Manba Finance LimitedQ2 FY27 Results & Financial Update
Manba Finance Limited: Q2 FY27 standalone results and company financials – revenue ₹97.74 Cr, PAT ₹13.73 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
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Quarterly Results AnalysisExplore Manba Finance Q2 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
Manba Finance Limited reported total revenue of INR 97.74 crore and a net profit (PAT) of INR 13.73 crore on a standalone basis for the second quarter of financial year 2027.
According to the company's investor presentation for Q2/H1 FY27, total quarterly revenue stood at INR 57.2 crore (INR 572 million), reflecting a 33.3% year-on-year increase compared to Q2 FY26, while Net Interest Income (NII) expanded by 40.4% year-on-year to INR 52.1 crore (INR 521 million).
Profit before tax for the quarter reached INR 21.72 crore (INR 217 million under standalone reporting), with the investor presentation noting a 42.8% year-on-year expansion in PBT to INR 21.7 crore over the same period last year.
Disbursements during the quarter were supported by continued geographic expansion across Uttar Pradesh, Madhya Pradesh, and Rajasthan, taking total assets under management to INR 1,810.8 crore (INR 18,108 million) at the close of H1 FY27.
Asset quality metrics improved sequentially, with gross non-performing assets (GNPA) tightening to 2.96% and net non-performing assets (NNPA) declining to 2.19% at the end of September 2026, benefiting from disciplined underwriting standards and robust in-house collections.
The company's cost of borrowings moderated sequentially to 10.14%, assisted by an upgrade in its credit rating to A- (Stable) by CARE Ratings, which enhanced its borrowing terms across banking partners.
During the second quarter of fiscal 2027 ended September 30, 2026, Manba Finance reported standalone revenue from operations of INR 97.74 crore and total income of INR 97.76 crore. Net interest income for the quarter reached INR 52.1 crore as detailed in company disclosures.
Profit before tax for Q2 FY27 stood at INR 21.72 crore, while profit after tax (PAT) reached INR 13.73 crore, reflecting steady earnings contributions from retail lending operations and asset portfolio expansion across regional markets.
01 · Business model
What does Manba Finance do?
Manba Finance Limited is a non-banking financial company founded in 1996 by first-generation entrepreneur Manish Kirit Kumar Shah, specializing in retail vehicle financing and diversified credit products.
The product portfolio spans new and electric two-wheelers, three-wheelers, used cars, small business loans, micro loan against property (LAP), and personal loans tailored for underserved retail and semi-urban borrowers.
The lending operations are anchored in a strong distribution footprint across 7 states, operating through 148 locations and collaborating with a dealer network exceeding 1,900 partners.
The economic model focuses heavily on secured credit exposures, with roughly 95% of assets under management backed by the financed assets, supported by automated, technology-driven origination and in-house collection frameworks.
02 · Historical context
What shaped the business before this quarter
Established in 1998 as an RBI-registered NBFC, the company initially focused on two-wheeler financing within Mumbai before scaling operations across Maharashtra.
Between 2020 and 2022, the company crossed INR 500 crore in AUM and expanded its geographic footprint into Rajasthan, Madhya Pradesh, and Chhattisgarh, supported by technology-led platforms.
The company completed its initial public offering on the NSE and BSE in 2024, reaching an AUM of INR 1,300 crore and subsequently launching MSME LAP, used-car financing, and expanded dealer relationships.
03 · Financial snapshot
Current-quarter financial snapshot
| Metric | Q2 FY27 |
|---|---|
| Total income | ₹97.76 Cr |
| Interest income | ₹92.64 Cr |
| Other income | ₹0.02 Cr |
| Provisions | ₹1.69 Cr |
| Profit before tax | ₹21.72 Cr |
| Profit after tax | ₹13.73 Cr |
| EPS | ₹2.73 |
04 · Earnings & margin drivers
What drove earnings and margins
What drove net interest income and earnings
Standalone interest income for the quarter was reported at INR 92.64 crore (INR 926 million), driven by robust disbursement volumes across two-wheeler, three-wheeler, and used-vehicle segments.
Total Assets Under Management (AUM) expanded to INR 18,108 million by the end of H1 FY27, reflecting a 20.7% growth over H1 FY26, fueled by wider market penetration in Uttar Pradesh, Madhya Pradesh, and Rajasthan.
Interest income reached INR 92.64 crore for Q2 FY27, driven by sustained loan disbursements across two-wheelers, three-wheelers, used cars, and newer business loan segments.
Generated supplementary revenue from loan processing fees, documentation charges, and ancillary financial services, contributing to overall top-line performance.
Interest income from financing operations reached INR 92.64 crore, forming the core revenue engine for the standalone entity during Q2 FY27.
Other income contributed a minor INR 0.0019 crore (INR 0.19 lakh) toward the total income of INR 97.76 crore.
NIM, spread, funding cost and credit cost
The average cost of borrowings moderated to 10.14% for H1 FY27, aided by a credit rating upgrade from BBB+ (Positive) to A- (Stable) which improved funding terms with banks and financial institutions.
Net Interest Margin (NIM) stood at 12.28% for H1 FY27, underpinned by strong portfolio yields averaging 22.16% on average AUM against a diversified borrowing mix.
Finance costs stood at INR 40.47 crore for the quarter, benefiting from a credit rating upgrade from BBB+ (Positive) to A- (Stable) which supported a reduction in borrowing costs to 10.14%.
Operating expenses reflected ongoing investments in branch network expansion, employee additions across sales and collection teams, and technology infrastructure to support regional penetration.
Borrowing and finance costs stood at INR 40.47 crore, representing the primary ongoing cost pressure offsetting interest earned on loan assets.
The company set aside provisions of INR 1.69 crore during the quarter to cover potential asset quality risks.
05 · Loan growth, sanctions & disbursements
How the lending book is moving
Approximately 40% of new originations were extended to new-to-credit customers, with total customers served surpassing 1 million across operations.
The active dealer network expanded to 1,932 partners across operating states as of H1 FY27, up from 1,596 dealers in FY26, serving as primary sourcing channels for vehicle retail financing.
Approximately 40% of newly onboarded borrowers represent first-time credit consumers without prior formal credit history, supported by structured repayment tracking that builds long-term customer relationships.
06 · Portfolio mix & lending exposure
Where the loan book is concentrated
Segments and products
New two-wheelers formed the largest share of AUM at 83.1%, followed by personal loans at 5.6%, small business loans at 5.0%, three-wheelers at 3.0%, used car loans at 1.6%, and other segments accounting for 1.7%.
Geography and market mix
The company operated across 148 locations spanning 7 states as of October 2026, with active dealer network expansion taking total partners to 1,932.
The company expanded its operating presence to 148 branch locations across seven states in H1 FY27, adding new locations in Uttar Pradesh, Madhya Pradesh, Rajasthan, and initiating strategic entry into Karnataka.
07 · Strategy & portfolio evolution
How the lending mix and strategic agenda are changing
The company upgraded its Loan Origination System (LOS) and integrated over 20 APIs including Perfios, VAHAN, and DigiLocker to enable sub-60-second loan approvals and a 100% paperless journey.
Expanded vertical offerings into 3W battery financing, micro-LAP, and used vehicle financing to reduce reliance on new two-wheeler loans over time.
Accelerated financing initiatives for electric two-wheelers and electric three-wheelers, alongside expanded used car financing and the newly introduced Micro-LAP product line to capture secured asset growth.
Deployed AI voice agents for welcoming onboarding calls, proactive EMI reminders, and early-bucket collection routines, alongside upgraded Loan Origination Systems integrated with over 20 APIs.
08 · Reported developments
What changed operationally
Gross NPA improved to 2.96% and Net NPA to 2.19% as of September 2026, supported by an in-house 3-tier collection infrastructure and rigorous field follow-ups.
CARE ratings upgraded the company's long-term credit rating from BBB+ (Stable/Positive) to A- (Stable), reflecting improved financial profile, capital adequacy, and asset quality.
Gross NPA improved sequentially to 2.96% and Net NPA improved to 2.19% as of September 30, 2026, supported by robust in-house collection infrastructure and disciplined underwriting.
09 · Items worth noticing
The line items that can distort a quick read
The company recorded loan provisions of INR 1.69 crore and tax expenses of INR 7.98 crore during the quarter ended September 30, 2026.
Provisions of INR 1.69 crore were charged against earnings during the quarter.
10 · Funding & balance sheet
How funding, liquidity and capital support the loan book
Capital allocation & funding
Successfully raised approximately INR 100 million (INR 1,000 Mn) through a preferential issue to strengthen the capital base and support loan book expansion, resulting in a capital adequacy ratio of 24.69% for H1 FY27.
Total borrowings stood at INR 13,318 million across secured term loans (INR 8,398 million), NCDs (INR 4,920 million), and other credit facilities from over 25 banking partners, with State Bank of India emerging as the largest lending partner.
Maintained diversified funding sources across secured term loans (INR 839.8 crore), non-convertible debentures (INR 492.0 crore), and other credit facilities (INR 240.6 crore) involving over 25 institutional banking and non-banking partners.
Successfully raised approximately INR 100 crore via a preferential issue during the period to strengthen the capital adequacy ratio to 24.69% and support further loan book expansion.
11 · Beyond the numbers
What changed beyond the numbers
Reported update
Brand and Marketing Initiatives
Executed targeted marketing campaigns through digital media, radio, dealer get-togethers, festive sponsorships, and referral incentive programs to strengthen brand recall and drive vehicle loan volumes.
Reported update
Standalone Filing Submission
The financial results for Q2 FY27 were submitted through an official XBRL filing on the exchange platform under standalone reporting scope.
12 · Key Q&A
The quarter, answered directly
What does Manba Finance do?
Manba Finance Limited is a non-banking financial company founded in 1996 by first-generation entrepreneur Manish Kirit Kumar Shah, specializing in retail vehicle financing and diversified credit products.
What is the clearest takeaway from Q2 FY27?
Manba Finance Limited reported total revenue of INR 97.74 crore and a net profit (PAT) of INR 13.73 crore on a standalone basis for the second quarter of financial year 2027.
What drove earnings or loan-book movement?
Standalone interest income for the quarter was reported at INR 92.64 crore (INR 926 million), driven by robust disbursement volumes across two-wheeler, three-wheeler, and used-vehicle segments.
What mattered most for margins, funding or credit cost?
The average cost of borrowings moderated to 10.14% for H1 FY27, aided by a credit rating upgrade from BBB+ (Positive) to A- (Stable) which improved funding terms with banks and financial institutions.
What changed operationally beyond the headline numbers?
The company upgraded its Loan Origination System (LOS) and integrated over 20 APIs including Perfios, VAHAN, and DigiLocker to enable sub-60-second loan approvals and a 100% paperless journey.
What should the next disclosure help confirm?
Monitor the sustainability of GNPA below 3.00% as the company expands into newer geographical markets in South India, such as Karnataka.
13 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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14 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Asset Quality Trajectory: Monitor the sustainability of GNPA below 3.00% as the company expands into newer geographical markets in South India, such as Karnataka.
- 02
Borrowing Cost Trends: Track the impact of the A- (Stable) credit rating on incremental funding costs across bank credit lines and non-convertible debentures.
- 03
Asset Quality Metrics: Track sequential movements in GNPA and NNPA ratios as the company scales its used vehicle and MSME loan portfolios across newly added geographies.
- 04
Borrowing Cost Trends: Monitor the ongoing transmission of the A- (Stable) credit rating upgrade into overall cost of borrowings and net interest margins.
- 05
Asset Quality and Provisioning: Monitor subsequent quarterly filings for trends in provisions, credit costs, and standard asset performance.
- 06
Cost of Borrowings: Track future finance costs relative to interest income expansion to evaluate net interest margin trajectories.
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