Consolidated Gold Loan AUM
₹1.65 lakh crore
+54% YoY
Highest ever gold loan AUM for Muthoot Finance and its subsidiaries.
MUTHOOTFINANCE
Financial Services
30 Apr 2026
Muthoot Finance Ltd — Q4 FY26
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).
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2-Minute Summary
✦ AI-Generated from Full Transcript
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%.
मुथूट फाइनेंस ने वित्त वर्ष 2026 की चौथी तिमाही में शानदार प्रदर्शन किया। कंपनी का कुल मुनाफा पिछले साल की तुलना में 98% बढ़कर 10,607 करोड़ रुपये हो गया। इसकी मुख्य वजह सोने के कर्ज का रिकॉर्ड बढ़ना है, जो 54% बढ़कर 1.65 लाख करोड़ रुपये हो गया। सोने के ऊंचे दाम और ब्याज दरों में 0.5-1% बढ़ोतरी से कंपनी को फायदा हुआ। इसकी सहायक कंपनियों ने भी अच्छा प्रदर्शन किया। आने वाले साल में कंपनी 15% और बढ़ोतरी की उम्मीद कर रही है और 200-300 नई शाखाएं खोलने की योजना है। हालांकि, बढ़ती प्रतिस्पर्धा और सोने के दाम स्थिर होने से मुनाफा कम होने का खतरा है।
Key Numbers
Standalone PAT
₹10,134 crore
+95% YoY
Highest ever standalone profit after tax.
Gold Loan Yield
20.8%
+150bps YoY
Yield improved due to pricing increase and one-off auction/ARC income of ₹85 crore.
Average LTV
57%
flat
Average loan-to-value remains conservative, well below RBI's 85% cap.
Management Guidance
Standalone AUM growth guidance of 15% for FY27
Management reiterated its traditional first-quarter guidance of 15% standalone AUM growth for the full year, to be reviewed after Q1 or Q2.
Management guidance growthBranch expansion of 200-300 in Muthoot Finance and ~200 in Belstar
Plans to open 200-300 new gold loan branches in Muthoot Finance and about 200 gold branches in Belstar Microfinance in FY27.
Management guidance expansionYield likely to sustain at current levels
Management indicated that borrowing costs are trending up, so yields may not be reduced and could remain around current elevated levels.
Management guidance marginsKey Risks
Rising competition from AAA-rated NBFCs
Deep-pocketed competitors with lower cost of funds are entering gold financing, potentially pressuring market share and margins.
medium · analyst_questionCustomer churn and declining small-ticket customer base
Muthoot lost ~15 lakh small-ticket customers (below ₹50,000) as gold price rise reduced tonnage, though higher-ticket customers were added.
medium · management_commentaryNPA increase due to borrower-wise classification
Stage 3 assets rose because of RBI-mandated borrower-level classification, though underlying collateral coverage remains strong at 58% LTV.
low · management_commentaryPotential yield normalization if gold prices stabilize
If gold price appreciation slows, the recent pricing benefit may reverse, compressing yields and profitability.
medium · data_observationNotable 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.
Frequently Asked Questions
What was Muthoot Finance's revenue in Q4 FY26?
Muthoot Finance reported revenue of — in Q4 FY26, representing a — change compared to the same quarter last year.
What guidance did Muthoot Finance management give for FY27?
Standalone AUM growth guidance of 15% for FY27: Management reiterated its traditional first-quarter guidance of 15% standalone AUM growth for the full year, to be reviewed after Q1 or Q2. Branch expansion of 200-300 in Muthoot Finance and ~200 in Belstar: Plans to open 200-300 new gold loan branches in Muthoot Finance and about 200 gold branches in Belstar Microfinance in FY27. Yield likely to sustain at current levels: Management indicated that borrowing costs are trending up, so yields may not be reduced and could remain around current elevated levels.
What are the key risks for Muthoot Finance in FY27?
Key risks include Rising competition from AAA-rated NBFCs — Deep-pocketed competitors with lower cost of funds are entering gold financing, potentially pressuring market share and margins.; Customer churn and declining small-ticket customer base — Muthoot lost ~15 lakh small-ticket customers (below ₹50,000) as gold price rise reduced tonnage, though higher-ticket customers were added.; NPA increase due to borrower-wise classification — Stage 3 assets rose because of RBI-mandated borrower-level classification, though underlying collateral coverage remains strong at 58% LTV.; Potential yield normalization if gold prices stabilize — If gold price appreciation slows, the recent pricing benefit may reverse, compressing yields and profitability..
Did Muthoot Finance meet its previous quarter's guidance?
Scorecard data is being built as historical quarters are processed.
Where can I read the full Muthoot Finance Q4 FY26 concall transcript?
The full earnings conference call transcript or source release is available on the linked source material. This page provides an AI-generated summary with filing verification status shown on the financial stats.