Manappuram Finance (531213) Q4 25/26 earnings summary

Executive summary

• Q4 FY26 saw strong performance with consolidated AUM reaching ₹63,798 crore, up 22.4% QoQ and 48.3% YoY, led by robust gold loan growth and disciplined risk management amid a stable but competitive NBFC environment.

• Gold loan AUM surged 99.1% YoY and 31.5% QoQ to ₹50,953 crore, now constituting 80% of consolidated AUM, with stable LTV at 57%.

• PAT for Q4 FY26 was ₹405 crore, up 69.7% QoQ, while FY26 PAT was ₹993 crore, down 17.5% YoY; asset quality improved across segments.

• Audited standalone and consolidated financial results for Q4 and FY ended March 31, 2026, were approved, with an unmodified audit opinion from statutory auditors.

• Significant equity infusion: ₹2,192.47 crore from BC Asia Investments XXV Limited and ₹548.11 crore from BC Asia Investments XIV Limited via share warrants.

Financial highlights

• Q4 FY26 consolidated revenue: ₹2,614 crore, up 10.7% YoY and 11% QoQ; FY26 consolidated revenue: ₹9,409 crore; PAT: ₹993 crore, down 17.5% YoY.

• Consolidated total income for FY 2025-26 was ₹9,524.68 crore, down from ₹10,031.15 crore in FY 2024-25.

• Q4 consolidated AUM: ₹63,798 crore, up 22.4% QoQ and 48.3% YoY.

• Standalone PAT for Q4: ₹376 crore, down 1.5% QoQ and 9.4% YoY, impacted by a one-time vehicle loan write-off of ₹84 crore.

• Fourth interim dividend of ₹0.50 per equity share declared for FY 2025-26; total interim dividends for the year aggregate to ₹2.00 per share.

Outlook and guidance

• Expecting continued momentum in gold loans, supported by new regulatory guidelines and branch expansion (500-550 new branches planned).

• Microfinance portfolio expected to stabilize further, with new book collection efficiency above 99% and old book runoff by Q3 FY27.

• Targeting consolidated ROE improvement to 13%-16% in the next 1-2 years, with a long-term goal above 15%.

• Focus on expanding gold loan market share, leveraging technology and process innovation.

• The company will continue to monitor the impact of new labour codes and make necessary adjustments as rules are finalized.