NSE: MANBA · BSE: 544262
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Two-wheeler financing (85%), Three-wheeler financing, Used car loans, MSME loan against property, Top-up and used two-wheeler loans, Battery replacement financing (e-3W). Retail vehicle-financing NBFC, two-wheeler-heavy and shifting gradually toward a more diversified secured book including MSME LAP and three-wheelers.
Exhibit 1: Financial summary, FY25–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY25 | FY26 |
|---|---|---|
| Revenue | 250 | 328 |
| EBITDA (ex other income) | 162 | 216 |
| margin % | 64.9 | 65.9 |
| Owners' profit | 38 | 45 |
| EPS, as reported (₹) | 7.52 | 9.03 |
| ROE % · ROCE % | 10.2 · — | 11.1 · — |
| Debt / equity (x) | — | — |
| Cash from operations | (324) | (378) |
| Capex | (3) | (1) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 65 | 69 | 68 | 67 | 78 | 90 | 93 | 93 |
| Profit before tax | 16 | 16 | 11 | 12 | 15 | 17 | 17 | 16 |
| Net profit | 12 | 13 | 8 | 10 | 11 | 13 | 11 | 13 |
| EPS (₹) | 2.32 | 2.58 | 1.60 | 1.94 | 2.27 | 2.60 | 2.21 | 2.64 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| BAJAJ FINANCE LIMITED | 5,67,346 | 27.9 | 4.85 | — | 16.5 | — | 25.2 | 70.7 |
| SHRIRAM FINANCE LIMITED | 1,93,785 | 14.5 | 2.94 | — | 15.2 | — | 22.5 | 74.7 |
| TATA CAPITAL LIMITED | 1,28,620 | 23.5 | 2.73 | — | 10.4 | — | — | 75.8 |
| CHOLAMANDALAM IN & FIN CO | 1,25,298 | 21.7 | 4.11 | — | 17.2 | — | 26.5 | 71.2 |
| MUTHOOT FINANCE LIMITED | 96,653 | 8.5 | 2.43 | — | 26.7 | — | 22.0 | 84.0 |
| SBI CARDS & PAY SER LTD | 50,250 | 22.1 | 3.20 | — | 13.8 | — | — | 33.1 |
| SUNDARAM FINANCE LTD | 42,997 | 19.2 | 2.89 | — | 13.8 | — | — | 78.4 |
| PIRAMAL FINANCE LIMITED | 42,166 | 24.9 | 1.50 | — | 5.3 | — | — | 63.4 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 14.4 | 18.5 | 90 of 200 | 55% |
| P/B | 1.7 | 1.1 | 173 of 253 | 31% |
| ROE | 11.1 | 3.1 | 46 of 257 | 82% |
| EBITDA margin | 65.7 | 48.6 | 98 of 249 | 61% |
| Revenue growth | 38.2 | 12.6 | 76 of 231 | 67% |
| Profit growth | 36.0 | 7.8 | 95 of 251 | 62% |
| Market cap | 703 | 33 | 42 of 268 | 85% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · September quarter profit up 20.5%, half-year profit up 27.7%; ₹0.25 dividend declared | results | high | — | — |
| 27 Oct 2026 · Neelam Tater becomes chairperson as profit rises and dividend is declared | management changes | high | — | — |
| 27 Oct 2026 · Rs 0.25 second interim dividend, record date 6 November 2026 | corporate actions | high | — | — |
| 27 Oct 2026 · Second interim dividend of Rs 0.25 per share declared | corporate actions | high | — | — |
| 27 Oct 2026 · Quarter profit rises 20.5%; half-year profit up 27.7%; dividend declared | results | high | — | — |
| 23 Oct 2026 · CARE Ratings appointed to monitor preferential issue proceeds | fund raising | low | — | — |
| 19 Oct 2026 · Manba Finance EGM: all 7 resolutions approved incl preferential issue | board shareholder meetings | low | — | — |
| 19 Oct 2026 · Manba Finance EGM clears capital hike, preferential issue and director re-appointments | board shareholder meetings | low | — | — |
| 13 Oct 2026 · Corrigendum to EGM notice published in newspapers | compliance | minimal | — | — |
| 13 Oct 2026 · Manba Finance allots Rs 60 crore NCDs at 10.50% on private placement | fund raising | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.