Muthoot Microfin Ltd(MUTHOOTMF)

NSE: MUTHOOTMFBSE: 544055

₹ 154-3.63%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 2,626 crNext results: 5 Nov 2026Website: www.muthootmicrofin.comUpdated: 24 Oct 2026

About

Muthoot Microfin Limited is a microfinance institution providing joint liability group (JLG) loans and individual enterprise loans primarily to women in rural and semi-urban India, and is part of the Muthoot Pappachan Group with Muthoot FinCorp as its holding company. It was the second largest NBFC-MFI in India per MFIN Micrometer as stated in its FY25 annual report, and reported FY26 revenue of 2369.57 crore. As of Q2 FY27, AUM stood at ₹15,323 crore with 22% YoY growth. The company is diversifying beyond JLG into small enterprise loans, gold loans, and micro-LAP under its "Vision 3030" plan targeting ₹30,000 crore AUM by FY30.^[1][2][3]

Business and products

The company reports a single operating segment, microfinance (FY25 annual report).^[2]
Since 2011 it has given collateral-free loans to women entrepreneurs from low-income households, mainly via Joint Liability Group Income Generating Loans to women running small businesses.^[2]
Other products include education, mobile phone, solar lighting and household appliance loans, Pragathi and individual loans, sanitation loans, and secured MSME LAP loans (FY25).^[2]
Under a co-lending partnership with SBI it disburses loans of ₹10,000 to ₹3 lakh to agriculture-linked JLGs (FY25).^[2]
It holds an IRDAI Corporate Agent License to distribute insurance directly, and received its Aadhaar-based e-KYC license in March 2025.^[2]

Loan book mix

MSEL (Muthoot Small Enterprise Loan) AUM crossed ₹32,110 Mn in Q1 FY27, growing 35% QoQ, with nil delinquency reported.^[4]
MSME LAP AUM stood at ₹47 crore as of FY26 end, with nil delinquency reported since launch.^[5]
Long-term portfolio mix target is 53% JLG / 47% non-JLG by 2030, comprising MSME individual loans (~33%), LAP (~10%), and retail secured products (~3%).^[5]
About 97% of AUM came from rural areas as of FY25.^[2]

Key operating metrics

AUM reached ₹15,323 crore in Q2 FY27 (+22.0% YoY, annualised QoQ growth 23.9%), up from ₹144,572 Mn in Q1 FY27 (+18% YoY).^[1]
Disbursements in Q2 FY27 were ₹2,900 crore (+28% YoY, +10% QoQ); Q1 FY27 disbursements of ₹2,644 crore were the highest-ever for a first quarter (+48.9% YoY).^[1]
NIM was 12.0% in Q1 FY27 (+50 bps YoY); management guidance for FY27 is 12.3% - 12.5%.^[4]
Collection efficiency was 97.97% overall in Q1 FY27; X-bucket (on-time) collection efficiency was 99.89%.^[4]
Digital collections reached 40.48% in Q1 FY27 vs 33.7% in Q1 FY26.^[4]
Active client base grew 2.3% year on year to 3.43 Mn in FY25, with a 95% retention rate.^[2]

Asset quality and capital

GNPA fell to 3.70% in Q1 FY27 (-115 bps YoY, -19 bps QoQ); NNPA at 1.05% (-53 bps YoY), the lowest in six quarters.^[4]
Credit cost was 2.6% in Q1 FY27, the lowest in eight quarters, down from 3.5% for full-year FY26 and 9.4% in FY25.^[4]
FY27 credit cost guidance is 2.5% - 3.0%; long-run steady-state target is 2.0% - 2.25%.^[4]
CRAR stood at 29.0% in Q1 FY27, vs 27.85% in FY25 and 28.97% in FY24, against a 15% regulatory minimum.^[4][2][6]
Lending uses a machine-learning scorecard built with Equifax on data from 65 Mn loan accounts, weighing 40+ parameters (FY25).^[2]

Funding and cost of funds

Cost of borrowing declined to 10.13% in Q1 FY27 from 10.27% in FY26; incremental borrowing cost at 9.8%.^[4]
In Q2 FY27, ₹3,213 crore was raised and cost of funds fell further to 9.93%.^[1]
CRISIL upgraded the company to AA-/Stable during Q1 FY27, from A+/Stable reaffirmed in FY24 and FY25; MFI grading was M1C1 in FY25.^[4][6][2]
Borrowing mix strategy targets 50% from non-bank sources; NCD + ECB share was 22% as of FY26 with a 40% target by 2030.^[5]

Branch network and reach

Branch count stood at 1,671 as of Q1 FY27, vs 1,670 at FY26 end after 91 branches were merged or rationalized during FY26.^[4]
As of March 31, 2025 it had 1,699 branches across 388 districts, vs 1,508 branches and 353 districts a year earlier, in 20 states and union territories.^[2]
FY27 branch target is 1,740 - 1,750; new geographies being entered include Assam, Telangana, and Andhra Pradesh.^[4]
Headcount was 15,989 in FY25, up 15.3%.^[2]
The Mahila Mitra app had 1.8 Mn downloads in FY25; FY25 digital transactions totalled ₹2,296.60 crore across 1.52 crore transactions.^[2]

New products

Gold loan co-lending reached ~₹100 crore/month disbursement in Q1 FY27; cumulative disbursements of ₹360 crore; FY27 target is ₹1,200 crore disbursement and ~₹500 crore portfolio.^[4]
Board approved consumer durable loans in Q1 FY27; pilot size of ₹500 crore at target yield of 22% - 23%.^[4]
Among 3 million active customers, gold loan exposure grew 82% and secured business loans 256% between March 2024 and March 2026, while microfinance share of their borrowing fell from 58% to 36%.^[5]

Vision 3030 targets

Vision 3030 targets ₹30,000 crore AUM, ROA of 5%+, ROE of 20%+, and 10 million lives touched by FY30, from a ₹14,000 crore FY26 AUM base.^[5]
FY27 AUM growth guidance revised to 18% - 20% from 12% - 15%; full-year disbursement target is ₹12,000+ crore.^[4]
ROA guidance for FY27 is 2.5% - 3.3%; medium-term target of 4.0% - 4.5% within 18 months and 5% by 2030.^[4]
Opex ratio stood at 6.3% in Q1 FY27 (-52 bps YoY); long-run target is 5.5% - 5.75%, declining below 5% by 2030.^[4]

Ownership

Muthoot FinCorp is the holding company; promoters held over 55% as of FY25, and it is the Muthoot Pappachan Group's second-largest financial services company by AUM.^[2]

Market Cap

₹2,626 Cr

High / Low

₹262 / 141

Stock P/E

10.7

Price / Book

0.9

Book Value

₹167

EPS

₹10.0

No. of Shares

17.05 Cr

ROE

6.2%

Debt / Equity

3.34

Sales

₹2,370 Cr

Net Profit

₹170 Cr

Promoter holding

55.5%

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