Whalesbook
Toh, Company ne Q4 FY26 mein ek zabardast comeback kiya hai. Pichhle saal ke loss ko pachhaadte hue, iss quarter mein performance bahut acchi rahi hai. Total income bhi 11% badh kar ₹2,626 crore ho gayi. Aur toh aur, shareholders ke liye khushi ki baat, ₹0.50 ka interim dividend bhi announce kiya hai, jiska record date 11 May, 2026 hai.
Valuation ka Pressure
Par rukna! Yahan ek badi dikkat hai - stock ki valuation. Abhi early May 2026 mein iska P/E ratio 61.21x se 67.8x chal raha hai. Yeh pehle ke average P/E 9.48x se toh bahut hi upar hai, aur apne sector (Indian Consumer Finance) ke average 20.6x se bhi double se zyada. Compare karo Muthoot Finance se, jiska P/E toh sirf 14.71x se 16.35x hai. Manappuram ki market cap lagbhag ₹25,000-26,000 crore hai, jabki Muthoot Finance ₹1.37 trillion par hai. Lagta hai investors Manappuram se bahut zyada future growth expect kar rahe hain ya phir risk zyada lag raha hai.
SEBI Warning Ne Badhai Chinta
Aur toh aur, iss profit boom ke beech ek aur chinta ne disturb kiya hai - SEBI ki warning. SEBI ne company ke MD, V.P. Nandakumar ko 27 April, 2026 ko warning di hai. Reason? 2018 mein share encumbrance deals ko disclose karne mein 7 din ki der. SEBI ka kehna hai ki yeh takeover rules ke khilaf tha. Company ne clearly bola hai ki yeh warning Nandakumar ko personal hai, company ke finances ya operations par koi asar nahi padega. Par aise warnings company governance par sawaal zarur uthati hain. Jab yeh news pehli baar aayi thi, 25 April, 2026 ko stock 1.1% gira bhi tha. Pehle bhi ek independent director ne insider trading rules tode the, toh governance ko lekar chinta bani hui hai.
Sector Ka Kya Scene Hai?
Overall NBFC sector abhi bhi acha perform kar raha hai. FY26 mein NBFC assets 15-17% grow hone ka estimate hai, jo bank credit se bhi tez hai. Bank ne NBFCs ko lending 26.3% badha di hai March 2026 mein. Haan, sector ka profit FY26 mein thoda kam reh sakta hai higher credit costs ki wajah se, par FY27 mein improve hoga. Gold loans NBFCs mein abhi bhi strong area hai.
Analysts Kya Keh Rahe Hain?
Manappuram Finance ka khud ka financial history thoda upar-neeche raha hai. Jaise, Q1 FY25 mein profit 76.2% gira tha, aur Q3 FY26 mein bhi 14% kam hua tha. Iss wajah se yeh current Q4 ka profit rebound bahut important hai, par long-term stability par abhi bhi sawaal hai. Analysts abhi filhaal stock ko 'Hold' karne ki salaah de rahe hain, price target lagbhag ₹302 se ₹307 ke aas paas hai. Matlab zyada upar jaane ki gunjaish abhi kam lag rahi hai. Kuch firms ne 'Hold' se 'Buy' kiya hai, par targets manage kiye hain. Agle saal ke liye expected EPS ₹11.35 hai. Toh, investors ko growth chahiye, par high valuation aur SEBI warning ki wajah se stock abhi turant zyada bhagega, yeh kehna mushkil hai.