NSE: MUTHOOTFIN · BSE: 533398
MUTHOOT FINANCE LIMITED
Lends against household gold ornaments through a network of 7,654 branches, with gold-backed loans making up nearly the entire loan book. As of Q1 FY27, gold loan assets under management stood at ₹1,75,527 crore, and management cites a 47% share of NBFC gold financing. Consolidated loan AUM reached ₹1,91,532 crore, up 43% year-on-year. The group also operates Belstar Microfinance (81 new gold loan branches in FY26, ~200 more planned for FY27), Muthoot Money (gold AUM up 151% to ₹9,794 crore), Muthoot Homefin for housing finance, and Asia Asset Finance PLC in Sri Lanka. Shareholders have approved an MOA amendment to begin insurance distribution as a corporate agent across life, general, and health insurance. FY26 standalone profit after tax was ₹10,134 crore on consolidated AUM of ₹1,65,000 crore. The active customer base reached 6.58 million in Q1 FY27, with average loan-to-value around 57% and yields near 20.76% in Q4 FY26. The dominant cost is finance — interest on borrowings used to fund lending. Finance costs rose 47% year-on-year in Q1 FY27, faster than 34% interest income growth, pushing net interest margin to 10.41% from 12.15%. Employee cost was 8.9% of revenue and other operating expenses 6.4% in FY26. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Gold loan interest income, Muthoot Homefin, Belstar Microfinance, Muthoot Money, Asia Asset Finance PLC, Insurance distribution. Gold-backed NBFC lending with gold collateral as the dominant asset and finance costs as the primary expense
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 12,185 | 11,898 | 15,062 | 20,214 | 31,209 |
| EBITDA (ex other income) | 9,683 | 9,133 | 11,418 | 14,684 | 25,388 |
| margin % | 79.5 | 76.8 | 75.8 | 72.6 | 81.3 |
| Owners' profit | 4,017 | 3,612 | 4,324 | 5,333 | 10,590 |
| EPS, as reported (₹) | 100.10 | 89.99 | 107.72 | 132.84 | 263.79 |
| ROE % · ROCE % | 21.1 · — | 16.6 · — | 17.3 · — | 17.8 · — | 26.7 · — |
| Debt / equity (x) | — | — | — | — | — |
| Cash from operations | (1,373) | (2,804) | (13,754) | (26,376) | (47,393) |
| Capex | (97) | (141) | (222) | (217) | (153) |
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 | 4,929 | 5,190 | 5,622 | 6,450 | 7,283 | 8,188 | 9,289 | 8,672 |
| Profit before tax | 1,802 | 1,886 | 1,932 | 2,654 | 3,244 | 3,822 | 4,584 | 3,797 |
| Net profit | 1,321 | 1,392 | 1,444 | 1,974 | 2,412 | 2,823 | 3,397 | 2,825 |
| EPS (₹) | 31.67 | 35.36 | 36.81 | 50.22 | 60.29 | 69.84 | 83.43 | 69.72 |
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 | 5,70,768 | 28.1 | 4.88 | — | 16.5 | — | 25.2 | 70.7 |
| SHRIRAM FINANCE LIMITED | 1,94,820 | 14.6 | 2.96 | — | 15.2 | — | 22.5 | 74.7 |
| CHOLAMANDALAM IN & FIN CO | 1,31,798 | 22.8 | 4.33 | — | 17.2 | — | 26.5 | 71.2 |
| TATA CAPITAL LIMITED | 1,31,209 | 24.0 | 2.79 | — | 10.4 | — | — | 75.8 |
| MUTHOOT FINANCE LIMITED ◆ | 96,352 | 8.5 | 2.42 | — | 26.7 | — | 22.0 | 84.0 |
| SBI CARDS & PAY SER LTD | 50,202 | 22.1 | 3.19 | — | 13.8 | — | — | 33.1 |
| SUNDARAM FINANCE LTD | 43,766 | 19.6 | 2.94 | — | 13.8 | — | — | 78.4 |
| AUTHUM INVEST & INFRA LTD | 42,040 | 7.2 | 2.85 | — | 13.1 | — | — | 90.1 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 8.5 | 18.1 | 47 of 200 | 77% |
| P/B | 2.4 | 1.1 | 195 of 253 | 23% |
| ROE | 26.7 | 3.1 | 5 of 257 | 98% |
| EBITDA margin | 84.0 | 48.6 | 49 of 249 | 81% |
| Revenue growth | 34.4 | 12.6 | 80 of 231 | 66% |
| Profit growth | 43.1 | 7.8 | 92 of 251 | 64% |
| Market cap | 96352 | 34 | 5 of 268 | 99% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Board to approve quarterly and half-year results for September 2026 | results | low | — | — |
| 12 Oct 2026 · Routine compliance filing under SEBI Regulation 74(5) for Sep 2026 quarter | compliance | minimal | — | — |
| 1 Oct 2026 · Muthoot Finance: 3 promoter family directors appointed for 5-year terms | management changes | high | — | — |
| 1 Oct 2026 · Muthoot Finance announces three board appointments effective Oct 1, 2026 | management changes | medium | — | — |
| 1 Oct 2026 · Muthoot Finance appoints Alexander George as MD, two others as Whole-Time Directors | management changes | high | — | — |
| 24 Sept 2026 · Trading window closure from Sep 30, 2026 ahead of Q2 results | compliance | minimal | — | — |
| 9 Sept 2026 · Muthoot Finance infuses Rs 31.80 Cr in Sri Lankan subsidiary AAF | strategic transactions | medium | — | — |
| 2 Sept 2026 · Muthoot Finance: 8 director appointments approved at AGM | management changes | medium | — | — |
| 31 Aug 2026 · Muthoot Finance 29th AGM: record FY26 performance, 300% dividend, leadership transition | board shareholder meetings | medium | — | — |
| 31 Aug 2026 · Board approves amalgamation of wholly owned Muthoot Money with Muthoot Finance | board shareholder meetings | 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.