BSE: 507938
MANIPAL FINANCE CORPORATION LT
Rents out property under lease as its sole operating activity, recording rental income of ₹0.18 crore in FY26. The NBFC's core lending business has been dormant for years — it stopped repaying matured debentures and subordinated debts in July 2002, and the auditor has issued a going-concern qualification every year since 1999-2000 because most of its funds remain stuck in non-performing assets. The reported FY26 profit of ₹0.19 crore came entirely from exceptional income, mainly bad-debt recoveries of about ₹36.63 lakh; the auditor noted the company would have incurred a loss without this. Quarterly core revenue has shrunk to ₹4.79 lakh in Q3 FY26, and other equity stands deeply negative at ₹(1,605.81) lakh. Current activity is limited to recovering old dues and settling legacy liabilities. Operating costs are dominated by other operating expenses at 100.6% of revenue, with employee costs adding another 22.5%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Rental income (100%). Dormant run-off NBFC in asset-realisation mode with no active lending.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 0 | 0 |
| EBITDA (ex other income) | 2 | (0) | 0 | 7 | 0 |
| margin % | 713.5 | (6.3) | 26.5 | 3325.5 | 161.4 |
| Owners' profit | 1 | (0) | (0) | 7 | 0 |
| EPS, as reported (₹) | (1.98) | (0.22) | (0.16) | 8.64 | 0.22 |
| ROE % · ROCE % | (4.0) · (13.7) | 1.3 · 0.2 | 0.9 · (0.3) | (94.3) · — | (2.5) · — |
| Debt / equity (x) | (0.11) | (0.09) | (0.10) | — | — |
| Cash from operations | (0) | (0) | (0) | (7) | 0 |
| Capex | 0 | 0 | 0 | 0 | 0 |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit before tax | (0) | (0) | 7 | 0 | (0) | (0) | 0 | (0) |
| Net profit | (0) | (0) | 7 | 0 | (0) | (0) | 0 | (0) |
| EPS (₹) | (0.09) | (0.03) | 8.75 | 0.01 | (0.12) | (0.01) | 0.36 | (0.02) |
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 | 5,70,768 | 28.1 | 4.88 | — | 16.5 | — | 25.2 | 70.7 |
| SHRIRAM FINANCE LIMITED | 1,94,820 | 14.6 | 2.96 | — | 15.2 | — | 22.5 | 74.7 |
| CHOLAMANDALAM IN & FIN CO | 1,31,798 | 22.8 | 4.33 | — | 17.2 | — | 26.5 | 71.2 |
| TATA CAPITAL LIMITED | 1,31,209 | 24.0 | 2.79 | — | 10.4 | — | — | 75.8 |
| MUTHOOT FINANCE LIMITED | 96,352 | 8.5 | 2.42 | — | 26.7 | — | 22.0 | 84.0 |
| SBI CARDS & PAY SER LTD | 50,202 | 22.1 | 3.19 | — | 13.8 | — | — | 33.1 |
| SUNDARAM FINANCE LTD | 43,766 | 19.6 | 2.94 | — | 13.8 | — | — | 78.4 |
| AUTHUM INVEST & INFRA LTD | 42,040 | 7.2 | 2.85 | — | 13.1 | — | — | 90.1 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 97.6 | 18.1 | 172 of 200 | 14% |
| EBITDA margin | 37.7 | 48.6 | 136 of 249 | 46% |
| Revenue growth | 6.3 | 12.6 | 125 of 231 | 46% |
| Profit growth | (403.6) | 7.8 | 230 of 251 | 8% |
| Market cap | 17 | 34 | 180 of 268 | 33% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 9 Oct 2026 · Reg 74(5) compliance certificate filed for Q2 FY27 | compliance | minimal | — | — |
| 28 Sept 2026 · Trading window closed for insiders ahead of September quarter results | compliance | minimal | — | — |
| 25 Sept 2026 · 43rd AGM voting results - all resolutions passed unanimously | board shareholder meetings | low | — | — |
| 25 Sept 2026 · 43rd AGM proceedings: accounts adopted, director reappointed | board shareholder meetings | low | — | — |
| 9 Sept 2026 · 43rd AGM notice published in newspapers; meeting on 25 September 2026 | compliance | minimal | — | — |
| 7 Sept 2026 · Book closure from 19 Sept to 25 Sept 2026 for AGM | compliance | minimal | — | — |
| 3 Sept 2026 · Annual Report FY2025-26 filed; profit drops sharply | results | medium | — | — |
| 14 Aug 2026 · Q1 FY27 Results: Revenue Rs 4.21L, Net Loss Widens to Rs 6.65L | compliance | minimal | — | — |
| 13 Aug 2026 · Q1 FY27 results: auditor flags going concern doubt | results | high | — | — |
| 13 Aug 2026 · Auditor flags going concern doubt; Q1 FY27 loss reported | results | high | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
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| 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.