New Delhi, Aug. 12 -- After a muted FY26, Manappuram Finance saw profitability pick up in the June quarter (Q1FY27), with gold loans doing the heavy lifting and compensating for muted growth in its non-gold businesses.

Consolidated assets under management (AUM) grew 57% year-on-year to Rs.69,635 crore, with gold loan AUM nearly doubling to Rs.57,006 crore. Gold loans contributed 82% to consolidated AUM in Q1FY27, compared with 65% a year ago.

Higher gold prices and a gradual shift towards formalized financing buoyed gold loan demand even in a seasonally weak Q1. Manappuram is targeting around 25-30% growth in gold loans in FY27, while peer Muthoot Finance is targeting 15%.

Gold loan yield rose 60 basis points sequentially to 17.7% in Q...