Nirmal Bang Institutional Equities on Friday said Manappuram Finance’s (MGFL) Q4FY25 results missed estimates across key metrics, and the brokerage flagged three reasons why the stock may face an overhang in the near term. They include asset quality stress and AUM decline in Asirvad Microfinance, growth constraints arising from RBI’s restrictions on new branch openings, and margin pressure as yields on the core gold loan business trend lower. It reiterated a HOLD rating and a target of Rs 290 on the stock that is up 76 per cent in 2025 so far. CLSA also downgraded the stock to 'Hold' and suggested a target of Rs 290. Advertisement

Nirmal Bang noted that net interest income, pre-provision operating profit, and profit after tax fell short of expectations by 7.3 per cent, 16 per cent, and 2

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