Announcement
Announcement under Regulation 30 (LODR)-Acquisition 9 Sep - Muthoot Finance subscribed to Asia Asset Finance PLC rights issue: 3.29 crore shares for LKR 10.97 crore.
Source: Bse
Muthoot Finance Limited (MUTHOOTFIN)
Large CapFinancial Services stocks · Large cap · NSE
Muthoot Finance is India's largest gold loan NBFC, recognized as an Upper Layer NBFC by RBI. With roots tracing to 1887, it has been uniquely focused on gold-secured lending since 1939. It operates 4,968 pan-India branches, serving 6.41 Mn active customers, with 95% of its loan book secured by gold and 47% NBFC gold loan market share.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals14 Oct 2026 · screener
Latest result01 Aug, 08:38 pm IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags03 May 2026
Coverage10/10 · 100%
Valuation2026-07-20 · Rf 6.8% · Financial Services P/E 17.0 (n=243)
Technical timing lens
Trend score and candlestick chart
28Bearishfull bear SMA stack · SMA20 -8.2% / mo · MACD − · near 52W low
Stock trend: 18
Sector RS: 44
Sector 3M: -5.8% vs Nifty 500 -5.6%
Financial Services FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
MUTHOOTFIND candles · FIT view-26.5%Latest close ₹2566.00 on 2026-10-19
Bar
-1.8%
RSI
33
MACD hist
-4.47
52W pos
1%
2026-10-19O ₹2612.30H ₹2623.40L ₹2552.00C ₹2566.00Vol 3.5L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
MUTHOOTFINNifty Financial ServicesNifty 500
- MUTHOOTFIN
- -14.0%
- Nifty 500
- -5.6%
- Nifty Financial Services
- -6.0%
- Vs Nifty 500
- -8.4 pp
Chart stats
19 Oct 2026- From 52W high
- -38.2%
- 52W range position
- 1%
- ATR (14)
- 2.5%
- Volume vs 20D
- 0.62x
- Avg traded value
- ₹149 Cr
- 20D price channel
- ₹2,545 - ₹2,874.2
₹4,149.5
₹2,545 - ₹4,149.5
₹65
Latest completed session
20-session average
21.9% annualized volatility
Research snapshot
What the evidence says now
Investable fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · UNDERVALUED67
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent75
Revenue +34.5% · PAT +43.1% YoY
Technical
Bearish28
Price trend and sector-relative-strength timing.
Valuation
Legacy model+79.3%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence57
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Excellent · 75/100Rev +34% YoY · PAT +43% YoY · operating leverage
Filed 01 Aug 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹8,672 Cr | +34.5% | -6.6% |
| EBITDA | NDF | NDF | NDF |
| Operating margin | NDF | NDF | NDF |
| PAT | ₹2,825 Cr | +43.1% | -16.8% |
| PAT margin | 32.6% | +198 bps | -399 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 9.12
- P/B
- 2.56
- EV/EBITDA
- 1907.06
- Market Cap
- 103740.00Cr
Profitability
- ROE
- 30.90%
- ROCE
- 15.80%
- ROA
- 5.85%
- Dividend Y
- 1.16%
Growth (CAGR)
- Revenue 5Y
- 22.00%
- EPS 5Y
- 23.00%
- Revenue 3Y
- 38.00%
- EPS 3Y
- 43.00%
Balance Sheet
- Debt/Equity
- 3.88
- Interest Coverage
- —
- Altman Z
- 0.75
- Book Value
- 1011.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 1/5
- OCF
- -47393.00 Cr
- EPS TTM
- 283.28
Shareholding
- Promoter Hold
- 73.35%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 2%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 3.0-87.0% vs prev
Net Profit
₹ CrLatest: 10.6k+98.2% vs prev
Return on Equity
%Latest: 27.1+48.7% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 33.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~8.9% over last month) — short-term momentum negative.
- RSI(14) at 33 — falling, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- Within 5% of 52-week low — testing support.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
19
RS percentile
Stage 4 Downtrend
1M return
-9.7%
3M return
-14.0%
6M return
-28.5%
1Y return
-19.4%
RS 1D
0
RS 20D
-5
Sector rank
#9
Industry rank
#17
Stage evidence
- Price is 17.1% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -2.8%.
- Both 3-month and 6-month returns are negative.
50-DMA
price below
200-DMA
price below
Sector
neutral
Industry
neutral
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 87.55-0.22%
RS vs Nifty 50088
Valuation & peers
U-Score 67 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 67 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Growth at Value
Fundamental score breakdown
U band · UNDERVALUEDValuation15/30
Growth20/25
Quality19/20
Balance Sheet5/15
Cash Flow6/10
Piotroski
3/9 (+1)
Penalties
1
Raw sum
67
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
67/100 · legacy band UNDERVALUED
Positive drivers
- Fair-value margin of safety is positive at 79.3%.
- Quality contributes 19/20 to the score.
- Growth contributes 20/25 to the score.
Main drags
- Altman Z is 0.8, in distress territory.
- Balance sheet is weaker at 5/15; verify the latest quarterly trend.
- Valuation is weaker at 15/30; verify the latest quarterly trend.
Sector valuation model
NBFC valuation: P/B, ROA, borrowing cost, and asset quality
Lenders can look optically cheap before credit losses emerge, so valuation is tied to book quality.
Primary lens
P/B adjusted for ROA/ROE and leverage quality.
Secondary checks
AUM growth, spreads, credit cost, liquidity and ALM risk.
Main risk check
Fast growth with weak asset quality deserves a discount.
PE
9.1
PB
2.6
EV/EBITDA
1907.1
ROE
30.9%
ROCE
15.8%
FCF Yield
—
Debt/Equity
3.9
MoS
+79.3%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
67
Previous: 67
Legacy U-Score band
UNDERVALUED
Previous: UNDERVALUED
Margin of safety
+79.3%
Previous: +79.3%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
67
67
67
67
67
67
67
67
67
67
67
67
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹2,538.49
-1.1% MoS
Justified P/B
12.40
Justified Value
₹12,536.4
+79.3% MoS
PEG
0.29
Comparable companies
Peers
Business-comparable peers in Financial Services — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
NAM-INDIA
Large
Nippon Life India Asset Management Limited
Insurance
match 160
63
41.2
34.5%
+2%
UNDERVALUED
SHRIRAMFIN
Large
Shriram Finance Limited
Insurance
match 155
47
19.8
16.4%
+6%
FAIR VALUE
SBILIFE
Large
SBI Life Insurance Company Limited
Insurance
match 155
27
64.2
13.7%
-40%
OVERVALUED
MANAPPURAM
Small
Manappuram Finance Limited
Insurance
match 151
21
21.0
7.0%
-510%
OVERVALUED
PILANIINVS
Small
Pilani Investment and Industries Corporation Limited
Insurance
match 146
37
—
0.2%
-40%
WATCHLIST
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-13T07:38:56.472Z
Management commentary snapshot
Muthoot Finance reported robust FY26 results with consolidated AUM up 49% YoY to ₹1.82 Tn and PAT surging 98% YoY to ₹10,607 Cr. Standalone AUM grew 50% YoY to ₹1.63 Tn, and PAT increased 95% YoY to ₹10,134 Cr, driven by strong gold loan demand and improved operational efficiency.
The company delivered strong financial performance in FY26, with significant AUM and PAT growth. Asset quality improved YoY, and profitability ratios like NIM and ROE expanded. Management's focus on digital integration and market formalization positions it well, though QoQ asset quality trends warrant monitoring.
Current business mix
Standalone Loan AUM by Region (FY26)
Latest issuer-disclosed distribution across 4 reported categories.
South49.0%
West22.0%
North19.0%
East10.0%
Growth engines
New Customer Gold Loan Disbursements
₹29,347 Cr disbursed to 1.77 Mn new customers in FY26, a 34% YoY growth.
Digital Adoption for Top-ups
71% of gold loan top-ups initiated via iMuthoot App, up 65% YoY.
Digital Adoption for Repayments
42% of gold loan interest repayments via iMuthoot App, up 137% YoY.
Pan-India Expansion
Changing perceptions and rising awareness are driving demand in North, East, and West regions.
Capacity and execution
Muthoot Homefin (India) Ltd. Branches
Increased to 175 branches in FY26 from 163 in FY25.
Asia Asset Finance PLC Branches
Increased to 115 branches in FY26 from 100 in FY25.
Belstar Microfinance Ltd. Branches
Increased to 1,312 branches in FY26 from 1,281 in FY25.
Tailwinds
Regulatory Support
Regulator provided the industry with a clearer foundation for growth.
Organised Market Growth
Organised gold loan market projected to grow 33-36% YoY to ₹16 Lakh Cr in FY26.
Shift to Formal Lending
Borrowers are shifting from local moneylenders to organised lenders for safety, transparency, and fairer rates.
Gold Loans for Working Capital
Micro-enterprises increasingly use gold loans for inventory, expansion, and routine working capital needs.
Risk radar
QoQ Deterioration in Stage III Assets
Standalone Stage III Loan Assets % increased to 2.35% in Mar-26 from 1.58% in Dec-25.
Increase in Bad Debts Written Off
Standalone Bad Debts Written Off as % of Loan Assets increased to 0.14% in FY26 from 0.10% in FY25.
Subsidiary Performance - Insurance Broking
Muthoot Insurance Brokers Pvt. Ltd. saw YoY decline in premium collection and profit after tax.
Subsidiary Performance - Microfinance
Belstar Microfinance Ltd. reported YoY decline in revenue and PAT, with increased Stage III Loan Assets %.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
YoY comparison is crucial for assessing annual growth and overall business cycle performance in the NBFC sector. QoQ comparison is vital for tracking sequential momentum, asset quality trends, and the immediate impact of operational strategies.
Sector KPIs management disclosed
Consolidated Loan AUM
₹1,81,916 Cr, up 49% YoY and 10% QoQ.
Standalone Loan AUM
₹1,62,826 Cr, up 50% YoY and 10% QoQ.
Consolidated Gold Loan AUM
₹1,65,030 Cr, up 54% YoY and 11% QoQ.
Standalone Profit After Tax
₹10,134 Cr, up 95% YoY and 16% QoQ.
Management forward view
Balanced Growth with Prudence
Chairman states that "for growth to last, it must be balanced with prudence."
Trust as Core Principle
Managing Director emphasizes, "Trust is what we lend against - and always have."
Gold Loan Formalization
Management views gold loan as a central part of India’s formalization journey.
Phygital Strategy
Physical branches remain foundational, but digital layers are integrated for seamless customer service.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Standalone Gold Loan AUM Growth | 50% YoY, 10% QoQ | Sustained double-digit QoQ growth and continued market share gains. |
| Standalone Stage III Loan Assets % | 2.35% (Mar-26) | Reversal of QoQ increase and continued YoY improvement in asset quality. |
| Standalone Net Interest Margin (NIM) | 13.38% (Q4 FY26) | Stability or further expansion of NIM amidst changing interest rate environment. |
| iMuthoot App User Engagement | 16.2 Mn transactions, 6 Mn registered users | Continued growth in digital transactions and active user base for efficiency gains. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
57Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 20th percentile of the scored universe and 35th percentile within Financial Services. Main check: balance sheet trust is weak at 22/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 20 Oct 2026
management-trust-v1
105 docs text-extracted · 25 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
20th percentile
overall median 67 · Financial Services: 35th pctile, median 62 · Large: 11th pctile, median 73
Evidence depth
Financial-only
105 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Needs extra due diligence; demand valuation comfort and recent improvement.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
86
strong · holding, pledge, alignment
Cash flow
28
weak · profit to cash conversion
Balance sheet
22
weak · leverage and solvency
Discipline
76
strong · capital discipline
Results
87
strong · quarterly consistency
Trust positives
- ▸Promoter holding is 73.4%.
- ▸Promoter pledge is zero.
- ▸4/4 latest quarters had positive YoY revenue growth.
- ▸4/4 latest quarters had positive YoY PAT growth.
Trust risks
- ▸Operating cash flow is negative at ₹-47393 Cr.
- ▸Debt/equity is 3.88.
- ▸Altman Z is 0.75.
- ▸Only 1 years of positive FCF.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Muthoot Finance Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 8 Aug
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 18 May
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2026 from bse
Source: Bse
Annual report
Annual Report 2025
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.