Manappuram Finance Limited has filed a revised disclosure under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, dated May 12, 2026, in continuation of its earlier intimation dated May 05, 2026. The disclosure pertains to the resignation of six Non-Executive Independent Directors from the company's Board, all effective May 05, 2026.

Board Records Six Independent Director Resignations

The Board of Directors, at its meeting held on May 05, 2026, noted and took on record the resignations of the following individuals as Non-Executive Independent Directors:

• Mr. Abhijit Sen (DIN: 00002593)
• Ms. Pratima Ram (DIN: 03518633)
• Ms. V P Seemandini (DIN: 07850522)
• Mr. T C Suseel Kumar (DIN: 06453310)
• Mr. Edodiyil Kunhiraman Bharat Bhushan (DIN: 01124966)
• Mr. Sankaran Nair Rajagopal (DIN: 10087762)

All resignations are effective from May 05, 2026. The revised disclosure was submitted in compliance with Regulation 30 read with Clause 7B of Para A of Part A of Schedule III of the Listing Regulations, and the SEBI Master Circular dated January 30, 2026 (Reference No. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026).

Directorships and Committee Memberships in Other Listed Entities

As required under the Listing Regulations, Manappuram Finance provided details of other listed entity directorships and board committee memberships held by the resigning directors as on April 01, 2026. The following table summarises this information:

Committee Memberships of Mr. T C Suseel Kumar

Among the six resigning directors, Mr. T C Suseel Kumar held the most extensive board committee roles across other listed entities as on April 01, 2026. The details are as follows:

PCBL Chemical Limited:

• Audit Committee (Chairman)
• Sustainability and Risk Management Committee (Member)
• Nomination and Remuneration Committee (Member)

Firstsource Solutions Limited:

• Nomination and Remuneration Committee (Chairman)
• Audit Committee (Member)

LIC Housing Finance Limited:

• Risk Management Committee (Member)
• Nomination and Remuneration Committee (Member)
• IT Strategy Committee (Member)
• Settlement Committee (Member)

Regulatory Compliance

The revised disclosure was signed by Aparna Menon, Company Secretary of Manappuram Finance Limited, and submitted to BSE Limited, National Stock Exchange of India Limited, and India International Exchange (IFSC) Ltd on May 12, 2026. The filing carries Reference No. SEC/SE/36/2026-27 and is in continuation of the earlier intimation bearing Reference No. SEC/SE/28/2026-27, dated May 05, 2026.

Three major brokerages have issued contrasting views on Manappuram Finance , reflecting a nuanced picture of the non-banking financial company's recent performance and strategic direction. While gold loan growth has emerged as a consistent positive across all three assessments, divergent views on profitability, yield trajectory, and non-gold segment visibility have resulted in ratings spanning from Hold to Buy, with target prices ranging from ₹270 to ₹360. The company has also formally filed the transcript of its Q4FY26 financial results conference call, held on May 4, 2026, with stock exchanges on May 11, 2026, making it publicly available on its website. Adding further context, management shared detailed forward-looking guidance across key business segments during the concall.

Analyst Ratings Overview

Morgan Stanley has maintained an Equal-weight rating with a target price of ₹270, citing a balanced outlook underpinned by both strengths and uncertainties. The brokerage acknowledged strong gold loan growth of +31% QoQ and noted positive developments in yield normalization and a calibrated expansion strategy. However, Morgan Stanley flagged limited visibility in the company's non-gold segments as a key concern. Management guidance was noted as largely qualitative, with a 15% ROE aspiration by FY28 being the primary forward-looking benchmark.

CLSA has assigned a Hold rating with a target price of ₹305, reflecting a cautious stance following a weaker-than-expected quarterly performance. The brokerage highlighted that 4QFY26 PAT missed estimates by –14%, attributing the shortfall to net interest income (NII) pressure and elevated provisions, including a one-off write-off in the vehicle finance segment. Despite these headwinds, CLSA acknowledged strong gold loan growth of approximately ~30% QoQ. The brokerage noted a sharp yield decline of approximately ~400 basis points over four quarters, though it indicated that yields are now seen as bottoming out.

Jefferies has taken the most constructive view, upgrading Manappuram Finance to Buy with a target price of ₹360. The brokerage pointed to a Q4 PAT beat of +69% QoQ, driven primarily by a provisions release, as a key positive. AUM growth of +22% QoQ and improving gold loan demand further supported the upgrade. Jefferies projected approximately ~2.6x profit growth and ROE rising to approximately ~13% over FY26–28, with valuations seen as reasonable at approximately ~1.6x FY27 book value.

The following table summarizes the key parameters from each brokerage's assessment:

Management Concall Guidance

Management provided detailed guidance across multiple business segments during the concall held on May 4, 2026. On profitability, credit costs are expected to improve in subsequent quarters, aiding PAT accretion, particularly with continued improvement in the Asirvad portfolio and non-gold segments. Gold loan yields are expected to stabilize between 17.5% to 18%, with no further decline anticipated, while consolidated ROE is targeted to improve to 13–16% over the next one to two years, alongside an ROA target of over 15%.

The following table captures the key guidance parameters shared by management:

Segment-Wise Outlook

On the microfinance front, the business is expected to stabilize progressively with a focus on sustainable growth and improved risk-adjusted returns. The new book, currently at 59% of the portfolio, is targeted to reach 75% by Q1 FY27. For gold loans, management expects steady momentum in FY27, driven by consumer demand and new product offerings covering consumption and income-generating loans, supported by plans to open 500–550 new branches.

On consolidated AUM, management guided for growth at a reasonably good level, exceeding the previous year's volume growth. Non-gold portfolios are also expected to show improvement, attributed to new leadership and focused operational actions. The range of analyst views, combined with management's forward guidance and the publicly filed concall transcript, underscores the complexity of Manappuram Finance's current operating environment, where strong gold loan momentum is being weighed against profitability pressures and segment-specific recovery timelines.