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. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Strategy Re-Orientation Towards Gold Loans: Amidst continued challenges in the MFI segment and stress remaining higher in unsecured MSME and certain sub-segments of Vehicle Finance, Manappuram will focus on strengthening and growing its core gold loan business.</li><li>The company aims at improving the mix of Gold loans to 75% vs 65% currently, over the medium term.</li><li>Focus will continue to remain on higher ticket size customers. </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.

Strategy Re-Orientation Towards Gold Loans: Amidst continued challenges in the MFI segment and stress remaining higher in unsecured MSME and certain sub-segments of Vehicle Finance, Manappuram will focus on strengthening and growing its core gold loan business.The company aims at improving the mix of Gold loans to 75% vs 65% currently, over the medium term.Focus will continue to remain on higher ticket size customers. 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 Rate Cuts to Drag NIMs...

<ul><li>Gold loan growth to remain robust; Impact of RBI guidelines manageable: Amidst continued challenges in the MFI segment, Manappuram will focus on strengthening its core gold loan business alongside pursuing growth in the secured non-gold businesses.</li><li>The management indicated that the impact of the RBI guidelines for gold lending is likely to have a limited and manageable impact on business operations and growth.</li><li>In FY26, the gold loan portfolio is expected to deliver a strong 20% YoY 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.

Gold loan growth to remain robust; Impact of RBI guidelines manageable: Amidst continued challenges in the MFI segment, Manappuram will focus on strengthening its core gold loan business alongside pursuing growth in the secured non-gold businesses.The management indicated that the impact of the RBI guidelines for gold lending is likely to have a limited and manageable impact on business operations and growth.In FY26, the gold loan portfolio is expected to deliver a strong 20% YoY 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.

Manappuram Finance Ltd - Another Weak Quarter, Gold Portfolio To Lead Growth!

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

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Event-Driven

<ul>
<li>Bain Capital is acquiring a 41.7–46% stake in <a href="https://www.smartkarma.com/entities/manappuram-finance-ltd" target="_blank" data-smartkarma-citation="entities:12559:1" rel="noopener">Manappuram Finance (MGFL IN)</a>, marking a shift from a promoter-led to a professionally managed NBFC.</li>
<li>This deal injects INR 4,385 crore in fresh capital, strengthens governance, and positions Manappuram for growth beyond gold loans into microfinance, vehicle loans, and housing finance.</li>
<li>While execution risks remain, Bain’s track record in financial services suggests a long-term transformation, potentially closing Manappuram’s valuation gap with Muthoot Finance.</li>
</ul>


Bain Capital is acquiring a 41.7–46% stake in Manappuram Finance (MGFL IN), marking a shift from a promoter-led to a professionally managed NBFC.
This deal injects INR 4,385 crore in fresh capital, strengthens governance, and positions Manappuram for growth beyond gold loans into microfinance, vehicle loans, and housing finance.
While execution risks remain, Bain’s track record in financial services suggests a long-term transformation, potentially closing Manappuram’s valuation gap with Muthoot Finance.


Manappuram Finance: Bain Capital’s Entry Signals a New Chapter, But Challenges Remain

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

<ul>
<li>Manappuram Finance is a leading Indian NBFC specializing in gold loans, offering financial services to lower socio-economic backgrounds with 5,286 branches across India.</li>
<li>The RBI had barred the microfinance arm Aashirwad Micro Finance from sanctioning and disbursing loans due to non-compliance.  Company is planning for  IPO and intended to raise INR 1500 Crore.</li>
<li>Manappuram is committed to growing its secured lending portfolio, including gold loans and other secured assets and anticipates overall growth of 15%-18% in the consolidated loan book.</li>
</ul>


Manappuram Finance is a leading Indian NBFC specializing in gold loans, offering financial services to lower socio-economic backgrounds with 5,286 branches across India.
The RBI had barred the microfinance arm Aashirwad Micro Finance from sanctioning and disbursing loans due to non-compliance.  Company is planning for  IPO and intended to raise INR 1500 Crore.
Manappuram is committed to growing its secured lending portfolio, including gold loans and other secured assets and anticipates overall growth of 15%-18% in the consolidated loan book.


The Beat Ideas: Manappuram Finance: Gold Loan Growth, Ashirwad IPO Play

<ul><li>Focus shifts to secured assets; optimistic on Gold loan growth: The management has indicated that Manappuram will focus on strengthening its core gold loan business alongside pursuing growth in the secured non-gold businesses.</li><li>In Q3FY25, the gold loan growth was soft owing to the festive season. However, the management remains confident that growth will pick up from Q4FY25 onwards, supported by a healthy pace of customer addition and increased ticket sizes.</li><li>Thus, Manappuram is expected to deliver a strong gold loan growth of 15-20% over the foreseeable future (vs its earlier guidance of 12-15%).</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.

Focus shifts to secured assets; optimistic on Gold loan growth: The management has indicated that Manappuram will focus on strengthening its core gold loan business alongside pursuing growth in the secured non-gold businesses.In Q3FY25, the gold loan growth was soft owing to the festive season. However, the management remains confident that growth will pick up from Q4FY25 onwards, supported by a healthy pace of customer addition and increased ticket sizes.Thus, Manappuram is expected to deliver a strong gold loan growth of 15-20% over the foreseeable future (vs its earlier guidance of 12-15%).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. - Weak Quarter, Focus Shifts to Growing Secured Portfolio!

India

Manappuram Finance Ltd. is a non-banking finance company. The Company offers loans against gold collateral, business loans, vehicle loans, foreign exchange and money transfer services; and sells gold coins.

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Manappuram Finance (MGFL IN)

Manappuram Finance Ltd. - Gold Rate Cuts to Drag NIMs...

Strategy Re-Orientation Towards Gold Loans: Amidst continued challenges in the MFI segment and stress remaining higher in unsecured MSME and...

Axis Direct

Manappuram Finance Ltd - Another Weak Quarter, Gold Portfolio To Lead Growth!

The management indicated that the impact of the RBI guidelines for gold lending is likely to have a limited and manageable impact on business...

Axis Direct

Manappuram Finance: Bain Capital’s Entry Signals a New Chapter, But Challenges Remain

Bain Capital's acquisition of stake in Manappuram Finance signals shift to professionally managed NBFC, injecting fresh capital and positioning...

Nimish Maheshwari

The Beat Ideas: Manappuram Finance: Gold Loan Growth, Ashirwad IPO Play

Manappuram Finance, a leading Indian NBFC specializing in gold loans, faces challenges with its microfinance arm but plans for IPO and aims for...

Sudarshan Bhandari

Manappuram Finance Ltd. - Weak Quarter, Focus Shifts to Growing Secured Portfolio!

The management has indicated that Manappuram will focus on strengthening its core gold loan business alongside pursuing growth in the secured non...

Axis Direct

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52-week Range

Market Cap (USDm)

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Manappuram Finance Ltd. - Gold Rate Cuts to Drag NIMs...

Strategy Re-Orientation Towards Gold Loans: Amidst continued challenges in the MFI segment and stress remaining higher in unsecured MSME and...

Axis Direct

Manappuram Finance Ltd - Another Weak Quarter, Gold Portfolio To Lead Growth!

The management indicated that the impact of the RBI guidelines for gold lending is likely to have a limited and manageable impact on business...

Axis Direct

Manappuram Finance: Bain Capital’s Entry Signals a New Chapter, But Challenges Remain

​Bain Capital's acquisition of stake in Manappuram Finance signals shift to professionally managed NBFC, injecting fresh capital and positioning...

Nimish Maheshwari

The Beat Ideas: Manappuram Finance: Gold Loan Growth, Ashirwad IPO Play

​Manappuram Finance, a leading Indian NBFC specializing in gold loans, faces challenges with its microfinance arm but plans for IPO and aims for...

Sudarshan Bhandari

Manappuram Finance Ltd. - Weak Quarter, Focus Shifts to Growing Secured Portfolio!

The management has indicated that Manappuram will focus on strengthening its core gold loan business alongside pursuing growth in the secured non...

Axis Direct

Bain Capital's acquisition of stake in Manappuram Finance signals shift to professionally managed NBFC, injecting fresh capital and positioning...

Manappuram Finance, a leading Indian NBFC specializing in gold loans, faces challenges with its microfinance arm but plans for IPO and aims for...