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MUTHOOTMF - Muthoot Microfin

📊 NSE: MUTHOOTMF 🏢 Finance & Investments 📅 Last Updated: 12/14/2025 10:10

📢 Recent Corporate Announcements

Muthoot Microfin to Host Analyst Meetings and Branch Visits on March 18-19, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 13 Mar 2026, 01:33 PM

Muthoot Microfin Limited has announced a two-day investor engagement event scheduled for March 18 and 19, 2026, in Kochi. The event will involve branch visits and management meetings with analysts and institutional investors. On March 18, the company will conduct one-on-one meetings, followed by group meetings on March 19, both running from 9:00 AM to 4:00 PM. The company has clarified that no unpublished price sensitive information will be shared during these interactions.

Two-day analyst and institutional investor meet scheduled for March 18-19, 2026.
Activities include branch visits and management meetings at the company's Kochi location.
March 18 session dedicated to 1x1 meetings from 9:00 AM to 4:00 PM.
March 19 session dedicated to group meetings from 9:00 AM to 4:00 PM.
Company confirms no unpublished price sensitive information (UPSI) will be disclosed.

💡 No immediate action is required as this is a routine investor engagement; however, investors should look for any subsequent investor presentations that may be filed after the meet.

Muthoot Microfin Reports Asset Liability Management Data for January 2026

🟡 NEUTRAL ⭐ 4/10

REGULATORY 📅 14 Feb 2026, 03:39 PM

Muthoot Microfin Limited has disclosed its provisional Asset Liability Management (ALM) statement for the month ended January 31, 2026. The company reports total borrowings of approximately ₹8,564.60 crore, with bank borrowings forming the largest component at ₹6,524.40 crore. The maturity profile shows manageable short-term obligations, with ₹46.25 crore due within the next 7 days and ₹464.32 crore due within the next 30 days. The company maintains a healthy capital position with equity and reserves totaling ₹2,727.51 crore.

Total borrowings as of January 31, 2026, stood at ₹8,56,460.03 (in reported units, likely lakhs).
Bank borrowings constitute 76% of total debt, amounting to ₹6,52,440.43.
Provisions for Non-Performing Assets (NPAs) are maintained at ₹54,146.59.
The 1-3 year maturity bucket represents the largest concentration of debt at ₹2,21,486.76.
Total Equity Capital and Reserves & Surplus combined stand at ₹2,72,751.40.

💡 Investors should monitor the company's ability to refinance or repay the ₹1,354.43 crore due in the 6-month to 1-year window. The current ALM profile suggests a stable liquidity position typical for a microfinance institution.

Muthoot Microfin Q3 FY26: PAT at ₹62 Cr, AUM Grows 5.4% YoY to ₹13,078 Cr

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 13 Feb 2026, 05:33 PM

Muthoot Microfin reported a resilient Q3 FY26 with AUM reaching ₹13,078 crores and a quarterly PAT of ₹62 crores. The company successfully reduced its operating expenses from 7% to 6.5% through branch rationalization and increased digital collections. Asset quality showed sequential improvement as GNPA declined by 21 bps to 4.4%, while credit costs remained controlled at 3.3%, well below the guided range. Management highlighted a strategic shift towards non-JLG loans, which now constitute 12% of the total portfolio.

AUM grew 5.4% YoY to ₹13,078 crores with monthly disbursements normalizing at ₹850 crores.
GNPA improved to 4.4% (down 21 bps QoQ) and credit cost for the quarter stood at 3.3%.
Operating expenses decreased to 6.5% from 7% due to the merger of 66 branches and digital collection efficiencies.
Individual loan portfolio (non-JLG) reached ₹1,097 crores with near-zero delinquency and 91% digital repayment on due dates.
Cost of funds reduced to 10.4% with incremental borrowing costs improving to 9.8%.

💡 Investors should note the improving asset quality and cost-to-income ratios as the company diversifies away from traditional JLG models. The stock remains attractive for those looking at microfinance recovery, supported by a healthy 1.9% ROA and strong funding support.

Muthoot Microfin Q3 FY26: AUM Grows to ₹13,078 Cr, PAT at ₹62 Cr with Improving Asset Quality

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 13 Feb 2026, 05:24 PM

Muthoot Microfin reported a steady Q3 FY26 with AUM reaching ₹13,078 crores, supported by normalized monthly disbursements of ₹850 crores. The company successfully diversified its portfolio, with non-JLG loans now comprising 12% of the book, up from 3% in March. Asset quality showed signs of recovery as GNPA fell 21 bps QoQ to 4.4% and collection efficiency improved to 94.8%. Management expects further improvement in Q4, targeting an ROA of approximately 2% for the full year.

AUM grew 5.4% YoY to ₹13,078 crores, with Q3 disbursements reaching ₹2,492 crores
GNPA improved to 4.4% (down 21 bps QoQ) while credit cost for the quarter stood at 3.3%
Operating expenses reduced to 6.5% of AUM, driven by branch rationalization and digital collections
Cost of funds decreased by 64 bps YoY to 10.4%, with incremental borrowing at 9.8%
Non-JLG portfolio (individual loans) reached ₹1,097 crores with near-zero delinquency

💡 Investors should monitor the continued shift toward the higher-quality individual loan segment and the stabilization of credit costs. The company's ability to maintain 99.8% on-time collection efficiency suggests a robust recovery from previous macro headwinds.

Muthoot Microfin to Participate in Dolat Capital Corporate Conference on Feb 18

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 12 Feb 2026, 12:06 PM

Muthoot Microfin Limited has announced its participation in the Dolat Capital Corporate Conference scheduled for February 18, 2026. The event will take place at the Grand Hyatt in Mumbai and will involve group meetings with institutional investors. The company has explicitly stated that no unpublished price sensitive information (UPSI) will be shared during these interactions. Such meetings are standard practice for maintaining investor relations and providing updates on general business operations.

Participation in Dolat Capital Corporate Conference on February 18, 2026
Format of the interaction is a group meeting with institutional investors
Event location is Grand Hyatt, Mumbai, organized by Dolat Capital
Company confirms no Unpublished Price Sensitive Information (UPSI) will be disclosed

💡 Investors should monitor for any investor presentations or post-conference transcripts that may be uploaded to the stock exchanges for insights into management's outlook. No immediate portfolio action is required based on this routine disclosure.

Muthoot Microfin to Raise ₹2,000 Crores via Private Placement of Debentures

🟢 POSITIVE ⭐ 7/10

FUNDRAISE 📅 12 Feb 2026, 11:45 AM

Muthoot Microfin Limited is seeking shareholder approval via a postal ballot to raise up to ₹2,000 Crores through the private placement of Non-Convertible Debentures (NCDs). This additional fundraise will be executed in one or more tranches and remains within the company's overall borrowing limit of ₹15,000 Crores. The capital is intended to support the company's microfinance lending operations and growth objectives. The e-voting period for shareholders is scheduled from February 13, 2026, to March 14, 2026.

Proposed issuance of Debentures through Private Placement for an additional amount of ₹2,000 Crores.
Issuance may include secured, unsecured, listed, or unlisted NCDs and market-linked debentures.
The fundraise is within the previously approved total borrowing limit of ₹15,000 Crores.
Remote e-voting period starts on February 13, 2026, and ends on March 14, 2026.
The resolution is being passed as a Special Resolution to ensure regulatory compliance.

💡 Investors should view this as a positive step for growth capital, though they should monitor the cost of debt and its impact on Net Interest Margins (NIMs). No immediate action is required other than participating in the voting process if holding shares.

Muthoot Microfin Releases Q3 FY26 Earnings Conference Call Audio Recording

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 10 Feb 2026, 02:49 PM

Muthoot Microfin Limited has released the audio recording of its investor conference call held on February 10, 2026. The call addressed the company's unaudited financial results for the third quarter ended December 31, 2025. This disclosure follows the requirements of Regulation 30 of the SEBI (LODR) Regulations, 2015. Investors can access the recording via the provided web link to hear management's detailed commentary on operational performance.

Audio recording of the Q3 FY 2025-26 earnings call is now available for public access.
The call was conducted on February 10, 2026, following the Q3 results announcement.
Management discussed the financial performance for the period ending December 31, 2025.
The filing is a standard regulatory compliance under SEBI (Listing Obligations and Disclosure Requirements) Regulations.

💡 Investors should listen to the recording to understand management's outlook on asset quality and growth. No immediate trading action is required based on this procedural filing.

Muthoot Microfin Q3 FY26: PAT Surges 104% QoQ to ₹624 Mn; AUM Reaches ₹1.3 Lakh Mn

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 09 Feb 2026, 09:07 PM

Muthoot Microfin reported a strong sequential recovery in Q3 FY26, with PAT growing 104.6% QoQ to ₹624 million. Asset quality showed signs of stabilization as GNPA improved by 21 bps QoQ to 4.40%, while NNPA stood at 1.34%. The company's AUM grew 5.4% YoY to ₹1,30,786 million, supported by a 22.5% YoY increase in disbursements. Strategic branch consolidation and a focus on the non-JLG portfolio, which crossed ₹10,000 million, highlight a shift towards operational efficiency and diversification.

AUM grew 5.4% YoY to ₹1,30,786 million, with disbursements rising 22.5% YoY to ₹24,922 million
Net Profit (PAT) surged 104.6% QoQ to ₹624 million, showing significant recovery from previous quarters
Asset quality improved sequentially with GNPA at 4.40% (-21 bps QoQ) and NNPA at 1.34% (-7 bps QoQ)
Individual Loan (IL) AUM crossed the ₹10,000 million milestone, strengthening the non-JLG portfolio
Operational efficiency improved with the Opex ratio declining 51 bps QoQ to 6.5% following branch consolidation

💡 Investors should note the sequential improvement in asset quality and profitability, suggesting the worst of the credit cycle may be passing. Monitor the growth of the non-JLG portfolio as a key driver for future margin stability.

Muthoot Microfin Re-appoints Jinsu Joseph as Chief Risk Officer for 2-Year Term

🟢 POSITIVE ⭐ 4/10

MANAGEMENT 📅 09 Feb 2026, 08:25 PM

Muthoot Microfin has announced the re-appointment of Mr. Jinsu Joseph as the Chief Risk Officer (CRO) for a further period of two years, starting April 1, 2026. Mr. Joseph, a Chartered Accountant with over 14 years of experience, has been serving as the CRO since April 2022 and has a nine-year tenure with the Muthoot Pappachan Group. This move ensures leadership continuity in the critical risk management function of the microfinance institution. The decision was formalized in a board meeting held on February 09, 2026.

Re-appointment of Mr. Jinsu Joseph as CRO for a 2-year term effective April 1, 2026
Mr. Joseph has over 14 years of experience in finance and risk management
Associated with Muthoot Pappachan Group for 9 years and served as CRO since April 2022
The appointee is an associate member of the Institute of Chartered Accountants of India

💡 Investors should view this as a positive sign of management stability and continuity in risk oversight. No immediate portfolio action is required based on this routine re-appointment.

Muthoot Microfin Q3 FY26 PAT Jumps 104.6% QoQ to ₹62.4 Cr; AUM Crosses ₹13,000 Cr

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 09 Feb 2026, 08:09 PM

Muthoot Microfin reported a strong sequential recovery in Q3 FY26, with Profit After Tax (PAT) doubling to ₹62.4 crore compared to the previous quarter. Assets Under Management (AUM) grew 5.4% YoY to reach ₹13,078.6 crore, driven by a 22.5% YoY increase in disbursements. Asset quality showed signs of improvement as GNPA fell to 4.40% and credit costs remained well below management guidance at 3.3%. The company also successfully diversified its portfolio, with the individual loan segment now exceeding ₹1,000 crore.

PAT surged 104.6% QoQ to ₹62.4 crore with a healthy Net Interest Margin (NIM) of 12.0%
AUM reached ₹13,078.6 crore, supported by a 22.5% YoY growth in disbursements to ₹2,492.2 crore
Asset quality improved sequentially with GNPA at 4.40% and NNPA at 1.34%, down from 4.61% and 1.41% respectively
Credit cost for the quarter stood at 3.3%, significantly lower than the management's FY26 guidance of 4-6%
Raised ₹2,753.9 crore in funding during the quarter at a competitive cost of 9.8%

💡 The strong sequential recovery and controlled credit costs indicate a turnaround in operational performance after a challenging phase for the MFI sector. Investors should watch for continued improvement in asset quality and the scaling of the higher-margin individual loan book.

Muthoot Microfin to Raise ₹2,000 Crore via NCDs and Re-appoints Chief Risk Officer

🟢 POSITIVE ⭐ 8/10

FUNDRAISE 📅 09 Feb 2026, 07:56 PM

Muthoot Microfin's board has approved a substantial fundraise of up to ₹2,000 Crores through the private placement of Non-Convertible Debentures (NCDs) to support its growth capital requirements. The company also approved its financial results for the quarter ended December 31, 2025, which received a clean limited review report from statutory auditors. In a move to ensure management continuity, Mr. Jinsu Joseph has been re-appointed as the Chief Risk Officer for a further two-year term effective April 2026. Shareholders will soon vote on the NCD issuance via a postal ballot.

Approved issuance of Non-Convertible Debentures (NCDs) up to ₹2,000 Crores via private placement.
Re-appointed Mr. Jinsu Joseph as Chief Risk Officer for a two-year term starting April 1, 2026.
Financial results for Q3 FY26 (ended Dec 31, 2025) approved with no adverse auditor qualifications.
Auditors confirmed that the required security cover for existing listed NCDs has been maintained as of Dec 31, 2025.
Board to convene a Postal Ballot to seek shareholder approval for the proposed ₹2,000 Crore fundraise.

💡 Investors should view the ₹2,000 Crore fundraise as a positive signal for future loan book expansion and monitor the upcoming Q3 earnings call for specific growth guidance. The continuity in risk management leadership is a stabilizing factor for the company's asset quality outlook.

Muthoot Microfin Allots NCDs Worth ₹40 Crore at 9.70% Interest Rate

🟡 NEUTRAL ⭐ 6/10

FUNDRAISE 📅 06 Feb 2026, 01:39 PM

Muthoot Microfin Limited has successfully allotted 4,000 Senior, Secured, Rated, Listed, Redeemable, Taxable Non-Convertible Debentures (NCDs) on a private placement basis. The total fundraise amounts to ₹40 crore with a face value of ₹1,00,000 per debenture. These NCDs carry a coupon rate of 9.70% per annum, with interest payments scheduled monthly. The tenure for these instruments is 24 months, with a maturity date set for February 06, 2028.

Allotment of 4,000 NCDs aggregating to a total nominal value of ₹40 crore
Coupon rate fixed at 9.70% per annum with a monthly interest payment schedule
Instrument tenure is 24 months with maturity on February 06, 2028
Secured by a first ranking exclusive charge of 1.05x over the company's receivables

💡 This is a routine fundraise for a microfinance institution to support its lending book. Investors should monitor the company's cost of borrowing and asset quality in upcoming quarterly results.

Muthoot Microfin to Raise ₹140 Crores via Allotment and Issuance of NCDs

🟢 POSITIVE ⭐ 7/10

FUNDRAISE 📅 30 Jan 2026, 04:49 PM

Muthoot Microfin Limited has approved the allotment of ₹100 crores through Secured Non-Convertible Debentures (NCDs) and the issuance of an additional ₹40 crores. The ₹100 crore allotment is split into two series with coupon rates of 9.85% and 9.95% for tenures of 24 and 36 months respectively. Furthermore, a new issuance of ₹40 crores at a 9.70% coupon rate has been sanctioned. These funds, raised via private placement, will be listed on the BSE and are secured by company receivables.

Allotment of ₹100 Crores in NCDs across two series (₹50 Cr each) with monthly interest payments.
Series I (24 months) carries a 9.85% coupon, while Series II (36 months) carries a 9.95% coupon.
Approval for a fresh issuance of ₹40 Crores in NCDs at a 9.70% coupon for a 24-month tenure.
All instruments are secured by a 1.05x charge over the company's present and future receivables.
The capital raised will support the company's microfinance lending operations and liquidity.

💡 Investors should view this as a positive step for credit growth, though they should monitor the company's ability to maintain margins against these borrowing costs of 9.70%-9.95%.

Muthoot Microfin Schedules Q3 FY26 Earnings Conference Call for February 10, 2026

🟡 NEUTRAL ⭐ 4/10

EARNINGS 📅 28 Jan 2026, 05:07 PM

Muthoot Microfin Limited has scheduled its earnings conference call for February 10, 2026, at 9:30 AM IST to discuss the financial results for the quarter ended December 31, 2025. The call will be hosted by JM Financial Institutional Securities and will feature top management including the CEO and CFO. This session provides an opportunity for investors to gain clarity on the company's operational performance and future guidance. Such calls are standard practice following the release of quarterly financial statements.

Conference call scheduled for February 10, 2026, at 09:30 AM IST.
Focus on financial results for the quarter ended December 31, 2025 (Q3 FY26).
Key participants include CEO Sadaf Sayeed, CFO Praveen T, and Chairman Thomas Muthoot.
Organized by JM Financial Institutional Securities Limited with international dial-in options.
Management will provide commentary on business strategy and financial metrics.

💡 Investors should monitor the call for management's commentary on asset quality trends and credit costs in the microfinance sector. The actual financial results released prior to the call will be the primary catalyst for stock price movement.

Muthoot Microfin Allots NCDs Worth ₹50 Crore at 9.70% Coupon

🟢 POSITIVE ⭐ 6/10

FUNDRAISE 📅 23 Jan 2026, 11:32 AM

Muthoot Microfin Limited has successfully allotted 5,000 secured, rated, and redeemable Non-Convertible Debentures (NCDs) on a private placement basis. The issue raised a total of ₹50 crore with a face value of ₹1 lakh per debenture. These NCDs carry a coupon rate of 9.70% per annum, payable monthly, and have a tenure of 24 months. This fundraising activity is part of the company's routine capital management to support its microfinance lending operations.

Allotment of 5,000 NCDs with a face value of ₹1,00,000 each, totaling ₹50 crore
Fixed coupon rate of 9.70% per annum with a monthly interest payment schedule
Instrument tenure of 24 months with a maturity date of January 23, 2028
Secured by a first ranking and exclusive charge of 1.05x over the company's receivables
The securities will be listed on the BSE Limited stock exchange

💡 Investors should monitor the company's ability to maintain its net interest margins (NIMs) against this borrowing cost of 9.70%. This fundraise is a positive sign of liquidity and credit access for the firm's growth.

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💰 Financial Performance

Revenue Growth by Segment

Revenue from operations for Q2 FY26 was INR 576.33 Cr, representing a 13% YoY decline from INR 662.41 Cr. H1 FY26 revenue stood at INR 1,134.95 Cr, down 14.4% YoY. Individual loans contributed INR 25.3 Cr to disbursements in Q2 FY26.

Geographic Revenue Split

The company operates across 21 states and 392 districts. While specific revenue % per region is not disclosed, it has a pan-India presence with 1,718 branches as of September 30, 2025.

Profitability Margins

NIM stood at 11.7% in Q2 FY26. RoA improved to 0.6% in Q2 FY26 from -1.8% in Q1 FY26. RoE improved to 2.8% in Q2 FY26 from -8.2% in Q1 FY26. Operating cost was 6.9% of average monthly gross outstanding loan portfolio.

EBITDA Margin

Pre-Provision Operating Profit (PPOP) grew by 7.6% QoQ in Q2 FY26. Total income for Q2 FY26 was INR 577.39 Cr, down 12.92% YoY.

Capital Expenditure

Not explicitly disclosed as a single Cr figure, but the company is rationalizing its network by merging or closing 84 underperforming branches to save INR 50 Cr annually while simultaneously expanding in new markets like Assam.

Credit Rating & Borrowing

CRISIL upgraded the outlook from 'Stable' to 'Positive' while reaffirming the 'A+' rating. Average cost of funds declined to 10.6% from 11.02%, with a marginal cost of fund at approximately 9.8%.

⚙️ Operational Drivers

Raw Materials

Debt Capital (10.6% average cost), Equity Capital (Promoters infused INR 342.1 Cr to date).

Import Sources

Primarily domestic funding from Indian banks and institutions; raised USD 128 Mn via External Commercial Borrowings (ECB) from international markets.

Key Suppliers

Lenders include HDFC Bank, SIDBI, and various Domestic Development Financial Institutions (DFIs) which contribute 6% of funding.

Capacity Expansion

Current capacity of 1,718 branches serving 33.6 lakh active customers. Planned expansion includes new branches in Assam and strategic entry into Telangana and Andhra Pradesh.

Raw Material Costs

Finance costs for Q2 FY26 were INR 211.31 Cr, representing 36.6% of total income. Finance costs declined 10.99% YoY due to better negotiation and improved credit ratings.

Manufacturing Efficiency

Collection efficiency for FY26 is targeted at 93.1%. Overdue collections improved to INR 19 Cr per month in Q2 FY26 from INR 6 Cr per month previously.

Logistics & Distribution

Distribution costs are reflected in employee benefit expenses of INR 154.92 Cr for Q2 FY26, which rose 18.47% YoY due to expansion.

📈 Strategic Growth

Expected Growth Rate

28.10%

Growth Strategy

Achieving growth through a 28.1% increase in disbursements, diversifying into Individual Loans (23% interest rate), Gold Loans, and Micro-LAP. The company is also expanding geographically into Assam and rationalizing 84 branches to save INR 50 Cr annually.

Products & Services

Income generating micro loans for women, Individual loans, Gold loans, and Micro-LAP (Loan Against Property).

Brand Portfolio

Muthoot Microfin, Muthoot Pappachan Group (Muthoot Blue), Mahila Mitra (Mobile App).

New Products/Services

Individual loans (INR 25.3 Cr disbursed in Q2 FY26), Gold loans, and Micro-LAP forays to diversify the portfolio risk.

Market Expansion

Expansion into Assam, Telangana, and Andhra Pradesh to increase market share from the current 8.74%.

Market Share & Ranking

Market share increased from 8.09% to 8.74% in Q2 FY26; ranked as the 2nd largest company by AUM under the Muthoot Pappachan Group.

Strategic Alliances

Utilizes Team Lease and Team Up for 267 loan officers to manage staffing flexibility.

🌍 External Factors

Industry Trends

The MFI industry is seeing a return to normalcy with improved credit discipline. Muthoot is positioning itself by shifting 99% of new customer sourcing to 'Very Low' and 'Low' risk segments.

Competitive Landscape

Operates in a competitive MFI environment with a focus on increasing market share (currently 8.74%) through retail footprint scaling.

Competitive Moat

Moat derived from the 138-year legacy of the Muthoot Pappachan Group and strong promoter control. Sustainability is reinforced by a 95% customer retention rate and a diversified product mix.