MUTHOOTFIN - Muthoot Finance
📢 Recent Corporate Announcements
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.
- 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.
Muthoot Finance Limited has officially released the audio recording of its analyst call held on February 12, 2026. The call focused on the company's unaudited financial results for the quarter ended December 31, 2025. This disclosure is a routine regulatory requirement under SEBI (LODR) Regulations to ensure equitable access to information for all shareholders. Investors can use this resource to hear management's detailed commentary on operational performance and future growth strategies.
- Audio recording of the Feb 12, 2026, analyst call is now publicly available via the company website.
- The call discussed unaudited standalone and consolidated results for the quarter ended Dec 31, 2025.
- The recording was uploaded to the website at 08:50 PM on February 12, 2026.
- Filing complies with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements).
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.
- 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.
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.
- 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.
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.
- 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.
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.
- 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.
Muthoot Finance has provided an updated registration link for its Q3 FY 2026 earnings conference call. This communication serves as a follow-up to the company's previous intimation dated February 07, 2026. The call will allow analysts and investors to discuss the financial results for the quarter ending December 2025. The company has also confirmed that the results presentation will be accessible on its official website.
- Updated registration link provided for the Q3 FY 2026 earnings conference call.
- Follow-up to the initial disclosure made on February 07, 2026.
- Results presentation to be made available on the official company website.
- Compliance with Regulation 30 of SEBI (LODR) Regulations 2015.
Muthoot Finance Limited has scheduled its Q3 FY 2026 results conference call for Thursday, February 12, 2026, at 5:00 PM IST. The call will provide management insights into the company's financial performance for the quarter ending December 2025. Investors and analysts can join via universal dial-in numbers or international toll-free lines for the US, UK, Singapore, and Hong Kong. The company will also make the results presentation available on its official website prior to the call.
- Earnings conference call scheduled for February 12, 2026, at 17:00 IST
- Primary focus is the review of Q3 FY 2026 financial results
- Universal dial-in numbers provided: +91 22 6280 1384 and +91 22 7115 8285
- International access available for major hubs including USA (1866 746 2133) and UK (0808 101 1573)
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.
- 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
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.
- 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
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.
- 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.
Muthoot Finance has submitted its quarterly compliance certificate under SEBI (Depositories and Participants) Regulations for the period ending December 31, 2025. The company confirmed that all securities received for dematerialization were processed, mutilated, and cancelled according to regulatory standards. These securities have been successfully listed on the stock exchanges where existing shares are traded. The verification was conducted by their Registrar and Share Transfer Agent, MUFG Intime India Private Limited.
- Compliance certificate issued for the quarter ended December 31, 2025
- Confirmation that dematerialized securities are listed on relevant stock exchanges
- Registrar MUFG Intime India Private Limited verified the mutilation and cancellation of physical certificates
- Name of depositories substituted in the register of members within prescribed timelines
Muthoot Finance Limited has filed its quarterly update regarding the details of its Compliance Officer and Registrar and Transfer Agent (RTA) for the period ended December 31, 2025. Rajesh A continues to serve as the Company Secretary and Compliance Officer. MUFG Intime India Private Limited, formerly known as Link Intime India Pvt Ltd, remains the designated RTA for both Equity and Non-Convertible Debentures (NCDs). This is a standard regulatory disclosure required under SEBI guidelines to ensure transparency in investor grievance redressal mechanisms.
- Rajesh A confirmed as the Company Secretary and Compliance Officer for the quarter ended December 31, 2025.
- MUFG Intime India Private Limited (formerly Link Intime) is the RTA for both NCDs and Equity shares.
- Disclosure made in compliance with SEBI circular SEBI/HO/DDHS/DDHS/CIR/P/2020/231 dated November 13, 2020.
- Contact details for investor grievances regarding debt and equity have been updated and verified.
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.
- 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
Muthoot Finance Limited has announced the closure of its trading window starting from the close of business hours on December 31, 2025. This action is a standard regulatory requirement under SEBI (Prohibition of Insider Trading) Regulations for the upcoming declaration of financial results for the quarter ending December 31, 2025. The window will remain closed for all designated persons and their immediate relatives. It is scheduled to reopen 48 hours after the financial results are officially communicated to the stock exchanges.
- Trading window closure begins from the close of business hours on December 31, 2025.
- Restriction applies to all Designated Persons and their immediate relatives as per SEBI norms.
- The window will remain closed until 48 hours after the Q3 financial results are announced.
- The specific date for the Board Meeting to declare results will be notified separately.
Financial Performance
Revenue Growth by Segment
Consolidated Loan Assets Under Management (AUM) grew 42% YoY to INR 1,47,673 Cr in H1 FY26. Standalone Gold Loan AUM increased by INR 11,723 Cr in Q2 FY26, a 10% QoQ growth. Muthoot Homefin revenue grew 44% YoY to INR 222 Cr in H1 FY26. Asia Asset Finance (Sri Lanka) revenue increased 40% YoY to LKR 440 million. Muthoot Money AUM grew significantly from INR 2,491 Cr to INR 6,393 Cr.
Geographic Revenue Split
South India remains the primary region, accounting for 58% of branches as of June 30, 2025. However, geographic diversification has reduced South India's share of the gold loan portfolio to 48% in June 2025, down from 86% in fiscal 2007, mitigating regional economic disruption risks.
Profitability Margins
Standalone Profit After Tax (PAT) for H1 FY26 was INR 4,391 Cr, an 88% increase from INR 2,330 Cr YoY. Consolidated PAT for H1 FY26 stood at INR 4,386 Cr, up 74% YoY. Consolidated Return on Managed Assets (RoMA) was 4.7% in fiscal 2025 compared to 5.1% in fiscal 2024, reflecting high but slightly moderating profitability due to microfinance headwinds.
EBITDA Margin
Core profitability remains healthy with a consolidated RoMA of 4.7% in FY25. Standalone PAT for Q2 FY26 rose 87% YoY to INR 2,345 Cr. Profitability is driven by high yields on gold loans and low ultimate credit losses due to the liquid nature of gold collateral.
Capital Expenditure
Not explicitly disclosed as a single CAPEX figure, but the company expanded its physical footprint by opening 23 new gold loan branches under the Belstar subsidiary in H1 FY26 to diversify product offerings.
Credit Rating & Borrowing
Muthoot Finance maintains a strong credit profile with [ICRA]AA+ (Stable) for long-term debt and [ICRA]A1+ for commercial paper. The company raised INR 35,175 Cr from various avenues since April 2025, maintaining a liquidity balance of INR 10,714.6 Cr as of September 30, 2025.
Operational Drivers
Raw Materials
Household Gold Jewellery (collateral) represents 100% of the security for the primary gold loan business; Financial Capital (borrowings) is the primary input cost.
Import Sources
Sourced domestically from retail customers across India through a network of 5,000+ branches.
Key Suppliers
Not applicable as a financial services firm; primary 'suppliers' are retail depositors and institutional lenders including banks and NCD investors.
Capacity Expansion
Current branch network is concentrated in South India (58%); expansion is focused on non-gold segments and diversifying gold loan branches into Northern and Western India. Belstar opened 23 new gold loan branches in H1 FY26.
Raw Material Costs
Interest expense is the primary cost of 'raw material' (capital). The company raised INR 35,175 Cr recently at competitive rates. Cost of funds is managed through a mix of NCDs, bank loans, and commercial paper.
Manufacturing Efficiency
Operational efficiency is reflected in a low consolidated gearing of 3.27x as of September 2025 and a standalone Tier I capital adequacy ratio of 21.96%, providing a significant buffer for growth.
Logistics & Distribution
Distribution is handled through a massive physical branch network; South India accounts for 58% of the branch infrastructure.
Strategic Growth
Expected Growth Rate
42%
Growth Strategy
Growth is driven by a dual strategy: maintaining leadership in the core gold loan market (47% YoY AUM growth) and aggressive diversification into subsidiaries. Muthoot Money (vehicle/gold) AUM grew 156% YoY. Belstar Microfinance is diversifying into gold loans (23 new branches) to mitigate microfinance sector volatility.
Products & Services
Gold loans, affordable housing finance, microfinance, vehicle finance, insurance brokerage, and asset management services.
Brand Portfolio
Muthoot Finance, Muthoot Homefin, Belstar Microfinance, Muthoot Money, Muthoot Blue.
New Products/Services
Belstar Microfinance is introducing gold loans (40% non-microfinance portfolio allowed by RBI) to stabilize earnings. Muthoot Money has expanded into vehicle and gold loans, reaching an AUM of INR 6,393 Cr.
Market Expansion
Targeting non-South regions to reduce geographic concentration from the current 58% branch share. Expanding international presence through Asia Asset Finance in Sri Lanka (48% AUM growth).
Market Share & Ranking
Muthoot Finance is the largest gold financing NBFC in India with a consolidated AUM of INR 1,47,673 Cr.
Strategic Alliances
Muthoot Finance holds 66.13% in Belstar Microfinance and 72.9% in Asia Asset Finance (Sri Lanka).
External Factors
Industry Trends
The gold loan industry is seeing increased regulatory scrutiny (RBI circular Sep 2024) and competition from banks. However, the shift toward organized lending and financial inclusion provides a structural tailwind for the 20-25% growth seen in non-gold segments.
Competitive Landscape
Faces competition from specialized NBFCs (Manappuram) and aggressive entry by commercial banks into the gold loan space.
Competitive Moat
The moat is built on an 85-year brand legacy, a vast branch network that provides 'neighborhood' access for gold storage, and a specialized ability to appraise and liquidate gold collateral quickly. This is sustainable due to the high trust required in gold handling.
Macro Economic Sensitivity
Highly sensitive to gold price fluctuations and rural income levels, as gold loans are often used as working capital by small businesses.
Consumer Behavior
Shift toward using gold loans for immediate liquidity needs rather than traditional moneylenders; increasing acceptance of housing and vehicle finance in semi-urban areas.
Geopolitical Risks
Operations in Sri Lanka are subject to local economic and political stability; South Indian concentration (58% branches) exposes the company to regional disruptions.
Regulatory & Governance
Industry Regulations
RBI circular (September 2024) mandates a comprehensive review of gold loan policies and corrective measures within 3 months to address vulnerabilities in processes and practices.
Environmental Compliance
Revised reporting on environmental parameters in fiscal 2025; board-level ESG committee oversees compliance.
Taxation Policy Impact
Effective tax rate is standard for Indian NBFCs; standalone PAT of INR 4,391 Cr is reported after tax provisions.
Legal Contingencies
Not specifically detailed in the documents, though the company maintains an investor grievance redressal mechanism and extensive disclosures.
Risk Analysis
Key Uncertainties
Asset quality in non-gold segments is a major uncertainty; Belstar Microfinance incurred a loss of INR 160 Cr in H1 FY26 due to an adverse microfinance environment. Potential impact is a drag on consolidated ROA.
Geographic Concentration Risk
58% of branches are in South India, creating vulnerability to regional economic or political disruptions.
Third Party Dependencies
Dependency on banking channels for 30-40% of funding and on the IRDA for insurance brokerage revenue (INR 70 Cr in H1).
Technology Obsolescence Risk
Risk of digital-only gold loan competitors; Muthoot is mitigating this by grooming 'human capital' (31,113 staff) and improving data collection systems.
Credit & Counterparty Risk
Stage 3 assets in Muthoot Homefin stood at 1.69% as of Sep 2025. Belstar Stage 3 loans were reported at INR 4.58 Cr, though industry-wide microfinance stress remains a monitorable risk.