Manappuram Finance Limited (MANAPPURAM.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-154.2%

-₹166.54

vs ₹307.05 price

Levered DCF

-₹949.55

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

—

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	21.42×	16.15×	7.03×	7×	7.23×	7.32×	5.45×	11.41×
P/B	1.34×	1.6×	1.33×	1.09×	1.15×	1.73×	1.39×	2.33×
P/S	2.26×	2.01×	1.75×	1.58×	1.59×	1.99×	1.45×	2.5×
EV / EBITDA	46.41×	27.34×	14.62×	16.3×	16.07×	13.34×	12.69×	16.02×
Gross margin	53.0%	64.2%	67.4%	67.1%	66.8%	65.0%	66.8%	68.0%
Operating margin	29.7%	16.8%	33.6%	30.7%	29.5%	36.5%	36.4%	34.6%
Net margin	10.5%	12.3%	24.9%	22.5%	22.0%	27.2%	26.6%	22.4%
Current ratio	32.19×	0×	0.14×	10.53×	11.76×	13.57×	22.54×	4.9×
Debt / equity	3.6×	2.9×	2.97×	3.02×	2.97×	3.19×	4.01×	3.38×
Interest coverage	0.75×	0.47×	1.03×	0.93×	0.89×	1.04×	1.1×	1.08×
Dividend yield	0.8%	1.7%	1.9%	2.5%	2.6%	0.9%	3.6%	2.1%
Payout ratio	16.9%	27.8%	13.4%	17.5%	19.1%	6.4%	19.5%	23.2%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	6.3%	9.8%	19.0%	15.5%	15.9%	23.6%	25.5%	20.8%
Return on invested capital	2.2%	1.8%	4.7%	7.6%	6.8%	10.4%	37.4%	6.5%
Return on assets	1.3%	2.5%	4.7%	3.8%	3.9%	5.5%	5.1%	4.6%
Free cash flow yield	15.0%	-3.3%	-22.9%	-31.3%	-6.1%	-5.3%	-46.6%	-4.5%
Earnings yield	4.7%	6.1%	14.2%	14.3%	13.8%	13.7%	18.4%	8.9%
Enterprise value	₹731.8B	₹528.4B	₹468.9B	₹366B	₹318.5B	₹331.7B	₹275.6B	₹245.3B
Net debt / EBITDA	32.78×	17.07×	9.82×	11.64×	11.22×	8.26×	9.01×	9.14×
Cash conversion cycle (days)	-11	-18	382	479	459	-24	596	-43