Manappuram ends family-led era as Bain brings in a professional MD

Kolkata: Gold loan company Manappuram Finance on Tuesday announced a leadership change, effectively transforming it from a family-run business to a professional-led model following Bain Capital taking up joint control with the promoter's family.

VP Nandakumar, who has been spearheading the company as managing director since way back in 1992 when it was incorporated, will step down from executive role and become a non-executive chairman from January 1, 2027.

The Kerala-based lender has appointed Ashish Singh as the MD and CEO from next year. Singh will be appointed for five years, subject to the approval of the shareholders, the company said.


Singh, a banker with 25 years of experience in the retail space, had been with IDFC First Bank as head of retail liabilities. Singh tendered his resignation from IDFC First on Tuesday, the bank said in a stock exchange filing.

Private equity major Bain Capital received Reserve Bank of India's approval in February this year to acquire up to 41.6% in Manappuram, following the initial agreement signed in March 2025.

According to the deal, Bain Capital has the right to nominate the CEO & other key managerial personnel for Manappuram Finance and group companies. Bain also has the right to materially influence the strategic decision making at the Kerala-based lender, while the existing promoters will hold 28.9% stake on a fully diluted basis.

Manappuram’s origin dates back to 1949 when Nandakumar’s father VC Padmanabhan started a pawn-broking and money-lending business

On Tuesday, the non-banking financial company reported an over four-fold jump in first quarter consolidated net profit at Rs 585 crore as compared with Rs 133 crore in the year ago period. The assets under management grew by 57 year-on-year to Rs 69,635 crore during the quarter.

The lender's gold loan AUM reached Rs 57,006 crore, registering a 98% surge, even as Nandakumar said that "volatility in gold prices was a serious concern that affected overall business sentiment". Its income from operations stood 34% higher at Rs 3,033 crore while net interest income rose 25% at Rs 1,759 crore.

The company board proposed an interim dividend of Rs one per equity share of face value of Rs 2 each.

ends


On Tue, Aug 11, 2026 at 9:36 PM Atmadip Ray <atmadip.ray@gmail.com> wrote:


Dear Online Team

Please change the headline and also take the updated copy

Manappuram to end family-led era as Bain brings in a professional MD

Thanks

https://economictimes.indiatimes.com/industry/banking/finance/manappuram-ends-family-led-era-as-bain-brings-in-a-professional-ceo/articleshow/133157554.cms?from=mdr

Manappuram to end family-led era as Bain brings in a professional MD
Atmadip Ray

Kolkata: Gold loan company Manappuram Finance on Tuesday announced a leadership change, effectively transforming it from a family-run business to a professional-led model following Bain Capital taking up joint control with the promoter's family.

VP Nandakumar, who has been spearheading the company as managing director since way back in 1992 when it was incorporated, will step down from executive role and become a non-executive chairman from January 1, 2027.

The Kerala-based lender has appointed Ashish Singh as the MD and CEO
from next year. Singh will be appointed for five years, subject to the approval of the shareholders, the company said.

Singh, a banker with 25 years of experience in the retail space, had been with IDFC First Bank as head of retail liabilities. Singh tendered his resignation from IDFC First on Tuesday, the bank said in a stock exchange filing.

Private equity major Bain Capital received Reserve Bank of India's approval in February this year to acquire up to 41.6% in Manappuram, following the initial agreement signed in March 2025.
According to the deal, Bain Capital has the right to nominate the CEO & other key managerial personnel for Manappuram Finance and group companies. Bain also has the right to materially influence the strategic decision making at the Kerala-based lender, while the existing promoters will hold 28.9% stake on a fully diluted basis.

Manappuram’s origin dates back to 1949 when Nandakumar’s father VC Padmanabhan started a pawn-broking and money-lending business

On Tuesday, the non-banking financial company lender reported an over four-fold jump in first quarter consolidated net profit at Rs 585 crore as compared with Rs 133 crore in the year ago period. The assets under management grew by 57 year-on-year to Rs 69,635 crore during the quarter.

The company’s gold loan AUM reached Rs 57,006 crore, registering a 98% surge, even as Nandakumar said that "volatility in gold prices was a serious concern that affected overall business sentiment".

The company proposed an interim dividend of Rs one per equity share of face value of Rs 2/- each.

Its income from operations stood 34% higher at Rs 3,033 crore while net interest income rose 25% at Rs 1,759 crore.