Manappuram Fin. Q1 FY27 Results (NSE: MANAPPURAM)
Signal: Earnings grew
The read
The earnings trajectory inflected sharply from the FY26 slowdown: consolidated revenue growth recovered to 34.1% YoY and PAT growth to 322.4%, driven by 57.2% AUM growth, 97.9% gold-loan AUM growth and Asirvad's return to ₹21 crore profit; however, EPS growth of 296.8% lagged PAT growth.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹3,034.16 Cr | 34.1% | N/A |
| EBIT | ₹2,055.78 Cr | 114.9% | |
| Net profit | ₹584.58 Cr | 322.4% | |
| EPS | ₹6.23 | 296.8% | |
| EBIT margin | 0% |
P&L walk
Consolidated revenue increased 34.1% YoY to ₹3034.16 crore, EBITDA rose 106.9% to ₹2134.19 crore and PAT rose 322.4% to ₹584.58 crore, supported by loan growth, operating efficiency and Asirvad Microfinance returning to profit.
Segments
The consolidated result was materially lifted by subsidiary performance: Asirvad Microfinance returned to ₹21 crore profit, while consolidated PAT of ₹584.58 crore grew 322.4% YoY versus standalone PAT growth of 40.7% to ₹551.77 crore.
Key positives
- AUM reached ₹69,635 crore, up 57.2% YoY, with gold-loan AUM up 97.9% to ₹57,006 crore, showing a clear reacceleration in the core lending engine.
- NII grew 25% YoY to ₹1759 crore, confirming that balance-sheet growth is translating into recurring interest income.
- Asirvad Microfinance returned to ₹21 crore profit, helping consolidated PAT grow 322.4% YoY to ₹584.58 crore.
- EBITDA increased 106.9% YoY to ₹2134.19 crore, with management citing operational efficiency, cost reduction and digitalisation.
Key concerns
- Consolidated PAT growth of 322.4% materially exceeded NII growth of 25%, making subsidiary normalisation and operating-cost changes important to monitor for repeatability.
- Basic EPS grew 296.8% YoY versus PAT growth of 322.4%, a 25.6 percentage-point lag that warrants monitoring for dilution or higher minority interest.
- Management identified funding challenges and gold-price volatility as ongoing business concerns despite the quarter's strong loan growth.
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