About Muthoot Finance Limited
Muthoot Finance Limited (NSE: MUTHOOTFIN) is a major Indian financial services company and the largest gold-loan focused non-banking financial company (NBFC) in India. Headquartered in Kochi, Kerala, India, it is a part of the larger Muthoot Group, a business conglomerate with a long family legacy in financial services dating back many decades. Muthoot Finance primarily offers gold loans and secured loans where customers pledge gold jewelry as collateral to access quick credit. It caters especially to individuals who may not have easy or timely access to formal banking credit, helping meet short-term financial needs.
The company is licensed by the Reserve Bank of India (RBI) as a Systemically Important Non-Deposit Taking NBFC (Non-Banking Financial Company), meaning it doesn’t take public deposits but plays a significant role in the credit market. It operates thousands of branches across India, including deep penetration into rural and semi-urban areas, making financial services accessible to underserved communities. While gold loans form the heart of its business, the company and its subsidiaries also engage in housing finance, insurance broking, microfinance, money transfer services, and other retail financial products.
Performance Highlights (9M FY26)
Muthoot Finance reported its highest-ever consolidated Loan Assets Under Management (AUM) at ₹1,64,720 crore, reflecting a strong 48% year-on-year growth. Consolidated Profit After Tax (PAT) reached a record ₹7,209 crore, up 84% YoY.
Standalone Loan AUM stood at ₹1,47,552 crore, marking a 51% YoY increase, while standalone PAT surged 91% YoY to ₹7,048 crore — the highest ever for any nine-month period. Gold Loan AUM also reached a historic high of ₹1,39,658 crore, growing 50% YoY.
The average gold loan AUM per branch increased to ₹28.10 crore. Gold loan disbursements to new customers rose 32% YoY to ₹20,737 crore, benefiting over 13.13 lakh customers. The company held 205 tonnes of gold jewelry as security, valued at approximately ₹2,501 billion.
Consolidated Financial Performance
For 9M FY26, consolidated Loan AUM grew to ₹1,64,720 crore from ₹1,11,308 crore in 9M FY25. During the nine months, the AUM increased by ₹42,539 crore, representing 35% growth sequentially.
Consolidated PAT stood at ₹7,209 crore compared to ₹3,908 crore last year, registering an 84% YoY increase. During Q3 FY26 alone, consolidated AUM increased by ₹17,046 crore (12% growth), while quarterly profit rose 103% YoY to ₹2,823 crore.
The Group’s branch network expanded to 7,541 branches.
Standalone Performance – Muthoot Finance Ltd (MFIN)
MFIN reported standalone PAT of ₹7,048 crore in 9M FY26 versus ₹3,693 crore in 9M FY25, reflecting 91% YoY growth. Q3 FY26 PAT stood at ₹2,656 crore, up 95% YoY.
Loan AUM increased 51% YoY to ₹1,47,552 crore, while gold loan AUM rose 50% YoY to ₹1,39,658 crore. During the nine months, gold loan AUM grew by ₹36,702 crore.
Total income for 9M FY26 stood at ₹19,444 crore (up 58% YoY), while earnings per share (EPS) rose to ₹175.55 from ₹91.99. Return on Average Equity improved to 29.86%, and Capital Adequacy Ratio remained strong at 20.27%.
The company operated 4,970 branches with 31,565 employees. The average gold loan per branch increased 47% YoY to ₹28.10 crore, while average loan ticket size rose 41% to ₹1.31 lakh.
Key Business Developments
During 9M FY26, the Group opened 150 new branches. It launched “Muthoot Shiksha Jyothi,” a digital learning initiative across 75 government schools. Its flagship CSR programs received national recognition, and the company won multiple marketing and CSR awards.
Belstar Microfinance strengthened its gold loan presence by opening 39 new gold loan branches and improved collection efficiency to 99.64%.
Muthoot Homefin (India) Ltd (MHIL)
Loan AUM increased 24% YoY to ₹3,380 crore. Total revenue rose 38% YoY to ₹339 crore, while PAT stood at ₹19 crore. Stage III assets were 2.32%, and Capital Adequacy Ratio remained strong at 29.89%. The company operates across 15 states and 3 Union Territories and maintains AA+/Stable long-term ratings from leading agencies.
Belstar Microfinance Ltd (BML)
Belstar reported Loan AUM of ₹7,911 crore and total revenue of ₹1,312 crore in 9M FY26. Despite industry challenges, it posted a Q3 FY26 PAT of ₹51 crore, partially offsetting earlier losses. Stage III assets stood at 4.93% with 96.59% provision coverage. The company operates 1,290 branches across 19 states and 2 UTs.
Muthoot Money Ltd (MML)
Muthoot Money recorded robust growth with Loan AUM rising 168% YoY to ₹8,003 crore. Total income surged 222% YoY to ₹862 crore. The company achieved a significant turnaround, reporting a PAT of ₹203 crore compared to a loss of ₹2 crore last year. Stage III assets improved to 0.60%. The capital base increased to ₹2,223 crore following equity infusion.
Asia Asset Finance PLC (Sri Lanka)
Asia Asset Finance reported Loan AUM of LKR 4,224 crore, up 49% YoY. Revenue grew 42% YoY to LKR 703 crore, and PAT increased 36% YoY to LKR 68 crore. The company operates 111 branches across Sri Lanka with strong capital adequacy of 24.83%.
Muthoot Insurance Brokers Pvt Ltd
The insurance subsidiary generated total premium collections of ₹329 crore in 9M FY26 and reported revenue of ₹102 crore with PAT of ₹23 crore. It insured over 14.16 lakh lives during the period.
Management Commentary
Chairman Mr. George Jacob Muthoot highlighted the landmark achievement of crossing ₹1,64,000 crore in consolidated Loan AUM, supported by favorable macroeconomic conditions, higher gold prices, and disciplined underwriting. He emphasized the Group’s 7,500+ branch network and 50,000+ employees as key drivers of sustained growth.
Managing Director Mr. George Alexander Muthoot noted that standalone gold loan AUM recorded historic growth of ₹50,065 crore YoY. He attributed performance to rising demand for gold loans, festive season momentum, digital initiatives, and customer trust, reinforcing the company’s commitment to financial inclusion and long-term value creation.
Conclusion
Muthoot Finance delivered record-breaking financial performance in 9M FY26, driven by strong gold loan demand, robust profitability, expanding branch network, and steady subsidiary contributions. With solid capital adequacy, improving asset quality metrics, and strong macro tailwinds, the Group continues to reinforce its leadership position in the gold loan and diversified NBFC space.