Any Manappuram shareholder would be truly delighted or atleast reassured to hear this.
But this is also the GenAI era and GenAI is known for making up facts in terms of hallucinations and it’s important to be cautious about this as small investors.
Therefore, best if there was a way we could also independently validate this turnaround accomplishment track record of Bain in India so that the value of holding this stock genuinely benefits it’s small shareholders 
Disc: Invested
Good result
Eps 4.7 vs 2.8 last quarter
And book value 170 vs 150
Microfinance turn around
Gold AUM good growth
Waiting for con call upload on you Tube
Microfinance showing signs of recovery. If they execute even fairly in FY 27, I dont think why it should not trade at atleast 3X BV same time next year
U are spot on
Current book value is 170
Possibly it could reach 300 in Three -five years and on conservative basis 2.5 book value
Looks like bad times are behind
screener shows book value as 190.
This is due to their MFI business recovery
What a simple, plain text Resignation email from ECO to Chairman.
He was on medical leave from last two quarters. Wondering how Bain Capital trusted on this fellow to turnaround Manappuram.
Or It is too difficult to work with VP Nandkumar that CEO first went on medical leave and then even resigned.
A short term set back on the day Manappuram touched life time high.
Also, Resignation email received before 12 noon, but company disclosing post market hours.
Thats the problem, chairman may not allow ceo to work independently and bain must have understood this too. Lets see, what happens next !
Also i think market knew this is coming ( med leaves etc already taken ). Interesting i think market is also anticipating a new better ceo and hence all time high by stock with decent volume!
New CEO joined in August 2025, took 4 months medical leave in February 2026, Chairman mentioned that they will wait for him to join back and his health is improving when there was a question on finding his replacement and now he resigned with gardening leave till December 2026, to pusue other personal and professional interests. Why can’t people be transparent …
A fresher also would not write a resignation mail like this ..that too when one must be aware that this will be put in public domain
I guess that is why market is real happy with the resignation.
350 !! Lifetime high on ceo resignation 
I am sure market knows the name of new ceo !
Lifetime high I feel it was due for long time
It was trading at dirt cheap valuations for long periods of time
Still it’s below fair value and lot of growth is not priced in yet
Gold loan has long runway
Now Microfinance sector is also turning around
Bain entered in business for right reasons
Excellent set of numbes
10 Important Points from Management
“We have grown around nearly 12% at Q1. Our expectation for growth of gold loan this year is around 30%, because some quarters are per season, some quarters are off seasons. We expect that to be some between 25%-30%.”
“We expect the yield to be somewhere around 18%. It may go down by 25 basis points or go up by 25 basis. Beyond that, we do not expect anything. It will be around 18%.”
“64%-67% is the average LTV range in the normal scenario. March end, 57% came mainly because of the price point… the price has dropped by about 8.5%.”
“Standalone borrowing cost has gone by about 10 basis points in the first quarter of FY27. On an incremental basis, we will be around the 8.8, 9 handle.”
“We have temporarily stopped the vehicle lending, vehicle finance. We are focusing on collection. GNPA continues to be elevated at 13.3%.”
“These products are priced at 14%-16% and can carry LTVs up to 85%… We have not gone beyond 18%, even though we have seen some lending institutions lending even more than that. We have restricted to that. The portfolio is still very small.”
“Currently our pricing is at the lowest range in the NBFC industry. With the market, we cannot be totally away from the market. We have to move according to the market.”
“During the initial months, it will be low, but it will pick up. You will see a good improvement during the second quarter. We are confident of reaching that target of 500 branches.”
“We are targeting an ROA of around 3.5%-4%, and targeting an ROE of 15%-18%, which is the ROE target. In three years, our expectation is to take that ROE to around 18%.”
“At the group level, we want to contain microfinance at below 10%… we want to grow that along with our overall growth, but in a stable manner where the asset quality is the prime concern.”
Was reviewing last one year of activities in Manappuram.
Post Q1FY26, it was available at a valuation of 1.8 times Price to Book Value.
Disc: Invested, Trusting execution skills of Bain appointed management.
This private equity major, which invested in a non-bank last year, had always wanted an all-or-nothing deal. But the near-octogenarian promoter wasn’t ready to shake hands on those terms. After nearly a year of negotiations, the two finally settled on a middle path.
But now it seems neither of them is happy. We hear both sides may be looking at buying out the other’s stake. A leadership change, which is around the corner, has given the promoter the muscle to be more hands-on in the business. Unsurprisingly, that hasn’t gone down well with the investor.
The promoter, meanwhile, is said to be unconvinced about the value the new equity partners are bringing to the table.
Now the big question is: Will the partnership sustain, and if not, who will buy out the other?
Looks like Manappuram ??
This is hilarious, no investor was willing to quote manappuram under nandkumar’s leadership a PB multiple more than 1.5times.
Personally, investors like me can see the kind of operational trust a PE player will bring on board vs the puppets which were appointed by nandkumar to run the show.
Infact, RBI too had made his life difficult because of his acts and absence of clear succession plan.
Bain brought in a professional CEO (Ashish Singh from ICICI) instead of founder-led management. Banks, investors, and rating agencies trust professional CEOs more—they get better credit rates and attract institutional money. The founder stepping back as chairman removes the one-man-risk. This governance cleanup won’t show in numbers immediately
Should we just ban pure ai written stuff at valupickr? It doesn’t add any value honestly.
