NSE: MUTHOOTCAP · BSE: 511766
MUTHOOT CAP SERV LTD
Lends primarily to retail borrowers for two-wheelers and other small-ticket mobility and equipment purchases, with the bulk of incremental sourcing shifting away from co-lending. As of Q1 FY27, the retail portfolio stood at ₹2,851 cr while the co-lending book was deliberately wound down to ₹499 cr, and construction equipment finance grew 75% year-on-year. Funding comes from bank borrowings, non-convertible debentures (a ₹150 cr issue at 9.25% coupon in June 2026) and public deposits, which crossed ₹100 cr in July 2026. Asset quality improved with gross NPA at 3.94% (down 182 bps YoY) after a ₹203 cr stressed-loan sale to an asset reconstruction company at 45.91% valuation. Lending operations run on digital rails, with AI agents handling 100% of pre-delinquency calls and over 80% of collections executed digitally. Group company cross-sell via the Muthoot FinCorp branch network accounts for 15-20% of incremental sourcing, with a stated FY27 target of 40%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Two-wheeler retail financing, Co-lending book, Construction equipment financing, Commercial vehicle and used-car financing, Group cross-sell sourcing. Retail-focused, mobility-finance NBFC with AI-led digital collections.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 397 | 444 | 398 | 472 | 621 |
| EBITDA (ex other income) | (79) | 257 | 330 | 284 | 326 |
| margin % | (19.8) | 57.9 | 82.8 | 60.2 | 52.6 |
| Owners' profit | (172) | 79 | 123 | 46 | 11 |
| EPS, as reported (₹) | (104.54) | 47.84 | 74.58 | 27.81 | 6.79 |
| ROE % · ROCE % | (44.3) · — | 16.1 · — | 20.1 · — | 7.0 · — | 1.7 · — |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | 73 | (46) | (7) | (1,097) | (375) |
| Capex | (0) | (1) | (1) | 0 | 0 |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 109 | 126 | 137 | 145 | 154 | 155 | 167 | 156 |
| Profit before tax | 22 | 17 | 7 | (6) | 4 | 10 | 8 | 11 |
| Net profit | 16 | 13 | 6 | (5) | 3 | 8 | 5 | 8 |
| EPS (₹) | 9.71 | 7.63 | 3.90 | (2.84) | 1.72 | 4.65 | 3.26 | 4.94 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| BAJAJ FINANCE LIMITED | 6,37,456 | 31.4 | 5.45 | 11.5 | 16.5 | — | 25.2 | 70.7 |
| SHRIRAM FINANCE LIMITED | 2,38,113 | 17.9 | 3.61 | 6.5 | 15.2 | — | 22.5 | 74.7 |
| CHOLAMANDALAM IN & FIN CO | 1,50,844 | 26.1 | 4.95 | 6.6 | 17.2 | — | 26.5 | 71.2 |
| TATA CAPITAL LIMITED | 1,46,002 | 26.7 | 3.10 | 6.2 | 10.4 | — | — | 75.8 |
| MUTHOOT FINANCE LIMITED | 1,14,884 | 10.1 | 2.89 | 4.0 | 26.7 | — | 22.0 | 84.0 |
| SBI CARDS & PAY SER LTD | 60,541 | 26.6 | 3.85 | — | 13.8 | — | — | 33.1 |
| HDB FINANCIAL SERVICES L | 56,632 | 20.5 | 2.74 | — | 12.3 | — | — | 58.0 |
| SUNDARAM FINANCE LTD | 52,057 | 23.3 | 3.50 | 6.7 | 13.8 | — | — | 78.4 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 15.7 | 17.8 | 101 of 213 | 53% |
| P/B | 0.6 | 1.1 | 51 of 246 | 78% |
| ROE | 1.7 | 3.0 | 164 of 266 | 39% |
| Debt / Equity | 0.0 | 0.0 | 5 of 266 | 11% |
| EBITDA margin | 57.8 | 48.6 | 116 of 249 | 54% |
| Revenue growth | 7.0 | 12.6 | 124 of 231 | 47% |
| Profit growth | 273.9 | 7.8 | 32 of 251 | 88% |
| Market cap | 377 | 35 | 54 of 262 | 80% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 16 Sept 2026 · Muthoot Capital Services to raise up to Rs 150 Cr via NCD private placement | fund raising | medium | — | — |
| 16 Sept 2026 · Muthoot Cap Services raises up to Rs 150 Cr via NCD private placement at 9.25% | fund raising | medium | — | — |
| 16 Sept 2026 · Muthoot Capital raises up to 150 Crore via NCD private placement | fund raising | medium | — | — |
| 10 Sept 2026 · Meeting to consider NCD issuance on private placement basis | fund raising | medium | — | — |
| 1 Sept 2026 · AGM results: All 4 resolutions approved at Muthoot Capital Services 32nd AGM | board shareholder meetings | low | — | — |
| 1 Sept 2026 · Newspaper publication for fixed deposit acceptance and renewal | compliance | minimal | — | — |
| 31 Aug 2026 · 32nd AGM of Muthoot Capital Services held on August 31, 2026 | board shareholder meetings | low | — | — |
| 31 Aug 2026 · Muthoot Cap Services: Head of Credit resigns, replacement appointed | management changes | medium | — | — |
| 31 Aug 2026 · New Head of Credit appointed at Muthoot Capital Services, previous head resigns | management changes | medium | — | — |
| 31 Aug 2026 · Muthoot Capital Appoints Ms. Vidya Awasthi as Head - Credit | management changes | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.