Muthoot Capital Services Ltd. · NSE:MUTHOOTCAP
Muthoot Capital Services — Q2 FY26 Earnings Presentation
39 slides from Muthoot Capital Services's earnings presentation, Oct 15, 2025
Slide 1: Stock exchange intimation letter for investor presentation
MCSL/SEC/25-26/275 October 15, 2025 BSE Limited National Stock Exchange of India Phiroze Jeejeebhoy Towers Limited Dalal Street, Exchange Plaza, C-1, Block G, Mumbai - 400 001, Maharashtra Bandra Kurla Complex, Bandra (E), Scrip Code - 511766 Mumbai - 400 051, Maharashtra Scrip Code (Debenture & CP)
Slide 2: Q2 FY26 Investor Presentation
Q2 FY 26 INVESTOR PRESENTATION
Slide 3: Muthoot Capital Services Limited
Muthoot Capital Services Limited Its equity shares are listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange of India (NSE). Muthoot Capital Services Ltd., promoted by the Muthoot Pappachan Group, is a Non- Banking Finance Company (NBFC) Established in 1994, it is registered with
Slide 4: MCSL Products
MCSL Products Retail Loans Two-Wheeler loans CV loans Used Car loans Loyalty loans Other products Fixed Deposit Corporate loans
Slide 5: 30 Year Journey
30 Year Journey 1994 Started Operations 500cr 1995 2008 2014 2016 Listed on BSE Entered the Two- AUM crosses AUM crosses Wheeler financing 500cr 1000cr segment 2022 2019 2019 2018 Rated CRISIL A+ AUM crosses Golden Peacock MCSL ranks 2000cr Award for Corporate among Top 50 NBFC Ethics across India 2
Slide 6: Financial Results Q2 FY26
GNPA 5.94% (POS) 6.46% (Inc Accrued) AUM NNPA 2.46 % (POS) 3,284 Cr 3.07% (Inc Accrued) BLUE WHEEL DEBT Y-o-YEQUITY 38% RATIO (PCR 60%) FINANCIAL RESULTS Q2 FY 26 Disbursement 535 Cr DEBT EQUITY PAT RATIO 3.31 Cr 4.56 x CRAR 22.02% 5
Slide 7: Operational Highlights
Operational Highlights AUM Q2 FY 26: ₹ 3,284 Cr PAT Shareholders Yield Q2 26 : 3.31Cr Fund 20.35% 656.96 Cr Balance sheet Size Q2 FY 26: ₹ 3,731 Cr Borrowing No of Live New Cost Customers Customers Q2 26 : 9.74% 5,70,419 Total Borrowings in Q2 : 51,288 Q2 FY 26: ₹ 2,995 Cr Disbursement in A+ EPS CRI
Slide 8: Strong Geographical Presence
Strong Geographical Presence Geographically spread across 23 388 States Districts Portfolio Outstanding 7% 8% 8% 8% 8% 15% 15% 15% 15% 16% WEST 21% 26% 27% 27% 28% EAST NORTH 58% 51% 50% 50% 48% SOUTH Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Disbursement 6% 9% 9% 10% 9% WEST 16% 16% 15% 15% 17% EAST 26% 28% 27
Slide 9: AUM Growth – Retail and Other Loans
AUM Growth – Retail and Other Loans ₹. In Crores 3,238.74 3,283.66 3,057.76 2,832.71 2381.10 3,205.15 3,252.88 3,004.25 2,761.37 2275.8 AUM Growth 105.3 71.34 53.51 33.59 30.78 38 % Q2 FY 25 Q3 FY 25 Q4 FY 25 Q1 FY 26 Q2 FY 26 Y-o-Y Retail Loans Corp Loan & Others
Slide 10: Product wise Portfolio
Product wise Portfolio ₹. In Crores Q2 2,381.10 Q1 Q1 3,238.74 3,283.66 25 26 26 TW 2,173.86 2,947.11 2,936.91 Corp Loan & 33.59 30.78 105.30 Others 4W 51.29 103.77 118.51 3W 30.27 17.09 12.93 LL& PL 11.68 37.07 44.41 CV 8.70 100.11 140.12 Product Q-o-Q Y-o-Y TW 0%▲ 35%▲ AUM Growth AUM Growth Corp L
Slide 11: Product wise Disbursements
Product wise Disbursements ₹. In Crores Q1 Q2 Q1 643.50 618.58 535.14 26 26 25 TW 576.36 539.47 442.65 Corp Loan & Others 11.00 0.10 7.10 4W 20.49 23.15 24.51 3W 20.88 - - LL& PL 6.97 13.35 13.94 CV 7.80 42.51 46.94 Growth Growth 17% 13 % Y-o-Y Q-o-Q
Slide 12: GNPA & NNPA
GNPA & NNPA GNPA NNPA 6.46% 3.07% 5.76% 2.70% 4.80% 4.73% 4.88% 2.30% 2.22% 1.62% GNPA Y-o-Y 34% Sep-24 Dec-24 Mar-24 Jun-24 Sep-24 Sep-24 Dec-24 Mar-24 Jun-24 Sep-24 GNPA NNPA Q-o-Q 12%
Slide 13: Credit Ratings
Credit Ratings CRISIL Rating Bank Lines A+/ Positive CRISIL Rating ICRA Rating Non-Convertible Debentures A+/ Positive A+/ Stable Fixed Deposits CRISIL Rating A+/ Positive Principal Protected Market Linked CRISIL Rating Debenture PPMLD A+/ Positive Commercial Paper CRISIL Rating A1+ ESG Impact Ratin
Slide 14: Financial Performance-Comparison
Financial Performance-Comparison ₹. In Crores Parameters Q1 FY26 Q2 FY26 Q-o-Q Disbursement 618.58 535.14 -13% Asset Under Management - AUM 3,238.74 3,283.66 1% Interest Income 145.32 153.54 6% Net Interest Income - NII 70.21 72.16 3% Operating Expense - OPEX 51.90 53.62 3% Loan Losses and Provision
Slide 15: Statement of Sources and Application of Funds
Statement of Sources and Application of Funds ₹. In Crores Period Ended Particulars Sep-25 Jun-25 Sep-24 Sources of Funds Share Capital 16.45 16.45 16.45 Reserves & Surplus 640.51 637.20 622.98 Borrowings 2,993.72 2,979.19 2,155.00 Other Liabilities and Provision 80.32 73.70 53.09 Total 3,731.00 3,7
Slide 16: Profit & Loss Statement
Profit & Loss Statement ₹. In Crores Quarter Ended Half Year Ended Particulars Sep-25 Jun-25 Sep-24 Sep-25 Sep-24 Revenue From Operations Interest Income 146.88 138.78 102.28 285.67 196.56 Dividend Income - 0.04 - 0.04 0.03 Fees and Charges Income 6.52 6.37 6.08 12.89 11.58 Other Operating Income 0.
Slide 17: Average LTV, Disbursements, AUM and Net Worth
Disbursements (in ₹ Cr) Average LTV 84.30% 84.57% 845.70 632.50 654.99 618.58 535.14 82.22% 80.38% 80.22% Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 AUM (in ₹ Cr) Net Worth (in ₹ Cr) 658.1 657.0 3,238.74 3,283.66 3,057.76 653.7 2,832.70 652.1 2,381.10 639.4 Q2 25 Q3 25 Q4 25 Q1 26 Q
Slide 18: Loan Loss Provision, CRAR, PAT and Debt Equity Ratio
Capital Adequacy Ratio (%) Loan Loss Provision & Write-Offs (in ₹ Cr) 26.9% 26.7 23.2% 22.4% 22.0% 22.0% 16.6 16.7 4.9 1.6 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 -3.6 Profit after Tax (in ₹ Cr) Debt Equity Ratio 16.3 4.6 4.6 4.3 3.9 12.7 3.4 5.9 3.3 Q2 25 Q3 25 Q4 25 Q1 26
Slide 19: Analysis of Cost & Yield
Analysis of Cost & Yield 25.00% Yield On Disbursements 21.47% Q2 FY 26 20.72% 20.74% 20.75% 20.80% 20.88% 20.61% 20.24% 20.18% 20.11% 20.33% 20.29% 20.35% 20.00% CO LENDING 13% 15.00% 14.07% 14.44% 13.91% 13.70% 13.85% 13.50% 13.61% 13.51% FW 18% 13.25% 13.26% 13.19% 13.47% 11.58% 9.70% 9.80% 9.82%
Slide 20: Disbursement Retail Loans Q1 FY26 & Q2 FY26
Disbursement Retail Loans Q1 FY 26 & Q2 FY 26 150.88 145.33 125.19 Q1 26 15% 44.97 Q-o-Q 618.48 25.90 27.14 30.05 39.50 27.05 0.74 1.08 0.65 Apr-25 May-25 Jun-25 Dealer Dealer Co Lending Alternate Channel Deccan Q-o-Q 13% 134.83 121.29 MFL Q2 108.65 Q-o-Q 7% 26 528.04 34.17 Co Lending 27.95 26.74 30
Slide 21: Collections – Q2 FY26
Collections –Q2 FY 26 ₹. In Crores Sources of Collections 308.98 301.80 292.34 243.85 200.33 187.31 162.25 151.51 124.43 107.79 70.34 65.14 59.74 58.70 54.34 32.27 31.78 30.73 28.67 28.38 21.60 15.36 12.64 10.10 9.96 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 NACH MFL Bank/Electronic Mode Employee Collection Age
Slide 22: Portfolio Analysis
Portfolio Analysis ₹. In Crores Portfolio Analysis 6.46% 212.07 Segment – wise Analysis 2,936.93 118.50 12.93 140.13 44.39 30.78 7.10% 1.72% 0.00% 0.31% 2.28% 0.45% 92.90% 98.28% 100.00% 99.69% 97.72% 99.55% 3,071.59 93.54% Two Wheeler Four Wheeler Three Commercial Loyality & Corp Loan & Wheeler Veh
Slide 23: Asset Quality and NPA Movement - Retail
Asset Quality and NPA Movement - Retail ₹. In Crores Parameters Sep-24 Dec-24 Mar-25 June-25 Sep-25 Gross NPAs - Opening POS 193.16 102.58 120.65 134.52 168.57 Add : Additions 19.47 28.75 29.31 45.49 42.17 Less: Reductions Normalized and Closed during the Quarter 6.23 3.67 5.75 4.39 7.38 Repossessed
Slide 24: Asset Quality and Provisioning
Asset Quality and Provisioning ₹. In Crores Particulars Q4 FY 25 Q1 FY 26 Q2 FY 26 Opening ECL (A) 96.74 107.03 128.51 Net Additions (B) -Provision as per ECL Model 6.19 6.66 4.76 -Additional Management Overlay 4.09 14.40 2.77 -Fraud Provision 0.01 0.42 0.06 Closing ECL C = (A+B) 107.03 128.51 136.1
Slide 25: Stage 3 Assets - Product wise
Stage 3 Assets - Product wise ₹. In Crores Stage 3 Gross Stage 3 Stage 3 ECL Provision Closing Asset Stage 3 POS Accrued Net Stage 3 Asset Asset % Provision Coverage Interest Sep-25 3,283.66 191.27 20.80 212.07 6.46% 114.91 60% 97.16 Two Wheeler 2,936.91 187.80 20.62 208.42 7.10% 112.77 60% 95.65 Us
Slide 26: Stage Wise AUM and ECL Summary
Stage Wise AUM and ECL Summary ₹. In Crores Interest Stage AUM Closing Asset Provision Net Asset Accrual Stage 1A A 2,892.03 38.69 2,930.72 11.69 2,919.03 Stage 1B B 1.00 0.02 1.02 0.61 0.41 Total Stage 1 C 2,893.03 38.71 2,931.74 12.30 2,919.44 Stage 2A D 139.18 1.69 140.87 9.50 131.37 Stage 2B E 1
Slide 27: Expected Credit Loss (ECL) Vs IRACP
Expected Credit Loss (ECL) Vs IRACP Sep-2025 ₹. In Crores Excess Particulars AUM ECL IRACP ECL% IRACP % /(Deficit) Performing Assets S1 and S2 Hypothecation Loans 3,038.13 21.05 12.15 8.90 0.69% 0.40% S1 and S2 other loans 33.46 0.14 0.13 0.01 0.42% 0.40% Non-Performing Assets S3 loans 191.27 114.91
Slide 28: Partnerships
Partnerships Co Lending Business Correspondents 268.81 Cr (34%) . 199.30 Cr 84.34 Cr (25%) (11%) * New disbursements under the co Lending arrangement with Manba and 231.04 Cr Credit Wise Capital have been stopped, but the collections will continue as (29%) per the existing repayment schedules
Slide 29: Securitization Details as on 30th Sep 25
Securitization Details as on 30th Sep 25 2.51 ₹. In Crores 609.84 2.81 3,352.88 2,642.74 Off Book On Book Securitized (part of own book) Direct Assignment Own Portfolio No of Transaction Type AUM Transaction Type AUM Transactions Securitized PTC (part of own book) 11 609.84 Off Book 2.51 Direct Assi
Slide 30: ARC & Investment in SRs
ARC & Investment in SRs PHOENIX ARC (Sep 2023) PARAS ARC (Sep 2024) SR @ Sale Current SR SR @ Sale Current SR 102.22 Cr 30.97 Cr 70% 41.73 Cr 26.58 Cr 36% NAV SRs NAV SRs 46.10 41.73 41.09 36.75 37.21 32.50 29.29 33.73 30.97 26.59 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Quarterly
Slide 31: Shareholding Pattern
Shareholding Pattern Shareholding Pattern (As on 30th September 2025) Promoters 7.41% Corporates 27.06% 62.62% Public 1.99% Foreign Port Folio 0.92% Others
Slide 32: Banking Partners
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Slide 33: NBFCs & Marquee Partners
NBFCs & Marquee Partners ne CAPITAL MorganStanley r\\3 wint GiarantCo # BARCLAYS SUNDARAM FINANCE ‘GUARANTEES FOR DEVELOPMENT Enduring values. New age thinking. sf NORTHERN KF SHRI RAM FINANCE == AMBIT Finvest Ql IEX ARC IK S CORPORATION PVT. LTD. Pragati ke partner INDIAN ENERGY EXCHANGE ' a ae equ
Slide 34: Sources of Borrowing
Sources of Borrowing Additional Facilities Q 2 FY 26 Total Borrowings As o 30th September 2025 Total Borrowings Short Term 30th Sep 2025 Short Term 70 Crores 2996.28 Crores 622.60 Crores ROI 8.61% Rate 9.34% All in Cost Funding Concentration All in Cost TL/WCDL/CC - 27% Total 9.23% NCD/MLD – 45% Tot
Slide 35: Borrowing Profile
Borrowing Profile ₹. In Crores Sep-24 Jun-25 Sep-25 Borrowings O/S Rate O/S Rate O/S Rate NCD & MLD 604.00 9.95% 1,048.50 9.96% 1,359.75 9.95% Sub Debt & Public Deposit 42.37 8.21% 45.92 8.09% 72.04 8.22% Loan from Directors & Others 6.78 10.85% CC/WCDL/WCTL 1,098.03 10.18% 1,075.69 10.12% 806.39 9.
Slide 36: Structural Liquidity as on 30/09/2025
Structural Liquidity as on 30/09/2025 ₹. In Crores 793.19 655.28 506.17 417.77 442.89 410.62 262.39 252.85 184.90 184.35 135.01 23.93 37.83 24.37 1-7 days 8-14 days 15 days-1 month 1-2 months 2-3 months 3-6 months 6-12 months Inflow Outflow 1-7 days 8-14 days 15 days-1 month 1-2 months 2-3 months 3-
Slide 37: ALM as on 30/09/2025
ALM as on 30/09/2025 ALM SEPTEMBER 2025 Particulars 1M 2M 3M 4M to 6M 7M to 12M 1 to 3 Yrs 3 to 5 Yrs Above 5 Yrs Total A. OUTFLOWS Capital, Reserves & Surplus 0.00 0.00 0.00 0.00 0.00 0.00 0.00 656.96 656.96 Deposits 2.04 1.96 2.10 4.50 12.37 18.36 4.73 0.00 46.05 Bank Borrowings 20.59 119.71 284.3
Slide 38: Liquidity Coverage Ratio
Liquidity Coverage Ratio 125.00% 119.95% 118.85% 110.05% 112.88% 110.35% 111.06% 109.00% 104.17% 105.41% 105.97% 88.05% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 85.00% 85.00% Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Wi
Slide 39: Don't Just Soch Karo Blue Soch
DON’T JUST SOCH KARO BLUE SOCH 38
Muthoot Capital Services — Q2 FY26 Earnings Presentation on 6ix