Manba Finance Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Manba Finance Ltd filed with BSE on 20 May 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Manba Finance reported Q4 FY26 net interest income of Rs 50 crore, up 34% year-on-year, and profit after tax of Rs 11 crore, up 39% year-on-year. For the full year FY26, net interest income grew 24% to Rs 162 crore and profit after tax grew 20% to Rs 45 crore, with assets under management reaching Rs 1,713 crore, up 29% year-on-year. Management discussed portfolio mix trends, funding costs, asset quality metrics, and new initiatives including a TVS Motor MOU and an MSME LAP product launch.
1 statement from this call is not shown because its supporting quote could not be reproduced within our quoting limits. Nothing shown here is affected: every statement on this page carries its verified quote.
Numbers mentioned
Net interest income: INR 50 crore (Q4 FY26)
p. 4
“For the 4th Quarter under review, net interest income stood at INR 50 crore registering a significant growth of 34% year-on-year.”
Jai Mota, page 4 of the filed PDF · View the filing
Profit after tax: INR 11 crore (Q4 FY26)
p. 4
“Profit after tax for the quarter increased by 39% yearon-year to INR 11 crore reflecting a healthy profitability and continued operational momentum.”
Jai Mota, page 4 of the filed PDF · View the filing
Net interest income: INR 162 crore (FY26)
p. 4
“For the Financial Year 2026, net interest income stood at INR 162 crore reflecting a healthy growth of 24% year-on-year supported by a steady growth and improving funding efficiency.”
Jai Mota, page 4 of the filed PDF · View the filing
Net interest margin: 13.63% (FY26)
p. 4
“Profitability remained strong during the year with net interest margin at 13.63% supported by a gross yield of 22.85%.”
Jai Mota, page 4 of the filed PDF · View the filing
Profit after tax: INR 45 crore (FY26)
p. 4
“Profit after tax for the Financial Year 2026 stood at INR 45 crores registering a growth of 20% year-on-year reflecting our continued focus on the sustainable and profitable expansion.”
Jai Mota, page 4 of the filed PDF · View the filing
Assets under management: INR 1,713 crore (as of 31st March 2026)
p. 4
“As of 31st March 2026, our asset under management stood at INR 1,713 crore reflecting a robust year-on-year growth of 29%.”
Jai Mota, page 4 of the filed PDF · View the filing
Balance sheet size: INR 1,979 crore (as of 31st March 2026)
p. 4
“Our balance sheet side stood at INR 1,979 crore.”
Jai Mota, page 4 of the filed PDF · View the filing
Disbursement: INR 977 crore (FY26)
p. 4
“During the period, we have achieved a disbursement of INR 977 crore compared to INR 842 crore in the same period last year.”
Jai Mota, page 4 of the filed PDF · View the filing
New customers added: 28,500 (Q4 FY26)
p. 4
“During the quarter, we have also added around 28,500 new customers taking our total live customer base over INR 2.20 lakh.”
Jai Mota, page 4 of the filed PDF · View the filing
Total fund raise: INR 420 crore (Q4 FY26)
p. 4
“On the liability side, we continued to enhance our funding profile with total fund raise of INR 420 crore during the quarter.”
Jai Mota, page 4 of the filed PDF · View the filing
Total fund raise: INR 1,265 crore (FY26)
p. 5
“Also, for the full year FY26, total fund raise stood at INR 1,265 crore of which the term loan accounted for approximately INR 651 crore while NCD issuance was INR 365 crore.”
Jai Mota, page 5 of the filed PDF · View the filing
Gross Stage-3 assets: 3.33% (as of 31st March 2026)
p. 5
“Gross Stage-3 asset stood at INR 57 crore i.e. 3.33% of the gross asset, improving from 3.38% in December 2025 while the net Stage-3 asset is declined to 2.46% from 2.57%.”
Jai Mota, page 5 of the filed PDF · View the filing
Capital adequacy ratio: 24.46% (as of 31st March 2026)
p. 5
“Further, our capital adequacy ratio remained healthy at 24.46%, well above the regulatory requirement providing ample headroom to support future growth.”
Jai Mota, page 5 of the filed PDF · View the filing
Average cost of borrowing: 10.64% (FY26)
p. 5
“On the funding side, our average cost of borrowing is currently 10.64% an improvement from 10.80% last year which has declined and benefiting from the improved credit and favorable market conditions.”
Jai Mota, page 5 of the filed PDF · View the filing
Return on equity: 11.65% (FY26)
p. 5
“Our return ratio also continued to improve with ROE increased from 10.25% in FY25 to 11.65% in FY26 while ROA improved from 2.58% to 2.63% reflecting stronger profitability and improved operating efficiency.”
Jai Mota, page 5 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
AUM — INR 2,300 to INR 2,400 crore · FY27
stated firmly by Manish Shah
p. 7
“And for that, you can say that we will end up around INR 2,300 to INR 2,400.”
Manish Shah, page 7 of the filed PDF · View the filing
2-Wheeler share of portfolio — around 65% · after three years
stated as an aspiration by Manish Shah
p. 6
“Looking at all these things, as per our business plan, we are expecting that after three years, the 2-Wheeler ratio will be around 65% and 35% will be other products.”
Manish Shah, page 6 of the filed PDF · View the filing
AUM growth rate — at least 30% year-on-year
stated conditionally by Manish Shah
p. 14
“we are quite sure that at least 30% growth year-on-year on an incremental AUM we will be able to achieve by adding the new geography and of course we have added almost four new products to our portfolio.”
Manish Shah, page 14 of the filed PDF · View the filing
Karnataka operations launch — 2nd Quarter
stated firmly by Manish Shah
p. 6
“Maybe in 2nd Quarter, we will start our operation in Karnataka also.”
Manish Shah, page 6 of the filed PDF · View the filing
MSME LAP expansion to Nasik and Ahmedabad — next quarter
stated firmly by Manish Shah
p. 10
“Then, in the next quarter, we are going to start at Nasik and Ahmedabad.”
Manish Shah, page 10 of the filed PDF · View the filing
Equity fundraise timing — 3rd or 4th Quarter
stated conditionally by Manish Shah
p. 14
“But looking at the current scenario it can go into the 3rd or maybe the 4th Quarter.”
Manish Shah, page 14 of the filed PDF · View the filing
Cost of borrowing — 20 paisa, 25 paisa, 50 paisa reduction · this quarter
stated conditionally by Manish Shah
p. 9
“But, of course, because of the external situation, it looks a little difficult but, of course, yes, we will not be, we will not at least borrow at a higher price.”
Manish Shah, page 9 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said 2-Wheeler share has fallen from 97% to 84% and is expected to reach around 65% in three years, with new geographies including UP, MP and Karnataka planned.
Answered by Manish Shah
Asked by Gulshan Singh: Will the company continue to reduce dependency on the 2-Wheeler segment and what geographic expansion is planned?
p. 6
“Before three years, it was almost 97% 2- Wheeler. From there, it has come down to almost 84%.”
Manish Shah, page 6 of the filed PDF · View the filing
Management targets 25-30% annual AUM growth and expects AUM to reach roughly Rs 2,300-2,400 crore.
Answered by Manish Shah
Asked by Danish Shah: What is a sustainable AUM growth rate going forward?
p. 7
“So as a philosophy and as a strategy, the company is focusing on 25% to 30% growth every year.”
Manish Shah, page 7 of the filed PDF · View the filing
Management said they lend at lower rates in new geographies to attract better-quality customers while collection infrastructure is built.
Answered by Manish Shah
Asked by Devansh Jain: How is the company managing asset quality in newer geographic markets like UP and MP?
p. 8
“So, what we do instead of 21%-22% lending, we generally lend at 18%-19% to new geography where we will try to take good customers only and that's the reason our GNPA and NNPA are quite stable in spite of adding new geography.”
Manish Shah, page 8 of the filed PDF · View the filing
Management said the company is currently raising funds at 10.50%, down from 11.25% previously.
Answered by Manish Shah
Asked by Rohit Arora: What is the current incremental cost of borrowing?
p. 9
“I will just clarify that we are borrowing presently at 10.50% and it has been almost reduced from our previous borrowing which was around 11.25%.”
Manish Shah, page 9 of the filed PDF · View the filing
Management said the core 2-Wheeler segment shows no stress but the company has become more cautious on small business loans and tightened credit policy.
Answered by Manish Shah
Asked by Prashant Kumar: Are there any early signs of stress in borrower behavior given the macro environment?
p. 11
“But, yes, on a small business loan, we are becoming more cautious and our rejection ratio have been increased and growth sector very enthusiastic environment is not there.”
Manish Shah, page 11 of the filed PDF · View the filing
Management said 3-Wheeler EV financing is challenging due to overloading and faster depreciation, requiring caution and select OEM partnerships.
Answered by Manish Shah
Asked by Saket Kapoor: What are the risks in EV financing, particularly for 3-Wheelers, given rapid technology change and depreciation?
p. 12
“So, absolutely, I will say that funding 3-Wheeler and collection of 3-Wheeler is always very, very challenging.”
Manish Shah, page 12 of the filed PDF · View the filing
Management said they may delay the fundraise until the share price recovers once geopolitical issues settle.
Answered by Manish Shah
Asked by Rohit Arora: Is the company comfortable raising equity at current low valuations?
p. 14
“See, that is the reason I am telling you that we may postpone for three to four months once this geopolitical problem issues get settled.”
Manish Shah, page 14 of the filed PDF · View the filing
Management said no such discussion has started at this stage and the relationship remains focused on dealer sourcing.
Answered by Manish Shah
Asked by Prashant Kumar: Is TVS Motor considering a deeper engagement such as an equity stake in Manba Finance, similar to its investment in Jana Small Finance Bank?
p. 15
“That is not at this stage but yes this MOU has really helped us to reach out the not only 3- Wheeler dealer but now we are getting help in reaching out the more and more 2-Wheeler dealers also”
Manish Shah, page 15 of the filed PDF · View the filing
Risks flagged
3-Wheeler EV financing carries higher risk due to overloading and faster depreciation of vehicles
p. 12
“Because the usage of such a 3-Wheeler EV in India unfortunately, RTOs and all are not so strict because usually they get a permission of four people, but they allow 10 to 12 people.”
Manish Shah, page 12 of the filed PDF · View the filing
Increased caution and higher rejection rates in the small business loan segment amid a less enthusiastic growth environment
p. 11
“our rejection ratio have been increased and growth sector very enthusiastic environment is not there.”
Manish Shah, page 11 of the filed PDF · View the filing
External geopolitical situation affecting ability to reduce borrowing costs and share price/valuation for fundraising
p. 9
“But, of course, because of the external situation, it looks a little difficult but, of course, yes, we will not be, we will not at least borrow at a higher price.”
Manish Shah, page 9 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.