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Muthoot Capital reported Q4 FY26 AUM of ₹3,441 crore (incl. managed book), with MCSL portfolio growing 29% YoY to ₹2,758 crore, while co-lending deliberately shrunk to ₹595 crore. Retail GNPA (ex-corporate NPA of ₹15.5 crore) improved to 5.64% from 6.45% in Q3, driven by lower flow-forward (43% vs 80% at start of year) and reduced slippages. Cost of funds fell 60 bps to 9.48%. Management guided for ₹3,000 crore disbursements in FY27, targeting AUM of ₹4,000-4,500 crore and pre-tax ROA of 2-2.5%. They plan to raise ₹400 crore equity via CCPS. Risk: elevated impairment (₹76 crore for FY26) and continued drag from new verticals (CV, used car) yet to break even.
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Guidance to track
- Management guided for ₹3,000 crore disbursements in FY27, focusing on own MCSL portfolio and deeper penetration in existing geographies.
- CEO stated AUM should cross ₹4,000 crore and approach ₹4,500 crore by end of FY27, subject to macro conditions.
- CFO indicated the business plan targets a pre-tax ROA of 2-2.5% for MCSL in FY27, with cost-to-income improving to 70-75%.
- Company plans to raise ₹400 crore through CCPS, with ₹200 crore upfront and ₹200 crore milestone-based, promoters to maintain >51% stake.
Risks flagged
- FY26 impairment was ₹76 crore vs ₹18.5 crore in FY25, driven by legacy portfolio write-offs and corporate NPA. Management expects improvement but trend is uncertain.
- CEO acknowledged that CV and used car verticals are still loss-making, supported by two-wheeler profits. Delay in break-even could pressure overall profitability.
- Analyst raised concerns about global uncertainties impacting consumption and credit quality. Management downplayed but admitted calibrated growth approach.
- Planned ₹400 crore CCPS raise could dilute existing shareholders. Management stated promoters will maintain >51% but retail dilution is possible.
Key quotes
- Today 100% of our pre-delinquency calls are done by AI agents and gradually I believe by the end of Q1 entire X bucket calling will be done by AI agents only.
- We are targeting close to 3,000 crores of disbursement and we aim to get deeper penetration into the markets that we are currently in.
- We have found a formula... pre-tax ROA of the company should be two to two and a half percentage.
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