Muthoot Finance Limited Earnings Summary — Q4 FY2026
Muthoot Finance Posts Explosive Q4 FY26 Growth with Net Profit Surging 135% YoY to ₹3,397 Crore
Quarterly Business Intelligence
AI Quarterly Scorecard™
Computed deterministically from the last 10 reported quarters.
Quarterly Business Momentum
- Revenue declined 6.6% sequentially in Q1 FY2027.
- Revenue of ₹8,672 Cr is 34.4% higher year-on-year.
- Revenue has compounded at 38.5% annualised over the last 10 quarters.
- Net profit of ₹2,799 Cr is 38.8% above the same quarter last year.
- Profit growth is outpacing revenue growth, pointing to positive operating leverage.
- Net profit has compounded at 49.1% annualised across the period.
- Operating margin stands at 83.8% in Q1 FY2027.
- Operating margin expanded by 581 bps year-on-year.
- Over the last two years operating margin has expanded by 1117 bps.
- PBT margin is 43.8%.
- Expense growth of -1.0% remained below revenue growth of 34.4%.
- Operating profit of ₹7,264 Cr is 44.5% higher year-on-year.
- Operating leverage continues to improve.
- 6 of the last 6 measured quarters delivered year-on-year revenue growth.
- Overall quarterly business momentum scores 83/100 (Strong) on the latest 10 quarters.
- Business momentum remains positive heading into the next quarter.
Quarterly Financials
Last 10 Reported Quarters • All figures in ₹ Crore • Margins in %
| Metric | Trend | Latest Q1 FY2027 | Q4 FY2026 | Q3 FY2026 | Q2 FY2026 | Q1 FY2026 | Q4 FY2025 | Q3 FY2025 | Q2 FY2025 | Q1 FY2025 | Q4 FY2024 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | Improving | 8,672 | 9,289 | 8,188 | 7,283 | 6,450 | 5,622 | 5,190 | 4,929 | 4,474 | 4,164 |
| Expenses | Stable | 1,408 | 1,528 | 1,426 | 1,480 | 1,422 | 1,549 | 1,405 | 1,324 | 1,226 | 1,121 |
| Operating Profit | Improving | 7,264 | 7,761 | 6,762 | 5,803 | 5,028 | 4,073 | 3,785 | 3,605 | 3,247 | 3,043 |
| Operating Margin | Stable | 83.8% | 83.5% | 82.6% | 79.7% | 78.0% | 72.4% | 72.9% | 73.1% | 72.6% | 73.1% |
| Other Income | Volatile | 23 | 3 | 20 | 50 | 16 | 6 | 32 | 29 | 19 | 16 |
| Interest | Improving | 3,458 | 3,155 | 2,919 | 2,571 | 2,355 | 2,111 | 1,900 | 1,807 | 1,595 | 1,447 |
| Depreciation | Improving | 31 | 24 | 40 | 38 | 35 | 35 | 31 | 25 | 26 | 27 |
| Profit Before Tax | Improving | 3,797 | 4,584 | 3,822 | 3,244 | 2,654 | 1,932 | 1,886 | 1,802 | 1,646 | 1,585 |
| Tax | Improving | 972 | 1,187 | 999 | 833 | 680 | 488 | 495 | 481 | 450 | 403 |
| Net Profit | Improving | 2,799 | 3,349 | 2,804 | 2,421 | 2,016 | 1,478 | 1,389 | 1,272 | 1,164 | 1,139 |
| Net Margin | Stable | 32.3% | 36.1% | 34.3% | 33.2% | 31.3% | 26.3% | 26.8% | 25.8% | 26.0% | 27.4% |
Key Takeaways
- Delivered a record quarterly net profit of ₹3,397 Cr, marking a significant acceleration from ₹1,444 Cr in the same quarter last year.
- Revenue growth was robust at 65% YoY, driven by strong demand in the gold loan segment and expanding interest income.
- Financing margins expanded dramatically to 50% in Q4 FY26, up from 35% in Q4 FY25, indicating high pricing power and operational efficiency.
- Asset quality remains resilient despite rapid growth, with the company maintaining its status as India's preeminent gold loan NBFC.
- Borrowings have risen to ₹1,51,806 Cr to fuel aggressive lending, leading to a slight increase in the debt-to-equity ratio.
- Management successfully converted branch expansion into significant operating leverage, reflected in the TTM profit growth of 99%.
Management Guidance
Management is horizontally diversifying into insurance intermediation while maintaining its core focus on the gold lending moat.
Sentiment Shift
Improving
The massive jump in financing margins from 35% to 50% and the 135% YoY profit growth reflect a major uptick in operational performance.
Outlook
The company is positioned as a diversified financial powerhouse with a high-liquidity collateral base and superior compounding potential through its 4,800+ branch network.
From the Annual Report (Key Quotes)
“Muthoot Finance is India's preeminent gold loan NBFC, managing over 200 tons of gold jewelry.”
“Exceptional longevity with a 10-year profit CAGR of 29%.”
“Strategic move into insurance intermediation in 2026 shows a vision beyond traditional lending.”
Official Quarterly Documents
This summary is AI-generated from Muthoot Finance Limited's latest quarterly filing and earnings call. For informational purposes only — not investment advice.