Muthoot Finance Ltd(MUTHOOTFIN)

NSE: MUTHOOTFINBSE: 533398

₹ 2,366-2.03%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 94,987 crWebsite: www.muthootfinance.comUpdated: 24 Oct 2026

About

Muthoot Finance describes itself as India's largest gold financing company by loan portfolio, lending against household used gold ornaments, and it is the only pure-play gold loan NBFC in the RBI's Upper Layer. Through subsidiaries it also offers housing finance, microfinance and gold loans. Consolidated loan AUM was ₹191,532 Cr in Q1 FY27, up 43% YoY, and FY26 revenue was 31209.23 (Rs Cr).^[1][2][3]

Business and subsidiaries

Standalone gold loan AUM rose 44% YoY and 6% QoQ to ₹1,632,985 Mn in Q1 FY27. Standalone AUM was ₹172,053 Cr and consolidated AUM was ₹191,532 Cr, both up 43% YoY.^[2]
Core lending uses household used gold ornaments as collateral, and the company does not deal in gold bullion. As of FY25 it had moved into Loan Against Property and digital, collateral-free Personal Loans.^[1]
Subsidiaries contributed 13% of consolidated AUM and 4% of PAT in FY25.^[1]
Muthoot Money moved from vehicle finance to gold loans. Its AUM rose 111% YoY to ₹105,503 Mn in Q1 FY27, with branches flat at 998.^[2][4]
Belstar Microfinance posted Q1 FY27 PAT of ₹661 Mn against a loss of ₹1,280 Mn in Q1 FY26. Its Stage III fell to 2.85% from 5.54% QoQ, and AUM grew 2% YoY.^[2]
Belstar is expanding into gold loans: it opened 81 gold loan branches in FY26, for a total of 1,300 branches.^[5]
Muthoot Homefin offers affordable housing loans to EWS/LIG borrowers in Tier II and III cities. Its AUM grew 41% YoY to ₹3,096 crores as of Q1 FY26.^[1][4]

Operations and network

The group had 7,524 branches as of Sep-25, up from 7,391 a year earlier.^[6]
Gold held as security fell to 197 tonnes in Q1 FY27 from 209 tonnes. AUM growth came from higher gold prices and larger ticket sizes.^[2]
Average gold loan AUM per standalone branch was ₹28.10 crores at Dec-25, up from ₹19.15 crores at Dec-24.^[7]
As of FY25, nearly 1100 field auditors checked the quality and safety of pledged gold, and the company had 29,221 employees at 31 March 2025.^[1]

Key operating numbers

Standalone NIM was 10.41% in Q1 FY27, and credit cost was 0.12%.^[2]
Standalone Stage III was 2.28% in Q1 FY27, compared with 2.35% at March 2026 and 3.41% at March 2025.^[2][5]
Capital adequacy was 20.30% in Q1 FY27.^[2]
Interest expense to average loan assets was 7.52% in Q1 FY27.^[2]
SG&A to average loan assets fell to 2.30% in Q1 FY27 from 2.76% in Q1 FY26.^[2]
Standalone yield on average loan assets was 20.76% in Q4 FY26, compared with 20.34% in Q3 FY26.^[5]
Return on average loan assets rose to 7.55% in FY26 from 5.70% in FY25.^[5]

Funding

Listed secured NCDs rose 42% QoQ to ₹510,752 Mn in Q1 FY27, while bank borrowings fell 5% and commercial paper fell 18%.^[2]
Management stated that no equity capital raise is planned and that the parent will fund subsidiary growth from its own balance sheet.^[5]

Customers and distribution

In Q1 FY27, 453,312 new customers received fresh gold loans, up from 426,783 in Q4 FY26. Active customers rose 3% QoQ to 6.58 Mn.^[2]
Gold loan disbursement to new customers was ₹8,937 Cr in Q1 FY27.^[2]
Typical customers are small businessmen, vendors, traders, farmers and salaried individuals. The company served more than 200,000 customers a day as of FY25.^[1]
A partnership with Google Pay gives Google Pay users nationwide access to Muthoot gold loans.^[1]
The iMuthoot app had 25 million downloads and 6 million registered users by end-FY26, and 71% of gold loan top-ups were made through the app.^[5]

Expansion plans

Muthoot Finance standalone plans to open 200 - 300 new branches in FY27.^[5]
Belstar plans to open about 200 more gold loan branches in FY27.^[5]
Management guided FY27 consolidated AUM growth of at least 15% YoY.^[5]

Recent developments

On April 2, 2025, Moody's upgraded the rating from Ba2 to Ba1, and S&P upgraded it to BB+/B; both have stable outlooks.^[1]
In Q2 FY26, Fitch upgraded the company's rating from BB to BB+ with a Stable outlook.^[6]
CRISIL upgraded Muthoot Money's long-term rating to AA+ Stable during FY26.^[5]
In Q3 FY26, RBI issued draft rules that would let Muthoot Finance and Muthoot Money open branches without prior RBI permission.^[7]
New RBI gold loan rules cap LTV at 75-85% including accrued interest, as noted in the FY25 annual report.^[1]

Market Cap

₹94,987 Cr

High / Low

₹4,149 / 2,547

Stock P/E

9.1

Price / Book

2.6

Book Value

₹975

EPS

₹263.8

No. of Shares

40.15 Cr

ROE

30.9%

Debt / Equity

3.88

Sales

₹31,209 Cr

Net Profit

₹10,607 Cr

Promoter holding

73.3%

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