Manappuram Finance Ltd will focus on strengthening its leadership in the gold loan business, scaling up secured lending businesses and restoring the growth trajectory of its microfinance arm, while accelerating digital transformation, Chairman and Managing Director V P Nandakumar said in his message to shareholders in the company’s Annual Report 2026.
The NBFC also sees its strategic partnership with global investment firm Bain Capital as a defining milestone that will support its next phase of growth with capital, strategic expertise and a shared vision of building a world-class financial institution.
Gold loans remain the growth engine
Nandakumar said the company will continue to deepen the penetration of its gold loan franchise by improving digital adoption and defending its market leadership.
At the same time, Manappuram will pursue the recovery and eventual re-scaling of its microfinance business, focusing on customer outcomes and portfolio quality rather than chasing aggressive loan growth.
The company also plans to expand its secured lending portfolio, including housing finance, equipment finance and MSME lending, while maintaining the disciplined operating approach that has defined its gold loan business.
“We will continue to invest in our people, our technology and our governance frameworks because these are the foundations on which sustainable growth is built,” he said.
India offers long-term growth opportunity
According to Nandakumar, India’s favourable macroeconomic outlook, rising financial inclusion, increasing credit penetration and the enduring role of gold as household collateral provide a strong structural opportunity for the company.
He said Manappuram aims to convert these long-term trends into sustainable value by balancing growth with prudent risk management.
Bain Capital partnership marks a milestone
Describing the induction of Bain Capital as one of the most significant developments of FY2025-26, Nandakumar said the investment reflects confidence in Manappuram’s governance standards, market position and long-term growth prospects.
Beyond financial backing, he said the partnership brings global strategic insights and reinforces the company’s ambition to build a customer-centric financial institution with world-class capabilities.
The collaboration is expected to play a key role as Manappuram enters its next phase of evolution.
Digital transformation gains momentum
Nandakumar said digital transformation has become an integral part of Manappuram’s operations rather than a standalone initiative.
The company’s Online Gold Loan (OGL) platform and its technology subsidiary, MACOM, continue to strengthen digital capabilities, enabling faster, safer and more accessible financial services, particularly for underserved customers.
During FY2025-26, Manappuram expanded its physical network across businesses while significantly increasing its digital touchpoints. The company also enhanced its cybersecurity infrastructure to address the growing risks associated with digital operations.
He emphasised that technology would complement rather than replace the company’s extensive branch network.
“The future of gold lending in India is a hybrid model, combining branch presence with digital convenience, and Manappuram is well positioned to lead this transformation,” he said.
Microfinance recovery on track
Nandakumar said subsidiary Asirvad Micro Finance Ltd continued its recovery during FY2025-26 after the stress experienced by the sector in the previous year.
The company adopted a cautious strategy by prioritising asset quality, strengthening collections and carefully calibrating fresh loan disbursements instead of pursuing rapid expansion.
By the fourth quarter, Asirvad’s assets under management stood at ₹4,636 crore, with meaningful improvements in portfolio quality indicators.
While the early signs of stabilisation are encouraging, Nandakumar said the company would continue to adopt a disciplined approach.
“Recovery in microfinance is a marathon, not a sprint, and we shall pursue it with discipline,” he said