Manappuram Finance Ltd(MANAPPURAM)

NSE: MANAPPURAMBSE: 531213

₹ 286.3-5.20%refreshed 23 Oct, 03:59 pm ISTMarket cap: ₹ 26,893 crWebsite: www.manappurma.comUpdated: 24 Oct 2026

About

Manappuram Finance is India's second-largest gold loan NBFC, offering gold loans, microfinance, vehicle finance, home loans, MSME lending, insurance broking, and forex services across 28 states and 6 Union Territories. The group employs over 42,000 people on a consolidated basis.^[1][2][3]

Business segments

Gold loans constituted 82% of consolidated AUM in Q1 FY27, up from 65% a year earlier, as the group deliberately concentrated toward its core product.^[2]

Products and services

Product portfolio spans gold loans, microfinance (via Asirvad), vehicle and equipment finance, home loans, MSME lending, insurance broking, and forex/money transfer.^[1]
Post the April 1, 2026 RBI circular, Manappuram launched two new gold loan categories: consumption loans for household/personal needs and income-generating loans for MSMEs with LTV up to 85% and interest rates of 14 - 16%.^[2][4]
92% of gold loans were disbursed through the Online Gold Loan (OGL) platform in FY26.^[1]
Forex and money transfer services are offered across 3,500+ branches; Manappuram acts as Indian agent for Western Union under an RBI Authorized Dealer Category-II licence.^[1]

Branch network and reach

Manappuram operates 3,524 standalone gold loan branches across India as of FY26, spanning 28 states and 6 Union Territories with 3,527 national offices.^[1]
Manappuram Home Finance has 89 branches across 243 districts in 12 states.^[1]
MSME and Allied Business operates through 160+ branches.^[1]
Consolidated outstanding customer base stood at approximately 27.11 lakh customers in FY26, including 2.52 million active standalone gold loan customers.^[1]

Key operating metrics

Consolidated gold loan AUM: ₹57,006 cr in Q1 FY27, up ~98% YoY; standalone gold loan AUM: ₹54,655 cr, up 97.4% YoY.^[2]
Standalone gold loan yield: 17.7% in Q1 FY27, up 59 bps QoQ after prior-quarter over-correction on pricing.^[2]
Standalone borrowing cost: 8.8% in Q1 FY27 (+10 bps QoQ); consolidated CRAR: 21.29% in Q1 FY27.^[2]
Consolidated opex/AUM improved 128 bps YoY to 4.59% in Q1 FY27; standalone opex/AUM declined to 3.79%, driven by higher AUM per branch.^[2]
Average gold loan LTV: 65.6% in Q1 FY27, up from 57.3% in Q4 FY26 and 57% at end of FY26.^[2][1]

Subsidiary performance

Asirvad's new MFI book (originated under current MFIN guardrails) reached 71.6% of its MFI portfolio in Q1 FY27, with significantly better collection performance than the legacy book.^[2]
Vehicle and Equipment Finance AUM fell 14.3% QoQ and 43% YoY to ₹2,562 cr in Q1 FY27; GNPA rose to 13.3% from 10.4% in Q4 FY26. All new disbursements are paused.^[2]
Manappuram Home Finance has 89 branches across 12 states; Manappuram Insurance Brokers (MAIBRO), IRDAI-licensed since 2006, operates the MaSuraksha e-commerce insurance portal.^[1]

Distribution expansion and co-lending

~500 new gold loan branches are targeted for FY27, with ~60% in South/Central India and ~25% in eastern states (Bihar, West Bengal, Odisha). Only 10 opened in Q1 FY27; ramp expected from Q2.^[2]
Asirvad's gold loan branch network is planned to expand by 150 branches in FY27; co-lending model is being extended to housing finance with bank partners.^[2]
Co-lending in gold loans went live in late January 2026 with multiple bank and NBFC partners, adding an origination channel in geographies with limited branch presence.^[5][4]

Recent developments

Ashish Singh appointed MD & CEO, expected to join January 1, 2027; he has 25+ years of retail banking experience including IDFC First Bank and Fullerton India.^[2]
RBI removed the prior-approval requirement for branch openings, enabling the planned FY27 branch expansion programme.^[2]
Management targets gold loans at 75 - 80% of consolidated AUM and caps MFI at 8 - 10% of consolidated AUM going forward.^[2]
Vehicle finance disbursals fully paused for FY27; a decision on restarting will be revisited in FY28.^[2]

Market Cap

₹26,893 Cr

High / Low

₹381 / 245

Stock P/E

20.3

Price / Book

1.9

Book Value

₹171

EPS

₹10.7

No. of Shares

93.93 Cr

ROE

7.0%

Debt / Equity

3.57

Sales

₹9,509 Cr

Net Profit

₹993 Cr

Promoter holding

41.7%

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Manappuram Finance Ltd(MANAPPURAM)

About

Business segments

Products and services

Branch network and reach

Key operating metrics

Subsidiary performance

Distribution expansion and co-lending

Recent developments

Signal history

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