Muthoot Microfin Ltd · NSE:MUTHOOTMF
Muthoot Microfin — Q1 FY2026 Earnings Presentation
41 slides from Muthoot Microfin's earnings presentation, Aug 11, 2025
Slide 1: Cover letter to stock exchanges
August 11, 2025 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 Cod
Slide 2: Q1 FY'26 Investor Presentation
Q1 FY’26 Investor Presentation 1
Slide 3: Disclaimer
Disclaimer By accessing this presentation, you agree to be bound by the following terms and conditions. This presentation (which may reflect some price-sensitive information in terms of SEBI regulations and Companies Act, 2013, as amended from time to time) has been prepared by Muthoot Microfin Ltd
Slide 4: MPG - Legacy of 138+ years of history
MPG - Legacy of 138+ years of history Muthoot Pappachan Group (MPG) is a Well Diversified Business Conglomerate Our Promoters Automotive Other bussiness Hospitality Thomas Muthoot Chairman & Non-Executive Director, MML Real Estate Information Technology Infrastructure Thomas John Muthoot Chairman, Mu
Slide 5: Journey So Far
Journey So Far Journey So Far 2025 • Secures ESG Score of 72.2 w i t h CareEdge-ESG 1Rating, hig hest rating tier b y CARE. 2024 • Secures e-KYC Lisence to conduct Aadhaar enab led e-KYC for custom er onboarding. • Started op er ations in Assam. • Raised USD 128Mn via ECB. • Entered Telangana and An
Slide 6: Brand Recall and Synergies with the Muthoot Pappachan Group
Brand Recall and Synergies with the Muthoot Pappachan Group Client Base Target Customer segment of group 3.41Mn 5Mn 0.5Mn 35K MML is the first level of Customer can progressively graduate to gold loans, entry into formal financial vehicle finance and affordable housing institution for BoP clients Histor
Slide 7: Strong Corporate Governance and Support from Promoters & Investors
Strong Corporate Governance and Support from Promoters & Investors Shareholding as of 30th June’25 Promoter Group Directors Institutions Institutions Foreign, 0.64% Domestic, 2.48% Thomas Muthoot Thomas George Muthoot Thomas Muthoot Chairman & Non-Executive Non Executive Director Director John Execu
Slide 8: Key Managerial Personnel
Key Managerial Personnel Key Management Personnel and Senior Management Personnel Employee Mix¹ Field Monitors- other Regional Office 269 departments 1317 Head Office 328 Sadaf Sayeed Field Monitors- Operation team Chief Executive Officer 418 Exp: 25+ years, 15 years with MPG Area Office Services: M
Slide 9: Performance Highlights – Q1 FY'26
Performance Highlights – Q1 FY’26 AUM (Mn) Branch Employee CE 93% (Overall) 1,22,528 1,726 Nos 16,397 (-2.9% YoY) (2.3% QoQ) (0.3% YoY) (+10.5% YoY) (+18.7% YoY) (-0.8% QoQ) (+1.6% QoQ) (+2.6% QoQ) 99% (X Bucket) (-1.0% YoY) (0.0% QoQ) Disbursement (Mn) Active Clients (Mn) GNPA NNPA 17,756 3.41 4.85
Slide 10: Financial Highlights – Q1 FY'26
Financial Highlights – Q1 FY’26 Equity (Mn) PCR Income (Mn) PPOP (Mn) INR 26,413 68.5% INR 5,591 INR 1,385 (-15.4% YoY) (+198 bps YoY) (-15.8% YoY) (-44.3% YoY) (-6.0% QoQ) (+759 bps QoQ (+0.5% QoQ) (+6.3% QoQ) CAR excl. overlay) 27.85% ROA NIM (Mn) PAT (Mn) COF 10.79% 0.20% INR 3,423 INR 62 (-28 bp
Slide 11: Consistent Growth
Consistent Growth AUM (Mn) 0.3% YoY Disbursement (Mn) 19.4% YoY Clients (Mn) 0.3% YoY Client (Lks) Avg OS/Client ('000) 1,25,185 26,738 1,24,049 3.44 3.43 1,23,567 3.42 3.41 1,22,103 1,22,528 22,043 3.40 20,351 19,593 17,756 36 346 36 36 36 Q1 FY’25 Q2 FY’25 Q3 FY’25 Q4 FY’25 Q1 FY’26 Q1 FY’25 Q2 FY
Slide 12: Resilient Business Model – Proven over time
Resilient Business Model – Proven over time 1,22,103 1,25,185 1,24,049 1,21,935 1,23,567 1,22,528 1,08,671 92,083 74,495 62,550 46,494 48,386 44,739 49,867 47,894 7.55% 7.39% 8.83% 4.84% 4.85% 4.59% 6.26% 3.03% 4.45% 3.26% 2.97% 2.37% 2.70% 2.29% 2.10% H1 FY’20 H2 FY’20 H1 FY’21 H2 FY’21 H1 FY’22 H2
Slide 13: Strategic re-alignment through Diversification
Strategic re-alignment through Diversification Portfolio Concentration (Region-wise Trend) Consistent Rural Penetration (AUM) Number of Branches Per State 15% 14% 96.4% 96.3% 96.4% 96.6% 96.7% 13% 12% 12% West 15% 14% 14% 14% 14% East 24% 24% 24% 24% 23% North 50% 50% 49% Q1 FY’25 Q2 FY’25 Q3 FY’25
Slide 14: Collection Efficiency
97% CE % 93% TN 94% 98% 99% KL State wise CE % 101% 94% FY'25 99% 83% KA 87% Collection Efficiency 105% 100% TG 101% 93% 100% AP FY'26 101% 97% 86% BH 85% 94% 93% HR 94% 96% 99% Q1 FY'25 102% HP 103% 78% 97% PB Q1 FY'25 101% 96% 89% UP 95% 90% Q2 FY'25 Q4 FY'25 98% 94% UK 95% 90% Q1 FY'26 92% CH 95%
Slide 15: Collection Efficiency – X Bucket
Collection Efficiency – X Bucket Overall CE-X Bucket 99.5% 99.0% 99.9% 100.0% 99.1% 99.0% 99.0% FY'25 FY'26 Q1 FY'25 Q2 FY'25 Q3 FY'25 Q4 FY'25 Q1 FY'26 X Bucket CE% - Top 5 States 102.4% 102.2% 102.2% 102.1% 101.2% 100.9% 100.8% 99.9% 99.8% 99.8% 99.6% 99.6% 99.2% 99.3% 99.3% 99.1% 99.0% 99.0% 98.7
Slide 16: Asset Quality 1/4
Asset Quality 1/4 (in mns) Particulars Q1FY26 Loan Assets Loan Assets ECL (%) (Q1 ECL Opening ECL (A) 5,769.40 Slab (Gross) (Gross) (%) FY 26) Additions (B) Stage 1 81,856.46 946.96 91.20% 1.16% - Provisions as per ECL Model 1,007.97 Stage 2 3,548.62 289.98 3.95% 8.17% - Additional Management Overla
Slide 17: Asset Quality 2/4
Asset Quality 2/4 GNPA, NNPA & Provision Coverage Stage 1 (0-30) GNPA Ratio NNPA Ratio (Net of Stage III provision) Provision Coverage (Net of Stage III provision) 96.4% 96.6% 96.1% 61.0% 66.6% 64.8% 73.3% 68.5% 94.2% 58.3% 54.9% 59.9% 58.7% 92.9% 91.3% 91.2% 7.39% 6.26% 88.1% 88.0% 4.84% 4.85% 3.22
Slide 18: Asset Quality - Karnataka Recovery post setback 3/4
Asset Quality - Karnataka Recovery post setback 3/4 Disbursement (Mn) CE% & CD CE% CE% CD CE% 2,680 98.7% 97.6% 2,097 93.3% 96.3% 94.5% 87.2% 90.6% 83.1% 1,412 81.5% 82.2% 614 623 Q1 FY'25 Q2 FY'25 Q3 FY'25 Q4 FY'25 Q1 FY'26 Q1 FY'25 Q2 FY'25 Q3 FY'25 Q4 FY'25 Q1 FY'26 X Bucket CE % 0+ PAR% Increase
Slide 19: Asset Quality 4/4
Asset Quality 4/4 MML Borrowers % Portfolio % PAR (30+) • Client Distribution: MML’s share in the ‘Own + 4+ lenders’ segment is 4.7%, down 2 pp from last quarter and 6 pp Lender Group Q1 FY-26 Q4 FY-25 Q3 FY-25 Q1 FY-26 Q4 FY-25 Q3 FY-25 Q1 FY-26 Q4 FY-25 Q3 FY-25 from Q2 FY’24. Unique 36.8% 35.1% 3
Slide 20: Improved efficiency inspite of challenges…
Improved efficiency inspite of challenges… Q1 FY'25 vs Q1 FY'26 Growth CB Rejection Reasons 15% 13% 12% 11% 11% 3% 8% 7% 7% 1.11 1.07 26% 22% 11% 54% 0.35 0.26 32% 29% 1% 1% 18% 0% 0% 0% 0% Client DPD & Family DPD & FOIR Other Guard Rails FOIR & Guard Net-Off Sourcing count (Mn) CB Rejection Wastage
Slide 21: Strategic re-alignment through Product Diversification
Strategic re-alignment through Product Diversification IL Loans - Lender Mix wise Eligible Clients Portfolio Exposure – Clients with Retail Loans (Mn) Us+4 & Above, 3.76% Us+3, 10.4% 116,186.4 Unique to Us, 35.04% 87,359.2 Focus Segment IL/BL Loans 65,033.1 Us+2, 21.96% Focus Segment Gold Focus Segm
Slide 22: Digitization driving Collections
Digitization driving Collections Customer App Installation (Cum. Mn)¹ Cumulative Digital Collection (Mn) 1.66 1.70 1.73 1.79 1.85 2,155 4,396 6,388 8,352 10,258 12,079 14,003 15,870 17,792 19,634 21,277 22,966 24,598 26,236 27,860 Q1 FY’25 Q2 FY’25 Q3 FY’25 Q4 FY’25 Q1 FY’26 Apr-24 May-24 Jun-24 Jul
Slide 23: Key Metrics
Key Metrics Branch Count 1,726 RO Count Male Female AUM per Branch (Mn) QoQ Growth % 1 10 1,699 8,571 9,246 9,592 9,748 9,854 78.2 78.6 75.1 72.7 71.0 1,651 18 23 1,593 14 1,562 25 9 44 20 1,699 610 766 972 22 34 475 0.5% 1,651 341 -3.3% 1,593 -4.5% 1,562 1,508 -3.2% -2.3% 8,230 8,771 8,982 8,982 8,
Slide 24: Performance & Annual Guidance
Performance & Annual Guidance Guidance FY 26 Actual Guidance Particulars FY 25 FY 26 AUM-Growth 1.3% 5%-10% NIM 12.4% 12.4% - 12.7% Operating Cost 6.2% 6.0% - 6.2% Credit Cost 9.4% 4.0% - 6.0% RoA -1.8% 0.5% - 2.0% RoE -8.2% 2.5% - 10.0% 23
Slide 25: P & L Statement
P & L Statement Financial Comparison Q1 FY 26 Q1 FY 25 YoY (%) Q4 FY 25 QoQ (%) FY 25 Income Revenue from operations 5,586.2 6,634.7 -15.8% 5,550.3 0.6% 25,616.9 Other income 4.4 2.8 56.6% 11.9 -63.2% 27.5 Total income 5,590.6 6,637.5 -15.8% 5,562.2 0.5% 25,644.4 Expenses Finance costs 2,097.6 2,337
Slide 26: Robust Fiscal year performance in terms of Income/Profitability (1/2)
Robust Fiscal year performance in terms of Income/Profitability (1/2) Revenue from Operations Total Income (in Mns) 20.9% 25,644 20.7% 22,553 19.7% 19.0% 14,463 18.1% 18.0% 6,637 5,562 5,591 FY 23 FY 24 FY 25 Q1 FY 25 Q4 FY 25 Q1 FY 26 FY 23 FY 24 FY 25 Q1 FY 25 Q4 FY 25 Q1 FY 26 PPOP (in Mns) PAT (
Slide 27: Robust Fiscal year performance in terms of Income/Profitability (2/2)
Robust Fiscal year performance in terms of Income/Profitability (2/2) Cost Ratio’s Cost to Income Net Interest Margin Opex Ratio Provisioning Cost 61.0% 60.3% 21.1% 51.4% 45.7% 46.9% 42.2% 12.6% 13.3% 11.9% 12.4% 10.9% 11.5% 9.4% 6.2% 6.6% 6.9% 6.2% 5.9% 6.0% 4.3% 3.0% 2.5% 1.4% FY 23 FY 24 FY 25 Q1
Slide 28: Balance Sheet
Balance Sheet (Rs in Millions) Financial Assets Q1 FY 26 FY 25 Financial Liabilities Q1 FY 26 FY 25 Cash and cash equivalents 3,756.6 6,972.5 Derivative financial instruments 61.4 76.9 Bank balances other than cash 4,570.8 4,725.2 Total outstanding dues of creditors 219.0 196.7 Trade receivables 208
Slide 29: Balance Sheet Metric
Balance Sheet Metric Networth (in Mns) CRAR 28,044 26,322 24,737 29.0% 27.9% 27.9% 21.9% 16,258 FY 23 FY 24 FY 25 Q1 FY 26 FY 23 FY 24 FY 25 Q1 FY 26 Debt/Equity Cost of Borrowing 3.99 11.2% 2.98 3.01 2.83 11.0% 10.9% 10.8% FY 23 FY 24 FY 25 Q1 FY 26 FY 23 FY 24 FY 25 Q1 FY 26
Slide 30: Funding Profile
Funding Profile Liquidity-current Position (in Mns) Lender-wise Outstanding Q1 FY’26 Domestic DFI SFB Foreign DFI 10,022 8% Retail 1% 5% 2% Public Sector Banks 5,610 33% NBFC 4,068 5% 1,297 Foreign Banks 13% Liquid funds in hand HQLA -G Sec Investment Private Sector DA/PTC Sanction Pending Term Fund
Slide 31: Liquidity – Static Liquidity Position
Liquidity – Static Liquidity Position Static ALM (in Mns) Maturity ALM (in Mns) 42,506 37,874 34,701 29,936 28,464 29,472 26,695 21,929 19,624 17,299 18,254 17,262 18,256 14,828 11,570 11,686 10,451 6,240 6,155 6,068 6,816 5,884 6,643 6,354 7,674 6,084 5,326 5,331 4,574 5,151 6,682 6,509 2,496 2,680
Slide 32: e-KYC
Fraud Mitigation Real-Time Identity Verification Reduces Employee Driven Fraud • Instant validation through Aadhaar reduces • Field staff can no longer onboard fake customers chances of identity theft or fake borrower for phantom loans or divert funds, as e-KYC creation. requires customer presence (
Slide 33: Strategic Road Map (1/2)
Strategic Road Map (1/2) Business Process • Credit insights to optimize sourcing in geographies with business potential/ risk. Sourcing • Target audience based marketing strategies for 1. Credit Underwriting lead generation. • Lead generation through customer apk. • Business Target Computation. • Cu
Slide 34: Strategic Road Map (2/2)
Strategic Road Map (2/2) • Engaging Chatbots for grievance handling. • Improve customer financial literacy through omni channel communications. • Dissemination of process and product information through Chatbots. • Utilize these channels to educate the customers on the hygiene factors which needs to
Slide 35: Robust Risk Management via use of Technology
Robust Risk Management via use of Technology Risk Management Framework Dedicated Credit Managers at all Efficient and Independent Internal Unique credit score developed along branches Audit & Compliance team Collections with Equifax Credit Managers supervised 1,825 by Area Credit Managers and 468 Au
Slide 36: Internal Controls
Internal Controls Field Monitoring Comprehensive Field Visit Policy. Loan Appraisal System driven field visit target setting & measurement Aadhar based E-Signing Liveliness Mobile app-based visit recording with Geo-tagging. In Application check list to certifying compliance. GRT’s St
Slide 37: Digital Eco - System
Digital Eco - System Suvidha Loan Client Web App Login Whatspp App CB Enquiry Credit UPI Score Run SMS Mandate Penny Drop Verification Tele Dynamic Verification BBPS QR Document E-Sign Bank AC Credit UPI BHIM Payments Voice Suvidha Disb Suvidha Note : Express loan processed from Inception: 3655.2 Mn
Slide 38: Technology Interventions
Technology Interventions Customer Group Group Loan Sanction Centre Onboarding Training Confirmation & Disbursement Meeting Score card-based N o m i n e e KYC System sup p ort e d Mu l t ip l e p a ym e n t E-signing exposure Verification g r o u p evaluation channels Real t i m e CB System s up po r
Slide 39: Past Five Years Track Record
Past Five Years Track Record AUM (Mn) Disbursements (Mn) Borrowers (Mn) CAGR 25% CAGR 35% CAGR 17% 1,06,616 1,21,935 1,23,567 3.43 3.35 88,725 81,045 2.77 92,083 2.05 62,550 46,470 1.86 49,867 26,367 FY-21 FY-22 FY-23 FY-24 FY-25 FY-21 FY-22 FY-23 FY-24 FY-25 FY-21 FY-22 FY-23 FY-24 FY-25 Branches L
Slide 40: Glossary
Glossary Particulars Definition Cost of borrowing represents annually weighted average interest cost on borrowings, weights being annual average borrowings. Borrowings include debt securities, Cost of Borrowing(%) subordinated liabilities, and borrowings (other than debt securities) Cost to Income r
Slide 41: Thank You
THANK YOU For further information please contact: Mr. Rajat Gupta AVP – Investor Relations Email: Rajat.Gupta@Muthootmicrofin.com Ph. No: +91-98218 49374 About Muthoot Muthoot Pappachan Mahila Mitra App Microfin Group 40