External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

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Equity Bottom-Up

<ul><li>Gold Loans Remain Core Growth Engine: Manappuram’s Q1 AUM growth was robust with gold loans (GL) being the primary growth driver (+12% QoQ).</li><li>Manappuram added 3.2 Lc new customers during Q1, taking the total customer count to 26.5 Lc.</li><li>The management indicated that the growth momentum has remained strong over Jul-Aug’26. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Gold Loans Remain Core Growth Engine: Manappuram’s Q1 AUM growth was robust with gold loans (GL) being the primary growth driver (+12% QoQ).Manappuram added 3.2 Lc new customers during Q1, taking the total customer count to 26.5 Lc.The management indicated that the growth momentum has remained strong over Jul-Aug’26. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Manappuram Finance Ltd. - Gold Loan Growth Continues to Shine...

<ul><li>Gold Loans Remain Undisputed Growth Engine: Manappuram’s Q4 AUM growth was exceptional, driven by robust gold loan growth of 31% QoQ, led by 20% increase in gold prices during the quarter and healthy tonnage growth.</li><li>Following the new guidelines, the company has introduced consumption loans catering to the household and personal financing needs and income-generating loans designed for small business and livelihood purposes, allowing Manappuram to serve the differing needs of its borrower base more effectively.</li><li>Additionally, the removal of the requirement for prior regulatory approval to open new branches removes a structural bottleneck, and the management plans to add 500-550 new branches in FY27 in high-growth geographies. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Gold Loans Remain Undisputed Growth Engine: Manappuram’s Q4 AUM growth was exceptional, driven by robust gold loan growth of 31% QoQ, led by 20% increase in gold prices during the quarter and healthy tonnage growth.Following the new guidelines, the company has introduced consumption loans catering to the household and personal financing needs and income-generating loans designed for small business and livelihood purposes, allowing Manappuram to serve the differing needs of its borrower base more effectively.Additionally, the removal of the requirement for prior regulatory approval to open new branches removes a structural bottleneck, and the management plans to add 500-550 new branches in FY27 in high-growth geographies. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Manappuram Finance Ltd. - Gold Loan Growth Shines...

<ul><li>Gold-Led AUM Growth with Calibrated Non-Gold Reset: Manappuram’s Q3 AUM growth was primarily driven by gold loans (+58/23% YoY/QoQ) supported by strong customer demand, shift towards higher ticket sizes and favourable gold prices.</li><li>Gold loan growth is not driven by LTV expansion, with weighted LTV ranging between 57-60% despite a rise in gold prices, hinting at customer prudence.</li><li>In the non-gold portfolio, management consciously adopted a consolidate before growing strategy, thereby scaling down the MSME and VF loans and pausing growth in new and used car loans and farm equipment loans, to stabilise asset quality. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Gold-Led AUM Growth with Calibrated Non-Gold Reset: Manappuram’s Q3 AUM growth was primarily driven by gold loans (+58/23% YoY/QoQ) supported by strong customer demand, shift towards higher ticket sizes and favourable gold prices.Gold loan growth is not driven by LTV expansion, with weighted LTV ranging between 57-60% despite a rise in gold prices, hinting at customer prudence.In the non-gold portfolio, management consciously adopted a consolidate before growing strategy, thereby scaling down the MSME and VF loans and pausing growth in new and used car loans and farm equipment loans, to stabilise asset quality. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Manappuram Finance Ltd. - Gold Loan Growth Strong; Non-Gold Stress Yet to Abate

Thematic (Sector/Industry)

<ul><li>Banks (incl. SFBs) fared better across parameters in a seasonally weak Q1, with the key highlight of the quarter being robust credit growth momentum across the board and strong asset quality performance.</li><li>Credit growth accelerated to ~18/3% YoY/QoQ, largely driven by Corporate, SME, and select Retail Segments, with banks seeing a revival in unsecured segment growth as asset quality concerns normalised.</li><li>The Small/Mid banks outperformed their larger peers with growth robust at 27/4% and 20/4% YoY/QoQ respectively, closely followed by PSBs (+18/2% YoY) and larger private (pvt.) banks (+17/4% YoY/QoQ) under our coverage. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Banks (incl. SFBs) fared better across parameters in a seasonally weak Q1, with the key highlight of the quarter being robust credit growth momentum across the board and strong asset quality performance.Credit growth accelerated to ~18/3% YoY/QoQ, largely driven by Corporate, SME, and select Retail Segments, with banks seeing a revival in unsecured segment growth as asset quality concerns normalised.The Small/Mid banks outperformed their larger peers with growth robust at 27/4% and 20/4% YoY/QoQ respectively, closely followed by PSBs (+18/2% YoY) and larger private (pvt.) banks (+17/4% YoY/QoQ) under our coverage. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

High Conviction Ideas:Banking, Financial Services & Insurance

<ul><li>The systemic loan growth has shown signs of revival, and as per the latest RBI print as of 15th December, 2025, systemic credit growth stood at 12% YoY, a stark improvement vs Sep’25 levels.</li><li>Banks that have reported their provisional updates have reported a healthy sequential growth.</li><li>We expect banks under our coverage to deliver ~12.4% YoY credit growth, in-line with industry growth. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

The systemic loan growth has shown signs of revival, and as per the latest RBI print as of 15th December, 2025, systemic credit growth stood at 12% YoY, a stark improvement vs Sep’25 levels.Banks that have reported their provisional updates have reported a healthy sequential growth.We expect banks under our coverage to deliver ~12.4% YoY credit growth, in-line with industry growth. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Q3FY26 Earnings Preview - Banks, Financial Services & Insurance (BFSI)

India

Manappuram Finance Limited is an Indian non-banking financial company (NBFC) specializing primarily in gold loans. The company has diversified its portfolio to include microfinance, home loans, vehicle loans, and SME lending. It was founded in 1949 and is headquartered in Valapad, Thrissur, Kerala, India.

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Manappuram Finance (MGFL IN)

Manappuram Finance Ltd. - Gold Loan Growth Continues to Shine...

Gold Loans Remain Core Growth Engine: Manappuram’s Q1 AUM growth was robust with gold loans (GL) being the primary growth driver (+12% QoQ).

Axis Direct

Manappuram Finance Ltd. - Gold Loan Growth Shines...

Manappuram’s Q4 AUM growth was exceptional, driven by robust gold loan growth of 31% QoQ, led by 20% increase in gold prices during the quarter and...

Axis Direct

Manappuram Finance Ltd. - Gold Loan Growth Strong; Non-Gold Stress Yet to Abate

The company expects non-gold businesses to return to measured growth from FY27, once systems, underwriting and collections are strengthened.

Axis Direct

High Conviction Ideas:Banking, Financial Services & Insurance

Banks (incl. SFBs) fared better across parameters in a seasonally weak Q1, with the key highlight of the quarter being robust credit growth...

Axis Direct

Q3FY26 Earnings Preview - Banks, Financial Services & Insurance (BFSI)

The systemic loan growth has shown signs of revival, and as per the latest RBI print as of 15th December, 2025, systemic credit growth stood at 12%...

Axis Direct

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