ALFA Finder
The call ran from 5:01 PM to 6:16 PM IST (1 h 15 min).
Key takeaways
Q2 FY27 PAT ₹701 Cr (+223% YoY) on gold AUM +92.5%, but revenue rose only 10.2%. Gold stage-2 spiked to ~5% from ~0.5% a year ago; overlays unquantified.
| Revenue growth | Revenue +10.2% YoY; PAT +223% off low base. |
|---|---|
| Margins | Gold yield guided 17.5-18.5%; exit borrowing cost rising 25-30 bps. |
| Demand visibility | Gold demand volume recovering sequentially; value up YoY on higher prices. |
| Management confidence | Confident; reiterated growth guidance; deflected several stage-2 and provision questions. |
Growth
Revenue +10.2% YoY versus PAT +223% off a weak base; AUM +60.1% YoY, gold +92.5% YoY.
Outlook
Gold AUM growth 25-30% FY27; ~500 branches by March 2027; exit borrowing cost near 9%, up 25-30 bps.
Risks
Gold stage-2 ~5% vs ~0.5% a year ago; teaser-rate price war claims in 5-6 states; CEO and CTO exits.
Last quarter's promises, checked
Delivered
- Guided incremental cost of funds ~8.8-9% and rising → borrowing cost down 2 bps QoQ (= BEAT)
Partly delivered
- Guided gold AUM +25-30% FY27 → only +92.5% YoY disclosed, no QoQ or FY-to-date (= PARTIAL)
- Guided ~500 branches in FY27 → ~10 Q1 adds per analyst; Q2 count not disclosed (= PARTIAL)
- Guided gold yield ~18% ±25 bps → Q2 yield not disclosed (= PARTIAL)
Missed
- Guided microfinance contained below 10% of consolidated AUM → MFI AUM ₹7,919 Cr, +10.2% QoQ from ₹7,188 Cr; ~10.3% of Q1 consolidated AUM (= MISS)
Summary by ALFA Finder, written with AI assistance from our own recording of the call, published . Open it on ALFA Filings ›
The results behind this call
Manappuram Finance Q2 FY27 Results: Net Profit ₹701.2 Cr, Up 222.7% YoY
Manappuram Finance Ltd reported revenue from operations of ₹3,362 Cr (+47.8% YoY) and net profit of ₹701.2 Cr (+222.7% YoY) for Q2 FY27.
- Key figure
- Net profit ₹701.2 Cr · +222.7% YoY
What management said last time
Full summary →From the call summary published .
Outlook they gave
Management guides for 25-30% Gold Loan growth and 15-18% ROE over the next three years.
Growth they described
Consolidated Revenue grew 34% YoY and Net Profit rose 347% YoY, primarily from massive gold loan expansion.
Call details
| Company | Manappuram Finance Ltd |
|---|---|
| NSE symbol | MANAPPURAM |
| ISIN | INE522D01027 |
| Call | Q2 FY27 earnings call |
| Date | Thursday, 12 November 2026 |
| Time | 5:00 PM IST |
| Length | 1 h 15 min |
| Audio | Our stream on YouTube ↗ |
Manappuram Finance Ltd: key numbers
- Share price
- ₹319.95
- Market cap
- ₹27,082 Cr
- Revenue (annual)
- ₹9,509 Cr
- Net profit (annual)
- ₹1,003 Cr
- P/E (TTM)
- 18.7×Sector 20.8×
- Promoter holding
- 41.66%+0.00% QoQ
- FII holding
- 21.04%Current quarter
Reference market data from a third-party provider, updated daily. Not a valuation or a recommendation.
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