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MUTHOOTCAP - Muthoot Cap.Serv

📊 NSE: MUTHOOTCAP 🏢 Finance & Investments 📅 Last Updated: 12/14/2025 10:09

📢 Recent Corporate Announcements

Muthoot Capital Raises ₹94.86 Crores via Direct Assignment of Two-Wheeler Loans

🟢 POSITIVE ⭐ 7/10

FUNDRAISE 📅 27 Feb 2026, 10:34 PM

Muthoot Capital Services Limited has successfully raised ₹94.86 Crores through a Direct Assignment transaction on February 27, 2026. The company assigned two-wheeler loan receivables with an aggregate value of ₹105.40 Crores to generate this liquidity. This transaction marks the fifth securitization or direct assignment activity conducted by the company during the 2025-26 financial year. The pool consists of non-priority sector assets and complies with the regulatory guidelines prescribed by the Reserve Bank of India.

Raised ₹94.85 Crores through a Direct Assignment transaction on February 27, 2026.
Assigned two-wheeler loan receivables totaling ₹105.40 Crores.
Marks the 5th securitization/direct assignment transaction for the company in FY 2025-26.
The asset pool is entirely from the non-priority sector and follows RBI guidelines.
Transaction provides immediate liquidity to support further lending operations.

💡 Investors should view this as a positive liquidity management step that enables the company to recycle capital for new disbursements. Monitor the company's cost of funds and the impact of frequent securitization on long-term interest margins.

Muthoot Capital Q3 FY26 AUM Grows to ₹3,399 Cr; Own Portfolio Up 42% YoY

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 24 Jan 2026, 05:46 PM

Muthoot Capital reported a strong Q3 FY26 with total AUM reaching ₹3,399 crores, driven by a strategic shift toward self-sourced business which grew 42% YoY to ₹2,712 crores. While disbursements for the quarter stood at ₹626 crores, the company intentionally reduced its co-lending book by 26% to improve overall yields. Asset quality remains a key focus with GNPA at 5.93% and NNPA at 3%, supported by new AI-driven collection initiatives. Revenue for the first nine months surged to ₹463.85 crores, although impairment expenses saw a significant rise to ₹54.59 crores compared to the previous year.

Total AUM increased to ₹3,399 crores, with the core MCSL-owned portfolio growing 42% YoY to ₹2,712 crores.
Commercial Vehicle (CV) segment showed massive growth of 476% YoY, while the 4-wheeler business grew by 84%.
CRISIL upgraded the company's rating outlook to A+ (Positive) during the quarter.
9M FY26 revenue rose to ₹463.85 crores from ₹336 crores, despite a sharp increase in impairment costs to ₹54.59 crores.
Retail FD book grew by ₹26 crores in the quarter, with a target to cross ₹100 crores by March 2026.

💡 Investors should monitor the successful transition from low-yield co-lending to high-yield self-sourcing and the effectiveness of AI-led collections in curbing slippages. While the jump in impairment costs is a concern, the rating upgrade and aggressive product diversification into CVs and Construction Equipment suggest strong growth momentum.

Muthoot Capital Reports Nil Re-lodgement Requests for Physical Share Transfers

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 23 Jan 2026, 08:41 PM

Muthoot Capital Services Limited has submitted a compliance report regarding the re-lodgement of transfer requests for physical shares. For the reporting period of January 1, 2026, to January 6, 2026, the company received zero requests from shareholders. This filing follows the SEBI circular dated July 2, 2025, which provides a special window for such transfers. As no requests were received, there was no processing activity or impact on the company's share registry during this period.

Zero requests received for re-lodgement of physical share transfers between Jan 1 and Jan 6, 2026
Compliance report filed pursuant to SEBI Circular SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/97
Integrated Registry Management Services Private Limited confirmed nil activity for the period
Average processing time for requests was recorded as Not Applicable (NA)

💡 No action is required for investors holding shares in dematerialized form. This is a routine regulatory filing with no impact on the company's financial performance or operations.

Muthoot Capital Releases Q3 FY26 Investor Conference Call Audio Recording

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 22 Jan 2026, 09:15 PM

Muthoot Capital Services Limited has released the audio recording of its investor conference call held on January 22, 2026. The call focused on the company's unaudited financial performance for the quarter and nine-month period ending December 31, 2025. This disclosure is a standard regulatory requirement under SEBI LODR Regulations to ensure transparency. Investors can access the recording via the company's website to hear management's detailed commentary on business operations.

Audio recording of the Q3 FY26 earnings call is now available for public access via the company's website.
The call discussed financial results for the quarter and nine months ended December 31, 2025.
The filing is in compliance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Management provided insights into the company's performance and operational outlook during the session.

💡 Investors should listen to the recording to understand management's perspective on asset quality and growth targets in the two-wheeler financing segment. This provides necessary context to the quantitative data reported in the Q3 financial results.

Muthoot Capital Appoints Chief Internal Auditor and Re-appoints Chief Risk Officer for 3-Year Terms

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 22 Jan 2026, 01:38 AM

Muthoot Capital Services Limited has announced key leadership changes in its internal control and risk management functions. Mr. Krishnaraj S, a Chartered Accountant with over 19 years of experience, has been appointed as the Chief Internal Auditor for a three-year term. Simultaneously, the company has re-appointed Mrs. Umadevi Pazhoor Unnikrishnan as the Chief Risk Officer for another three-year term effective March 2026. These appointments ensure stability in the company's governance framework and oversight of its financial operations.

Mr. Krishnaraj S appointed as Chief Internal Auditor for a 3-year term effective January 2026.
Mrs. Umadevi Pazhoor Unnikrishnan re-appointed as Chief Risk Officer for a 3-year term from March 2026.
New CIA brings over 19 years of experience in finance, risk, and compliance including a CA qualification.
CRO has over 18 years of experience specializing in credit appraisal and operational risk management.

💡 These appointments are routine and ensure continuity in the company's risk and audit functions. No immediate action is required from investors as these changes support long-term governance stability.

Muthoot Capital Issues Commercial Paper Worth ₹50 Crores at 8.7665% Discount Rate

🟡 NEUTRAL ⭐ 4/10

FUNDRAISE 📅 22 Jan 2026, 12:59 AM

Muthoot Capital Services Limited has successfully raised ₹50 Crores through the issuance of Commercial Paper on January 21, 2026. The debt instrument carries a discount rate of 8.7665% and has a short-term tenure of 99 days, maturing on April 30, 2026. The entire issue was allotted to Vivriti Alpha Debt Fund. This fundraising activity is part of the company's routine liquidity management and working capital strategy.

Issued Commercial Paper aggregating to ₹50 Crores with an allotment date of January 21, 2026
The instrument features a discount rate of 8.7665% and a tenure of 99 days
Assigned a high credit rating of CRISIL A1+, indicating a very strong degree of safety
Vivriti Alpha Debt Fund is the sole allottee for the 1,000 units issued
Maturity date for the Commercial Paper is set for April 30, 2026

💡 This is a routine short-term borrowing activity for an NBFC to manage liquidity. Investors should continue to monitor the company's cost of funds and overall leverage in upcoming quarterly reports.

Muthoot Capital Q3 FY26: PAT Recovers to ₹8.43 Cr; AUM Grows 20% YoY to ₹3,399 Cr

🟡 NEUTRAL ⭐ 7/10

EARNINGS 📅 21 Jan 2026, 11:59 PM

Muthoot Capital Services Limited (MCSL) reported a sequential recovery in profitability with a PAT of ₹8.43 Cr in Q3 FY26, up from ₹3.31 Cr in Q2, though still lower than the ₹12.69 Cr reported in Q3 FY25. Assets Under Management (AUM) grew 20% YoY to ₹3,399 Cr, primarily driven by the Two-Wheeler segment which constitutes the bulk of the portfolio. However, asset quality remains a pressure point as Net NPA (NNPA) rose to 3.64% from 3.07% in the previous quarter. Disbursements showed a 17% sequential improvement to ₹626 Cr, but remain 26% lower compared to the same period last year.

AUM grew by 20% YoY to reach ₹3,399 Cr, with the Two-Wheeler portfolio standing at ₹2,997 Cr.
Profit After Tax (PAT) for Q3 FY26 stood at ₹8.43 Cr, showing a significant sequential recovery from ₹3.31 Cr in Q2 FY26.
Gross NPA (GNPA) stabilized at 6.45% compared to 6.46% in the previous quarter, but Net NPA increased to 3.64%.
Disbursements for the quarter were ₹626 Cr, a 17% increase over Q2 FY26 but a 26% decline from ₹845.70 Cr in Q3 FY25.
Capital Adequacy Ratio (CRAR) remains healthy at 22.49%, well above regulatory requirements.

💡 Investors should closely monitor the rising Net NPA levels and the company's ability to scale disbursements back to previous year levels. While the sequential recovery in PAT is positive, the overall 9-month PAT of ₹7.33 Cr is significantly lower than the previous year, warranting a cautious outlook.

Muthoot Capital Q3 PAT Drops 39% YoY to ₹7.65 Cr Despite 23% Revenue Growth

🟡 NEUTRAL ⭐ 8/10

EARNINGS 📅 21 Jan 2026, 11:01 PM

Muthoot Capital Services reported a 23.4% YoY growth in revenue from operations to ₹155.08 crore for the quarter ended December 31, 2025. Net profit for the quarter stood at ₹7.65 crore, a 39% decline from ₹12.56 crore in the same period last year, primarily due to a sharp rise in finance costs and impairment charges. However, on a sequential basis, the company showed a strong recovery as PAT rose from ₹2.83 crore in Q2 FY26. The company also rationalized its Provision Coverage Ratio from 60% to 50%, resulting in a provision release of ₹19.76 crore.

Total Revenue from Operations increased 23.4% YoY to ₹15,507.96 Lakhs.
Net Profit fell 39% YoY to ₹765.06 Lakhs, but showed a 170% recovery on a QoQ basis.
Finance costs rose significantly by 32% YoY to ₹8,116.10 Lakhs.
Impairment on financial instruments jumped to ₹1,121.45 Lakhs from ₹159.93 Lakhs in the previous year's quarter.
The company maintains a management overlay of ₹3,654 Lakhs and wrote off ₹1,409 Lakhs in receivables during the period.

💡 Investors should monitor the rising finance costs and credit impairments which are weighing on profitability despite healthy revenue growth. The sequential improvement in PAT and the management's decision to rationalise provisions suggest a stabilizing asset quality profile that needs further confirmation in future quarters.

Muthoot Capital Q3 Net Profit Declines 39% YoY to ₹7.65 Cr Amid Rising Impairment Costs

🔴 NEGATIVE ⭐ 8/10

EARNINGS 📅 21 Jan 2026, 10:56 PM

Muthoot Capital Services reported a 27.6% YoY growth in total income to ₹160.94 crore for the quarter ended December 31, 2025. However, net profit fell significantly by 39% YoY to ₹7.65 crore, primarily due to a sharp spike in impairment charges and rising finance costs. The company rationalized its Provision Coverage Ratio (PCR) from 60% to 50%, resulting in a provision release of ₹19.76 crore, while maintaining a management overlay of ₹36.54 crore to manage credit risks.

Total Income increased 27.6% YoY to ₹16,093.73 lakhs, driven by higher interest income.
Net Profit dropped to ₹765.06 lakhs from ₹1,255.56 lakhs in the corresponding quarter last year.
Impairment on financial instruments surged to ₹1,121.45 lakhs from ₹159.93 lakhs YoY.
Finance costs rose 32% YoY to ₹8,116.10 lakhs, impacting operating margins.
The company wrote off irrecoverable receivables amounting to ₹1,409 lakhs during the period.

💡 Investors should exercise caution as the sharp rise in credit costs and finance expenses has significantly eroded profitability despite strong revenue growth. Monitor the company's ability to control asset quality following the reduction in its Provision Coverage Ratio.

Muthoot Capital to Host Q3 FY26 Earnings Conference Call on January 22, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 16 Jan 2026, 02:33 PM

Muthoot Capital Services Limited has scheduled an earnings conference call for Thursday, January 22, 2026, at 11:00 AM IST. The call is intended to discuss the company's financial performance for the third quarter and nine months ending December 31, 2025. Senior management, including the CEO and CFO, will be present to interact with analysts and institutional investors. This meeting provides a platform for management commentary on business growth and asset quality following the Q3 results.

Earnings call scheduled for January 22, 2026, at 11:00 AM IST.
Focus on financial results for Q3 and nine months ended December 31, 2025.
Management team including CEO Mathews Markose and CFO Ramandeep Gill to participate.
Organized by Elara Securities (India) Private Limited.

💡 Investors should track the call for insights into the company's credit growth and margin outlook. Pay attention to management's commentary on the two-wheeler financing segment and collection efficiencies.

Muthoot Capital Submits Q3 FY26 Compliance Certificate for Share Dematerialization

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 05 Jan 2026, 04:21 PM

Muthoot Capital Services Limited has filed its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations for the period ending December 31, 2025. The company's Registrar and Transfer Agent (RTA) confirmed that physical share certificates received for dematerialization were processed and cancelled within the mandatory 15-day window. The report includes specific details of folios and share counts converted to electronic form during the quarter. This filing is a standard administrative requirement to ensure the integrity of electronic shareholding records.

Quarterly compliance confirmed for the period October 1, 2025, to December 31, 2025.
RTA confirmed all dematerialization requests were handled within the regulatory 15-day timeframe.
The filing lists specific transactions, including 200 shares for folio 48975 and 100 shares for folio 38452.
Covers equity shares (Scrip Code 511766) and a wide range of listed Debentures and Commercial Papers.

💡 This is a routine administrative update with no impact on company fundamentals. No specific action is required from investors.

Muthoot Capital Raises ₹57.44 Crore via Securitization of Two-Wheeler Loan Receivables

🟢 POSITIVE ⭐ 7/10

FUNDRAISE 📅 01 Jan 2026, 01:30 PM

Muthoot Capital Services Limited has successfully raised ₹57.44 crore through a securitization transaction on January 01, 2026. The transaction involved the assignment of two-wheeler loan receivables worth ₹59.22 crore. This marks the company's fourth securitization or direct assignment transaction in the 2025-26 fiscal year. Such transactions are standard for NBFCs to improve liquidity and recycle capital for further lending.

Raised ₹57.44 crore through securitization of two-wheeler loan receivables.
Assigned receivables worth ₹59.22 crore in multiple tranches on January 01, 2026.
This is the 4th securitization/direct assignment transaction for FY 2025-26.
The loan pool consists of non-priority sector assets compliant with RBI guidelines.

💡 Investors should view this as a positive liquidity management move that enables the company to maintain its lending momentum. Monitor the company's asset quality and the frequency of such capital-raising activities to gauge growth potential.

Muthoot Capital Reports on Physical Share Transfer Re-lodgements for December 2025

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 01 Jan 2026, 12:28 PM

Muthoot Capital Services Limited has submitted its monthly report regarding the re-lodgement of transfer requests for physical shares for the period ended December 31, 2025. This filing is a routine compliance requirement as per SEBI Circular dated July 02, 2025. The report was prepared by the company's Registrar and Share Transfer Agent, Integrated Registry Management Services Private Limited. This administrative update ensures transparency in the processing of physical share transfers and has no impact on the company's financial health or operations.

Compliance with SEBI Circular No. SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/97.
Report covers the specific month ended December 31, 2025.
Prepared by Registrar and Share Transfer Agent (RTA), Integrated Registry Management Services.
Relates to the administrative process of re-lodging physical share transfer requests.
No material financial impact or change in business operations reported.

💡 No action is required from investors as this is a routine regulatory filing. Investors should continue to monitor the company's quarterly earnings and loan book growth.

Muthoot Capital Lists Commercial Paper Worth ₹25 Crores on BSE

🟡 NEUTRAL ⭐ 4/10

FUNDRAISE 📅 26 Dec 2025, 07:28 PM

Muthoot Capital Services Limited has received approval for the listing of Commercial Paper (CP) worth ₹25 Crores on the BSE. The CP was issued to Transport Corporation of India Limited on December 24, 2025. This short-term debt instrument is scheduled to mature on May 25, 2026. The listing follows the company's previous intimation regarding the issuance of these securities to manage short-term capital requirements.

Total issuance amount of Commercial Paper is ₹25 Crores
Issued in favor of Transport Corporation of India Limited
Allotment date was December 24, 2025, with maturity on May 25, 2026
BSE Scrip Code for the listed instrument is 730855
ISIN for the security is INE296G14610

💡 This is a routine short-term fundraising activity for an NBFC to manage liquidity. Investors should monitor the company's overall debt levels and cost of borrowing in upcoming quarterly reports.

Muthoot Capital to Close Trading Window from Jan 1, 2026 for Q3 FY26 Results

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 26 Dec 2025, 05:22 PM

Muthoot Capital Services Limited has announced the closure of its trading window starting January 1, 2026, in compliance with SEBI Insider Trading regulations. This closure is a standard procedure ahead of the declaration of the company's Unaudited Financial Results for the quarter and nine months ending December 31, 2025. The window will remain closed for all designated persons and their relatives until 48 hours after the results are made public. The specific date for the board meeting to approve these results will be communicated by the company in due course.

Trading window closure effective from January 1, 2026
Closure relates to Q3 and nine-month financial results ending December 31, 2025
Window to reopen 48 hours after the financial results are officially declared
Applicable to all Designated Persons and their immediate relatives as per SEBI norms

💡 No action is required as this is a standard regulatory procedure; investors should monitor for the upcoming Q3 results date for fundamental performance updates.

View All MUTHOOTCAP Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Total income grew 44.25% YoY to INR 302.91 Cr in H1 FY26 from INR 209.98 Cr in H1 FY25. The growth is primarily driven by the two-wheeler loan segment, which saw AUM grow 50% in FY25, exiting at INR 3,000 Cr.

Geographic Revenue Split

The company operates across 388 districts in 23 states. While specific % splits are not disclosed, Southern states represent the core market with significant penetration, while strategies are in place to expand robustly across the rest of India.

Profitability Margins

Yield on assets improved to 20.32% in Q2 FY26 from 19.64% in Q1 FY26. However, the company reported a net loss of INR 1.8 Cr for H1 FY26, compared to a PAT of INR 45.7 Cr in FY25, due to high impairment and finance costs.

EBITDA Margin

Net Interest Income (NII) grew 3% in Q2 FY26. The company targets a 4% Return on Assets (ROA) by the time it reaches an AUM of INR 10,000 Cr, up from a current RoMA of -0.1% in H1 FY26.

Capital Expenditure

Not disclosed as a specific INR figure for physical assets; however, the company is scaling its total managed assets to INR 3,869.6 Cr as of September 2025 to support its growth targets.

Credit Rating & Borrowing

Long-term rating is [ICRA]A+ (Stable) and short-term rating is CRISIL A1+. Recent Commercial Paper (CP) of INR 15 Cr was issued at a discount rate of 8.26% for an 88-day tenure.

⚙️ Operational Drivers

Raw Materials

Debt Capital (Banks, NCDs, Commercial Paper) representing 51.6% of total income in finance costs (INR 156.48 Cr in H1 FY26).

Import Sources

Not applicable for financial services as the primary input is domestic capital sourced from Indian financial markets.

Key Suppliers

York Transport Equipment (India) Private Limited and Essvee Investments Private Limited (allottees of recent Commercial Paper).

Capacity Expansion

Current AUM of INR 3,284 Cr as of September 2025, with a strategic objective to expand to INR 10,000 Cr AUM by 2028.

Raw Material Costs

Finance costs reached INR 156.48 Cr in H1 FY26, representing 51.6% of total income, an increase from INR 94.42 Cr in H1 FY25 due to higher borrowing to fund AUM growth.

Manufacturing Efficiency

Credit underwriting efficiency is reflected in the reduction of impairment from 3.44% in Q1 FY26 to 2.05% in Q2 FY26.

📈 Strategic Growth

Expected Growth Rate

35-45%

Growth Strategy

The company plans to achieve its CAGR target by diversifying into 'everything on wheels' including four-wheelers and CVs, expanding its national footprint beyond the south, and leveraging Muthoot Fincorp's 3,600+ branches to minimize customer acquisition costs.

Products & Services

Two-wheeler loans, used car loans, three-wheeler loans, commercial vehicle (CV) loans, and business loans to corporates (largely NBFCs).

Brand Portfolio

Muthoot Blue, Muthoot Pappachan Group.

New Products/Services

Expansion into four-wheeler financing (led by a new National Head) and used car loans, expected to contribute significantly to the target INR 10,000 Cr AUM by 2028.

Market Expansion

Expansion across 23 states and 388 districts with a focus on robust national presence beyond the current southern stronghold.

Strategic Alliances

Operational synergy with flagship group company Muthoot Fincorp Limited for infrastructure, dealership points, and lead generation.

🌍 External Factors

Industry Trends

The two-wheeler segment is poised for growth despite a low-performance year; NBFCs are evolving into single-stop financiers with an accommodative RBI stance, positioning the company to capture market share through diversified 'on wheels' products.

Competitive Landscape

Competes with other NBFCs and banks in the vehicle financing space; competitive advantage is derived from the Muthoot Pappachan Group's existing customer relationships and branch network.

Competitive Moat

The company benefits from the 'Muthoot Blue' brand and the extensive infrastructure of Muthoot Fincorp, which allows for lower customer acquisition costs and deep market penetration in 388 districts. This moat is sustainable due to the group's long-standing legacy and physical network.

Macro Economic Sensitivity

Highly sensitive to rural and semi-urban demand for two-wheelers; Q1 retail sales were 48.12 lakhs but faced a slowdown in Q2, impacting disbursement trends.

Consumer Behavior

Shift towards needing single-stop financing solutions and increasing demand for two-wheelers as economic recovery continues.

Geopolitical Risks

Political risk is monitored as part of the general risk framework, but direct impact is low for domestic retail lending.

⚖️ Regulatory & Governance

Industry Regulations

RBI Non-Banking Financial Company - Scale Based Regulation (SBR) Directions 2023 and SEBI Listing Obligations and Disclosure Requirements (LODR) 2015.