Overview

Detailed Summary

Manba Finance Limited, established in 1996, is a Non-Banking Finance Company (NBFC) specializing in loans for two-wheelers, three-wheelers, used cars, and personal and small business loans. It operates majorly across six Indian states, with a strong network of over 1,400 dealers.
The company's assets under management (AUM) grew significantly by 25% year-over-year, reaching INR 16,308 million as of 9M-FY26. This growth is driven by increased disbursements and expansion of the dealer network and branch locations.
Manba Finance has achieved industry-leading loan sanction turnaround times, with over 60% of loans approved in one minute and 92% within one day, underscoring its efficiency and customer-centric approach.
The company's capital adequacy ratio stands at 25.06%, supported by diversified funding sources, including secured term loans, non-convertible debentures (NCDs), and partnerships with various banks and financial institutions.
Notable strategic developments include a Memorandum of Understanding (MoU) with TVS Motor for financing three-wheelers, and increased focus on expanding electric vehicle (EV) financing, which aligns with the growing EV market.

Sector: Finance
Industry: NBFC-Others
Market Cap: 585 Cr
Volatility: Low Risk
P/E Ratio: 13.8
Industry P/E: 27.5
PEG Ratio: 0.2
P/B Ratio: 1.5
52W High: 159.20
52W Low: 114.00

Sales CAGR

1Y: 30.72%
3Y: 33.72%
5Y: 16.26%
10Y: —

Profit CAGR

1Y: 21.23%
3Y: 58.86%
5Y: 15.75%
10Y: —

ROE

TTM: 10.84%
3Y: 11.43%
5Y: 9.95%
10Y: —

ROCE

TTM: 9.65%
3Y: 11.16%
5Y: 11.22%
10Y: —

Technicals

‌

Forecasts

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
MANBA	116.40	585 Cr	13.84	1.50	0.64	10.84	9.65	2.24
CSLFINANCE	250.45	571 Cr	6.58	0.98	1.18	14.04	12.91	6.16
DHUNINV	881.50	544 Cr	-15.25	0.20	0.34	0.09	2.33	-1.44
IFINSEC	185.00	537 Cr	14.72	4.42	0.00	10.47	14.39	4.77
NBIFIN	1816.50	537 Cr	63.27	0.17	0.03	0.31	0.40	0.48
KIRANVYPAR	176.00	482 Cr	704.00	0.22	0.57	0.53	1.85	0.02
GFLLIMITED	43.92	481 Cr	439.20	0.19	0.00	-0.29	-0.32	0.04

Financial Statements

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Standalone Quarterly Results (in ₹ Crores)

Total Figures

QoQ Changes

Total Figures

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Revenue	52	48	55	49	65	69	68	67	78	90
Expenses	16	19	19	18	21	23	27	23	26	29
Interest	18	22	24	23	27	28	29	32	35	42
Financing Profit	18	7.44	12	7.63	17	18	12	11	16	18
Financing Margin %	34.64	15.48	22.27	15.57	26.33	25.56	18.28	16.90	21.23	20.41
Other Income	0.00	0.00	0.05	0.01	0.02	0.00	0.00	2.02	-0.06	0.01
Depreciation	1.13	1.13	1.10	1.11	1.12	1.14	1.23	1.16	1.18	1.20
Profit Before Tax	17	6.31	11	6.53	16	16	11	12	15	17
Tax %	18.06	23.45	12.98	20.83	26.82	21.26	28.33	19.95	25.20	23.69
Net Profit	14	4.83	9.79	5.18	12	13	8.02	9.75	11	13
EPS in Rs	—	—	1.95	—	2.32	2.58	1.60	1.94	2.27	2.60
Gross NPA %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net NPA %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

Standalone Profit Loss (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Revenue	87	118	104	105	133	192	250	268
Expenses	33	42	39	45	52	67	88	93
Interest	35	50	51	47	57	82	108	117
Financing Profit	20	25	14	13	25	43	54	58
Financing Margin %	22.82	21.36	13.66	12.84	18.70	22.49	21.77	21.74
Other Income	2.86	0.68	1.42	2.38	0.53	0.05	0.22	NaN
Depreciation	1.87	1.94	3.63	3.79	4.45	4.49	4.59	4.65
Profit Before Tax	21	24	12	12	21	39	50	56
Tax %	317.14	418.52	403.05	463.62	362.12	517.18	407.36	24.00
Net Profit	14	18	9.07	9.43	15	31	38	42
EPS in Rs	—	—	—	7.50	12.28	18.99	—	8.41
Dividend Payout %	—	—	—	—	—	—	—	—

Standalone Balance Sheet (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	9.44	13	13	13	13	38	50
Reserves	94	123	130	140	154	163	319
Borrowings	372	394	376	394	596	752	1,075
Other Liabilities	31	11	9.23	17	26	21	22
Total Liabilities	506	541	528	564	789	974	1,466
Fixed Assets	15	14	16	13	22	20	18
CWIP	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Investments	0.00	0.00	0.05	0.08	18	27	38
Other Assets	491	527	512	551	749	927	1,410
Total Assets	506	541	528	564	789	974	1,466

Standalone Cash Flows (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	-114	6.58	73	18	-124	-141	-324
Cash from Investing Activity	2.65	-0.64	-1.19	-0.71	-19	1.10	-15
Cash from Financing Activity	123	-13	-69	19	202	156	453
Net Cash Flow	11	-7.23	2.95	36	59	16	115

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Mar 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Promoters	100.00%	74.98%	74.98%	74.98%	74.98%	74.98%	74.98%
FIIs	0.00%	5.16%	2.35%	0.92%	0.87%	0.88%	0.92%
DIIs	0.00%	3.26%	0.42%	0.00%	0.00%	0.00%	0.00%
Public	0.00%	16.60%	22.25%	24.10%	24.15%	24.14%	24.10%
Total Shareholders	9	36,351	24,807	23,661	22,312	21,184	19,446

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