Muthoot Finance Ltd logo

Muthoot Finance Ltd

MUTHOOTFIN NSE

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

AI Verdict: BUY Confidence: 7%

Muthoot Finance trades at an attractive PE of 11.8x despite delivering 99% TTM profit growth and a consistent 24% ROE over 10 years. With 55% of analysts rating it a Buy and a 10-year sales CAGR of 20%, the stock offers compelling value for a gold loan franchise of this scale.

Key Fundamentals

LargecapNBFCFinancial Services
Market Cap
1.2L Cr
Volatility
Moderate
P/E Ratio
11.47
EBITDA
₹25,388 Cr
Return on Equity
16.57%
Debt to Equity
3.08
Book Value
₹974.68
EPS
₹111.25
52W High
₹4,149.5
52W Low
₹2,476.6

Technical Indicators

Key Insights

Strengths

4
  • Company is expected to give good quarter
  • Company has delivered good profit growth of 22.7% CAGR over last 5 years
  • Company has been maintaining a healthy dividend payout of 17.7%
  • Company's median sales growth is 19.6% of last 10 years

Weaknesses

1
  • Stock is trading at 3.21 times its book value

Growth Rate

Revenue Growth
53.55% ↗
Net Income Growth
96.73% ↗
Cash Flow Change
-94.96% ↘
ROE
2.88% ↘
ROCE
-11.11% ↘
EBITDA Margin (Avg.)
11.57% ↘

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 2d ago
BUY
Risk medium

Muthoot Finance trades at an attractive PE of 11.8x despite delivering 99% TTM profit growth and a consistent 24% ROE over 10 years. With 55% of analysts rating it a Buy and a 10-year sales CAGR of 20%, the stock offers compelling value for a gold loan franchise of this scale.

Bull Case 8
  • TTM profit growth of 99% signals exceptional earnings momentum, far outpacing the 5-year CAGR of 23%
  • PE of 11.8x is deeply undervalued for a company delivering 31% ROE in the last year
  • 10-year compounded profit CAGR of 29% demonstrates sustained long-term earnings power
  • TTM sales growth of 54% indicates accelerating loan book expansion well above the 10-year median of 19.7%
  • 55% of analysts (11 out of 20) have a Buy rating, reflecting broad Street confidence
  • 3-year stock CAGR of 37% shows strong price momentum and re-rating potential
  • Consistent dividend payout of 17.7% with 0.96% yield provides income support at current levels
  • Market cap of Rs 1,26,463 crore provides institutional-grade liquidity and index eligibility
Bear Case 8
  • Stock trades at 3.21x book value, which is elevated for an NBFC and limits margin of safety
  • 20% of analysts (4 out of 20) have a Sell rating, indicating meaningful disagreement on valuation
  • Dividend yield of only 0.96% is below fixed deposit rates, offering limited downside protection
  • 5-year stock CAGR of only 16% versus 10-year CAGR of 27% suggests the easy re-rating may be behind us
  • Gold price dependency — a sharp correction in gold prices from current highs could compress AUM and margins
  • Regulatory risk as RBI has tightened gold loan LTV norms in the past; any new curbs could slow the 54% sales growth
  • ROE of 31% last year is above the 10-year average of 24%, suggesting possible mean reversion in profitability
  • Concentrated business model in gold loans exposes earnings to a single collateral class unlike diversified NBFCs

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 1d ago
Headwinds 5
  • Stock corrects 31% from high Jun 10

    Shares fell 4% to ₹2,870.45, a 9-month low, correcting 31% from the 52-week high of ₹4,149 hit on January 29, 2026.

  • Asset quality weakens on reclassification Jun 10

    RBI-directed shift from loan-level to borrower-level classification led to higher provisions and increased credit costs in Q4FY26.

  • Market share loss risk Jun 10

    Equirus Securities flags risks of market share losses due to aggressive entry of deep-pocketed AAA/AA+ rated NBFCs and banks into gold loans.

  • Tonnage and customer base decline Jun 10

    Quarter-on-quarter decline in gold tonnage and active loan accounts, while peers like MGFL and FEDFINA reported improving trends.

  • Growth estimates cut for FY28 Jun 10

    Equirus revised growth estimates to 30% YoY for FY27 but only 10% YoY for FY28, citing rising competitive intensity.

Positives 3
  • Strong gold loan growth Jun 10

    Gold loan growth was strong in Q4FY26, with NIM expansion supported by higher yields, lower cost of funds, and lending rate hikes in select schemes.

  • New gold loan guidelines positive Jun 10

    Chairman George Jacob Muthoot views new RBI gold loan guidelines positively, expecting them to accelerate formalisation and strengthen confidence in organised players.

  • Customs duty hike aids growth Jun 10

    Equirus expects customs duty hike to aid 30% YoY growth in FY27, with further gold price rally remaining a key upside risk.

Neutral 1
  • Trading window closed from Jun 30 Jun 23

    Muthoot Finance shuts trading window from June 30, 2026, until 48 hours after Q1FY26 results are announced, per SEBI regulations.

TL;DR: Muthoot Finance delivered mixed Q4FY26 results with strong gold loan growth but deteriorating asset quality and declining tonnage/customer base. Key risks include rising competition from larger NBFCs/banks and potential market share losses, evidenced by a 31% stock correction from highs. NIM expansion and new RBI gold loan guidelines provide some support. The trend is deteriorating near-term as competitive intensity builds, though FY27 growth of 30% is still expected before a sharp slowdown to 10% in FY28.

Quarterly Results

  Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Revenue
3,275
3,472
3,606
3,820
4,164
4,474
4,929
5,190
5,622
6,450
7,283
8,188
9,289
Expenses
829
847
805
872
1,121
1,226
1,324
1,405
1,549
1,441
1,480
1,426
1,528
Financing Profit
1,355
1,389
1,467
1,536
1,596
1,653
1,798
1,885
1,961
2,654
3,232
3,843
4,606
Fin. Margin %
41%
40%
41%
40%
38%
37%
36%
36%
35%
41%
44%
47%
50%
Other Income
23
37
26
23
16
19
29
32
6
35
50
20
3
Interest
1,091
1,236
1,335
1,412
1,447
1,595
1,807
1,900
2,111
2,355
2,571
2,919
3,155
Depreciation
23
19
22
24
27
26
25
31
35
35
38
40
24
PBT
1,355
1,407
1,470
1,534
1,585
1,646
1,802
1,886
1,932
2,654
3,244
3,822
4,584
Tax %
26%
26%
26%
25%
25%
27%
27%
26%
25%
26%
26%
26%
26%
Net Profit
1,009
1,045
1,095
1,145
1,182
1,196
1,321
1,392
1,444
1,974
2,412
2,823
3,397
EPS in Rs
24.25
25.46
26.39
27.49
28.37
28.99
31.67
34.6
36.81
50.22
60.29
69.84
83.43
Figures in ₹ Crores

Profit & Loss

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Revenue
4,336
4,936
5,935
6,714
7,594
9,684
11,531
12,186
11,898
15,062
20,214
31,209
Expenses
1,110
1,268
1,554
1,656
1,747
2,207
2,255
2,490
2,747
3,622
5,481
5,822
Financing Profit
1,112
1,381
2,007
2,927
3,305
4,298
5,167
5,428
4,926
5,988
7,272
14,388
Fin. Margin %
26%
28%
34%
44%
44%
44%
45%
45%
41%
40%
36%
46%
Other Income
1
5
3
67
6
22
32
52
75
101
110
54
Interest
2,114
2,288
2,374
2,132
2,543
3,180
4,109
4,268
4,225
5,452
7,461
11,000
Depreciation
84
59
52
52
52
59
67
70
78
92
116
137
PBT
1,029
1,327
1,959
2,942
3,260
4,260
5,131
5,410
4,923
5,996
7,266
14,305
Tax %
35%
38%
38%
37%
35%
26%
26%
25%
25%
26%
26%
26%
Net Profit
672
818
1,200
1,844
2,103
3,169
3,819
4,031
3,670
4,468
5,352
10,607
EPS in Rs
16.86
20.41
30.03
45.74
51.86
78.25
94.83
100
89.98
108
133
264
Div. Payout %
36%
29%
20%
22%
23%
19%
21%
20%
24%
22%
20%
11%
Figures in ₹ Crores

Balance Sheet

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
398
399
399
400
401
401
401
401
401
401
401
401
Reserves
4,686
5,223
6,139
7,457
9,531
11,428
15,174
18,384
21,264
24,706
28,965
38,729
Borrowing
19,621
18,854
22,177
23,891
30,128
40,952
50,414
54,569
55,804
68,125
99,383
1,51,806
Other Liabilities
2,292
2,918
3,469
1,925
1,675
2,085
2,638
2,946
2,664
3,221
4,085
4,817
Total Liabilities
26,996
27,395
32,184
33,672
41,734
54,867
68,627
76,300
80,134
96,453
1,32,835
1,95,754
Fixed Assets
269
235
257
251
259
314
327
342
386
482
682
721
CWIP
7
11
10
6
23
29
39
52
67
89
13
10
Investments
20
49
97
177
211
630
809
523
546
712
2,401
550
Other Assets
26,700
27,100
31,820
33,237
41,241
53,894
67,453
75,382
79,135
95,170
1,29,739
1,94,472
Total Assets
26,996
27,395
32,184
33,672
41,734
54,867
68,627
76,300
80,134
96,453
1,32,835
1,95,754
Figures in ₹ Crores

Cash Flow

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
-479
108
-2,186
-1,432
-4,824
-4,970
-7,814
-1,596
-2,804
-13,605
-26,525
-47,393
Investing
21
-43
-177
-126
-162
-385
37
410
180
48
-1,375
2,458
Financing
249
-1,102
3,027
824
6,351
9,193
9,712
3,445
395
11,809
30,041
49,320
Net Cash Flow
-209
-1,036
664
-734
1,364
3,838
1,935
2,260
-2,229
-1,749
2,142
4,385
Free Cash Flow
-503
80
-2,240
-1,467
-4,901
-5,062
-7,904
-1,691
-2,944
-13,826
-26,740
-47,543
CFO/OP
-4
13
-30
-8
-62
-52
-70
-2
-16
-105
-168
-172
Figures in ₹ Crores

Ratios

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROE %
13%
15%
20%
25%
23%
29%
28%
23%
18%
18%
20%
31%

Shareholding Pattern

As of Mar 2026
Promoters 73.35%
FIIs 12.30%
DIIs 10.42%
Public 3.36%
Others 0.57%
Total 100.00%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters
73.40%
73.40%
73.37%
73.37%
73.37%
73.37%
73.35%
73.35%
73.35%
73.35%
73.35%
73.35%
73.35%
73.35%
73.35%
73.35%
73.35%
73.35%
73.35%
73.35%
73.35%
FIIs
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
8.12%
0.00%
8.33%
8.69%
9.84%
10.26%
11.03%
10.84%
11.58%
11.75%
12.30%
DIIs
6.18%
7.30%
7.85%
8.04%
9.27%
10.08%
10.91%
12.02%
12.66%
13.73%
14.65%
14.04%
14.71%
14.55%
13.31%
12.99%
11.74%
12.21%
11.37%
11.13%
10.42%
Government
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Public
3.43%
3.29%
3.61%
3.83%
3.74%
4.02%
4.16%
3.83%
3.97%
3.65%
3.39%
3.26%
3.06%
2.89%
3.03%
2.94%
3.28%
3.05%
3.15%
3.22%
3.36%
Others
17.00%
16.01%
15.17%
14.77%
13.62%
12.53%
11.58%
10.80%
10.02%
9.27%
0.50%
9.35%
0.54%
0.53%
0.47%
0.46%
0.60%
0.55%
0.56%
0.56%
0.57%
No. of Shareholders
0
1,60,789
1,68,419
2,02,128
2,26,044
2,42,216
2,59,911
2,91,646
2,72,148
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

Documents

1
Concall - May 2017 May 2017
2
Concall - Aug 2017 Aug 2017
3
Concall - Nov 2017 Nov 2017
4
Concall - Feb 2018 Feb 2018
5
Concall - May 2018 May 2018

Frequently Asked Questions about Muthoot Finance Ltd

What does Muthoot Finance Ltd do?
Muthoot Finance is NBFC engaged in the business of providing gold loans. The company predominately operates in Southern India[1]
Where is Muthoot Finance Ltd (MUTHOOTFIN) listed?
Muthoot Finance Ltd is listed on the Indian stock exchanges. It is listed on NSE: MUTHOOTFIN and BSE: 533398. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Muthoot Finance Ltd belong to?
Muthoot Finance Ltd operates in the Financial Services sector within the Finance industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Muthoot Finance Ltd?
Muthoot Finance Ltd has a market capitalisation of approximately ₹124728.23 Cr. Based on this, it is classified as a Large Cap stock.
What is the PE ratio of Muthoot Finance Ltd?
The Price-to-Earnings (PE) ratio of Muthoot Finance Ltd is 11.47. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Muthoot Finance Ltd?
Over the past 52 weeks, Muthoot Finance Ltd has traded between a low of ₹2,476.6 and a high of ₹4,149.5. This range helps investors understand the stock's price volatility and recent trading levels.
Does Muthoot Finance Ltd pay dividends?
Yes, Muthoot Finance Ltd has a dividend yield of 0.96%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of Muthoot Finance Ltd?
Muthoot Finance Ltd has a Return on Equity (ROE) of 16.57%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research Muthoot Finance Ltd on Tapetide?
On Tapetide, you can view Muthoot Finance Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

Company Information

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

Website muthootfinance.com
CEO Mr. George Jacob Muthoot
Employees 31,113
Listed 2011-05-06
Face Value ₹ 10
Issued Size 40,14,68,476

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