Muthoot Capital Services Ltd. · NSE:MUTHOOTCAP
Muthoot Capital Services — Q1 FY26 Earnings Presentation
41 slides from Muthoot Capital Services's earnings presentation, Aug 5, 2025
Slide 1: Cover letter to exchanges: Investor Presentation Q1 FY26
MCSL/SEC/25-26/185 August 05, 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: Q1 FY26 Investor Presentation
Q1 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 Q1 FY26
GNPA 5.76% AUM NNPA 3,239 Cr 2.70% BLUE WHEEL DEBT Y-o-YEQUITY 49% RATIO (PCR 60%) FINANCIAL RESULTS Q1 FY 26 Disbursement 619 Cr DEBT EQUITY PAT(Loss) RATIO (4.41)Cr 4.56 x CRAR 22.07% 5
Slide 7: Operational Highlights
Operational Highlights AUM Q1 FY 26: ₹ 3,239 Cr PAT Shareholders Yield Q1 26 : (4.41)Cr Fund 20.29% 653.65 Cr Balance sheet Size Q1 FY 26: ₹ 3,707 Cr Borrowing No of Live New Cost Customers Customers Q1 26 : 9.89% 5,70,622 Total Borrowings in Q1 : 65,781 Q1 FY 26: ₹ 2,993 Cr Disbursement in A+ EPS C
Slide 8: Strong Geographical Presence
Strong Geographical Presence Geographically spread across 23 374 States Districts Portfolio Outstanding 8% 7% 8% 8% 8% WEST 14% 15% 15% 15% 15% 18% 21% EAST 26% 27% 27% NORTH 60% 58% 51% 50% 50% SOUTH Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Disbursement 7% 6% 9% 9% 10% WEST 17% 16% 15% 16% 15% EAST 25% 26% 28
Slide 9: AUM Growth – Retail and Other Loans
AUM Growth – Retail and Other Loans ₹. In Crores 3,238.74 3,057.76 2,832.71 2381.10 3,205.15 3,004.25 2178.85 2,761.37 2275.8 2044.8 AUM Growth 49 % 134.05 105.3 Y-o-Y 71.34 53.51 33.59 Q1 FY 25 Q2 FY 25 Q3 FY 25 Q4 FY 25 Q1 FY 26 Retail Loans Corp Loan & Others
Slide 10: Product wise Portfolio
Product wise Portfolio ₹. In Crores Q1 2,178.85 Q4 Q1 3,057.76 3,238.74 25 25 26 TW 1,993.02 2,806.95 2,947.11 Corp Loan & Others 134.05 53.51 33.59 4W 34.10 86.84 103.77 3W 10.47 20.93 17.09 LL& PL 6.02 28.28 37.07 CV 1.19 61.25 100.11 Product Q-o-Q Y-o-Y TW 5%▲ 48%▲ AUM Growth AUM Growth Corp Loan
Slide 11: Product wise Disbursements
Product wise Disbursements ₹. In Crores Q4 Q1 Q1 497.92 654.98 618.58 25 26 25 TW 473.98 583.28 539.47 Corp Loan & - 10.00 0.10 Others 4W 10.57 19.30 23.15 3W 10.47 - - LL& PL 1.72 13.35 11.63 CV 1.18 42.51 30.77 Growth Growth 24% 6% Y-o-Y Q-o-Q
Slide 12: GNPA & NNPA
GNPA & NNPA GNPA NNPA 9.84% 3.41% 2.70% 2.22% 2.30% 5.76% 4.80% 4.73% 4.88% 1.62% GNPA Y-o-Y 41% Jun-24 Sep-24 Dec-24 Mar-24 Jun-24 Jun-24 Sep-24 Dec-24 Mar-24 Jun-24 Q-o-Q 18%
Slide 13: Credit Ratings
Credit Ratings CRISIL Rating Bank Lines A+/ Stable CRISIL Rating ICRA Rating Non-Convertible Debentures A+/ Stable A+/ Stable Fixed Deposits CRISIL Rating A+/ Stable Principal Protected Market Linked CRISIL Rating Debenture PPMLD A+/ Stable Commercial Paper CRISIL Rating A1+ ESG Impact Rating
Slide 14: Financial Performance-Comparison
Financial Performance-Comparison ₹. In Crores Parameters Q1 FY 24 Q4 FY25 Q1 FY26 Q-o-Q Disbursement 497.92 654.99 618.58 -6% Asset Under Management - AUM 2,178.85 3,057.76 3,238.74 6% Interest Income 100.00 137.32 145.32 6% Net Interest Income - NII 56.30 69.69 70.21 1% Operating Expense - OPEX 37.
Slide 15: Statement of Sources and Application of Funds
Statement of Sources and Application of Funds ₹. In Crores Period Ended Particulars Jun-24 Mar-25 Jun-25 Sources of Funds Share Capital 16.45 16.45 16.45 Reserves & Surplus 606.71 641.61 637.20 Borrowings 1,738.31 2,852.57 2,979.19 Other Liabilities and Provision 43.18 73.87 73.70 Total 2,404.64 3,5
Slide 16: Profit & Loss Statement
Profit & Loss Statement ₹. In Crores Quarter Ended Particulars Jun-24 Mar-25 Jun-25 Revenue From Operations Interest Income 94.28 130.20 138.78 Dividend Income 0.03 - 0.04 Fees and Charges Income 5.50 6.92 6.37 Other Operating Income 0.19 0.16 0.11 Net gain on Fair Value Changes - 0.04 0.01 Total Re
Slide 17: Disbursements, Average LTV, AUM and Net Worth
Disbursements (in ₹ Cr) Average LTV 84.30% 84.57% 845.70 632.50 654.99 618.58 81.94% 82.22% 497.92 80.38% Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 AUM (in ₹ Cr) Net Worth (in ₹ Cr) 3,238.74 658.1 3,057.76 652.1 653.7 2,832.70 2,381.10 639.4 2,178.85 623.2 Q1 25 Q2 25 Q3 25 Q4 25 Q
Slide 18: Capital Adequacy, Loan Loss Provision, PAT, Debt Equity
Capital Adequacy Ratio (%) Loan Loss Provision & Write-Offs (in ₹ Cr) 26.7 28.8% 26.9% 23.2% 22.4% 22.1% 16.6 4.9 1.6 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 -3.6 Profit after Tax (in ₹ Cr) Debt Equity Ratio 16.3 4.6 4.3 3.9 12.7 3.4 11.4 2.8 5.9 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 -4.
Slide 19: Analysis of Cost & Yield
Analysis of Cost & Yield Yield On Disbursements Q1 FY 26
Slide 20: Disbursement Retail Loans Q1 FY25 & Q1 FY26
Disbursement Retail Loans Q1 FY 25 & Q1 FY 26 94.33 83.00 81.76 81.99 67.20 Q1 36.78 20% 25 Y-o-Y 19.23 13.64 15.08 497.92 1.05 1.78 2.08 Apr-24 May-24 Jun-24 Dealer Co Lending Alternate Channel Deccan Dealer Y-o-Y 42% 150.88 145.33 125.19 MFL Q1 Y-o-Y 42% 26 44.97 618.48 25.90 27.14 30.05 39.50 27.
Slide 21: Disbursement Retail Loans Q4 FY25 & Q1 FY26
Disbursement Retail Loans Q4 FY 25 & Q1 FY 26 142.31 133.32 Q4 119.93 25 59.20 4% 56.99 644.99 56.78 Q-o-Q 27.22 25.32 20.10 1.65 1.17 1.00 Jan-25 Feb-25 Mar-25 Dealer Co Lending Alternate Channel Deccan Dealer Q-o-Q 6% 150.88 145.33 125.19 MFL Q1 Q-o-Q 12% 26 44.97 618.48 25.90 27.14 30.05 39.50 27
Slide 22: Collections – Q1 FY26
Collections –Q1 FY 26 ₹. In Crores Sources of Collections 301.80 292.34 243.85 200.33 180.71 162.25 151.51 124.43 107.79 102.52 65.14 63.33 59.74 58.70 54.34 32.27 31.78 30.73 28.67 26.34 15.36 12.64 11.28 10.10 9.96 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 NACH MFL Bank/Electronic Mode Employee Collection Age
Slide 23: Insurance Income – Corporate Agency
Insurance Income – Corporate Agency Income : 54.20 Lakhs Income : 127.75 Lakhs Two-Wheeler : 45.33 Lakhs Total Income Two-Wheeler : 93.04 Lakhs Loyalty Loans : 8.88 Lakhs 1.82 Cr Used Four-Wheeler: 13.74 Lakhs Commercial Vehicles: 20.97 Lakhs
Slide 24: Portfolio Analysis
Portfolio Analysis ₹. In Crores Portfolio Analysis 5.76% 186.42 Segment – wise Analysis 2,947.11 103.78 17.09 100.10 37.07 33.59 6.25% 1.09% 0.00% 0.19% 1.89% 0.42% 93.75% 98.91% 100.00% 99.81% 98.11% 99.58% 3,052.32 94.24% Two Wheeler Four Wheeler Three Commercial Loyality & Corp Loan & Wheeler Veh
Slide 25: Asset Quality and NPA Movement - Retail
Asset Quality and NPA Movement - Retail ₹. In Crores Parameters Jun-24 Sep-24 Dec-24 Mar-25 June-25 Gross NPAs - Opening POS 188.47 193.16 102.58 120.65 134.52 Add : Additions 21.84 19.47 28.75 29.31 45.49 Less: Reductions Normalized and Closed during the Quarter 6.43 6.23 3.67 5.75 4.39 Repossessed
Slide 26: 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 Jun-25 3,238.74 168.70 17.72 186.42 5.76% 101.63 60% 84.79 Two Wheeler 2,947.11 166.66 17.60 184.26 6.25% 100.35 60% 83.91 Us
Slide 27: 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 2,889.87 38.48 2,928.35 19.26 2,909.19 Stage 1B B 1.10 0.02 1.12 0.66 0.46 Total Stage 1 C 2,890.97 38.50 2,929.47 19.92 2,909.55 Stage 2A D 122.52 1.45 123.97 7.62 116.35 Stage 2B E 1
Slide 28: Expected Credit Loss (ECL) Vs IRACP
Expected Credit Loss (ECL) Vs IRACP Jun -2025 ₹. In Crores Excess Particulars AUM ECL IRACP ECL% IRACP % /(Deficit) Performing Assets S1 and S2 Hypothecation Loans 3,018.86 26.72 12.08 14.64 0.89% 0.40% S1 and S2 other loans 33.46 0.16 0.13 0.03 0.48% 0.40% Non-Performing Assets S3 loans 168.70 101.
Slide 29: Partnerships
Partnerships Co Lending Business Correspondents 341.32 Cr (35%) . 261.04 Cr 106.26 Cr (29%) (12%) 197.96Cr (22%) . 9.35 Cr (1%) * New disbursements under the co Lending arrangement with UP Money and Manba Finance have been stopped, but the collections will continue as per the existing repayment sche
Slide 30: Securitization Details as on 31st Mar 25
Securitization Details as on 31st Mar 25 2.60 ₹. In Crores 576.85 2.90 3,205.15 2727.99 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) 10 576.85 Off Book 2.60 Direct Assig
Slide 31: Corporate Loans
Corporate Loans CORPORATE LOAN MOVEMENT Monthly Collection Performance Monitoring – Corp Loan Particulars Q1 26 30.00 100% Opening Balance 53.35 25.00 80% Add: Addition 0.10 20.00 15.12 14.16 60% 13.77 53.45 15.00 12.45 11.63 11.79 9.66 9.67 9.29 40% 10.00 6.65 6.32 Less: Loans closed 5.88 5.82 20%
Slide 32: 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 33.73 Cr 67% 41.73 Cr 29.29 Cr 30% NAV SRs NAV SRs 53.46 41.73 46.10 36.75 41.09 32.50 37.21 29.29 33.73 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 Sep-24 Dec-24 Mar-25 Jun-25 Quarterly Co
Slide 33: Shareholding Pattern
Shareholding Pattern Shareholding Pattern (As on 30th June 2025) Corporates 28.53% Others 62.62% Promoters 7.74% 1.11% Public
Slide 34: Banking Partners
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Slide 35: NBFCs & Marquee Partners
NBFCs & Marquee Partners 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 aS . O - a ae SS eaqu
Slide 36: Sources of Borrowing
Sources of Borrowing Additional Facilities Q 1 FY 26 Total Borrowings As o 30th June 2025 Total Borrowings Short Term 30th June 2025 Short Term 160 Crores 2993.09 Crores 818.25 Crores ROI 8.92% Rate 9.76% All in Cost Funding Concentration All in Cost TL/WCDL - 36% Total 10.49% NCD/MLD – 35% Total 10
Slide 37: Borrowing Profile
Borrowing Profile ₹. In Crores Jun-24 Mar -25 Mar -25 Borrowings O/S Rate O/S Rate O/S Rate NCD & MLD 504.00 10.15% 986.75 9.92% 1,048.50 9.96% PUBLIC DEPOSIT 41.97 8.43% 41.87 8.50% 45.92 8.09% LFD 6.90 10.85% CC/WCDL/WCTL 799.98 10.05% 1,220.46 10.19% 1,075.69 10.12% CP 198.50 9.03% 225.00 9.74% 2
Slide 38: Public Deposits
PUBLIC DEPOSITS ₹. In Crores PUBLIC DEPOSITS BALANCE OUTSTANDING Balance as on Tenure 31.03.2025 1 year 2.53 1 Year 1 day upto 2 Yrs 17.56 2 Year 1 day upto 3 Yrs 10.12 4 year 1.85 Q1 5 year 12.34 New Deposits 5.67 Crs Total 44.40 PUBLIC DEPOSIT PORTFOLIO Q4 Deposits Collection 6.28 Crs
Slide 39: Structural Liquidity as on 30/06/2025
Structural Liquidity as on 30/06/2025 ₹. In Crores 850.56 851.97 775.23 672.30 286.00 227.31 188.52 189.12 183.02 137.53 109.76 94.86 27.15 29.68 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 40: ALM as on 30/06/2025
ALM as on 30/06/2025 ALM JUNE 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 0.00 653.64 653.64 Deposits 4.46 2.46 3.64 5.72 9.98 15.58 2.70 0.00 44.53 Bank Borrowings 36.59 99.71 61.48 372.88
Slide 41: Don't Just Soch Karo Blue Soch
DON’T JUST SOCH KARO BLUE SOCH 40
Muthoot Capital Services — Q1 FY26 Earnings Presentation on 6ix