MANBA FINANCE LIMITED

Lends to vehicle buyers and small businesses, primarily financing two-wheelers which made up 84.5% of the loan book at end-FY26, with growing exposure to three-wheelers, used cars and MSME loans against property. Operates 130 branches across 6 states with 1,500+ dealer points and a live customer base of over 2.20 lakh; AUM stood at ₹1,713 crore at end-FY26, up 29% YoY, with management targeting ₹2,300–2,400 crore by FY27. Earns mainly through interest on its loan book — FY26 net interest income was ₹162 crore (+24% YoY) at a net interest margin of 13.63% and a gross yield of 22.85%. The spread between this lending yield and a cost of borrowing of 10.64% (incremental 10.50%) is the core earnings lever. Largest operating cost line is employee expense at 18.1% of revenue, followed by other operating expenses at 8.5%. About 95% of AUM is secured, asset quality is contained with GNPA at 3.33% and credit cost around 1%, and the lender is diversifying into newer products like battery-replacement financing for electric three-wheelers and expanding geographically into South India via a partnership with Sreesastha.