# Manba Finance share price today (Manba Finance Ltd, NSE: MANBA)

> Manba Finance share price today: ₹143.15 at the NSE close on 3 November 2026, up 1.1% in a year. Manba Finance (NSE: MANBA) is worth ₹721 crore, trades at a P/BV of 1.7 and has closed between ₹104.90 and ₹145.69 over the past 52 weeks. > Manba Finance Ltd's results are improving, while its P/BV is near the low end of its own history over 2 years, higher than only 25% of past readings. MANBA · NBFC - Others · data as of 3 November 2026. Page: https://www.sectoralpha.in/stocks/manba-finance-ltd

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## Key numbers

- Business trend: Mixed, from the last 12 quarters
- Price: ₹143.15 (+1.1% in a year)
- P/BV: 1.7× (lower than 75% of the last 2 years)
- Revenue (Sep 2026): ₹98.0 Cr (+25.6% on a year ago)
- Profit (Sep 2026): ₹14.0 Cr (+27.3% on a year ago)
- Net margin: 14.3% (+0.2 points on a year ago)
- ROE: 12%, FY26
- Gross NPA (bad loans): 3.41% (−0.27 points on a year ago)

The main question: foreign institutions moved −4.1 percentage points over 8 quarters while the business went the other way. ## What is the Manba Finance share price today? Manba Finance Ltd's share price was ₹143.15 at the close on 3 November 2026. It has been rising for 14 weeks. That is 8.7% above its average price over the last 200 trading days. In the last 52 weeks it traded between ₹105 and ₹146, and at that close it sat 94% of the way up from that low. Over the past 13 weeks it has done better than the NIFTY 500, and it has stayed ahead for 10 weeks in a row. Over the last 2.1 years the share price moved +4% while the NIFTY 500 moved −7%, so it is ahead of the index over that whole period. The chart above shows the 13-week comparison for every week. This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row. ## What changed at Manba Finance this quarter? Three changes stood out: revenue up on a year earlier for 8 quarters in a row, highest quarterly profit in 15 quarters and highest quarterly revenue in 15 quarters. 1. Revenue up on a year earlier for 8 quarters in a row In the September 2026 quarter revenue was ₹98 crore, +25.6% on a year earlier. Why: Revenue rose because the company gave out more loans and its loan book grew. Next results: check whether festive demand and new Karnataka dealers turn into loans in January. From the earnings call on 28 Oct 2026. 2. Highest quarterly profit in 15 quarters Profit of ₹14 crore in the September 2026 quarter is the highest of the last 15 quarters. Why: Profit rose because net interest income, what the company earns on loans minus what it pays to borrow, grew, though spending on new branches and sales staff held the rise back. Next results: check if new branches and sales hiring keep costs high. From the earnings call on 28 Oct 2026. 3. Highest quarterly revenue in 15 quarters Revenue of ₹98 crore in the September 2026 quarter is the highest of the last 15 quarters. ## What are Manba Finance's latest quarterly results? For July to September 2026 (the quarter ended 30 September 2026), Manba Finance reported total income of ₹98.0 crore, up 25.6% from ₹78.0 crore a year earlier, and a profit of ₹14.0 crore, up 27.3% from ₹11.0 crore. ### Manba Finance results: July to September 2026 against a year earlier

| Measure | July to September 2026 | July to September 2025 | Change |
| --- | --- | --- | --- |
| Total income | ₹98.0 crore | ₹78.0 crore | +25.6% |
| Profit | ₹14.0 crore | ₹11.0 crore | +27.3% |
| Earnings per share | ₹2.73 | ₹2.27 | +20.3% |
| Net margin | 14.3% | 14.1% | +0.2 points |

The next results, for October to December 2026, are due by 14 February 2027: listed companies must publish quarterly results within 45 days of the quarter's end (60 days for the January to March quarter). Manba Finance's management discussed these results on a call held on 28 October 2026; what it said is further down this page. (From the company's reported quarterly results (quarter ended 30 September 2026). Income and profit in ₹ crore.)

## What is the Manba Finance share price history? Manba Finance closed at ₹143.15 on 3 November 2026, up 1.1% from ₹141.58 a year earlier (31 October 2025). Its highest weekly close since October 2024 was ₹182.70 on 6 December 2024. ### Manba Finance share price: then and now

| When | Close | Change to 3 Nov 2026 |
| --- | --- | --- |
| 1 week ago · 23 Oct 2026 | ₹139.01 | +3.0% |
| 1 month ago · 1 Oct 2026 | ₹139.01 | +3.0% |
| 6 months ago · 30 Apr 2026 | ₹109.15 | +31.1% |
| 1 year ago · 31 Oct 2025 | ₹141.58 | +1.1% |
| Earliest weekly close in our records · 4 Oct 2024 | ₹138.13 | +3.6% |
| Highest weekly close since October 2024 · 6 Dec 2024 | ₹182.70 | −21.6% |
| Lowest weekly close since October 2024, also the 52-week low · 27 Mar 2026 | ₹104.90 | +36.5% |
| 52-week high (weekly close) · 16 Oct 2026 | ₹145.69 | −1.7% |

Weekly closing prices. Each change is the move from that price to the 3 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes. (115 weekly closes from 4 October 2024 to 3 November 2026.)

## What is the latest news on Manba Finance? 6 Nov 2026: Coming up: ex-date for an interim dividend of ₹0.25 a share. 3 Nov 2026: Manba Finance closed at ₹143.15, up 3.0% on the week and up 3.0% on the month. ### Earlier

- 28 Oct 2026: Manba Finance held its results call for July to September 2026. Management guided: FY27 and FY28 AUM growth 30-35% each with second-half festive weighting. - Results for July to September 2026: Total income up 25.6% and profit up 27.3% on a year earlier. - 18 Sep 2026: ex-date for a dividend of ₹0.25 a share. - 7 Aug 2026: ex-date for an interim dividend of ₹0.25 a share. - 6 Feb 2026: ex-date for an interim dividend of ₹0.25 a share. ## What dividend does Manba Finance pay? Manba Finance paid ₹1.25 a share in regular dividends in the 12 months to 4 November 2026 (4 payments), a yield of 0.87% at the ₹143.15 close on 3 November 2026. The last was a dividend of ₹0.25 a share, ex-date 18 September 2026. Next: ₹0.25 a share, ex-date 6 November 2026. ### Manba Finance dividends since 1 April 2021

| Ex-date | Dividend per share | Type |
| --- | --- | --- |
| 6 Nov 2026 (upcoming) | ₹0.25 | Interim |
| 18 Sep 2026 | ₹0.25 | Dividend |
| 7 Aug 2026 | ₹0.25 | Interim |
| 6 Feb 2026 | ₹0.25 | Interim |
| 21 Nov 2025 | ₹0.50 | Interim |
| 12 Sep 2025 | ₹0.25 | Dividend |
| 5 Feb 2025 | ₹0.25 | Interim |
| 4 Nov 2024 | ₹0.25 | Interim |

Amounts as the company declared them on the NSE. A dividend goes to whoever owns the shares before the ex-date. The record date is the same day as the ex-date for every payment here. 2 of 5 Of the last 5 financial years, years with an NSE dividend record

Yes. Manba Finance Ltd paid out 11% of its profit as dividends in FY26, and it paid a dividend in 2 of its last 9 reported years. (From the NSE corporate-actions record, read 4 November 2026.)

## What did Manba Finance management say on the latest results call? On the call for July to September 2026, held on 28 October 2026, Manba Finance's management guided: FY27 and FY28 AUM growth 30-35% each with second-half festive weighting. > “We have onboarded more than 100 dealers in Karnataka in the first 60 days of operations.”
> Manish Shah, on the call for July to September 2026

### What management guided

- October net AUM addition ₹120 crore after run-down with similar November expected. - MSME LAP to ₹5 crore monthly by January; 5-6 new small business branches for ₹3-4 crore disbursements with correspondent network to 10-12 active. - Borrowing cost down 25 basis points as ₹600 crore pre-2025 book runs off by March; 50 basis points below September plus 50-75 basis points upgrade cushion offsets rise. - Preferential ₹100 crore close by November 6 with capital supporting 4-6 quarters growth alongside profits. Management’s own plans and goals, from our notes of the call. A plan is not a result. Source: [the call transcript](https://files.tijorifinance.com/insight/india/57956/Conference Call/CC-Oct26.pdf). (From the call for July to September 2026, 28 October 2026.)

## What is the future of Manba Finance? What is changing in the business? One change in Manba Finance's own numbers looks lasting: new regions and countries. New regions and countries looks lasting

Manba, a two-wheeler lender, is opening branches outside its home state. Locations went from 73 (May 2025, per the Q2 summary) to over 100 (Nov 2025), 113 (Jan 2026) and 130 (May and Jul 2026), now across seven states with Karnataka started through a partner (Namma Loans). Maharashtra's share of the book fell from 58% to 40%. Interest earned (revenue) grew year on year by 20%, 30%, 37% and 39% in the four quarters Sep 2025 to Jun 2026 (65→78, 69→90, 68→93, 67→93 crore). Why it may last: Branches, dealer ties and the collection team in new states are assets the company owns and keeps; it says its share in Uttar Pradesh is under 1% and in Madhya Pradesh 3%, so there is room to keep going. Next check: Revenue keeps growing above 25% year on year in Sep 2026 while gross bad loans stay at or below 3.5%. Quarter by quarter, 4 quarters

July to September 2025

12 new locations added in Uttar Pradesh, 10 more planned; revenue ₹78 crore vs ₹65 crore a year earlier. Note this reversed the May 2025 promise to pause expansion. ✓ fact

From our notes of the call for July to September 2025: Added 12 new locations in UP this quarter with 10 more in pipeline for Q3-Q4. October to December 2025

113 locations, 1,400+ dealers; revenue ₹90 crore vs ₹69 crore a year earlier. ✓ fact

From our notes of the call for October to December 2025: Geographic footprint: 113 locations across 6 states (Maharashtra, Gujarat, Rajasthan, MP, Chhattisgarh, UP) with 1,400+ dealer network. January to March 2026

130 locations, 1,550+ dealers; Maharashtra down to 40% of the book; revenue ₹93 crore vs ₹68 crore. New-state loans are deliberately priced at 18-19% against 21-22% at home. ✓ fact

From our notes of the call for January to March 2026: Portfolio rebalancing: Maharashtra contribution declining from 58% historically to 40% as new geographies scale. April to June 2026

Still 130 locations but seven states now (Karnataka via Namma Loans, fully funded by Manba); revenue ₹93 crore vs ₹67 crore. Loan book (AUM) growth slowed to 22% from 29% at March. ✓ fact

From our notes of the call for April to June 2026: Manba operates through 130 locations across seven states, a network of more than 1,700 dealers. We check 16 kinds of change in every company, such as costs spread over more sales, higher-value products, new orders, new regions or falling debt, against its reported numbers and what management said on its calls. Only changes the numbers back are shown. (Checked against results and calls up to April to June 2026, 10 October 2026. The July to September 2026 results are out since, so this part may be out of date until we update it.)

## What could change the Manba Finance story? What are the risks? The thesis would break if the expanding loan book produces worsening gross and net NPAs alongside a decline in reported profit, with management unable to reconcile the deterioration through product-level credit costs and funding economics. ### Each change stops working if

- Core loan growth through the existing distribution network: Disbursements fail to translate into AUM growth, or lending growth requires pricing and underwriting concessions that reduce retained earnings. - TVS three-wheeler distribution: Activated dealers do not originate performing loans, or vehicle recovery losses overwhelm OEM support. ### The main risks

- Funding-cost relief remains undelivered: Liquidity carry has reversed the earlier average-cost decline. ⚠ estimate
- Diversification can import unseasoned credit risk: Higher-yield lending may exchange concentration risk for higher loss and servicing costs. ⚠ estimate
- Profit guidance is no longer specific: Earlier quantified profit goals should not be treated as current commitments. ⚠ estimate

(Our read after the April to June 2026 results, written 10 October 2026. The July to September 2026 results are out since, so this part may be out of date until we update it.)

## What to watch in Manba Finance's next results? When Manba Finance reports October to December 2026, these are the 5 checks that show whether the story is still on course. First: Revenue keeps growing above 25% year on year in Sep 2026 while gross bad loans stay at or below 3.5%. | What to check | Why |
| --- | --- |
| Revenue keeps growing above 25% year on year in Sep 2026 while gross bad loans stay at or below 3.5%. | New regions and countries |
| Net AUM addition pace through November versus flagged October momentum - conversion of festive demand. | From the call |
| Karnataka dealer productivity into January season - early base to translate into disbursements. | From the call |
| MSME LAP monthly run-rate with new-branch and correspondent sourcing - per flagged ramp levers. | From the call |
| Borrowing-cost trajectory as old-book runoff and upgrade benefit flow through - per flagged second-half improvement. | From the call |

## Which stock lists is Manba Finance on? Manba Finance is on 2 of our India lists: Multibagger study list and Momentum stocks. - [Multibagger study list Study stage: early](https://www.sectoralpha.in/multibagger-stocks-india)
- [Momentum stocks Market cap cr: 719.8576243207924](https://www.sectoralpha.in/momentum-stocks-india)

## Is Manba Finance profitable? Manba Finance Ltd earned ₹14.0 Cr of net profit in the Sep 2026 quarter, +27.3% on the same quarter a year earlier. That is the 3rd quarter in a row of profit growth. Full-year FY26 profit was ₹45.0 Cr. Over 11 years profit has grown 24.6% a year on average. That is 14.3% of the quarter's revenue. The same quarter a year earlier earned ₹11.0 Cr. For the full year, FY26 profit was ₹45.0 Cr (+18.4% on the year before). Why profit moved: revenue changed +25.6% on a year earlier and the margin moved +0.2 percentage points. Sales did the work, and the margin was about flat. On average over the last four quarters, profit changed +23.7% and revenue +32.9%. Profit is growing slower than sales: rising costs are taking part of the growth. FY27-Q1. revenue ₹93 Cr and profit ₹13 Cr as reported. FY27-Q2. revenue ₹98 Cr and profit ₹14 Cr as reported. Why-sources: our stock research file (10 October 2026) and the company’s own results for those quarters. ## How much revenue does Manba Finance make, and is it growing? Manba Finance Ltd reported ₹98.0 Cr of income in the Sep 2026 quarter, +25.6% on the same quarter a year earlier. That is the 8th quarter in a row with growth on the year before. Over 11 years it has grown 24.7% a year on average. The last full year, FY26, came in at ₹328 Cr. The last four reported quarters add to ₹374 Cr. FY26 revenue was ₹328 Cr, +30.7% on the year before. Recent pace: the last four quarters grew +32.9% on average, against 24.7% a year over the longer run, so this year is growing faster than its own long-run rate. Is growth speeding up? Revenue over the last 12 months grew +32.6%, against +31.3% a year over the last 8 quarters (stabilising); profit over the last 12 months grew +21.4%, against +26.2% a year (rolling over). FY27-Q1. revenue ₹93 Cr and profit ₹13 Cr as reported. FY27-Q2. revenue ₹98 Cr and profit ₹14 Cr as reported. Why-sources: our stock research file (10 October 2026) and the company’s own results for those quarters. ## How much does Manba Finance keep from what it earns? Manba Finance Ltd's net margin was 14.3% in the Sep 2026 quarter, 0.2 percentage points higher than the same quarter a year ago. Across 9 years it has been between 8.4% and 16.1%. The latest quarter is within that range. Why: the net margin move is clear, but the cost details behind it are not in our data, so we show the move without guessing the reason. FY27-Q1. revenue ₹93 Cr and profit ₹13 Cr as reported. FY27-Q2. revenue ₹98 Cr and profit ₹14 Cr as reported. Why-sources: our stock research file (10 October 2026) and the company’s own results for those quarters. ## How many of Manba Finance's loans have gone bad? Manba Finance Ltd's gross NPA, the share of loans that have stopped being repaid, is 3.41% in Jun 2026, down from 3.68% a year ago. After the money already set aside for bad loans, 2.52% is left (net NPA). Across the 9 quarters on file it has been between 2.83% and 3.68%. Falling bad loans mean the loan book is healing; rising ones mean new damage. In Jun 2026, gross NPA was 3.41% and net NPA 2.52%, against 3.68% and 2.82% a year ago. The bad-loan figures stop at Jun 2026, and our data does not yet carry gross and net NPA for the quarters after it, although results up to Sep 2026 are in. They are shown as filed, not estimated. In short: a lender's profit growth is only as good as its loans, and this loan book is better than a year ago. Quarterly detail on money set aside for bad loans is not in our data yet, so this shows the levels and the trend, not the cost of the clean-up. Why bad loans moved: recoveries, write-offs and new bad loans all play a part. That split is not in our data, so the page shows the trend without the breakdown. ## How fast is Manba Finance's loan book growing? Manba Finance Ltd's revenue was ₹328 Cr in FY26, +30.7% on the year before, so the loan book is growing. The latest quarter was +25.6% on a year earlier. The net margin on that income is 14.3%, +0.2 percentage points on a year ago. Interest income stands in for the size of the loan book; changes in interest rates can move it a few points in any year. In short: a lender grows well when its loan book grows, its margin stays steady and its loans stay clean. Gross NPA is the loan-quality figure this page uses. ## What is Manba Finance's P/BV ratio, and how does it compare with its own history? Manba Finance Ltd's P/BV is 1.7×, near the low end of its own history: it has been lower only 25% of the time. Its usual P/BV (the middle reading) is 1.8×, over 2 years of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth. Why the multiple is low: this lender earns about 12% a year on its equity. A lender that earns less on its net worth is valued lower for each rupee of it, and that gap usually closes only if returns improve. Why the multiple is where it is: over the past year book value grew while the price moved +1.1%. Price and book value moved together, so the multiple stayed in its range. In short: the multiple is low against its own past, so the book value trend underneath matters more than the multiple. ## What growth does the Manba Finance share price assume? Worked out from its price on 11 October 2026, Manba Finance Ltd's share price assumed profit growth of about 7.6% a year. Over the past 11 years its profit actually grew 24.6% a year. Today its P/BV is 1.7×, lower than 75% of its own last 2 years. This is a one-day reading, taken on 11 October 2026. Every other number on this page, the multiple included, uses the latest price as of 3 November 2026. A higher price assumes more growth and a lower price less, so it changes whenever the price changes, and this page does not update it between measurements. ## Is the Manba Finance business getting better or worse? Manba Finance Ltd's business is giving mixed signals. Growth has been steadily positive, but ROE at 11.7% is below the 12% level needed to call it steady growth. This is based on 11 quarters of 4 measures. Why it matters: when the lines disagree, each line above matters more than any single label. ## What is the Manba Finance story, and has it been checked? Manba Finance Ltd's story is not scored yet against the checks our research set on 10 October 2026. Where it sits in its own cycle: MID EXPANSION. Our read, 10 October 2026. From the numbers. The operating business is in mid-expansion and the separate price curve is at stage 2…

From the price. Price stage 2, week 14, above its 200-day line, relative strength rising. From the research. Where they disagree. Stable asset quality and uneven profit conversion argue for testing funding and mix execution before assuming better sustainable returns. What is proven. What is not proven yet. The thesis would break if the expanding loan book produces worsening gross and net NPAs alongside a decline in reported profit, with management unable to reconcile the deterioration through product-level credit costs and funding economics. What would change our mind. The thesis would break if the expanding loan book produces worsening gross and net NPAs alongside a decline in reported profit, with management unable to reconcile the deterioration through product-level credit costs and funding economics. The test written in advance. The thesis would break if the expanding loan book produces worsening gross and net NPAs alongside a decline in reported profit, with management unable to reconcile the deterioration through product-level credit costs and funding economics. Measured by: the thesis as written as stated by the next result. The test written in advance. Funding-cost relief remains undelivered. Measured by: Funding-cost relief remains undelivered by the next result. The test written in advance. Diversification can import unseasoned credit risk. Measured by: Diversification can import unseasoned credit risk Gross and net NPAs rise together as non-core products grow, or management declines to disclose product-level losses. by the next result. What the surface reading misses. The surface reading is: The latest quarter suggests improved lending profitability. The research reads it further: Interest expense increased with the larger lending operation, while the tax rate fell sequentially. Profit improvement cannot be attributed entirely to core spread or operating efficiency. What the surface reading misses. The surface reading is: The March profit comparison indicates recovery. The research reads it further: The prior March profit base is lower, and the March tax rate is above the following June rate. The summary's March asset-quality figures also differ from these cells. Lever 2 · Value-added mix: building. New products can change the income mix, provided their extra yield survives credit losses and collection expenses. What proves it keeps working: Higher-yield product diversification. It stops working if The new products fail to gain portfolio share or their incremental credit and servicing costs absorb the extra yield. Sources: our stock research file (10 October 2026) · quarterly results through Sep 2026 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes. ## Did Manba Finance management deliver what it promised? What Manba Finance Ltd's management promised, against what actually happened: 4 promises on the record. Read straight from the company’s own earnings calls. A promise that slipped stays on this page after it is met. FY27 Growth Guidance Reduced · 28 October 2026. In Jul 2026, management guided to AUM growth of 35% to 40%, while in Oct 2026 it guided to 30% to 35%, a 5 percentage-point reduction at both ends of the range. The latest call cited festive-season momentum to support the revised range but did not reconcile the lower guidance with the prior call. Apparent Equity Raise Instrument Change · 28 October 2026. In Jul 2026, management described the planned INR 100 crore raise as preference shares. In Oct 2026, management described the approximately INR 100 crore transaction as a preferential issue of equity and warrants, which implies a materially different capital instrument and potential dilution profile that was not reconciled. Core Vehicle Segment Description Changed · 28 October 2026. In May 2026, management described the financed vehicle base as primarily 100cc to 125cc and used that profile to explain low, necessity-driven risk. In Oct 2026, it said Manba was mainly active in the 150cc segment, a materially different customer and risk profile that was not reconciled. FY27 PAT Goal No Longer Provided · 28 July 2026. In the Jan 2026 call, management gave an explicit FY '27 PAT goal of Rs. 65 crore to Rs. 70 crore. In the Jul 2026 call, it declined to provide specific guidance and replaced the quantified outlook with a generic statement about historical performance, without explaining whether the earlier goal still stands. Every quote above is taken word for word from the company’s own earnings calls. ## How much does Manba Finance earn on its equity and assets? Manba Finance Ltd earned a return on equity of 12% in FY26. Its lowest yearly reading on file was 9% in FY21. On its assets, every ₹100 earned about ₹2.61, before the effect of borrowing. For a lender the balance sheet is the business, so the return on equity and on assets have to be read together. That return is below the level a bank needs to grow its net worth quickly, which helps explain why its multiple is where it is. Why ROE moved: profit grew 24.6% a year over 11 years while net worth grew more slowly. When earnings recover faster than net worth builds up, ROE climbs off its low. ## Does Manba Finance have too much debt? For a bank, borrowing is the raw material of the business, not a warning sign: it borrows money in order to lend it out. Its safety is read through its returns and its loans. Its safety is read from the bad-loan figures and the return on equity instead. Why this happened. Management has raised its annual AUM-growth ambition and described a festival-led lending pickup. Existing distribution provides a route to customers, but borrower demand and dealer activity are dependencies rather than guaranteed retained profit. The latest revenue and PAT comparison shows incomplete profit conversion. Price movement does not confirm this mechanism, and competitors' next pricing response is unknown. For a manufacturer, debt is a claim on its profits. For a lender it is the stock it trades in, so the usual debt-to-equity test would mislead and is not used here. ## What is the Manba Finance shareholding pattern? Foreign institutions cut their stake in Manba Finance Ltd by 4.1 percentage points over 8 quarters, the biggest change among its owners. Foreign institutions now own 1.1% of the company. Domestic institutions moved −3.3 points over the same period, to 0.0%. This uses the four owner groups that companies report every quarter; nothing is guessed between filings. Over the last two years: Foreign institutions: −4.1 points over 8 quarters, to 1.1%; Domestic institutions: −3.3 points over 8 quarters, to 0.0%; Promoters: +0.0 points over 8 quarters, to 75.0%. Why the owners changed: foreign institutions drove it (−4.1 points), together with domestic institutions (−3.3 points). They reduced their stake. ## How far is Manba Finance from balance-sheet trouble? For Manba Finance Ltd, the Z-score is not used, because it was built for manufacturers, not lenders. For a lender, safety is read from its capital and bad-loan figures instead. ## How does Manba Finance rank in its industry? 51.5 out of 100, rank 6 of 9 in NBFC - Others, with 72% of the evidence available. Manba Finance Ltd scores 51.5 out of 100 against the 9 companies it is compared with in NBFC - Others, ranking 6. The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. The four parts add up to the total exactly: 15.9 + 13.7 + 10.7 + 11.2 = 51.5. This is the same number shown on the industry page; it is worked out once for the whole group and read here. What would change it: The score would fall if ROA turns down or gross NPA rises while the share price lags its sector. ## Which companies is Manba Finance compared with? Manba Finance ranks 6 of 9 NBFC - Others companies on the 4-Factor Sector Score, with 51.5 out of 100. 1. Unifinz Capital India Ltd Too little evidence to rank firmly · 50% evidence 76.9 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 32.9/43.75 · Income 100% · Profit 100% · 55% evidence Capital efficiency 24.6/31.25 · ROA 14.1% · ROE 72.1% · GNPA n/a · 68% evidence Valuation 19.4/25 · P/BV 2.72× · P/BV÷ROE 0.04 · 70% evidence Relative strength: no reading this week · its 20 points are shared across the other three Exact sum: 32.9 + 24.6 + 19.4 = 76.9 (no relative-strength reading this week; its 20 points are shared across the other three) · What this means: Some evidence is missing, so the score is pulled toward the middle on purpose. 2. [Aye Finance Ltd](https://www.sectoralpha.in/stocks/aye-finance-ltd) AYE · quiet · Too little evidence to rank firmly · 53% evidence 59.6 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 26.3/43.75 · Income 20.9% · Profit 100% · 62% evidence Capital efficiency 17.9/31.25 · ROA 3.6% · ROE 9.2% · GNPA n/a · 68% evidence Valuation 15.4/25 · P/BV 1.18× · P/BV÷ROE 0.13 · 70% evidence Relative strength: no reading this week · its 20 points are shared across the other three Exact sum: 26.3 + 17.9 + 15.4 = 59.6 (no relative-strength reading this week; its 20 points are shared across the other three) · What this means: Some evidence is missing, so the score is pulled toward the middle on purpose. 3. [A.K.Capital Services Ltd](https://www.sectoralpha.in/stocks/akcapital-services-ltd) AKCAPIT · breaking out · Evidence leans up · 69% evidence 57.4 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 21.1/35 · Income 15.6% · Profit 34.1% · 75% evidence Capital efficiency 13.8/25 · ROA 2.7% · ROE 11% · GNPA n/a · 72% evidence Valuation 11.9/20 · P/BV 1.09× · P/BV÷ROE 0.1 · 100% evidence Relative strength 10.6/20 · Lead over its industry n/a · Lead over NIFTY 500 13% · 1 year 43.4% · 25% evidence · 3 of 9 weeks ahead Exact sum: 21.1 + 13.8 + 11.9 + 10.6 = 57.4 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 4. [Laxmi India Finance Ltd](https://www.sectoralpha.in/stocks/laxmi-india-finance-ltd) LAXMIINDIA · quiet · Evidence leans up · 68% evidence 54.6 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 18.2/35 · Income 29.6% · Profit 42.5% · 88% evidence Capital efficiency 16.8/25 · ROA 2.8% · ROE 13.8% · GNPA n/a · 72% evidence Valuation 11.4/20 · P/BV 1.02× · P/BV÷ROE 0.07 · 70% evidence Relative strength 8.2/20 · Lead over its industry n/a · Lead over NIFTY 500 -16% · 1 year n/a · 25% evidence · 7 of 12 weeks ahead Exact sum: 18.2 + 16.8 + 11.4 + 8.2 = 54.6 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 5. [India Finsec Ltd](https://www.sectoralpha.in/stocks/india-finsec-ltd) leader · Evidence leans up · 73% evidence 52.5 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 17.7/35 · Income 29.4% · Profit 21.9% · 62% evidence Capital efficiency 17.8/25 · ROA 4.7% · ROE 12.6% · GNPA n/a · 68% evidence Valuation 3.3/20 · P/BV 5.22× · P/BV÷ROE 0.41 · 70% evidence Relative strength 13.7/20 · Lead over its industry -1.3% · Lead over NIFTY 500 30.6% · 1 year 46.8% · 100% evidence · 12 of 12 weeks ahead Exact sum: 17.7 + 17.8 + 3.3 + 13.7 = 52.5 · What this means: A strong business with a high valuation: it would need rising earnings, or a lower multiple, to score better on value. 6. Manba Finance Ltd this page MANBA · leader · Evidence leans up · 72% evidence 51.5 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 15.9/35 · Income 32.6% · Profit 21.4% · 100% evidence Capital efficiency 13.7/25 · ROA 2.3% · ROE 11.6% · GNPA n/a · 72% evidence Valuation 10.7/20 · P/BV 1.68× · P/BV÷ROE 0.14 · 70% evidence Relative strength 11.2/20 · Lead over its industry n/a · Lead over NIFTY 500 18.5% · 1 year 2.7% · 25% evidence · 11 of 12 weeks ahead Exact sum: 15.9 + 13.7 + 10.7 + 11.2 = 51.5 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 7. [Mangal Credit & Fincorp Ltd](https://www.sectoralpha.in/stocks/mangal-credit-fincorp-ltd) MANCREDIT · Evidence leans down · 64% evidence 47.7 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 26.3/43.75 · Income 48.7% · Profit 45.9% · 75% evidence Capital efficiency 18.0/31.25 · ROA 3% · ROE 9.8% · GNPA n/a · 72% evidence Valuation 3.4/25 · P/BV 2.71× · P/BV÷ROE 0.28 · 100% evidence Relative strength: no reading this week · its 20 points are shared across the other three Exact sum: 26.3 + 18 + 3.4 = 47.7 (no relative-strength reading this week; its 20 points are shared across the other three) · What this means: There is no relative-strength reading for this week, so the score is built from earnings, capital efficiency and valuation alone. 8. [Mrugesh Trading Ltd](https://www.sectoralpha.in/stocks/mrugesh-trading-ltd) losing its lead · Too little evidence to rank firmly · 45% evidence 42.1 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 12.1/35 · Income -41.9% · Profit -80% · 33% evidence Capital efficiency 4.0/25 · ROA -0.3% · ROE -0.5% · GNPA n/a · 68% evidence Valuation 9.0/20 · P/BV 79× · P/BV÷ROE n/a · 10% evidence Relative strength 17.0/20 · Lead over its industry 100.6% · Lead over NIFTY 500 106.6% · 1 year 3851.5% · 70% evidence · 10 of 12 weeks ahead Exact sum: 12.1 + 4 + 9 + 17 = 42.1 · What this means: Some evidence is missing, so the score is pulled toward the middle on purpose. 9. [Dhenu Buildcon Infra Ltd](https://www.sectoralpha.in/stocks/dhenu-buildcon-infra-ltd) quiet · Too little evidence to rank firmly · 43% evidence 40.0 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 17.4/35 · Income 100% · Profit -80% · 55% evidence Capital efficiency 5.3/25 · ROA 0% · ROE -0.3% · GNPA n/a · 68% evidence Valuation 9.8/20 · P/BV 2.63× · P/BV÷ROE n/a · 10% evidence Relative strength 7.5/20 · Lead over its industry n/a · Lead over NIFTY 500 -47.9% · 1 year -36.7% · 25% evidence · 0 of 12 weeks ahead Exact sum: 17.4 + 5.3 + 9.8 + 7.5 = 40 · What this means: Some evidence is missing, so the score is pulled toward the middle on purpose. Missing figures are not scored as bad. They lower the confidence and pull the final score toward the middle. Relative strength counts only when the company has a reading for this week; with no reading, that factor is left out and its 20 points are shared across the other three in proportion. Financial companies use P/BV÷ROE and asset quality; PEG, industrial OPM and ROCE are excluded. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step path the industry is placed on (basing, turning, breaking out, leader, fading, asleep), read from how many weeks running it has led NIFTY 500 and whether that lead is growing or shrinking. It describes where the share price stands, not the direction of earnings, and it is not a recommendation; it is left blank for a company whose weekly history is too short or too stale to read. The figures in this ranking come from the industry comparison: results through the Sep 2026 quarter, and the P/E at that quarter's end. The sections above use the latest weekly price, so a P/E or return there can differ a little from the one here. The stage words in this ranking (such as losing its lead or breaking out) describe the lead over the index, not the price phase in the price section. Related companies: [NBFC - Others](https://www.sectoralpha.in/sectors/nbfc-others), all 9 compared on one page. ## Which companies are close to Manba Finance in size? Manba Finance is the 5th largest of 8 NBFC - Others companies on Sector Alpha by market value (scores of 30 October 2026). Just above it: Aye Finance, Dhenu Buildcon Infra and A.K.Capital Services. Just below it: India Finsec, Laxmi India Finance and Mangal Credit & Fincorp. ### NBFC - Others companies close in size

1. [Aye Finance Ltd](https://www.sectoralpha.in/stocks/aye-finance-ltd) ₹3,182 crore
2. [Dhenu Buildcon Infra Ltd](https://www.sectoralpha.in/stocks/dhenu-buildcon-infra-ltd) ₹2,213 crore
3. [A.K.Capital Services Ltd](https://www.sectoralpha.in/stocks/akcapital-services-ltd) ₹1,139 crore
4. Manba Finance Ltd ₹730 crore
5. [India Finsec Ltd](https://www.sectoralpha.in/stocks/india-finsec-ltd) ₹728 crore
6. [Laxmi India Finance Ltd](https://www.sectoralpha.in/stocks/laxmi-india-finance-ltd) ₹476 crore
7. [Mangal Credit & Fincorp Ltd](https://www.sectoralpha.in/stocks/mangal-credit-fincorp-ltd) ₹469 crore

[All 8 NBFC - Others companies, largest first](https://www.sectoralpha.in/sectors/nbfc-others#all-companies)

### Companies close in size in other industries

1. [Mukka Proteins Ltd](https://www.sectoralpha.in/stocks/mukka-proteins-ltd) ₹731 crore · FMCG Processing - Other
2. [Zim Laboratories Ltd](https://www.sectoralpha.in/stocks/zim-laboratories-ltd) ₹731 crore · Pharma - Formulators
3. Manba Finance Ltd ₹730 crore
4. [IIRM Holdings India Ltd](https://www.sectoralpha.in/stocks/iirm-holdings-india-ltd) ₹728 crore · Miscellaneous
5. [India Finsec Ltd](https://www.sectoralpha.in/stocks/india-finsec-ltd) ₹728 crore · NBFC - Others

## What else do people ask about Manba Finance? ### What is Manba Finance's share price today? Manba Finance Ltd's share price is ₹143.15, +1.1% over the past year. The whole company is worth ₹721 Cr on the market. In the last 52 weeks it traded between ₹105 to ₹146; today it is 94% of the way up from the low, 8.7% above its 200-day average (as of 3 November 2026). ### What were Manba Finance's latest quarterly results? Manba Finance Ltd reported total income of ₹98.0 Cr and net profit of ₹14.0 Cr for the Sep 2026 quarter. Income rose 25.6% and profit rose 27.3% compared with a year earlier. Earnings per share were ₹2.73. The net margin was 14.3%, 0.2 percentage points higher than a year earlier (as of 3 November 2026). ### What is Manba Finance's market cap? Manba Finance Ltd's market capitalisation is ₹721 Cr at a share price of ₹143.15. Market cap is the share price times the number of shares, so it changes whenever the price moves (as of 3 November 2026). ### How is Manba Finance performing? Manba Finance Ltd's share price has been rising for 14 weeks. In its latest quarter, income rose 25.6% and profit rose 27.3% compared with a year earlier. Over the past 13 weeks it has done better than the NIFTY 500, for 10 weeks running (as of 3 November 2026). ### Will Manba Finance's share price go up? This page does not forecast Manba Finance Ltd's share price. What it shows instead: the share price is ₹143.15, and it has been rising for 14 weeks. Its P/BV of 1.7× is higher than 25% of its own last 2 years (as of 3 November 2026). ### Who owns Manba Finance? Promoters own 75.0% of Manba Finance Ltd, foreign institutions 1.1%, domestic institutions 0.0% and the public 23.9% (latest quarter). The biggest change over the last two years: Foreign institutions cut their stake by 4.1 percentage points over 8 quarters (as of 3 November 2026). ### Where is Manba Finance in its business cycle? Manba Finance Ltd's FY26 net margin was 13.7%, against a 9-year range of 8.4% to 16.1%: the middle of its own range, neither a peak nor a low. The latest quarter was 14.3%. Comparing margins with a company's own long history is a good way to see where it is in its cycle (as of 3 November 2026). ### What could break the Manba Finance story? The main question: foreign institutions moved −4.1 percentage points over 8 quarters while the business went the other way. On price, this page treats a rise as over when the share price closes below its 200-day average on two Fridays in a row (as of 3 November 2026). ### Is Manba Finance a stock worth studying right now? What the numbers show: Manba Finance Ltd's results are improving, while its P/BV is near the low end of its own history over 2 years, higher than only 25% of past readings. The main open question: whether the owners’ moves turn back in line with the business. Every number on this page is worked out by code from the published figures, with no forecasts and no price opinions (as of 3 November 2026). ### Is there a Manba Finance share price forecast for 2026? What management itself guided: FY27 and FY28 AUM growth 30-35% each with second-half festive weighting. One change in Manba Finance's own numbers looks lasting: new regions and countries. What would change the story: The thesis would break if the expanding loan book produces worsening gross and net NPAs alongside a decline in reported profit, with management unable to reconcile the deterioration through product-level credit costs and funding economics. ## Lists

- Multibagger study list: https://www.sectoralpha.in/multibagger-stocks-india
- Momentum stocks: https://www.sectoralpha.in/momentum-stocks-india

This is research, not advice. We’re not SEBI-registered.