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Stock Analysis

Description

Manappuram Finance Limited is a prominent Non-Banking Financial Company (NBFC) in India, primarily known for its gold loan business, and also offers services like housing finance and vehicle finance.

Key Growth Triggers

The proposed transaction with BC Asia Investments, involving a change in joint control and potential strategic capital infusion, remains a key factor for future growth, pending regulatory approvals.

Order Book

Currently no data available for Order Book.

Key Red Flags

The company is actively refuting speculative media reports about delays in its major transaction with BC Asia Investments due to regulatory concerns, while awaiting final RBI approval.

Key Dates To Watch

The pending final approval from the Reserve Bank of India (RBI) for the proposed transaction with BC Asia Investments is a critical development to monitor.

Corporate Announcements

11th Apr 26

Impact Rating: 6

Manappuram Finance Limited submitted its statement of debt securities issued on private placement, reporting ₹3,200.00 crore (₹3200.00 cr) issued and outstanding as of March 31, 2026. This covers various issuances with coupon rates between 8.00% and 9.50%.

10th Apr 26

Impact Rating: 5

Kotak Mahindra Capital, Manager to Manappuram Finance's Open Offer, disclosed zero equity shares tendered into the escrow account by April 10, 2026. Validation pending.

9th Apr 26

Impact Rating: 9

Kotak Mahindra Capital, Manager to the Open Offer, announced that zero shares were tendered into the Manappuram Finance acquisition offer by BC Asia Investments and PACs as of April 9, 2026.

8th Apr 26

Impact Rating: 8

Manappuram Finance Limited has informed about an inadvertent violation of insider trading regulations stemming from an operational lapse by a PMS provider affecting a Designated Person's account, resulting in a Rs. 20,000 penalty.

7th Apr 26

Impact Rating: 5

Manappuram Finance Limited has submitted a confirmation certificate as per SEBI regulations for the quarter ended March 31, 2026, certifying dematerialization processing.

Peer Comparision

S.No.	Name	Current Price (Rs.)	Price to Earning	Market Capitalization (Rs.Cr.)	Dividend yield (%)	Net Profit latest quarter (Rs.Cr.)	YOY Quarterly profit growth (%)	Sales latest quarter (Rs.Cr.)	YOY Quarterly sales growth (%)	Return on capital employed (%)	Sales (Rs.Cr.)	OPM (%)	Profit after tax (Rs.Cr.)	Profit after tax latest quarter (Rs.Cr.)	Price to book value	Return on assets (%)	Debt to equity
1.	Bajaj Finance	945.95	32.16	588615.67	0.47	4947.76	21.89	20178.90	18.06	11.35	76194.74	68.48	18301.08	4875.36	5.70	3.99	3.85
2.	Shriram Finance	981.10	21.07	184592.82	1.01	2314.16	12.22	11912.44	18.07	10.95	45601.30	72.59	8760.03	2314.22	3.05	3.04	3.87
3.	Muthoot Finance	3938.10	21.65	158102.30	0.66	2411.65	90.36	7282.79	47.76	13.19	24544.40	75.96	7303.69	2420.63	4.82	4.67	3.76
4.	Tata Capital	354.90	40.94	150650.40	0.00	1118.97	2.01	7737.18	7.69	9.58	28323.85	71.64	3658.33	1097.32	–	1.72	5.88
5.	Cholaman.Inv.&Fn	1689.50	30.70	142596.70	0.12	1159.61	19.82	7491.38	19.76	10.34	28536.73	69.18	4645.19	1159.61	5.48	2.38	7.23
6.	SBI Cards	846.50	41.99	80551.03	0.30	444.77	9.98	4960.98	12.21	10.40	19130.54	27.49	1918.14	444.77	5.45	3.10	3.33
7.	L&T Finance Ltd	295.80	27.44	74038.06	0.93	734.88	5.64	4335.75	7.87	8.71	16715.82	60.77	2698.51	734.84	2.81	2.37	3.72
8.	Manappuram Fin.	309.00	15.99	26154.83	1.13	375.87	-20.86	1820.03	4.11	13.07	7100.78	70.00	1635.71	375.87	2.10	4.80	2.51
–	Median: 95 Co.	129.6	21.23	504.73	0.0	7.34	11.92	45.07	12.79	9.02	168.08	59.02	18.08	6.37	1.97	3.04	0.78

Quarterly Results

Standalone figures in ₹ crores

	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	–	–	–	–	–	–	–	–	–	–	–	–	–
Expenses	371	377	376	385	402	415	416	456	465	509	532	519	571
Operating Profit	–	–	–	–	–	–	–	–	–	–	–	–	–
Other Income	8	5	7	13	2	3	5	22	1	2	3	1	4
Profit before tax	473	431	413	513	564	584	560	593	640	612	550	526	505
Tax %	26%	26%	25%	26%	26%	27%	24%	26%	26%	26%	25%	25%	26%
Net Profit	349	318	309	381	420	429	428	441	475	453	414	392	376
EPS in Rs	4.12	3.76	3.65	4.50	4.96	5.06	5.06	5.21	5.61	5.36	4.90	4.63	4.44

Profit & Loss

Standalone Figures in ₹ Crores / Yearly

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	–	–	–	–	–	–	–	–	–	–	–	–	–
Expenses	678	642	759	833	1,043	1,123	1,127	1,048	1,288	1,460	1,617	1,961	2,130
Operating Profit	–	–	–	–	–	–	–	–	–	–	–	–	–
Other Income	11	5	2	1	27	9	41	21	24	12	25	28	10
Interest	1,027	872	884	1,003	794	1,018	1,391	1,720	1,392	1,498	1,828	2,376	2,571
Depreciation	64	54	53	58	61	68	154	156	157	163	188	201	216
Profit before tax	343	412	519	1,115	1,055	1,218	1,680	2,270	1,750	1,706	2,222	2,396	2,193
Net Profit	226	271	337	726	689	790	1,230	1,698	1,305	1,266	1,658	1,783	1,636
EPS in Rs	2.69	3.22	4.01	8.62	8.18	9.38	14.56	20.06	15.41	14.96	19.59	21.07	19.33
Dividend Payout %	67%	42%	45%	17%	24%	23%	19%	10%	19%	20%	17%	19%	–

Balance Sheet

Standalone figures in ₹ crores

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sep 2025
Equity Capital	168	168	168	168	169	169	169	169	169	169	169	169	169
Reserves	2,324	2,459	2,569	3,142	3,644	4,224	5,187	6,732	7,774	8,811	10,180	11,624	12,314
Borrowings	–	–	–	–	–	–	–	–	–	–	–	–	–
Other Liabilities	551	313	374	672	543	511	338	518	487	554	543	473	434
Total Liabilities	10,838	11,332	11,911	13,146	14,593	17,646	23,787	25,654	26,971	29,338	33,893	39,836	44,238
Fixed Assets	197	171	190	179	265	326	741	861	892	869	815	852	842
Gross Block	394.90	412.40	475.41	492.01	320.67	444.75	988.74	1,088.18	1,170.55	1,195.72	1,218.71	1,341.12	–
Accumulated Depreciation	197.57	240.96	285.59	312.97	55.58	118.80	247.63	227.08	278.54	326.24	403.41	488.85	–
CWIP	5	1	0	0	0	1	3	6	11	16	33	11	13
Investments	812	379	324	324	378	1,011	932	1,200	1,215	1,454	1,766	1,822	2,569
Other Assets	9,825	10,780	11,397	12,643	13,950	16,309	22,111	23,587	24,852	26,998	31,279	37,150	40,814
Total Assets	10,838	11,332	11,911	13,146	14,593	17,646	23,787	25,654	26,971	29,338	33,893	39,836	44,238

Cash Flows

Standalone Figures in ₹ Crores / Yearly

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	2,923	-827	-361	-283	-53	-1,442	-2,506	150	-112	-314	-2,863	-2,734
Cash from Investing Activity	-1	508	-27	-32	-201	-760	34	-261	-118	-264	-307	-63
Cash from Financing Activity	-2,923	261	181	248	283	2,206	4,268	-87	-100	888	2,826	4,057
Net Cash Flow	-0	-58	-207	-68	28	3	1,796	-197	-330	310	-343	1,260

Ratios

Standalone Figures in ₹ Crores / Yearly

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	–	–	–	–	–	–	–	–	–	–	–	–
Inventory Days	–	–	–	–	–	–	–	–	–	–	–	–
Days Payable	–	–	–	–	–	–	–	–	–	–	–	–
Cash Conversion Cycle	–	–	–	–	–	–	–	–	–	–	–	–
Working Capital Days	–	–	–	–	–	–	–	–	–	–	–	–
ROCE %	–	–	–	–	–	–	–	–	–	–	–	–

Shareholding Pattern

Numbers in percentages

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	35.20%	35.20%	35.20%	35.20%	35.20%	35.20%	35.24%	35.25%	35.25%	35.25%	35.25%	35.25%
FIIs	30.07%	30.17%	30.73%	27.08%	28.95%	31.99%	33.00%	30.36%	27.01%	28.43%	29.71%	30.16%
DIIs	11.57%	13.54%	10.65%	12.25%	12.15%	9.50%	9.34%	10.97%	7.88%	7.99%	8.61%	9.17%
Public	23.16%	21.11%	23.42%	25.47%	23.69%	23.32%	22.42%	23.41%	29.84%	28.33%	26.41%	25.41%

BSE Announcements AI Summary

Direct from BSE filings, auto-summarised

Manappuram Finance Discloses Details of Private Placement Debt Securities

11th April 2026, 10:28 pm

Manappuram Finance Open Offer: Zero Shares Tendered as per Latest Disclosure

10th April 2026, 11:44 pm

Manappuram Finance Open Offer: Zero Shares Tendered

9th April 2026, 11:39 pm

Manappuram Finance reports inadvertent insider trading violation due to PMS operational lapse; Rs. 20,000 penalty imposed

8th April 2026, 10:18 pm

Manappuram Finance Files SEBI Dematerialization Confirmation for Quarter Ended March 2026

7th April 2026, 5:04 pm

Published by Other Websites

External media mentions & references

Jefferies Bets Big on NBFCs: Top Picks Offer Up to 72% Upside

9th April 2026, 4:12 pm

Experts Pick Top 8 Stocks to Buy April 9

9th April 2026, 7:03 am

Manappuram Finance Reports Director's SEBI Code Violation Via PMS Trade

8th April 2026, 5:54 pm

Foreign Capital Fuels Indian Banks; Incumbents Face Profit Squeeze

27th March 2026, 3:02 pm

Indian Markets Surge: Nifty Crosses 23,300, Sensex Jumps 1,205 Points

25th March 2026, 4:18 pm

News Articles

Editorial & research coverage

Manappuram Finance: RBI Seals Bain Capital's Joint Control

14th February 2026, 10:11 pm

Technical Buys: Tata Power, Manappuram Face Valuation Scrutiny

13th February 2026, 8:03 am

Gold Lending Rift: Muthoot Soars, Manappuram Trails Amidst Sector Boom

13th February 2026, 5:52 am

India Deals Dip 11% Jan; Fiscal Year Surge Continues

12th February 2026, 7:54 pm

CLSA Favors Muthoot Finance, Flags Manappuram Divergence

11th February 2026, 9:22 am

Documents

Announcements

Clarification /Confirmation On News Item - Manappuram Finance Limited

9 Jan - Manappuram denies Bain delay; BC Asia change-of-control investment; RBI final approval pending.

Clarification sought from Manappuram Finance Ltd

9 Jan - Exchange has sought clarification from Manappuram Finance Ltd on January 9, 2026, with reference to news appeared in https://economictimes.indiatimes.com dated January 9, 2026 quoting "Manappuram''s …

Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018

Announcement under Regulation 30 (LODR)-Newspaper Publication

Notice Of Extra-Ordinary General Meeting Of The Company ('EGM') Scheduled To Be Held On Thursday, January 22, 2026 At 11:00 A.M. (IST) Through Video Conferencing / Other Audio-Visual Means