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Muthoot Microfin Ltd

MUTHOOTMF

NSE

₹167.79-3.97%19 Oct 2026

Reports

Finance and Investments Microfinance

Muthoot Microfin Ltd

MUTHOOTMF

NSE

₹167.79

-3.97%

19 Oct 2026

SOICxStockScans Reports

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Finance and Investments Microfinance

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.Deep Dive Report: In-depth business analysis.

Muthoot Microfin is a microfinance company that turns small, collateral-free loans to groups of low-income women into a large, resilient lending business - it is the second-largest NBFC-MFI in India by assets, built inside the 138-year-old Muthoot Pappachan Group. Acquired by the group’s promoters in 2011 and listed in 2023, the company has spent the last decade refining a model where dedicated credit officers, proprietary risk scoring, and a field army of over 8,700 loan officers serve 3.3 million active customers across 1,670 branches, with 97% of its loan book rooted in rural areas. That model is now deliberately expanding from its original group-lending core into secured and individual loans, using the same branch network and customer relationships to offer bigger-ticket products to borrowers who have outgrown the group format.

Business segments

A single lending engine built on group microfinance, now deliberately branching into individual and secured loans - all delivered through the same branch network and customer base.

1. Joint Liability Group microfinance: the entry point and the core

Small, unsecured loans to groups of women in rural India, where joint responsibility replaces collateral and centre meetings replace bank branches - this is the business that built the customer base and still generates the bulk of the portfolio.

Loans built around group guarantees - the company lends exclusively to women organised into Joint Liability Groups of five to twenty members; every member co-guarantees the others, so peer pressure and collective accountability do the work that physical collateral does in conventional banking.
First lender to the unbanked - for most borrowers, Muthoot Microfin is the first formal financial institution they have ever used, which means the company is creating its own customer pipeline at the bottom of the pyramid rather than competing for already-banked clients.
Income generation is the product, not consumption - the flagship Income Generation Loan lets women start or expand tiny businesses in retail, agriculture, food processing and services; as of March 2024, these loans made up over 92% of the gross loan portfolio, so repayment depends on the borrower’s business cash flows, not a salary.
Weekly centre meetings as the operating system - field staff run weekly gatherings in villages where they collect repayments, disburse new loans and resolve issues face-to-face; this rhythm creates a physical moat that digital-only lenders cannot replicate in low-connectivity areas.
Deep rural concentration with low district risk - 97% of the loan book comes from rural areas, yet 84% of the 390 districts served each account for less than half a percent of the total portfolio, so a local shock in any one district cannot sink the book.

2. Non-JLG lending: graduating customers into bigger, individual loans

When a group borrower has repaid reliably for four years, the company offers her an individual loan at a higher ticket size - turning a microfinance relationship into a small-enterprise banking relationship without acquiring a new customer.

Individual loans for the top tier of existing customers - the Muthoot Small Enterprise Loan is an unsecured product available only to women who have been in the JLG programme for at least four years; it carries an average ticket size of ₹1.8 lakh at 23-25% interest, roughly five to ten times the size of a typical group loan, and all collections run digitally through e-NACH.
Secured lending against property - the Micro-LAP product lends against residential or commercial property at 18-22% interest with an average ticket of around ₹4 lakh, giving the company a secured asset on its books while serving borrowers who need more than an unsecured loan can offer.
Gold loans through the family network - rather than building a gold-lending operation from scratch, the company refers customers to its group affiliate Muthoot FinCorp, generating roughly ₹7 crore in monthly referrals, and is exploring co-lending arrangements to bring the gold loan onto its own book.
A deliberate shift in portfolio mix - non-JLG products have grown from roughly 1% of the portfolio historically to about 17% as of early 2026, with a stated target of 47% by 2030; the logic is that a borrower who stays with the company for a decade should be able to get every loan she needs from one institution.

3. Insurance and ancillary services: earning fees while protecting the loan book

The company distributes insurance to its own borrowers and runs telemedicine clinics at its branches - generating commission income while making its loan portfolio more resilient to shocks like floods and hospitalisation.

Corporate agent licence unlocks fee income - registered with the insurance regulator as a composite corporate agent since mid-2024, the company can sell life, health and general insurance to its 3.3-million-strong customer base and earn commissions without building a separate sales force.
Natural calamity cover protects both borrower and lender - over two-thirds of clients carry asset insurance against floods, cyclones and earthquakes; when a cyclone hit Tamil Nadu in late 2023, 91.5% of affected loans had cover, and 21,000 customers received claims worth ₹8 crore, which meant the company recovered its money even as borrowers rebuilt.
E-clinics as a retention tool - more than 718 branches offer teleconsultation with doctors for a nominal fee, and nearly 39% of customers had enrolled by March 2024, generating over 3.5 lakh medical consultations; the service builds stickiness in a business where the borrower can easily switch to another microfinance lender.

Credit underwriting and risk infrastructure

An independent credit army of over 1,800 officers, proprietary risk scores built on 65 million loan accounts, and AI tools that assess a shop’s inventory from a photograph - the company underwrites every loan through a team that does not report to the branch manager who originates it.

Credit officers are separate from sales - each branch has a dedicated credit officer who is fully independent of the business and branch hierarchy and is responsible for due diligence, policy compliance, and portfolio quality; management describes this separation as unique in Indian microfinance.
Three-way income verification - the underwriter triangulates what the borrower says she earns, what the credit officer calculates with a margin, and what the credit bureau reports; a fixed-obligation-to-income cap then prevents the borrower from taking on more debt than she can service.
Proprietary scoring with two decades of data - a risk-based scoring system co-developed with Equifax draws on 65 million loan accounts and over 40 parameters including repayment history, demographics and location, sorting every applicant into a risk band before a rupee is lent.
AI that looks at the shop, not just the form - credit officers use generative AI tools that can assess the inventory in a borrower’s store or the condition of her home from a single photograph, and automatically generate a credit appraisal memo; the system also deploys AI agents for fraud detection, collection strategy and lead qualification.

Group structure and partners

A professionally managed subsidiary inside a family conglomerate, with the promoter holding company owning just over half the equity and no corporate guarantees extended to the microfinance book.

Muthoot FinCorp is the controlling shareholder - the flagship gold-lending company of the Muthoot Pappachan Group holds 50.21% of Muthoot Microfin on a fully diluted basis; the original promoters have cumulatively infused over ₹3,400 million into the company and remain among the few microfinance promoters who never sold out.
Operational independence despite group ownership - the company runs its own branches, its own in-house technology team of over 100 professionals, and an independent board with a majority of independent directors drawn from institutions including the RBI, SIDBI and LIC.
Group companies supply product expertise, not guarantees - gold loan know-how comes from Muthoot FinCorp, loan-against-property expertise from the group’s housing finance arm, and two-wheeler lending capability from Muthoot Capital Services; the holding company has not provided any corporate guarantee for Muthoot Microfin’s borrowings.
Long-tenure institutional shareholders alongside the family - Greater Pacific Capital has been invested since 2021 and Creation Investments since 2016, together holding about 23% of the equity; the funding side is equally diversified across 62 financial institutions, with private-sector banks providing 43% of borrowings and public-sector banks another 20%.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Price

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Mkt Cap

Market Capitalization

₹2,868Cr

Close Price

₹168.20

Industry

Finance and Investments Microfinance

Price To Earnings

11.49

Price To Sales

1.16

Revenue

₹2,480Cr

Rev Gr TTM

Revenue Growth TTM

0.93%

PAT Gr TTM

PAT Growth TTM

174.47%

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	564	577	643	663	662	681	555	559	576	603	632	669
Growth YoY Revenue Growth YoY%	68.9	51.7	44.9	38.6	17.5	18.0	-13.7	-15.8	-13.0	-11.4	13.8	19.7
Interest Expended Interest ExpendedCr	221	232	231	234	237	237	222	210	211	222	232	247
Expenses ExpensesCr	189	208	227	273	334	428	845	333	318	304	300	306
Financing Profit Financing ProfitCr	153	137	185	156	91	15	-512	16	47	77	101	116
FPM FPM%	27.2	23.7	28.8	23.6	13.8	2.3	-92.2	2.9	8.2	12.8	15.9	17.3
Other Income Other IncomeCr	2	2	2	0	1	1	1	0	1	3	7	2
Depreciation DepreciationCr	9	9	10	10	11	11	11	11	11	10	11	11
PBT PBTCr	147	130	177	147	81	5	-522	6	37	69	97	107
Tax TaxCr	37	5	58	33	20	1	-121	0	7	7	26	25
PAT PATCr	110	125	120	113	62	4	-401	6	31	62	71	81
Growth YoY PAT Growth YoY%	2,308.1	119.0	26.6	18.3	-43.8	-97.0	-435.0	-94.5	-50.5	1,543.2	117.7	1,216.2
NPM NPM%	19.4	21.6	18.6	17.1	9.3	0.6	-72.3	1.1	5.3	10.4	11.3	12.2
EPS EPS₹	9.4	8.6	7.0	6.6	3.6	0.2	-23.5	0.4	1.8	3.7	4.2	4.8

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	564	577	643	663	662	681	555	559	576	603	632	669
Growth YoY Revenue Growth YoY%	68.9	51.7	44.9	38.6	17.5	18.0	-13.7	-15.8	-13.0	-11.4	13.8	19.7
Interest Expended Interest ExpendedCr	221	232	231	234	237	237	222	210	211	222	232	247
Expenses ExpensesCr	189	208	227	273	334	428	845	333	318	304	300	306
Financing Profit Financing ProfitCr	153	137	185	156	91	15	-512	16	47	77	101	116
FPM FPM%	27.2	23.7	28.8	23.6	13.8	2.3	-92.2	2.9	8.2	12.8	15.9	17.3
Other Income Other IncomeCr	2	2	2	0	1	1	1	0	1	3	7	2
Depreciation DepreciationCr	9	9	10	10	11	11	11	11	11	10	11	11
PBT PBTCr	147	130	177	147	81	5	-522	6	37	69	97	107
Tax TaxCr	37	5	58	33	20	1	-121	0	7	7	26	25
PAT PATCr	110	125	120	113	62	4	-401	6	31	62	71	81
Growth YoY PAT Growth YoY%	2,308.1	119.0	26.6	18.3	-43.8	-97.0	-435.0	-94.5	-50.5	1,543.2	117.7	1,216.2
NPM NPM%	19.4	21.6	18.6	17.1	9.3	0.6	-72.3	1.1	5.3	10.4	11.3	12.2
EPS EPS₹	9.4	8.6	7.0	6.6	3.6	0.2	-23.5	0.4	1.8	3.7	4.2	4.8

Standalone

Numbers

Percentage

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	860	684	833	1,429	2,249	2,562	2,370	2,480
Growth Revenue Growth%		-20.5	21.7	71.6	57.4	13.9	-7.5	0.9
Interest Expended Interest ExpendedCr	291	299	340	549	866	930	874	911
Expenses ExpensesCr	543	369	417	658	772	1,880	1,254	1,228
Financing Profit Financing ProfitCr	27	16	75	222	611	-249	241	340
FPM FPM%	3.1	2.3	9.0	15.5	27.2	-9.7	10.2	13.7
Other Income Other IncomeCr	7	12	10	18	6	3	11	13
Depreciation DepreciationCr	14	19	21	27	35	43	43	43
PBT PBTCr	20	9	65	213	582	-289	209	310
Tax TaxCr	1	2	17	49	132	-66	39	64
PAT PATCr	18	7	47	164	450	-223	170	245
Growth PAT Growth%		-61.3	571.9	245.8	174.3	-149.5	176.5	174.5
NPM NPM%	2.1	1.0	5.7	11.5	20.0	-8.7	7.2	9.9
EPS EPS₹	1.6	0.6	4.2	14.2	30.2	-13.3	10.2	14.6

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	860	684	833	1,429	2,249	2,562	2,370	2,480
Growth Revenue Growth%		-20.5	21.7	71.6	57.4	13.9	-7.5	0.9
Interest Expended Interest ExpendedCr	291	299	340	549	866	930	874	911
Expenses ExpensesCr	543	369	417	658	772	1,880	1,254	1,228
Financing Profit Financing ProfitCr	27	16	75	222	611	-249	241	340
FPM FPM%	3.1	2.3	9.0	15.5	27.2	-9.7	10.2	13.7
Other Income Other IncomeCr	7	12	10	18	6	3	11	13
Depreciation DepreciationCr	14	19	21	27	35	43	43	43
PBT PBTCr	20	9	65	213	582	-289	209	310
Tax TaxCr	1	2	17	49	132	-66	39	64
PAT PATCr	18	7	47	164	450	-223	170	245
Growth PAT Growth%		-61.3	571.9	245.8	174.3	-149.5	176.5	174.5
NPM NPM%	2.1	1.0	5.7	11.5	20.0	-8.7	7.2	9.9
EPS EPS₹	1.6	0.6	4.2	14.2	30.2	-13.3	10.2	14.6

Standalone

Numbers

Percentage

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	114	114	114	117	167	168	168
Reserves ReservesCr	793	776	1,203	1,486	2,637	2,465	2,687
Borrowings BorrowingsCr	2,921	3,016	3,997	6,493	8,425	7,926	9,547
Other Liabilities Other LiabilitiesCr	263	278	277	434	361	298	283
Total Liabilities Total LiabilitiesCr	4,092	4,184	5,591	8,529	11,590	10,857	12,685
Fixed Assets Fixed AssetsCr		110	121	172	215	223	199
Cash Equivalents Cash EquivalentsCr	1,360	745	1,000	1,150	1,576	1,170	1,141
Other Assets Other AssetsCr	2,731	3,329	4,470	7,207	9,799	9,465	11,345
Total Assets Total AssetsCr	4,092	4,184	5,591	8,529	11,590	10,857	12,685

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	114	114	114	117	167	168	168
Reserves ReservesCr	793	776	1,203	1,486	2,637	2,465	2,687
Borrowings BorrowingsCr	2,921	3,016	3,997	6,493	8,425	7,926	9,547
Other Liabilities Other LiabilitiesCr	263	278	277	434	361	298	283
Total Liabilities Total LiabilitiesCr	4,092	4,184	5,591	8,529	11,590	10,857	12,685
Fixed Assets Fixed AssetsCr		110	121	172	215	223	199
Cash Equivalents Cash EquivalentsCr	1,360	745	1,000	1,150	1,576	1,170	1,141
Other Assets Other AssetsCr	2,731	3,329	4,470	7,207	9,799	9,465	11,345
Total Assets Total AssetsCr	4,092	4,184	5,591	8,529	11,590	10,857	12,685

Standalone

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	114	-704	-1,084	-2,333	-1,272	1,382	-580
Investing Cash Flow Investing Cash FlowCr	-66	-38	-74	-180	-225	-128	-41
Financing Cash Flow Financing Cash FlowCr	463	80	1,344	2,567	1,671	-1,485	626
Net Cash Flow Net Cash FlowCr	511	-662	187	54	174	-230	4
Free Cash Flow Free Cash FlowCr	91	-712	-1,095	-2,361	-1,299	1,361	-591
CFO To EBITDA CFO To EBITDA%	424.9	-4,462.8	-1,443.4	-1,051.3	-208.2	-555.5	-240.9

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	114	-704	-1,084	-2,333	-1,272	1,382	-580
Investing Cash Flow Investing Cash FlowCr	-66	-38	-74	-180	-225	-128	-41
Financing Cash Flow Financing Cash FlowCr	463	80	1,344	2,567	1,671	-1,485	626
Net Cash Flow Net Cash FlowCr	511	-662	187	54	174	-230	4
Free Cash Flow Free Cash FlowCr	91	-712	-1,095	-2,361	-1,299	1,361	-591
CFO To EBITDA CFO To EBITDA%	424.9	-4,462.8	-1,443.4	-1,051.3	-208.2	-555.5	-240.9

Standalone

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr					3,406	2,097	2,494	2,868
Price To Earnings Price To Earnings					7.4		14.4	11.5
Price To Sales Price To Sales					1.5	0.8	1.1	1.2
Price To Book Price To Book					1.2	0.8	0.9	1.0
EV To EBITDA EV To EBITDA					16.8	-35.6	45.3	34.0
Profitability Ratios Profitability Ratios
FPM FPM%	3.1	2.3	9.0	15.5	27.2	-9.7	10.2	13.7
NPM NPM%	2.1	1.0	5.7	11.5	20.0	-8.7	7.2	9.9
ROCE ROCE%	8.1	7.9	7.6	9.4	12.9	6.1	8.7	8.7
ROE ROE%	2.0	0.8	3.6	10.2	16.0	-8.4	6.0	6.0
ROA ROA%	0.4	0.2	0.8	1.9	3.9	-2.0	1.3	1.3
Solvency Ratios Solvency Ratios

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr					3,406	2,097	2,494	2,868
Price To Earnings Price To Earnings					7.4		14.4	11.5
Price To Sales Price To Sales					1.5	0.8	1.1	1.2
Price To Book Price To Book					1.2	0.8	0.9	1.0
EV To EBITDA EV To EBITDA					16.8	-35.6	45.3	34.0
Profitability Ratios Profitability Ratios
FPM FPM%	3.1	2.3	9.0	15.5	27.2	-9.7	10.2	13.7
NPM NPM%	2.1	1.0	5.7	11.5	20.0	-8.7	7.2	9.9
ROCE ROCE%	8.1	7.9	7.6	9.4	12.9	6.1	8.7	8.7
ROE ROE%	2.0	0.8	3.6	10.2	16.0	-8.4	6.0	6.0
ROA ROA%	0.4	0.2	0.8	1.9	3.9	-2.0	1.3	1.3
Solvency Ratios Solvency Ratios

	CREDITACC	NORTHARC	MUTHOOTMF	SATIN	FUSION	SPANDANA	ARMANFIN
Market CapitalizationMkt CapCr	19,587	4,437	2,868	2,509	2,448	2,150	1,613
Close PriceClose₹	1,220.10	274.20	168.20	227.10	151.17	204.00	1,529.00
IndustryIndustry	Finance and Investments Microfinance	Finance and Investments Microfinance	Finance and Investments Microfinance	Finance and Investments Microfinance	Finance and Investments Microfinance	Finance and Investments Microfinance	Finance and Investments Microfinance
Price To EarningsPE	16.13	10.08	11.49	6.10	14.71		13.80
Price To SalesPS	3.07	1.55	1.16	0.78	1.44	2.13	2.31
RevenueRevenueCr	6,380	2,870	2,480	3,209	1,699	1,007	697
Revenue Growth TTMRev Gr TTM%	11.9%	21.1%	0.9%	20.7%	-18.1%	-48.3%	0.0%
PAT Growth TTMPAT Gr TTM%	524.3%	53.7%	174.5%	225.4%	113.2%	77.5%	1,779.6%

	CREDITACC	NORTHARC	MUTHOOTMF	SATIN	FUSION	SPANDANA	ARMANFIN
Market CapitalizationMkt CapCr	19,587	4,437	2,868	2,509	2,448	2,150	1,613
Close PriceClose₹	1,220.10	274.20	168.20	227.10	151.17	204.00	1,529.00
IndustryIndustry	Finance and Investments Microfinance	Finance and Investments Microfinance	Finance and Investments Microfinance	Finance and Investments Microfinance	Finance and Investments Microfinance	Finance and Investments Microfinance	Finance and Investments Microfinance
Price To EarningsPE	16.13	10.08	11.49	6.10	14.71		13.80
Price To SalesPS	3.07	1.55	1.16	0.78	1.44	2.13	2.31
RevenueRevenueCr	6,380	2,870	2,480	3,209	1,699	1,007	697
Revenue Growth TTMRev Gr TTM%	11.9%	21.1%	0.9%	20.7%	-18.1%	-48.3%	0.0%
PAT Growth TTMPAT Gr TTM%	524.3%	53.7%	174.5%	225.4%	113.2%	77.5%	1,779.6%