket gold loans at lower rates could pressure yields despite management's guidance of stability.
medium · data_observationUncertainty around MD Ravi's return
MD Ravi is undergoing treatment in Singapore; his return timeline is unclear, creating leadership uncertainty.
medium · analyst_questionNotable 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.