Muthoot Finance
Muthoot Finance
Financial Services F&OKey Fundamentals
LargecapNBFCFinancial ServicesTapetide Score
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Key Insights
Strengths
4- Company is expected to give good quarter
- Company has delivered good profit growth of 22.7% CAGR over last 5 years
- Company has been maintaining a healthy dividend payout of 17.7%
- Company's median sales growth is 19.7% of last 10 years
Weaknesses
1- Stock is trading at 2.76 times its book value
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 3h agoMuthoot Finance Ltd, with a market cap of approximately ₹1,10,295 crore, is India's largest gold loan NBFC trading at a PE of 9.9x. The company has delivered TTM sales growth of 51% and TTM profit growth of 85%, supported by a consistent 10-year ROE averaging around 24%, while the stock has returned a 10-year CAGR of 23%.
- TTM revenue growth of 51% represents a sharp acceleration compared to the 5-year compounded sales CAGR of 22%, indicating strong business momentum
- TTM profit growth of 85% significantly outpaces revenue growth, suggesting improving operating leverage and cost discipline
- PE ratio of 9.9x is modest for a company delivering 23% 5-year profit CAGR, implying earnings are not being priced at a premium
- ROE of 31% in the last year is well above the 10-year average of 24%, indicating improving capital efficiency and higher returns to shareholders
- Consistent 10-year median sales growth of 19.7% demonstrates a durable business model across gold price and interest rate cycles
- 5-year compounded profit CAGR of 22.7% reflects sustained earnings compounding over a meaningful time horizon
- Dividend yield of 1.06% with a payout ratio of 17.7% leaves substantial room for either reinvestment into growth or future dividend increases
- 3-year stock CAGR of 29% shows the market has rewarded the company's fundamentals over the medium term
- Stock is trading at 2.81x book value, which is elevated for a lending business and leaves limited margin of safety if asset quality deteriorates
- 1-year stock return of -5% indicates recent underperformance despite strong underlying earnings growth, suggesting potential market concerns about sustainability
- Gold loan NBFCs face regulatory risk from RBI guidelines on loan-to-value ratios, auction norms, and lending practices that can compress margins or volumes
- Revenue concentration in gold loans makes the business sensitive to gold price volatility — a sustained decline in gold prices could impair collateral values and loan growth
- TTM sales growth of 51% is significantly above the 10-year CAGR of 20%, raising questions about whether this pace is sustainable or reflects a one-time tailwind
- Dividend payout ratio of 17.7% is relatively low, meaning minority shareholders receive a limited share of the 85% profit growth in cash returns
- As an NBFC, Muthoot Finance is exposed to borrowing cost pressures — rising interest rates can squeeze net interest margins if they cannot be fully passed through to borrowers
- 52-week high and low data are unavailable (reported as 0), limiting visibility into recent price range and potential technical support or resistance levels
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 3h ago- NIM compression amid competition Aug 31
Net interest margin declined to 10.4% from 12.15% YoY, even as competitors like Manappuram maintain 17.7% yields. New entrants Aditya Birla Capital (1,000 branches planned) and Tata Capital (89% stake in Yogakshemam Loans) are intensifying gold loan competition.
- Record AUM and PAT in FY26 Aug 31
Muthoot Finance reported record consolidated Loan AUM of ₹1,81,916 crore (44.3% YoY growth) and PAT of ₹10,607 crore. Declared a 300% dividend to shareholders.
- Muthoot Money merger approved Aug 31
Board approved amalgamation with wholly-owned subsidiary Muthoot Money (₹10,345 crore AUM, 1,006 branches), expanding the combined network to 6,000+ branches and streamlining costs through elimination of redundancies.
- Gold rally lifts stock 11% Aug 20
Shares surged 11% over 4 sessions to ₹3,181 as spot gold hit $4,636.82/oz. Rising gold prices boost collateral values and support loan growth for gold financiers.
- AI drives 150% branch conversion Sep 10
Conversational AI platform engaged 1.39 million gold loan leads with 63.1% connectivity rate, cut journey time from 7+ minutes to ~2 minutes, and expanded PIN code coverage from 5,000 to 19,000. Branch visits on track to scale 36x.
- Sri Lanka subsidiary investment Sep 9
Infused ₹31.8 crore in Asia Asset Finance PLC via rights issue. The subsidiary's PAT more than doubled to Rs 1,038 Mn in FY25/26 from Rs 441 Mn.
- New MD appointed at AGM Sep 2
Shareholders approved Alexander George as Managing Director and George Alexander Muthoot as Vice Chairman. Several key directors were re-appointed for terms extending to 2031.
TL;DR: Muthoot Finance is firing on most cylinders — record AUM of ₹1.82 lakh crore, strong 44% loan growth, and a 300% dividend signal robust fundamentals. The Muthoot Money merger and AI-driven lead conversion are clear catalysts for operational efficiency and scale. The key risk is margin compression (NIM down to 10.4% from 12.15%) driven by intensifying competition from new entrants in the gold loan space. If gold prices sustain current elevated levels and the company manages funding costs through the merged balance sheet, the growth trajectory remains firmly positive.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 3,472 | 3,606 | 3,820 | 4,164 | 4,474 | 4,929 | 5,190 | 5,622 | 6,450 | 7,283 | 8,188 | 9,289 | 8,672 |
| Expenses | 847 | 805 | 872 | 1,121 | 1,226 | 1,324 | 1,405 | 1,549 | 1,422 | 1,480 | 1,426 | 1,528 | 1,408 |
| Financing Profit | 1,389 | 1,467 | 1,536 | 1,596 | 1,653 | 1,798 | 1,885 | 1,961 | 2,673 | 3,232 | 3,843 | 4,606 | 3,805 |
| Fin. Margin % | 40% | 41% | 40% | 38% | 37% | 36% | 36% | 35% | 41% | 44% | 47% | 50% | 44% |
| Other Income | 37 | 26 | 23 | 16 | 19 | 29 | 32 | 6 | 16 | 50 | 20 | 3 | 23 |
| Interest | 1,236 | 1,335 | 1,412 | 1,447 | 1,595 | 1,807 | 1,900 | 2,111 | 2,355 | 2,571 | 2,919 | 3,155 | 3,458 |
| Depreciation | 19 | 22 | 24 | 27 | 26 | 25 | 31 | 35 | 35 | 38 | 40 | 24 | 31 |
| PBT | 1,407 | 1,470 | 1,534 | 1,585 | 1,646 | 1,802 | 1,886 | 1,932 | 2,654 | 3,244 | 3,822 | 4,584 | 3,797 |
| Tax % | 26% | 26% | 25% | 25% | 27% | 27% | 26% | 25% | 26% | 26% | 26% | 26% | 26% |
| Net Profit | 1,045 | 1,095 | 1,145 | 1,182 | 1,196 | 1,321 | 1,392 | 1,444 | 1,974 | 2,412 | 2,823 | 3,397 | 2,825 |
| EPS in Rs | 25.46 | 26.39 | 27.49 | 28.37 | 28.99 | 31.67 | 34.6 | 36.81 | 50.22 | 60.29 | 69.84 | 83.43 | 69.72 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 4,336 | 4,936 | 5,935 | 6,714 | 7,594 | 9,684 | 11,535 | 12,186 | 11,898 | 15,062 | 20,214 | 31,209 | 33,431 |
| Expenses | 1,110 | 1,268 | 1,554 | 1,656 | 1,747 | 2,207 | 2,259 | 2,490 | 2,747 | 3,622 | 5,422 | 5,767 | 5,841 |
| Financing Profit | 1,112 | 1,381 | 2,007 | 2,927 | 3,305 | 4,298 | 5,167 | 5,428 | 4,926 | 5,988 | 7,331 | 14,388 | 15,486 |
| Fin. Margin % | 26% | 28% | 34% | 44% | 44% | 44% | 45% | 45% | 41% | 40% | 36% | 46% | 46% |
| Other Income | 1 | 5 | 3 | 67 | 6 | 22 | 32 | 52 | 75 | 101 | 51 | 54 | 95 |
| Interest | 2,114 | 2,288 | 2,374 | 2,132 | 2,543 | 3,180 | 4,109 | 4,268 | 4,225 | 5,452 | 7,461 | 11,054 | 12,103 |
| Depreciation | 84 | 59 | 52 | 52 | 52 | 59 | 67 | 70 | 78 | 92 | 116 | 137 | 134 |
| PBT | 1,029 | 1,327 | 1,959 | 2,942 | 3,260 | 4,260 | 5,131 | 5,410 | 4,923 | 5,996 | 7,266 | 14,305 | 15,448 |
| Tax % | 35% | 38% | 38% | 37% | 35% | 26% | 26% | 25% | 25% | 26% | 26% | 26% | — |
| Net Profit | 672 | 818 | 1,200 | 1,844 | 2,103 | 3,169 | 3,819 | 4,031 | 3,670 | 4,468 | 5,352 | 10,607 | 11,457 |
| EPS in Rs | 16.86 | 20.41 | 30.03 | 45.74 | 51.86 | 78.25 | 94.83 | 100 | 89.98 | 108 | 133 | 264 | 283 |
| Div. Payout % | 36% | 29% | 20% | 22% | 23% | 19% | 21% | 20% | 24% | 22% | 20% | 11% | — |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 398 | 399 | 399 | 400 | 401 | 401 | 401 | 401 | 401 | 401 | 401 | 401 |
| Reserves | 4,686 | 5,223 | 6,139 | 7,457 | 9,531 | 11,428 | 15,174 | 18,384 | 21,264 | 24,706 | 28,965 | 38,729 |
| Borrowing | 19,621 | 18,854 | 22,177 | 23,891 | 30,128 | 40,952 | 50,414 | 54,569 | 55,804 | 68,125 | 99,383 | 1,51,806 |
| Other Liabilities | 2,292 | 2,918 | 3,469 | 1,925 | 1,675 | 2,085 | 2,638 | 2,946 | 2,664 | 3,221 | 4,085 | 4,784 |
| Total Liabilities | 26,996 | 27,395 | 32,184 | 33,672 | 41,734 | 54,867 | 68,627 | 76,300 | 80,134 | 96,453 | 1,32,835 | 1,95,721 |
| Fixed Assets | 269 | 235 | 257 | 251 | 259 | 314 | 327 | 342 | 386 | 482 | 682 | 721 |
| CWIP | 7 | 11 | 10 | 6 | 23 | 29 | 39 | 52 | 67 | 89 | 13 | 11 |
| Investments | 20 | 49 | 97 | 177 | 211 | 630 | 809 | 523 | 546 | 712 | 2,401 | 550 |
| Other Assets | 26,700 | 27,100 | 31,820 | 33,237 | 41,241 | 53,894 | 67,453 | 75,382 | 79,135 | 95,170 | 1,29,739 | 1,94,439 |
| Total Assets | 26,996 | 27,395 | 32,184 | 33,672 | 41,734 | 54,867 | 68,627 | 76,300 | 80,134 | 96,453 | 1,32,835 | 1,95,721 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | -479 | 108 | -2,186 | -1,432 | -4,824 | -4,970 | -7,814 | -1,596 | -2,804 | -13,605 | -26,525 | -47,393 |
| Investing | 21 | -43 | -177 | -126 | -162 | -385 | 37 | 410 | 180 | 48 | -1,375 | 2,461 |
| Financing | 249 | -1,102 | 3,027 | 824 | 6,351 | 9,193 | 9,712 | 3,445 | 395 | 11,809 | 30,041 | 49,320 |
| Net Cash Flow | -209 | -1,036 | 664 | -734 | 1,364 | 3,838 | 1,935 | 2,260 | -2,229 | -1,749 | 2,142 | 4,388 |
| Free Cash Flow | -503 | 80 | -2,240 | -1,467 | -4,901 | -5,062 | -7,904 | -1,691 | -2,944 | -13,826 | -26,740 | -47,543 |
| CFO/OP | -4 | 13 | -30 | -8 | -62 | -52 | -70 | -2 | -16 | -105 | -168 | -172 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE % | 13% | 15% | 20% | 25% | 23% | 29% | 28% | 23% | 18% | 18% | 20% | 31% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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57 extracted metrics + investor summaries across FY09–FY27.
Documents
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Company Information
Muthoot Finance is NBFC engaged in the business of providing gold loans. The company predominately operates in Southern India[1]
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