Read the quarter in context.
A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
ConCallIQ research layer
Signal, with the source still visible.
Use the controls below to narrow the view, then follow the evidence into the next layer of context.
Revenue
Pending
verified against source
Revenue YoY
—
reported change
EBITDA
Pending
latest reported figure
Source
screener in partial
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Muthoot Finance reported a stellar Q4 FY26 with consolidated PAT surging 98% YoY to ₹10,607 crore, driven by record gold loan AUM of ₹1.65 lakh crore (up 54% YoY). Standalone PAT hit ₹10,134 crore (+95% YoY). The gold loan portfolio benefited from higher gold prices and a 0.5-1% rate hike, lifting yields to ~20.8%. Subsidiaries also performed well: Belstar Microfinance saw collection efficiency improve to 99.85%, and Muthoot Money's gold loan AUM grew 151% to ₹9,794 crore. Management guided for 15% standalone AUM growth in FY27, with 200-300 new branches planned. Risks include rising competitive intensity from AAA-rated NBFCs and potential yield normalization if gold prices stabilize. The shift to borrower-wise NPA classification increased reported NPAs, but underlying asset quality remains strong with LTV at 57%.
Colored figures show movement against the previous available record.
Guidance to track
- Management reiterated its traditional first-quarter guidance of 15% standalone AUM growth for the full year, to be reviewed after Q1 or Q2.
- Plans to open 200-300 new gold loan branches in Muthoot Finance and about 200 gold branches in Belstar Microfinance in FY27.
- Management indicated that borrowing costs are trending up, so yields may not be reduced and could remain around current elevated levels.
Risks flagged
- Deep-pocketed competitors with lower cost of funds are entering gold financing, potentially pressuring market share and margins.
- Muthoot lost ~15 lakh small-ticket customers (below ₹50,000) as gold price rise reduced tonnage, though higher-ticket customers were added.
- Stage 3 assets rose because of RBI-mandated borrower-level classification, though underlying collateral coverage remains strong at 58% LTV.
- If gold price appreciation slows, the recent pricing benefit may reverse, compressing yields and profitability.
Key quotes
- We are a gold company which is focused on gold loan. The new players who are coming maybe deep pockets maybe lesser cost of funds they are not focused gold loan players.
- The stage three increase has happened primarily because RBI has advised us to do a borrower wise classification. So earlier we were doing this classification at the loan level.
- We have always been giving a guidance of 15% last 10 years in the first quarter. We will continue to do that. We will relook at it in Q2 or Q3.
Research modules