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Muthoot Capital Services Ltd

MUTHOOTCAP

NSE

₹208.94-2.31%19 Oct 2026

Reports

Finance and Investments CV Finance

Muthoot Capital Services Ltd

MUTHOOTCAP

NSE

₹208.94

-2.31%

19 Oct 2026

SOICxStockScans Reports

Ask AI

Finance and Investments CV Finance

Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Guidance Report: Management guidance vs outcomes.Forensic Report: Accounting quality and red flags.

Muthoot Capital Services is a deposit-taking NBFC that puts two-wheelers within reach of India’s semi-urban and rural self-employed - the “common man” the Muthoot Pappachan Group has served since 1887, when it began as a grain trader before moving into chit funds and gold loans. Listed on the BSE and NSE, the company was established in 1994 and today finances over six lakh live loans under the brand “Loans on Wheels,” operating across 20 states with a concentration in Tier 3 and Tier 4 centres. Its recurring approach is to lend against vehicles to customers that banks often overlook - roughly half are new to credit - using a technology backbone that automates origination, collections and risk decisions, while a recent balance-sheet clean-up through asset reconstruction companies has sharpened its focus on the core retail book.

Business segments

Two engines - a dominant two-wheeler financing franchise and a set of younger vehicle and personal loan lines - both fed by the same semi-urban distribution network and digital collections infrastructure.

1. Two-wheeler financing: the franchise that carries the company

Two-wheeler loans are the foundational product, generating the highest yield in the retail portfolio and serving as the primary customer-acquisition engine for every other loan the company sells.

Finances the common man’s first vehicle - the loan puts a motorcycle or scooter within reach of mid-income, self-employed borrowers in semi-urban and rural India, many of whom have no credit history; about half of MCSL’s customers are new to credit.
Concentrated on India’s top-selling brands - Hero and Honda together account for 70% of the two-wheeler portfolio, with TVS adding another 14%, so the book tracks the models that hold resale value and have wide service networks.
Risk-based pricing replaced one-size-fits-all - the company moved from a scheme-based model, where every customer got the same rate, to pricing that charges higher-risk borrowers more, which lets it serve a wider credit spectrum without subsidising riskier loans.
Origination is fast and dealer-led - a new Loan Origination System delivers approvals in five minutes and disbursements in 30 to 45 minutes, while the company pushes deeper into sub-dealer and multi-brand outlets to capture demand beyond the main showrooms.
A used-two-wheeler line is being built - the company planned to launch used-two-wheeler financing in the third quarter of FY26, extending the same underwriting and collections machinery to a larger, more fragmented market.

2. Used-car, commercial-vehicle and personal loans: graduating the customer

These younger loan books let existing two-wheeler customers step up to a four-wheeler or a commercial vehicle, while loyalty loans give the best-performing borrowers additional credit - all at asset-quality levels that are markedly better than the core two-wheeler book.

Used cars for the salaried and the self-employed - the four-wheeler loan, launched in FY20, operates through more than 200 active dealers and direct selling agents, with roughly 40% of customers coming from the salaried class rather than the company’s typical self-employed base.
Commercial vehicles grew almost fourfold in a year - the CV book expanded from about ₹61 crore to roughly ₹240 crore during FY26, financing used light commercial vehicles and construction equipment in a segment where banks are not popular, giving NBFCs a structural advantage.
Loyalty loans carry the highest yield - at nearly 25%, the top-up loan product for existing customers is the highest-yielding line in the retail portfolio, built on repayment behaviour the company has already observed.
Asset quality is far stronger than in two-wheelers - gross NPAs sit at 1.72% for four-wheelers and 0.55% for commercial vehicles, compared with roughly 7.4% for two-wheelers, reflecting the more established credit profile of customers who graduate to these products.

Technology and collections backbone

A digital-first infrastructure runs origination, collections and customer engagement, with AI handling the bulk of early-stage delinquency intervention and over 80% of repayments flowing through electronic channels.

Scorecards decide who gets chased and how - pre-delinquency scorecards predict the probability of default, while post-delinquency scorecards identify which customers are likely to roll back versus roll forward; collection allocation follows the scorecard outcome rather than a fixed queue.
Digital repayments are overtaking cash - the share of collections through NACH and bank channels rose from 62% to 66% during FY26, while cash collections fell from 38% to 34%, reducing leakage and operational burden.
The customer app closes the loop - the “MPower Muthoot App” and WhatsApp services let customers transact and access loan information on their phones, supporting paperless servicing across a book of over six lakh live loans.

Group structure and partners

MCSL is a standalone public company with no subsidiaries, but it runs on the rails of the wider Muthoot Pappachan Group - especially the 3,800-branch network of flagship Muthoot FinCorp, which sources customers, collects repayments and is now being wired into a model where it manages the entire loan lifecycle.

Muthoot FinCorp branches act as a distribution engine - over 3,800 MFL branches are used for customer acquisition, lead conversion, collections and servicing, and under a new “DC model” those branches will handle the full loan lifecycle from sourcing to foreclosure, sharing in the AUM so they have a continuing interest in performance.
Co-lending is being wound back - new disbursements with Wheels EMI, Manba Finance and Credit Wise Capital have been stopped, and the co-lending book has shrunk by 36.6% year-on-year, shifting the mix decisively toward MCSL’s own balance sheet.
Fourth-generation leadership is in place - in December 2024, four members of the next generation joined the board as executive and non-executive directors, with RBI approval, embedding family continuity at the governance level.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

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Price

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Edit Ratios

Mkt Cap

Market Capitalization

₹348Cr

Close Price

₹211.85

Industry

Finance and Investments CV Finance

Price To Earnings

14.54

Price To Sales

0.55

Revenue

₹631Cr

Rev Gr TTM

Revenue Growth TTM

21.99%

PAT Gr TTM

PAT Growth TTM

-20.84%

Upcoming Results on

5 Nov 2026

Standalone

Numbers

Percentage

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	98	96	98	100	109	126	137	145	154	155	166	156
Growth YoY Revenue Growth YoY%	-10.6	-14.8	-14.8	-6.1	10.7	31.0	40.2	45.2	41.3	23.4	21.1	7.1
Interest Expended Interest ExpendedCr	41	40	42	44	51	62	68	75	81	81	78	78
Expenses ExpensesCr	43	43	41	41	37	46	64	77	69	68	78	71
Financing Profit Financing ProfitCr	14	13	15	15	21	18	6	-7	3	6	11	7
FPM FPM%	14.6	13.4	15.1	15.2	19.7	14.3	4.3	-4.9	2.0	3.7	6.6	4.4
Other Income Other IncomeCr	2	1	0	0	1	0	3	2	2	6	2	5
Depreciation DepreciationCr	0	0	0	1	1	1	2	1	1	1	4	1
PBT PBTCr	112	13	15	15	22	17	7	-6	4	10	8	11
Tax TaxCr	29	3	3	4	6	5	1	-2	1	3	2	3
PAT PATCr	83	10	12	11	16	13	6	-5	3	8	5	8
Growth YoY PAT Growth YoY%	357.2	-49.4	-55.0	-39.1	-80.8	25.5	-45.0	-143.2	-82.3	-39.1	-16.4	273.9
NPM NPM%	84.8	10.4	11.9	10.8	14.7	10.0	4.7	-3.2	1.8	4.9	3.2	5.2
EPS EPS₹	50.6	6.1	7.1	6.6	9.7	7.6	3.9	-2.8	1.7	4.7	3.3	4.9

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	98	96	98	100	109	126	137	145	154	155	166	156
Growth YoY Revenue Growth YoY%	-10.6	-14.8	-14.8	-6.1	10.7	31.0	40.2	45.2	41.3	23.4	21.1	7.1
Interest Expended Interest ExpendedCr	41	40	42	44	51	62	68	75	81	81	78	78
Expenses ExpensesCr	43	43	41	41	37	46	64	77	69	68	78	71
Financing Profit Financing ProfitCr	14	13	15	15	21	18	6	-7	3	6	11	7
FPM FPM%	14.6	13.4	15.1	15.2	19.7	14.3	4.3	-4.9	2.0	3.7	6.6	4.4
Other Income Other IncomeCr	2	1	0	0	1	0	3	2	2	6	2	5
Depreciation DepreciationCr	0	0	0	1	1	1	2	1	1	1	4	1
PBT PBTCr	112	13	15	15	22	17	7	-6	4	10	8	11
Tax TaxCr	29	3	3	4	6	5	1	-2	1	3	2	3
PAT PATCr	83	10	12	11	16	13	6	-5	3	8	5	8
Growth YoY PAT Growth YoY%	357.2	-49.4	-55.0	-39.1	-80.8	25.5	-45.0	-143.2	-82.3	-39.1	-16.4	273.9
NPM NPM%	84.8	10.4	11.9	10.8	14.7	10.0	4.7	-3.2	1.8	4.9	3.2	5.2
EPS EPS₹	50.6	6.1	7.1	6.6	9.7	7.6	3.9	-2.8	1.7	4.7	3.3	4.9

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	228	284	398	518	586	504	411	443	398	472	621	631
Growth Revenue Growth%	19.6	24.7	40.0	30.4	13.1	-14.0	-18.5	7.7	-10.0	18.4	31.6	22.0
Interest Expended Interest ExpendedCr	87	104	123	179	228	187	150	148	168	224	315	318
Expenses ExpensesCr	105	133	192	206	264	247	476	185	164	188	293	286
Financing Profit Financing ProfitCr	36	47	83	134	95	70	-215	109	66	60	13	27
FPM FPM%	15.7	16.6	20.9	25.8	16.2	13.9	-52.4	24.6	16.7	12.8	2.0	4.2
Other Income Other IncomeCr	1	0	0	0	0	1	0	0	3	5	12	15
Depreciation DepreciationCr	1	1	1	1	2	1	1	1	1	5	7	7
PBT PBTCr	35	46	82	133	93	70	-216	109	164	60	16	33
Tax TaxCr	13	16	29	47	33	18	-54	30	42	15	4	9
PAT PATCr	23	30	54	86	60	51	-162	79	123	46	11	24
Growth PAT Growth%	2.5	31.7	78.4	60.4	-29.8	-14.9	-414.7	148.6	55.9	-62.7	-75.6	-20.8
NPM NPM%	10.0	10.6	13.5	16.6	10.3	10.2	-39.4	17.8	30.8	9.7	1.8	3.8
EPS EPS₹	16.6	21.9	36.4	52.4	36.8	31.3	-98.5	47.8	74.6	27.8	6.8	14.6

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	228	284	398	518	586	504	411	443	398	472	621	631
Growth Revenue Growth%	19.6	24.7	40.0	30.4	13.1	-14.0	-18.5	7.7	-10.0	18.4	31.6	22.0
Interest Expended Interest ExpendedCr	87	104	123	179	228	187	150	148	168	224	315	318
Expenses ExpensesCr	105	133	192	206	264	247	476	185	164	188	293	286
Financing Profit Financing ProfitCr	36	47	83	134	95	70	-215	109	66	60	13	27
FPM FPM%	15.7	16.6	20.9	25.8	16.2	13.9	-52.4	24.6	16.7	12.8	2.0	4.2
Other Income Other IncomeCr	1	0	0	0	0	1	0	0	3	5	12	15
Depreciation DepreciationCr	1	1	1	1	2	1	1	1	1	5	7	7
PBT PBTCr	35	46	82	133	93	70	-216	109	164	60	16	33
Tax TaxCr	13	16	29	47	33	18	-54	30	42	15	4	9
PAT PATCr	23	30	54	86	60	51	-162	79	123	46	11	24
Growth PAT Growth%	2.5	31.7	78.4	60.4	-29.8	-14.9	-414.7	148.6	55.9	-62.7	-75.6	-20.8
NPM NPM%	10.0	10.6	13.5	16.6	10.3	10.2	-39.4	17.8	30.8	9.7	1.8	3.8
EPS EPS₹	16.6	21.9	36.4	52.4	36.8	31.3	-98.5	47.8	74.6	27.8	6.8	14.6

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	12	12	16	16	16	16	16	16	16	16	16
Reserves ReservesCr	135	166	377	431	491	543	395	473	595	642	654
Borrowings BorrowingsCr	762	928	1,350	2,126	2,351	1,945	1,625	1,891	1,660	2,853	3,313
Other Liabilities Other LiabilitiesCr	162	172	234	67	55	56	63	55	42	72	72
Total Liabilities Total LiabilitiesCr	1,072	1,278	1,978	2,640	2,913	2,560	2,099	2,435	2,314	3,583	4,056
Fixed Assets Fixed AssetsCr	2	3	2	2	4	3	2	2	6	10	8
Cash Equivalents Cash EquivalentsCr	8	14	17	85	399	610	335	574	248	400	523
Other Assets Other AssetsCr	1,062	1,261	1,958	2,553	2,511	1,947	1,761	1,859	2,061	3,173	3,524
Total Assets Total AssetsCr	1,072	1,278	1,978	2,640	2,913	2,560	2,099	2,435	2,314	3,583	4,056

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	12	12	16	16	16	16	16	16	16	16	16
Reserves ReservesCr	135	166	377	431	491	543	395	473	595	642	654
Borrowings BorrowingsCr	762	928	1,350	2,126	2,351	1,945	1,625	1,891	1,660	2,853	3,313
Other Liabilities Other LiabilitiesCr	162	172	234	67	55	56	63	55	42	72	72
Total Liabilities Total LiabilitiesCr	1,072	1,278	1,978	2,640	2,913	2,560	2,099	2,435	2,314	3,583	4,056
Fixed Assets Fixed AssetsCr	2	3	2	2	4	3	2	2	6	10	8
Cash Equivalents Cash EquivalentsCr	8	14	17	85	399	610	335	574	248	400	523
Other Assets Other AssetsCr	1,062	1,261	1,958	2,553	2,511	1,947	1,761	1,859	2,061	3,173	3,524
Total Assets Total AssetsCr	1,072	1,278	1,978	2,640	2,913	2,560	2,099	2,435	2,314	3,583	4,056

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	-166	-99	-614	-501	24	670	73	-46	-7	-1,096	-375
Investing Cash Flow Investing Cash FlowCr	0	-2	-3	0	2	1	-9	-17	-63	-8	-24
Financing Cash Flow Financing Cash FlowCr	165	107	619	529	229	-416	-311	272	-251	1,220	467
Net Cash Flow Net Cash FlowCr	0	6	2	29	255	255	-248	209	-321	116	68
Free Cash Flow Free Cash FlowCr	-167	-100	-615	-501	21	669	73	-47	-8	-1,102	-386
CFO To EBITDA CFO To EBITDA%	-463.9	-210.0	-739.1	-374.3	25.4	958.0	-34.1	-42.6	-10.7	-1,817.3	-2,968.9

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	-166	-99	-614	-501	24	670	73	-46	-7	-1,096	-375
Investing Cash Flow Investing Cash FlowCr	0	-2	-3	0	2	1	-9	-17	-63	-8	-24
Financing Cash Flow Financing Cash FlowCr	165	107	619	529	229	-416	-311	272	-251	1,220	467
Net Cash Flow Net Cash FlowCr	0	6	2	29	255	255	-248	209	-321	116	68
Free Cash Flow Free Cash FlowCr	-167	-100	-615	-501	21	669	73	-47	-8	-1,102	-386
CFO To EBITDA CFO To EBITDA%	-463.9	-210.0	-739.1	-374.3	25.4	958.0	-34.1	-42.6	-10.7	-1,817.3	-2,968.9

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	183	341	1,213	1,476	411	604	429	421	442	406	294	348
Price To Earnings Price To Earnings	8.0	11.3	22.6	17.1	6.8	11.7		5.4	3.6	8.9	26.3	14.5
Price To Sales Price To Sales	0.8	1.2	3.0	2.9	0.7	1.2	1.0	0.9	1.1	0.9	0.5	0.6
Price To Book Price To Book	1.2	1.9	3.1	3.3	0.8	1.1	1.0	0.9	0.7	0.6	0.4	0.5
EV To EBITDA EV To EBITDA	26.2	26.7	30.6	26.3	24.9	27.7	-8.0	15.9	27.9	47.4	243.8	117.9
Profitability Ratios Profitability Ratios
FPM FPM%	15.7	16.6	20.9	25.8	16.2	13.9	-52.4	24.6	16.6	12.8	2.0	4.2
NPM NPM%	10.0	10.6	13.5	16.6	10.3	10.2	-39.4	17.8	30.8	9.7	1.8	3.8
ROCE ROCE%	13.5	13.6	11.8	12.1	11.2	10.3	-3.2	10.8	14.6	8.1	8.3	8.3
ROE ROE%	15.4	16.9	13.6	19.3	11.9	9.2	-39.4	16.1	20.1	7.0	1.7	1.7
ROA ROA%	2.1	2.4	2.7	3.3	2.1	2.0	-7.7	3.2	5.3	1.3	0.3	0.3
Solvency Ratios Solvency Ratios

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	183	341	1,213	1,476	411	604	429	421	442	406	294	348
Price To Earnings Price To Earnings	8.0	11.3	22.6	17.1	6.8	11.7		5.4	3.6	8.9	26.3	14.5
Price To Sales Price To Sales	0.8	1.2	3.0	2.9	0.7	1.2	1.0	0.9	1.1	0.9	0.5	0.6
Price To Book Price To Book	1.2	1.9	3.1	3.3	0.8	1.1	1.0	0.9	0.7	0.6	0.4	0.5
EV To EBITDA EV To EBITDA	26.2	26.7	30.6	26.3	24.9	27.7	-8.0	15.9	27.9	47.4	243.8	117.9
Profitability Ratios Profitability Ratios
FPM FPM%	15.7	16.6	20.9	25.8	16.2	13.9	-52.4	24.6	16.6	12.8	2.0	4.2
NPM NPM%	10.0	10.6	13.5	16.6	10.3	10.2	-39.4	17.8	30.8	9.7	1.8	3.8
ROCE ROCE%	13.5	13.6	11.8	12.1	11.2	10.3	-3.2	10.8	14.6	8.1	8.3	8.3
ROE ROE%	15.4	16.9	13.6	19.3	11.9	9.2	-39.4	16.1	20.1	7.0	1.7	1.7
ROA ROA%	2.1	2.4	2.7	3.3	2.1	2.0	-7.7	3.2	5.3	1.3	0.3	0.3
Solvency Ratios Solvency Ratios

	SHRIRAMFIN	SUNDARMFIN	M&MFIN	INDOSTAR	MUTHOOTCAP
Market CapitalizationMkt CapCr	2,18,013	46,664	42,359	3,148	348
Close PriceClose₹	926.50	4,200.00	304.70	194.70	211.85
IndustryIndustry	Finance and Investments CV Finance	Finance and Investments CV Finance	Finance and Investments CV Finance	Finance and Investments CV Finance	Finance and Investments CV Finance
Price To EarningsPE	16.35	20.85	13.02		14.54
Price To SalesPS	4.36	4.62	1.95	2.23	0.55
RevenueRevenueCr	49,997	10,104	21,733	1,413	631
Revenue Growth TTMRev Gr TTM%	14.2%	13.8%	13.6%	-1.9%	22.0%
PAT Growth TTMPAT Gr TTM%	16.6%	18.7%	42.2%	-161.4%	-20.8%

	SHRIRAMFIN	SUNDARMFIN	M&MFIN	INDOSTAR	MUTHOOTCAP
Market CapitalizationMkt CapCr	2,18,013	46,664	42,359	3,148	348
Close PriceClose₹	926.50	4,200.00	304.70	194.70	211.85
IndustryIndustry	Finance and Investments CV Finance	Finance and Investments CV Finance	Finance and Investments CV Finance	Finance and Investments CV Finance	Finance and Investments CV Finance
Price To EarningsPE	16.35	20.85	13.02		14.54
Price To SalesPS	4.36	4.62	1.95	2.23	0.55
RevenueRevenueCr	49,997	10,104	21,733	1,413	631
Revenue Growth TTMRev Gr TTM%	14.2%	13.8%	13.6%	-1.9%	22.0%
PAT Growth TTMPAT Gr TTM%	16.6%	18.7%	42.2%	-161.4%	-20.8%

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