Manappuram Finance more than tripled its bottom line in the September quarter. Consolidated net profit surged 222.9% year-on-year to ₹701 crore, up from ₹217 crore in the corresponding quarter last year, according to the company's regulatory filing. Net interest income climbed 44.7% to ₹1,959 crore against ₹1,354 crore a year earlier. Topline growth matched the pace. Consolidated revenue from operations rose 46.2% to ₹3,356 crore, outpacing the ₹2,296 crore booked in the prior-year period.
Shares of the non-banking financial company ended flat at ₹319.95 on the National Stock Exchange ahead of the board's earnings approval. Traders had kept positions guarded through the session. But the numbers revealed aggressive balance-sheet expansion across both retail pledges and micro-lending assets.
The gold loan franchise did the heavy lifting. Consolidated assets under management expanded 60.1% year-on-year to hit ₹73,303 crore as of September 30, 2026. Within that total, standalone gold loan AUM reached ₹60,640 crore—a blistering 92.5% jump from the year-ago period. Non-gold loan segments supplied the remainder, accounting for 17.27% of consolidated assets under management.
Physical collateral held in company vaults also swelled. Gold holdings touched 70 tonnes during the three-month period, up 22% year-on-year and 3.5% sequentially. The active customer count broadened by 2.3% on a quarter-on-quarter basis to reach 46.9 lakh borrowers across the country.
| Financial Metric | Q2 FY27 | Q2 FY26 | YoY Change (%) |
|---|---|---|---|
| Consolidated Net Profit | ₹701 crore | ₹217 crore | +222.9% |
| Net Interest Income | ₹1,959 crore | ₹1,354 crore | +44.7% |
| Operational Revenue | ₹3,356 crore | ₹2,296 crore | +46.2% |
| Consolidated AUM | ₹73,303 crore | ₹45,786 crore | +60.1% |
| Gold Loan AUM | ₹60,640 crore | ₹31,501 crore |
Market Context: The lender's triple-digit profit surge aligns with a broader credit boom across non-banking lenders capitalizing on high gold prices and rapid retail borrowing. Regional rival Indel Money also logged strong traction during the same quarter, posting a net profit jump to ₹80 crore on an 83% surge in assets under management. Elevated bullion valuations continue to grant non-bank financiers higher loan ticket sizes against customer pledges.
Manappuram's micro-lending subsidiary, Asirvad Micro Finance, contributed positive earnings to the group tally. The arm posted a net profit of ₹32 crore for the quarter, supporting an AUM base of ₹7,919 crore as of September 30.
The half-year ledger reflected that momentum. For the first half of FY27, Manappuram Finance posted a consolidated net profit of ₹1,286 crore—nearly four times the ₹350 crore recorded in the first half of the previous fiscal year. Six-month revenue from operations climbed to ₹6,403 crore from ₹4,546 crore. The lender ran this volume through an operational footprint spanning 5,375 branches nationwide.
Managing Director and Chief Executive Officer V.P. Nandakumar affirmed that portfolio growth remained on track across lending verticals.
Looking ahead, the outlook for the gold loan business remains positive as we continue to strengthen the business to navigate future challenges. We are confident of achieving our targets for this fiscal year.
Shareholders will see immediate cash distribution from the quarter's cash generation. The board approved an interim dividend of ₹1 per equity share of face value ₹2 for the ongoing fiscal year. D-Street investors will track whether customer additions sustain the 46.9-lakh mark through the upcoming festive quarter as branch operations absorb second-half credit demand.
| +92.5% |
| Physical Gold Stock | 70 tonnes | 57.4 tonnes | +22.0% |
| Branch Footprint | 5,375 | — | — |