| Metric | Movement | Analysis |
|---|---|---|
| Gold Loan AUM (Standalone) | Rs 37,144 Cr (Up 22.8% QoQ, Up 56.8% YoY) | Strong rebound in core gold business; growth driven by higher disbursement momentum and gold prices. |
| Gold Tonnage | 58.96 tonnes (Up 3.2% QoQ, Up 2.8% YoY) | Stable collateral base; value growth largely price-led. |
| Standalone PAT | Rs 381 Cr (Up 1.4% QoQ, Down 15.9% YoY) | Sequential stability but YoY pressure due to higher credit costs and elevated funding costs. |
| Net Yield | ~18.5% (Down from ~19.7% YoY trend) | Yield softening compared to earlier years; competitive intensity visible. |
| Cost of Borrowing | ~8.8% (Down from 9.1% QoQ) | Funding cost easing sequentially; ALM remains diversified and stable. |
| ROA | 3.1% (Down from 4.6% YoY) | Profitability moderated due to higher provisions and operating costs. |
| ROE | 12.0% (Down from 16.0% YoY) | Capital returns compressed; profitability not yet fully aligned with AUM growth. |
| LTV (Implied Safety Margin) | 56% (Stable QoQ) | Conservative LTV; adequate cushion against gold price volatility. |
| Per Branch AUM (Gold) | Rs 10.5 Cr (Up from Rs 8.6 Cr YoY approx.) | Productivity improving as gold AUM scales without branch expansion. |
| Average Ticket Size | Rs 101k (Up vs Rs 75k YoY) | Meaningful rise driven by gold price increase and higher customer borrowing capacity. |
| CRAR | 24.62% | Strong capital buffer; comfortably above regulatory requirements. |
| Leverage (Capital Gearing) | Borrowings Rs 46,256 Cr (Up 22.6% QoQ) | Rapid liability build-up to fund growth; manageable given capital levels. |
| Stage III Loans (%) | ~2.6% GNPA (Standalone trend) | Asset quality elevated vs pure gold lenders; needs monitoring. |
| ECL Provision Coverage | Not explicitly disclosed; higher provisioning in MFI segment | Microfinance stress continues to impact consolidated credit cost. |
Manappuram's gold business is accelerating again, but consolidated profitability remains weighed down by MFI stress and credit costs. Core gold franchise is strong; improvement in return ratios will depend on stabilizing non-gold portfolio.