Muthoot Finance Ltd

₹ 3,311 -6.22%

15 May - close price

muthootfinance.com BSE: 533398 NSE: MUTHOOTFIN

About

Muthoot Finance is NBFC engaged in the business of providing gold loans. The company predominately operates in Southern India^[1]

Key Points

Business Verticals
1) Muthoot Finance Ltd (MFL): The company is India’s largest gold financing company in terms of loan portfolio, and also offers Money Transfer Services, Business loans, Corporate Loans, loans against Property, Collection Services, etc. It operates 4,800+ branches across 29 States and Union territories. It holds 202 tons of gold jewelry as security and services 2+ lakh customers daily. ^[1]

Website BSE NSE

Market Cap ₹ 1,32,942 Cr.
Current Price ₹ 3,311
High / Low ₹ 4,150 / 2,027
Stock P/E 13.1
Book Value ₹ 940
Dividend Yield 0.91 %
ROCE 16.0 %
ROE 30.6 %
Face Value ₹ 10.0

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Pros

Company is expected to give good quarter
Company has delivered good profit growth of 22.2% CAGR over last 5 years
Company has been maintaining a healthy dividend payout of 18.6%
Company's median sales growth is 19.0% of last 10 years

Cons

Stock is trading at 3.52 times its book value

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Financial Services Financial Services Finance Non Banking Financial Company (NBFC)

Part of BSE 500 BSE 200 BSE Dollex 200 Nifty Next 50 Nifty 500 Nifty 100 Nifty 200 Nifty Financial Services Nifty Alpha 50 Nifty 100 Equal Weight BSE Financial Services BSE MidCap Select Index BSE 150 MidCap Index BSE 250 LargeMidCap Index BSE 400 MidSmallCap Index BSE Diversified Financials Revenue Growth BSE Momentum Index Nifty200 Momentum 30 Nifty LargeMidcap 250 Nifty 500 Multicap 50:25:25 Nifty Financial Services 25/50 Nifty Midcap150 Quality 50 Nifty Total Market Nifty200 Alpha30 Nifty Midcap150 Momentum 50 BSE 200 Equal Weight Nifty500 Momentum 50 Nifty Midsmallcap400 Momentum Quality 100 Nifty 100 Alpha 30 Index Nifty Financial Services Ex-Bank Nifty500 Equal Weight Nifty500 Multicap Momentum Quality 50 Nifty Rural Nifty500 LargeMidSmall Equal-Cap Weighted BSE 1000 Nifty India FPI 150 Nifty Total Market Momentum Quality 50

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Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
	2,853	2,999	3,060	3,168	3,409	3,704	4,117	4,423	4,854	5,703	6,432	7,243	8,180
Interest	941	1,064	1,156	1,212	1,223	1,351	1,550	1,648	1,880	2,119	2,313	2,647	2,863
	690	635	572	566	753	849	852	913	951	832	971	997	1,154
Financing Profit	1,223	1,300	1,332	1,390	1,434	1,504	1,715	1,863	2,023	2,752	3,149	3,599	4,163
Financing Margin %	43%	43%	44%	44%	42%	41%	42%	42%	42%	48%	49%	50%	51%
	10	28	14	8	9	6	9	8	20	17	29	11	14
Depreciation	17	13	15	17	19	18	16	20	23	24	26	28	10
Profit before tax	1,216	1,315	1,330	1,380	1,424	1,492	1,708	1,851	2,020	2,745	3,151	3,582	4,167
Tax %	26%	26%	26%	26%	26%	28%	27%	26%	25%	25%	26%	26%	26%
	903	975	991	1,027	1,056	1,079	1,251	1,363	1,508	2,046	2,345	2,656	3,086
EPS in Rs	22.49	24.29	24.69	25.59	26.31	26.87	31.16	33.95	37.56	50.97	58.41	66.17	76.87
Gross NPA %	3.79%	4.26%	4.01%	3.62%	3.28%	3.98%	4.30%	4.22%	3.41%	2.58%	2.25%	1.58%	2.35%
Net NPA %	3.40%	3.82%	3.59%	3.23%	2.90%	3.48%	3.68%	3.51%	2.79%	2.10%	1.86%	1.30%	2.04%
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	4,325	4,875	5,746	6,267	6,878	8,715	10,557	11,082	10,515	12,635	17,099	27,558
Interest	2,108	2,260	2,298	1,935	2,243	2,796	3,699	3,845	3,709	4,667	6,466	9,941
	1,105	1,241	1,479	1,510	1,518	1,827	1,818	1,891	2,110	2,513	3,543	3,926
Financing Profit	1,112	1,374	1,969	2,822	3,117	4,092	5,040	5,347	4,696	5,455	7,091	13,691
Financing Margin %	26%	28%	34%	45%	45%	47%	48%	48%	45%	43%	41%	50%
	0	0	0	66	2	8	17	16	29	59	57	42
Depreciation	84	58	48	44	42	43	51	54	58	66	77	87
Profit before tax	1,028	1,317	1,921	2,845	3,077	4,057	5,007	5,309	4,666	5,449	7,071	13,645
Tax %	35%	39%	39%	38%	36%	26%	26%	26%	26%	26%	26%	26%
	671	810	1,180	1,778	1,972	3,018	3,722	3,954	3,474	4,050	5,201	10,134
EPS in Rs	16.85	20.29	29.53	44.43	49.22	75.26	92.78	98.53	86.52	100.87	129.54	252.43
Dividend Payout %	36%	30%	20%	23%	24%	20%	22%	20%	25%	24%	20%	12%

Compounded Sales Growth
10 Years:	19%
5 Years:	21%
3 Years:	38%
TTM:	61%

Compounded Profit Growth
10 Years:	29%
5 Years:	22%
3 Years:	43%
TTM:	95%

Stock Price CAGR
10 Years:	31%
5 Years:	22%
3 Years:	46%
1 Year:	57%

Return on Equity
10 Years:	23%
5 Years:	23%
3 Years:	24%
Last Year:	31%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	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	5,220	6,117	7,412	9,392	11,171	14,838	17,943	20,660	23,889	28,036	37,341
Borrowing	19,436	18,567	20,985	21,167	26,833	37,130	45,946	49,811	49,734	58,783	89,820	138,443
	2,250	2,862	3,211	1,813	1,443	1,758	2,280	2,399	1,824	1,955	2,991	3,759
Total Liabilities	26,769	27,049	30,713	30,792	38,069	50,460	63,465	70,555	72,620	85,028	121,249	179,945
	257	218	208	200	193	228	247	267	272	350	480	514
CWIP	7	9	10	6	23	29	38	46	67	88	13	10
Investments	38	98	209	395	983	1,438	1,590	1,320	1,317	2,268	4,499	3,855
	26,467	26,723	30,286	30,191	36,871	48,765	61,589	68,921	70,964	82,322	116,257	175,566
Total Assets	26,769	27,049	30,713	30,792	38,069	50,460	63,465	70,555	72,620	85,028	121,249	179,945

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	-460	214	-1,710	-87	-3,858	-4,458	-7,477	-1,142	-1,902	-9,302	-25,855	-42,324
	-16	-67	-134	-194	-585	-429	48	408	188	-739	-1,944	1,270
	254	-1,204	2,457	-554	5,701	8,678	9,041	2,796	-1,036	8,649	29,933	45,569
Net Cash Flow	-222	-1,058	613	-834	1,258	3,791	1,612	2,062	-2,750	-1,392	2,134	4,516
Free Cash Flow	-485	193	-1,749	-114	-3,919	-4,536	-7,560	-1,213	-1,995	-9,471	-25,975	-42,441
CFO/OP	-3%	16%	-20%	19%	-51%	-50%	-71%	2%	-8%	-78%	-178%	-164%

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	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 %	14%	15%	19%	25%	22%	28%	28%	24%	18%	18%	20%	31%

Insights

In beta

Mar 2015

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Sep 2025

Average Gold Loan AUM Per Branch
Rs. Million

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									xx	xx

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Gold Jewellery Held as Security
Tonnes

Standalone Branch Network
Number

Team Strength
Number

Active Gold Loan Customers
Million

Group Branch Network
Number

Number of Gold Loan Accounts
Million

Average LTV
Percentage

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
	73.35%	73.35%	73.35%	73.35%	73.35%	73.35%	73.35%	73.35%	73.35%	73.35%	73.35%	73.35%
	8.70%	8.12%	8.34%	8.33%	8.68%	9.85%	10.26%	11.02%	10.84%	11.58%	11.75%	12.31%
	13.73%	14.64%	14.61%	14.72%	14.55%	13.30%	12.99%	11.75%	12.21%	11.37%	11.13%	10.43%
	4.21%	3.87%	3.72%	3.59%	3.41%	3.50%	3.38%	3.87%	3.60%	3.70%	3.77%	3.92%
No. of Shareholders	2,46,597	2,17,233	2,03,284	1,94,951	1,82,990	2,98,304	3,04,528	3,05,672	2,88,688	2,99,709	3,05,964	3,14,887

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	73.71%	73.61%	73.49%	73.43%	73.40%	73.37%	73.35%	73.35%	73.35%	73.35%
	13.55%	11.10%	12.35%	14.37%	15.99%	12.13%	9.37%	8.33%	11.02%	12.31%
	8.11%	10.81%	9.83%	7.09%	6.60%	9.67%	12.66%	14.72%	11.75%	10.43%
	0.00%	0.10%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
	4.63%	4.38%	4.33%	5.12%	4.02%	4.83%	4.61%	3.59%	3.87%	3.92%
No. of Shareholders	40,273	49,608	46,455	67,539	1,60,789	2,42,216	2,72,148	1,94,951	3,05,672	3,14,887

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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