Synopsis: Mantra Capital reported AUM of ₹123 crore as of June 2026, up from ₹110 crore in the previous quarter, with loans disbursed rising to 3,042 across 20 branches in four states.
India’s secured lending NBFC space continues to expand as entrepreneur-led businesses and the fast-growing logistics and mobility economy seek access to credit beyond traditional banking channels. Smaller, RBI-regulated NBFCs focused on secured, niche lending segments are increasingly partnering with banks through co-lending arrangements to scale sustainably.
Shares of Mantra Capital Ltd, with a market capitalisation of Rs. 60.76 crore, were trading at Rs. 16.99, up 10.11 percent in Wednesday’s trade. The stock remains nearly 27 percent below its 52-week high of Rs. 23.29 and has gained around 36 percent from its 52-week low of Rs. 12.48. Despite today’s rally, the stock continues to report losses, with a negative EPS and FY26 net loss of Rs. 13.46 crore.
What’s the News?
Mantra Capital Limited, formerly Savani Financials Limited, published a business update on its website disclosing that its assets under management crossed ₹123 crore as of June 2026, up from ₹110 crore at the end of the previous quarter and more than 80 percent higher year-on-year from ₹67 crore in Q2 FY26.
The company disbursed over 3,000 loans cumulatively, with disbursals rising from 2,634 in Q4 FY26 to 3,042 in Q1 FY27. Mantra Capital currently operates 20 branches across Karnataka, Telangana, Andhra Pradesh and Delhi NCR, with an employee base of 169.
The NBFC maintains a 100 percent secured loan portfolio across its two product lines, Secured Green Loans and Secured Business Loans, targeting general trade as well as the logistics and mobility economy. During April 2026, the company raised ₹12.15 crore through a preferential issue.
The business update also highlighted several recent milestones, including RBI approval for the company’s name change in July 2025, its first bank onboarding with AU Bank in August 2025, and a co-lending arrangement with Singularity in April 2025, alongside earlier tie-ups with Mahindra OEM and Euler Electric for green loan originations.
Financial and Business Analysis
The sustained rise in AUM, from ₹67 crore in Q2 FY26 to ₹123 crore in Q1 FY27, reflects an 84 percent increase over four quarters, a meaningful scale-up for a small NBFC that recently completed a rebranding exercise and expanded into a new geography with its first Delhi NCR branch.
Notably, the direct customer-facing team declined from 109 in Q2 FY26 to 81 in Q1 FY27, even as AUM and loan disbursals grew substantially, suggesting improving productivity per branch employee and early signs of operating leverage as the loan book scales.
The number of lending partnerships also grew from 8 to 11 over the same period, including the AU Bank tie-up and the Singularity co-lending arrangement, which can help the company access lower-cost funding and expand origination capacity without proportionately increasing its own balance sheet risk.
The April 2026 preferential issue of ₹12.15 crore adds to the company’s capital base, which should support continued AUM growth while helping maintain capital adequacy levels appropriate for an RBI-regulated NBFC still in a relatively early growth phase.
Industry and Strategic Analysis
Mantra Capital’s 100 percent secured loan portfolio strategy differentiates it from unsecured microfinance-style lenders, potentially offering better asset quality resilience, though the trade-off is typically slower loan book growth compared to unsecured lending models.
The company’s focus on green loans for electric vehicles, through tie-ups with Mahindra OEM and Euler Electric, aligns with India’s broader push toward EV adoption in last-mile mobility, a segment that continues to see strong policy support and financing demand from small operators.
Geographic concentration remains a key consideration, with the bulk of branches still located in Karnataka, Telangana and Andhra Pradesh, and only a single branch in Delhi NCR so far, meaning the company’s recent expansion into North India is still at an early stage.
Co-lending partnerships such as the one with Singularity, along with bank tie-ups like AU Bank, will likely remain central to Mantra Capital’s growth strategy, allowing it to scale originations while sharing credit risk with larger balance-sheet partners.
Company Overview
Mantra Capital Limited, formerly Savani Financials Limited, is a BSE-listed, RBI-regulated NBFC providing secured green loans and secured business loans to entrepreneur-led businesses in India. Headquartered in Mumbai, the company operates 20 branches across Karnataka, Telangana, Andhra Pradesh and Delhi NCR, focusing on financing solutions for general trade and the logistics and mobility economy.
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