Leading gold- loan NBFC Manappuram Finance Ltd reported a four-fold year-on-year jump in consolidated net profit to ₹585 crore in Q1FY27, compared with ₹132 crore in the corresponding quarter last year, as strong growth in assets under management and a sharp expansion in gold loans lifted performance.
The NBFC’s assets under management (AUM) rose 57.2% year-on-year to ₹69,635 crore during the quarter ended June 30, 2026.
Gold loans remained the primary growth engine, with gold loan AUM almost doubling to ₹57,006 crore, registering a 97.9% year-on-year increase.
Income, NII gain momentum
Manappuram Finance’s income from operations increased 34.1% year-on-year to ₹3,033 crore in Q1FY27, compared with ₹2,262 crore in the year-ago quarter.
Net interest income (NII) rose 25% to ₹1,759 crore, against ₹1,407 crore in Q1FY26.
Non-gold loan businesses accounted for 18.14% of total AUM during the quarter, indicating the continued dominance of gold loans in the company’s overall loan book.
The company also said its subsidiary Asirvad Microfinance returned to profitability, reporting a profit of ₹21 crore during Q1FY27.
Manappuram’s branch network expanded to 5,328 branches as of June 30, 2026, supporting its expansion across markets.
Gold loans drive growth
Manappuram Finance Ltd, Chairman and Managing Director, V.P. Nandakumar, said the company maintained robust loan growth and stable asset quality during the first quarter of FY27.
He said Asirvad Microfinance’s return to profitability also contributed significantly to the company’s performance.
Nandakumar said gold loans played a crucial role in supporting overall bank credit growth in the country and that Manappuram Finance had managed to maintain its growth momentum despite funding challenges.
Volatility in gold prices remained a concern and affected overall business sentiment, he said. However, the company delivered strong growth during the quarter, driven by operational efficiency, cost reduction, digitalisation and expansion into newer markets.
According to Nandakumar, the company’s subsidiaries and other businesses, including Asirvad Microfinance, are currently in good financial health and are expected to perform better as the broader business environment improves.
Leadership transition from January
The company has also announced a change at the top, with the board appointing Ashish Singh as Managing Director & Chief Executive Officer for a five-year term beginning January 1, 2027, subject to shareholder approval.
Singh is a banker with more than 25 years of experience in retail banking, with a focus on rural lending and retail liabilities.
In his most recent role, he served as Head of Retail Liabilities at IDFC FIRST Bank. Before that, he led the bank’s Bharat Banking business, overseeing its asset product portfolio and branch network.
He has also held senior positions at Fullerton India and ICICI Bank, with experience spanning rural banking, product innovation and financial inclusion.
Nandakumar to become non-executive chairperson
V.P. Nandakumar will continue as Managing Director and Chairperson of Manappuram Finance until December 31, 2026.
From January 1, 2027, he will be redesignated as Non-Executive Chairperson of the Board, marking a transition in the company’s executive leadership while retaining his association with the board.
The leadership change comes as Manappuram Finance enters FY27 with strong loan growth, a rapidly expanding gold-loan portfolio and a renewed focus on strengthening its non-gold businesses.
With gold loans accounting for the bulk of AUM and the company’s overall asset base expanding rapidly, maintaining asset quality, managing funding costs and sustaining diversified growth will remain key priorities in the coming quarters.