Muthoot Finance Limited (MUTHOOTFIN)
₹2,598.30 -0.07% last close, 16 Oct
Latest quarterly results (Q3 FY26)
In its latest reported quarter, Q3 FY26, Muthoot Finance's revenue was ₹8,188 Cr (+57.8% year on year, +12.4% on the previous quarter), and net profit ₹2,824 Cr (+102.9% year on year); the operating margin was 82.2%.
| Q3 FY26 (₹ Cr) | Value | YoY vs Q3 FY25 | QoQ |
|---|---|---|---|
| Revenue | ₹8,188 | +57.8% | +12.4% |
| Operating profit | ₹6,730 | +77.8% | — |
| Net profit | ₹2,824 | +102.9% | +17.1% |
| EPS (₹) | 69.84 | +97.5% | +15.8% |
| Operating margin | 82.2% | — | — |
MUTHOOTFIN delivery percentage and open interest
NSE end-of-day data for
On Fri, 16 Oct 2026, 54.58% of the MUTHOOTFIN shares traded on NSE were taken to delivery, against the stock's own 20-session average of 51.43%. That is close to its usual level. In MUTHOOTFIN futures, open interest rose 1.16% while the futures price rose 0.14%: long buildup (new long positions).
Delivery in the last 5 sessions: 49.2% · 58.5% · 46.4% · 53.1% · 54.6%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Muthoot Finance Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate, issued by Registrar and Share Transfer Agent MUFG Intime India Private Limited, confirms that all security certificates received for dematerialization were duly processed, cancelled, and substituted in the register of members. The filing is a standard quarterly regulatory submission with no impact on operations or financials.
- Compliance certificate submitted under Regulation 74(5) of SEBI Regulations, 2018
- Covers dematerialization requests for the quarter ended September 30, 2026
- Issued by RTA MUFG Intime India Private Limited dated October 07, 2026
- Filing officially communicated to exchanges on October 12, 2026
Muthoot Finance has reconstituted its top leadership effective October 1, 2026, following shareholder approval at the AGM on August 31, 2026. Mr. Alexander George has been appointed as Managing Director, Mr. George Alexander Muthoot as Vice Chairman and Whole-Time Director, and Mr. Eapen Alexander as Whole-Time Director. All three executive appointments carry a 5-year tenure ending March 31, 2031, formalizing succession and leadership continuity within the promoter family.
- Alexander George appointed as Managing Director for a 5-year term effective October 1, 2026 to March 31, 2031
- George Alexander Muthoot designated as Vice Chairman & Whole-Time Director through March 31, 2031
- Eapen Alexander elevated to Whole-Time Director for a 5-year tenure ending March 31, 2031
- Appointments previously approved by shareholders via special resolution at the AGM on August 31, 2026
Muthoot Finance has completed the subscription of 3,29,30,464 shares in the rights issue of its Sri Lankan subsidiary, Asia Asset Finance PLC, for approximately ₹31.80 crore (LKR 109.66 crore). The transaction was executed at LKR 33.30 per share, with share allotment finalized on September 08, 2026. Following the allotment, Muthoot Finance holds a 72.92% stake in the entity. Given Muthoot's TTM net profit of ₹8,654 crore, this capital infusion represents an immaterial 0.37% of annual profit.
- Subscribed to 3,29,30,464 ordinary shares of Asia Asset Finance PLC at LKR 33.30 per share
- Total consideration paid is LKR 1,09,65,84,451 (approx. ₹31.80 crore) in cash
- Shareholding in Asia Asset Finance stands at 72.92% following the allotment on September 08, 2026
- Asia Asset Finance reported FY25/26 turnover of LKR 10,219 Mn and PAT of LKR 1,038 Mn
Muthoot Finance announced leadership transitions approved at its 29th AGM held on August 31, 2026. Alexander George has been appointed as Managing Director for a 5-year term starting October 1, 2026, while current MD George Alexander Muthoot will transition to Vice Chairman and Whole Time Director. Additionally, Eapen Alexander was inducted as Whole Time Director, and existing Whole Time Directors were re-appointed for 5-year tenures through March 31, 2031.
- Alexander George appointed as Managing Director effective October 1, 2026, until March 31, 2031
- George Alexander Muthoot appointed as Vice Chairman and Whole Time Director effective October 1, 2026
- Eapen Alexander appointed as Whole Time Director from October 1, 2026, to March 31, 2031
- Re-appointment of George Muthoot George, George Alexander, and George Muthoot Jacob as Whole Time Directors for 5 years from December 15, 2026
- Independent Director Joseph Korah re-appointed for a second consecutive 3-year term till the 32nd AGM in 2029
Muthoot Finance held its 29th AGM, reviewing record FY26 performance with consolidated Loan AUM reaching ₹1,81,916 crore (up 49% YoY) and consolidated PAT doubling to ₹10,607 crore (up 98% YoY). Shareholders considered key leadership transitions, including the appointment of Mr. Alexander George as Managing Director and the transition of the current MD to Executive Vice Chairman effective October 1, 2026. The management also highlighted a planned merger of subsidiary Muthoot Money (AUM of ₹9,794 crore) into the parent company with an appointed date of April 1, 2027, subject to regulatory approvals.
- Consolidated Loan AUM reached ₹1,81,916 crore (up 49% YoY), while standalone AUM stood at ₹1,62,826 crore (up 50% YoY).
- Consolidated PAT grew 98% YoY to ₹10,607 crore, with Net Worth at ₹37,742 crore and Capital Adequacy at 20.75%.
- Approved leadership transition appointing Alexander George as MD and George Alexander Muthoot as Vice Chairman effective October 1, 2026.
- Proposed merger of 100% subsidiary Muthoot Money (₹9,794 crore AUM, 1,006 branches) into Muthoot Finance by April 1, 2027.
Muthoot Finance's Board has approved a scheme of amalgamation to merge its wholly owned subsidiary, Muthoot Money Limited (MML), into itself. As of March 31, 2026, MML reported a turnover of Rs. 1,294.13 Cr and total assets of Rs. 10,344.92 Cr, representing roughly 4.7% and 5.7% of Muthoot Finance's standalone scale respectively. Because MML is a 100% subsidiary, no new shares will be issued, ensuring zero equity dilution. The transaction consolidates 1,006 branches of MML into Muthoot Finance's 5,000+ branch network to optimize operational and treasury synergies.
- Muthoot Money Limited (MML) to merge into parent Muthoot Finance Limited (MFIN).
- MML reported turnover of Rs. 1,294.13 Crs and total assets of Rs. 10,344.92 Crs as on 31.03.2026.
- MFIN reported turnover of Rs. 27,599.87 Crs and total assets of Rs. 1,79,944.55 Crs as on 31.03.2026.
- Expands MFIN's network of 5,000+ branches by adding 1,006 branches of MML.
- Zero equity dilution: 100% share capital of MML will be cancelled upon amalgamation.
Muthoot Finance Limited has notified stock exchanges of a trading window closure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015. The trading window for designated persons and their immediate relatives will remain closed from August 24, 2026, to September 02, 2026. This is a routine regulatory intimation with no operational or financial impact on the company.
- Trading window closure effective from August 24, 2026, to September 02, 2026
- Applies to Designated Persons and their immediate relatives
- Issued under SEBI (Prohibition of Insider Trading) Regulations, 2015
Muthoot Finance Limited has scheduled its 29th Annual General Meeting (AGM) for August 31, 2026, at 3:30 PM IST via video conferencing. The company has dispatched notices and the Annual Report for FY 2025-26 to shareholders and debenture holders whose email addresses are not registered. Key dates for shareholders include a cut-off date of August 24, 2026, for e-voting eligibility. The remote e-voting period will run from August 28 to August 30, 2026.
- 29th Annual General Meeting scheduled for August 31, 2026, at 3:30 PM IST
- Cut-off date for e-voting eligibility set for August 24, 2026
- Remote e-voting window opens August 28, 2026 (09:00 AM) and closes August 30, 2026 (05:00 PM)
- Annual Report for FY 2025-26 dispatched via web-link and QR code to non-registered email holders
- Company maintains a standalone Tier I capital adequacy ratio of 21.96% as per recent context
Muthoot Finance Limited has scheduled its 29th Annual General Meeting (AGM) for August 31, 2026, at 3:30 PM IST. In preparation for the meeting, the company will close its Register of Members and Share Transfer Books from August 24, 2026, to August 31, 2026. This is a standard administrative procedure for a company with a market capitalization of ₹1,15,165 Cr to determine shareholder eligibility for the meeting's proceedings.
- 29th Annual General Meeting scheduled for August 31, 2026
- Book closure period spans 8 days from August 24 to August 31, 2026
- Meeting to be conducted via Video Conferencing (VC) starting at 03:30 P.M. IST
- Company maintains a significant market capitalization of ₹1,15,165 Cr
M u t h o o t F i n a n c e h a s a n n o u n c e d t h a t i t s 2 9 t h A n n u a l G e n e r a l M e e t i n g ( A G M ) w i l l b e h e l d o n A u g u s t 3 1 , 2 0 2 6 , v i a v i d e o c o n f e r e n c i n g . I n c o n j u n c t i o n w i t h t h i s , t h e r e g i s t e r o f m e m b e r s a n d s h a r e t r a n s f e r b o o k s w i l l b e c l o s e d f r o m A u g u s t 2 4 t o A u g u s t 3 1 , 2 0 2 6 . T h i s i s a s t a n d a r d a d m i n i s t r a t i v e p r o c e d u r e f o r t h e R s 1 , 1 5 , 1 6 5 C r m a r k e t c a p c o m p a n y t o f i n a l i z e s h a r e h o l d e r r e c o r d s f o r t h e m e e t i n g . N o m a t e r i a l f i n a n c i a l i m p a c t i s e x p e c t e d f r o m t h i s s p e c i f i c f i l i n g .
- 2 9 t h A n n u a l G e n e r a l M e e t i n g s c h e d u l e d f o r A u g u s t 3 1 , 2 0 2 6
- B o o k c l o s u r e p e r i o d s e t f r o m A u g u s t 2 4 t o A u g u s t 3 1 , 2 0 2 6 ( 8 d a y s )
- M e e t i n g t o b e c o n d u c t e d v i a V i d e o C o n f e r e n c i n g s t a r t i n g a t 0 3 : 3 0 P M I S T
- C o m p a n y r e p o r t e d a T T M P A T o f R s 8 , 6 5 4 C r a h e a d o f t h i s m e e t i n g
Muthoot Finance has scheduled its 29th Annual General Meeting (AGM) for August 31, 2026, to be conducted via video conferencing. The primary agenda includes the adoption of FY26 financial statements and the re-appointment of several key promoter-directors, including Mr. George Alexander Muthoot and Mr. George Jacob Muthoot. A special resolution is proposed for the re-appointment of Mr. George Muthoot George as Whole Time Director for a five-year term starting December 2026. The notice also details executive remuneration, including a performance incentive of up to 0.50% of Profit Before Tax (PBT) for certain directors.
- 29th Annual General Meeting scheduled for August 31, 2026, at 3:30 PM IST.
- Proposed re-appointment of Mr. George Muthoot George as Whole Time Director for 5 years effective December 15, 2026.
- Executive remuneration for Whole Time Director includes a basic salary of ₹18.40 lakh per month plus a performance incentive of up to 0.50% of PBT.
- Director Alexander George's remuneration for FY26 was reported at ₹296.69 million (₹29.67 cr).
- Director Eapen Alexander holds 1,75,25,000 equity shares, representing 4.37% of the paid-up capital as of March 31, 2026.
Muthoot Finance reported a strong Q1 FY27 with standalone PAT rising 24.6% YoY to ₹2,550.48 Cr. Total income grew 33.1% YoY to ₹7,603.05 Cr, driven by robust interest income. The board announced a significant management reshuffle effective October 1, 2026, including the appointment of a new Managing Director and CEO. Additionally, the company approved a ₹32 Cr investment in its Sri Lankan subsidiary, Asia Asset Finance PLC, to maintain its growth trajectory.
- Standalone Net Profit increased 24.6% YoY to ₹2,550.48 Cr for the quarter ended June 30, 2026.
- Muthoot Money AUM more than doubled YoY, reaching ₹10,550 Cr compared to ₹5,000 Cr in the previous year.
- Management transition announced: Alexander George to become MD and K R Bijimon elevated to CEO effective October 1, 2026.
- Standalone Interest Income grew 34.2% YoY to ₹7,505.98 Cr.
- Approved ₹32 Cr additional investment in Asia Asset Finance PLC via a Rights Issue.
Muthoot Finance has released the audio recording of its analyst call held on August 01, 2026, regarding its Q1 FY26 financial performance. For the quarter ended June 30, 2026, the company reported a revenue of ₹6,450.1 Cr and a net profit of ₹1,974.2 Cr. The call likely addressed the company's 42% expected growth rate and its strategy to diversify beyond its core gold loan business. This is a standard regulatory disclosure providing transparency into management's commentary for institutional and retail investors.
- Audio recording of the analyst call held on August 01, 2026, is now publicly available.
- The call discussed financial results for the quarter ended June 30, 2026, where revenue reached ₹6,450.1 Cr.
- Net profit for the reported quarter (Q1 FY26) stood at ₹1,974.2 Cr with an EPS of ₹50.22.
- Management commentary likely covered the consolidated AUM of ₹1,47,673 Cr and diversification into microfinance and vehicle loans.
Muthoot Finance reported a robust start to FY27 with consolidated Profit After Tax (PAT) rising 43% YoY to ₹2,825 Cr. Consolidated Loan Assets Under Management (AUM) reached a historic high of ₹1,91,532 Cr, driven by a 48% surge in consolidated gold loan AUM. While standalone PAT grew 25% YoY, subsidiaries showed significant momentum, particularly Muthoot Money (AUM up 111%) and Belstar Microfinance, which turned profitable with ₹66 Cr PAT compared to a loss last year. The group expanded its footprint by opening 86 new branches during the quarter.
- Consolidated Loan AUM grew 43% YoY to ₹1,91,532 Cr as of June 30, 2026
- Consolidated Gold Loan AUM increased 48% YoY to ₹1,75,527 Cr
- Muthoot Money AUM doubled, growing 111% YoY to ₹10,550 Cr with a 366% PAT increase
- Belstar Microfinance turned profitable with ₹66 Cr PAT vs a loss of ₹128 Cr in Q1 FY26
- Standalone gold loan disbursement to 4,82,707 new customers reached ₹8,937 Cr
Muthoot Finance reported a robust Q1 FY27 with consolidated Assets Under Management (AUM) reaching ₹1,91,532 Cr, a 43% YoY increase. Consolidated Profit After Tax (PAT) surged 43% YoY to ₹2,825 Cr, representing approximately 32.6% of the TTM PAT in a single quarter. The company demonstrated strong customer acquisition, disbursing ₹8,937 Cr to over 4.82 lakh new customers. Capital adequacy remains healthy at 20.30%, well above regulatory requirements, supporting continued expansion.
- Consolidated AUM grew 43% YoY to ₹1,91,532 Cr, with a 5% sequential growth over Q4 FY26.
- Consolidated PAT increased 43% YoY to ₹2,825 Cr, while standalone PAT rose 25% YoY to ₹2,550 Cr.
- Gold loan disbursements to new customers reached ₹8,937 Cr, marking a 41% YoY growth in this segment.
- Average Gold Loan AUM per branch (standalone) increased to ₹32.47 Cr, up 5% YoY.
- Standalone Tier-1 Capital Adequacy Ratio remains strong at 19.39% against a total CAR of 20.30%.
Financial Performance
Revenue Growth by Segment
Consolidated Loan Assets Under Management (AUM) grew 42% YoY to INR 1,47,673 Cr in H1 FY26. Standalone Gold Loan AUM increased by INR 11,723 Cr in Q2 FY26, a 10% QoQ growth. Muthoot Homefin revenue grew 44% YoY to INR 222 Cr in H1 FY26. Asia Asset Finance (Sri Lanka) revenue increased 40% YoY to LKR 440 million. Muthoot Money AUM grew significantly from INR 2,491 Cr to INR 6,393 Cr.
Geographic Revenue Split
South India remains the primary region, accounting for 58% of branches as of June 30, 2025. However, geographic diversification has reduced South India's share of the gold loan portfolio to 48% in June 2025, down from 86% in fiscal 2007, mitigating regional economic disruption risks.
Profitability Margins
Standalone Profit After Tax (PAT) for H1 FY26 was INR 4,391 Cr, an 88% increase from INR 2,330 Cr YoY. Consolidated PAT for H1 FY26 stood at INR 4,386 Cr, up 74% YoY. Consolidated Return on Managed Assets (RoMA) was 4.7% in fiscal 2025 compared to 5.1% in fiscal 2024, reflecting high but slightly moderating profitability due to microfinance headwinds.
EBITDA Margin
Core profitability remains healthy with a consolidated RoMA of 4.7% in FY25. Standalone PAT for Q2 FY26 rose 87% YoY to INR 2,345 Cr. Profitability is driven by high yields on gold loans and low ultimate credit losses due to the liquid nature of gold collateral.
Capital Expenditure
Not explicitly disclosed as a single CAPEX figure, but the company expanded its physical footprint by opening 23 new gold loan branches under the Belstar subsidiary in H1 FY26 to diversify product offerings.
Credit Rating & Borrowing
Muthoot Finance maintains a strong credit profile with [ICRA]AA+ (Stable) for long-term debt and [ICRA]A1+ for commercial paper. The company raised INR 35,175 Cr from various avenues since April 2025, maintaining a liquidity balance of INR 10,714.6 Cr as of September 30, 2025.
Operational Drivers
Raw Materials
Household Gold Jewellery (collateral) represents 100% of the security for the primary gold loan business; Financial Capital (borrowings) is the primary input cost.
Import Sources
Sourced domestically from retail customers across India through a network of 5,000+ branches.
Key Suppliers
Not applicable as a financial services firm; primary 'suppliers' are retail depositors and institutional lenders including banks and NCD investors.
Capacity Expansion
Current branch network is concentrated in South India (58%); expansion is focused on non-gold segments and diversifying gold loan branches into Northern and Western India. Belstar opened 23 new gold loan branches in H1 FY26.
Raw Material Costs
Interest expense is the primary cost of 'raw material' (capital). The company raised INR 35,175 Cr recently at competitive rates. Cost of funds is managed through a mix of NCDs, bank loans, and commercial paper.
Manufacturing Efficiency
Operational efficiency is reflected in a low consolidated gearing of 3.27x as of September 2025 and a standalone Tier I capital adequacy ratio of 21.96%, providing a significant buffer for growth.
Logistics & Distribution
Distribution is handled through a massive physical branch network; South India accounts for 58% of the branch infrastructure.
Strategic Growth
Expected Growth Rate
42%
Growth Strategy
Growth is driven by a dual strategy: maintaining leadership in the core gold loan market (47% YoY AUM growth) and aggressive diversification into subsidiaries. Muthoot Money (vehicle/gold) AUM grew 156% YoY. Belstar Microfinance is diversifying into gold loans (23 new branches) to mitigate microfinance sector volatility.
Products & Services
Gold loans, affordable housing finance, microfinance, vehicle finance, insurance brokerage, and asset management services.
Brand Portfolio
Muthoot Finance, Muthoot Homefin, Belstar Microfinance, Muthoot Money, Muthoot Blue.
New Products/Services
Belstar Microfinance is introducing gold loans (40% non-microfinance portfolio allowed by RBI) to stabilize earnings. Muthoot Money has expanded into vehicle and gold loans, reaching an AUM of INR 6,393 Cr.
Market Expansion
Targeting non-South regions to reduce geographic concentration from the current 58% branch share. Expanding international presence through Asia Asset Finance in Sri Lanka (48% AUM growth).
Market Share & Ranking
Muthoot Finance is the largest gold financing NBFC in India with a consolidated AUM of INR 1,47,673 Cr.
Strategic Alliances
Muthoot Finance holds 66.13% in Belstar Microfinance and 72.9% in Asia Asset Finance (Sri Lanka).
External Factors
Industry Trends
The gold loan industry is seeing increased regulatory scrutiny (RBI circular Sep 2024) and competition from banks. However, the shift toward organized lending and financial inclusion provides a structural tailwind for the 20-25% growth seen in non-gold segments.
Competitive Landscape
Faces competition from specialized NBFCs (Manappuram) and aggressive entry by commercial banks into the gold loan space.
Competitive Moat
The moat is built on an 85-year brand legacy, a vast branch network that provides 'neighborhood' access for gold storage, and a specialized ability to appraise and liquidate gold collateral quickly. This is sustainable due to the high trust required in gold handling.
Macro Economic Sensitivity
Highly sensitive to gold price fluctuations and rural income levels, as gold loans are often used as working capital by small businesses.
Consumer Behavior
Shift toward using gold loans for immediate liquidity needs rather than traditional moneylenders; increasing acceptance of housing and vehicle finance in semi-urban areas.
Geopolitical Risks
Operations in Sri Lanka are subject to local economic and political stability; South Indian concentration (58% branches) exposes the company to regional disruptions.
Regulatory & Governance
Industry Regulations
RBI circular (September 2024) mandates a comprehensive review of gold loan policies and corrective measures within 3 months to address vulnerabilities in processes and practices.
Environmental Compliance
Revised reporting on environmental parameters in fiscal 2025; board-level ESG committee oversees compliance.
Taxation Policy Impact
Effective tax rate is standard for Indian NBFCs; standalone PAT of INR 4,391 Cr is reported after tax provisions.
Legal Contingencies
Not specifically detailed in the documents, though the company maintains an investor grievance redressal mechanism and extensive disclosures.
Risk Analysis
Key Uncertainties
Asset quality in non-gold segments is a major uncertainty; Belstar Microfinance incurred a loss of INR 160 Cr in H1 FY26 due to an adverse microfinance environment. Potential impact is a drag on consolidated ROA.
Geographic Concentration Risk
58% of branches are in South India, creating vulnerability to regional economic or political disruptions.
Third Party Dependencies
Dependency on banking channels for 30-40% of funding and on the IRDA for insurance brokerage revenue (INR 70 Cr in H1).
Technology Obsolescence Risk
Risk of digital-only gold loan competitors; Muthoot is mitigating this by grooming 'human capital' (31,113 staff) and improving data collection systems.
Credit & Counterparty Risk
Stage 3 assets in Muthoot Homefin stood at 1.69% as of Sep 2025. Belstar Stage 3 loans were reported at INR 4.58 Cr, though industry-wide microfinance stress remains a monitorable risk.
