NSE: MUTHOOTMF · BSE: 544055
MUTHOOT MICROFIN LIMITED
A non-banking finance company lending to financially underserved women, primarily through joint liability group (JLG) loans and a growing book of individual MSME loans and loan-against-property. Revenue is entirely interest on the microfinance book; employee cost of Rs 603.51 crore is the largest operating line at 25.5% of revenue, followed by other opex at 7.7% and depreciation at 1.8%. Borrowings cost an average 10.27% in FY26, down 75 bps from the prior year. Net profit recovered to Rs 170 crore in FY26 from a prior-year loss, helped by credit cost easing to 3.5% of loans. The portfolio mix is shifting away from JLG toward individual MSME loans, LAP and other secured products, with management targeting Rs 30,000 crore of AUM by 2030. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Joint Liability Group (JLG) lending (83%), Individual MSME / small enterprise loans, Loan against property (LAP). Asset-light microfinance NBFC; profitability swings with credit cost cycles as the JLG book re-prices.
Exhibit 1: Financial summary, FY24–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | 2,270 | 2,562 | 2,370 |
| EBITDA (ex other income) | 1,485 | 681 | 1,115 |
| margin % | 65.4 | 26.6 | 47.1 |
| Owners' profit | 450 | (223) | 170 |
| EPS, as reported (₹) | 30.20 | (13.29) | 10.16 |
| ROE % · ROCE % | 16.0 · — | (8.5) · — | 6.0 · — |
| Debt / equity (x) | — | — | — |
| Cash from operations | (2,125) | 1,382 | (580) |
| Capex | (28) | (21) | (11) |
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 | 667 | 681 | 555 | 559 | 576 | 603 | 632 | 669 |
| Profit before tax | 81 | 5 | (522) | 6 | 37 | 69 | 97 | 107 |
| Net profit | 62 | 4 | (401) | 6 | 31 | 62 | 71 | 81 |
| EPS (₹) | 3.61 | 0.22 | (23.54) | 0.37 | 1.82 | 3.73 | 4.24 | 4.85 |
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. % |
|---|---|---|---|---|---|---|---|---|
| CREDITACCESS GRAMEEN LTD | 16,170 | 13.3 | 2.06 | — | 9.9 | — | 19.7 | 68.8 |
| SATIN CREDIT NET LTD | 2,477 | 6.0 | 0.86 | — | 11.6 | — | 18.0 | 55.1 |
| MUTHOOT MICROFIN LIMITED ◆ | 2,377 | 9.7 | 0.83 | — | 6.0 | — | — | 54.5 |
| FUSION FINANCE LIMITED | 2,197 | 13.2 | 0.89 | — | 0.6 | — | — | 46.7 |
| SPANDANA SPHOORTY FIN LTD | 1,476 | — | 0.69 | — | (32.8) | — | (7.1) | 53.6 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 9.7 | 16.8 | 110 of 369 | 70% |
| P/B | 0.8 | 1.0 | 201 of 464 | 56% |
| ROE | 6.0 | 2.8 | 172 of 476 | 64% |
| EBITDA margin | 54.5 | 46.7 | 208 of 447 | 54% |
| Revenue growth | 19.7 | 10.5 | 167 of 418 | 60% |
| Profit growth | 1215.3 | 10.2 | 14 of 474 | 97% |
| Market cap | 2377 | 50 | 66 of 499 | 87% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Muthoot Microfin to discuss Q2 FY27 results on November 6, 2026 | board shareholder meetings | low | — | — |
| 26 Oct 2026 · CareEdge raises Muthoot Microfin outlook to Positive, reaffirms BB- | compliance | low | — | — |
| 24 Oct 2026 · CareEdge reaffirms BB- rating; outlook revised to Positive | credit debt | medium | — | — |
| 23 Oct 2026 · Board to approve September 2026 quarter and half-year results | results | low | — | — |
| 15 Oct 2026 · Muthoot Microfin submits ALM statement for September 2026 | compliance | minimal | — | — |
| 8 Oct 2026 · Muthoot Microfin Q2 FY27 AUM up 22% YoY at Rs 15,323 cr, cost of funds drops below 10% | business updates | medium | — | — |
| 7 Oct 2026 · CFO certificate on use of Commercial Paper proceeds for Q2 FY27 | compliance | minimal | — | — |
| 7 Oct 2026 · Muthoot Microfin: List of active ISINs as on September 2026 | compliance | minimal | — | — |
| 6 Oct 2026 · Muthoot Microfin Q2 demat compliance certificate filed with exchanges | compliance | minimal | — | — |
| 6 Oct 2026 · Compliance Filing: Compliance Officer and RTA Confirmation | compliance | minimal | — | — |
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.