BSE: 511577
Mantra Capital Limited
Operates as an RBI-regulated non-banking finance company (NBFC) that lends to underserved entrepreneurs and small businesses in Tier-3 and Tier-4 towns, with a specific thrust on green-mobility and electric-vehicle financing. Lending operations formally launched in September 2024; AUM scaled from Rs 1 crore at launch to Rs 123 crore by Q1 FY27, with 3,042 cumulative loans disbursed and the loan book 100 percent secured. Revenue comes almost entirely from interest on this loan book — interest income of Rs 1,380.25 lakhs drove FY26 total revenue of Rs 1,632.25 lakhs, nearly five times the prior year. The business runs 20 branches across Karnataka, Telangana, Andhra Pradesh and Delhi NCR with 169 staff, and has onboarded EV-OEM partnerships with Mahindra Last Mile Mobility, Omega Seiki Mobility, Euler Motors and Greaves Electric for three-wheeler financing, plus co-lending arrangements with AU Small Finance Bank and Singularity. Costs are dominated by employee expenses at 85.2 percent of revenue and finance costs (Rs 600.19 lakhs in FY26, Rs 307.13 lakhs in Q1 FY27) on borrowings of Rs 9,095 lakhs, leaving the company in net loss at the FY26 and Q1 FY27 stage. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Interest income on secured loans, Co-lending and lender partnerships. Early-stage, growth-phase NBFC with a 100 percent secured loan book and a financial-inclusion / green-mobility mandate
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 3 | 16 |
| EBITDA (ex other income) | 0 | (0) | (2) | (8) | (7) |
| margin % | 12.8 | (66.8) | (1567.7) | (245.9) | (44.7) |
| Owners' profit | 0 | (0) | (2) | (9) | (13) |
| EPS, as reported (₹) | 0.04 | (0.18) | (5.00) | (3.39) | (4.21) |
| ROE % · ROCE % | 0.7 · — | (3.5) · — | (1962.9) · — | (22.0) · — | (49.4) · — |
| Debt / equity (x) | — | — | — | — | — |
| Cash from operations | 0 | (0) | (2) | (8) | (82) |
| Capex | 0 | 0 | (0) | (1) | (1) |
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 | 1 | 1 | 2 | 2 | 3 | 5 | 6 |
| Profit before tax | (2) | (1) | (2) | (4) | (3) | (3) | (3) | (5) |
| Net profit | (2) | (1) | (2) | (4) | (3) | (3) | (3) | (5) |
| EPS (₹) | (1.07) | (0.61) | (0.80) | (1.54) | (0.80) | (1.81) | (0.95) | (1.45) |
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/B | 1.9 | 1.1 | 182 of 253 | 28% |
| ROE | (49.4) | 3.1 | 249 of 257 | 3% |
| EBITDA margin | (37.4) | 48.6 | 205 of 249 | 18% |
| Revenue growth | 219.9 | 12.6 | 23 of 231 | 90% |
| Profit growth | (20.6) | 7.8 | 142 of 251 | 44% |
| Market cap | 53 | 34 | 111 of 268 | 59% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · September 2026 quarterly and half-year results published in newspapers | compliance | minimal | — | — |
| 26 Oct 2026 · 15 lakh warrants converted; no change in planned fund use | compliance | minimal | — | — |
| 26 Oct 2026 · Quarter turns profitable on tax benefit; half-year loss and cash outflow persist | results | high | — | — |
| 26 Oct 2026 · September 2026 quarter revenue up 72%, profit positive on Rs 7.37 crore tax credit | results | high | — | — |
| 16 Oct 2026 · Mantra Capital allots 30 lakh shares on warrant conversion to promoter | fund raising | medium | — | — |
| 16 Oct 2026 · Board meeting on 26 Oct to consider Q2 and H1 FY27 results | results | low | — | — |
| 12 Oct 2026 · RTA Compliance Certificate for Quarter Ended September 30, 2026 | compliance | minimal | — | — |
| 29 Sept 2026 · Mantra Capital 42nd AGM: All 5 resolutions passed unanimously | board shareholder meetings | low | — | — |
| 29 Sept 2026 · Re Submission of Revised Annual Report for the Financial Year 2025-26 Rectification of Document Layout/Formatting. | compliance | minimal | — | — |
| 28 Sept 2026 · Mantra Capital AGM: AUM grew 4x to Rs 110 crore in FY26, income at Rs 16.35 crore | investor communications | low | — | — |
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.