Manba Finance Ltd Q2 FY27 Results

Manba Finance, which reports standalone only (no subsidiaries), posted Q2 FY27 (quarter ended September 30, 2026) net profit of ₹13.73 Cr, up 20.5% YoY from ₹11.40 Cr and 3.6% QoQ from ₹13.26 Cr. Revenue from operations rose faster, up 25.9% YoY to ₹97.74 Cr, meaning profit growth trailed topline growth — a margin-compression quarter rather than a straightforward beat. It's also a step down from Q1 FY27's own 36% YoY profit growth, so the year-on-year pace is decelerating even though the absolute print is still a healthy double-digit gain.

The margin slippage shows up on both measures: net profit margin eased to 14.05% from 14.70% a year ago (14.32% last quarter), and operating margin (EBITDA/revenue) softened to roughly 64.9% from about 65.9% a quarter ago. The proximate driver is impairment on financial instruments, which jumped 53.3% YoY to ₹8.01 Cr — well ahead of revenue growth — alongside a 16.3% YoY rise in finance costs to ₹40.47 Cr as the company leaned further on debt to fund growth. Notably, this isn't a credit-quality scare: gross Stage 3 assets improved to 2.96% from 3.52% a year ago and net Stage 3 to 2.19% from 2.68%, so the higher provisioning reads as expected-credit-loss build on a larger, younger loan book rather than deteriorating assets.

The stock went into the print at ₹139, down 0.6% over the past month of trading.

For context: this is the highest quarterly PAT in the last 6 quarters on our records; PAT has now risen for 2 consecutive quarters; revenue is at a 6-quarter high.

No sell-side consensus estimates for this quarter turned up in search — thin coverage is typical for a small-cap NBFC of this size — so the print can't be graded against street numbers (vsStreet: unknown). Against management's own Q1 FY27 guidance (FY27 AUM growth upgraded to 35-40%, targeting ₹2,300-2,400 Cr by year-end, ROA 3.5%, NIM 13-14%, plus a ₹100 Cr preference-share raise by October), this filing only partly confirms progress: the loan book stands at ₹1,634.39 Cr versus ₹1,560.28 Cr at FY26-start, and Q1 AUM was externally reported at ₹1,730.8 Cr (+22.3% YoY) — a pace that needs to pick up in H2 to hit the full-year target. ROA and NIM aren't directly disclosed in this statement and can't be independently verified, and no preference-share capital appears on the September 30 balance sheet (outstanding preference shares remain nil), though the raise was guided 'by October' so its absence at the September 30 cut-off doesn't necessarily mean it was missed. No management press release accompanied this filing to cross-check framing.