Muthoot Microfin Ltd · NSE:MUTHOOTMF
Muthoot Microfin — Investor Day (May 2026)
65 slides from Muthoot Microfin's investor day presentation, May 7, 2026
Slide 1: Regulation 30 disclosure cover letter
May 07, 2026 BSE Limited National Stock Exchange of India Limited Corporate Relationship Department, Exchange Plaza, 5th Floor, 2nd Floor, New Trading Wing, Plot No. C/1, G Block, Rotunda Building, Bandra Kurla Complex, Bandra (E), P.J. Towers, Dalal Street, Mumbai 400001 Mumbai 400 051 Scrip Code:
Slide 2: Muthoot Microfin Capital Markets Day Presentation 2026
11 Muthoot Microfin Capital Markets Day Presentation 2026 1
Slide 3: Macro Economic Overview
Macro Economic Overview
Slide 4: Amid Moderating Global Growth, India Emerges as a Bright Spot of Economic Resilience
3 Amid Moderating Global Growth, India Emerges as a Bright Spot of Economic Resilience Amid Moderating Global Growth, India Emerges as a Bright Spot of Economic Resilience Growth Moderating | Trade Fragmentation | Policy-Driven Markets 3 MACROECONOMIC SCENARIO IN INDIA India is one of the fastest gr
Slide 5: Strong Macroeconomic Fundamentals: Healthy GVA Growth, Stable Repo Rate, Moderating CPI
4 Strong Macroeconomic Fundamentals: Healthy GVA Growth, Stable Repo Rate, and Moderating CPI Supporting India’s Momentum Strong Macroeconomic Fundamentals: Healthy GVA Growth, Stable Repo Rate, and Moderating CPI Supporting India’s Momentum Domestic Strength Offsetting Global Volatility Repo rate m
Slide 6: Macroeconomic outlook
5 Macroeconomic outlook Macroeconomic outlook Macro parameters FY25 FY26 FY27P Rationale Growth to be moderate but remain above trend, driven by healthy consumption and a mild revival in private investment. Consumption to derive support from low interest rates, improved disposable income owing to in
Slide 7: Digital ecosystem enabling financial inclusion at scale
6 Digital ecosystem enabling financial inclusion at scale Digital ecosystem enabling financial inclusion at scale Volume of Digital Payment Transcations(Billion) Population and number of households (in million) ~50% 220.0 Digital payments scaled rapidly CAGR with ~5x growth in volume (43.7 154.8 Bn
Slide 8: Rising Financial Inclusion Amid Continued Borrower Reliance on Informal Credit Sources
7 Rising Financial Inclusion Amid Continued Borrower Reliance on Informal Credit Sources Rising Financial Inclusion Amid Continued Borrower Reliance on Informal Credit Sources Financial inclusion has improved over the years Only 15% of the population in India borrowed money from formal sources (CY24
Slide 9: Digital Public Infrastructure, AI & Open Networks Driving Scalable, Inclusive Growth
8 Digital Public Infrastructure, AI Open Networks Driving Scalable, Inclusive Growth Digital Public Infrastructure, AI & Open Networks Driving Scalable, Inclusive Growth Building the digital rails for a more inclusive, efficient and innovative financial ecosystem Digital Public Open Credit Account A
Slide 10: Vision 30/30
Vision 30/30
Slide 11: Strategic Vision 2030
10 10 Strategic Vision 2030 30K Cr ROA of ROE of Touching AUM by 5%+ 20%+ 10 Mn 2030 lives by 2030 By 2030, we e n v i s i o n t o build a ₹30k crore retail franchise by deepening wallet share with our evolving customers, diversifying into secured asset creation, and leveraging seamless technology,
Slide 12: Strategic Shift to High-Value Retail Lending - Portfolio Transformation Journey
11 Strategic Shift to High-Value Retail Lending - Portfolio Transformation Journey Legacy Model Strategic Diversification Legacy Model Strategic Diversification Scaled Retail Engine JLG-Dominated Portfolio (Q1 FY’26) Diversified Portfolio with Target Portfolio Mix – 30k cr AUM (Pre-Transformation) M
Slide 13: Evolving Customer preference in MMLs customer ecosystem
12 12 Evolving Customer preference in MMLs customer ecosystem Industry is pivoting to diversified lending, and our customer base is evolving in the same direction. 2.TICKET SIZE (Comparison of our active customer base borrowing pattern in 2024 viz-a-viz 2026) EXPANSION SIGNALS QUALITY SHIFT 1. INDUS
Slide 14: Customer-Level evolution in terms of Product penetration (1/2)
13 13 Customer-Level evolution in terms of Product penetration: Behaviour of Common Client Base Across Cycles (1/2) Analysis based on common client base across Mar’24 to Mar’26 Same customers, different behaviour – shifting towards fewer, larger and purpose-driven loans LOAN BALANCE (Mn) DISBURSEMEN
Slide 15: Customer-Level evolution in terms of Product penetration (2/2)
14 14 Customer-Level evolution in terms of Product penetration: Behaviour of Common Client Base Across Cycles (2/2) 3. STRONG EXPANSION IN ASSET-BACKED LENDING LOAN BALANCE LOAN BALANCE DISBURSEMENT LOAN BALANCE DISBURSEMENT LOAN BALANCE DISBURSEMENT PROPERTY HOUSING GOLD LOANS 82% 81% LOANS (LAP) 1
Slide 16: MML's Go-To States & Future Growth Segments (1/2)
15 MML’s Go-To States Future Growth Segments (1/2) MML’s Go-To States & Future Growth Segments (1/2) STRUCTURAL SHIFT FROM MICROFINANCE → SECURED & RETAIL-LED SEGMENTS Tamil Nadu & Kerala emerge as high-quality, scalable growth anchors. SEGMENT SHIFT (COMMON CLIENTS) QUALITY LENS (VALUE CLIENTS) Por
Slide 17: Vision 30/30: Portfolio growth bridge
16 Vision 30/30: Portfolio growth bridge 21% CAGR +43k Mn 300k Mn +117k Mn 0.13 Mn client increase per annum 2% Wallet share 140k Mn increase per annum Incremental Client Acquisition Existing Client (Incremental Wallet share) FY'26 Portfolio FY'30 Target (22% Wallet Share) (30% Wallet Share) Primari
Slide 18: Derisking & Strategizing the path to 30/30
17 Derisking Strategizing the path to 30/30 Derisking & Strategizing the path to 30/30 A decade of learning. A clear plan for a stronger tomorrow. MML STRATEGY: 2026–2030 (FUTURE-READY TRANSFORMATION) Strengthening Risk & Governance Portfolio Diversification Superior Asset Quality Focus Climate & Ex
Slide 19: Proof of Concept
Proof of Concept
Slide 20: Broadening Product Mix to Strengthen AUM Quality - AUM
21 Broadening Product Mix to Strengthen AUM Quality - AUM AUM Q1 FY’26 Q4 FY’26 (Post Diversification) JLG Loan Muthoot Small Enterprise Loan & MSME Loan 100% TN 30,381 Mn 75% 87% 35,855 Mn 31,932 Mn TN NORTH 100% 25% 13% KL 17,234 Mn 81% 86% ROS 100% 10,547 Mn 20,111 Mn 17,727 Mn KL EAST 19% 14% 10
Slide 21: Product Diversification with Strong Collection Discipline - CE
22 Product Diversification with Strong Collection Discipline - CE CE Q1 FY’26 Q4 FY’26 (Post Diversification) Demand Share JLG Loan Muthoot Small Enterprise Loan Loan 93.9% TN 12% 15% 9% 9% 7% 8% 6% 101.0% KL 105.4% 100% 100% 100% 100% 100% 100% 100% 88.1% 98.5% 96.4% ROS 87.5% 91.7% 95.8% 94.1% 88.
Slide 22: Muthoot Small Enterprise Loan - Snapshot
23 Muthoot Small Enterprise Loan - Snapshot Portfolio - E-Nach & UPI Mandate Success Muthoot Small Mandate Enrollment rate with on-time 10% NACH bounce recoveries were largely FY’26 Enterprise Loan | CE payment Q4 FY’26 completed by T+3 and fully Disbursement by T+8, ensuring 100% E-Nach : 100% 25,3
Slide 23: Muthoot Small Enterprise Loan - Performance Summary Q4 FY'26
24 Muthoot Small Enterprise Loan - Performance Summary Q4 FY’26 NACH Collection Payment Status NACH Return reasons: 89.8% 99.2% 99.8% 99.9% 100% 98.9% Balance Insufficient 0.8% Account Closed/Transferred 0.2% A/c Blocked/Frozen On Time (T) T+1 T+2 T+3 T+8 0.03% Credit Limit Reached 90% of NACH payment
Slide 24: Performance Highlights - Muthoot SME (LAP) Loan & Referral Gold Loan
25 Performance Highlights/Achievements - Muthoot SME (LAP) Loan Referral Gold Loan Performance Highlights/Achievements - Muthoot SME (LAP) Loan & Referral Gold Loan Q4 FY’26 Month wise Disbursement & ATS Amount in Mn Month wise Growth - Portfolio Amount in Mn *Amount in Mn ATS Disbursement 0.38 0.39
Slide 25: Our Strategy for Product Diversification
26 Our Strategy for Product Diversification Credit OUR STREANGTH OUR PRODUCT JOURNEY Underwriting Disbursement JOINT LIABILITY GROUP Muthoot STRONG JOINT LIABILITY GROUP Core product for client onboarding Microfin Ltd CUSTOMER BASE Cash 70% Digital 30% Strong relationships & trust SMALL ENTERPRISE L
Slide 26: Our go to Market & Operating Model
27 Our go to Market & Operating Model Small Enterprise Loans SME (LAP Loan) Gold Loan Designed to support micro and small businesses in Terms loans to SMEs against property to expand Secure loans against gold jewellery with quick their growth and working capital needs. operations and fund business g
Slide 27: Our Operating Strength
28 Our Operating Strength STRONG BRANCH NETWORK CUSTOMER APPLICATION Wide network of branches across states GROUP STRENGTH & DIVERSIFIED with deep rural penetration and strong LENDING ECOSYSTEM local presence Digital-first customer application with Digital-first customer application with seamless jo
Slide 28: Performance Q4 & FY 26
Performance Q4 & FY 26
Slide 29: Operational Highlights – Q4 FY'26
30 Operational Highlights – Q4 FY’26 Operational Highlights – Q4 FY’26 AUM (Mn) Disbursement (Mn) Branch* 1,40,056 28,767 1,670 Nos (13.3% YoY) (7.1% QoQ) (46.8% YoY) (15.4% QoQ) (-1.7% YoY) (-1.2% QoQ) Employees* Active Clients (Mn) CE (Overall) 15,735 3.27 96.43% (-1.6% YoY) (-1.9% QoQ) (-4.7% YoY
Slide 30: Financial Highlights – Q4 FY'26
31 Financial Highlights – Q4 FY’26 Income (Mn) PPOP (Mn) PAT (Mn) INR 6,389 INR 1,928 INR 711 (14.9% YoY) (5.5% QoQ) (48.0% YoY) (10.0% QoQ) (117.7% YoY) (13.9% QoQ) NIM (%) Opex Ratio (%) Cost to Income Ratio (%) 12.0% 6.4% 53.2% (-25 bps YoY) (-14 bps QoQ) (-842 bps YoY) (-163 bps QoQ) (104 bps Yo
Slide 31: Financial Highlights – FY'26
32 Financial Highlights – FY’26 Income (Mn) PPOP (Mn) PAT (Mn) INR 23,807 INR 6,556 INR 1,703 (-7.2% YoY) (-24.4% YoY) (176.5% YoY) Equity (Mn) CAR (%) Debit-Equity INR 28,543 23.9% 3.34 (8.4% YoY) (-394 bps YoY) (11.1% YoY) COF (%) PCR (%) Non-JLG Share on AUM 10.27% (-75 bps YoY) Inc COF 71.5% 17.
Slide 32: Quality-Led Growth with Strengthened Portfolio Resilience & Stability
33 Quality-Led Growth with Strengthened Portfolio Resilience Stability Quality-Led Growth with Strengthened Portfolio Resilience & Stability AUM (Mn) 13.3% YoY Disbursement (Mn) 46.8% YoY Clients (Mn) 4.7% YoY Client (Lks) Avg OS/Client ('000) 1,23,567 1,22,528 1,25,588 1,30,786 1,40,056 19,593 17,7
Slide 33: Resilient Business Model – Proven over time
34 Resilient Business Model – Proven over time Resilient Business Model – Proven over time AUM (Cr) GNPA TN Floods & Heat wave, TN, BH, Rain Impact PB Karza Mukti Flood & Election WB & OD in Northern & 2024 2024 Floods & Western Fengal cyclone States 2024 14,006 12,519 12,357 12,559 12,194 10,867 KL
Slide 34: Improvement in asset quality and credit cost
35 Improvement in asset quality and credit cost Collection Efficiency GNPA, NNPA & Provision Coverage CE % X bucket GNPA Ratio NNPA Ratio (Net of Stage III provision) Provision Coverage (Stage III) 98.97% 98.96% 99.79% 99.80% 96.43% 99.82% 93.00% 93.34% 94.80% 73.3% 90.68% 71.5% 74.0% 73.0% 70.4% 70
Slide 35: Diversified Liability Franchise with Improving Cost Efficiency
36 Diversified Liability Franchise with Improving Cost Efficiency Diversified Liability Franchise with Improving Cost Efficiency Building a resilient funding engine with lower cost of funds and strong liquidity Cost of Borrowing (COF) Trend Funding Mix Evolution (% of Total Borrowings) 95,374 Mn Bor
Slide 36: Strategic Milestones Strengthening Market Position & Funding Access
37 Strategic Milestones Strengthening Market Position & Funding Access Building credibility. Expanding access. Creating long-term value. FY26 HIGHLIGHTS ₹95,374 Mn ₹32,897 Mn First MFI ECB Listed Zero Overall Borrowings PTC Borrowings with Global Rating in GIFT City Covenant Breaches (Highest ever i
Slide 37: Past Five Years Track Record
38 Past Five Years Track Record Past Five Years Track Record AUM (Mn) Disbursements (Mn) Borrowers (Mn) CAGR 22% CAGR 19% CAGR 12% 1,40,056 1,06,616 3.43 3.35 3.27 1,21,935 1,23,567 88,725 94,184 81,045 2.77 92,083 2.05 62,550 46,470 FY-22 FY-23 FY-24 FY-25 FY-26 FY-22 FY-23 FY-24 FY-25 FY-26 FY-22
Slide 38: Drivers
Drivers
Slide 39: Information Technology
Information Technology
Slide 40: Core Pillars of IT Resilience & Security
41 Five Pillars for Operational Stability Core Pillars of IT Resilience Security Core Pillars of IT Resilience & Security 01 02 03 04 05 Continuous Threat IT Governance & Fintech-Ready In-House IT Compliance & management& Security Environment Capability Assurance Monitoring Strong Framework Regulato
Slide 41: Three Pillars Powering Agility, Security & Innovation
42 Agile & Scalable IT Architecture Three Pillars Powering Agility, Security Innovation Three Pillars Powering Agility, Security & Innovation Security & Software & Digital Infrastructure Compliance Platforms Scalable Multi-Cloud Ecosystem Defense-in-depth architecture Secure SDLC practices High-avai
Slide 42: Strategic Roadmap for Resilience, Security & Innovation
43 Future-Ready Technology & Security Roadmap (3-Year Horizon) Strategic Roadmap for Resilience, Security Innovation Strategic Roadmap for Resilience, Security & Innovation Platform Identity Data & Workforce Evolution Security Compliance Capability Technology Identity-First & Zero Data Security & Ta
Slide 43: IT Ecosystem Landscape
44 IT Ecosystem Landscape 1. CHANNELS Mobile Apps Partner APIs / Web Portals (iOS / Android) Integrations 2. APPLICATION SYSTEMS Loan Origination Loan Management Customer Collection Risk Audit System (LOS) System (LMS) Application System Application Application 3. CREDIT & COMPLIANCE VERIFICATION 4.
Slide 44: Mahila Mitra Customer App
45 Mahila Mitra Customer App Live Features Offering diversified Products Upcoming Features through Apk 6 AI Personalization & 1 Account Management Agentic AI Loan Sourcing Realtime insights on loan balance, SOA and loan status Behavior driven smart suggestions e-KYC & Video KYC 2 7 Payments e-KYC fa
Slide 45: Risk & Credit
Risk & Credit
Slide 46: Tiered Credit Assessment Framework
47 Tiered Credit Assessment Framework Tiered Credit Assessment Framework Credit AI-Based Internal Underwriting Team Underwriting Scorecard A dedicated team responsible for assessing AI analyzes customer data, call transcripts, images, Improve risk segmentation accuracy by developing an creditworthin
Slide 47: Risk Remediation Approach
48 Risk Remediation Approach Risk Remediation Approach NATCAT HOSPICASH Digital Insurance Insurance payment Insurance coverage for losses arising from natural A health insurance benefit that provides a fixed daily Electronic transactions made using online platforms or calamities such as floods, eart
Slide 48: Liquidity Risk Governance Process
49 Liquidity Risk Governance Process Stress Test • Short-Term and protracted, as well as Monitoring & Reporting institution specific and market-wide monitoring. • 5% and 10% reduction in expected collection. • Monitor cumulative mismatches • 20% reduction in collection and 20% reduction across time
Slide 49: Internal Audit
Internal Audit
Slide 50: Integrated Internal Audit Framework
51 Integrated Internal Audit Framework Integrated Internal Audit Framework MML has established dedicated audit units to proactively identify risks, reinforce compliance, and strengthen governance across the organization. • Focus on Field Verifications & Branch • Reviews. maintains & updates the Risk
Slide 51: Built-To-Scale With Strong Governance & Control
52 Built-To-Scale With Strong Governance & Control Independent & Scalable Risk-Based Dynamic Digitised Audit Process & Audit Framework Audit Planning Compliance • Experienced and skilled workforce with strong domain expertise. • Audit Team strength of 460+ professionals • 30% of audit staff have vin
Slide 52: Strategic Way Forward
53 Strategic Way Forward - EWS (Early Warning System) enablement for proactive risk identification Optimization of Audit - Integrated issue tracking & digital working papers for improved transparency and control Software (Tez 360) - Dynamic system architecture to support multi-product audits through
Slide 53: Corporate Governance
Corporate Governance
Slide 54: Strong Corporate Governance and Support from Promoters & Investors
55 Strong Corporate Governance and Support from Promoters Investors Strong Corporate Governance and Support from Promoters & Investors Shareholding as of 31st Mar’26 Promoter Group Directors Institutions Institutions Foreign, Thomas Muthoot Thomas George Muthoot Thomas Muthoot Domestic, 3.51% 0.05%
Slide 55: Key Managerial Personnel
56 Key Managerial Personnel Key Managerial Personnel Employee Mix1 Field Monitors- Regional Office 311 Key Management Personnel and Senior Management Personnel Other departments 1,573 Head Office Field Monitors- 361 Operation team 418 Sadaf Sayeed Chief Executive Officer Exp: 25+ years, 15+ years with M
Slide 56: ESG Compliance: Key ESG Pillars
57 ESG Compliance Strong ESG performance, backed by governance depth and compliance discipline, positions the Company for sustainable, risk-calibrated growth Key ESG Pillars Financial Inclusion at Scale Serving underserved borrowers with responsible, accessible credit Responsible Lending Borrower pr
Slide 57: Human Resource
Human Resource
Slide 58: Certified as great place to work 7 times
59 Certified as great place to work 7 times Trust index score have improved from 85% to 88% in 2026-2027 certification Ranked in Top 50 India’s Best Workplaces in BFSI 2026
Slide 59: Workforce Expansion and Diversity Progression
60 Workforce Expansion and Diversity Progression Workforce Expansion and Diversity Progression Female Y-O-Y Growth TOTAL MANPOWER ACTIVE WORKFORCE STRENGTH 15,735 Overall Female % RO growth % 12% 8% Full Manpower Distribution 9% 4% 4% 3% 6% 3% 2% 2% 2022 2023 2024 2025 2026 Leadership Stability Succ
Slide 60: Strategic HR Pillars & Initiatives
61 Strategic HR Pillars Initiatives Strategic HR Pillars & Initiatives DRIVING ORGANISATIONAL EXCELLENCE & INCLUSIVE WORKPLACE Inclusive Governance & Culture & Capability Digital & Diversity and Growth Compliance Experience Building AI Enabled Attrition Excellence Management • Driving women • 100% a
Slide 61: Analytics
Analytics
Slide 62: In-House Data Ecosystem: From Data to Decisive Action
63 In-House Data Ecosystem: From Data to Decisive Action 1. DATA TYPES 2. DATA INGESTION & 3. DATA STANDARDIZATION & 4. CODE DATA 5. ANALYTICS & AIML 6. AI AGENT LAYER INTEGRATION LAYER TRANSFORMATION LAYER WAREHOUSE LAYER LAYER Core System Data (Internal) Analytics & Insights Trained AI Agents Tran
Slide 63: Execution Ecosystem
64 Execution Ecosystem DATA ECOSYSTEM AI / ML MODELS INSIGHTS LAYER AI AGENT EXECUTION LAYER Unified | Enriched | Contextual Predictive | Prescriptive | Descriptive | Predictive | Autonomous Decisioning Generative Prescriptive Action at Scale HUMAN IN LOOP AI AGENT EXECUTION LAYER – INSTITUTIONALIZI
Slide 64: Strategic Shift to High-Value Retail Lending - Portfolio Transformation Journey
65 Strategic Shift to High-Value Retail Lending - Portfolio Transformation Journey Legacy Model Strategic Diversification Legacy Model Strategic Diversification Scaled Retail Engine JLG-Dominated Portfolio (Q1 FY’26) Diversified Portfolio with Target Portfolio Mix – 30k cr AUM (Pre-Transformation) M
Slide 65: Thank You
66 Thank You Thank You