Mangal Credit & Fincorp Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Mangal Credit & Fincorp Ltd trades at ₹239, in a confirmed uptrend and 10 weeks into that stage. That is +23.8% against its own 200-day average. It sits at 92% of a 52-week range of ₹168 to ₹246. On relative strength it has no relative-strength read yet.

Today the stock is in a confirmed uptrend — week 10 of stage 2, confirmed. At ₹239 it trades +23.8% versus its 200-day average and sits at 92% of its 52-week range (₹168–₹246).

Against the market, two honest reads. Cumulative: over the last 2 months the stock moved +43% while the NIFTY 500 moved +5% — ahead of the index over the full window. Recent form: no trailing-13-week read yet — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

Valuation For a bank we price the book, not the earnings: P/BV is what the market pays for each ₹1 of the bank's net worth. A bank below 1× book is priced below the value of what it owns, net of what it owes.

Mangal Credit & Fincorp Ltd trades at 4.9× P/BV, about the priciest it has ever traded. Its long-run median P/BV is 1.8×, measured across 10.1 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/BV of 4.9× is about the priciest it has ever traded, against a long-run median of 1.8× measured over 10.1 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

The honest context for that discount: a bank earning about 8% on its equity is worth less per rupee of book, and the market has priced that in rather than overlooked it. The discount closes only if the returns themselves improve.

Put together: the multiple is full against its own past, so the story rests on the book-value line underneath it, not the multiple.

Stage: No read Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Mangal Credit & Fincorp Ltd reads as no read on its fundamental arc. Under eight usable quarters on the growth trio — not enough history for an honest trajectory read. The read is built from 4 quarters across 1 curve, on partial evidence.

Why it matters: with too little history, an honest page says so instead of guessing a trajectory.

One or more growth curves carry a base-effect spike — a large year-on-year move off a near-zero or loss-making comparable quarter. Those spikes are capped before the classifier reads the trajectory, and shown pinned on the chart, so a single distorted quarter does not drive the stage call.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

Fewer than eight usable quarters on the growth curves — this page will not guess a trajectory from a stub of history.

4-Factor Sector Score

42.3/100 — rank 7 of 8 in NBFC - Others · 34% evidence confidence · provisional, ranked below fully-evidenced peers

Mangal Credit & Fincorp Ltd scores 42.3 out of 100 against the 8 companies it is compared with in NBFC - Others, ranking 7. Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

The four contributions add to the total exactly: 18.2 + 11.2 + 0.9 + 12 = 42.3. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if ROA rolls over or gross NPA rises while sector-relative strength deteriorates.

Revenue For a bank, revenue is everything the franchise earns — interest on the loan book plus fee and other income.

Mangal Credit & Fincorp Ltd reported ₹8.8 Cr of income in the Dec 19 quarter, −38.0% year on year. Over 7 years it has compounded at 66.0% a year. The last full year, FY19, came in at ₹104 Cr. The last four reported quarters add to ₹108 Cr.

FY19 revenue came in at ₹104 Cr (−8.8% on the year), capping 7 years at 66.0% compound. The latest quarter (Dec 19) printed ₹8.8 Cr, −38.0% year on year.

Pace check: the last four quarters averaged −37.2% growth against the decade's 66.0% — the current year is running slower than its own long-run rate.

Net margin Net margin — what the bank keeps of every ₹100 of revenue after every cost, provision and tax. It is the cleanest single margin we can read for a lender.

Mangal Credit & Fincorp Ltd's net margin is 22.2% in the Dec 19 quarter, −33.4 percentage points against the same quarter a year ago. Across 8 fiscal years the net margin has ranged 1.3% to 33.3%. The current quarter sits inside that band.

The latest quarter's net margin is 22.2%, −33.4 pp against the same quarter a year ago. Across 8 fiscal years the net margin has ranged 1.3%–33.3%.

Why: the numbers show the net margin move clearly, but the cost lines behind it sit below what we hold — so we state the move without inventing its driver.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Mangal Credit & Fincorp Ltd earned ₹2.0 Cr of net profit in the Dec 19 quarter, −75.3% year on year. Full-year FY19 profit was ₹8.0 Cr. The 7-year compound rate is 34.6%. That is 22.2% of the quarter's revenue. The same quarter a year earlier earned ₹7.9 Cr. 2 of the last 8 reported quarters were loss-making.

Dec 19 profit was ₹2.0 Cr, −75.3% year on year. On the full year, FY19 printed ₹8.0 Cr (−11.1%), and the 7-year compound rate is 34.6%.

Asset quality — the ladder Gross NPA is the slice of the loan book where repayments have stopped. Net NPA is what remains after the money already set aside against those loans. Falling is healing; rising is damage arriving.

Loan-book quality history is not available for Mangal Credit & Fincorp Ltd, so this section names the gap rather than estimating a ratio. No gross or net non-performing-asset series is filed in a form this page can read, and none is inferred from the profit line. The income, margin and return sections above carry the evidence this business does report.

We do not hold quarterly loan-book quality numbers for this bank, so this section states that plainly rather than working around it.

Why: loan-book quality is the engine room of a bank, and its drivers — slippages, recoveries, provisioning — sit below what we hold for this name; the sections around it carry the reads we can stand behind.

The loan book We read the loan book through revenue — when the book grows, revenue grows with it. It is a rough proxy, and we say so: rate moves and fee swings can shift it a few points in any one year.

Mangal Credit & Fincorp Ltd's revenue grew −8.8% in FY19 to ₹104 Cr, so the book is flat. The latest quarter ran −38.0% year on year. The net margin on that income is 22.2%, −33.4 percentage points against a year ago.

FY19 revenue was ₹104 Cr, −8.8% on the year, and the latest quarter ran −38.0% year on year. The net margin on that revenue is 22.2% this quarter (−33.4 pp YoY) — growth with a narrowing margin on it.

The synthesis: a lender compounds when the book grows while the margin holds and the loan book stays clean — gross NPA is the loan-quality read we carry here.

Returns on equity and assets Two numbers rate a bank: ROE — what it earns on shareholder money — and ROA — what it earns on everything it deploys. ROE above ~13–15% earns its keep; below that, growth builds book slowly.

Mangal Credit & Fincorp Ltd earns a return on equity of 8% in FY19. Its trough over the ladder below was 1% in FY16. For a lender the balance sheet is the operating asset, so equity return and asset return have to be read together.

FY19 ROE came in at 8%, recovered from a FY16 trough of 1%. On assets, the latest reading is about null% — every ₹100 the bank deploys earns roughly null a year. That return is below the bar a bank must clear to compound book value quickly — which is also the honest reason the stock trades where it does.

Why ROE moved: profit compounded 34.6% a year over 7 years while the equity base grew more slowly — earnings recovering faster than book value builds is what lifts ROE off a trough.

Debt

For a bank, borrowings are raw material, not a warning sign — solvency is read through the returns and the loan book. A manufacturer’s debt is a claim against its profits, so the debt-to-equity lens that works everywhere else misleads on a lender and is not applied here.

A manufacturer’s debt is a claim against its profits; a bank’s borrowings are its inventory — money taken in to be lent out. The debt lens that works everywhere else misleads here, so this page does not apply it. The solvency questions for a bank — is the loan book sound, is the equity earning — are read through the loan-book and returns sections above.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Promoters added 3.5 points of Mangal Credit & Fincorp Ltd over 8 quarters, the biggest move on the register. That takes promoters to 55.3% of the company. Foreign institutions moved +0.1 points over the same window, to 0.1%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Promoters: +3.5 points over 8 quarters to 55.3%; Foreign institutions: +0.1 points over 8 quarters to 0.1%; Domestic institutions: +0.0 points over 8 quarters to 0.0%.

Why the register moved: promoters drove it (+3.5 points) — steady accumulation by institutions reading the same numbers this page reads.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Mangal Credit & Fincorp Ltd: the Z-score is omitted — it was built for manufacturers, not banks, and applying it here would be theatre. The Z-score was built for manufacturers and is not applied to banks and lenders, so solvency here is read from the capital and asset-quality lines instead.

The safety line in one sentence: the Z-score is omitted — it was built for manufacturers, not banks, and applying it here would be theatre.

Frequently asked questions