Manappuram Finance Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹207.19Overvalued by 37.97%vs CMP ₹334.00

P/E (21.6) × ROE (7.0%) × BV (₹171.00) × DY (0.60%)

₹134.01Overvalued by 59.88%vs CMP ₹334.00

MoS: -149.2% (Negative)Confidence: 59/100 (Moderate)Models: 1 Fair, 7 Over

Model	Category	Value	Weight	Signal
PE-ROE	Earnings	₹163.61	23%	Over (-51%)
Graham Number	Earnings	₹136.18	17%	Over (-59.2%)
Earnings Power	Earnings	₹139.02	14%	Over (-58.4%)
DCF	Cash Flow	₹40.43	14%	Over (-87.9%)
Net Asset Value	Assets	₹170.90	7%	Over (-48.8%)
EV/EBITDA	Enterprise	₹22.74	9%	Over (-93.2%)
Earnings Yield	Earnings	₹48.20	7%	Over (-85.6%)
ROCE Capital	Returns	₹339.38	9%	Fair (+1.6%)
Consensus (8 models)		₹134.01	100%	Overvalued

Key Drivers: EPS CAGR -21.0% drags value — could be higher if earnings stabilize. | Wide model spread (₹23–₹339) — high uncertainty.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: -21.0%

*Investments are subject to market risks

Analysis summary

Data coverage: Price-data record updated 25 September 2026, 8:56 pm +05:30. Annual results through Mar 2025; quarterly results through Dec 2025; cash flow through Mar 2026. Each section can have a different reporting period. The share price is not live.

Valuation in context

Operating performance

Revenue for Mar 2025 was ₹10,007.00 Cr, versus ₹8,848.00 Cr in Mar 2024 (13.1% year on year). Net profit for Mar 2025 was ₹1,204.00 Cr, versus ₹2,197.00 Cr in Mar 2024 (-45.2% year on year). These are the latest annual periods stored on this page; check the quarterly table separately for more recent developments.

Cash generation

For the same Mar 2025 period, operating cash flow was ₹-467.00 Cr against net profit of ₹1,204.00 Cr. Cash flow covered -0.39 times reported profit. The gap warrants checking receivables, working capital and one-off items in the cash-flow statement. For financial businesses, lending and investment movements can dominate operating cash flow; also examine asset quality, capital adequacy and the business mix.

How to use the valuation and peer comparisons

The Intrinsic Value panel combines the available model estimates using the displayed weights. Earnings, cash-flow, dividend and asset-based methods can give very different answers. The displayed 12% cost of equity and 4% terminal growth assumptions apply where relevant; historical EPS growth is not a promise of future growth. Use the individual values and their spread to judge sensitivity.

The peer group follows the stored industry classification and may include different business models. Compare reporting periods, leverage and recurring earnings before interpreting a valuation gap. For banks and other financial businesses, capital adequacy and asset quality can be more informative than industrial-company cash-flow ratios.

Sources: Company data source. Check the company filings linked by the source for the reporting basis and exceptional items.

Automatically generated interpretation of the stored financial data, not a separately researched analyst opinion. Missing data is not evidence of poor performance. New filings become available here after the existing data refresh process captures them.

Investment Snapshot

Manappuram Finance Ltd scores 45/100 (Average)

Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison

Stock Health49/100 · Moderate

ROCE 8.3% AverageROE 7.0% AverageD/E 2.85 High debtInterest Coverage 1.6x RiskyProfitable 5/5 available years Reported history

Smart Money55/100 · Moderate

FII holding down -7.86% (6mo) SellingDII holding up 5.68% MF buyingPromoter increased by 9.89% Positive

Earnings Quality35/100 · Weak

CFO/NP ratio: -1.43x Poor cash conversion

Quarterly Momentum40/100 · Moderate

Profit (4Q): -80% YoY Declining

Industry Rank55/100 · Moderate

P/E 21.6 vs industry 58.3 Lower P/EROCE 8.3% vs industry 10.5% AverageROE 7.0% vs industry 14.0% Below peers

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores use stored reporting periods and are screening indicators, not investment recommendations. Missing health ratios are excluded. Broad industry groups and financial-sector accounting can limit comparability.

Share Price and Basic Stock Data

Last Updated: September 25, 2026, 8:56 pm

Market Cap	31,369 Cr.
Current Price	334
Intrinsic Value	₹133.15
High / Low	382/245
Stock P/E	21.6
Book Value	171
Dividend Yield	0.60 %
ROCE	8.25 %
ROE	6.97 %
Face Value	2.00
PEG Ratio	-1.03

Understand these figures: how to read the P/E ratio, ROE versus earnings per share, and calculate intrinsic value.

Stock P/E, Current Price, and Intrinsic Value Over Time

Stock P/E Current Price Intrinsic Value

View Share Price Target for Manappuram Finance Ltd

Competitors

Stock Name ⇩	Market Cap ⇩	Current Price ⇩	High / Low ⇩	Stock P/E ⇩	Book Value ⇩	Dividend Yield ⇩	ROCE ⇩	ROE ⇩	Face Value ⇩
Manappuram Finance Ltd	31,369 Cr.	334	382/245	21.6	171	0.60 %	8.25 %	6.97 %	2.00
Tata Investment Corporation Ltd	32,978 Cr.	652	1,185/539	76.5	578	0.52 %	1.57 %	1.44 %	1.00
ICICI Securities Ltd	29,149 Cr.	896	/	16.7	194	0.00 %	13.8 %	29.2 %	5.00
Anand Rathi Wealth Ltd	35,292 Cr.	2,127	2,268/1,354	76.3	61.8	0.31 %	57.5 %	45.3 %	5.00
IIFL Finance Ltd	26,324 Cr.	617	705/409	12.5	327	0.65 %	10.9 %	12.6 %	2.00
Industry Average	10,309.24 Cr	1,140.30		58.29	3,572.45	0.49%	10.48%	14.03%	7.06

All Competitor Stocks of Manappuram Finance Ltd

Quarterly Result

Metric	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Revenue	1,715	1,776	2,030	2,161	2,305	2,348	2,488	2,633	2,560	2,327	2,262	2,273	2,353
Interest	566	589	648	689	749	779	848	906	925	862	855	876	945
Expenses	575	587	671	675	729	773	846	892	1,191	1,638	1,233	1,018	1,034
Financing Profit	574	600	710	796	827	796	793	835	444	-172	174	380	374
Financing Margin %	33%	34%	35%	37%	36%	34%	32%	32%	17%	-7%	8%	17%	16%
Other Income	19	23	27	13	21	14	24	4	3	3	3	2	6
Depreciation	53	56	56	62	62	65	64	67	70	66	75	79	77
Profit before tax	541	567	681	747	786	746	753	773	376	-236	102	302	303
Tax %	27%	27%	27%	25%	27%	24%	26%	26%	26%	-14%	-30%	28%	21%
Net Profit	393	415	498	561	575	564	557	572	278	-203	132	217	239
EPS in Rs	4.63	4.88	5.86	6.60	6.77	6.63	6.55	6.74	3.33	-2.26	1.63	2.60	2.85
Gross NPA %
Net NPA %

Last Updated: February 5, 2026, 2:05 am

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 24, 2026, 11:46 pm

Metric	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Revenue	2,100	1,988	2,369	3,406	3,421	4,180	5,465	6,331	6,061	6,684	8,848	10,007	9,216
Interest	1,027	877	947	1,169	1,030	1,345	1,832	2,219	2,011	2,188	2,866	3,541	3,538
Expenses	678	648	820	1,011	1,344	1,365	1,547	1,669	2,133	2,317	2,848	4,567	4,923
Financing Profit	396	462	601	1,225	1,047	1,469	2,086	2,443	1,916	2,179	3,134	1,899	755
Financing Margin %	19%	23%	25%	36%	31%	35%	38%	39%	32%	33%	35%	19%	8%
Other Income	11	5	3	3	58	63	86	44	65	66	72	34	13
Depreciation	64	54	56	63	68	75	164	171	198	204	246	267	297
Profit before tax	343	414	548	1,166	1,037	1,457	2,007	2,316	1,784	2,041	2,960	1,666	470
Tax %	34%	34%	35%	35%	35%	35%	26%	26%	26%	26%	26%	28%
Net Profit	226	271	355	758	676	949	1,480	1,725	1,329	1,500	2,197	1,204	385
EPS in Rs	2.69	3.23	4.20	8.98	8.04	11.16	17.37	20.37	15.70	17.67	25.86	14.37	4.82
Dividend Payout %	67%	42%	54%	17%	25%	19%	16%	10%	19%	17%	13%	28%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year	2014-2015	2015-2016	2016-2017	2017-2018	2018-2019	2019-2020	2020-2021	2021-2022	2022-2023	2023-2024	2024-2025
YoY Net Profit Growth (%)	19.91%	31.00%	113.52%	-10.82%	40.38%	55.95%	16.55%	-22.96%	12.87%	46.47%	-45.20%
Change in YoY Net Profit Growth (%)	0.00%	11.08%	82.52%	-124.34%	51.20%	15.57%	-39.40%	-39.51%	35.82%	33.60%	-91.66%

Manappuram Finance Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2014-2015 to 2024-2025.

No data available for the compounded sales growth chart.

Balance Sheet

Last Updated: September 16, 2026, 5:00 am

Month	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	168	168	168	169	169	169	169	169	169	169	169	188
Reserves	2,465	2,590	3,193	3,645	4,378	5,577	7,138	8,199	9,476	11,379	12,263	15,863
Borrowing	8,632	9,638	10,986	12,607	15,297	23,022	23,327	24,816	29,167	34,320	36,077	57,837
Other Liabilities	352	443	804	609	602	767	703	623	693	880	695	672
Total Liabilities	11,616	12,839	15,152	17,030	20,446	29,535	31,338	33,808	39,504	46,748	49,205	74,559
Fixed Assets	206	230	222	310	367	803	926	1,052	1,094	1,070	1,134	1,057
CWIP	1	-0	1	0	1	3	8	13	17	33	11	27
Investments	217	49	5	5	174	90	338	421	534	726	790	2,051
Other Assets	11,193	12,560	14,925	16,715	19,904	28,639	30,066	32,322	37,860	44,918	47,269	71,424
Total Assets	11,616	12,839	15,152	17,030	20,446	29,535	31,338	33,808	39,504	46,748	49,205	74,559

Reserves and Borrowings Chart

Cash Flow

Month	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Cash from Operating Activity +	-888	-1,042	-1,271	-33	-1,661	-3,620	-619	-423	-3,103	-3,450	-467	-20,238
Cash from Investing Activity +	649	72	-25	-148	-371	26	-186	-193	-616	-601	-125	-1,632
Cash from Financing Activity +	265	772	1,211	293	2,388	6,049	59	438	3,849	4,092	1,132	23,834
Net Cash Flow	26	-198	-84	112	356	2,455	-747	-177	130	41	541	1,965
Free Cash Flow	-912	-1,121	-1,324	-193	-1,787	-3,716	-672	-585	-3,275	-3,585	-662	-20,427
CFO/OP	-56%	-56%	-36%	17%	-40%	-81%	-0%	2%	-60%	-44%	5%	-369%

Free Cash Flow

Free cash flow reported in the stored cash-flow statement (₹ Cr)
Period	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Free Cash Flow	-912.00	-1,121.00	-1,324.00	-193.00	-1,787.00	-3,716.00	-672.00	-585.00	-3,275.00	-3,585.00	-662.00	-20,427.00

This table and the chart use the Free Cash Flow row from the same stored cash-flow statement. Free cash flow generally measures operating cash flow after capital expenditure; check the source definition and reporting basis. It is not operating profit minus borrowings.

Free Cash Flow Chart

Financial Efficiency Indicators

Month	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
ROE %		11%	13%	25%	19%	22%	28%	26%	17%	17%	21%	10%

Financial Efficiency Indicators Chart

Share Holding Pattern

Month	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Promoters	35.20%	35.20%	35.20%	35.24%	35.25%	35.25%	35.25%	35.25%	35.25%	35.25%	31.77%	41.66%
FIIs	27.08%	28.95%	31.99%	33.00%	30.36%	27.01%	28.43%	29.71%	30.16%	28.78%	23.23%	22.30%
DIIs	12.25%	12.15%	9.50%	9.34%	10.97%	7.88%	7.99%	8.61%	9.17%	11.15%	12.96%	14.85%
Public	25.47%	23.69%	23.32%	22.42%	23.41%	29.84%	28.33%	26.41%	25.41%	24.84%	32.03%	21.20%
No. of Shareholders	3,50,710	3,85,117	4,37,488	4,52,090	5,74,726	6,66,703	6,26,137	5,99,501	5,65,794	5,51,927	5,54,109	5,26,798

Shareholding Pattern Chart

No. of Shareholders

Manappuram Finance Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

Mutual Fund Holdings

Fund Name	No of Shares	AUM (%)	Amount Invested (Cr)	Previous Number of Shares	Previous Date	Percentage Change
DSP Flexi Cap Fund	5,962,850	1.42	169.73	N/A	N/A	N/A
SBI Flexicap Fund	4,500,000	0.55	128.09	N/A	N/A	N/A
ICICI Prudential Multicap Fund	4,194,471	0.75	119.4	2,469,690	2026-02-23 05:02:43	69.84%
Bandhan Small Cap Fund	3,782,895	0.56	107.68	3,836,895	2026-02-23 03:11:26	-1.41%
Tata Arbitrage Fund	3,687,000	0.51	104.95	4,323,000	2026-02-23 05:02:43	-14.71%
DSP Small Cap Fund	3,331,650	0.59	94.84	7,859,923	2025-12-08 01:43:27	-57.61%
DSP ELSS Tax Saver Fund	3,251,658	0.54	92.56	N/A	N/A	N/A
Mahindra Manulife Multi Cap Fund	3,062,466	1.44	87.17	2,012,466	2026-02-23 00:08:21	52.17%
Aditya Birla Sun Life Small Cap Fund	2,931,940	1.75	83.46	2,731,940	2026-02-23 05:02:43	7.32%
DSP Large & Mid Cap Fund	2,898,677	0.47	82.51	N/A	N/A	N/A

ROCE Trend

EPS Trend

Key Financial Ratios

Month	Mar 25	Mar 24	Mar 23	Mar 22	Mar 21
FaceValue	2.00	2.00	2.00	2.00	2.00
Basic EPS (Rs.)	14.22	25.96	17.72	15.70	20.40
Diluted EPS (Rs.)	14.22	25.96	17.72	15.70	20.40
Cash EPS (Rs.)	17.38	28.87	20.13	18.04	22.40
Book Value[Excl.RevalReserv]/Share (Rs.)	146.88	136.43	113.95	99.06	86.90
Book Value[Incl.RevalReserv]/Share (Rs.)	146.88	136.43	113.95	99.06	86.90
Revenue From Operations / Share (Rs.)	118.22	104.53	78.97	71.61	74.80
PBDIT / Share (Rs.)	64.67	71.73	52.37	47.17	55.60
PBIT / Share (Rs.)	61.51	68.82	49.96	44.84	53.58
PBT / Share (Rs.)	19.68	34.96	24.11	21.07	27.36
Net Profit / Share (Rs.)	14.22	25.96	17.72	15.70	20.38
NP After MI And SOA / Share (Rs.)	14.37	25.86	17.67	15.70	20.37
PBDIT Margin (%)	54.70	68.62	66.31	65.87	74.33
PBIT Margin (%)	52.03	65.83	63.26	62.61	71.63
PBT Margin (%)	16.64	33.44	30.53	29.42	36.58
Net Profit Margin (%)	12.03	24.83	22.44	21.92	27.24
NP After MI And SOA Margin (%)	12.15	24.73	22.38	21.91	27.23
Return on Networth / Equity (%)	9.78	18.95	15.51	15.87	23.59
Return on Capital Employeed (%)	41.31	49.09	25.53	20.83	23.83
Return On Assets (%)	2.47	4.68	3.78	3.92	5.50
Long Term Debt / Equity (X)	0.00	0.00	0.69	1.15	1.57
Total Debt / Equity (X)	2.85	2.91	2.95	2.88	3.11
Asset Turnover Ratio (%)	0.20	0.20	0.18	0.15	0.18
Current Ratio (X)	1.30	1.30	1.66	2.08	2.45
Quick Ratio (X)	1.30	1.30	1.66	2.08	2.45
Dividend Payout Ratio (NP) (%)	27.83	13.44	17.51	19.11	6.13
Dividend Payout Ratio (CP) (%)	22.82	12.08	15.41	16.63	5.58
Earning Retention Ratio (%)	72.17	86.56	82.49	80.89	93.87
Cash Earning Retention Ratio (%)	77.18	87.92	84.59	83.37	94.42
Interest Coverage Ratio (X)	1.55	2.12	2.03	1.99	2.12
Interest Coverage Ratio (Post Tax) (X)	1.34	1.77	1.69	1.66	1.78
Enterprise Value (Cr.)	51314.17	45148.65	35942.32	31052.28	32474.57
EV / Net Operating Revenue (X)	5.13	5.10	5.38	5.12	5.13
EV / EBITDA (X)	9.37	7.44	8.11	7.78	6.90
MarketCap / Net Operating Revenue (X)	1.97	1.66	1.57	1.59	1.99
Retention Ratios (%)	72.16	86.55	82.48	80.88	93.86
Price / BV (X)	1.58	1.27	1.09	1.15	1.73
Price / Net Operating Revenue (X)	1.97	1.66	1.57	1.59	1.99
EarningsYield	0.06	0.14	0.14	0.13	0.13

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

Frequently asked questions

What is the intrinsic value of Manappuram Finance Ltd and is it undervalued?

Manappuram Finance Ltd: the stored intrinsic value estimate is ₹134.01, compared with a stored share price of ₹334.00. The model value is 59.9% below that quote. The model classifies this as overvalued; it is an estimate dependent on the inputs and assumptions, not a price target or a buy/sell recommendation. The estimate uses the available valuation models and weights shown in the Intrinsic Value panel, including earnings, cash-flow and asset-based approaches where data permits. It is not a P/E-only calculation.

What share price and 52-week range are shown for Manappuram Finance Ltd?

The stored share price is ₹334.00. Price-data record updated: 25 September 2026, 8:56 pm +05:30. This is not a live quote. The stored 52-week high / low is 382/245; this is a rolling range, not a financial-year range.

How have Manappuram Finance Ltd's revenue and profit changed?

Does Manappuram Finance Ltd's profit convert into cash?

How should I compare Manappuram Finance Ltd's P/E with other stocks?

The stored P/E is 21.60. Compare companies with similar business models, growth, leverage and accounting periods. The industry group on this page is broad, and its average can be affected by outliers. A lower P/E alone does not establish undervaluation.

What could change Manappuram Finance Ltd's intrinsic value estimate?

Changes in sustainable earnings, cash generation, capital needs, debt and share count can change the estimate. The displayed model uses a 12% cost of equity and 4% terminal growth assumption where applicable. Higher discount rates or weaker growth generally reduce discounted values. Compare the individual model values and weights, and verify fresh filings before relying on the result.