Transcript of earnings call held on May 19, 2026 for the quarter and year ended March 31, 2026.
MANBA · price
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Manba Finance, an NBFC focused on 2-wheeler and 3-wheeler financing, reported strong FY26 results with PAT of INR 45 crore (up 20% YoY) and AUM of INR 1,713 crore (up 29% YoY). Net interest margin stood at 13.63% with gross NPA improving to 3.33%. Management highlighted plans to diversify the product mix - currently 84% 2-wheeler - targeting 65% in 3 years, while expanding MSME LAP (secured product yielding 18-19%) and growing the 3-wheeler book via a strategic MOU with TVS Motor Company covering 70 dealers. The company plans geographic expansion starting with Karnataka in Q2, followed by West Bengal, while maintaining conservative underwriting (92% customers own homes, 50% salaried). Cost of borrowing declined to 10.50% from 11.25% last year. An equity fundraise is planned for Q3/Q4 depending on market conditions and valuation recovery. Credit costs remained stable at ~1.12%.
The company's consistent 20%+ PAT growth, improving ROE (11.65%), and clear product/geographic diversification roadmap signal strong fundamentals. However, high concentration in 2-wheeler financing (84%) remains a watchpoint. The planned equity raise and ongoing margin expansion (cost of borrowing declining) could support continued AUM growth of 25-30% annually.