Any current/future capex/capital investment/strategic investment?

Manba Finance Limited is focusing on technology and process investments to improve efficiency and customer experience. Recently launched digital initiatives include instant disbursement via JustPay, straight-through processing (HTP mode) for used two-wheeler loans (first among NBFCs), and DigiLocker integration for seamless, paperless loan documentation. There is no specific mention of large current or future capital expenditure or strategic investment beyond these technology upgrades and enhancements. The company continues to expand geographically through business correspondence partnerships

Future growth expectations in sales/revenue/volumes?

Manba Finance expects strong growth in two-wheeler sales driven by GST rate cuts and supply normalization, with October recording the highest-ever sales (30.61 lakh units), up 50% YoY. The company anticipates continued strong demand through the current and next quarters, supporting robust disbursement momentum. AUM guidance for FY '26 is INR1,700-1,750 crores, indicating steady expansion. Management targets a 30-35% CAGR growth over the next few years, aligned with prior ambitious profit guidance (INR100 crores PAT in 2-3 years). Growth will be supported by geographic deepening in UP, MP, and

Future growth expectations in earnings/operating earnings/profits/EPS?

Management expects continued strong revenue and AUM growth, targeting a 30%-35% CAGR. Profitability is projected to improve significantly from Q3 and Q4 2025 as high disbursements in these quarters convert into earnings. Cost of borrowing has reduced by ~100 basis points and is targeted to decrease further by 25-50 basis points next quarter, improving margins. Capital adequacy remains strong (~26%), supporting growth plans without dilution fears. The company aims to maintain healthy net interest margins (~12.5%) and keep credit losses below 1%. New business verticals like used two-wheeler loan

Current/ Expected Orderbook/ Pending Orders?

The company reported record disbursement of INR175.40 crores in October 2025, the highest ever monthly disbursement by Manba Finance Limited. Disbursements mainly happened in the third quarter, with expectations of improved profitability from Q3 and Q4. Liquidity stood at INR400 crores as of September, which was largely utilized from October for new disbursements. AUM guidance for FY 2026 is expected between INR1,700 crores to INR1,750 crores by year-end. The company is expanding deeply into existing states like Uttar Pradesh, adding 12 new locations already, with 10 more locations planned for

Manba Finance LtdQ3 FY26Finance

Manba Finance Ltd Q3 FY26 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹130P/E: 13.8Market Cap: ₹672 CrSector: Finance

Management growth scorecard

Revenue

Category 2

Margin

Category 3

Fundraise

N/A

Order

Yes

Capex

Yes

2 of 4 growth signals are positive.

Full analysis

Revenue guidance

Category 2

→Manba Finance expects strong growth in two-wheeler sales driven by GST rate cuts and supply normalization, with October recording the highest-ever sales (30.61 lakh units), up 50% YoY.
→The company anticipates continued strong demand through the current and next quarters, supporting robust disbursement momentum.
→AUM guidance for FY '26 is INR1,700-1,750 crores, indicating steady expansion.
→Management targets a 30-35% CAGR growth over the next few years, aligned with prior ambitious profit guidance (INR100 crores PAT in 2-3 years).
→Growth will be supported by geographic deepening in UP, MP, and Chhattisgarh, new products like MSME LAP secured loans, and increased partnerships with BCs like BT Finance and others for distribution expansion.
→They have launched a digital straight-through process for used two-wheeler loans to capture new opportunities, signaling diversification and volume expansion.

Margin guidance

Category 3

→Management expects continued strong revenue and AUM growth, targeting a 30%-35% CAGR.
→Profitability is projected to improve significantly from Q3 and Q4 2025 as high disbursements in these quarters convert into earnings.
→Cost of borrowing has reduced by ~100 basis points and is targeted to decrease further by 25-50 basis points next quarter, improving margins.
→Capital adequacy remains strong (~26%), supporting growth plans without dilution fears.
→The company aims to maintain healthy net interest margins (~12.5%) and keep credit losses below 1%.
→New business verticals like used two-wheeler loans and MSME LAP are expected to contribute to profitable growth.
→Operating profits are forecasted to be very good for FY 2026, with record disbursement fueling growth.
→The company remains on track to achieve previously guided INR100 crore annual profit in 2-3 years.

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Fundraise plans

- There is no explicit mention of any current or planned new fundraising through debt or equity in the call. - The company reported robust borrowings increase from INR1,098 crores to INR1,467 crores sequentially due to liquidity held and expected demand, but this appears operational rather than new fundraise. - Capital adequacy ratio remains strong at around 26%, well above RBI requirements, indicating no immediate need for capital raise. - Management highlighted healthy funding relationships and reduced cost of borrowing by around 100 basis points compared to March borrowings. - The company is focusing on utilizing existing liquidity (about INR400 crores) for growth rather than raising new capital. - No discussions on fresh co-lending or direct assignments suggest no new fund raises planned via these routes currently. Overall, at this time, there is no announcement or indication of new debt or equity fundraising.

Order book

Yes

→The company reported record disbursement of INR175.40 crores in October 2025, the highest ever monthly disbursement by Manba Finance Limited.
→Disbursements mainly happened in the third quarter, with expectations of improved profitability from Q3 and Q4.
→Liquidity stood at INR400 crores as of September, which was largely utilized from October for new disbursements.
→AUM guidance for FY 2026 is expected between INR1,700 crores to INR1,750 crores by year-end.
→The company is expanding deeply into existing states like Uttar Pradesh, adding 12 new locations already, with 10 more locations planned for upcoming quarters.
→Business Correspondence partnerships are growing, with a plan to add 3-4 partners every quarter, each with capped monthly disbursement limits.
→No specific mention of backlog or pending orders, but a strong pipeline and healthy demand trends are indicated.

Capex plans

Yes

→Manba Finance Limited is focusing on technology and process investments to improve efficiency and customer experience.
→Recently launched digital initiatives include instant disbursement via JustPay, straight-through processing (HTP mode) for used two-wheeler loans (first among NBFCs), and DigiLocker integration for seamless, paperless loan documentation.
→There is no specific mention of large current or future capital expenditure or strategic investment beyond these technology upgrades and enhancements.
→The company continues to expand geographically through business correspondence partnerships (e.g., BT Finance, EV FinServ, Inslab Private Limited) to grow distribution without significant opex or capital outlay.
→Core investments are thus strategic partnerships and digital transformation to support profitable growth and operational efficiency rather than heavy capital expenditure.

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