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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Q3 FY26 saw strong gold loan AUM growth of 23% year-over-year, with consolidated PAT at INR 239 crore and yields stabilizing near 18%. Non-gold portfolios remain under pressure, but asset quality and collection efficiencies are improving. Bain Capital's investment is pending final RBI approval.
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Q2 FY 2026 saw strong gold loan-driven profit growth, stable asset quality, and improved operational efficiency. Gold loan AUM rose 29.3% year-on-year, while non-gold segments faced collection challenges. Focus remains on gold loan expansion, co-lending, and maintaining profitability as yields align with industry peers.
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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 2% YoY PAT growth, with gold loans and secured lending driving performance. Regulatory actions impacted microfinance, but compliance measures are underway and credit cost guidance is unchanged at 2%.
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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.