Muthoot Finance Ltd · NSE:MUTHOOTFIN
Muthoot Finance — Q2 FY2026 Earnings Presentation
94 slides from Muthoot Finance's earnings presentation, Nov 13, 2025
Slide 1: Exchange filing cover letter
Ref: SEC/MFL/SE/2025/6359 November 13, 2025 National Stock Exchange of India Limited Department of Corporate Services Exchange Plaza, BSE Limited, Plot No. C/1, G Block, P. J. Tower, Dalal Street, Bandra-Kurla Complex Mumbai - 400 001 Bandra (E),Mumbai - 400 051 Scrip Code: 533398 Symbol: MUTHOOTFIN
Slide 2: Financial Results Q2 FY 2026
Financial Results Q2 FY 2026 September 2025
Slide 3: Safe Harbour Statement
SAFE HARBOUR STATEMENT This presentation may include statements, which may constitute forward-looking statements. All statements that address expectations or projections about the future, including, but not limited to, statements about the strategy for growth, business development, market position,
Slide 4: The Group
THE GROUP Diversified business of the Group Shareholding of holding Primary Business company (%) Muthoot Finance Limited Gold Loans Holding Company Muthoot Homefin (India) Limited Affordable Housing Finance 100.00 Belstar Microfinance Limited Microfinance 66.13 Muthoot Money Limited Gold Loans 100.0
Slide 5: Brand Trust Report
#TRA’s Brand Trust Report Muthoot Finance INDIA’S 4 i. FINANCIAL SERVICES Certified BRAND 2025* DEC 2024 - DEC 2025 INDIA mm
Slide 6: Performance Highlights for the Half Year Ended Sep 30, 2025
Performance Highlights for the Half Year Ended Sep 30, 2025 Highest Ever Consolidated Loan AUM: 42% YoY increase at ₹ 1,47,673 Crores Highest Ever Consolidated Profit After Tax in any First Half of a Year: 74% YoY increase at ₹ 4,386 Crores Highest Ever Standalone Loan AUM: 47% YoY increase at ₹ 1,3
Slide 7: Performance Highlights for the Half Year Ended Sep 30, 2025
Performance Highlights for the Half Year Ended Sep 30, 2025 Highest Ever Average Gold Loan AUM Per Branch: ₹ 25.15 Crores Gold Loan Disbursement to New Customers: ₹ 13,183 Crores to 8,90,920 Customers Increase in quantity of Gold held as security in our lockers: Up from 199 tonnes to 209 Tonnes YoY
Slide 8: Consolidated Loan AUM
CONSOLIDATED LOAN AUM AS ON SEP 30, 2025 1,47,673 Crores HIGHEST EVER CONSOLIDATED LOAN AUM 42% YoY INCREASE AT AS ON SEP 30, 2024 1,04,149 Crores 1,47,673 Crores 6
Slide 9: Consolidated Profit After Tax
CONSOLIDATED PROFIT AFTER TAX HALF YEAR ENDED SEP 30, 2025 4,386 Crores HIGHEST EVER CONSOLIDATED PROFIT AFTER TAX IN ANY FIRST HALF OF A YEAR 74% YoY INCREASE AT HALF YEAR ENDED SEP 30, 2024 2,517 Crores 4,386 Crores 7
Slide 10: Standalone Loan AUM
STANDALONE LOAN AUM AS ON SEP 30, 2025 1,32,305 Crores HIGHEST EVER STANDALONE LOAN AUM 47% INCREASE AT AS ON SEP 30, 2024 90,197 Crores 1,32,305 Crores 8
Slide 11: Gold Loan AUM
GOLD LOAN AUM AS ON SEP 30, 2025 1,24,918 Crores HIGHEST EVER GOLD LOAN AUM 45% YOY INCREASE AT AS ON SEP 30, 2024 86,164 Crores 1,24,918 Crores 9
Slide 12: Standalone Profit After Tax
STANDALONE PROFIT AFTER TAX HALF YEAR ENDED SEP 30, 2025 4,391 Crores HIGHEST EVER STANDALONE PROFIT AFTER TAX IN ANY FIRST HALF OF A YEAR 88% YoY INCREASE AT HALF YEAR ENDED SEP 30, 2024 2,330 Crores 4,391 Crores 10
Slide 13: Average Gold Loan AUM Per Branch
AVERAGE GOLD LOAN AUM PER BRANCH AS ON SEP 30, 2025 25.15 Crores HIGHEST EVER AVERAGE GOLD LOAN AUM PER BRANCH AS ON SEP 30, 2024 17.75 Crores 25.15 Crores 11
Slide 14: Gold Loan Disbursement to New Customers
GOLD LOAN DISBURSEMENT TO NEW CUSTOMERS HALF YEAR ENDED SEP 30, 2025 13,183 Crores GOLD LOAN DISBURSEMENT TO NEW CUSTOMERS 13,183 Crores to HALF YEAR ENDED SEP 30, 2024 10,687 Crores 8,90,920 Customers 12
Slide 15: Gold Jewellery Held as Security in Our Lockers
GOLD JEWELLERY HELD AS SECURITY IN OUR LOCKERS AS ON SEP 30, 2025 209 Tonnes QUANTITY OF GOLD JEWELLERY HELD AS SECURITY IN OUR LOCKERS UP FROM 199 TONNES TO AS ON SEP 30, 2024 199 Tonnes 209 Tonnes 13
Slide 16: International Debt Rating Upgrades
INTERNATIONAL DEBT RATING UPGRADES Fitch Ratings: BB+ REAFFIRMING STRENGTH OF Fitch Ratings: BB BUSINESS MODEL 14
Slide 17: The Group: Snapshot of performance
THE GROUP Snapshot of performance YoY H1 FY 2026 H1 FY 2025 Q2 FY 2026 Q1 FY 2026 FY 2025 (%) Group Branch Network (Nos) 7,524 7,097 7,524 7,413 6 7,391 Consolidated Loan Assets Under Management* of the 1,476,734 1,041,492 1,476,734 1,339,383 42 1,221,809 Group (₹ in millions) Consolidated Profit af
Slide 18: Loan Assets Under Management of the Group
THE GROUP Loan Assets Under Management* of the Group (₹ in millions) Sep-25 Jun-25 Mar-25 Sep-24 YoY (%) Muthoot Finance Limited 1,323,049 1,200,310 1,086,478 901,965 47 Muthoot Homefin (India) Limited 32,465 30,961 29,846 24,410 33 Belstar Microfinance Limited 77,145 77,065 79,699 96,253 (20) Mutho
Slide 19: Standalone Profit of Group Companies
THE GROUP Standalone Profit of Group Companies (₹ in millions) H1 FY 2026 H1 FY 2025 Q2 FY 2026 Q2 FY 2025 Q1 FY 2026 FY 2025 Muthoot Finance Limited 43,915 23,298 23,452 12,511 20,463 52,008 Muthoot Homefin (India) Limited 104 174 84 97 20 395 Muthoot Insurance Brokers Private 227 231 120 74 107 36
Slide 20: Consolidated Statement of Assets and Liabilities
Consolidated Statement of Assets and Liabilities (₹ in millions) Particulars Sep-25 Jun-25 Mar-25 Sep-24 ASSETS Financial assets Cash and cash equivalents 79,668 114,641 81,671 74,070 Bank Balance other than above 1,538 1,923 1,789 1,548 Derivative Financial Instruments 3,282 1 - - Trade Receivables
Slide 21: Consolidated Statement of Assets and Liabilities
Consolidated Statement of Assets and Liabilities (₹ in millions) Particulars Sep-25 Jun-25 Mar-25 Sep-24 LIABILITIES Financial Liabilities Derivative Financial Instruments 2 1,311 939 82 Trade Payables 1,596 1,212 1,371 1,460 Other Payables 1,813 1,563 1,617 1,061 Debt Securities 329,472 318,706 239
Slide 22: Consolidated Financial Results
Consolidated Financial Results (₹ in millions) H1 FY H1 FY YoY Q2 FY Q1 FY QoQ Q2 FY Particulars FY 2025 2026 2025 (%) 2026 2026 (%) 2025 Income Interest Income 133,793 91,298 47 70,913 62,880 13 47,815 196,629 Service Charges 1,765 1,541 15 927 838 11 782 3,035 Sale of Services 86 40 118 66 20 220
Slide 23: Muthoot Finance: Driving Inclusive Growth
MUTHOOT FINANCE: DRIVING INCLUSIVE GROWTH o India’s largest gold financing company (by loan portfolio) o Trusted pan-India brand in the gold loans sector; revolutionised India’s gold banking o Our intervention has empowered millions of people across the social pyramid Multiple service offerings CORE
Slide 24: MFIN - A Glimpse
MFIN - A GLIMPSE 29 209 tonnes States/Union territory presence Gold jewellery kept as security 4,950+ 100,000+ Pan-India branches Retail investor base across debenture and subordinated debt portfolio 31,000+ 200,000+ Team members Customers served every day ₹ 1,323 billion Loan Assets Under Managemen
Slide 25: Shareholding Pattern
SHAREHOLDING PATTERN Strong promoter interest in business with 73% stake NSE Ticker 23.5 3.15 MUTHOOTFIN (%) Shareholding as on September 30, 2025 BSE Ticker Promoter & Promoter group 533398 FII, FC, MF & Others Market Capitalisation Public (as on September 30,2025) ₹ 1.23 Trillion 73.35 23
Slide 26: Board of Directors – Promoter Group
BOARD OF DIRECTORS – PROMOTER GROUP (1/2) George Jacob Muthoot George Alexander Muthoot George Thomas Muthoot Alexander George Chairman Managing Director Whole-time Director Whole-time Director George M George George M Jacob George Alexander Whole-time Director Whole-time Director Whole-time Directo
Slide 27: Board of Directors – Independent Directors
BOARD OF DIRECTORS – INDEPENDENT DIRECTORS (2/2) K V Eapen Ravindra Pisharody V. A. George Joseph Korah Independent Director Independent Director Independent Director Independent Director Usha Sunny Abraham Chacko C A Mohan George Joseph Independent Director Independent Director Independent Director
Slide 28: Dividend Payout
DIVIDEND PAYOUT Delivering consistent returns to stakeholders (%) FY 2025 FY 2024 FY 2023 FY 2022 FY 2021 FY 2020 FY 2019 FY 2018 FY 2017 Dividend (% )* 260 240 220 200 200 150 120 100 60 Dividend payout (₹ in millions) 10,438 9,635 8,832 8,027 8,024 7,249 5,796 4,813 2,885 Dividend Payout Ratio (%)
Slide 29: Geographical Presence
GEOGRAPHICAL PRESENCE A strong presence of 4967 branches across India (%) Branches region wise State wise Branch Network Jammu & Kashmir 8 17 Himachal 57 Pradesh Punjab 13 Chandigarh East West 199 Uttarakhand 26 10 Haryana 142 Delhi North South 230 Rajasthan Uttar Pradesh 18 150 203 Assam 41 Bihar 2
Slide 30: Digital Initiatives
DIGITAL INITIATIVES Digital convenience for new gen & Millennium Customer acquisition Direct Credit Facility PoS Terminals • Loan proceeds credited to bank account • Enables swiping of Debit • NEFT/RTGS/IMPS mode of bank transfer cards issued by banks • Instant credit to customer bank account • Redu
Slide 31: Digital Initiatives: iMuthoot Mobile App
DIGITAL INITIATIVES iMuthoot Mobile App • Launched in Nov’16 has about 19.6 Million downloads, 4.9 Million registered Users • Simplified registration and login process for new users • Online Gold Loan (OGL) facility available to withdraw loan amount and renewal, apart from payments • Gold loan inter
Slide 32: Standalone Statement of Assets and Liabilities
Standalone Statement of Assets and Liabilities (₹ in millions) Particulars Sep-25 Jun-25 Mar-25 Sep-24 ASSETS Financial assets Cash and cash equivalents 69,097 102,031 71,705 65,928 Bank Balance other than above 127 87 208 217 Derivative Financial Instruments 3,282 - - - Trade Receivables 6 26 9 26
Slide 33: Standalone Statement of Assets and Liabilities
Standalone Statement of Assets and Liabilities (₹ in millions) Particulars Sep-25 Jun-25 Mar-25 Sep-24 LIABILITIES Financial Liabilities Derivative Financial Instruments - 1,311 939 82 Trade Payables 1,418 1,036 1,153 1,255 Other Payables 1,442 1,175 1,279 925 Debt Securities 321,684 313,431 235,413
Slide 34: Revenue & Profit
REVENUE & PROFIT Standalone Financial Results (₹ in millions) YoY QoQ H1 FY H1 FY Q2 FY Q1 FY Q2 FY Growth Growth FY 2025 2026 2025 2026 2026 2025 (%) (%) INCOME Interest Income 118,967 77,245 54 63,044 55,923 13 40,685 168,770 Other than Interest Income 2,841 1,118 154 1,564 1,277 22 577 2,789 Tota
Slide 35: Equity
EQUITY Strong Capital Base Networth (₹ in millions) Sep-25 Jun-25 Mar-25 Sep-24 Equity Share Capital 4,015 4,015 4,015 4,015 Other Equity 314,419 290,556 280,361 252,823 Total 318,434 294,571 284,376 256,838 33
Slide 36: Assets
ASSETS Core focus continues to be gold loan Loan Assets under management* (₹ in millions) YoY QoQ Sep-25 Jun-25 Mar-25 Sep-24 Growth Growth (%) (%) Loan assets under management 1,323,049 1,200,310 1,086,478 901,965 47 10 Break-up of Loan Assets under management Gold Loans under management 1,249,175
Slide 37: Liabilities
LIABILITIES Stable sources of funding* (₹ in millions) YoY QoQ Sep-25 Jun-25 Mar-25 Sep-24 Growth Growth (%) (%) Secured Non-Convertible Debentures- Listed 321,449 313,249 235,516 197,166 63 3 Borrowings from Banks/FIs 556,303 521,410 476,060 413,926 34 7 External Commercial Borrowings- Senior 177,5
Slide 38: Gold Loan Portfolio
GOLD LOAN PORTFOLIO Gaining scale over the years Gold Loan Assets Under Management* (₹ in billions) 1400 1300 1,249 1200 1,132 1100 1,030 1000 900 862 800 729 700 575 619 600 519 500 408 400 336 243 272 288 300 233 200 100 0 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Sep-2
Slide 39: Gold Holding
GOLD HOLDING Carrying the trust of millions of our customers Gold jewellery kept as security (In tonnes) 250 208 209 209 199 200 187 188 176 180 169 171 149 155 150 142 131 100 50 0 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Sep-24 Mar-25 Jun-25 Sep-25 37
Slide 40: Geographical Spread of Gold Loan Portfolio
GEOGRAPHICAL SPREAD OF GOLD LOAN PORTFOLIO Diversified gold loan portfolio across India (%) 100 80 60 40 20 0 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Sep-23 Mar-24 Sep-24 Mar-25 Jun-25 Sep-25 East 6 7 7 8 8 9 9 9 10 10 10 10 10 10 10 West 15 17 18 19 20 19 19 19 19 19 19 20 19
Slide 41: Productivity
PRODUCTIVITY Widening presence with increasing gold loan business per branch Average Gold Loan Per Branch * (₹ in millions) 265 252 232 212 215 177 165 150 125 131 112 115 89 75 63 67 55 57 65 15 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Sep-24 Mar-25 Jun-25 Sep-25 *Princ
Slide 42: Highly Liquid Portfolio
HIGHLY LIQUID PORTFOLIO Disbursements and Collections (₹ in billions) 527 487 414 380 338 304 245 242 219 219 151 138 129 133 123 119 104 94 81 75 88 84 55 54 61 58 48 45 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Avg Monthly Disbursement Avg Monthly Coll
Slide 43: Safety of Our Gold Loan Portfolio
SAFETY OF OUR GOLD LOAN PORTFOLIO Lender’s Perspective & Borrower’s Perspective Sep-25 Jun-25 Mar-25 Sep-24 Mar-24 Mar-23 Mar-22 Mar-21 Mar-20 Mar-19 Mar-18 Gold Loan assets (₹ in Billions) 1,249 1,132 1,030 862 729 619 575 519 407 336 288 Quantity of Gold content in Ornaments held as Security 209 2
Slide 44: Customer Base (1/2)
CUSTOMER BASE Highly churning customer base (1/2) Sept-25 Jun-25 Mar-25 Dec-24 Sep-24 Jun-24 Mar-24 Dec-23 Sep-23 Gold Loan AUM 1,249 1,132 1,030 930 862 809 729 692 675 (₹ in Billions) QoQ % change 10 10 11 8 6 11 5 3 2 No. of Loan Accounts 10.66 10.46 10.23 9.99 9.72 9.18 8.74 8.59 8.53 (millions)
Slide 45: Customer Base (2/2)
CUSTOMER BASE Highly churning customer base (2/2) Sep-25 Jun-25 Mar-25 Dec-24 Sep-24 Jun-24 Mar-24 Dec-23 Sep-23 Above Gold Loan AUM and No. of customers includes: Fresh loans to inactive customers during the quarter in Gold Loan AUM No. of customers 411,376 410,303 397,150 372,566 443,335 463,390 4
Slide 46: Yield on Loan Assets and NIM
YIELD ON LOAN ASSETS AND NIM Yearly (%) Quarterly (%) 26.00 26.00 24.00 23.03 22.21 22.17 24.00 21.43 21.23 22.00 20.06 22.00 19.31 19.72 20.00 19.99 19.56 18.49 20.00 19.77 17.7 17.94 18.65 18.00 18.51 18.00 15.29 15.53 16.00 14.2 14.24 16.00 14.00 12.74 13.03 14.00 11.38 11.45 12.66 11.23 12.41 12
Slide 47: Interest Spread
INTEREST SPREAD Yearly (%) Quarterly (%) 26.00 26.00 24.00 23.03 24.00 22.21 22.17 21.43 21.23 22.00 22.00 19.72 20.06 19.31 19.99 19.56 19.77 20.00 20.00 17.7 17.94 18.49 18.65 18.51 18.00 18.00 16.00 16.00 14.04 13.45 13.49 14.00 14.00 12.23 10.93 10.8 11.99 12.00 12.00 10.9 11.21 10.68 10.90 9.69
Slide 48: Return on Average Loan Assets
RETURN ON AVERAGE LOAN ASSETS Attractive returns over the years Yearly (%) Quarterly (%) 10.00 10.00 9.00 9.00 8.11 7.99 8.00 8.00 7.44 7.24 7.16 7.30 7.00 7.00 6.36 5.93 5.84 6.00 5.74 6.00 5.70 5.58 6.19 5.00 5.00 4.47 4.00 4.00 3.32 3.03 3.00 3.00 Q2 FY Q2 FY Q1 FY H1 FY H1 FY Mar-15 Mar-16 Mar-1
Slide 49: Impairment of Loan Assets
IMPAIRMENT OF LOAN ASSETS Stage III Loans Assets and ECL Provision (₹ in millions) Sep-25 Jun-25 Mar-25 Sep-24 Stage I Loan Assets 1,287,935 1,158,809 1,044,433 851,124 Stage II Loan Assets 5,340 10,556 5,042 12,034 Stage III Loan Assets 29,774 38,807 30,945 37,004 % Stage III Assets on Gross Loan A
Slide 50: Liability Mix
LIABILITY MIX Maintaining a diversified funding profile* (%) 5 1 Borrowings from Banks/FIs - ₹ 556,303 mn (50%) 16 Secured Non-Convertible Debentures - Listed - ₹ 321,449 mn (28%) External Commercial Bonds- Senior secured Notes - ₹ 177,585 mn (16%) 50 Commercial Paper - ₹ 55,573 mn (5%) 28 Other Loa
Slide 51: Domestic Credit Ratings
DOMESTIC CREDIT RATINGS Highest Rating among gold loan companies Short-term Rating Rating Indicates COMMERCIAL PAPER Very strong degree of safety with regard to timely payment of CRISIL RATINGS CRISIL A1+ financial obligation and carry lowest credit risk Very strong degree of safety with regard to t
Slide 52: International Credit Ratings
INTERNATIONAL CREDIT RATINGS Long-term Rating Rating Agencies Rating Indicates An elevated vulnerability to default risk, particularly in the event of adverse change in business or economic condition over time, FITCH RATINGS BB+(Stable) however, business or financial flexibility exists that supports
Slide 53: Break-up of Total Income
BREAK-UP OF TOTAL INCOME Interest Income (₹ in millions) Yearly Quarterly 180000 140000 168,770 160000 120000 118,967 140000 109,560 124,476 100000 120000 77,245 103,285 103,686 80000 100000 63,044 85,644 60000 55,923 80000 67,570 40,685 60000 48,130 56,546 62,021 40000 42,703 40000 20000 20000 0 0
Slide 54: Operating Expenses to Average Loan Assets
OPERATING EXPENSES TO AVERAGE LOAN ASSETS Operational efficiency over the years Yearly (%) Quarterly (%) 8.00 8.00 7.50 7.50 7.00 7.00 6.50 6.50 6.00 5.63 6.00 5.43 5.50 5.1 5.50 5.01 4.89 4.94 5.00 5.00 4.50 3.92 4.50 3.92 4.07 3.64 3.48 3.62 4.00 3.91 4.00 3.50 3.50 3.00 3.08 2.91 3.00 3.00 2.50 M
Slide 55: Break-up of Operating Expenses
BREAK-UP OF OPERATING EXPENSES Yearly (₹ in millions) Quarterly (₹ in millions) Q2 FY Q2 FY Q1 FY H1 FY H1 FY Mar-25* Mar-24* Mar-23* Mar-22* Mar-21* Mar-20* Mar-19* 2026* 2025* 2026* 2026* 2025* Employee Benefit Expenses 15,807 12,816 11,044 9,487 9,270 9,657 8,415 5,042 3,706 4,863 9,905 7,405 Ren
Slide 56: Break-up of Operating Expenses
BREAK-UP OF OPERATING EXPENSES Yearly (%) Quarterly (%) Q2 FY Q2 FY Q1 FY H1 FY H1 FY Mar-25* Mar-24* Mar-23* Mar-22* Mar-21* Mar-20* Mar-19* 2026* 2025* 2026* 2026* 2025* Employee Benefit Expenses 43 49 51 49 49 52 54 51 43 57 53 43 Rent 8 10 11 12 12 12 13 8 8 9 8 8 Advertisement & Publicity 4 5 7
Slide 57: Profitability Ratios
PROFITABILITY RATIOS Yearly (%) Quarterly (%) Q2 FY Q2 FY Q1 FY H1 FY H1 FY (Based on Income) Mar-25* Mar-24* Mar-23* Mar-22* Mar-21* Mar-20* Mar-19* 2026* 2025* 2026* 2026* 2025* Interest expense to Gross 37.47 36.67 35.08 34.56 34.92 32.00 32.51 35.80 37.58 37.05 36.38 37.03 Income Selling, genera
Slide 58: Profitability Ratios
PROFITABILITY RATIOS Yearly (%) Quarterly (%) (Based on Average Loan Q2 FY Q2 FY Q1 FY H1 FY H1 FY Mar-25* Mar-24* Mar-23* Mar-22* Mar-21* Mar-20* Mar-19* Assets) 2026* 2025* 2026* 2026* 2025* Interest income to avg. loan 18.49 17.94 17.70 20.06 22.17 23.03 21.63 19.99 18.65 19.56 19.77 18.51 assets
Slide 59: Profitability
PROFITABILITY Efforts getting rewarded Profitability at a glance (₹ in millions) Yearly PBT PAT Quarterly PBT PAT 75000 70000 70,706 70000 65000 60000 58,969 60000 50,065 46,664 55000 52,008 50000 40,574 53,094 43,915 50000 45000 40000 40000 30,768 39,543 31,997 31,514 40,497 30000 27,455 35000 28,4
Slide 60: Net Worth
NET WORTH Steady capital position Share Capital and Reserves & Surplus (₹ in millions) 360000 330000 318,434 294,571 300000 284,375 270000 256,838 240000 242,903 210000 210,619 183,445 180000 152,389 150000 115,718 120000 97,928 90000 78,120 65,164 50,835 56,192 60000 30000 0 Mar- 15 Mar-16 Mar-17 M
Slide 61: Return on Equity
RETURN ON EQUITY Stable shareholder value creation Return on Average Equity Yearly (%) Quarterly (%) 55 55 50 50 45 45 40 40 35 30.61 35 29.14 30 28.28 28.26 27.77 30 24.81 25 22.40 23.55 19.99 18.65 25 20 19.44 19.73 20 17.63 17.86 15 14.35 15.13 15 10 5 10 Mar 15 Mar 16 Mar 17 Mar 18*Mar 19*Mar 20
Slide 62: Capital Ratio
CAPITAL RATIO Maintaining capital well above the statutory requirement of 15% Capital Adequacy Ratio (%) Sep-25 Jun-25 Mar-25 Sep-24 Capital Adequacy Ratio 20.89 21.96 23.71 26.96 Tier-I 20.15 21.21 22.95 26.21 Tier-II 0.74 0.75 0.76 0.75 60
Slide 63: Market Value Ratio
MARKET VALUE RATIO Equity market valuation ratios indicate potential for upside Q2 FY 2026 Q2 FY 2025 Q1 FY 2026 H1 FY 2026 H1 FY 2025 FY 2025 Earnings per share (₹) - Basic 58.42 31.16 50.97 109.39 58.03 129.54 - Diluted 58.42 31.16 50.97 109.39 58.03 129.54 Sep-25 Jun-25 Mar-25 Sep-24 Book Value p
Slide 64: Capitalisation Ratios
CAPITALISATION RATIOS Headroom for further leveraging (₹ In millions) Sep-25 Jun-25 Mar-25 Sep-24 Outside Liabilities 1,156,244 1,066,632 928,113 748,344 Cash and Cash Equivalents & Bank Balances 114,811 131,141 90,378 66,053 Tangible Networth 318,401 294,535 284,342 256,804 Capital Gearing 3.27 3.1
Slide 65: Team Strength
TEAM STRENGTH Groomed human capital over the years to meet growing business requirements (No. of Employees) 32000 31,113 31000 30,451 30000 29,221 29000 28,286 28,478 28000 27,273 26,716 27000 25,911 26000 … 25000 24,224 24,205 24000 22,882 23000 23,455 22000 22,781 21000 20000 Mar-15 Mar-16 Mar-17
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Slide 67: Belstar Microfinance Limited – An Overview
BELSTAR MICROFINANCE LIMITED – AN OVERVIEW As of September 2025 , Muthoot Finance holds 66.13% in BML. BML was incorporated on January 1988 at Bangalore and the Company was registered with the RBI in March 2001 as a Non- Banking Finance Company. The Company was reclassified as “NBFC-MFI” by RBI effe
Slide 68: Key Financial Parameters
Key Financial Parameters (₹ in millions) Particulars H1 FY 2026 H1 FY 2025 Q2 FY 2026 Q1 FY 2026 FY 2025 Number of Branches 1,287 1,111 1,287 1,275 1,281 Number of Employees 12,169 12,075 12,169 12,427 13,076 Gross Loan AUM (₹) 77,145 96,253 77,145 77,065 79,699 Gross Loan Assets (₹) 68,529 84,260 6
Slide 69: Muthoot Homefin
Muthoot Homefin
Slide 70: Muthoot Homefin – An Overview
MUTHOOT HOMEFIN – AN OVERVIEW Muthoot Homefin (India) Limited is a Housing Finance Company registered with National Housing Bank (NHB). It became a wholly owned subsidiary of Muthoot Finance Ltd in Aug’17. MHIL focuses on extending affordable housing finance and targets customers in Economically Wea
Slide 71: Loan AUM
LOAN AUM AS ON SEP 30, 2025 3,247 Crores INCREASE IN LOAN AUM 33% YoY AT AS ON SEP 30, 2024 2,441 Crores 3,247 Crores 69
Slide 72: Total Revenue
TOTAL REVENUE HALF YEAR ENDED SEP 30, 2025 222 Crores INCREASE IN LOAN AUM 44% YoY AT HALF YEAR ENDED SEP 30, 2024 154 Crores 222 Crores 70
Slide 73: Business Performance
Business Performance (₹ in millions) Particulars H1 FY 2026 H1 FY 2025 Q2 FY 2026 Q1 FY 2026 FY 2025 Number of branches 166 147 166 163 163 Number of Sales Offices 166 147 166 163 163 Number of Employees 1,022 838 1,022 982 924 Loan AUM (₹) 32,465 24,410 32,465 30,961 29,846 Loan Assets (₹) 27,858 2
Slide 74: Business Performance
Business Performance (₹ in millions) Particulars H1 FY 2026 H1 FY 2025 Q2 FY 2026 Q1 FY 2026 FY 2025 Disbursement (₹) 4,549 5,292 2,615 1,934 12,419 Borrowings (₹) 22,792 18,178 22,792 22,737 21,028 Debt Equity Ratio (%) 3.14 3.69 3.14 4.40 4.08 Yield on Advances (%) 13.40 13.37 13.49 13.33 13.30 In
Slide 75: Financial Highlights and Growth Drivers
• Disbursements of INR 2,615 mn in Q2 FY 2026: AUM INR 32,465 mn as on September 30, 2025: Loan Book INR 27,858 mn as on September 30, 2025 • Average Ticket Size as on September 30, 2025: INR 1.18 mn • Business Presence: Maharashtra, Gujarat, Rajasthan, Madhya Pradesh , Kerala, Andhra Pradesh, Telan
Slide 76: Muthoot Money
Muthoot Money
Slide 77: Our Subsidiary Muthoot Money – An Overview
OUR SUBSIDIARY MUTHOOT MONEY– AN OVERVIEW Muthoot Money Ltd (MML), became a wholly owned subsidiary of Muthoot Finance Ltd in October 2018. MML is a RBI registered Non- Banking Finance Company engaged in extending gold loans. Initially, the Company was formed to extend loans for commercial vehicles
Slide 78: Loan AUM
LOAN AUM AS ON SEP 30, 2025 6,393 Crores INCREASE IN LOAN AUM 182% YoY AT AS ON SEP 30, 2024 2,265 Crores 6,393 Crores 76
Slide 79: Total Revenue
TOTAL REVENUE HALF YEAR ENDED SEP 30, 2025 501 Crores INCREASE IN TOTAL REVENUE 244% YoY AT HALF YEAR ENDED SEP 30, 2024 146 Crores 501 Crores 77
Slide 80: Profit After Tax
PROFIT AFTER TAX HALF YEAR ENDED SEP 30, 2025 106 Crores PROFIT TURNAROUND: PROFIT OF ₹ 106 CRORES AS AGAINST LAST YEAR’S LOSS OF ₹ 5 CRORES HALF YEAR ENDED SEP 30, 2024 -5 Crores 106 Crores 78
Slide 81: Key Financial Parameters
OUR SUBSIDIARY Key Financial Parameters (₹ in millions) Particulars H1 FY 2026 H1 FY 2025 Q2 FY 2026 Q1 FY 2026 FY 2025 Number of branches 997 893 997 997 992 Number of Employees 4,791 3,555 4,791 4,432 4,437 Gross Loan AUM (₹) 63,933 22,652 63,933 50,001 39,027 Capital Adequacy Ratio(%) 24.68 20.70
Slide 82: Muthoot Insurance Brokers
Muthoot Insurance Brokers 80
Slide 83: Muthoot Insurance – An Overview
MUTHOOT INSURANCE – AN OVERVIEW MIBPL became a wholly owned subsidiary of Muthoot Finance Ltd in Sep 2016. MIBPL is an unlisted private limited company holding a licence to act as Direct Broker from IRDA since 2013. It is actively distributing both life and non-life insurance products of various ins
Slide 84: Key Business and Financial Parameters
Key Business Parameters (₹ in millions) Particulars H1 FY 2026 H1 FY 2025 Q2 FY 2026 Q1 FY 2026 FY 2025 Premium Collection (₹ ) 2,407 3,208 1,197 1,210 5,885 Number of Policies 1,255,648 1,488,096 661,820 593,828 2,509,553 Key Financial Parameters (₹ in millions) Particulars H1 FY 2026 H1 FY 2025 Q2
Slide 85: Asia Asset Finance PLC
/p ASIA ASSET FINANCE PLE A finance compeny with a golden heart
Slide 86: Asia Asset Finance PLC – An Overview
ASIA ASSET FINANCE PLC – AN OVERVIEW Asia Asset Finance PLC, (AAF) Colombo, Sri Lanka became a foreign subsidiary of Muthoot Finance on December 31, 2014. As on September 30,2025, total holding in AAF stood at 91 million equity shares representing 72.92% of their total equity share capital. The loan
Slide 87: Loan AUM
LOAN AUM AS ON SEP 30, 2025 LKR 3,868 Crores INCREASE IN LOAN AUM 48% YoY AT AS ON SEP 30, 2024 LKR 2,609 Crores LKR 3,868 CRORES 85
Slide 88: Profit After Tax
PROFIT AFTER TAX HALF YEAR ENDED SEP 30, 2025 LKR 40 Crores INCREASE IN PROFIT AFTER TAX 33% YoY AT HALF YEAR ENDED SEP 30, 2024 LKR 30 Crores LKR 40 CRORES 86
Slide 89: Branch Network
BRANCH NETWORK AS ON SEP 30, 2025 107 BRANCHES INCREASE IN BRANCH NETWORK 18% YoY AT AS ON SEP 30, 2024 91 BRANCHES 107 BRANCHES 87
Slide 90: Products
PRODUCTS o Fixed Deposits o Mortgage Loans o Leasing o Factoring o Business Loan o Short Term Loans o Personal Loan o Micro Finance o Group Personal Loan o Loan against Gold Jewellery o Corporate Loans 88
Slide 91: Branch Network
BRANCH NETWORK AAF has operations in various parts of Sri Lanka providing the best services and easy access to clients 89
Slide 92: Key Financial Parameters
Key Financial Parameters (LKR in millions) Particulars H1 FY 2026 H1 FY 2025 Q2 FY 2026 Q1 FY 2026 FY 2025 LKR/INR 0.29320 0.282147 0.29320 0.28490 0.28910 Number of branches 107 91 107 101 100 Number of Employees 1,003 699 1,003 998 913 Loan AUM (LKR) 38,683 26,093 38,683 34,915 31,334 Capital Adeq
Slide 93: Other Subsidiaries
OTHER SUBSIDIARIES MUTHOOT ASSET MANAGEMENT PRIVATE LIMITED (₹ In millions) H1 FY 2026 H1 FY 2025 Q2 FY 2026 Q1 FY 2026 FY 2025 Networth 1,320 1,243 1,320 1,300 1,280 MUTHOOT TRUSTEE PRIVATE LIMITED (₹ In millions) H1 FY 2026 H1 FY 2025 Q2 FY 2026 Q1 FY 2026 FY 2025 Networth 12 11 12 11 11 91
Slide 94: Thank You
Thank You