At a Glance
Manba Finance’s Q1 FY26 numbers look like they just took a superbike for a spin: Net Profit soared 88% YoY to ₹9.75 Cr, while revenues stayed steady at ₹67 Cr. The company’s NIM remains solid at 16.9%, but rising GNPA (~3.2%) and reliance on borrowings could skid its momentum.
Introduction
Manba Finance, the quiet NBFC from Mumbai, has been in the business since 1996, financing two-wheelers and small businesses long before fintech was cool. Unlike the flashy Bajaj Finance, Manba is a small but steady lender with a focus on underserved segments. Q1 FY26 results show strong profit growth, but cracks in asset quality and liquidity dependence cannot be ignored.
Business Model (WTF Do They Even Do?)
Manba Finance offers:
- Vehicle loans (two-wheelers, three-wheelers, used cars)
- Small business loans
- Personal loans
Its network spans 71 locations with 1,118 dealers. Revenue comes primarily from interest income, while margins depend on how well it manages NPAs and funding costs. Basically, it borrows at X%, lends at X+Y%, and hopes customers pay on time.
Financials Overview
Q1 FY26 Snapshot
- Revenue: ₹67 Cr (+36% YoY)
- Net Profit: ₹9.75 Cr (+88% YoY)
- NIM: 16.9%
- GNPA: 3.23% | NNPA: 2.45%
FY25 Highlights
- Revenue: ₹250 Cr
- PAT: ₹42 Cr
- ROE: 13%
Comment: Growth is solid, but
