Muthoot Finance – FY26 Q4 Snapshot
May 17, 2026 | Financial Services
Key Highlights
- Gold Loan AUM: ₹1,54,084 Cr (↑10% QoQ, ↑50% YoY)
- Standalone PAT: ₹10,134 Cr (↑16% QoQ, ↑95% YoY)
- ROE: 30.63% (↑55% YoY)
- NIM: 12.75% (↑1.3% YoY)
Performance Analysis
| Metric | Value | Movement | Analysis |
|---|---|---|---|
| Gold Loan AUM (Standalone) | ₹1,54,084 Cr | ↑10% QoQ, ↑50% YoY | Strong growth driven by gold price appreciation and continued customer acquisition. |
| Gold Tonnage | 196 tonnes | ↓4% QoQ, ↓6% YoY | Lower gold quantity but higher gold values drove AUM expansion. |
| Standalone PAT | ₹10,134 Cr | ↑16% QoQ, ↑95% YoY | Exceptional profitability growth supported by strong operating leverage. |
| Net Yield (NIM) | 12.75% | ↑1.3% YoY | Strong spread profile despite rapid scaling. |
| Cost of Borrowing | 8.58% | ↓3.6% QoQ, ↓3.6% YoY | Stable funding profile with improving borrowing efficiency. |
| ROA | 7.55% | ↑32% YoY | High profitability per asset reflects efficient business execution. |
| ROE | 30.63% | ↑55% YoY | Strong shareholder returns driven by PAT growth. |
| LTV (Implied Safety Margin) | ~41% | ↑2 ppt QoQ, ↑2 ppt YoY | Healthy collateral cushion maintained despite growth. |
| Per Branch AUM (Gold) | ₹31.02 Cr | ↑10% QoQ, ↑46% YoY | Strong productivity improvement across branches. |
| Average Ticket Size | ~₹1.49 Lakh | ↑~44% YoY implied | Likely supported by higher gold prices and larger borrowing needs. |
| CRAR | 20.75% | ↓17% YoY | Capital remains comfortable despite strong balance-sheet growth. |
| Leverage (Capital Gearing) | 3.46x | ↑25% YoY | Higher leverage used to support growth, remains manageable. |
| Stage III Loans (%) | 2.35% | ↑49% QoQ, ↓31% YoY | Sequential increase but significant YoY improvement in asset quality. |
| ECL Provision Coverage | 1.10% | Flat QoQ, ↓24% YoY | Lower provision requirement reflects healthier loan book. |
Key Takeaways
Muthoot delivered strong growth in FY26 with AUM, profitability and productivity improving sharply. Higher gold prices and operational leverage continue to support industry-leading returns while capital adequacy remains healthy.
- Growth Momentum: 50% YoY AUM growth demonstrates strong market position and customer acquisition
- Profitability: 95% YoY PAT growth with 30.63% ROE showcases exceptional execution
- Asset Quality: Stage III loans down 31% YoY indicates improving credit quality
- Productivity: Per branch AUM of ₹31.02 Cr reflects operational efficiency