HDFC Bank Limited
NSE: HDFCBANK
Financial Services · Banks - Regional
₹707.25 last close on 9 Oct 2026 +2.17%
Research updated
Muthoot Finance Ltd.
NSE: MUTHOOTFINFinancial ServicesCredit Services
- Last close
- ₹2,624.70
- Day change
- +₹65.10 (+2.54%)vs
- Market cap
- ₹1.06 lakh crIndian rupees
- Research updated
- 1 report
About Muthoot Finance
Muthoot Finance Ltd. is a leading non-banking financial company (NBFC) in India, recognized for its substantial influence in the financial services sector. The company's primary function is providing secured, retail-focused financial services, with a particular emphasis on granting loans against gold jewelry. This core service caters to individuals in need of quick, hassle-free financing, leveraging their gold assets as collateral. Besides gold loans, Muthoot Finance Ltd. offers home loans, personal loans, and insurance services, reaching a broad spectrum of clients. The company operates extensively through a widespread network of branches across India, enhancing financial inclusion by offering accessible financial solutions, especially in rural and semi-urban areas. In the financial market, Muthoot Finance Ltd. holds a significant position due to its consistent growth and its pivotal role in the gold loan segment, which is a critical component of India's lending ecosystem. This makes it a vital player in facilitating liquidity and fostering economic participation for its customers.
- Sector
- Financial Services
- Industry
- Credit Services
- Listing
- NSE: MUTHOOTFIN
- Employees
- 31,617
- Headquarters
- Kochi, India
- ISIN
- INE414G01012
- Website
- muthootfinance.com
Public research · Report of
Business model & financial foundation
Muthoot Finance (NSE: MUTHOOTFIN), NBFC - gold loans: revenue of ₹20,265 crore in FY26 (+57.7% on FY25) and net profit of ₹10,590 crore.
- Revenue, FY26 (₹ crore)
- 20,265
- consolidated
- Revenue growth, FY26
- +57.7%
- on FY25
- Net profit, FY26 (₹ crore)
- 10,590
- to owners
- Return on equity, FY26
- 30.4%
- on average equity
- Market capitalisation (₹ crore)
- 1,14,587
- at the close of 12 Oct 2026
Company profile
Muthoot Finance is India's largest gold loan NBFC, lending against household gold jewellery through about 5,029 standalone branches (7,654 for the group) and holding about 197 tonnes of gold as security at June 2026. Standalone gold loans were 1,63,298 cr of a consolidated loan AUM of 1,91,532 cr at Q1 FY27. Subsidiaries add microfinance (Belstar), affordable housing (Homefin), a second gold loan NBFC (Muthoot Money, being merged in) and Sri Lankan lending (Asia Asset Finance).
| Item | Value |
|---|---|
| Legal name | Muthoot Finance Limited |
| Exchange and ticker | NSE: MUTHOOTFIN; BSE: 533398 |
| ISIN | INE414G01012 |
| Sector | Financial Services |
| Industry | NBFC - gold loans |
| Headquarters | Kochi, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Krishnamoorthy & Krishnamoorthy and P S D Y & Associates (joint statutory auditors) (since 2024) |
| Market capitalisation | ₹1,14,587 crore (12 Oct 2026) |
| Shares outstanding | 40.15 crore shares (FY26) |
| Price | ₹2,625 (close, 12 Oct 2026) |
| 52-week range | ₹2,560 - ₹4,150 (to 12 Oct 2026) |
| Website | https://www.muthootfinance.com |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Belstar Microfinance Limited | 66.13% | Microfinance NBFC-MFI; also opening gold loan branches |
| Muthoot Homefin (India) Limited | 100% | Affordable housing finance company (NHB registered) |
| Muthoot Money Limited | 100% | Gold loan and vehicle loan NBFC; board approved amalgamation into the parent on 31 Aug 2026 |
| Asia Asset Finance PLC | 72.92% | Sri Lankan finance company: gold loans, microfinance, vehicle finance |
| Muthoot Insurance Brokers Private Limited | 100% | Direct insurance broker (IRDAI licensed) |
| Muthoot Asset Management Private Limited | 100% | Proposed AMC; not yet operational |
| Muthoot Trustee Private Limited | 100% | Proposed trustee company for the AMC; not yet operational |
Promoters are the Muthoot (M. George) family, 73.35% holding with no pledge.
| Shareholding (% of shares) | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoter | 73.35% | 73.35% | 73.35% | 73.35% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 11.58% | 11.75% | 12.30% | 11.61% |
| Domestic institutions | 11.37% | 11.13% | 10.42% | 10.76% |
| of which mutual funds | 9.46% | 9.08% | 8.77% | 9.51% |
| Retail | 3.71% | 3.77% | 3.93% | 4.29% |
| Other | 0.00% | 0.00% | 0.00% | 0.00% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Muthoot Finance lends against household gold jewellery through 5,029 standalone and 7,654 group branches (Q1 FY27). Standalone gold loans were 1,63,298 cr of standalone AUM 1,72,053 cr; consolidated AUM 1,91,532 cr at Jun-26. Loans are short (bullet tenor capped at 12 months under the RBI Directions effective 1 Apr 2026), collateralised at an average LTV near 57%, and repriced at renewal, so the book reprices fast and credit cost is low. It controls origination, collateral custody (197 tonnes) and auctions; it does not control the gold price, which sets AUM per gram, or the bank pricing that now competes for its customers. Subsidiaries: Belstar (66.13%, microfinance), Homefin (housing), Muthoot Money (gold loans, merging into the parent per the 31 Aug 2026 board decision), Asia Asset Finance (Sri Lanka).
| Peer | Why the dossier compares them |
|---|---|
| Manappuram Finance (MANAPPURAM) | Second-largest listed gold loan NBFC; same product, regulation and gold-price exposure |
| IIFL Finance (IIFL) | Large gold loan book (~58,400 cr Q1FY27) within a diversified NBFC |
| Bajaj Finance (BAJFINANCE) | Large-cap retail NBFC benchmark for growth and ROE; also lends against gold |
| Shriram Finance (SHRIRAMFIN) | Large-cap secured retail NBFC with gold loan book; similar borrowing profile |
| Cholamandalam Investment and Finance (CHOLAFIN) | |
| SBI Cards and Payment Services (SBICARD) |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue * | 7,961 | 7,710 | 9,656 | 12,853 | 20,265 |
| Other operating costs (vendor classification) * | 613.1 | 740.4 | 926.8 | 1,181 | 1,563 |
| Profit before tax * | 5,410 | 4,923 | 5,997 | 7,266 | 14,305 |
| Tax * | 1,379 | 1,253 | 1,529 | 1,914 | 3,698 |
| Profit after tax (vendor: before the non-controlling share is taken out) * | 4,031 | 3,670 | 4,468 | 5,352 | 10,607 |
| Diluted EPS (₹) * | 100.1 | 89.98 | 107.7 | 132.8 | 263.8 |
| Interest income (consolidated) | 14,546 | 19,663 | 30,371 | ||
| Total income (consolidated) | 15,163 | 20,325 | 31,263 | ||
| Non-interest income (total income less interest income) | 617.0 | 661.6 | 892.5 | ||
| Finance cost (consolidated) | 5,430 | 7,412 | 11,000 | ||
| Net interest income (interest income less finance cost) | 9,116 | 12,251 | 19,371 | ||
| Employee benefit expenses | 1,828 | 2,325 | 2,791 | ||
| Depreciation, amortisation and impairment | 92.1 | 116.0 | 137.3 | ||
| Other expenses | 1,262 | 1,570 | 2,004 | ||
| Operating expenses (employee + depreciation + other) | 3,182 | 4,011 | 4,933 | ||
| Impairment on financial instruments | 553.8 | 1,635 | 1,026 | ||
| Profit attributable to owners | 4,324 | 5,333 | 10,590 | ||
| Profit attributable to non-controlling interests | 143.7 | 19.5 | 16.6 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity * | 19,138 | 22,153 | 25,754 | 29,991 | 39,774 |
| Borrowings * | 54,362 | 55,506 | 67,890 | 98,815 | 1,51,036 |
| Cash and cash equivalents * | 10,229 | 8,074 | 6,389 | 8,486 | 13,021 |
| Trade payables * | 120.5 | 87.8 | 138.9 | 137.1 | 144.6 |
| Net property, plant and equipment * | 36.3 | 35.8 | 33.3 | 30.9 | 41.2 |
| Capital work in progress * | 52.3 | 67.4 | 88.3 | 31.9 | 18.3 |
| Total assets * | 96,469 | 1,32,860 | 1,95,754 | ||
| Consolidated loan AUM | 89,079 | 1,22,181 | 1,81,917 | ||
| Loans (consolidated balance sheet, net of ECL) | 88,187 | 1,20,578 | 1,78,857 | ||
| Equity attributable to owners of the parent | 25,107 | 29,367 | 39,130 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operations * | 9,561 | 8,819 | 11,104 | 14,285 | -47,393 |
| Free cash flow (vendor definition) * | -1,694 | -2,945 | -13,976 | -26,742 | -47,545 |
| Dividends paid (the provider's sign: an outflow is negative) * | -802.7 | -803.2 | -884.4 | -964.8 | -1,044 |
| Capital expenditure (the provider's sign: an outflow is negative) * | -94.7 | -139.7 | -220.5 | -215.6 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding * | 40.13 | 40.14 | 40.15 | 40.15 | 40.15 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue * | 3,150 | 3,322 | 3,482 | 4,130 | 4,761 | 5,320 | 6,137 | 5,236 |
| Other operating costs (vendor classification) * | 373.6 | 398.3 | -446.4 | 414.3 | 457.3 | 456.1 | 676.7 | 548.2 |
| Profit before tax | 1,802 | 1,886 | 1,932 | 2,654 | 3,244 | 3,823 | 4,584 | 3,797 |
| Tax expense | 480.6 | 494.8 | 488.2 | 679.8 | 832.5 | 999.0 | 1,187 | 972.3 |
| Profit for the period (incl. NCI) | 1,321 | 1,392 | 1,444 | 1,974 | 2,412 | 2,824 | 3,398 | 2,825 |
| Diluted EPS (consolidated) (₹) | 31.67 | 35.36 | 36.81 | 50.22 | 60.30 | 69.84 | 83.43 | 69.72 |
| Interest income | 4,782 | 5,067 | 5,466 | 6,288 | 7,091 | 7,983 | 9,009 | 8,557 |
| Non-interest income (total income less interest income) | 175.9 | 154.4 | 187.1 | 197.0 | 241.3 | 224.5 | 229.7 | 137.8 |
| Total income | 4,957 | 5,222 | 5,653 | 6,485 | 7,333 | 8,207 | 9,291 | 8,695 |
| Finance cost | 1,807 | 1,900 | 2,111 | 2,355 | 2,571 | 2,919 | 3,155 | 3,458 |
| Net interest income | 2,975 | 3,168 | 3,355 | 3,933 | 4,520 | 5,064 | 5,854 | 5,099 |
| Employee benefit expenses | 530.2 | 580.0 | 697.1 | 696.5 | 726.9 | 734.9 | 582.8 | 738.4 |
| Depreciation, amortisation and impairment | 24.9 | 30.6 | 34.7 | 34.8 | 37.6 | 40.5 | 24.5 | 31.4 |
| Other expenses | 373.6 | 398.3 | 464.2 | 414.3 | 457.3 | 506.1 | 676.7 | 548.2 |
| Operating expenses (employee + depreciation + other) | 928.7 | 1,009 | 1,196 | 1,146 | 1,222 | 1,282 | 1,284 | 1,318 |
| Impairment on financial instruments | 419.9 | 426.9 | 413.5 | 330.6 | 295.4 | 184.7 | 215.4 | 121.3 |
| Profit attributable to owners of the parent | 1,272 | 1,420 | 1,478 | 2,016 | 2,421 | 2,804 | 3,350 | 2,799 |
| Profit attributable to non-controlling interests | 49.6 | -28.1 | -33.7 | -42.0 | -8.90 | 19.5 | 48.0 | 25.7 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 6.8% | -3.2% | 25.2% | 33.1% | 57.7% |
| Net margin | 44.8% | 41.5% | 52.3% | ||
| Return on equity | 18.1% | 19.1% | 30.4% | ||
| Return on assets | 4.5% | 4.7% | 6.4% | ||
| Dividend payout | 20.5% | 18.1% | 9.9% | ||
| EPS, diluted (₹) | 100.1 | 89.98 | 107.7 | 132.8 | 263.8 |
| Book value per share (₹) | 476.9 | 551.9 | 641.5 | 747.0 | 990.7 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on assets: net profit to owners / average total assets.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 12 Oct 2026); market data at the close of 12 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on Muthoot Finance includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on Muthoot Finance
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Prices are the last close on the NSE, 9 Oct 2026. Research from Mool’s report of 12 Oct 2026; page updated 12 Oct 2026.
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