Manappuram Finance, the Kerala-headquartered gold loan NBFC, heads into its Q2 FY 2026-2027 print with consolidated AUM up 57.20% YoY at Rs. 69,635 Cr and gold loan AUM nearly doubling to Rs. 57,006 Cr. The key questions this quarter are whether gold AUM growth can accelerate toward management's 25%-30% FY27 guidance from ~12% in Q1, and whether provisions stay at the 'normalized cycle' level after the Rs. 125.25 Cr ECL model top-up in Q1.
| Results date | November 12, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | Rs. 3,034.16 Cr (+34.05% YoY, +16.08% QoQ) |
| Previous quarter PAT | Rs. 584.77 Cr (+341.40% YoY, +44.46% QoQ) |
| Previous quarter NII | Rs. 1,759 Cr (+25% YoY) |
| Market cap | Rs. 30,566 Cr |
| CMP | Rs. 325.4 |
The board will meet on Thursday, November 12, 2026, to approve unaudited standalone and consolidated results for the quarter and half-year ended September 30, 2026, and consider an interim dividend. The trading window is closed till 48 hours after declaration and reopens on November 16, 2026.
The Q2 FY27 earnings call is scheduled for November 12, 2026, at 5:00 PM IST, organized by Motilal Oswal Financial Services. Attendees include V.P. Nandakumar (CMD), Dr. Sumitha Nandan (ED), Buvanesh Tharashankar (Group CFO & CFO), plus heads of Asirvad Microfinance and Manappuram Home Finance.
The Q2 FY27 print will test whether Manappuram's gold-led growth engine can close the gap between ~12% gold AUM growth in Q1 and management's FY27 guidance of 25%-30%, while the provision line is scrutinized after the CFO called Q1 'more representative of a normalized provision cycle' following the Rs. 125.25 Cr consolidated ECL model top-up.
Operating momentum has been strong: consolidated AUM of Rs. 69,635 Cr (+57.20% YoY), gold AUM of Rs. 57,006 Cr (+97.9% YoY), NII of Rs. 1,759 Cr (+25% YoY) and portfolio yield up 60 bps in Q1 toward the ~18% target band. Branch execution is a live theme, with ~500 new branches planned across Manappuram and Asirvad in FY27 (60% South & Central India, 25% Eastern states) against a network of 5,328 branches at June 30, and per-branch AUM of Rs. 17.3 Cr having been 'slightly behind schedule' at Q3 FY26.
On the risk side, Asirvad did not meet the minimum qualifying asset requirement under RBI (NBFC-MFI) Directions, 2025 during Q1 FY27, and management has initiated corrective measures to rebalance the portfolio — progress on this will be watched alongside the Bain Capital warrant conversion of the Rs. 1,644.35 Cr unreceived balance and the path to the 39%-40% CAR target.
The call, scheduled for 5:00 PM IST on November 12, is also expected to cover the leadership transition ahead of Ashish Singh's January 1, 2027 start as MD & CEO.
Guidance scorecard: Tracking management's stated targets against the latest disclosed signals.
Asirvad qualifying-asset compliance
Provision normalization
Leadership transition and branch execution
Yield, LTV and Bain warrants
Management has guided for gold loan AUM growth of 25%-30% in FY27, having grown around nearly 12% in Q1 FY27. Gold loan AUM stood at Rs. 57,006 Cr at June 30, up 97.9% YoY.
Management has guided for ROA of around 3.5% to 4% over the course of the next few years and ROE of 15% to 18%, aiming for 18%, within three years. A separate Q4 FY26 call guidance put ROE at over 15% by FY 2028.
Reported LTV rose to 65.6% at June-end from 57.3% in March, which management attributed to a denominator effect from an ~8.5% drop in gold prices. The figure also partially includes interest under the new LTV regime effective April 1, 2026.
Consolidated revenue from operations rose to Rs. 3,034.16 Cr in Q1 FY27, up 34.05% YoY and 16.08% QoQ, supported by gold loan AUM growth of 97.9% YoY. NII grew 25% YoY to Rs. 1,759 Cr.
Disclaimer: This earnings preview is published for educational and informational purposes only. It is not investment advice, not a recommendation to buy, sell or hold any security.