Muthoot Finance is NBFC engaged in the business of providing gold loans. The company predominately operates in Southern India[1]
Business Verticals1) Muthoot Finance Ltd (MFL):The company isIndia’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]
| S.No. | Name | Current Price (Rs.) | Price to Earning | Market Capitalization (Rs.Cr.) | Dividend yield (%) | Net Profit latest quarter (Rs.Cr.) | YOY Quarterly profit growth (%) | Sales latest quarter (Rs.Cr.) | YOY Quarterly sales growth (%) | Return on capital employed (%) | Sales (Rs.Cr.) | OPM (%) | Profit after tax (Rs.Cr.) | Profit after tax latest quarter (Rs.Cr.) | Price to book value | Return on assets (%) | Debt to equity |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1. | Bajaj Finance | 968.80 | 32.92 | 602525.79 | 0.45 | 4947.76 | 21.89 | 20178.90 | 18.06 | 11.35 | 76194.74 | 68.48 | 18301.08 | 4875.36 | 5.84 | 3.99 | 3.85 |
| 2. | Shriram Finance | 995.85 | 21.39 | 187383.48 | 0.99 | 2314.16 | 12.22 | 11912.44 | 18.07 | 10.95 | 45601.30 | 72.59 | 8760.03 | 2314.22 | 3.09 | 3.04 | 3.87 |
| 3. | Muthoot Finance | 3960.10 | 21.89 | 158957.29 | 0.66 | 2345.17 | 87.44 | 6432.24 | 56.22 | 13.45 | 21413.42 | 82.81 | 7262.40 | 2345.17 | 4.99 | 5.04 | 3.52 |
| 4. | Tata Capital | 360.60 | 41.59 | 153048.81 | 0.00 | 1118.97 | 2.01 | 7737.18 | 7.69 | 9.58 | 28323.85 | 71.64 | 3658.33 | 1097.32 | – | 1.72 | 5.88 |
| 5. | Cholaman.Inv.&Fn | 1786.50 | 32.45 | 150754.43 | 0.11 | 1159.61 | 19.82 | 7491.38 | 19.76 | 10.34 | 28536.73 | 69.18 | 4645.19 | 1159.61 | 5.79 | 2.38 | 7.23 |
| 6. | SBI Cards | 885.60 | 43.92 | 84253.00 | 0.28 | 444.77 | 9.98 | 4960.98 | 12.21 | 10.40 | 19130.54 | 27.49 | 1918.14 | 444.77 | 5.70 | 3.10 | 3.33 |
| 7. | L&T Finance Ltd | 313.95 | 29.12 | 78569.99 | 0.88 | 734.88 | 5.64 | 4335.75 | 7.87 | 8.71 | 16715.82 | 60.77 | 2698.51 | 734.84 | 2.98 | 2.37 | 3.72 |
| – | Median: 97 Co. | 134.0 | 22.68 | 509.25 | 0.0 | 7.13 | 8.55 | 36.92 | 13.44 | 9.02 | 164.36 | 56.33 | 17.32 | 6.11 | 1.96 | 3.04 | 0.78 |
Standalone figures in ₹ crores
| Dec 2022 | Dec 2023 | Dec 2024 | Jun 2023 | Jun 2024 | Jun 2025 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | – | – | – | – | – | – | – | – | – | – | – | – | – |
Expenses | 531 | 566 | 913 | 635 | 849 | 832 | 690 | 753 | 966 | 426 | 572 | 852 | 971 |
Operating Profit | – | – | – | – | – | – | – | – | – | – | – | – | – |
Other Income | 7 | 8 | 8 | 28 | 6 | 17 | 10 | 9 | 34 | 6 | 14 | 9 | 29 |
Profit before tax | 1,207 | 1,380 | 1,851 | 1,315 | 1,492 | 2,745 | 1,216 | 1,424 | 2,020 | 1,161 | 1,330 | 1,708 | 3,151 |
Tax % | 25% | 26% | 26% | 26% | 28% | 25% | 26% | 26% | 25% | 25% | 26% | 27% | 26% |
Net Profit | 902 | 1,027 | 1,363 | 975 | 1,079 | 2,046 | 903 | 1,056 | 1,508 | 867 | 991 | 1,251 | 2,345 |
EPS in Rs | 22.46 | 25.59 | 33.95 | 24.29 | 26.87 | 50.97 | 22.49 | 26.31 | 37.56 | 21.60 | 24.69 | 31.16 | 58.41 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | – | – | – | – | – | – | – | – | – | – | – | – | – |
Expenses | 1,077 | 1,105 | 1,241 | 1,479 | 1,510 | 1,518 | 1,827 | 1,818 | 1,891 | 2,110 | 2,513 | 3,543 | 3,682 |
Operating Profit | – | – | – | – | – | – | – | – | – | – | – | – | – |
Other Income | 0 | 0 | 0 | 0 | 66 | 2 | 8 | 17 | 16 | 29 | 59 | 57 | 87 |
Interest | 2,630 | 2,108 | 2,260 | 2,298 | 1,935 | 2,243 | 2,796 | 3,699 | 3,845 | 3,709 | 4,667 | 6,466 | 7,959 |
Depreciation | 47 | 84 | 58 | 48 | 44 | 42 | 43 | 51 | 54 | 58 | 66 | 77 | 92 |
Profit before tax | 1,194 | 1,028 | 1,317 | 1,921 | 2,845 | 3,077 | 4,057 | 5,007 | 5,309 | 4,666 | 5,449 | 7,071 | 9,768 |
Net Profit | 780 | 671 | 810 | 1,180 | 1,778 | 1,972 | 3,018 | 3,722 | 3,954 | 3,474 | 4,050 | 5,201 | 7,262 |
EPS in Rs | 20.99 | 16.85 | 20.29 | 29.53 | 44.43 | 49.22 | 75.26 | 92.78 | 98.53 | 86.52 | 100.87 | 129.54 | 180.89 |
Dividend Payout % | 29% | 36% | 30% | 20% | 23% | 24% | 20% | 22% | 20% | 25% | 24% | 20% | – |
Standalone figures in ₹ crores
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 372 | 398 | 399 | 399 | 400 | 401 | 401 | 401 | 401 | 401 | 401 | 401 | 401 |
Reserves | 3,893 | 4,686 | 5,220 | 6,117 | 7,412 | 9,392 | 11,171 | 14,838 | 17,943 | 20,660 | 23,889 | 28,036 | 31,442 |
Borrowings | – | – | – | – | – | – | – | – | – | – | – | – | – |
Other Liabilities | 1,852 | 2,250 | 2,862 | 3,211 | 1,813 | 1,443 | 1,758 | 2,280 | 2,399 | 1,824 | 1,955 | 2,991 | 3,680 |
Total Liabilities | 25,594 | 26,769 | 27,049 | 30,713 | 30,792 | 38,069 | 50,460 | 63,465 | 70,555 | 72,620 | 85,028 | 121,249 | 147,468 |
Fixed Assets | 313 | 257 | 218 | 208 | 200 | 193 | 228 | 247 | 267 | 272 | 350 | 480 | 472 |
Gross Block | 500.85 | 533.08 | 550.03 | 587.22 | 244.32 | 278.27 | 356.29 | 425.38 | 498.71 | 560.35 | 702.34 | 907.56 | – |
Accumulated Depreciation | 188.27 | 275.78 | 331.54 | 378.99 | 43.85 | 85.71 | 128.51 | 178.43 | 231.28 | 288.58 | 352.26 | 427.63 | – |
CWIP | 14 | 7 | 9 | 10 | 6 | 23 | 29 | 38 | 46 | 67 | 88 | 13 | 10 |
Investments | 35 | 38 | 98 | 209 | 395 | 983 | 1,438 | 1,590 | 1,320 | 1,317 | 2,268 | 4,499 | 7,931 |
Other Assets | 25,232 | 26,467 | 26,723 | 30,286 | 30,191 | 36,871 | 48,765 | 61,589 | 68,921 | 70,964 | 82,322 | 116,257 | 139,055 |
Total Assets | 25,594 | 26,769 | 27,049 | 30,713 | 30,792 | 38,069 | 50,460 | 63,465 | 70,555 | 72,620 | 85,028 | 121,249 | 147,468 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Cash from Operating Activity | 5,726 | -460 | 214 | -1,710 | -87 | -3,858 | -4,458 | -7,477 | -1,142 | -1,902 | -9,302 | -25,855 |
Cash from Investing Activity | -3 | -16 | -67 | -134 | -194 | -585 | -429 | 48 | 408 | 188 | -739 | -1,944 |
Cash from Financing Activity | -5,107 | 254 | -1,204 | 2,457 | -554 | 5,701 | 8,678 | 9,041 | 2,796 | -1,036 | 8,649 | 29,933 |
Net Cash Flow | 617 | -222 | -1,058 | 613 | -834 | 1,258 | 3,791 | 1,612 | 2,062 | -2,750 | -1,392 | 2,134 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | – | – | – | – | – | – | – | – | – | – | – | – |
Inventory Days | – | – | – | – | – | – | – | – | – | – | – | – |
Days Payable | – | – | – | – | – | – | – | – | – | – | – | – |
Cash Conversion Cycle | – | – | – | – | – | – | – | – | – | – | – | – |
Working Capital Days | – | – | – | – | – | – | – | – | – | – | – | – |
ROCE % | – | – | – | – | – | – | – | – | – | – | – | – |
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Stock Analysis
Muthoot Finance Limited is a leading Non-Banking Financial Company (NBFC) specializing in gold loans, with a wide network of branches across India.
Muthoot Finance reported strong H1 FY26 results with consolidated PAT at ₹4,386 Cr (+74% YoY) and AUM at ₹1.47 lakh Cr (+42% YoY). Fitch upgraded its issuer credit rating to 'BB+', and management raised its FY26 gold loan growth forecast to 30-35% citing favorable policies and digital initiatives. Equity infusions into subsidiaries Muthoot Money and Muthoot Homefin are also supporting growth.
Currently no data available for Order Book.
A CGST demand and penalty of ₹1.91 crore was imposed concerning ITC discrepancies, for which the company is filing an appeal, stating no material impact.
Currently no data available for Key Dates To Watch.
Corporate Announcements
