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.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Investable fundamentals, management trust needs verification, price trend argues for patience, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Excellent · 75/100Rev +34% YoY · PAT +43% YoY · operating leverage
| 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.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
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.
Standalone Loan AUM by Region (FY26)
Latest issuer-disclosed distribution across 4 reported categories.
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.
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.
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.
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
Management accountability
What management said, and what results must prove
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.
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.
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.
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.
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.
Trend score and candlestick chart
26Bearishfull bear SMA stack · MACD −
Technical chart
MUTHOOTFINdaily · 1Y · AUTO-11.9%Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 44.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 roughly flat — short-term momentum stalled.
- RSI(14) at 44 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 30% off 52W high · 9% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Relative Strength & Trend Stage
- Price is 10.0% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -3.4%.
- Both 3-month and 6-month returns are negative.
Valuation & score drivers
U-Score 67 · UNDERVALUED · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 67 · UNDERVALUED · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
UNDERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Fair-value margin of safety is positive at 76.8%.
- 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.
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.
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.
Score history
12 stored score snapshots. Latest stored move: +7 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: 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.
Mixed Trust Lite: Promoter holding is 73.4%. Key concern: Operating cash flow is negative at ₹-47393 Cr.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Financial Services: 35th pctile, median 62 · Large: 11th pctile, median 73
104 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead 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.
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 0.80.
- ▸Only 1 years of positive FCF.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 10.30
- P/B
- 2.88
- EV/EBITDA
- 2005.87
- Market Cap
- 116980.00Cr
Profitability
- ROE
- 30.90%
- ROCE
- 15.80%
- ROA
- 5.85%
- Dividend Y
- 1.03%
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
- 0.80
- 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
- 16%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
Business-comparable names in Financial Services, ranked by similarity
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.