India · Delayed Price · Currency is INR Manappuram Finance Earnings Call Transcripts
Fiscal Year 2026
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Q4 FY26 delivered strong AUM and gold loan growth, though full-year profit declined due to higher provisions and a one-time vehicle loan write-off. Asset quality improved across segments, and new regulatory guidelines plus leadership changes are expected to drive further growth and profitability.
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AUM and PAT grew year-over-year, led by strong gold loan demand and higher gold prices, while non-gold segments focused on asset quality and consolidation. Bain Capital's investment is pending RBI approval, and digital transformation initiatives are underway.
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Q2 FY 2026 saw strong profit growth driven by gold loans, with AUM and operational efficiency improving. Yield compression is offset by lower costs and higher per-branch productivity, while non-gold segments focus on asset quality and collections.
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Consolidated AUM grew 3% sequentially to INR 44,304 crores, with gold loans now 65% of AUM and yields being reduced to match market leaders. Microfinance losses narrowed, and credit costs are expected to decline further, while asset quality in vehicle and MSME segments remains a focus.
Fiscal Year 2025
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Revenue grew 12.5% YoY to INR 10,041 crore, with Gold Loan AUM up 18.7% YoY and a strong focus on secured lending. Microfinance losses led to a Q4 consolidated loss, but robust growth is expected in Gold Loans and overall AUM, with Bain Capital's infusion supporting expansion.
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Q3 FY25 saw consolidated profit drop 51% year-on-year to INR 278 crore, mainly due to Asirvad Microfinance losses, while gold loan AUM grew 18.8% year-on-year. Gold loan business is expected to grow 15%-20% annually, with tighter underwriting and cost controls in microfinance.
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Q2 FY25 saw 17.4% YOY AUM growth and ₹572 crore net profit, with gold loans and secured lending driving performance. Asirvad Microfinance faces a temporary lending ban, but compliance steps are underway. Credit cost guidance remains at 2% for the year.
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AUM grew 21% YoY to INR 44,932 crore, with net profit up 11.7% YoY to INR 557 crore, led by gold loans. Non-gold segments showed strong growth but faced collection challenges due to climatic and election-related disruptions. Management expects 15% growth in gold loans and customers for FY25.