Manappuram Finance Limited · NSE:MANAPPURAM
Manappuram Finance — Q1 FY2026 Earnings Presentation
44 slides from Manappuram Finance's earnings presentation, August 2025
Slide 1: Manappuram Finance Limited Investor Presentation Q1 FY2026
MANAPPURAM FINANCE LIMITED Investor Presentation Q1 - FY2026
Slide 2: Agenda
Page – 04 Page – 05 01 Vision and strategy 02 Financial snapshot Page – 18 Page – 37 03 Segmental performance 04 Creating a difference
Slide 3: Safe Harbour Statement
SAFE HARBOUR STATEMENT This presentation may include The company assumes no Any person/ party intending to Actual results could differ materially statements, which may constitute responsibility to publicly amend, provide finance / invest in the from those expressed or implied. forward-looking statem
Slide 4: Vision: To become financial partner of choice for under-banked customers
VISION: TO BECOME FINANCIAL PARTNER OF CHOICE FOR UNDER-BANKED CUSTOMERS ACROSS THEIR LIFECYCLE #2 lender in gold loans in India (core product), Operational rigor: Company has perfected the art of with a trusted brand and nation-wide reach managing appraisal, custodial and valuation risks that are i
Slide 5: Financial Highlights Q1 FY2026
a FINANCE LIMITED ‘Moke Ue Eony FINANCIAL HIGHLIGHTS —______» Q1 - FY2026
Slide 6: Key Performance Highlights for Q1 FY2026
KEY PERFORMANCE HIGHLIGHTS FOR Q1 FY2026 • Consolidated Gold Loan AUM INR 28,802 Cr , up by 12.6% QoQ , Standalone Gold Loan AUM INR 27,691 Cr, up by 12.3% QoQ with yield of 20.7% for Q1 FY26 • Gold Loan LTV is remain stable at 57% as on 30th June ,2025 • MFI book was INR 5,542 Cr, down by 23.1% QoQ
Slide 7: Consolidated Financial Overview – Q1 FY2026
CONSOLIDATED FINANCIAL OVERVIEW – Q1 FY2026 Particulars (Rs. Cr) Q1 FY26 Q4 FY25 Q-o-Q Q1 FY25 Y-o-Y FY25 FY24 Y-o-Y Consolidated AUM 44,304 43,034 3.0% 44,932 -1.4% 43,034 42,070 2.3% Net Interest Income 1,407 1,464 -3.9% 1,640 -14.2% 6,466 5,982 8.1% OPEX 749 784 -4.5% 682 9.7% 2,872 2,517 14.1% P
Slide 8: Consolidated Operational Overview – Q1 FY2026
CONSOLIDATED OPERATIONAL OVERVIEW – Q1 FY2026 Particulars Q1 FY26 Q4 FY25 Q-o-Q Q1 FY25 Y-o-Y Gold AUM (Rs. Cr) 28,802 25,586 12.6% 23,647 21.8% Gold Tonnage 56.94 56.36 1.0% 59.59 -4.4% Gold Branches (Nos) 4,044 4,044 0.0% 4,044 0.0% Gold Customers (In Lakh) 25.90 25.81 0.4% 26.00 -0.4% Non-Gold AU
Slide 9: AUM Mix for Q1 FY2026
AUM MIX FOR Q1 FY2026 Q1 FY26 Q4 FY25 Q1 FY25 1% 1% 2% 7% 7% 7% 10% 11% 10% 4% 4% 4% 53% 13% 59% 65% 17% 25% Gold MFI HFC VEF Onlending MSME Gold MFI HFC VEF Onlending MSME Gold MFI HFC VEF Onlending MSME Particulars (Rs. Cr) Q1 FY26 Q4 FY25 Q-o-Q Q1 FY25 Y-o-Y Gold 27,691 24,658 12.3% 22,631 22.4%
Slide 10: Consolidated Profit & Loss Statement for Q1 FY2026
CONSOLIDATED PROFIT & LOSS STATEMENT FOR Q1 FY2026 Particulars (Rs. Cr) Q1 FY26 Q4 FY25 Q-o-Q Q1 FY25 Y-o-Y FY25 FY24 Y-o-Y Closing AUM 44,304 43,034 3.0% 44,932 -1.4% 43,034 42,070 2.3% Income from Operations 2,262 2,326 -2.7% 2,488 -9.1% 10,041 8,848 13.5% Finance expenses 855 862 -0.7% 848 0.8% 3
Slide 11: Consolidated Balance Sheet for Q1 FY2026
CONSOLIDATED BALANCE SHEET FOR Q1 FY2026 Particulars (Rs. Cr) June-25 Mar-25 Q-o-Q June-24 Y-o-Y Cash & Bank Balances 4,047 3,808 6.3% 5,383 -24.8% Investments 1,144 788 45.2% 830 37.9% Loans & Advances 43,713 42,252 3.5% 43,913 -0.5% Fixed Assets 522 518 0.7% 484 7.9% Other Assets 1,810 1,840 -1.6%
Slide 12: Well Capitalized, Prudent Liabilities Strategy with Reducing CoF
WELL CAPITALIZED, PRUDENT LIABILITIES STRATEGY WITH REDUCING COF ACCESS TO DIVERSIFIED SOURCES OF FUNDING (CONSOLIDATED Rs. Cr) CO ST O F BO RRO WI NG ( CO NSO LI D AT ED ) Borrowing Mix Q1FY26 Q4FY25 Q1FY25 9.3% 9.2% 9.4% 9.4% 9.2% Particulars Amount % Amount % Amount % WCDL / CC 7,878 21% 7,261 21
Slide 13: Standalone Financial Overview – Q1 FY2026
STANDALONE FINANCIAL OVERVIEW – Q1 FY2026 Particulars (Rs. Cr) Q1 FY26 Q4 FY25 Q-o-Q Q1 FY25 Y-o-Y FY25 FY24 Y-o-Y Standalone AUM (Rs. Cr) 35,698 33,021 8.1% 31,035 15.0% 33,021 28,679 15.1% Net Interest Income 1,098 1,129 -2.8% 1,077 2.0% 4,530 4,002 13.2% OPEX 502 503 -0.1% 452 11.2% 1,899 1,697 1
Slide 14: Standalone Profit & Loss Statement for Q1 FY2026
STANDALONE PROFIT & LOSS STATEMENT FOR Q1 FY2026 Particulars (Rs. Cr) Q1 FY26 Q4 FY25 Q-o-Q Q1 FY25 Y-o-Y FY25 FY24 Y-o-Y Closing AUM 35,698 33,021 8.1% 31,035 15.0% 33,021 28,679 15.1% Income from Operations 1,743.1 1,738.9 0.2% 1,620.5 7.6% 6,906.3 5,829.9 18.5% Finance expenses 644.9 609.5 5.8% 5
Slide 15: Standalone Result Analysis Q1 FY2026
STANDALONE RESULT ANALYSIS Q1 FY2026 GOLD LOAN AUM (Rs. Cr) NET PROFIT (Rs. Cr) 27,691 24,658 24,658 1,698 1,783 23,248 23,686 1,658 22,631 19,860 20,671 1,305 1,266 19,077 19,041 475 453 414 441 392 FY21 FY22 FY23 FY24 FY25 Q1 Q2 Q3 Q4 Q1 FY21 FY22 FY23 FY24 FY25 Q1 Q2 Q3 Q4 Q1 FY25 FY25 FY25 FY25
Slide 16: Standalone Result Analysis Q1 FY2026
STANDALONE RESULT ANALYSIS Q1 FY2026 NET Y I ELD (% ) O PEX T O AUM % 24.9% 22.2% 21.9% 22.3% 21.8% 22.0% 22.2% 21.7% 7.0% 6.9% 20.9% 20.5% 6.6% 6.4% 6.1% 6.2% 6.1% 6.0% 5.9% 5.9% FY21 FY22 FY23 FY24 FY25 Q1 Q2 Q3 Q4 Q1 FY21 FY22 FY23 FY24 FY25 Q1 Q2 Q3 Q4 Q1 FY25 FY25 FY25 FY25 FY26 FY25 FY25 FY25
Slide 17: Standalone Borrowing Profile
STANDALONE BORROWING PROFILE ACCESS TO DIVERSIFIED SOURCES OF FUNDING (Rs. Cr) COST OF BORROWING % Borrowing Mix Q1 FY26 Q4 FY25 Q1 FY25 Particulars Amount % Amount % Amount % WCDL/CC 7,849 26% 7,237 27% 7,866 30% Term Loan 12,722 42% 11,124 41% 10,438 39% 9.2% 9.2% 9.2% 9.1% NCD & Bonds 3,210 11% 3
Slide 18: Segmental Performance
a FINANCE LIMITED ‘Moke Ue Eony SEGMENTAL PERFORMANCE —______»
Slide 19: Gold AUM Update for Q1 FY2026
GOLD AUM UPDATE FOR Q1 FY2026 AVG. LOAN TICKET SIZE (Rs ‘000) CUSTOMER BASE (Lakh) GOLD AUM PER BRANCH (Rs. Cr) AVG. LOAN TICKET SIZE (Rs ‘000) Customer Base 75.7 85.0 67.8 64.3 67.8 62.1 62.5 75.0 65.0 56.6 57.5 58.5 7.9 55.0 44.6 7.0 6.4 6.6 6.7 7.0 45.0 5.4 5.6 5.4 5.9 35.0 25.94 23.69 22.95 23.7
Slide 20: Gold Loan Growth Levers
GOLD LOAN GROWTH LEVERS Low interest rate sensitivity given Performance small ticket size, Short tenor and Online convenience of product Improvement Gold Loan Gold Loan Business Associates / DSA Channel Business Growth Digital Marketing Manappuram has undertaken various Levers cost rationalization i
Slide 21: Gold Loan Pan India Presence Q1 FY2026
GOLD LOAN PAN INDIA PRESENCE Q1 FY2026 North 17% West 10% State Branch State Branch Jammu & Kashmir 10 Maharashtra 210 Himachal Pradesh 13 Goa 8 Chandigarh 4 Gujarat 123 Delhi 59 Total 341 Punjab 75 Uttarakhand 8 Union Territories Haryana 64 State Branch Uttar Pradesh 140 Daman Diu 3 Rajasthan 96 An
Slide 22: Online Gold Loan Business
ONLINE GOLD LOAN BUSINESS AVERAGE TICKET SIZE (Rs ‘000) % SHARE OF OGL IN THE OVERALL GOLD AUM 85.2 82% 82% 85% 76.9 76.9 79% 73.2 71.7 75.0 72.3 73.0 74% 70% 63.3 54% 57% 53.0 50% 44% FY21 FY22 FY23 FY24 FY25 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 FY21 FY22 FY23 FY24 FY25 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1
Slide 23: Asirvad Microfinance Results for Q1 FY2026
ASIRVAD MICROFINANCE RESULTS FOR Q1 FY2026 Particulars (Rs. Cr) Q1 FY26 Q4 FY25 Q-o-Q Q1 FY25 Y-o-Y FY25 FY24 Y-o-Y Total Revenue from Operations 422 511 -17.4% 753 -44.0% 2,705 2,681 0.9% Finance Cost 174 217 -19.7% 273 -36.1% 1,034 947 9.2% Net Interest income 247 294 -15.7% 480 -48.4% 1,671 1,734
Slide 24: Asirvad Microfinance Result Analysis for Q1 FY2026
ASIRVAD MICROFINANCE RESULT ANALYSIS FOR Q1 FY2026 ASIRVAD AUM (Rs. Cr) CAPITAL ADEQUACY RATIO % 23.3% 22.8% 23.3% 23.6% 12,310 12,149 20.8% 20.9% 21.8% 21.5% 20.9% 11,881 19.7% 10,041 10,013 8,189 8,189 7,002 6,705 5,985 FY21 FY22 FY23 FY24 FY25 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 FY21 FY22 FY23 FY2
Slide 25: Asirvad Microfinance: Asset Quality
ASIRVAD MICROFINANCE: ASSET QUALITY Evolution of Asset Quality for Asirvad Particulars Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 (Rs Cr) Amount % Amount % Amount % Amount % Amount % Amount % Stage - I 10,177 94.5% 10,787 95.4% 10,535 93.3% 8,268 88.4% 6,541 85.3% 5,687 90.3% Stage - II 194 1.8
Slide 26: Stringent Underwriting Checks
Stringent Underwriting Checks Total Microfinance and unsecured indebtedness Number of Microfinance lenders per borrower limit of INR 2 Lacs As on 31st As on 31st Lender Overlap As on 30th As on 30th March Loan Exposure March (Clients %) June,2025 June,2025 2025 2025 Only Asirvad 33.3% 33.8% Upto 3 l
Slide 27: Steps taken towards credit rationalization and risk aptitude
Steps taken towards credit rationalization and risk aptitude Credit rules aligned with SRO guidelines resulted in a sourcing to sanction average rate of 46.5 % in Q1- FY2026 compared with 38.4 % in Q4-FY2025 & 64.0 % in Sep 2024 Micro focus - New client disbursement enabled only in centres having ni
Slide 28: Asirvad Microfinance Business and Productivity Metrics
ASIRVAD MICROFINANCE BUSINESS AND PRODUCTIVITY METRICS GROWTH PRODUCTIVITY AUM (INR Cr) Number of loan officers 14,000 11,881 10,041 10,013 11,035 8,189 8,189 12,000 10,000 7,002 6,705 8,736 9,129 9,636 9,129 8,000 7,507 6,644 6,000 4,000 2,000 0 FY22 FY23 FY24 FY25 Q3FY25 Q4FY25 Q1FY26 FY22 FY23 FY
Slide 29: Asirvad Microfinance Liabilities Overview for Q1 FY2026
ASIRVAD MICROFINANCE LIABILITIES OVERVIEW FOR Q1 FY2026 Access to diversified sources of Funding (Rs. Cr) Borrowing Mix Q1 FY26 Q4 FY25 Q1 FY25 Particulars Amount % Amount % Amount % Term Loan from Banks and FIs 4,294 74.9% 5,385 77.6% 8,209 77.5% Refinance 652 11.4% 700 10.1% 991 9.4% Debentures 25
Slide 30: Asirvad Microfinance Liquidity Update
ASIRVAD MICROFINANCE LIQUIDITY UPDATE Maturity ALM (Rs. Cr) 9,000 8,169 8,169 8,000 7,000 6,000 5,000 4,000 3,000 2,665 2,314 2,071 2,000 1,562 1,490 1,020 1,030 920 719 454 395 354 522 406 412 1,000 5 - 1 Month 1 - 2 Month 2 - 3 Month 3 - 6 Month 6 - 1 Year 1 - 3 Year 3 - 5 Year Over 5 Year All Out
Slide 31: Asirvad Microfinance Pan India Presence Q1 FY2026
ASIRVAD MICROFINANCE PAN INDIA PRESENCE Q1 FY2026 East State Branch Bihar 161 North Sikkim 3 MFI AUM - STATEWISE BREAKUP State Branch Chandigarh 1 Assam 40 West Bengal 146 Bihar 13% Punjab 48 Jharkhand 63 Haryana 57 Tripura 31 Tamil Nadu 13% Rajasthan 155 Chhattisgarh 31 Uttarakhand 10 Odisha 126 Ut
Slide 32: Housing Finance Business Update for Q1 FY2026
HOUSING FINANCE BUSINESS UPDATE FOR Q1 FY2026 AUM EVOLUTION (Rs. Cr) Home Loan AUM MIX (%) LAP ATS (INRL) Yield 1,901 1,824 1,778 1,824 1,692 28% 29% 29% 31% 31% 32% 32% 32% 1,587 33% 1,510 5.9 20.2% 1,096 845 666 72% 71% 71% 69% 69% 68% 68% 68% 67% 6.0 17.8% FY21 FY22 FY23 FY24 FY25 Q1 FY25 Q2 FY25
Slide 33: Housing Finance Business Strategy
HOUSING FINANCE BUSINESS STRATEGY Growth drivers for future Underwriting expansion • Riding on the parent’s brand equity and • Decentralized underwriting and pan India presence for scaling up the disbursement for lower ticket size loans business • Compliance with policy parameters via • Low-cost ope
Slide 34: Vehicle and Equipment Finance Business Update for Q1 FY2026
VEHICLE AND EQUIPMENT FINANCE BUSINESS UPDATE FOR Q1 FY2026 AUM EVOLUTION (Rs. Cr) AUM MIX (%) ATS (INRL) Yield CV TW PV 5,085 4,848 5.1 18.0% 22% 18% 17%18% 4,773 4,773 17% 26% 4,541 16% 28% 4,492 16% 30% 16% 31% 15% 31% 15% 31% 14% 32% 4,111 2,431 0.8 20.5% 1,643 65% 61% 57% 56% 55% 54% 54% 54% 54
Slide 35: Vehicle and Equipment Finance Business Strategy
VEHICLE AND EQUIPMENT FINANCE BUSINESS STRATEGY Increase penetration into Rural and Semi PROFIT Urban locations OPTIMIZERS Digital Lending Platform and automated approval process in TW loans Analytics Mobility Solution Deep Penetration Brand Tie-ups – With Use of Analytics for On the go solution wit
Slide 36: Standalone MSME and Allied Business Update for Q1 FY2026
STANDALONE MSME AND ALLIED BUSINESS UPDATE FOR Q1 FY2026 AUM EVOLUTION (Rs. Cr) AUM MIX (%) MSME Micro-Housing Secured PL Unsecured PL ATS (INRL) Yield 3,079 3,001 3,079 3,105 2% 3% 2% 1% 2,908 2,946 2,963 5% 11% 12% 7% 5% 21% 20% 20% 19% 0.7 25% 18% 19% 19% 17% 18% 1,945 4.4 20% 33% 40% 38% 42% 42%
Slide 37: MSME and Personal Loans Business Strategy
MSME AND PERSONAL LOANS BUSINESS STRATEGY Stronger in Rural and Different products are Predominantly digital Diverse product Huge cross-sell potential CRM tool integrated Semi Urban locations disbursed in 150+ collections (80% overall) portfolio covering with existing gold loan with loan management
Slide 38: Creating a Difference
CREATING A DIFFERENCE • Donated ₹31.5 lakhs to the Peringottukara Dialysis • A total of ₹1.64 crores was spent in FY 2024–25 on Centre for the purchase of three dialysis machines, • Donated 75 three-wheeler scooters to 75 deserving house construction projects across various parts of installation of
Slide 39: Deep Management Bench
DEEP MANAGEMENT BENCH Mr. V. P. Nandakumar Dr. Sumitha Nandan Mr. Deepak Reddy Mrs. Bindu A L Mr. Raju Narayanan Managing Director Executive Director Chief Executive Officer Chief Financial Officer Group Business Head • He has joined as the CEO. He brings • Postgraduate in • MBBS from Rajiv Gandhi •
Slide 40: Senior Management Team
SENIOR MANAGEMENT TEAM Mr. Kamal Parmar Mr. Ratheesh PM Mr. Suveen P.S Mr. Roy Varghese Business Head- CEO - Housing Finance CEO – Asirvad Micro Finance Ltd Head – Vehicle and Equipment Finance MSME and Allied • MBA in Banking & • Over 28 years • 16 years+ experience • B. Tech Graduate in Finance an
Slide 41: Independent Board Bench
INDEPENDENT BOARD BENCH Dr. Shailesh J Mehta Mr. Harshan Kollara Mr. Abhijit Sen Mr T C. Suseel Kumar Independent & Independent & Independent & Independent & Non-Executive Director Non-Executive Director Non-Executive Director Non-Executive Director • B-tech in ME from IIT- • He holds a Masters in •
Slide 42: Independent Board Bench
INDEPENDENT BOARD BENCH Dr. Sankaran Nair Mrs. Pratima Ram Mr. Edodiyil Adv. Veliath Pappu Rajagopal Independent & Kunhiraman Bharat Seemanthini Independent & Non-Executive Director Bhushan Independent & Non-Executive Director Independent & Non-Executive Director Non-Executive Director • A seasoned
Slide 43: Shareholding and Stock Performance
SHAREHOLDING AND STOCK PERFORMANCE Shareholding Pattern as on 30th June, 2025 Stock Data Market Cap as on 06th Aug, 2025 ₹ 21,681.43 Crs Top Shareholders holding more 26% than 1% (other than % Stock Price as on 06th Aug, 2025 256.15 35% promoters) 52 Week (High/Low) ₹ 285 / ₹ 138.40 1% Small World F
Slide 44: Thank You
Mrs. Bindu A.L. Mr. Susil Kumar Mishra Nikunj Seth CFO Head – Investor Relations & Treasury Het Choksey Advisors Contact No : +914873050000 Contact No : +919967405163 +91 9773397958 Email – bindhu@manappuram.com Email – susilmishra@manappuram.com ir-advisors@hetchoksey.com Thank Manappuram Finance L