Manappuram Finance Limited · NSE:MANAPPURAM
Manappuram Finance — Q4 FY2026 Earnings Presentation
45 slides from Manappuram Finance's earnings presentation, May 2026
Slide 1: Manappuram Finance Limited Investor Presentation Q4 FY2026
MANAPPURAM FINANCE LIMITED Investor Presentation Q4 - FY2026
Slide 2: Table of Contents
TABLE OF CONTENTS Page – 04 Page – 05 01 Vision and strategy 02 Financial snapshot Page – 19 Page – 38 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 Listed lender in gold loans in India (core product), with Operational rigor: Company has perfected the art of a trusted brand and nation-wide reach managing appraisal, custodial and valuation risks tha
Slide 5: Financial Highlights Q4 - FY2026
FINANCIAL HIGHLIGHTS Q4 - FY2026
Slide 6: Key Performance Highlights for FY2026 & Q4 FY2026
KEY PERFORMANCE HIGHLIGHTS FOR FY2026 & Q4 FY2026 AUM OPEX / AUM PAT RoAA ROE Consolidated INR 993 Cr FY2026 INR 63,798 Cr 5.9 % Down by 17.5% 2.0% 7.7% Up by 48.3% YoY Down by 0.7% YoY YoY AUM OPEX / AUM PAT RoAA ROE Standalone INR 1,525 Cr FY2026 INR 55,952 Cr 5.1 % 12.2% Down by 14.5% 3.8 % Up by
Slide 7: Key Performance Highlights for Q4 FY2026
KEY PERFORMANCE HIGHLIGHTS FOR Q4 FY2026 • Consolidated Gold Loan AUM INR 50,953 Cr , up by 31.5% QoQ and up by 99.1% YoY , Standalone Gold Loan AUM INR 48,814 Cr, up by 31.4% QoQ and up by 98% YoY with yield of 17.3% for Q4 FY26 • Gold Loan LTV remain stable at 57% as on 31st Mar ,2026 • MFI book w
Slide 8: Consolidated Financial Overview – Q4 FY2026 & FY2026
CONSOLIDATED FINANCIAL OVERVIEW – Q4 FY2026 & FY2026 Particulars (Rs. Cr) Q4 FY26 Q3 FY26 Q-o-Q Q4 FY25 Y-o-Y FY26 FY25 Y-o-Y Consolidated AUM 63,798 52,125 22.4% 43,034 48.3% 63,798 43,034 48.3% Net Interest Income 1,504 1,409 6.8% 1,466 2.6% 5,724 6,470 -11.5% OPEX 737 724 1.7% 773 -4.7% 2,913 2,8
Slide 9: Consolidated Operational Overview – Q4 FY2026
CONSOLIDATED OPERATIONAL OVERVIEW – Q4 FY2026 Particulars Q4 FY26 Q3 FY26 Q-o-Q Q4 FY25 Y-o-Y Gold AUM (Rs. Cr) 50,953 38,754 31.5% 25,586 99.1% Gold Tonnage 63.00 58.96 6.8% 56.36 11.8% Gold Branches (Nos) 4,044 4,044 0.0% 4,044 0.0% Gold Customers (In Lakh) 27.11 26.28 3.2% 25.81 5.1% Non-Gold AUM
Slide 10: AUM Mix for Q4 FY2026
AUM MIX FOR Q4 FY2026 Q4 FY26 Q3 FY26 Q4 FY25 0% 0% 1% 5%5% 3% 7% 6% 7% 7% 4% 11% 9% 4% 17% 59% 80% 74% Gold MFI HFC VEF Onlending MSME Gold MFI HFC VEF Onlending MSME Gold MFI HFC VEF Onlending MSME Particulars (Rs. Cr) Q4 FY26 Q3 FY26 Q-o-Q Q4 FY25 Y-o-Y Gold 48,814 37,144 31.4% 24,658 98.0% VEF 2
Slide 11: Consolidated Profit & Loss Statement for Q4 FY2026 & FY2026
CONSOLIDATED PROFIT & LOSS STATEMENT FOR Q4 FY2026 & FY 2026 Particulars (Rs. Cr) Q4 FY26 Q3 FY26 Q-o-Q Q4 FY25 Y-o-Y FY26 FY25 Y-o-Y Closing AUM 63,798 52,125 22.4% 43,034 48.3% 63,798 43,034 48.3% Income from Operations 2,614 2,354 11.0% 2,361 10.7% 9,509 10,011 -5.0% Finance expenses 1,110 945 17
Slide 12: Consolidated Balance Sheet for Q4 FY2026
CONSOLIDATED BALANCE SHEET FOR Q4 FY2026 Particulars (Rs. Cr) Mar-26 Dec-25 Q-o-Q Mar-25 Y-o-Y Cash & Bank Balances 6,149 4,671 31.6% 3,808 61.5% Investments 2,051 1,579 29.9% 788 160.4% Loans & Advances 62,844 51,280 22.6% 42,252 48.7% Fixed Assets 527 523 0.9% 518 1.8% Other Assets 2,988 2,296 30.
Slide 13: 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 S T O F B O RRO W IN G (CO N S O LIDATED) Borrowing Mix Q4FY26 Q3FY26 Q4FY25 9.4% 9.2% 9.1% 9.0% 8.6% Particulars Amount % Amount % Amount % WCDL / CC 9,727 17% 8,408 18
Slide 14: Standalone Financial Overview – Q4 FY2026
STANDALONE FINANCIAL OVERVIEW – Q4 FY2026 Particulars (Rs. Cr) Q4 FY26 Q3 FY26 Q-o-Q Q4 FY25 Y-o-Y FY26 FY25 Y-o-Y Standalone AUM (Rs. Cr) 55,952 44,209 26.6% 33,021 69.4% 55,952 33,021 69.4% Net Interest Income 1,226 1,152 6.4% 1,129 8.5% 4,614 4,530 1.9% OPEX 519 520 -0.2% 503 3.2% 2,051 1,899 8.0
Slide 15: Standalone Profit & Loss Statement for Q4 FY2026
STANDALONE PROFIT & LOSS STATEMENT FOR Q4 FY2026 Particulars (Rs. Cr) Q4 FY26 Q3 FY26 Q-o-Q Q4 FY25 Y-o-Y FY26 FY25 Y-o-Y Closing AUM 55,952 44,209 26.6% 33,021 69.4% 55,952 33,021 69.4% Income from Operations 2,157.6 1,915.4 12.6% 1,738.9 24.1% 7,642.7 6,906.4 10.7% Finance expenses 931.8 763.4 22.
Slide 16: Standalone Result Analysis Q4 FY2026
STANDALONE RESULT ANALYSIS Q4 FY2026 GOLD LOAN AUM (Rs. Cr) NET PROFIT (Rs. Cr) 48,814 48,814 1,783 1,658 1,525 37,144 1,305 1,266 414 30,236 27,691 24,658 24,658 392 19,860 19,041 20,671 381 376 376 FY22 FY23 FY24 FY25 FY26 Q4 Q1 Q2 Q3 Q4 FY22 FY23 FY24 FY25 FY26 Q4 Q1 Q2 Q3 Q4 FY25 FY26 FY26 FY26
Slide 17: Standalone Result Analysis Q4 FY2026
STANDALONE RESULT ANALYSIS Q4 FY2026 N ET YIELD (%) O PEX T O AU M % 6.6% 6.9% 22.2% 21.9% 22.3% 21.7% 6.4% 6.1% 6.2% 5.9% 20.9% 20.5% 19.7% 5.6% 5.1% 5.1% 18.9% 18.5% 4.2% 17.7% FY22 FY23 FY24 FY25 FY26 Q4 Q1 Q2 Q3 Q4 FY22 FY23 FY24 FY25 FY26 Q4 Q1 Q2 Q3 Q4 FY25 FY26 FY26 FY26 FY26 FY25 FY26 FY26 F
Slide 18: Standalone Borrowing Profile
STANDALONE BORROWING PROFILE ACCESS TO DIVERSIFIED SOURCES OF FUNDING (Rs. Cr) COST OF BORROWING % Borrowing Mix Q4 FY26 Q3 FY26 Q4 FY25 Particulars Amount % Amount % Amount % WCDL/CC 9,609 19% 8,399 21% 7,586 28% 9.2% 9.2% Term Loan 21,341 42% 16,462 41% 10,462 39% 9.1% 8.8% NCD 3,227 6% 3,650 9% 3
Slide 19: Segmental Performance
a FINANCE LIMITED ‘Moke Ue Eony SEGMENTAL ig PERFORMANCE
Slide 20: Gold AUM Update for Q4 FY2026
GOLD AUM UPDATE FOR Q4 FY2026 AVG. LOAN TICKET SIZE (Rs ‘000) CUSTOMER BASE (Lakh) GOLD AUM PER BRANCH (Rs. Cr) AVG. LOAN TICKET SIZE (Rs ‘000) Customer Base 127.7 127.7 145.0 125.0 101.1 13.9 13.9 105.0 83.1 10.5 75.7 67.8 67.8 8.6 85. 0 56.6 57.5 58.5 7.0 7.0 7.9 5.6 5.4 5.9 65. 0 24.40 25.20 24.4
Slide 21: Gold Loan Growth Levers
GOLD LOAN GROWTH LEVERS Limited sensitivity to interest rate fluctuations due to small ticket size, short tenor (up to 1 year), Performance and the product's inherent Online Improvement convenience Gold Loan Gold Loan Business Associates / DSA Channel Business Growth Digital Marketing Manappuram has
Slide 22: Gold Loan Pan India Presence Q4 FY2026
GOLD LOAN PAN INDIA PRESENCE Q4 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 23: Online Gold Loan Business
ONLINE GOLD LOAN BUSINESS AVERAGE TICKET SIZE (Rs ‘000) % SHARE OF OGL IN THE OVERALL GOLD AUM 92% 92% 92% 136.3 136.3 85% 87% 82% 82% 110.5 92.3 57% 85.2 50% 73.2 71.7 76.9 76.9 44% 63.3 FY22 FY23 FY24 FY25 FY26 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26 FY22 FY23 FY24 FY25 FY26 Q4FY25 Q1FY26 Q2FY26 Q3FY26
Slide 24: Asirvad Microfinance Results for Q4 FY2026 & FY2026
ASIRVAD MICROFINANCE RESULTS FOR Q4 FY2026 & FY2026 Particulars (Rs. Cr) Q4 FY26 Q3 FY26 Q-o-Q Q4 FY25 Y-o-Y FY26 FY25 Y-o-Y Total Revenue from Operations 371 351 5.7% 512 -27.4% 1,506 2,717 -44.6% Finance Cost 140 144 -3.4% 217 -35.8% 609 1,034 -41.1% Net Interest income 232 207 12.1% 294 -21.2% 89
Slide 25: Asirvad Microfinance Result Analysis for Q4 FY2026
ASIRVAD MICROFINANCE RESULT ANALYSIS FOR Q4 FY2026 ASIRVAD AUM (Rs. Cr) CAPITAL ADEQUACY RATIO % 22.8% 23.6% 22.8% 11,881 20.8% 20.9% 20.9% 21.4% 19.7% 20.2% 20.2% 10,041 8,189 8,189 7,002 6,793 6,705 6,793 6,165 6,091 FY22 FY23 FY24 FY25 FY26 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26 FY22 FY23 FY24 FY25 F
Slide 26: Asirvad Microfinance: Asset Quality
ASIRVAD MICROFINANCE: ASSET QUALITY Stage-Wise Split of On-Book AUM & Asset Quality Overview Particulars (Rs Q4 FY25 Q3 FY26 Q4 FY26 Cr) MFI Gold MSME Total % MFI Gold MSME Total % MFI Gold MSME Total % Stage - I 5,605 904 32 6,541 85.31% 3,775 1,405 14 5,193 93.06% 3,992 2,025 12 6,029 94.21% Stage
Slide 27: Stringent Underwriting Checks
Stringent Underwriting Checks Total Microfinance and unsecured indebtedness limit Number of Microfinance lenders per borrower of INR 2 Lacs Lender Overlap As on 31st As on 31st As on 31st As on 31st Loan Exposure (Clients %) Dec ,2025 Mar ,2026 Dec,2025 Mar,2026 Only Asirvad 44.3% 45.08% Upto 3 lend
Slide 28: Steps taken towards credit rationalization and risk aptitude
Steps taken towards credit rationalization and risk aptitude Credit rules aligned with SRO guidelines & RBI guidance resulted in a sourcing to sanction average rate of 47.1 % in Q4-FY26 compared with 45.2 % in Q3-FY26 & 38.4 % in Q4 – FY25 Micro focus - New client disbursement enabled only in centre
Slide 29: 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 12,000 10,041 10,000 8,189 11,035 6,793 6,705 6,165 6,091 6,793 9,127 8,000 8,736 6,000 5,935 6,644 6,450 6,078 5,935 4,000 2,000 0 FY23 FY24 FY25 FY26 Q1FY26 Q2FY26 Q3FY26 Q
Slide 30: Asirvad Microfinance Liabilities Overview for Q4 FY2026
ASIRVAD MICROFINANCE LIABILITIES OVERVIEW FOR Q4 FY2026 Access to diversified sources of Funding (Rs. Cr) Borrowing Mix Q4 FY26 Q3 FY26 Q4 FY25 Particulars Amount % Amount % Amount % Term Loan from Banks and FIs 4,078 70.0% 3,430 67.6% 5,385 77.6% WCDL/ CC 50 0.9% -0 0.0% 0 0.0% Refinance 510 8.8% 5
Slide 31: Asirvad Microfinance Liquidity Update
ASIRVAD MICROFINANCE LIQUIDITY UPDATE Maturity ALM (Rs. Cr) 10,000 8,984 8,984 9,000 8,000 7,000 6,000 5,000 3,346 4,000 3,000 2,590 1,954 1,961 2,048 2,000 1,110 959 833 682 400 443 449 1,000 275 395 258 263 - 1 Month 1 - 2 Month 2 - 3 Month 3 - 6 Month 6 - 1 Year 1 - 3 Year 3 - 5 Year Over 5 Year
Slide 32: Asirvad Microfinance Pan India Presence Q4 FY2026
ASIRVAD MICROFINANCE PAN INDIA PRESENCE Q4 FY2026 East State Branch North Bihar 161 MFI AUM - STATEWISE BREAKUP State Branch Sikkim 3 Chandigarh 1 Assam 40 West Bengal 146 Bihar 13% Punjab 48 Jharkhand 63 Haryana 57 Tripura 31 West Bengal 13% Rajasthan 155 Chhattisgarh 31 Uttarakhand 10 Odisha 126 U
Slide 33: Housing Finance Business Update for Q4 FY2026
HOUSING FINANCE BUSINESS UPDATE FOR Q4 FY2026 AUM EVOLUTION (Rs. Cr) Home Loan AUM MIX (%) LAP ATS (INRL) Yield 1,852 1,901 1,900 1,902 1,852 1,824 1,824 31% 32% 32% 32% 32% 33% 35% 35% 35% 1,510 5.9 20.4% 1,096 845 69% 68% 68% 68% 68% 67% 65% 65% 65% 6.0 17.6% FY22 FY23 FY24 FY25 FY26 Q4 FY25 Q1 FY
Slide 34: Housing Finance Business Strategy
HOUSING FINANCE BUSINESS STRATEGY Growth drivers for future expansion Underwriting • 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 35: Vehicle and Equipment Finance Business Update for Q4 FY2026
VEHICLE AND EQUIPMENT FINANCE BUSINESS UPDATE FOR Q4 FY2026 AUM EVOLUTION (Rs. Cr) ATS (INRL) Yield CV TW PV AUM MIX (%) 5.2 17.4% 22% 18% 4,773 4,773 17% 26% 4,492 15% 31% 15% 31% 14% 32% 14% 33% 14% 33% 14% 34% 14% 34% 4,111 4,057 3,595 2,991 2,991 2,431 0.8 20.5% 1,643 61% 57% 54% 54% 54% 54% 54%
Slide 36: 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 37: Standalone MSME and Allied Business Update for Q4 FY2026
STANDALONE MSME AND ALLIED BUSINESS UPDATE FOR Q4 FY2026 AUM EVOLUTION (Rs. Cr) N ET YIELD (%) 3,351 3,289 3,351 3,079 3,079 3,105 3,159 2,908 19.3% 19.4% 19.0% 18.9% 19.0% 17.7% 1,945 Q3 Q4 Q1 Q2 Q3 Q4 FY25 FY25 FY26 FY26 FY26 FY26 FY23 FY24 FY25 FY26 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26 GNPA % OPERA
Slide 38: 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 CRM tool integrated Semi Urban locations disbursed in 160+ collections with 94% portfolio covering potential with existing with loan management (tier-3 / 4); s
Slide 39: 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 40: Deep Management Bench
DEEP MANAGEMENT BENCH Mr. V. P. Nandakumar Dr. Sumitha Nandan Mr. Deepak Reddy Mr. Buvanesh Tharashankar Mrs. Bindu A L Chairman and Managing Director Executive Director Chief Executive Officer Group Chief Financial Officer Chief Financial Officer • He has joined as the CEO. He brings • Postgraduate
Slide 41: Senior Management Team
SENIOR MANAGEMENT TEAM KEY BUSINESS HEADS Mr. Kamal Parmar Mr. Ratheesh PM Mr. Rakesh Sharma Mr. Suveen P.S Mr. G D Manoj Pasangha Mr. Roy Varghese Business Head- CEO – Housing Finance Head – Vehicle CEO - Housing Finance Co-CEO – Asirvad Micro Finance Co-CEO – Asirvad Micro Finance MSME and Allied
Slide 42: Independent Board Bench
INDEPENDENT BOARD BENCH BOARD OF DIRECTORS Dr. Sankaran Nair Rajagopal 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 • He holds a Masters in
Slide 43: Independent Board Bench
INDEPENDENT BOARD BENCH BOARD OF DIRECTORS Mrs. Pratima Ram Mr. Edodiyil Kunhiraman Adv. Veliath Pappu Independent & Bharat Bhushan Seemanthini Non-Executive Director Independent & Independent & Non-Executive Director Non-Executive Director • MA from University of • He played an • A law graduate and
Slide 44: Shareholding and Stock Performance
SHAREHOLDING AND STOCK PERFORMANCE Shareholding Pattern as on Top Shareholders holding more 31st Mar, 2026 than 1% (other than promoters) % Stock Data Miipl Bc Asia Investments Xxv Market Cap as on 30th April , 2026 ₹ 24,927.5 Cr Limited Preferential Offer Escrow 9.89 30% 32% Demat Account Stock Pri
Slide 45: Thank You
Mrs. Bindu A.L. Mr. Susil Kumar Mishra CFO Head – Investor Relations & Treasury Contact No : +914873050000 Contact No : +919967405163 Email – bindhu@manappuram.com Email – susilmishra@manappuram.com Thank You Manappuram Finance Limited, IV / 470 (old) W638A (New), Manappuram House, Valapad, Thrissur