MUTHOOTFIN · Financial Services
Muthoot Finance Ltd. reported total income of ₹9,289 cr for January to March 2026, +65.2% on the year and +13.4% on the quarter. It is the highest quarterly income in the last 12 quarters on record. Over the last four quarters income comes to ₹31,210 cr, +54.4% on the four before.
Net interest income, interest earned less interest paid, was ₹6,134 cr, +74.7% on the year and +16.4% on the quarter. For a lender this is the core earnings line: it shows whether the loan book and its pricing are growing faster than the cost of funds.
Net profit was ₹3,397 cr, +135.2% on the year and +20.3% on the quarter, with earnings per share of ₹83.43. The tax rate of 26% is in line with its recent average. Profit over the last four quarters totals ₹10,606 cr, +98.1% on the four before.
An NBFC's quarter turns on loan growth, its cost of borrowing and credit costs; profit can rise for a while simply because provisions fall. The quarterly statements do not carry AUM growth, stage 2 and 3 assets, credit cost and the cost of funds; those come with the filing read.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
Profit grew much faster than net interest income. Lower provisions, treasury gains or tax?
Net profit +135.2% on the year against net interest income +74.7% (interest earned ₹9,289 cr less interest paid ₹3,155 cr).
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed, Asset quality (lenders), Net interest margin (lenders). Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Metric | Q2 FY26 |
|---|---|
| AUM (₹ cr) | 132,305 |
| NIM or spread | 12.41% |
| Cost of funds | 8.78% |
| Stage 2 | 534% |
| Gross Stage 3 | 2.25% |
| Net Stage 3 | 1.86% |
| Stage 3 cover | 17.19% |
| Credit cost | 0.3% |
| Capital adequacy | 20.89% |
| Bad Debts Written Off (₹ crore) | 58.3 |
| Standalone Balance Sheet Loans (₹ crore) | 132,305 |
Read using the NBFCs and housing finance framework (named in the filing read). Primary valuation lens: P/B against RoA and growth.
Read more closely in this sector: Stage 2 movement against Stage 3 · ALM gap within one year · Write-offs against slippages · Lending to group companies · Unsecured or microfinance growth against the total book.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total income | ₹3,820 cr | ₹4,164 cr | ₹4,474 cr | ₹4,929 cr | ₹5,190 cr | ₹5,622 cr | ₹6,450 cr | ₹7,283 cr | ₹8,188 cr | ₹9,289 cr | ₹8,672 cr | ₹9,998 cr |
| YoY | — | — | +29% | +37% | +36% | +35% | +44% | +48% | +58% | +65% | +34% | +37% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 25% | 25% | 27% | 27% | 26% | 25% | 26% | 26% | 26% | 26% | 26% | 25% |
| Net profit | ₹1,145 cr | ₹1,182 cr | ₹1,196 cr | ₹1,321 cr | ₹1,392 cr | ₹1,444 cr | ₹1,974 cr | ₹2,412 cr | ₹2,823 cr | ₹3,397 cr | ₹2,825 cr | ₹3,278 cr |
| YoY | — | — | +14% | +21% | +22% | +22% | +65% | +83% | +103% | +135% | +43% | +36% |
| EPS | ₹27.49 | ₹28.37 | ₹28.99 | ₹31.67 | ₹34.60 | ₹36.81 | ₹50.22 | ₹60.30 | ₹69.84 | ₹83.43 | ₹69.72 | ₹80.87 |
| Flags | · | · | · | · | · | · | 1 | 1 | 1 | 1 | · | 2 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Muthoot Finance Ltd. reported total income of ₹9,289 cr (+65.2% on the year) and net profit of ₹3,397 cr (+135.2% on the year) for January to March 2026.
1 check raised a question: Profit grew much faster than net interest income. Lower provisions, treasury gains or tax?
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