Manappuram Finance Limited · NSE:MANAPPURAM
Manappuram Finance — Q2 FY2026 Earnings Presentation
44 slides from Manappuram Finance's earnings presentation, October 2025
Slide 1: Manappuram Finance Limited Investor Presentation Q2 FY2026
MANAPPURAM FINANCE LIMITED Investor Presentation Q2 - FY2026
Slide 2: Table of Contents
TABLE OF CONTENTS 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: 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), with Operational rigor: Company has perfected the art of a trusted brand and nation-wide reach managing appraisal, custodial and valuation risks that are i
Slide 5: Financial Highlights Q2 FY2026
FINANCIAL HIGHLIGHTS Q2 - FY2026
Slide 6: Key Performance Highlights for Q2 FY2026
KEY PERFORMANCE HIGHLIGHTS FOR Q2 FY2026 • Consolidated Gold Loan AUM INR 31,505 Cr , up by 9.4% QoQ and up by 29.3% YoY , Standalone Gold Loan AUM INR 30,236 Cr, up by 9.2% QoQ and up by 30.1% YoY with yield of 19.7% for Q2 FY26 • Gold Loan LTV is remain stable at 56% as on 30th Sep ,2025 • MFI boo
Slide 7: Consolidated Financial Overview – Q2 FY2026
CONSOLIDATED FINANCIAL OVERVIEW – Q2 FY2026 Particulars (Rs. Cr) Q2 FY26 Q1 FY26 Q-o-Q Q2 FY25 Y-o-Y H1 FY26 H1 FY25 Y-o-Y FY25 FY24 Y-o-Y Consolidated AUM 45,789 44,304 3.4% 45,716 0.2% 45,789 45,716 0.2% 43,034 42,070 2.3% Net Interest Income 1,408 1,407 0.1% 1,727 -18.5% 2,815 3,367 -16.4% 6,466
Slide 8: Consolidated Operational Overview – Q2 FY2026
CONSOLIDATED OPERATIONAL OVERVIEW – Q2 FY2026 Particulars Q2 FY26 Q1 FY26 Q-o-Q Q2 FY25 Y-o-Y Gold AUM (Rs. Cr) 31,505 28,802 9.4% 24,365 29.3% Gold Tonnage 57.16 56.94 0.4% 59.70 -4.3% Gold Branches (Nos) 4,044 4,044 0.0% 4,044 0.0% Gold Customers (In Lakh) 26.06 25.99 0.3% 26.55 -1.8% Non-Gold AUM
Slide 9: AUM Mix for Q2 FY2026
AUM MIX FOR Q2 FY2026 Q2 FY26 Q1 FY26 Q2 FY25 1% 1% 2% 7% 7% 7% 9% 10% 11% 4% 4% 4% 11% 53% 13% 69% 65% 24% Gold MFI HFC VEF Onlending MSME Gold MFI HFC VEF Onlending MSME Gold MFI HFC VEF Onlending MSME Particulars (Rs. Cr) Q2 FY26 Q1 FY26 Q-o-Q Q2 FY25 Y-o-Y Gold 30,236 27,691 9.2% 23,248 30.1% VE
Slide 10: Consolidated Profit & Loss Statement for Q2 FY2026
CONSOLIDATED PROFIT & LOSS STATEMENT FOR Q2 FY2026 Particulars (Rs. Cr) Q2 FY26 Q1 FY26 Q-o-Q Q2 FY25 Y-o-Y H1 FY26 H1 FY25 Y-o-Y FY25 FY24 Y-o-Y Closing AUM 45,789 44,304 3.4% 45,716 0.2% 45,789 45,716 0.2% 43,034 42,070 2.3% Income from Operations 2,283 2,262 0.9% 2,633 -13.3% 4,546 5,121 -11.2% 1
Slide 11: Consolidated Balance Sheet for Q2 FY2026
CONSOLIDATED BALANCE SHEET FOR Q2 FY2026 Particulars (Rs. Cr) Sep-25 June-25 Q-o-Q Sep-24 Y-o-Y Cash & Bank Balances 2,509 4,047 -38.0% 4,940 -49.2% Investments 1,239 1,144 8.3% 807 53.6% Loans & Advances 45,248 43,713 3.5% 44,762 1.1% Fixed Assets 525 522 0.6% 487 7.8% Other Assets 2,136 1,810 18.0
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 S T O F B O RRO W IN G (CO N S O LIDATED) Borrowing Mix Q2FY26 Q1FY26 Q2FY25 9.2% 9.4% 9.4% 9.2% 9.1% Particulars Amount % Amount % Amount % WCDL / CC 7,249 19% 7,878 21
Slide 13: Standalone Financial Overview – Q2 FY2026
STANDALONE FINANCIAL OVERVIEW – Q2 FY2026 Particulars (Rs. Cr) Q2 FY26 Q1 FY26 Q-o-Q Q2 FY25 Y-o-Y H1 FY26 H1 FY25 Y-o-Y FY25 FY24 Y-o-Y Standalone AUM (Rs. Cr) 37,824 35,698 6.0% 31,876 18.7% 37,824 31,876 18.7% 33,021 28,679 15.1% Net Interest Income 1,132 1,098 3.0% 1,154 -2.0% 2,230 2,231 0.0% 4
Slide 14: Standalone Profit & Loss Statement for Q2 FY2026
STANDALONE PROFIT & LOSS STATEMENT FOR Q2 FY2026 Particulars (Rs. Cr) Q2 FY26 Q1 FY26 Q-o-Q Q2 FY25 Y-o-Y H1 FY26 H1 FY25 Y-o-Y FY25 FY24 Y-o-Y Closing AUM 37,824 35,698 6.0% 31,876 18.7% 37,824 31,876 18.7% 33,021 28,679 15.1% Income from Operations 1,820.0 1,743.1 4.4% 1,748.2 4.1% 3,563.2 3,368.7
Slide 15: Standalone Result Analysis Q2 FY2026
STANDALONE RESULT ANALYSIS Q2 FY2026 GOLD LOAN AUM (Rs. Cr) NET PROFIT (Rs. Cr) 30,236 1,783 27,691 1,698 1,658 24,658 23,686 24,658 23,248 1,305 1,266 19,860 20,671 916 19,077 19,041 768 475 453 414 392 376 FY21 FY22 FY23 FY24 FY25 Q2 Q3 Q4 Q1 Q2 FY21 FY22 FY23 FY24 FY25 Q2 Q3 Q4 Q1 Q2 H1 H1 FY25 F
Slide 16: Standalone Result Analysis Q2 FY2026
STANDALONE RESULT ANALYSIS Q2 FY2026 N ET YIELD (%) O PEX T O AU M % 24.9% 7.0% 6.6% 6.9% 22.2% 21.9% 22.3% 22.0% 22.2% 21.7% 6.4% 6.1% 5.9% 6.0% 6.2% 5.9% 20.9% 20.5% 19.7% 5.6% FY21 FY22 FY23 FY24 FY25 Q2 Q3 Q4 Q1 Q2 FY21 FY22 FY23 FY24 FY25 Q2 Q3 Q4 Q1 Q2 FY25 FY25 FY25 FY26 FY26 FY25 FY25 FY25 F
Slide 17: Standalone Borrowing Profile
STANDALONE BORROWING PROFILE ACCESS TO DIVERSIFIED SOURCES OF FUNDING (Rs. Cr) COST OF BORROWING % Borrowing Mix Q2 FY26 Q1 FY26 Q2 FY25 Particulars Amount % Amount % Amount % WCDL/CC 7,253 24% 7,849 26% 7,317 27% Term Loan 11,933 39% 12,722 42% 10,195 38% 9.2% 9.2% NCD 2,669 9% 3,210 11% 3,950 15%
Slide 18: Segmental Performance
a FINANCE LIMITED ‘Moke Ue Eony SEGMENTAL ig PERFORMANCE
Slide 19: Gold AUM Update for Q2 FY2026
GOLD AUM UPDATE FOR Q2 FY2026 AVG. LOAN TICKET SIZE (Rs ‘000) CUSTOMER BASE (Lakh) GOLD AUM PER BRANCH (Rs. Cr) AVG. LOAN TICKET SIZE (Rs ‘000) 95. 0 Customer Base 83.1 85. 0 75.7 67.8 64.3 67.8 62.5 8.6 75. 0 65. 0 56.6 57.5 58.5 7.9 7.0 6.6 6.7 7.0 44.6 5.6 5.9 55. 0 45. 0 5.4 5.4 35. 0 25.94 23.6
Slide 20: 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 21: Gold Loan Pan India Presence Q2 FY2026
GOLD LOAN PAN INDIA PRESENCE Q2 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 92.3 85.2 85% 87% 82% 79% 82% 73.2 71.7 76.9 73.0 76.9 74% 72.3 63.3 54% 57% 53.0 50% 44% FY21 FY22 FY23 FY24 FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 FY21 FY22 FY23 FY24 FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2
Slide 23: Asirvad Microfinance Results for Q2 FY2026
ASIRVAD MICROFINANCE RESULTS FOR Q2 FY2026 Particulars (Rs. Cr) Q2 FY26 Q1 FY26 Q-o-Q Q2 FY25 Y-o-Y H1 FY26 H1 FY25 Y-o-Y FY25 FY24 Y-o-Y Total Revenue from 360 422 -14.8% 778 -53.8% 781 1,531 -49.0% 2,705 2,681 0.9% Operations Finance Cost 151 174 -13.4% 281 -46.3% 325 554 -41.3% 1,034 947 9.2% Net
Slide 24: Asirvad Microfinance Result Analysis for Q2 FY2026
ASIRVAD MICROFINANCE RESULT ANALYSIS FOR Q2 FY2026 ASIRVAD AUM (Rs. Cr) CAPITAL ADEQUACY RATIO % 23.3% 22.8% 23.3% 23.6% 11,881 12,149 21.5% 21.4% 20.8% 20.9% 20.9% 19.7% 10,041 10,013 8,189 8,189 7,002 6,705 5,985 6,165 FY21 FY22 FY23 FY24 FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 FY21 FY22 FY23 FY24
Slide 25: Asirvad Microfinance: Asset Quality
ASIRVAD MICROFINANCE: ASSET QUALITY Stage-Wise Split of On-Book AUM & Asset Quality Overview Particulars (Rs Q2 FY25 Q1 FY26 Q2 FY26 Cr) MFI Gold MSME Total % MFI Gold MSME Total % MFI Gold MSME Total % Stage - I 9,399 1,089 46 10,535 93.3% 4,584 1,080 23 5,687 90.3% 4,097 1,244 14 5,355 92.0% Stage
Slide 26: 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 30th As on 30th As on 30th As on 30th Loan Exposure (Clients %) June,2025 Sep,2025 June,2025 Sep,2025 Only Asirvad 33.8% 37.2% Below 50k 40
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 46.4 % in Q2-FY26 compared with 46.5 % in Q1-FY26 & 38.4 % in Q4 – FY25 Micro focus - New client disbursement enabled only in centres having nil PA
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 12,000 10,041 10,000 8,189 8,189 11,035 7,002 6,705 6,165 8,000 8,736 9,129 9,129 6,000 7,507 6,644 6,450 4,000 2,000 0 FY22 FY23 FY24 FY25 Q4FY25 Q1FY26 Q2FY26 FY22 FY23 FY2
Slide 29: Asirvad Microfinance Liabilities Overview for Q2 FY2026
ASIRVAD MICROFINANCE LIABILITIES OVERVIEW FOR Q2 FY2026 Access to diversified sources of Funding (Rs. Cr) Borrowing Mix Q2 FY26 Q1 FY26 Q2 FY25 Particulars Amount % Amount % Amount % Term Loan from Banks and FIs 3,781 68.8% 4,294 74.9% 8,561 82.3% WCDL/ CC 50 0.9% 0 0.0% 0 0.0% Refinance 605 11.0% 6
Slide 30: Asirvad Microfinance Liquidity Update
ASIRVAD MICROFINANCE LIQUIDITY UPDATE Maturity ALM (Rs. Cr) 9,000 8,000 7,647 7,647 7,000 6,000 5,000 4,000 2,509 3,000 1,928 1,976 2,000 1,531 1,570 912 1,086 869 1,000 672 488 378 376 253 416 326 4 - 1 Month 1 - 2 Month 2 - 3 Month 3 - 6 Month 6 - 1 Year 1 - 3 Year 3 - 5 Year Over 5 Year All Outfl
Slide 31: Asirvad Microfinance Pan India Presence Q2 FY2026
ASIRVAD MICROFINANCE PAN INDIA PRESENCE Q2 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 32: Housing Finance Business Update for Q2 FY2026
HOUSING FINANCE BUSINESS UPDATE FOR Q2 FY2026 AUM EVOLUTION (Rs. Cr) Home Loan AUM MIX (%) LAP ATS (INRL) Yield 1,901 1,900 1,824 1,778 1,824 1,692 29% 29% 31% 31% 32% 32% 32% 33% 35% 1,510 5.8 20.3% 1,096 845 666 71% 71% 69% 69% 68% 68% 68% 67% 65% 6.0 17.8% FY21 FY22 FY23 FY24 FY25 Q2 FY25 Q3 FY25
Slide 33: 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 34: Vehicle and Equipment Finance Business Update for Q2 FY2026
VEHICLE AND EQUIPMENT FINANCE BUSINESS UPDATE FOR Q2 FY2026 AUM EVOLUTION (Rs. Cr) ATS (INRL) Yield CV TW PV AUM MIX (%) 5,085 4,848 5.1 17.8% 22% 18% 17% 18% 4,773 4,773 17% 26% 4,492 16% 30% 16% 31% 15% 31% 15% 31% 14% 32% 14% 33% 4,111 4,057 2,431 0.8 20.2% 1,643 65% 61% 57% 55% 54% 54% 54% 54% 5
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 Q2 FY2026
STANDALONE MSME AND ALLIED BUSINESS UPDATE FOR Q2 FY2026 AUM EVOLUTION (Rs. Cr) AUM MIX (%) MSME Micro-Housing Secured PL Unsecured PL ATS (INRL) Yield 3,079 3,079 3,105 3,159 1% 2,963 3,001 5% 2% 5% 3% 2% 1% 2,908 11% 12% 19% 21% 20% 20% 0.7 25% 19% 18% 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 CRM tool integrated Semi Urban locations disbursed in 150+ collections (80% overall) portfolio covering potential with existing with loan management (tier-3 /
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 Chairman and 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 R
Slide 40: Senior Management Team
SENIOR MANAGEMENT TEAM KEY BUSINESS HEADS Mr. G D Manoj Pasangha Mr. Kamal Parmar Mr. Ratheesh PM Mr. Suveen P.S Mr. Roy Varghese Business Head- CEO - Housing Finance Co-CEO – Asirvad Micro Finance Co-CEO – Asirvad Micro Finance Head – Vehicle and Equipment Finance MSME and Allied Ltd Ltd • Commerce
Slide 41: 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 42: 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 43: Shareholding and Stock Performance
SHAREHOLDING AND STOCK PERFORMANCE Shareholding Pattern as on 30th Sep, 2025 Stock Data Market Cap as on 29th Oct, 2025 ₹ 23,408.15 Cr 26% Top Shareholders holding more % Stock Price as on 29th Oct, 2025 276.55 35% than 1% (other than promoters) 52 Week (High/Low) ₹ 298 / ₹ 143.55 1% Small World Fun
Slide 44: 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