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Manappuram Finance Limited
(MANAPPURAM)
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Rating:56Neutral
Price Target:
₹298.00
▼(-3.67% Downside)
Action:Reiterated
Date:08/06/26
The score is held back primarily by weakening financial performance and elevated leverage, plus a relatively expensive valuation (high P/E with low yield). These risks are partially offset by strong technical momentum, with price above major moving averages and supportive MACD/RSI readings.
Positive Factors
Secured gold-loan model
Gold-backed lending provides collateral support and a repeatable retail-credit model, while the large branch network enables broad customer access. Short-duration loans and auction-based recovery mechanisms can help the company manage exposure when borrowers do not repay.
Negative Factors
Elevated and rising leverage
Debt has expanded faster than equity, lifting leverage to about 3.6 times in FY2026. For a lending business, this increases balance-sheet sensitivity to funding conditions and credit performance, while reducing flexibility to absorb stress or finance growth internally.
Read all positive and negative factors
Positive Factors
Negative Factors
Secured gold-loan model
Gold-backed lending provides collateral support and a repeatable retail-credit model, while the large branch network enables broad customer access. Short-duration loans and auction-based recovery mechanisms can help the company manage exposure when borrowers do not repay.
Read all positive factors
Manappuram Finance Limited (MANAPPURAM) vs. iShares MSCI India ETF (INDA)
Market Cap
₹271.47B
Dividend Yield0.87%
Average Volume (3M)196.35K
Price to Earnings (P/E)17.6
Beta (1Y)0.97
Revenue Growth4.91%
EPS Growth73.95%
CountryIN
Employees51,004
SectorGeneral
Sector StrengthN/A
IndustryFinancial - Credit Services
Share Statistics
EPS (TTM)16.44
Shares Outstanding939,336,100
10 Day Avg. Volume244,256
30 Day Avg. Volume196,351
Financial Highlights & Ratios
PEG Ratio-1.16
Price to Book (P/B)1.34
Price to Sales (P/S)2.26
P/FCF Ratio6.68
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
₹430.00Price Target Upside39.00% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)25.62
Revenue Forecast (FY)₹76.82B
Manappuram Finance Limited Business Overview & Revenue Model
Company Description
Operating as a non-banking financial company (NBFC) with a primary focus on gold loans, Manappuram Finance Limited delivers a range of retail credit products and financial solutions throughout India. The company's core business involves providing ...
How the Company Makes Money
Manappuram Finance primarily makes money by lending against pledged gold jewelry and earning interest and related charges over the life of the loan. Its core revenue model is a spread-based lending business: it raises funds (e.g., via bank borrowi...
Manappuram Finance Limited Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
46
Neutral
Cash Flow
41
Neutral
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 102.92B | 95.25B | 98.93B | 88.04B | 66.46B | 60.49B |
| Gross Profit | 55.67B | 50.47B | 63.52B | 59.38B | 44.58B | 40.38B |
| EBITDA | 26.30B | 15.77B | 19.33B | 32.06B | 22.45B | 19.82B |
| Net Income | 14.49B | 10.03B | 12.16B | 21.89B | 14.96B | 13.28B |
Balance Sheet | ||||||
| Total Assets | 0.00 | 745.59B | 492.05B | 467.48B | 395.04B | 338.11B |
| Cash, Cash Equivalents and Short-Term Investments | 0.00 | 61.49B | 35.74B | 28.30B | 30.35B | 25.85B |
| Total Debt | 0.00 | 578.37B | 360.79B | 343.20B | 291.67B | 248.20B |
| Total Liabilities | -160.57B | 585.02B | 367.56B | 351.71B | 298.39B | 254.26B |
| Stockholders Equity | 160.57B | 160.51B | 124.32B | 115.48B | 96.45B | 83.68B |
Cash Flow | ||||||
| Free Cash Flow | -25.70B | 32.16B | -6.62B | -35.19B | -32.76B | -5.86B |
| Operating Cash Flow | -24.87B | 34.17B | -4.67B | -33.83B | -31.03B | -4.23B |
| Investing Cash Flow | -4.00B | -253.33B | -1.25B | -5.93B | -6.16B | -1.93B |
| Financing Cash Flow | 17.15B | 238.81B | 11.32B | 40.25B | 38.49B | 4.38B |
Manappuram Finance Limited Technical Analysis
Negative
309.35
Price Trends
322.69
Negative
329.63
Negative
309.66
Negative
Market Momentum
-9.01
Positive
37.41
Neutral
38.51
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:MANAPPURAM, the sentiment is Negative. The current price of 309.35 is above the 20-day moving average (MA) of 306.80, below the 50-day MA of 322.69, and below the 200-day MA of 309.66, indicating a bearish trend. The MACD of -9.01 indicates Positive momentum. The RSI at 37.41 is Neutral, neither overbought nor oversold. The STOCH value of 38.51 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:MANAPPURAM.
Manappuram Finance Limited Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
66 Neutral | ₹967.34B | 8.50 | ― | 1.24% | 50.37% | 84.79% | |
63 Neutral | ₹1.36T | 21.68 | ― | 0.13% | 20.67% | 32.42% | |
63 Neutral | ₹163.93B | 10.34 | ― | 0.76% | 17.44% | 1085.33% | |
60 Neutral | ₹407.10B | 35.96 | ― | 0.84% | 77.08% | 358.18% | |
56 Neutral | ₹271.47B | 17.58 | ― | 0.87% | 4.91% | 73.95% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
46 Neutral | ₹23.02B | 22.78 | ― | ― | 5.19% | ― |
* General Sector Average
IN:MANAPPURAM
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289.00
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8.74%
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-2.61%
Manappuram Finance Limited Corporate Events
Manappuram Finance Confirms SEBI-Compliant Dematerialisation for Q2 FY27
Oct 7, 2026
Manappuram Finance Limited has submitted a confirmation certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended 30 September 2026, as provided by its registrar and transfer agent MUFG ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.