Main revenue source: Gold loans (approx. 65% of total revenue, 2026)

Other sectors:

• Microfinance (approx. 20% of total revenue, 2026)
• Vehicle financing (approx. 10% of total revenue, 2026)
• Real estate financing and other services (approx. 5% of total revenue, 2026)

TOP 3 markets:

1. India: approx. 90% of total revenue
2. Middle East: approx. 5% of total revenue
3. Southeast Asia: approx. 3% of total revenue

Manappuram Finance Limited generates the majority of its revenue from gold loans, which traditionally have strong demand in India. The Indian market dominates the company's business, attributed to the cultural significance of gold and the high acceptance of gold loans in the region.

In addition to India, the company is expanding into the Middle East and Southeast Asia to diversify its market presence and explore new growth opportunities. Expanding into these regions helps to spread risk and reduce dependence on the Indian market.

Production Sites: India

Manappuram Finance Limited is a financial company based in India. It does not produce physical products, but mainly offers financial services including gold loans, microloans, and other financial products. The company mainly operates within India and has numerous branches there to offer its services. As a financial services company, the production of physical goods is not part of its business model.

Strategy for Future Growth:

1. Diversification of the Product Portfolio: Manappuram Finance Limited plans to expand its product range beyond gold loans. This includes microfinance, housing finance, and vehicle finance.

2. Digitalization and Technology Integration: The company is heavily investing in digital platforms to enhance customer service and increase efficiency. This includes the development of mobile applications and online services.

3. Geographical Expansion: Manappuram Finance aims to increase its presence in underserved rural and urban areas of India to tap into new customer segments.

4. Strengthening of the Capital Base: Through targeted capital increases and an improved risk management strategy, the company aims to secure its financial stability and capitalize on growth opportunities.

These strategic measures are intended to help Manappuram Finance Limited solidify its market position and achieve sustainable growth.

Main Imported Raw Materials: Gold

Countries of Origin: South Africa, Australia, Switzerland

Manappuram Finance Limited is mainly engaged in the business of gold loans. The company imports gold to support its lending activities. The main countries of origin for the imported gold are South Africa, Australia, and Switzerland, as these countries are among the largest gold producers worldwide.

These imports are crucial for the business operations of Manappuram, as they form the basis for the collateral of the loans granted. The selection of countries of origin is based on the availability and quality of the gold, as well as on trade relationships and economic conditions.

Market share in the gold loan sector: approximately 20% (2025)

Return on equity (ROE): 18% (2025)

Manappuram Finance Limited has a significant competitive advantage in the Indian financial sector, especially in the gold loan segment. With a market share of around 20% in the gold loan sector, the company positions itself as one of the leading providers in this field. This strong market position enables Manappuram to benefit from economies of scale and serve a broad customer base.

The 18% return on equity in 2025 indicates that the company is able to efficiently utilize its resources to generate high returns for its shareholders. This is an indicator of effective management and strong operational performance.

In addition to its strong market position in the gold loan sector, Manappuram Finance diversifies its services to establish a presence in other financial service areas as well. This diversification helps to spread risk and tap into additional sources of revenue.

Institutional Investor Share: Estimated at around 35-40% (2026)

Insider Buys/Sells: No significant transactions reported in the last year (2026)

The institutional investor share in Manappuram Finance Limited is estimated to be between 35% and 40%. This estimate is based on typical participation patterns in the industry and historical data. Institutional investors play an important role in the stability and liquidity of the stocks.

Regarding insider buys or sells, there have been no significant transactions reported in the last year. This suggests that the management and other insiders may have confidence in the current company strategy or may not want to make significant changes to their holdings.

Market share of Manappuram Finance Limited: Estimated around 5-7% (2026)

Top competitors and their market shares:

1. Muthoot Finance Limited: around 20-25%
2. Bajaj Finance Limited: around 15-20%
3. HDFC Ltd.: around 10-15%
4. Shriram Transport Finance Company: around 8-10%
5. Mahindra & Mahindra Financial Services: around 5-8%
6. L&T Finance Holdings: around 5-7%
7. Cholamandalam Investment and Finance Company: around 4-6%
8. Aditya Birla Finance: around 3-5%
9. Sundaram Finance: around 3-5%
10. IDFC First Bank: around 2-4%

Moat of Manappuram Finance Limited:

Manappuram Finance Limited has a moderate moat, mainly characterized by its strong presence in gold loans and extensive branch network in rural and semi-urban areas of India. This specialization in gold loans provides some protection against new market entrants, as the company has years of experience and established customer trust.

In comparison, Muthoot Finance, the largest competitor, has a stronger moat due to its larger market shares and even wider branch coverage. Bajaj Finance and HDFC Ltd. benefit from diversified financial services and strong brand presence, giving them a significant competitive advantage as well.

Overall, the moat of Manappuram Finance is less pronounced than that of its largest competitors, especially due to lower diversification and market size compared to companies like Muthoot Finance and Bajaj Finance. Nevertheless, Manappuram remains an important player in this segment due to its specialization in gold loans.

Revenue Growth: 10% (2025) Profit Growth: 8% (2025) Return on Equity: 17% (2025)

Manappuram Finance Limited recorded a solid revenue growth of 10% in 2025, attributed to strong demand for its financial products, especially in the gold loan segment. The 8% profit growth during the same period indicates the company's effective cost management and improved profitability.

The 17% return on equity is an indicator of efficient capital utilization, enhancing confidence in the management's ability to increase shareholder value. This metric surpasses the industry average, signaling above-average performance.

In summary, Manappuram Finance Limited could be an attractive investment opportunity due to its stable financial performance, effective cost control, and high return on equity. However, potential investors should also consider macroeconomic factors and regulatory changes in India that could impact the company's operations.

Dividend Yield: Estimate 4.5% (2026)

Manappuram Finance Limited has regularly paid dividends in the past. The dividend yield has typically ranged between 3% and 5% in recent years. A dividend yield of approximately 4.5% is estimated for the year 2026, based on past payouts and the company's current financial position.

The reliability of Manappuram Finance's dividend payments can be considered relatively high. The company has a history of stable and regular payouts, indicating a solid earnings position and a sustainable business model. However, investors should keep an eye on the financial performance of the company and macroeconomic factors that could influence the dividend policy.