While RBI was busy playing musical chairs with repo rates, Manappuram decided to do its own remix—cutting gold loan yields and pumping volume like it’s a Bollywood wedding playlist. Meanwhile, Asirvad Microfinance is still hungover from last year’s debt party, posting losses but claiming “worst is over” (déjà vu much?). Add Bain Capital lurking in the background like a rich NRI uncle, and you’ve got yourself a finance drama worth binge-watching. Stick around, because the gold glitters, but the mud stains are still visible.
2. At a Glance
Revenue flat at ₹2,265 cr – Growth so slow, even SBI FD looks exciting.
Consol PAT ₹132 cr (-76% YoY) – At least it’s not a loss this time.
Gold loans up 12.6% QoQ – Price cuts lured customers faster than Zomato discounts.
Asirvad loss ₹267 cr – Still bleeding, but less than last quarter’s ₹624 cr.
Vehicle finance GNPA 9.2% – Clearly, tractors and scooters don’t repay on time.
Home finance profit ₹7 cr – A rare green shoot among brown weeds.
3. Management’s Key Commentary
Nandakumar (MD): “We want gold loans to be 75% of portfolio.” (Translation: Forget diversification, let’s put all eggs in the gold basket.)
On yields: “Cutting rates gradually, in line with top NBFCs.” (Translation: Price war started; profits may dress like beggars.)
On microfinance: “Worst is over.” (Translation: Famous last words, repeated every quarter like a WhatsApp forward.)
Deepak Reddy (new CEO): “Too early for strategy, I joined 5 days back.” (Translation: Give me 90 days before you roast me.)
Bindu (CFO): “Asirvad loss halved; NPAs improving.” (Translation: We went from ICU to general ward, still no discharge.)
On vehicle loans: “Exited farm equipment, focusing on bigger ticket.” (Translation: No more chasing tractors; let’s lend to trucks instead.)
4. Numbers Decoded
Metric
Value (Q1 FY26)
YoY Change
One-Line Analysis
Consol Revenue
₹2,265 cr
-1.4%
Flat like a dosa with no masala.
Consol PAT
₹132 cr
-76%
Better than last quarter’s loss, still tragic.
Gold Loan AUM
₹28,020 cr
+21.8%
Core engine firing, thanks to yield cuts.
Gold Loan Yield
20.7%
-150 bps
Sliding towards 18%; competition forcing diet.
Asirvad Microfinance AUM
₹6,705 cr
-45%
Shrinking faster than old jeans in monsoon.
Asirvad Loss
₹267 cr
N/A
Bleeding continues, but bandages applied.
Vehicle Finance AUM
₹4,492 cr
+1.1%
Growth missing; GNPA at 9.2% screams trouble.
Home Finance AUM
₹1,901 cr
+19.8%
Small but healthy; 2.87% GNPA manageable.
Consol AUM
₹44,304 cr
-1.4%
Gold loans pulling up average, others dragging.
Net Worth
₹12,504 cr
N/A
Balance sheet still strong despite scars.
5. Analyst Questions
On gold yields: Why cut rates if growth never comes from it? (Translation: Are you running a charity or a business?)
