1. Opening Hook
Just when everyone thought festive demand was a one-week Diwali sugar rush, Manba Finance decided to drop a ₹175 crore October mic. While most NBFCs were still blaming “macros” and “sentiment,” Manba was busy sanctioning loans in one minute flat and counting scooters faster than Instagram reels.
GST cuts, RBI rate love, and rural India discovering Unicorns instead of Splendors—this concall had everything except modesty. Management sounded confident, occasionally cocky, and largely allergic to pessimism. Liquidity was stocked like a bunker, NPAs were “industry-best,” and October apparently saved the year.
If you think this is another boring NBFC call with safe slides and safer guidance—keep reading. It only gets louder, faster, and more two-wheeler-heavy from here. 😏
2. At a Glance
- AUM ₹1,500 cr (+36% YoY) – Growth so fast, even the balance sheet looked surprised.
- H1 Disbursement ₹398 cr – Festive season arrived late, but arrived angry.
- NII ₹68 cr (+21% YoY) – Cost of funds fell, margins smiled politely.
- PAT ₹21 cr (+26% YoY) – Profits jogging now, management promises sprint later.
- GNPA 3.52% – Sounds scary until credit loss stays below 1%.
- Capital Adequacy 26.54% – RBI-approved cushion, no stress sweating yet.
3. Management’s Key Commentary
“We command one of the fastest turnaround times in the industry.”
(Flex alert: 60% loans in one minute, humans optional.) 😏
“Our internal collection team ensures lowest NPAs in the industry.”
(Translation: Fear works better than reminders.)
“Disbursement growth was impacted
due to delay in GST rate clarity.”
(Blame the government, then celebrate once it fixes things.)
“October saw the highest-ever two-wheeler sales in India.”
(History books rewritten, scooters approved.) 🛵
“We are sitting on ₹400 crore liquidity.”
(Negative carry today, heroic growth tomorrow.)
“Used car financing is slower than expected.”
(Customers want cheap, not disciplined.)
“UP performance is behaving very nicely.”
(Rare sentence, but we’ll take it.) 😌
4. Numbers Decoded
Metric | Q2 / H1 FY26 | Decoded Take
---------------------------|--------------------|-----------------------------
AUM | ₹1,500 cr | Growth engine in top gear
H1 Disbursement | ₹398 cr | Festive season did the heavy lifting
NIM | 12.56% | Fat margins, rural-style
Cost of Borrowing | 10.67% | RBI rate cuts finally useful
GNPA | 3.52% | Looks high, behaves low
Net Credit Loss | <1% | Collections doing magic
Capital Adequacy | 26.54% | Ammunition ready for expansion
Key takeaway: Profitability lagged only because money was waiting to be deployed, not because business was
