MUTHOOTCAP
Muthoot Capital Services financials
- Market cap
- ₹355 Cr
- Sector
- Financial Services
- Calls analysed
- 6
Muthoot Capital Services Limited Q1 FY27
What went well
- CRISIL rating upgraded to AA minus stable, enhancing access to diversified capital sources.
- Public deposit franchise crossed INR100 crores, providing a stable and granular funding base.
- GNPA reduced to 3.94%, a decline of 182 basis points year-on-year, reflecting improved asset quality.
What to watch
- Overall Q1 growth of 6% was moderate compared to the 14% industry growth, due to cautious credit acceptance ratios (35-40%).
- Co-lending portfolio significantly reduced from INR1,000 crores a year back to INR499 crores, with zero incremental business.
What Muthoot Capital Services Limited does
Muthoot Capital Services Limited (MCSL) is an RBI-registered, deposit-taking Non-Banking Finance Company established in 1994 and part of the Muthoot Pappachan Group. It primarily finances two-wheeler purchases and also offers used-car, commercial-vehicle, loyalty and business/corporate loans, alongside fixed deposits and subordinated debentures as investment products. It reaches retail, corporate and institutional customers through Muthoot FinCorp's branch network, tie-ups with two-wheeler dealerships, and digital/mobile-app-based origination and collection channels across India.
Segments
- Retail Loans
- Other products
- Live loan accounts
- 6,04,337 (Q4 FY26)
- Regional office network
- 22 offices across 6 states — Kerala, Karnataka, Tamil Nadu, Telangana, Andhra Pradesh, Gujarat
- New customers acquired
- 54,080 (Q4 FY26)
- Geographic expansion (FY25)
- Entered 4 new states — Bihar, Jharkhand, Uttar Pradesh, Rajasthan
- Digital onboarding
- 100% digital KYC (Aadhaar/PAN/voter ID)
- Application straight-through processing (STP)
- 65% (Q4 FY26)
Guidance record · Q1 FY27
what the last two calls moved 24 tracked 4 delivered 8 missed 12 open- GNPA delivered said Q4 FY25 Promised: Keep GNPA constantly below the 4.5% mark Q1 FY27: GNPA reported at 3.94%, significantly below the 4.5% target. This is the first time the target has been met since it was set.
- FY26 AUM missed said Q4 FY25 Promised: Somewhere around INR 4,500 crores Q1 FY27: Promise timeline has passed. Final verdict is 'missed'.
- Long-term AUM delayed said Q4 FY25 Promised: Achieve AUM of INR 10,000 crores by 2028 Q1 FY27: Management reiterated the delayed timeline: 'that INR10,000 crores guidance is still intact. '28-'29, we will be there.'
All 24 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 7.1%, net profit up 273.9% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 109 | 126 | 137 | 145 | 154 +41% | 155 +23% | 166 +21% | 156 +7% |
| Net profit | 16 | 13 | 6 | -5 | 3 −82% | 8 −39% | 5 −16% | 8 +274% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −17.7% 1Y
1Y: ₹275.6 on 10 Sept 2025 → ₹226.85. High ₹294.35 (28 Oct 2025), low ₹178.95 (30 Mar 2026).
How the price took the results
close before → close after
- Q1 FY27
- −4.6%
- 17 Jul
- Q4 FY26
- −6.1%
- 11 May
- Q3 FY26
- −9.4%
- 22 Jan
- Q2 FY26
- −6.4%
- 16 Oct
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 11.8% a year over 3 years, FY23 to FY26.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹444 Cr | ₹399 Cr | ₹472 Cr | ₹620 Cr |
| Interest | ₹148 Cr | ₹168 Cr | ₹224 Cr | ₹315 Cr |
| Depreciation | ₹1 Cr | ₹1 Cr | ₹5 Cr | ₹7 Cr |
| Net profit | ₹79 Cr | ₹123 Cr | ₹46 Cr | ₹11 Cr |
| Net margin | 17.7% | 30.8% | 9.7% | 1.8% |
| Cash from operations | ₹-46 Cr | ₹-7 Cr | ₹-1.1k Cr | ₹-375 Cr |
| Free cash flow | ₹-47 Cr | ₹-12 Cr | ₹-1.1k Cr | ₹-381 Cr |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹16 Cr | ₹16 Cr | ₹16 Cr | ₹16 Cr | ₹16 Cr | ₹16 Cr |
| Reserves | ₹543 Cr | ₹395 Cr | ₹473 Cr | ₹595 Cr | ₹641 Cr | ₹654 Cr |
| Other liabilities | ₹56 Cr | ₹63 Cr | ₹55 Cr | ₹42 Cr | ₹78 Cr | ₹71 Cr |
| Total liabilities | ₹2.6k Cr | ₹2.1k Cr | ₹2.4k Cr | ₹2.3k Cr | ₹3.7k Cr | ₹4.1k Cr |
| Fixed assets | ₹3 Cr | ₹2 Cr | ₹2 Cr | ₹6 Cr | ₹8 Cr | ₹8 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Investments | ₹16 Cr | ₹27 Cr | ₹46 Cr | ₹107 Cr | ₹121 Cr | ₹129 Cr |
| Other assets | ₹2.5k Cr | ₹2.1k Cr | ₹2.4k Cr | ₹2.2k Cr | ₹3.6k Cr | ₹3.9k Cr |
| Total assets | ₹2.6k Cr | ₹2.1k Cr | ₹2.4k Cr | ₹2.3k Cr | ₹3.7k Cr | ₹4.1k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
All earnings calls (5)
Read the Q1 FY27 call →Learn to analyse Muthoot Capital Services Limited
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