Manappuram Finance Limited · NSE:MANAPPURAM
Manappuram Finance — Q3 FY2026 Earnings Presentation
44 slides from Manappuram Finance's earnings presentation, January 2026
Slide 1: Manappuram Finance Limited Investor Presentation Q3 FY2026
MANAPPURAM FINANCE LIMITED Investor Presentation Q3 - 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 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 Q3 FY2026
FINANCIAL HIGHLIGHTS Q3 - FY2026
Slide 6: Key Performance Highlights for Q3 FY2026
KEY PERFORMANCE HIGHLIGHTS FOR Q3 FY2026 AUM OPEX / AUM PAT RoA ROE Consolidated INR 52,125 Cr 6.2 % INR 239 Cr 1.7% 7.4% Up by 13.8% Down by 0.4% Up by 9.8% QoQ QoQ QoQ AUM OPEX / AUM PAT RoA ROE Standalone INR 44,209 Cr 5.1 % INR 381 Cr Up by 16.9% Down by 0.5% 3.1 % 12% Up by 1.4% QoQ QoQ QoQ • C
Slide 7: Consolidated Financial Overview – Q3 FY2026
CONSOLIDATED FINANCIAL OVERVIEW – Q3 FY2026 Particulars (Rs. Cr) Q3 FY26 Q2 FY26 Q-o-Q Q3 FY25 Y-o-Y 9M FY26 9M FY25 Y-o-Y FY25 FY24 Y-o-Y Consolidated AUM 52,125 45,789 13.8% 44,217 17.9% 52,125 44,217 17.9% 43,034 42,070 2.3% Net Interest Income 1,408 1,408 0.0% 1,634 -13.9% 4,213 5,002 -15.8% 6,4
Slide 8: Consolidated Operational Overview – Q3 FY2026
CONSOLIDATED OPERATIONAL OVERVIEW – Q3 FY2026 Particulars Q3 FY26 Q2 FY26 Q-o-Q Q3 FY25 Y-o-Y Gold AUM (Rs. Cr) 38,754 31,505 23.0% 24,504 58.2% Gold Tonnage 58.96 57.16 3.2% 57.33 2.8% Gold Branches (Nos) 4,044 4,044 0.0% 4,044 0.0% Gold Customers (In Lakh) 26.28 26.06 0.8% 25.99 1.1% Non-Gold AUM
Slide 9: AUM Mix for Q3 FY2026
AUM MIX FOR Q3 FY2026 Q3 FY26 Q2 FY26 Q3 FY25 0% 1% 1% 6% 7% 7% 7% 9% 4% 12% 4% 9% 4% 11% 55% 74% 69% 21% Gold MFI HFC VEF Onlending MSME Gold MFI HFC VEF Onlending MSME Gold MFI HFC VEF Onlending MSME Particulars (Rs. Cr) Q3 FY26 Q2 FY26 Q-o-Q Q3 FY25 Y-o-Y Gold 37,144 30,236 22.8% 23,686 56.8% VEF
Slide 10: Consolidated Profit & Loss Statement for Q3 FY2026
CONSOLIDATED PROFIT & LOSS STATEMENT FOR Q3 FY2026 Particulars (Rs. Cr) Q3 FY26 Q2 FY26 Q-o-Q Q3 FY25 Y-o-Y 9M FY26 9M FY25 Y-o-Y FY25 FY24 Y-o-Y Closing AUM 52,125 45,789 13.8% 44,217 17.9% 52,125 44,217 17.9% 43,034 42,070 2.3% Income from Operations 2,353 2,283 3.1% 2,560 -8.1% 6,889 7,681 -10.3%
Slide 11: Consolidated Balance Sheet for Q3 FY2026
CONSOLIDATED BALANCE SHEET FOR Q3 FY2026 Particulars (Rs. Cr) Dec-25 Sep-25 Q-o-Q Dec-24 Y-o-Y Cash & Bank Balances 4,671 2,509 86.2% 4,592 1.7% Investments 1,579 1,239 27.4% 832 89.8% Loans & Advances 51,280 45,248 13.3% 43,530 17.8% Fixed Assets 523 525 -0.4% 502 4.2% Other Assets 2,296 2,136 7.5%
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 Q3FY26 Q2FY26 Q3FY25 9.4% 9.4% 9.2% 9.1% 9.0% Particulars Amount % Amount % Amount % WCDL / CC 8,408 18% 7,249 19
Slide 13: Standalone Financial Overview – Q3 FY2026
STANDALONE FINANCIAL OVERVIEW – Q3 FY2026 Particulars (Rs. Cr) Q3 FY26 Q2 FY26 Q-o-Q Q3 FY25 Y-o-Y 9M FY26 9M FY25 Y-o-Y FY25 FY24 Y-o-Y Standalone AUM (Rs. Cr) 44,209 37,824 16.9% 32,426 36.3% 44,209 32,426 36.3% 33,021 28,679 15.1% Net Interest Income 1,152 1,132 1.8% 1,170 -1.5% 3,382 3,401 -0.6%
Slide 14: Standalone Profit & Loss Statement for Q3 FY2026
STANDALONE PROFIT & LOSS STATEMENT FOR Q3 FY2026 Particulars (Rs. Cr) Q3 FY26 Q2 FY26 Q-o-Q Q3 FY25 Y-o-Y 9M FY26 9M FY25 Y-o-Y FY25 FY24 Y-o-Y Closing AUM 44,209 37,824 16.9% 32,426 36.3% 44,209 32,426 36.3% 33,021 28,679 15.1% Income from Operations 1,915.3 1,820.0 5.2% 1,798.7 6.5% 5,478.5 5,167.
Slide 15: Standalone Result Analysis Q3 FY2026
STANDALONE RESULT ANALYSIS Q3 FY2026 GOLD LOAN AUM (Rs. Cr) NET PROFIT (Rs. Cr) 37,144 1,698 1,783 30,236 1,658 27,691 24,658 24,658 1,305 1,266 23,686 1,369 19,860 20,671 1,149 19,077 19,041 453 414 392 376 381 FY21 FY22 FY23 FY24 FY25 Q3 Q4 Q1 Q2 Q3 FY21 FY22 FY23 FY24 FY25 Q3 Q4 Q1 Q2 Q3 9M 9M FY
Slide 16: Standalone Result Analysis Q3 FY2026
STANDALONE RESULT ANALYSIS Q3 FY2026 N ET YIELD (%) O PEX TO AU M % 24.9% 7.0% 6.6% 6.9% 22.2% 21.9% 22.3% 22.2% 21.7% 6.4% 6.1% 6.0% 6.2% 5.9% 20.9% 20.5% 19.7% 5.6% 5.1% 18.5% FY21 FY22 FY23 FY24 FY25 Q3 Q4 Q1 Q2 Q3 FY21 FY22 FY23 FY24 FY25 Q3 Q4 Q1 Q2 Q3 FY25 FY25 FY26 FY26 FY26 FY25 FY25 FY26 FY
Slide 17: Standalone Borrowing Profile
STANDALONE BORROWING PROFILE ACCESS TO DIVERSIFIED SOURCES OF FUNDING (Rs. Cr) COST OF BORROWING % Borrowing Mix Q3 FY26 Q2 FY26 Q3 FY25 Particulars Amount % Amount % Amount % WCDL/CC 8,399 21% 7,253 24% 7,586 28% Term Loan 16,462 41% 11,933 39% 10,462 39% 9.2% 9.2% 9.2% NCD 3,650 9% 2,669 9% 3,619
Slide 18: Segmental Performance
a FINANCE LIMITED ‘Moke Ue Eony SEGMENTAL ig PERFORMANCE
Slide 19: Gold AUM Update for Q3 FY2026
GOLD AUM UPDATE FOR Q3 FY2026 AVG. LOAN TICKET SIZE (Rs ‘000) CUSTOMER BASE (Lakh) GOLD AUM PER BRANCH (Rs. Cr) AVG. LOAN TICKET SIZE (Rs ‘000) Customer Base 105.0 101.1 83.1 10.5 85. 0 75.7 67.8 64.3 67.8 8.6 56.6 57.5 58.5 7.9 65. 0 7.0 6.7 7.0 44.6 5.4 5.6 5.4 5.9 45. 0 25.94 23.69 22.95 23.77 24
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 Q3 FY2026
GOLD LOAN PAN INDIA PRESENCE Q3 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 110.5 92% 85% 87% 82% 79% 82% 92.3 85.2 73.2 71.7 76.9 73.0 76.9 54% 57% 63.3 50% 53.0 44% FY21 FY22 FY23 FY24 FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 FY21 FY22 FY23 FY24 FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q
Slide 23: Asirvad Microfinance Results for Q3 FY2026
ASIRVAD MICROFINANCE RESULTS FOR Q3 FY2026 Particulars (Rs. Cr) Q3 FY26 Q2 FY26 Q-o-Q Q3 FY25 Y-o-Y 9M FY26 9M FY25 Y-o-Y FY25 FY24 Y-o-Y Total Revenue from 351 361 -2.6% 665 -47.2% 1,135 2,205 -48.5% 2,705 2,681 0.9% Operations Finance Cost 144 151 -4.4% 263 -45.0% 470 817 -42.5% 1,034 947 9.2% Net
Slide 24: Asirvad Microfinance Result Analysis for Q3 FY2026
ASIRVAD MICROFINANCE RESULT ANALYSIS FOR Q3 FY2026 ASIRVAD AUM (Rs. Cr) CAPITAL ADEQUACY RATIO % 23.3% 22.8% 23.3% 23.6% 22.8% 11,881 20.8% 20.9% 20.9% 21.4% 19.7% 10,041 10,013 8,189 8,189 7,002 6,705 5,985 6,165 6,091 FY21 FY22 FY23 FY24 FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 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 Q3 FY25 Q2 FY26 Q3 FY26 Cr) MFI Gold MSME Total % MFI Gold MSME Total % MFI Gold MSME Total % Stage - I 7,434 792 42 8,268 88.45% 4,097 1,244 14 5,355 92.0% 3,775 1,405 14 5,193 93.06% 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 31st As on 30th As on 31st Loan Exposure (Clients %) Sep,2025 Dec ,2025 Sep,2025 Dec,2025 Only Asirvad 37.2% 44.3% Upto 3 lender
Slide 27: 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 45.2 % in Q3-FY26 compared with 46.4 % in Q2-FY26 & 38.4 % in Q4 – FY25 Micro focus - New client disbursement enabled only in centre
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 11,035 7,002 6,705 6,165 6,091 8,000 8,736 9,127 7,507 6,644 6,450 6,078 6,000 4,000 2,000 0 FY22 FY23 FY24 FY25 Q1FY26 Q2FY26 Q3FY26 FY22 FY23 FY2
Slide 29: Asirvad Microfinance Liabilities Overview for Q3 FY2026
ASIRVAD MICROFINANCE LIABILITIES OVERVIEW FOR Q3 FY2026 Access to diversified sources of Funding (Rs. Cr) Borrowing Mix Q3 FY26 Q2 FY26 Q3 FY25 Particulars Amount % Amount % Amount % Term Loan from Banks and FIs 3,430 67.6% 3,781 68.8% 7,159 81.0% WCDL/ CC 0 0.0% 50 0.9% 0 0.0% Refinance 557 11.0% 6
Slide 30: Asirvad Microfinance Liquidity Update
ASIRVAD MICROFINANCE LIQUIDITY UPDATE Maturity ALM (Rs. Cr) 8,000 7,314 7,314 7,000 6,000 5,000 4,000 3,000 2,619 2,075 2,000 1,625 1,417 1,396 997 1,056 1,000 568 775 464 354 380 314 328 250 9 - 1 Month 1 - 2 Month 2 - 3 Month 3 - 6 Month 6 - 1 Year 1 - 3 Year 3 - 5 Year Over 5 Year All Outflows In
Slide 31: Asirvad Microfinance Pan India Presence Q3 FY2026
ASIRVAD MICROFINANCE PAN INDIA PRESENCE Q3 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 Q3 FY2026
HOUSING FINANCE BUSINESS UPDATE FOR Q3 FY2026 AUM EVOLUTION (Rs. Cr) Home Loan AUM MIX (%) LAP ATS (INRL) Yield 1,901 1,900 1,902 1,824 1,778 1,824 29% 31% 31% 32% 32% 32% 33% 35% 35% 1,510 5.9 20.4% 1,096 845 666 71% 69% 69% 68% 68% 68% 67% 65% 65% 5.9 17.8% FY21 FY22 FY23 FY24 FY25 Q3 FY25 Q4 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 Q3 FY2026
VEHICLE AND EQUIPMENT FINANCE BUSINESS UPDATE FOR Q3 FY2026 AUM EVOLUTION (Rs. Cr) ATS (INRL) Yield CV TW PV AUM MIX (%) 5,085 5.2 17.4% 22% 18% 17% 18% 4,773 4,773 17% 26% 4,492 16% 31% 15% 31% 15% 31% 14% 32% 14% 33% 14% 33% 4,111 4,057 3,595 2,431 0.8 20.5% 1,643 65% 61% 57% 54% 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 Q3 FY2026
STANDALONE MSME AND ALLIED BUSINESS UPDATE FOR Q3 FY2026 AUM EVOLUTION (Rs. Cr) N ET YIELD (%) 3,159 3,252 3,079 3,001 3,079 3,105 2,908 19.3% 19.4% 19.0% 18.9% 1,945 17.7% 871 Q3 Q4 Q1 Q2 Q3 FY25 FY25 FY26 FY26 FY26 FY22 FY23 FY24 FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 GNPA % OPERATING OVERVIEW 6.
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 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 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 Top Shareholders holding more 31st Dec, 2025 % Stock Data than 1% (other than promoters) Small World Fund INC 6.46 Market Cap as on 27th Jan,2026 ₹ 24,995.2 Cr 25% Government Pension Fund Global 2.48 Stock Price as on 27th Jan,2026 ₹ 295.
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