Shares of Manappuram Finance, a non-banking financial company based in India, fell over 3% to ₹296.70 on Tuesday despite reporting a strong Q4 FY26 net profit of nearly ₹404 crore, a significant recovery from a ₹191 crore loss in the same quarter of FY25. The company's revenue from operations grew 11% year-on-year to ₹2,614 crore. The rise in profit was largely attributed to a 136% jump in revenue from the gold loans segment, reaching ₹2,331 crore, which helped offset a 79% decline in revenue from its microfinance business. Brokerages like Jefferies have remained optimistic, upgrading the stock to 'Buy' and raising the target price to ₹360, indicating an 18% upside potential. However, Morgan Stanley maintains a cautious stance with a target price of ₹270, citing limited visibility in the non-gold business. Overall, while the gold loan segment shows robust growth, concerns about asset quality in the non-gold portfolio persist.