Manba Finance Ltd(MANBA)

NSE: MANBABSE: 544262

₹ 140+0.76%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 703 crNext results: 27 Oct 2026Website: www.manbafinance.comUpdated: 24 Oct 2026

About

Manba Finance Ltd is a Mumbai-headquartered NBFC with 30 years of operating history, specialising in vehicle finance - primarily two-wheelers - alongside small business loans, personal loans and used vehicle finance. The company operates 134 branches across seven states and holds a CARE A- (Stable) credit rating as of October 2026.^[1][2][3][4]

Product portfolio

Manba offers two-wheeler loans (avg ticket ₹82,000; 6 - 36 months tenure), three-wheeler loans (₹1.5 - 3 lakh; up to 48 months), used car loans (₹2 - 6 lakh; up to 48 months), Manba Vyapaar collateral-free MSME loans (₹75,000 - ₹10 lakh; up to 60 months), personal top-up loans (up to ₹2 lakh) and MSME LAP.^[3][1]
MSME LAP (ticket size INR 8 - 20 lakh; LTV up to 60%; yield 18 - 19%) was launched in Mumbai and Pune in Q4 FY26 and disbursements commenced in Q1 FY27.^[5][1]
Battery replacement finance for electric three-wheelers (ticket size INR 60,000) was launched in Q1 FY27, covering lithium-ion battery replacement.^[1]

Loan book mix

Two-wheeler loans accounted for 84.1% of AUM in Q1 FY27, down from ~97% three years earlier; top-up loans 5.1%, three-wheelers 3.1%, used vehicles 1.5%.^[1][5]
Two-wheeler share was 84.5% in FY26, 85.91% in Q3 FY26, and ~82% in H1 FY26, reflecting a gradual but slow diversification.^[5][6][7]
Three-wheeler AUM was approximately INR 50 crore in FY26, of which ~INR 40 crore was EV; 3W expansion is backed by an all-India MOU with TVS Motor Company covering 70 TVS dealers onboarded in three months.^[5]
Small business loan (Manba Vyapaar) AUM grew from INR 48 crore (Q1 FY26) to ~INR 70 crore (Q2 FY26); the board has approved an unsecured AUM cap of 7% of total AUM.^[7]

Branch network and distribution

As of Q1 FY27, Manba operated 134 branches across seven states, up from 76 branches in Q1 FY26 (+76% YoY); dealer partners grew to 1,784 from 1,258 (+42% YoY).^[1]
As of FY26 year-end the network covered 130 branches and 1,596 dealer partners across six states: Gujarat, Maharashtra, Rajasthan, Uttar Pradesh, Madhya Pradesh and Chhattisgarh, with nearly 1,800 employees including over 900 sales professionals.^[3]
Karnataka was entered in Q1 FY27 via a BC partnership with Sreesastha (operating as Nammaloan); Tamil Nadu entry is planned within FY27, followed by phased expansion into other South Indian states.^[1]
UP dealer count grew from 27 in FY25 to 188 by FY26, reflecting the company's deepening penetration in newer states rather than adding new states.^[5]
Over 60% of loans were sanctioned within one minute and 92% within a day, supported by proprietary LOS, LMS and LAS systems on a unified platform.^[3]

Key operating metrics

AUM: INR 17,308 Mn in Q1 FY27 (+22.3% YoY); disbursements INR 2,263 Mn in Q1 FY27 (+36.9% YoY).^[1]
NIM: 12.13% in Q1 FY27, against 13.63% for full FY26; average yield on AUM 23.32% in Q1 FY27 vs 22.85% in FY26.^[1][5]
Cost of borrowings: 10.86% in Q1 FY27, improving from 10.64% for FY26 and 10.12% at Q3 FY26; FY26 saw a 1.10% reduction over the year.^[1][5][6]
Gross NPA (Stage 3): 3.41% in Q1 FY27, down from 3.47% in Q1 FY26 and 3.33% at March 2026; Net NPA 2.52% in Q1 FY27.^[1][5]
ECL provisions of INR 25 crore exceeded the IRAC requirement of INR 7.57 crore as of Q1 FY27; provision coverage ratio 26% in Q1 FY27.^[1]
Capital adequacy ratio: 24.40% in Q1 FY27, down from 24.46% at March 2026 and 25.06% at December 2025.^[1][5][6]

Collections and asset quality management

85% of collections are handled in-house by ~600 collection staff, distinguishing Manba from peers who outsource to third-party agencies, which management says reduces collection costs.^[1]
BC partnerships (8 total as of Q3 FY26) generate incremental fee income at ~16% IRR lending; management reported zero credit losses and minimal opex from this channel.^[6]

Borrowings and capital

In FY26 Manba raised INR 1,265 crore in total funding; key transactions included SBI INR 100 crore at 10% and a PTC at 9.75%.^[5]
In September 2026 the board approved a preferential issue of INR 99.99 crore - INR 67.50 crore in equity shares and INR 32.49 crore in convertible warrants - to support capital adequacy and growth.^[8]
Promoter and promoter group hold 74.97% of equity; public holds 25.03%, as of FY26.^[3]

Credit rating

CARE Ratings upgraded Manba Finance's rating from BBB+ (Positive) to A- (Stable) on 7 October 2026, covering multiple debt instruments totalling INR 1,000 crore.^[4]

Expansion and new initiatives

The BC partnership with Sreesastha (Nammaloan) in Karnataka targets AUM of INR 60 - 75 crore by end of FY27, with break-even expected within 6 - 9 months.^[1]
MSME LAP is targeted to reach 2 - 3% of total AUM by end of FY27, expanding from initial Mumbai and Pune branches to mature locations with 4+ years of 2W/3W presence.^[1]
Management raised AUM growth guidance to 35 - 40% for FY27, up from prior 25 - 30% target, and targets ROA of 3.5% for FY27.^[1]
Two-wheeler share of AUM is targeted at 75 - 77% by end of FY27 and 65% within three years as personal loans, top-up, used 2W, 3W, MSME LAP and SBL scale.^[1]

Market Cap

₹703 Cr

High / Low

₹155 / 99

Stock P/E

14.4

Price / Book

1.7

Book Value

₹82

EPS

₹9.0

No. of Shares

5.02 Cr

ROE

11.7%

Debt / Equity

3.78

Sales

₹328 Cr

Net Profit

₹45 Cr

Promoter holding

75.0%

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