1. Opening Hook
Just when everyone thought two-wheelers were slowing down post-festive sugar rush, Manba decided to drop a ₹347 crore quarter and say, “Hold my helmet.”
While markets debate rate cuts and liquidity drama, Manba quietly reduced borrowing costs and signed an MoU with TVS Motor Company like it’s collecting brand badges.
AUM is up 25%. Disbursements are at record highs. NPAs are “under control.” And management is already talking FY27 profits like it’s pre-booking next year’s Diwali.
But here’s the twist — finance costs went up even when borrowings went down. Yes, that happened. Timing, liquidity buffers, and festive season gymnastics all played their part.
Read on. The real masala is in the borrowing structure, LAP launch, and a very specific ₹65–70 crore FY27 profit target. It gets interesting. 😏
2. At a Glance
- AUM ₹1,631 Cr (↑25% YoY) – Compounding quietly, without LinkedIn celebrations.
- Record Disbursement ₹746 Cr (9M) – Festive season did the heavy lifting.
- Q3 Disbursement ₹347 Cr (↑49% QoQ) – Dussehra + Diwali = Loan Utsav.
- NIM 12.65% – Yield at 22.8% doing the heavy work.
- PAT ₹13 Cr (Q3) – Profits warming up, not sprinting yet.
- GNPA 3.38% – Stable, slightly improving, no horror story.
- Cost of Borrowing 10.12% – Down from 10.80%, CFO smiling softly.
- CAR 25.06% – Overcapitalized… for now.
3. Management’s Key Commentary
“Over 60% of our loans are sanctioned within one minute.”
(So fast, customers barely finish saying ‘EMI kitna hoga?’ 😏)
“We have secured funding from 3 PSU banks, 10 private banks and 23 NBFCs.”
(Diversified lenders. Nobody can ghost them.)
“Credit losses are consistently below 1%.”
(That’s the flex. Everything else is decoration.)
“We delivered season’s highest disbursement of ₹347 crore.”
(Festive demand carried the quarter like a Bollywood hero entry.)
“We do not want to leverage beyond 4 times.”
(Technically can go 5.5x–6x. But choosing sanskaari leverage.)
“We will end FY26 at ₹1,700–1,750 crore AUM.”
(Specific guidance. Management has done the math.)
“FY27 PAT target ₹65–70 crore.”
(Translation: ROA 3.25–3.5%, ROE 14–15%. Not dreaming. Calculated.)
“We are launching MSME LAP from February 10.”
(Here comes yield diversification. 19–20% target yield. Spicy but secured.) 🔥
4. Numbers Decoded
Metric Q3 FY26 Commentary
---------------------------------------------------------------
AUM ₹1,631 Cr 25% growth, steady engine
Disbursement (Q3) ₹347 Cr 49% QoQ spike
NII (Q3) ₹42 Cr 17% YoY growth
PAT (Q3) ₹13 Cr Lagging NII (timing effect)
Gross Yield 22.80% High yield
