Manba Finance Ltd Q1FY26 concall decoded: Two-wheelers, three-wheelers, and one big ambition
Opening Hook When India debates whether EV scooters will outsell petrol bikes, Manba Finance is busy financing both — and throwing in loans for used cars, kirana shops, and personal dreams. In Q1FY26, AUM hit ₹14,154 Mn (43% YoY growth), proving small-ticket loans can still ride big waves. Net profit nearly doubled to ₹98 Mn, as fast as their claim of “60% loans in one minute.” But with GNPA creeping to 3.47% and borrowing costs over 11%, the balance sheet is sweating like a delivery boy in peak Mumbai traffic. Still, investors love a good two-wheeler chase — so does Manba stay the lender of choice, or just the financier for impulse buys? Read till the end.
At a Glance • AUM ₹14,154 Mn – up 43%, engines running hot • PAT ₹98 Mn – 88% jump, faster than petrol prices • NIM 12.43% – high enough to make banks jealous • GNPA 3.47% – one EMI skip away from trouble • Dealer network 1,258 – grew 77% in a year
Management’s Key Commentary “We disbursed ₹1,653 Mn in Q1FY26.” Translation: Customers still want wheels, recession or not. “Our loans are almost 100% secured.” Translation: We keep keys, you keep EMI stress. “We entered co-lending with Muthoot Capital.” Translation: Sharing risks is the new jugaad. “We sanction 60% of loans in a minute.” Translation: Blink, and you’re in debt. “Net NPA reduced to 2.64%.” Translation: Collections team is working overtime. “We focus on EV financing growth.” Translation: Even scooters need green finance hype. “Our AUM CAGR is 39% over 3 years.” Translation: Volume party, margin hangover later.
Numbers Decoded
Metric
Value
Takeaway
Revenue – The Hero
₹366 Mn (Q1FY26)
Strong 46% YoY growth, scale kicking in.
NII – The Sidekick
₹306 Mn
38% jump, helped by juicy yields at 23.7%.
Margins – The Drama Queen
12.4% NIM
Impressive, but cost of funds at 11% keeps CFO awake.
Analyst Questions Q: How will asset quality hold up with expansion? A: “Strong collection infra.” Translation:
