Manba Finance Limited is a non-banking finance company that provides finance in India, offering new two and three-wheeler, electric vehicle two and three-wheeler, and pre-owned two-wheeler and car loans, as well as personal and small business loans. The company was incorporated in 1996 and is headquartered in Mumbai, India. MFL is an RBI registered Non Systematically Important Non Deposit Taking Non Banking Financial Company.
The company initially started as a DSA for ICICI Bank for two-wheeler loans and later developed its own lending book. Currently, it provides financing for two wheelers, three wheelers, used cars, small business loans and personal loans. The chairman of the company is Nallepilly Ramaswami Parameswaran, and the managing director is Manish Shah.
The company has a presence across 71 locations with a network of 1,118 dealers in 6 states which includes Maharashtra (~502), Gujarat (~248), Rajasthan (~160), Madhya Pradesh (~49), Uttar Pradesh (~21), and Chhattisgarh (~138). This extensive network allows Manba Finance to serve customers across key markets in western and central India, with Maharashtra being its largest market.
Manba Finance Ltd has a market capitalisation of ₹719 Cr as on 02-Jul-2025. As per Value Research classification, it is a Small Cap company. The company trades on both NSE and BSE under the symbol MANBA.
The P/B ratio of Manba Finance Ltd is 1.95 times as on 02-Jul-2025, a 20% premium to its peers' median range of 1.63 times. The P/E ratio of Manba Finance Ltd is 19.02 times as on 02-Jul-2025, a 26% discount to its peers' median range of 25.82 times.
The company's financial performance has shown significant growth.
Q3 FY25 Performance:
- Revenue from Operation has increased to Rs. 68.87 Crore in Q3 FY25 from Rs. 48.07 Crore in Q3 FY24, registering a Y-o-Y growth of 43.26%.
- The Earnings before Interest, Tax, Depreciation and Amortization (EBITDA) stood at Rs. 43.58 Crore in Q3 FY25, as against Rs. 27.53 Crore in Q3 FY24, registering a Y-o-Y growth of 58.28%.
- Profit After Tax (PAT) is Rs. 12.96 Crore in Q3 FY25 as against Rs. 4.83 Crore in Q3 FY24, registering a Y-o-Y growth of 168.34%.
- EPS Earnings per share (EPS) for Q3 FY25 is Rs. 2.58, against Rs. 0.96 in Q3 FY24.
9M FY25 Performance:
- Revenue from Operation has increased to Rs. 182.48 Crore in 9M FY25 from Rs. 136.36 Crore in 9M FY24, registering a growth of 33.82%.
- Profit After Tax (PAT) is Rs. 29.78 Crore in 9M FY25 as against Rs. 21.39 Crore in 9M FY24, registering a growth of 39.21%.
- EPS Earnings per share (EPS) for 9M FY25 is Rs. 5.93, against Rs. 4.26 in 9M FY24.
FY24 Annual Performance:
- The net interest income of MANBA FINANCE LTD. stood at Rs 1,096 m in FY24, which was up 43.1% compared to Rs 766 m reported in FY23.
- The net profit of MANBA FINANCE LTD. stood at Rs 314 m in FY24, which was up 89.5% compared to Rs 166 m reported in FY23.
- Net profit margins during the year increased to 16.4% in FY24 from 12.4% in FY23.
- Market Capitalization: ₹719 Cr (as of 02-Jul-2025)
- P/B Ratio: 1.95 times (as of 02-Jul-2025)
- P/E Ratio: 19.02 times (as of 02-Jul-2025)
- FY24 Net Interest Income: ₹1,096 million
- FY24 Net Profit: ₹314 million
- FY24 Net Profit Margins: 16.4%
- Return on Equity (ROE) FY24: 15.7% (up from 9.8% in FY23)
- Return on Asset (ROA) FY24: 3.23% (up from 2.11% in FY23)
- Gross NPA Ratio: 4.0% (as of 31 March 2024, compared to 3.7% a year ago)
- Promoter Holding: 74.98% (as of Mar 2025)
The Manba Finance Ltd's 52-week high share price is Rs 201.50 and 52-week low share price is Rs 119.00. Promoter holding in Manba Finance Ltd has remained stable at 74.98 per cent as of March 2025, from September 2024.
- Credit Rating Upgrade: Manba Finance Limited (MFL) received a credit rating outlook revision from CARE Ratings Limited for its debt instruments and bank facilities. The rating has been upgraded from BBB+ (Stable) to BBB+ (Positive).
- Strategic Partnership: MFL signed an MoU with Piaggio Vehicles Pvt Ltd to provide tailored financing solutions for 3-wheelers, supporting India's EV transition and entrepreneurship. The collaboration offers low down payment options, competitive interest rates, and a streamlined digital onboarding process.
- Disbursement Milestone: The company achieved the highest-ever disbursement of ₹326.72 crores, a significant increase from ₹253.10 crores in the previous quarter of FY24.
The shares got listed on BSE, NSE on September 30, 2024. Manba Finance IPO price band is set at ₹120 per share. Manba Finance IPO raised ₹45.25 crore from anchor investors, with the Anchor bid date being September 20, 2024.
Auditor for Manba Finance Ltd is Venus Shah & Associates. In the main management, NALLEPILLY RAMASWAMI PARAMESHWARAN serves as chairman and Bhavisha Jain is the company secretary. There is no promoter pledging in Manba Finance Ltd, indicating strong governance.
Manba Finance Limited has established itself as a growing player in the vehicle financing sector with a strong presence in key Indian states. The company's consistent financial performance, strategic partnerships, and focus on emerging segments like electric vehicles position it well for future growth in the expanding NBFC sector.
