Announcement • Apr 28
Manappuram Finance Limited to Report Q4, 2026 Results on May 04, 2026 Manappuram Finance Limited announced that they will report Q4, 2026 results on May 04, 2026 Announcement • Mar 07
Manappuram Finance Limited Appoints Sreekanth P V as President and Group Head-Operations, Services and Digital, Effective March 7, 2026 Manappuram Finance Limited announced that Mr. Sreekanth P V is appointed as the President and Group Head-Operations, Services and Digital and Senior Management Personnel of the Company effective from March 7, 2026. Mr. Sreekanth P V brings over 22 years of experience in operations, digital platforms, product innovation and customer experience across leading financial institutions. Prior to joining Manappuram Finance Limited, he was associated with Bajaj Finance Ltd., where he held senior leadership roles including Deputy Executive Vice President – Digital Platforms. During his career, he has also worked with organisations such as Indian School Finance Company, AIG Home Finance, HSBC, GE Money and Standard Chartered Bank. He has extensive experience in lending operations, digital transformation and customer service delivery. Mr. Sreekanth holds an MBA from Sri Sathya Sai Institute of Higher Learning and a B.Com (Honours) from the same institution. New Risk • Feb 01
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 105% The company is paying a dividend despite having no free cash flows. Dividend yield: 0.7% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Dividend is not well covered by earnings and cash flows. Payout ratio: 105% Paying a dividend despite having no free cash flows. Minor Risk Profit margins are more than 30% lower than last year (12% net profit margin). Reported Earnings • Jan 30
Third quarter 2026 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2026 results: EPS: ₹2.82 (down from ₹3.29 in 3Q 2025). Revenue: ₹10.6b (down 1.7% from 3Q 2025). Net income: ₹2.41b (down 14% from 3Q 2025). Profit margin: 23% (down from 26% in 3Q 2025). The decrease in margin was primarily driven by higher expenses. Revenue exceeded analyst estimates by 22%. Earnings per share (EPS) missed analyst estimates by 19%. Revenue is forecast to grow 32% p.a. on average during the next 3 years, compared to a 23% growth forecast for the Consumer Finance industry in India. Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has increased by 35% per year, which means it is well ahead of earnings. Announcement • Jan 23
Manappuram Finance Limited to Report Q3, 2026 Results on Jan 29, 2026 Manappuram Finance Limited announced that they will report Q3, 2026 results on Jan 29, 2026 Reported Earnings • Nov 03
Second quarter 2026 earnings released: EPS: ₹2.57 (vs ₹6.75 in 2Q 2025) Second quarter 2026 results: EPS: ₹2.57 (down from ₹6.75 in 2Q 2025). Revenue: ₹10.4b (down 29% from 2Q 2025). Net income: ₹2.20b (down 62% from 2Q 2025). Profit margin: 21% (down from 39% in 2Q 2025). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 28% p.a. on average during the next 3 years, compared to a 23% growth forecast for the Consumer Finance industry in India. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has increased by 36% per year, which means it is well ahead of earnings. Declared Dividend • Nov 01
First quarter dividend of ₹0.50 announced Shareholders will receive a dividend of ₹0.50. Ex-date: 7th November 2025 Payment date: 29th November 2025 Dividend yield will be 0.9%, which is higher than the industry average of 0.7%. Sustainability & Growth Dividend is covered by earnings (32% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 6.9% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 155% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Oct 21
Manappuram Finance Limited to Report Q2, 2026 Results on Oct 30, 2025 Manappuram Finance Limited announced that they will report Q2, 2026 results on Oct 30, 2025 Declared Dividend • Aug 11
First quarter dividend reduced to ₹0.50 Dividend of ₹0.50 is 50% lower than last year. Ex-date: 14th August 2025 Payment date: 7th September 2025 Dividend yield will be 1.2%, which is higher than the industry average of 0.7%. Sustainability & Growth Dividend is covered by earnings (32% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 6.9% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 179% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Aug 02
Manappuram Finance Limited to Report Q1, 2026 Results on Aug 08, 2025 Manappuram Finance Limited announced that they will report Q1, 2026 results on Aug 08, 2025 Reported Earnings • Jul 24
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: EPS: ₹14.37 (down from ₹25.86 in FY 2024). Revenue: ₹45.7b (down 16% from FY 2024). Net income: ₹12.2b (down 44% from FY 2024). Profit margin: 27% (down from 40% in FY 2024). The decrease in margin was primarily driven by lower revenue. Revenue missed analyst estimates by 1.9%. Earnings per share (EPS) also missed analyst estimates by 29%. Revenue is forecast to grow 22% p.a. on average during the next 3 years, compared to a 22% growth forecast for the Consumer Finance industry in India. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has increased by 41% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jul 22
Manappuram Finance Limited, Annual General Meeting, Aug 14, 2025 Manappuram Finance Limited, Annual General Meeting, Aug 14, 2025, at 11:00 Indian Standard Time. Location: latha convention centre, valapad, thrissur - 680567, thrissur India Valuation Update With 7 Day Price Move • Jun 11
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₹268, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 15x in the Consumer Finance industry in India. Total returns to shareholders of 224% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₹176 per share. Reported Earnings • May 11
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: EPS: ₹14.22 (down from ₹25.86 in FY 2024). Revenue: ₹65.0b (up 20% from FY 2024). Net income: ₹12.2b (down 44% from FY 2024). Profit margin: 19% (down from 40% in FY 2024). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 1.9%. Earnings per share (EPS) also missed analyst estimates by 29%. Revenue is forecast to grow 12% p.a. on average during the next 2 years, compared to a 22% growth forecast for the Consumer Finance industry in India. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has increased by 32% per year, which means it is tracking significantly ahead of earnings growth. Announcement • May 01
Manappuram Finance Limited to Report Q4, 2025 Results on May 09, 2025 Manappuram Finance Limited announced that they will report Q4, 2025 results on May 09, 2025 Price Target Changed • Mar 25
Price target increased by 8.1% to ₹221 Up from ₹204, the current price target is an average from 14 analysts. New target price is 6.9% below last closing price of ₹237. Stock is up 35% over the past year. The company is forecast to post earnings per share of ₹20.96 for next year compared to ₹25.86 last year. Announcement • Mar 21
Manappuram Finance Limited announced that it expects to receive INR 27.405905035 billion in funding from BC Asia Investments XXV Limited, BC Asia Investments XIV Limited Manappuram Finance Limited announced that it has entered into a securities subscription agreement to issue 92,901,373 equity shares at a price of INR 236 per share for the gross proceeds of INR 21,924,724,028, and 92,901,373 warrants at a price of INR 59 per warrant for the gross proceeds of INR 5,481,181,007 for the total gross proceeds of INR 27,405,905,035 on March 20, 2025. The warrant will be exercisable at an exercise price of INR 177 per share. The transaction will include participation from BC Asia Investments XXV Limited for 9,29,01,373 shares and BC Asia Investments XIV Limited for 9,29,01,373 warrants for 9% each. The transaction has been approved by the shareholders of the company. The securities will be issued on preferential basis. Buy Or Sell Opportunity • Mar 07
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 24% to ₹208. The fair value is estimated to be ₹171, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Earnings per share has grown by 21%. Revenue is forecast to grow by 53% in 2 years. Earnings are forecast to grow by 40% in the next 2 years. Announcement • Feb 25
Manappuram Finance Shares in Focus as Bain Capital Reportedly Nears $1 Billion Deal Manappuram Finance Limited (BSE:531213) shares will be in focus on February 24, 2025 as talks between the company and American private equity major Bain Capital, LP reach the final stage. Bain is expected to acquire a significant portion of the promoter stake in India’s second-largest gold loan provider, sources said. The promoter group, led by Managing Director and Chief Executive Officer Nandakumar VP, currently owns 35.25% of Manappuram, which has a market capitalization of INR 170.00 billion, based on its closing share price of INR 200.85 on the BSE on 21 February 2025. ET, in its November 13 edition, was the first to report that Bain and Manappuram were in talks for a deal. The agreement being worked on includes Bain Capital infusing fresh capital via a preferential allotment, as well as a secondary sale of shares by the promoters. The transactions, which will result in Bain acquiring a quarter of the company, will be followed by a voluntary open offer for another 26% stake due to the change of control, at a price similar to the secondary share sale, the sources added. If the open offer is fully subscribed, Bain could end up owning up to 46% of the expanded equity capital base, paying as much as INR 90 billion – INR 100 billion. Although the company may initially be run jointly, Bain is looking for affirmative rights, which will give it management control. The Boston-headquartered fund will also bring in a new CEO, as Nandakumar and his family members take up non-executive roles in the company. Buy Or Sell Opportunity • Feb 19
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 35% to ₹202. The fair value is estimated to be ₹168, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Earnings per share has grown by 21%. Revenue is forecast to grow by 53% in 2 years. Earnings are forecast to grow by 40% in the next 2 years. Declared Dividend • Feb 15
Third quarter dividend of ₹1.00 announced Shareholders will receive a dividend of ₹1.00. Ex-date: 21st February 2025 Payment date: 14th March 2025 Dividend yield will be 2.2%, which is higher than the industry average of 0.7%. Sustainability & Growth Dividend is covered by earnings (17% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 8.3% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 42% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Announcement • Feb 14
Manappuram Finance Limited Declares Interim Dividend, Payable on or Before March 14, 2025 Manappuram Finance Limited at its board meeting held on February 13, 2025, Declared interim dividend of INR 1 per equity share of face value
INR 2. Fixed February 21,2025 as record date to ascertain the entitlement of interim dividend among the shareholders and Dividend/Dividend warrants shall be paid or dispatched on or before March 14, 2025. Reported Earnings • Feb 14
Third quarter 2025 earnings released: EPS: ₹3.29 (vs ₹6.79 in 3Q 2024) Third quarter 2025 results: EPS: ₹3.29 (down from ₹6.79 in 3Q 2024). Revenue: ₹10.8b (down 23% from 3Q 2024). Net income: ₹2.82b (down 51% from 3Q 2024). Profit margin: 26% (down from 41% in 3Q 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 20% p.a. on average during the next 3 years, compared to a 22% growth forecast for the Consumer Finance industry in India. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Announcement • Jan 28
Manappuram Finance Limited to Report Q3, 2025 Results on Feb 13, 2025 Manappuram Finance Limited announced that they will report Q3, 2025 results on Feb 13, 2025 Price Target Changed • Jan 10
Price target increased by 10% to ₹203 Up from ₹183, the current price target is an average from 13 analysts. New target price is 12% above last closing price of ₹180. Stock is up 4.4% over the past year. The company is forecast to post earnings per share of ₹23.96 for next year compared to ₹25.86 last year. Announcement • Nov 13
Bain Capital Reportedly in Talks with Manappuram Finance to Buy Controlling Stake Bain Capital, LP is in talks to acquire a controlling stake in Manappuram Finance Limited (BSE:531213), betting on the country's gold loan sector, said people with knowledge of the matter. This comes as the founding family of the Kerala-based non-bank lender and leading gold loan provider is revisiting plans to exit partially or fully, they said. Manappuram and others in the segment have been battling heightened regulatory scrutiny and falling valuations as mixed success in diversification has intensified near-term headwinds. Managing Director and Chief Executive Officer VP Nandakumar, who owns 35.25% of the company with his family members as the promoter group, dismissed talk of divestment. "No plans to sell my stake. It's denied," he told ET. Bain is said to have shown interest in buying a 10% - 11% stake from Nandakumar's family and simultaneously infusing INR 20.00 billion of primary capital into the shadow lender via a preferential allotment. It will then make a voluntary open offer for an additional 25% of the company which, if fully subscribed, will take its economic interest to 45% - 47%, making it the single largest shareholder. Bain is keen on controlling rights to ensure the company is professionally run. Bain is said to have offered a premium of 20% - 25% to the current market price. However, this could not be independently verified. At the present market value, a 47% stake would cost INR 62,894.6 million. Nandakumar is trying to retain control and only dilute a smaller 5% - 10% to bring in “confidence capital,” said one of the persons. But the Boston-headquartered private equity (PE) group has made clear that a minority stake is of no interest. The PE firm declined to comment. “Bain knows the space and can scale the business further under a new team. It's a great annuity business that throws up cash and has a running portfolio and distribution,” said an executive aware of the discussions. “By retaining a smaller stake, the promoter family can enjoy the economic upside. They are important for business continuity but a change in ownership will ensure a re-rating.” Industry sources said the Reserve Bank of India (RBI) has not been enthused by the addition of Nandakumar's daughter Sumitha Jayasankar to the board as executive director. A gynaecologist by profession, she has been groomed to take over the reins at the company from her father. “Coming under pressure from the regulator on the issue of succession planning and realising that RBI may prefer an out-and-out finance professional rather than anybody in the family taking the leadership, Nandakumar started thinking of divesting his stake,” a person aware of the development said. He has engaged previously with strategic and financial investors including IDFC and Poonawalla Finance as well as PE funds such as Carlyle to explore a buy-in, business carve-out or even a merger of operations, said the people cited. Those negotiations didn't work out and there is no guarantee that the current discussions will end in a transaction, they said. Price Target Changed • Nov 12
Price target decreased by 9.3% to ₹185 Down from ₹205, the current price target is an average from 13 analysts. New target price is 17% above last closing price of ₹158. Stock is up 13% over the past year. The company is forecast to post earnings per share of ₹23.84 for next year compared to ₹25.86 last year. Buy Or Sell Opportunity • Nov 07
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 25% to ₹154. The fair value is estimated to be ₹195, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 18% over the last 3 years. Earnings per share has grown by 18%. Revenue is forecast to grow by 36% in 2 years. Earnings are forecast to grow by 21% in the next 2 years. Reported Earnings • Nov 06
Second quarter 2025 earnings released: EPS: ₹6.75 (vs ₹6.62 in 2Q 2024) Second quarter 2025 results: EPS: ₹6.75 (up from ₹6.62 in 2Q 2024). Revenue: ₹23.8b (up 76% from 2Q 2024). Net income: ₹5.71b (up 2.2% from 2Q 2024). Profit margin: 24% (down from 42% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 22% growth forecast for the Consumer Finance industry in India. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Buy Or Sell Opportunity • Oct 19
Now 28% undervalued after recent price drop Over the last 90 days, the stock has fallen 29% to ₹153. The fair value is estimated to be ₹213, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Earnings per share has grown by 13%. Revenue is forecast to grow by 48% in 2 years. Earnings are forecast to grow by 21% in the next 2 years. Valuation Update With 7 Day Price Move • Oct 18
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ₹153, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 15x in the Consumer Finance industry in India. Total loss to shareholders of 17% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₹225 per share. Price Target Changed • Oct 18
Price target decreased by 12% to ₹210 Down from ₹237, the current price target is an average from 13 analysts. New target price is 37% above last closing price of ₹153. Stock is up 8.4% over the past year. The company is forecast to post earnings per share of ₹27.72 for next year compared to ₹25.86 last year. Announcement • Oct 17
Manappuram Finance Limited to Report Q2, 2025 Results on Nov 05, 2024 Manappuram Finance Limited announced that they will report Q2, 2025 results on Nov 05, 2024 Recent Insider Transactions • Oct 05
Key Executive recently bought ₹10m worth of stock On the 26th of September, Vazhappully Nandakumar bought around 50k shares on-market at roughly ₹202 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Vazhappully has been a buyer over the last 12 months, purchasing a net total of ₹80m worth in shares. Buy Or Sell Opportunity • Sep 24
Now 20% undervalued Over the last 90 days, the stock has risen 4.3% to ₹205. The fair value is estimated to be ₹257, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Earnings per share has grown by 13%. Revenue is forecast to grow by 53% in 2 years. Earnings are forecast to grow by 35% in the next 2 years. Buy Or Sell Opportunity • Sep 06
Now 20% undervalued Over the last 90 days, the stock has risen 15% to ₹205. The fair value is estimated to be ₹257, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Earnings per share has grown by 13%. Revenue is forecast to grow by 53% in 2 years. Earnings are forecast to grow by 35% in the next 2 years. New Risk • Sep 04
New minor risk - Insider selling There has been significant insider selling in the company's shares over the past 3 months. Total value of shares sold: ₹25m This is considered a minor risk. There are several reasons why an insider may be selling, including to cover a tax obligation or pay for some other expense. However, we generally consider it a negative if insiders have been selling, especially if they do so below the current price. It implies that they considered a lower price to be reasonable. This is a weak signal, but if there is a pattern of unexplained selling, it can be a sign the insider believes the company's stock is overpriced. Note: We only include open market transactions and private dispositions of directly owned stock by individuals, not by corporations or trusts. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (currently running at an operating cash loss). Minor Risks Paying a dividend despite having no free cash flows. Significant insider selling over the past 3 months (₹25m sold). Recent Insider Transactions • Aug 23
Company Secretary recently sold ₹4.1m worth of stock On the 20th of August, Vilakkithala Raman Kumar sold around 20k shares on-market at roughly ₹204 per share. This transaction amounted to 100% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth ₹18m. Despite this recent sale, insiders have collectively bought ₹15m more than they sold in the last 12 months. Declared Dividend • Aug 15
First quarter dividend of ₹1.00 announced Shareholders will receive a dividend of ₹1.00. Ex-date: 26th August 2024 Payment date: 11th September 2024 Dividend yield will be 1.9%, which is higher than the industry average of 0.7%. Sustainability & Growth Dividend is covered by earnings (14% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 8.3% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 51% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Aug 14
First quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2025 results: EPS: ₹6.55 (up from ₹5.88 in 1Q 2024). Revenue: ₹14.4b (up 14% from 1Q 2024). Net income: ₹5.55b (up 12% from 1Q 2024). Profit margin: 39% (in line with 1Q 2024). Revenue exceeded analyst estimates by 1.2%. Earnings per share (EPS) missed analyst estimates by 4.6%. Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 21% growth forecast for the Consumer Finance industry in India. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Aug 05
Now 23% undervalued Over the last 90 days, the stock has risen 7.4% to ₹199. The fair value is estimated to be ₹259, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has grown by 7.4%. For the next 3 years, revenue is forecast to grow by 18% per annum. Earnings are also forecast to grow by 14% per annum over the same time period. Announcement • Jul 26
Manappuram Finance Limited to Report Q1, 2025 Results on Aug 13, 2024 Manappuram Finance Limited announced that they will report Q1, 2025 results on Aug 13, 2024 Announcement • Jul 23
Manappuram Finance Limited, Annual General Meeting, Aug 14, 2024 Manappuram Finance Limited, Annual General Meeting, Aug 14, 2024, at 11:00 Indian Standard Time. Location: latha convention centre, valapad, thrissur - 680567, thrissur India Recent Insider Transactions • Jun 19
Insider recently sold ₹18m worth of stock On the 12th of June, Blangat Raveendra Babu sold around 100k shares on-market at roughly ₹185 per share. This transaction amounted to 9.8% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Despite this recent sale, insiders have collectively bought ₹6.7m more than they sold in the last 12 months. Recent Insider Transactions • Jun 08
Key Executive recently bought ₹35m worth of stock On the 3rd of June, Vazhappully Nandakumar bought around 200k shares on-market at roughly ₹174 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Vazhappully has been a buyer over the last 12 months, purchasing a net total of ₹59m worth in shares. Declared Dividend • May 27
Fourth quarter dividend of ₹1.00 announced Shareholders will receive a dividend of ₹1.00. Ex-date: 5th June 2024 Payment date: 22nd June 2024 Dividend yield will be 2.0%, which is higher than the industry average of 0.7%. Sustainability & Growth Dividend is covered by earnings (14% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 10% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 30% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Announcement • May 26
Manappuram Finance Limited Announces Resignation of Rajiv Rathinam, Head of Vigilance Department Manappuram Finance Limited informed that Mr. Rajiv Rathinam, Head of Vigilance Department, vide letter dated March 18,2024 has tendered his resignation from the company due to personal reasons. The Company has accepted his resignation, and he will be relieved from his duties on May 25,2024. Reported Earnings • May 25
Full year 2024 earnings: Revenues and EPS in line with analyst expectations Full year 2024 results: EPS: ₹25.96 (up from ₹17.68 in FY 2023). Revenue: ₹89.2b (up 114% from FY 2023). Net income: ₹21.9b (up 46% from FY 2023). Profit margin: 25% (down from 36% in FY 2023). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is expected to decline by 5.2% p.a. on average during the next 2 years, while revenues in the Consumer Finance industry in India are expected to grow by 21%. Over the last 3 years on average, earnings per share has increased by 7% per year whereas the company’s share price has increased by 5% per year. Announcement • May 25
Manappuram Finance Limited Declares Interim Dividend, Payable on or Before June 22,2024 Manappuram Finance Limited declared interim dividend of INR 1 (One Rupee Only) per equity share of face value INR 2. Fixed June 5, 2024 as record date to ascertain the entitlement of interim dividend among the shareholders and Dividend/Dividend warrants shall be paid or dispatched on or before June 22,2024. Announcement • May 10
Manappuram Finance Limited Announces Management Changes Manappuram Finance Limited at its board meeting held on May 9,2024, announced that as recommended by the Nomination Compensation and Corporate Governance Committee, Board of Directors has approved the appointment of Mr. Renjith P.R. as Chief Human Resource Officer. The company announced that Mr. S.R. Balasubramanian, Non- Executive Director of the company has resigned from the office of Director of the Company due to personal reasons with immediate effect, that is from the close of business hours of May 9, 2024. Renjith P.R.- Reason for change: It has been always the policy of the management to consider candidates from within, subject to suitability of the candidate being identified. This approach will provide a good degree of continuity and also will help to address the aspirations of the homegrown staff. Born on 25th May 1983. Has expertise in Digital and Conventional learning techniques, expertise as core Human Resource management professional. Well acquainted with ISO-9001 - 2000,14000 requirements, procedures & compliance standards for HR. Working with Global consulting companies like E&Y,KPMG, Boston Consulting in various HR practices and program management. He is a subject matter expert in Talent Management, Talent Processes, Balanced scorecard implementation and performance management, Business plans reviews and implementation. Has Exposure in HRMS (in Oracle), Pay Roll (in fluous) and Finacle (Infosis) LMS (Sumtotal). Valuation Update With 7 Day Price Move • May 09
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₹166, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 15x in the Consumer Finance industry in India. Total returns to shareholders of 16% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₹216 per share. Buy Or Sell Opportunity • May 09
Now 23% undervalued after recent price drop Over the last 90 days, the stock has fallen 9.6% to ₹166. The fair value is estimated to be ₹216, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.7% over the last 3 years, while earnings per share has been flat. Revenue is forecast to grow by 50% in 2 years. Earnings are forecast to grow by 36% in the next 2 years. Announcement • May 09
Manappuram Finance Limited to Report Q4, 2024 Results on May 24, 2024 Manappuram Finance Limited announced that they will report Q4, 2024 results on May 24, 2024 Announcement • Apr 03
Manappuram Finance Limited Approves the Appointment of Edodiyil Kunhiraman Bharat Bhushan as Non-Executive Independent Director Manappuram Finance Limited approved the appointment of Mr. Edodiyil Kunhiraman Bharat Bhushan as Non-Executive Independent Director of the Company. Recent Insider Transactions • Mar 14
Independent & Non-Executive Director recently sold ₹17m worth of stock On the 12th of March, P. Manomohanan sold around 100k shares on-market at roughly ₹170 per share. This transaction amounted to 34% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of ₹34m more than they bought in the last 12 months. Buy Or Sell Opportunity • Mar 13
Now 23% undervalued after recent price drop Over the last 90 days, the stock has fallen 6.7% to ₹160. The fair value is estimated to be ₹207, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.7% over the last 3 years, while earnings per share has been flat. Revenue is forecast to grow by 51% in 2 years. Earnings are forecast to grow by 37% in the next 2 years. Price Target Changed • Feb 20
Price target increased by 52% to ₹294 Up from ₹193, the current price target is an average from 14 analysts. New target price is 59% above last closing price of ₹184. Stock is up 75% over the past year. The company is forecast to post earnings per share of ₹26.32 for next year compared to ₹17.67 last year. Upcoming Dividend • Feb 12
Upcoming dividend of ₹0.90 per share at 2.1% yield Eligible shareholders must have bought the stock before 19 February 2024. Payment date: 07 March 2024. Payout ratio is a comfortable 14% but the company is not cash flow positive. Trailing yield: 2.1%. Within top quartile of Indian dividend payers (1.2%). Higher than average of industry peers (0.7%). Declared Dividend • Feb 09
Third quarter dividend of ₹0.90 announced Shareholders will receive a dividend of ₹0.90. Ex-date: 19th February 2024 Payment date: 7th March 2024 Dividend yield will be 1.8%, which is higher than the industry average of 0.7%. Sustainability & Growth Dividend is covered by earnings (14% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 9.1% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 33% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 08
Third quarter 2024 earnings: EPS in line with analyst expectations despite revenue beat Third quarter 2024 results: EPS: ₹6.79 (up from ₹4.65 in 3Q 2023). Revenue: ₹14.3b (up 31% from 3Q 2023). Net income: ₹5.73b (up 46% from 3Q 2023). Profit margin: 40% (up from 36% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 3.1%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 23% growth forecast for the Consumer Finance industry in India. Over the last 3 years on average, earnings per share has increased by 2% per year whereas the company’s share price has increased by 1% per year. Announcement • Feb 07
Manappuram Finance Limited Approves Interim Dividend, Payable on or before March 7, 2024 Manappuram Finance Limited announced that at the board meeting held on February 7, 2024, the company approved the interim dividend of INR 0. 90 (Ninety Paise Only) per equity share of face value INR 2. February 19, 2024 as record date to ascertain the entitlement of interim dividend among the shareholders and Dividend/Dividend warrants shall be paid or dispatched on or before March 7, 2024. Announcement • Jan 17
Manappuram Finance Limited to Report Q3, 2024 Results on Feb 07, 2024 Manappuram Finance Limited announced that they will report Q3, 2024 results on Feb 07, 2024 Recent Insider Transactions • Nov 21
Company Secretary recently sold ₹3.2m worth of stock On the 16th of November, Vilakkithala Raman Kumar sold around 20k shares on-market at roughly ₹160 per share. This transaction amounted to 50% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of ₹29m more than they bought in the last 12 months. Upcoming Dividend • Nov 17
Upcoming dividend of ₹0.85 per share at 2.2% yield Eligible shareholders must have bought the stock before 24 November 2023. Payment date: 13 December 2023. Payout ratio is a comfortable 14% but the company is not cash flow positive. Trailing yield: 2.2%. Within top quartile of Indian dividend payers (1.3%). Higher than average of industry peers (0.7%). Reported Earnings • Nov 14
Second quarter 2024 earnings released: EPS: ₹6.62 (vs ₹4.84 in 2Q 2023) Second quarter 2024 results: EPS: ₹6.62 (up from ₹4.84 in 2Q 2023). Revenue: ₹13.6b (up 26% from 2Q 2023). Net income: ₹5.58b (up 37% from 2Q 2023). Profit margin: 41% (up from 38% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 23% growth forecast for the Consumer Finance industry in India. Over the last 3 years on average, earnings per share has fallen by 2% per year whereas the company’s share price has fallen by 5% per year. Announcement • Sep 26
Manappuram Finance Limited to Report Q2, 2024 Results on Nov 10, 2023 Manappuram Finance Limited announced that they will report Q2, 2024 results on Nov 10, 2023 Upcoming Dividend • Aug 16
Upcoming dividend of ₹0.80 per share at 2.2% yield Eligible shareholders must have bought the stock before 23 August 2023. Payment date: 08 September 2023. Payout ratio is a comfortable 15% but the company is not cash flow positive. Trailing yield: 2.2%. Within top quartile of Indian dividend payers (1.4%). Higher than average of industry peers (0.7%). Price Target Changed • Aug 12
Price target increased by 8.0% to ₹160 Up from ₹148, the current price target is an average from 14 analysts. New target price is 8.0% above last closing price of ₹148. Stock is up 34% over the past year. The company is forecast to post earnings per share of ₹21.23 for next year compared to ₹17.67 last year. Reported Earnings • Jul 28
Full year 2023 earnings: EPS in line with analyst expectations despite revenue beat Full year 2023 results: EPS: ₹17.68 (up from ₹15.70 in FY 2022). Revenue: ₹41.7b (up 15% from FY 2022). Net income: ₹15.0b (up 13% from FY 2022). Profit margin: 36% (in line with FY 2022). Revenue exceeded analyst estimates by 4.0%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 21% growth forecast for the Consumer Finance industry in India. Over the last 3 years on average, earnings per share has fallen by 7% per year whereas the company’s share price has fallen by 5% per year. Announcement • Jul 28
Manappuram Finance Limited, Annual General Meeting, Aug 17, 2023 Manappuram Finance Limited, Annual General Meeting, Aug 17, 2023, at 11:00 Indian Standard Time. Location: Latha Convention Centre Valapad, Thrissur, Kerala - 680 567, India Thrissur Kerala India Agenda: To consider and approve the audited Standalone as well as Consolidated Financial Statements of the Company for the financial year ended March 31, 2023, together with Reports of the Board of Directors and Auditors thereon; to consider and approve the Appointment of Mr. S R Balasubramanian as Director, liable to retire by rotation; and to consider other matters. Announcement • Jul 25
Manappuram Finance Limited to Report Q1, 2024 Results on Aug 10, 2023 Manappuram Finance Limited announced that they will report Q1, 2024 results on Aug 10, 2023 Announcement • Jul 24
Manappuram Finance Limited Announces Board Changes, Effective on July 24, 2023 Manappuram Finance Limited informed that, as recommended by the nomination compensation and corporate governance committee, board of directors have approved the following changes in the senior Management of the company vide resolution passed through Circulation dated July 21, 2023. Accepted the resignation of Mr. Shyju K, Head HR of the Company. Mr. Shyju K is leaving the job to join in Asirvad Micro Finance Ltd, Subsidiary of the Company, as its HR Head. Apart from that there is no other material reason behind the resignation. Transfer & appointment of Mr. Binesh P P, General Manager-operation, as the Head HR of the Company. Transfer & Appointment of Mr. Sreejesh.S.R, Sr.Assistant General Manager- Commercial Vehicle Finance Division, as the Head Operations of the Company in the grade of Deputy General Manager. These board changes are effective on July 24, 2023. Mr. Binesh P P Aged 41 Years, is a commerce graduate with an MBA degree. He is currently GM and Head of Operations and is already designated as an SMP being the Head of operations. The appointment will therefore be a change of portfolio from Operations Head to HR Head (with no change in grade) .Mr. Binesh has joined the company as Junior Asst in 2006 and has worked in diverse roles in branches outside Kerala, in various departments and verticals and currently occupies the position of General Manager operations which is a designated SMP role. Mr. Binesh has been delivering consistently good performance in all the roles he has been with the Company. He has also been exposed to periodical training in various fields. Mr. Binesh has extensive experience in frontline operations in GL and other verticals. All these roles involved significant understanding of management of the work force at different roles. Management believes that the experience that he brings to the table will help in his new role as the Head of HR. Mr.Sreejesh SR Aged 38 Years is a Post graduate (MBA) and currently is the Senior Assistant General Manager -Commercial Vehicle Finance Division, of Manappuram Finance Limited. Mr. Sreejesh has joined the company as Junior Asst in 2007 and has worked in several branches including branches outside Kerala. Besides he has also worked in important departments in responsible capacities and is currently the Senior Assistant General Manager in the Commercial Vehicles Division. The performance of Mr. Sreejesh has always been quite good and he has been receiving regular promotions in the Company. He has good understanding of the operations of most of the segments and verticals. He has also undergone series of training also at periodical intervals to equip and update him to face the challenges in the business. Mr. Sreejesh has long experience in hands on operations in all the segments of businesses. Management believes that his experience and his overall performance so far makes him a good candidate to be considered for the Head of operations. Recent Insider Transactions • Jul 03
Insider recently sold ₹1.3m worth of stock On the 30th of June, Jeevandas Narayan sold around 10k shares on-market at roughly ₹132 per share. This transaction amounted to 7.7% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Despite this recent sale, insiders have collectively bought ₹15m more than they sold in the last 12 months. Announcement • Jun 22
Manappuram Finance Limited Appoints ISSAC EA as Chief Compliance Officer Manappuram Finance Limited announced that at its Board of Directors at their meeting held on June 20,2023, approved the following: In compliance with the Reserve Bank of India ("RBI") Circular dated October 22, 2021, and April 11, 2022, Mr. ISSAC E A, has been appointed as the Chief Compliance Officer ("CCO") of the Company for a period of three years with effect from June 20, 2023. 
