ALFA Finder
| P/E Ratio | 18.87Sector PE 20.8 |
|---|---|
| Market Cap | ₹27,348.31 CrBanking & Finance |
| Promoter Holding | 41.66%Stable QoQ |
| RSI | 54.71Neutral Zone |
| Metric | Q2-27 | Q1-27 | Q2-26 |
|---|---|---|---|
| Revenue from Operations | 3,362 | 3,034 | 2,274 |
| Other Income | 10.5 | 6.2 | 0.8 |
| Total Income | 3,372 | 3,040 | 2,275 |
| Profit Before Tax | 938 | 782 | 302 |
| Net Profit | 701 | 585 | 217 |
| Operating Margin | 27.8% | 25.7% | 13.3% |
| Net Profit QoQ | +19.9% | ||
| Net Profit YoY | +222.7% | ||
Key highlights
- Net profit reached ₹701 crore, a 19.9% sequential increase from ₹585 crore in Q1-27
- Revenue from operations grew 47.8% year-on-year to ₹3,362 crore in Q2-27
- Operating margins expanded significantly to 27.8% from 13.3% in the year-ago period
- Consolidated gold loan revenue contributed ₹3,042.62 crore to the total topline
- Board declared a second interim dividend of ₹1 per share (50% on face value of ₹2)
Strong Topline Momentum and Margin Expansion
Manappuram Finance demonstrated robust momentum in the second quarter of FY27, with total revenue from operations climbing to ₹3,362 crore, marking a 10.8% increase over the preceding June quarter. This growth was mirrored in the bottom line, as net profit reached ₹701 crore, representing a 19.9% sequential improvement and a substantial 222.7% jump compared to the ₹217 crore reported in Q2-26. The company's operating margin saw a sharp expansion to 27.8%, up from 13.3% in the same quarter last year.
This performance indicates a sustained recovery from the net loss of ₹191.17 crore recorded in Q4 FY25, supported by steady yields in the gold loan business.
Segment Performance and Asset Growth
- Consolidated gold loan revenue stood at ₹3,042.62 crore for the September quarter
- Microfinance operations contributed ₹329.41 crore to the quarterly revenue pool
- Consolidated Assets Under Management (AUM) reached ₹69,635 crore as of June 30, 2026
- Management previously guided for FY27 gold loan AUM growth between 25% and 30%
- Gold loan yields have shown stabilization around the targeted 18% mark
- Net profit for the half-year ended September 30, 2026, totaled ₹1,286.02 crore
Interim Dividend and Management Transition
Alongside the financial results, the Board of Directors approved a second interim dividend of ₹1 per equity share (50%) on a face value of ₹2 each. The record date for this payout is set for November 18, 2026. This follows an earlier interim dividend declared in August 2026.
On the governance front, the company is preparing for a leadership transition as newly appointed Managing Director and CEO Ashish Singh is scheduled to assume office on January 1, 2027. These changes come as the company continues to manage its liability profile, with finance costs for the quarter totaling ₹1,380.32 crore.
Accounting for New Regulatory and Statutory Costs
The company has proactively recognized the incremental impact of the New Labour Codes on employee benefit obligations. Based on state regulations released in May 2026, an estimated cost of ₹8.04 crore was recognized in the current quarter's results. For the half-year ended September 30, 2026, the total impact stands at ₹12.64 crore, significantly higher than the ₹1.59 crore impact recorded in the previous fiscal year.
Total expenses for the quarter were contained at ₹2,434.44 crore, as the company balanced its growth initiatives with cost management strategies across its branch network and digital platforms.
| Date | Announcement | Amount |
|---|---|---|
| 11 Aug 2026 | Q1 FY27 consolidated net profitSource: sahi.com | ₹584.77 Cr |
| 04 May 2026 | Q4 FY26 consolidated net profitSource: jmfinancialservices.in | ₹403.96 Cr |
| 30 Oct 2025 | Q2 FY26 consolidated net profitSource: positionalcalls.com | ₹217.31 Cr |
| 08 Aug 2025 | Q1 FY26 consolidated net profitSource: kotakneo.com | ₹132.47 Cr |
| 09 May 2025 | Q4 FY25 consolidated net lossSource: jmfinancialservices.in | ₹-191.17 Cr |
What to watch next
- Assumption of office by Ashish Singh as MD & CEO on January 1, 2027
- Payment of the second interim dividend to eligible shareholders after November 18, 2026
- Stabilization of gold loan yields at 18% for the remainder of the fiscal year
- Finalization of central and state rules under the New Labour Codes
“The Board of Directors of the Company, in its meeting held on November 12, 2026 declared second interim dividend of Rs. 1/- per equity share having face value of Rs. 2/- each for the financial year 2026-27.”
| Share price | ₹323.1 |
|---|---|
| Market capitalisation | ₹27,348.31 Cr |
| Revenue (annual) | ₹9,509.41 Cr |
| Net profit (annual) | ₹1,003.32 Cr |
| Revenue (latest quarter) | ₹3,034.16 Cr+16.08% vs previous quarter |
| Net profit (latest quarter) | ₹584.58 Cr+44.71% vs previous quarter |
| P/E (TTM) | 18.87×Sector 20.8× |
| Promoter holding | 41.66%0.00% QoQ |
| FII holding | 21.04%Current quarter |
Reference market data from a third-party provider, as of the story. Not a valuation or a recommendation.
Exchange filing by Manappuram Finance Ltd announcing its unaudited standalone and consolidated financial results for the quarter ended September 30, 2026. Market figures from a third-party data provider.
