M&M Financial Services reported Q2 FY27 disbursements of ₹16,490 crore, up 22% YoY. Shares closed at ₹320, reflecting a modest dip after the numbers.
For H1 FY27, disbursements are estimated at ₹32,050 crore, also tracking a 22% YoY increase, matching the quarterly trend.
Business assets grew 15% to ₹1,46,300 crore as of September 2026, and collection efficiency climbed to 97% from 96% in the prior year‑end.
Stage‑3 assets fell to 3.35%‑3.45% versus 3.94% a year earlier, and Stage‑2 assets eased to 4.7%‑4.8% from 5.8% in September 2025.
Liquidity remains firm: a chest of over ₹16,200 crore backs the balance sheet. The company has also approved a ₹2,000 crore non‑convertible debenture issue, base size ₹1,000 crore with a green‑shoe of ₹1,000 crore, carrying a 7.95% coupon and maturing on September 28, 2029.
With the NCD placement slated to close on September 29, 2026, M&M aims to keep its liquidity cushion robust while maintaining disbursement momentum. Investors will watch the next earnings release to gauge whether the growth trajectory continues.