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Muthoot Finance Q3 FY26: Standalone PAT Surges 91% to ₹7,048 Cr; Gold Loan AUM Hits ₹1.4 Lakh Cr
Muthoot Finance reported a stellar performance for the nine months ended December 2025, with standalone PAT growing 91% YoY to ₹7,048 crores. The core gold loan portfolio reached a record ₹1,39,658 crores, representing a 50% YoY growth fueled by robust demand and higher gold prices. Subsidiaries also showed strong momentum, particularly Muthoot Money, which saw its AUM surge 168% YoY to ₹8,003 crores. Management highlighted a positive regulatory outlook, with draft RBI norms potentially allowing branch expansion without prior approval, which could further accelerate growth.
Key Highlights
Standalone gold loan AUM grew 50% YoY to reach a record ₹1,39,658 crores as of Dec 2025.
9-month standalone Profit After Tax (PAT) increased by 91% to ₹7,048 crores compared to the previous year.
Muthoot Money AUM surged 168% YoY to ₹8,003 crores with a 9-month PAT of ₹203 crores.
Net NPA reduction of ₹556 crores achieved during the quarter, supported by ₹120 crores realized through auctions.
Average Loan-to-Value (LTV) remains conservative at 57% on the outstanding portfolio, well below the 75% regulatory cap.
💼 Action for Investors
Investors should maintain a positive outlook given the record AUM growth, significant improvement in asset quality, and the potential for rapid branch expansion under new RBI draft guidelines. The company's ability to maintain a conservative LTV of 57% provides a strong safety margin against gold price volatility.
Muthoot Finance Q3 FY26 PAT Surges 95% YoY to ₹2,656 Cr; Consolidated AUM Up 48%
Muthoot Finance reported an exceptionally strong performance for Q3 FY26, with standalone net profit nearly doubling to ₹2,656 crores. The core gold loan portfolio saw a massive 50% YoY growth, reaching ₹1,39,658 crores, driven by higher gold prices and robust demand. Consolidated AUM crossed the ₹1.64 lakh crore mark, with significant contributions and turnarounds in subsidiaries like Muthoot Money and Belstar Microfinance. Efficiency metrics improved significantly, with standalone Return on Average Equity (RoE) jumping to 32.03% from 20.70% a year ago.
Key Highlights
Standalone PAT for Q3 FY26 grew 95% YoY to ₹2,656 crores, while 9M PAT rose 91% to ₹7,048 crores.
Gold Loan AUM witnessed a historic YoY growth of 50%, reaching ₹1,39,658 crores as of December 31, 2025.
Consolidated Loan AUM increased by 48% YoY to ₹1,64,720 crores, with subsidiaries now contributing 12% to the total.
Muthoot Money reported a massive 168% YoY AUM growth and a profit turnaround to ₹203 crores for 9M FY26.
Standalone Return on Average Loan Assets improved to 7.59% in Q3 FY26 compared to 5.81% in Q3 FY25.
💼 Action for Investors
The company is demonstrating exceptional growth and profitability, benefiting from high gold prices and a strong operational network. Investors should view this as a highly positive development, especially with the successful turnaround of microfinance and vehicle finance subsidiaries.
Muthoot Finance Q3 FY26: Consolidated PAT Surges 84% YoY to ₹7,209 Cr; AUM Hits ₹1.65 Trillion
Muthoot Finance reported a stellar performance for the nine months ended December 31, 2025, with consolidated Profit After Tax (PAT) growing 84% YoY to ₹7,209 Crores. The consolidated Loan Assets Under Management (AUM) crossed the milestone of ₹1.5 trillion, reaching ₹1,64,720 Crores, driven by a massive 50% YoY growth in gold loans. While the core gold loan business remains highly profitable with 205 tonnes of gold security, the microfinance subsidiary (Belstar) faced headwinds with a 9% AUM decline and a net loss. The company's market capitalization has now crossed ₹1.5 trillion, reflecting strong investor confidence.
Key Highlights
Consolidated Loan AUM grew 48% YoY to reach ₹1,64,720 Crores as of December 31, 2025.
Standalone PAT for 9M FY26 jumped 91% YoY to ₹7,048 Crores compared to ₹3,693 Crores in the previous year.
Gold Loan AUM increased by 50% YoY to ₹1,39,658 Crores, supported by a 32% increase in disbursements to new customers.
Average Gold Loan AUM per branch improved significantly to ₹28.10 Crores from ₹19.15 Crores YoY.
Muthoot Money subsidiary showed explosive growth with AUM rising 168% YoY to ₹8,003 Crores.
💼 Action for Investors
Investors should remain positive on the stock given the robust growth in the core gold loan portfolio and increasing branch productivity. However, keep a close watch on the microfinance segment (Belstar) which is currently dragging consolidated margins due to losses.
Muthoot Finance Q3 PAT Surges 95% YoY to ₹2,656 Crore; Loan Assets Cross ₹1.46 Lakh Crore
Muthoot Finance reported a stellar performance for Q3 FY26, with standalone Profit After Tax (PAT) nearly doubling to ₹2,656.42 crore from ₹1,363.09 crore in the previous year. Total income grew by 64% YoY to ₹7,262.94 crore, fueled by a 63% increase in interest income. The company's loan book showed massive expansion, reaching ₹1.46 lakh crore compared to ₹1.08 lakh crore in March 2025. Despite a ₹48 crore impact from new labour code regulations, the company maintained strong profitability with an EPS of ₹66.16 for the quarter.
Key Highlights
Standalone Net Profit jumped 94.8% YoY to ₹26,564.22 million in Q3 FY26.
Total Revenue from operations increased 63.7% YoY to ₹72,427.67 million.
Loan assets grew significantly to ₹1,465,152.69 million as of December 31, 2025.
Interest income rose to ₹71,137.78 million from ₹43,689.61 million in the year-ago period.
Employee benefit expenses included a one-time impact of ₹480 million due to new Labour Code implementations.
💼 Action for Investors
The robust growth in the loan book and nearly 100% jump in PAT indicates strong operational tailwinds and market share gains. Investors should remain positive on the stock while monitoring the rising finance costs which grew to ₹2,646.68 crore this quarter.
Muthoot Finance Q3 FY26 PAT Surges 95% YoY to ₹2,656 Crore; Revenue Up 64%
Muthoot Finance reported a stellar performance for Q3 FY26, with standalone net profit nearly doubling to ₹2,656.42 crore from ₹1,363.09 crore in the same quarter last year. Total revenue from operations grew by 63.7% YoY to ₹7,242.77 crore, primarily driven by a sharp rise in interest income. The company's loan book showed robust growth, reaching ₹1.46 lakh crore as of December 31, 2025, compared to ₹1.08 lakh crore in March 2025. While finance costs increased significantly, the impact was offset by lower impairment charges and strong operational scale.
Key Highlights
Standalone Net Profit jumped 94.8% YoY to ₹2,656.42 crore in Q3 FY26.
Total Revenue from operations increased to ₹7,242.77 crore from ₹4,423.46 crore YoY.
Loan assets grew to ₹1,465,152.69 million (approx ₹1.46 lakh crore) as of Dec 2025.
Impairment on financial instruments decreased to ₹1,108.86 million from ₹2,087.50 million YoY.
Finance costs rose to ₹2,646.67 crore, reflecting a larger borrowing base to support loan growth.
💼 Action for Investors
The strong growth in the loan book and massive profit surge indicate high demand in the gold loan segment and efficient operations. Investors should maintain a positive outlook but monitor the rising cost of funds and the impact of new labour code regulations on employee expenses.
Muthoot Finance Raises USD 600 Million via 5.75% Senior Secured Notes
Muthoot Finance has successfully completed the settlement and allotment of USD 600 million in Senior Secured Notes under its USD 4 billion Global Medium Term Note Programme. The notes carry a competitive coupon rate of 5.75% and are scheduled for maturity in August 2030. The proceeds are earmarked for onward lending and other activities permitted under the RBI's External Commercial Borrowing (ECB) guidelines. This significant international fundraise strengthens the company's liquidity profile and supports its growth trajectory in the gold loan market.
Key Highlights
Issued USD 600 million Senior Secured Notes at a coupon rate of 5.75% per annum
Notes are part of a larger USD 4 billion Global Medium Term Note (GMTN) Programme
Principal repayment follows an amortization schedule starting August 2029 with final maturity in August 2030
Notes are secured by a first ranking pari passu charge on current assets and gold loan receivables
Issue price was set at 99.997% of the principal amount with listing on NSE IFSC Limited
💼 Action for Investors
Investors should view this as a positive development as it demonstrates Muthoot's ability to access global capital markets for low-cost funding. This liquidity will help maintain healthy margins and support loan book expansion.
Muthoot Finance Prices USD 600 Million Fixed Rate Notes at 5.75% Coupon
Muthoot Finance has successfully priced a USD 600 million bond issue under its USD 4 billion Global Medium Term Note (GMTN) Programme. The notes carry a fixed coupon of 5.75% and are scheduled for final maturity in August 2030, with an average maturity of approximately 4 years. The proceeds will be utilized for onward lending activities, providing significant capital to support the company's core gold loan business. This successful international fundraise reflects strong credit confidence from global investors.
Key Highlights
Priced USD 600 million notes at a fixed coupon rate of 5.75% per annum
Notes issued under the existing USD 4 billion Global Medium Term Note Programme
Average maturity of 4 years with a 5-stage amortization starting August 2029
Issue price set at 99.997% with settlement expected by February 04, 2026
Proceeds to be used for onward lending as per RBI External Commercial Borrowing guidelines
💼 Action for Investors
This fundraise provides Muthoot Finance with long-term liquidity at competitive rates to grow its loan book. Investors should monitor the company's ability to maintain margins as it deploys this low-cost international capital into its high-yield gold loan portfolio.
Muthoot Finance to Issue USD Senior Secured Bonds under $4Bn GMTN Programme
Muthoot Finance has initiated a mandate for a benchmark-sized USD-denominated senior secured bond offering under its existing $4 billion Global Medium Term Note (GMTN) programme. The proposed notes will have a 4.5-year tenor and are expected to be rated Ba1 by Moody's and BB+ by S&P. Proceeds from the issuance will be utilized for onward lending and other activities permitted under the RBI's External Commercial Borrowings (ECB) guidelines. This move allows the company to diversify its funding sources and tap into international liquidity to support its growth.
Key Highlights
Benchmark-sized USD senior secured bond offering under a $4 billion GMTN programme.
Bonds feature a 4.5-year door-to-door tenor and a 4-year weighted average life.
Expected credit ratings of Ba1 (Moody's) and BB+ (S&P/Fitch).
Funds to be used for onward lending and activities compliant with ECB guidelines.
Deutsche Bank and Standard Chartered Bank appointed as Joint Global Coordinators.
💼 Action for Investors
The successful issuance will provide Muthoot Finance with long-term capital to support its gold loan portfolio growth. Investors should view this as a positive step in diversifying the company's liability profile and reducing reliance on domestic bank funding.
Muthoot Finance Infuses ₹500 Crore Equity into Subsidiary Muthoot Money Limited
Muthoot Finance has completed an additional equity infusion of approximately ₹500 crore into its wholly-owned subsidiary, Muthoot Money Limited. This capital injection is designed to strengthen the subsidiary's capital base and improve its capital adequacy ratio to support aggressive business growth. Muthoot Money has demonstrated significant scale-up, with its turnover growing from ₹44.7 crore in FY23 to ₹429.9 crore in FY25. The funds will be utilized for business funding, debt repayment, and general corporate purposes.
Key Highlights
Allotment of 3,25,139 equity shares completed for a total consideration of ₹499.99 crore
Subsidiary turnover increased nearly 10x in two years, reaching ₹4,299.43 million in FY25
Capital infusion aimed at improving Capital Adequacy Ratio (CAR) and funding business expansion
Muthoot Money Limited remains a 100% wholly-owned subsidiary with no change in control
💼 Action for Investors
Investors should monitor the performance of Muthoot Money as it becomes a larger part of the consolidated entity. The significant capital support indicates management's confidence in scaling the non-gold lending business.