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 · standalone | 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) | — | — | — | — | — |
| Cash from operations | 73 | (46) | (7) | (1,097) | (375) |
| Capex | (0) | (1) | (1) | 0 | 0 |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 126 | 137 | 145 | 154 | 155 | 167 | 156 | 175 |
| Profit before tax | 17 | 7 | (6) | 4 | 10 | 8 | 11 | 6 |
| Net profit | 13 | 6 | (5) | 3 | 8 | 5 | 8 | 4 |
| EPS (₹) | 7.63 | 3.90 | (2.84) | 1.72 | 4.65 | 3.26 | 4.94 | 2.68 |
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 | 6,77,005 | 31.2 | 5.36 | — | 9.9 | — | 25.2 | 71.0 |
| SHRIRAM FINANCE LIMITED | 2,26,163 | 16.0 | 2.03 | — | 6.4 | — | 22.5 | 73.0 |
| CHOLAMANDALAM IN & FIN CO | 1,53,126 | 24.4 | 4.43 | — | 9.5 | — | 26.5 | 70.3 |
| TATA CAPITAL LIMITED | 1,51,754 | 25.4 | 3.01 | — | 6.9 | — | — | 77.2 |
| MUTHOOT FINANCE LIMITED | 1,15,181 | 9.4 | 2.58 | — | 13.7 | — | 22.0 | 81.4 |
| SBI CARDS & PAY SER LTD | 55,671 | 21.4 | 3.24 | — | 8.4 | — | — | 33.2 |
| PIRAMAL FINANCE LIMITED | 52,063 | 26.2 | 1.67 | — | 3.2 | — | — | 64.7 |
| AUTHUM INVEST & INFRA LTD | 48,235 | 20.1 | 2.57 | — | 8.1 | — | — | 83.3 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 12.5 | 17.6 | 78 of 201 | 62% |
| P/B | 0.5 | 1.0 | 53 of 252 | 79% |
| ROE | 1.8 | 3.3 | 146 of 247 | 41% |
| EBITDA margin | 48.2 | 45.4 | 122 of 253 | 52% |
| Revenue growth | 14.2 | 21.1 | 126 of 226 | 44% |
| Profit growth | 55.7 | 21.0 | 90 of 251 | 64% |
| Market cap | 319 | 36 | 54 of 266 | 80% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 6 Nov 2026 · Audio recording of September 2026 results call uploaded | investor communications | low | — | — |
| 5 Nov 2026 · Muthoot Capital reports loan growth and better asset quality in Q2 FY27 | investor communications | medium | — | — |
| 5 Nov 2026 · 100 percent collateral cover confirmed for secured debentures | compliance | minimal | — | — |
| 5 Nov 2026 · Standalone Q2 FY27 vs Q2 FY26: revenue up 14.3%, after-tax profit up 55.7% to Rs 440.25 lakh | results | high | — | — |
| 5 Nov 2026 · Q2 profit rises 56% year on year; H1 turns profitable | board shareholder meetings | low | — | — |
| 3 Nov 2026 · Muthoot Capital schedules Q2 and H1 FY27 investor call | board shareholder meetings | low | — | — |
| 14 Oct 2026 · Chief Risk Officer resigns from Muthoot Capital | management changes | high | — | — |
| 14 Oct 2026 · Chief Risk Officer Resigns from Muthoot Capital Services | management changes | high | — | — |
| 14 Oct 2026 · Muthoot Cap raises up to Rs 200 Cr via NCD private placement | fund raising | medium | — | — |
| 5 Oct 2026 · Muthoot Capital lists Rs 20 Cr Commercial Paper on BSE | capital market events | low | — | — |
How to read this document
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|---|---|---|
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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.