Muthoot Capital Services Ltd. · NSE:MUTHOOTCAP
Muthoot Capital Services — Q3 FY26 Earnings Presentation
40 slides from Muthoot Capital Services's earnings presentation, Jan 21, 2026
Slide 1: Exchange intimation letter for investor presentation
MCSL/SEC/25-26/403 January 21, 2026 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: Q3 FY 26 Investor Presentation
Q3 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 Q3 FY 26
GNPA 5.93% (POS) AUM NNPA 3,399 Cr 3.00 % (POS) (PCR 50%) BLUE WHEEL DEBT Y-o-YEQUITY 20% RATIO FINANCIAL RESULTS Q3 FY 26 Disbursement 626 Cr DEBT EQUITY PAT RATIO 8.43 Cr 4.81 x CRAR 22.49% 5
Slide 7: Operational Highlights
Operational Highlights AUM Q3 FY 26: ₹ 3,399 Cr PAT Shareholders Yield Q3 26 : 8.43Cr Fund 20.42% 665.39 Cr Balance sheet Size Q3 FY 26: ₹ 3,944 Cr Borrowing No of Live New Cost Loans Customers Q3 26 : 9.68% 5,94,752 Total Borrowings in Q3 : 64,458 Q3 FY 26: ₹ 3,198 Cr Disbursement in A+ EPS CRISIL
Slide 8: Strong Geographical Presence
Strong Geographical Presence Geographically spread across 23 399 States Districts Portfolio Outstanding 8% 8% 8% 8% 8% 15% 15% 15% 16% 15% WEST 26% 27% 27% 28% 30% EAST NORTH SOUTH 51% 50% 50% 48% 46% Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Disbursement 9% 9% 10% 9% 15% WEST 15% 16% 15% 17% 18% 35% 28% 30% 27
Slide 9: AUM Growth – Retail and Other Loans
AUM Growth – Retail and Other Loans ₹. In Crores 3,398.95 3,238.74 3,283.66 3,057.76 2,832.71 3,252.88 3,379.22 3,205.15 3,004.25 2,761.37 AUM Growth 20% 71.34 53.51 33.59 30.78 19.73 Y-o-Y Q3 FY 25 Q4 FY 25 Q1 FY 26 Q2 FY 26 Q3 FY 26 Retail Loans Corp Loan & Others
Slide 10: MCSL and Co Lending Portfolio
MCSL and Co Lending Portfolio MCSL Portfolio Co Lending 2,713.65 2,492.86 2,349.81 2,118.18 1,910.89 921.81 939.58 888.92 790.8 685.30 Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 Growth Growth 42% 26% Y-o-Y Y-o-Y
Slide 11: Product wise Portfolio
Product wise Portfolio ₹. In Crores Q3 2,382.71 Q2 Q3 3,283.66 3,398.95 25 26 26 TW 2,609.18 2,936.91 2,997.44 Corp Loan & 71.34 30.78 19.73 Others 4W 74.35 118.51 136.86 3W 25.74 12.93 9.31 LL& PL 19.73 44.41 49.04 CV 32.37 140.12 186.57 Product Q-o-Q Y-o-Y TW 2%▲ 15%▲ AUM Growth AUM Growth Corp Lo
Slide 12: MCSL Own Portfolio and Provision
MCSL Own Portfolio and Provision Two- Used Four- Wheeler Wheeler AUM NPA Provision AUM NPA Provision 2,308.42 214.42 110.52 135.79 2.40 2.81 Commercial Loyalty Vehicle Loans AUM NPA Provision AUM NPA Provision 186.57 0.75 2.26 49.04 1.48 0.86
Slide 13: Product wise Disbursements
Product wise Disbursements ₹. In Crores Q2 Q3 Q3 845.70 535.14 625.86 26 26 25 TW 783.80 442.65 526.91 Corp Loan & Others - 7.10 - 4W 27.39 24.51 27.73 3W - - - LL& PL 9.87 13.94 12.65 CV&CE 24.64 46.94 58.57 Growth Growth 17% -26% Q-o-Q Y-o-Y
Slide 14: GNPA & NNPA
GNPA & NNPA GNPA NNPA 6.46% 6.45% 3.64% 5.76% 3.07% 4.73% 4.88% 2.70% 2.22% 2.30% GNPA Q-o-Q 0.15% Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 GNPA NNPA
Slide 15: 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 16: Financial Performance-Comparison
Financial Performance-Comparison ₹. In Crores Parameters Q1 FY 26 Q2 FY 26 Q3 FY 26 9M FY 26 Disbursement 618.58 535.14 625.86 1779.58 Asset Under Management - AUM 3,238.74 3,283.66 3,398.95 3,398.95 Interest Income 145.32 153.54 155.08 453.94 Net Interest Income - NII 70.21 72.16 73.92 216.29 Opera
Slide 17: Statement of Sources and Application of Funds
Statement of Sources and Application of Funds ₹. In Crores Period Ended Particulars Dec-25 Sep-25 Dec-24 Sources of Funds Share Capital 16.45 16.45 16.45 Reserves & Surplus 648.95 640.51 635.67 Borrowings 3,198.37 2,993.72 2,566.17 Other Liabilities and Provision 80.00 80.32 63.85 Total 3,943.77 3,7
Slide 18: Profit & Loss Statement
Profit & Loss Statement ₹. In Crores Quarter Ended 9 Months Ended Particulars Dec-25 Sep-25 Dec-24 Dec-25 Dec-24 Revenue From Operations Interest Income 148.30 146.88 119.83 433.97 316.40 Dividend Income - - - 0.04 0.03 Fees and Charges Income 6.67 6.52 5.68 19.56 17.26 Other Operating Income 0.10 0
Slide 19: Disbursements, Average LTV, AUM and Net Worth
Disbursements (in ₹ Cr) Average LTV 84.57% 845.70 654.99 618.58 625.86 82.22% 535.14 80.38% 80.22% 79.50% Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 AUM (in ₹ Cr) Net Worth (in ₹ Cr) 665.4 3,398.95 3,238.74 3,283.66 3,057.76 658.1 657.0 2,832.70 653.7 652.1 Q3 25 Q4 25 Q1 26 Q2 26 Q
Slide 20: Capital Adequacy, Loan Loss Provision, PAT, Debt Equity
Capital Adequacy Ratio (%) Loan Loss Provision & Write-Offs (in ₹ Cr) 23.2% 26.7 22.4% 22.5% 16.6 16.7 22.0% 22.0% 11.2 1.6 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Profit after Tax (in ₹ Cr) Debt Equity Ratio 12.7 4.6 4.6 4.8 8.4 4.3 3.9 5.9 3.3 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 -4.4
Slide 21: Analysis of Cost & Yield
Analysis of Cost & Yield Yield On Disbursements 25.00% Q3 FY 26 21.47% 20.72% 20.74% 20.75% 20.80% 20.88% 20.61% 20.24% 20.18% 20.11% 20.33% 20.29% 20.32% 20.42% 20.00% TWO-WHEELER 22.25% 14.44% USED FOUR WHEELER 18.36% 15.00% 14.07% 13.91% 13.85% 13.70% 13.50% 13.61% 13.47% 13.51% 13.71% 13.25% 13.
Slide 22: Disbursement Retail Loans Q2 FY 26 & Q3 FY 26
Disbursement Retail Loans Q2 FY 26 & Q3 FY 26 134.83 121.29 Q2 108.65 26 19% 528.04 34.17 Q-o-Q 27.95 26.74 30.21 22.8 20.25 0.45 0.36 0.34 Jul-25 Aug-25 Sep-25 Dealer Dealer Co Lending MFL Branch Deccan Q-o-Q 32% 198.94 164.09 MFL Q3 Q-o-Q 23% 26 118.87 625.86 Co Lending 40.63 31.38 Q-o-Q 43 % 18.3
Slide 23: Collections – Q3 FY 26
Collections –Q3 FY 26 Sources of Collections ₹. In Crores 301.80 310.49 292.14 208.78 185.80 162.25 73.30 70.34 54.34 28.67 28.38 22.27 21.60 15.36 14.03 Q1 26 Q2 26 Q3 26 NACH MFL Bank/Electronic Mode Employee Collection Agency Collection Sources of Collections Q3 26 101.54 97.01 93.59 74.63 68.20
Slide 24: Portfolio Analysis
Portfolio Analysis ₹. In Crores Portfolio Analysis 6.45% 219.19 Segment – wise Analysis 2,997.44 136.85 9.31 186.58 49.04 19.73 7.15% 1.75% 0.00% 0.40% 3.02% 0.71% 92.85% 98.25% 100.00% 99.60% 96.98% 99.29% 3,179.76 93.55% Two Wheeler Four Wheeler Three Commercial Loyality & Corp Loan & Wheeler Vehi
Slide 25: Asset Quality and NPA Movement - Retail
Asset Quality and NPA Movement - Retail ₹. In Crores Parameters Dec-24 Mar-25 June-25 Sep-25 Dec-25 Gross NPAs - Opening POS 102.58 120.65 134.52 168.57 191.13 Add : Additions 28.75 29.31 45.49 42.17 43.02 Less: Reductions Normalized and Closed during the Quarter 3.67 5.75 4.39 7.38 6.97 Repossessed
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 2,997.58 42.95 3,040.53 13.04 3,027.49 Stage 1B B 1.00 0.02 1.02 0.50 0.52 Total Stage 1 C 2,998.58 42.97 3,041.55 13.54 3,028.01 Stage 2A D 137.61 1.63 139.24 8.93 130.31 Stage 2B E 1
Slide 27: Expected Credit Loss (ECL) Vs IRACP
Expected Credit Loss (ECL) Vs IRACP Dec-2025 ₹. In Crores Excess Particulars AUM ECL IRACP ECL% IRACP % /(Deficit) Performing Assets S1 and S2 Hypothecation Loans 3,160.18 21.85 12.64 9.21 0.69% 0.40% S1 and S2 other loans 19.59 0.12 0.08 0.04 0.61% 0.40% Non-Performing Assets S3 loans 197.94 98.94
Slide 28: Partnerships
Partnerships Co Lending Business Correspondents 218.90 Cr (32%) . 159.16 Cr 64.04 Cr (23%) (9%) * New disbursements under the co Lending arrangement with Wheels EMI 235.75 Cr Manba and Credit Wise Capital have been stopped, but the collections will (34%) continue as per the existing repayment schedu
Slide 29: Securitization Details as on 31st Dec 25
Securitization Details as on 31st Dec 25 2.43 ₹. In Crores 554.34 2.72 3,379.22 2824.59 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) 12 554.34 Off Book 2.43 Direct Assig
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 28.93 Cr 72% 41.73 Cr 25.62 Cr 39% NAV SRs NAV SRs 36.75 32.50 41.09 29.29 26.59 37.21 33.73 25.62 30.97 28.93 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 7.54 Quar
Slide 31: Bank Sanctions in FY 25-26 vs FY 24-25
Bank Sanctions in FY 25-26 vs FY 24-25 ₹. In Crores ₹740 Cr Total Sanctions Received ₹375 Cr Unutilized Portion ₹200 Cr From PSU Banks BANK SANCTIONS IN FY 25-26 Total ₹740 Cr BANK SANCTIONS IN FY 24-25 Total ₹435 Cr Union Bank BBK AU SFB Equitas Union Bank IOB Utkarsh SBM KVB Federal Axis (GuarantC
Slide 32: MCSL Green bond Issuance FY 25-26
MCSL Green bond Issuance FY 25-26 Issue Size - ₹300 Crores Guarantee ₹150 ₹150 Crores Crores
Slide 33: Shareholding Pattern
Shareholding Pattern Shareholding Pattern (As on 31st December 2025) Promoters 8.05% Corporates 26.31% 63.33% Public 1.38% Foreign Port Folio 0.93% Others
Slide 34: Banking Partners
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Slide 35: NBFCs & Marquee Partners
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Slide 36: Sources of Borrowing
Sources of Borrowing Additional Facilities Q 3 FY 26 Total Borrowings As on 31st December 2025 Total Borrowings Short Term 31st Dec 2025 Short Term 55 Crores 3198.25 Crores 698.84 Crores ROI 8.15% Rate 9.44% All in Cost Funding Concentration All in Cost TL/WCDL/CC - 32% Total 8.55% NCD/MLD – 44% Tot
Slide 37: Structural Liquidity as on 31/12/2025
Structural Liquidity as on 31/12/2025 ₹. In Crores 874.83 695.26 691.88 639.16 463.40 443.17 375.96 197.23 142.31 73.21 64.21 96.89 97.26 46.53 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 3-6
Slide 38: Liquidity Coverage Ratio
Liquidity Coverage Ratio 125.00% 119.95% 118.85% 117.00% 112.88% 110.35% 109.00% 110.05% 107.97% 108.06% 105.41% 105.97% 105.85% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-
Slide 39: Borrowing Profile (Fund Raised)
Borrowing Profile (Fund Raised) ₹. In Crores Q2 FY 25 - 26 Q3 FY 25 - 26 Term Loan NCD Term Loan Q2 FY 26 9.66 % Green Bond 175 325 40 (Axis - ROI GuarantCo) Q3 FY 26 150 Sub - Debt 8.82% 25 Total Total CP Borrowings Borrowings 55 CP 463.25 603.51 70 Q2 FY 26 10.30% PTC PTC Total Cost 57.44 Q3 FY 26
Slide 40: Don't Just Soch Karo Blue Soch
DON’T JUST SOCH KARO BLUE SOCH 39
Muthoot Capital Services — Q3 FY26 Earnings Presentation on 6ix