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

For FY '27, Manba Finance targets a profit after tax of around Rs. 65-70 crore (Page 10). Expected Return on Assets (ROA) for FY '27 is guided at 3.25% to 3.5% (Page 10). Corresponding Return on Equity (ROE) is expected to be in the range of 14%-15% (Page 10). The company aims for steady growth of 25%-30% year-on-year in AUM and operations (Page 9). Net interest margin (NIM) is likely to improve due to reduction in borrowing costs and increased disbursements (Pages 5, 16). With new product launches like MSME LAP starting February 2026 and deeper penetration in UP and MP, growth momentum is exp

Any current/future new fundraising through debt or equity?

The company is planning equity fundraising in the next financial year, with a possible capital raise in the second or third quarter depending on the market scenario (Page 12). The management aims to maintain a leverage ratio of around 4-4.25 times and plans to bring in new capital once this level is reached to support growth while protecting the company (Page 14). They are initiating direct assignment (DA) transactions starting this quarter to strengthen the balance sheet and improve liquidity management (Page 14, Page 11). Cost of borrowing is gradually decreasing, and the company is negotiat

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

No explicit mention of current or future capital expenditure (capex) or strategic investments was made in the transcript. The company plans to raise new capital when their leverage reaches 4 to 4.25 times; currently at 3.37 times leverage. Focus is on organic growth and deepening presence in existing states (UP and MP), rather than geographic expansion. Discussed preparations for a direct assignment (DA) transaction to strengthen the balance sheet and liquidity. Plans to launch a new loan product (MSME LAP) starting February in select cities, implying investment in product development and team

Future growth expectations in sales/revenue/volumes?

Manba Finance reported a robust 25% year-on-year growth in Assets Under Management (AUM), reaching Rs. 1,631 crores as of December 2025. The company aims for consistent growth of 25%-30% year-on-year in FY '27. Disbursement for Q3 FY '26 was Rs. 746 crores, with expectations for continued high disbursement driven by dealer network expansion and deeper market penetration. Focus on deeper penetration in existing states (especially UP and MP) rather than adding new states. Plans to add 18-20 new locations and 100+ employees in UP in the next year. New product launches like MSME LAP starting Febru

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Manba Finance LtdQ4 FY27Finance

Manba Finance Ltd Q4 FY27 Earnings Call Analysis

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

Price: ₹132P/E: 13.8Market Cap: ₹585 CrSector: Finance

Management growth scorecard

Revenue

Category 2

Margin

Category 3

Fundraise

Yes

Order

Yes

Capex

Yes

3 of 5 growth signals are positive.

Full analysis

Revenue guidance

Category 2

→Manba Finance reported a robust 25% year-on-year growth in Assets Under Management (AUM), reaching Rs. 1,631 crores as of December 2025.
→The company aims for consistent growth of 25%-30% year-on-year in FY '27.
→Disbursement for Q3 FY '26 was Rs. 746 crores, with expectations for continued high disbursement driven by dealer network expansion and deeper market penetration.
→Focus on deeper penetration in existing states (especially UP and MP) rather than adding new states.
→Plans to add 18-20 new locations and 100+ employees in UP in the next year.
→New product launches like MSME LAP starting February aiming to diversify offerings.
→Strategic partnerships like the MoU with TVS Motor expected to add Rs. 250-300 crores in disbursements over 18-24 months, potentially increasing product mix share by around 10%.
→Profit targets around Rs. 65-70 crores for FY '27 with ROA of 3.25%-3.5% and ROE of 14%-15%.

Margin guidance

Category 3

→For FY '27, Manba Finance targets a profit after tax of around Rs. 65-70 crore (Page 10).
→Expected Return on Assets (ROA) for FY '27 is guided at 3.25% to 3.5% (Page 10).
→Corresponding Return on Equity (ROE) is expected to be in the range of 14%-15% (Page 10).
→The company aims for steady growth of 25%-30% year-on-year in AUM and operations (Page 9).
→Net interest margin (NIM) is likely to improve due to reduction in borrowing costs and increased disbursements (Pages 5, 16).
→With new product launches like MSME LAP starting February 2026 and deeper penetration in UP and MP, growth momentum is expected to continue (Pages 9, 16).
→Incremental income from large disbursements done in Q3 (Rs. 347 crores) will start contributing majorly from Q4 and next quarter, improving profitability (Page 16).

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Fundraise plans

Yes

→The company is planning equity fundraising in the next financial year, with a possible capital raise in the second or third quarter depending on the market scenario (Page 12).
→The management aims to maintain a leverage ratio of around 4-4.25 times and plans to bring in new capital once this level is reached to support growth while protecting the company (Page 14).
→They are initiating direct assignment (DA) transactions starting this quarter to strengthen the balance sheet and improve liquidity management (Page 14, Page 11).
→Cost of borrowing is gradually decreasing, and the company is negotiating favorable term loans, including potentially large PSU sanctions at lower interest rates (Page 10, Page 8).
→Currently, around 25-30% of the total borrowings are through pass-through certificates (PTC), with an aim to keep 40-45% of borrowing unaffected by interest rate changes (Page 7).

Order book

Yes

The document does not explicitly provide details on current or expected orderbook/pending orders for Manba Finance Limited. However, relevant insights include: - Disbursements for the quarter were Rs. 746 crores, including a record Rs. 347 crores in the quarter, indicating strong loan origination activity. - Expectation of increased income starting from December for disbursements done in October, and strong interest income expected in January-March. - Management plans to deepen presence in existing states (e.g., UP and MP) rather than expand to new states. - MoU with TVS Motor targeting incremental disbursement potential of Rs. 250-300 crores over 18-24 months. - New product launches such as MSME LAP from February. - Strong growth outlook with an annual growth target of 25%-30% in AUM. No specific mention of orderbook or pending orders as it is a financial services company focused on loan disbursement rather than product orders.

Capex plans

Yes

→No explicit mention of current or future capital expenditure (capex) or strategic investments was made in the transcript.
→The company plans to raise new capital when their leverage reaches 4 to 4.25 times; currently at 3.37 times leverage.
→Focus is on organic growth and deepening presence in existing states (UP and MP), rather than geographic expansion.
→Discussed preparations for a direct assignment (DA) transaction to strengthen the balance sheet and liquidity.
→Plans to launch a new loan product (MSME LAP) starting February in select cities, implying investment in product development and team.
→Capital deployment strategy aims at maximizing returns while maintaining asset quality, with no aggressive leveraging beyond set policy.
→No mention of any strategic acquisitions or capital investments beyond above steps during the call.

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