Slide 1: Exchange filing cover letter
November 05, 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 C
Slide 2: Investor Presentation Q2 FY'26
Investor Presentation Q2 FY’26
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, M
Slide 5: Journey So Far
Journey So Far Journey So Far 2025 • Raised USD 128Mn via ECB. • Secures ESG Score of 72.2 with CareEdge-ESG Rating, highest rating tier • Entered Telangana and by CARE. Andhra Pradesh State • Secures e-KYC Lisence to conduct Aadhaar enabled e-KYC for customer 2024 onboarding. • Started operations i
Slide 6: Strong Corporate Governance and Support from Promoters & Investor
Strong Corporate Governance and Support from Promoters & Investor Shareholding as of 30th Sep’25 Promoter Group Directors Institutions Institutions Foreign, Thomas Muthoot Domestic, 2.84% 0.49% Thomas Muthoot Thomas George Muthoot Chairman & Non-Executive Non Executive Director John Director Executi
Slide 7: Key Managerial Personnel
Key Managerial Personnel Key Management Personnel and Senior Management Personnel Employee Mix1 Field Monitors- other departments Regional Office 279 1467 Head Office Field Monitors- Operation 336 Sadaf Sayeed team Chief Executive Officer 419 Exp: 25+ years, 15 years with MPG Services: Muthoot Finco
Slide 8: Diversification While Empowering Growth, Transforming Lives
Product & Market: Market Diversification Diversification While Empowering Growth, Transforming Lives Life Transformation: Dream Realized From Paper Envelopes to Prosperity - The Story of a Muthoot Microfin Financial Impact: 10x Income Growth Entrepreneur Branch – Vypin MML Location – Vypin The Growt
Slide 9: Strategic re-alignment through Product Diversification – Individual Loan
Strategic re-alignment through Product Diversification – Individual Loan Month wise Indiviudal Loan Performance Amount in Mn Indiviudal Loan CB Score band - Customer Distribution 0.2 0.2 0.2 0.2 40.7% 30.1% 2,572 27.2% 1,318 1,283 1,065 89 181 262 0.9 Jun-25 Jul-25 Aug-25 Sep-25 1.8% 0.2% ATS Disbur
Slide 10: Strategic re-alignment through Product Diversification – Micro LAP & Gold Loan
Strategic re-alignment through Product Diversification – Micro LAP & Gold Loan Month wise MicroLAP Loan Performance Amount in Mn 0.8 0.9 0.3 0.3 0.3 66.7 46.9 29.2 27.4 19.8 20.5 12.8 15.0 4.5 6.3 Q4FY'25 Q1FY'26 Jul-25 Aug-25 Sep-25 ATS Disbursement Portfolio Sector wise - Portfolio % Gold Loan Ref
Slide 11: Newer disbursement showing positive trend…
Newer disbursement showing positive trend… Improving trends on Disbursement Positive Momentum in new book portfolio IGL & Others IL MicroLAP 42% 19,593 17,756 22,739 30% 26,738 20,351 27% 28.1% 19.3% 20,155 19,588 17,749 11.9% 2,529 1 55 5 6 0.5% Q2 FY’25 Q3 FY’25 Q4 FY’25 Q1 FY’26 Q2 FY’26 FY 26 FY
Slide 12: Operational Highlights – Q2 FY'26
Operational Highlights – Q2 FY’26 AUM (Mn) Disbursement (Mn) Branches* 1,25,588 22,739 1,718 Nos (0.3% YoY) (2.5% QoQ) (-15.0% YoY) (28.1% QoQ) (7.8% YoY) (-0.5% QoQ) 10% Q2 Standalone Employees* Active Clients (Mn) CE (Overall) 16,142 3.36 93.3% (8.5% YoY) (-1.6% QoQ) (-2.3% YoY) (-1.5% QoQ) (-2.7%
Slide 13: Financial Highlights – Q2 FY'26
Financial Highlights – Q2 FY’26 Income (Mn) NIM (Mn) PPOP (Mn) INR 5,774 INR 3,454 INR 1,490 (-12.9% YoY) (3.3% QoQ) (-13.3% YoY) (0.9% QoQ) (-37.0% YoY) (-7.6% QoQ) 10% Q2 Standalone PAT (Mn) NIM Credit Cost INR 305 11.9% 3.6% (-50.5% YoY) (393.6% QoQ) (-143 bps YoY) (43 bps QoQ) (-150 bps YoY) (-7
Slide 14: Financial Highlights – H1 FY'26
Financial Highlights – H1 FY’26 Income (Mn) NIM (Mn) PPOP (Mn) INR 11,364 INR 6,877 INR 2,875 (-14.3% YoY) (-15.1% YoY) (-40.7% YoY) COF PAT (Mn) Equity (Mn) INR 367 INR 27,020 10.6% (-46 bps YoY) (-79.0% YoY) (-9.9% YoY) Incr. COF 9.8% CAR Debt-Equity Ratings 28.9% 3.14% CRISIL A+/Positive (Rating
Slide 15: Consistent Growth
Consistent Growth AUM (Mn) 2.5% QoQ Disbursement (Mn) 28.1% QoQ Clients (Mn) 1.5% QoQ Client (Lks) Avg OS/Client ('000) 1,25,185 1,24,049 1,23,567 1,22,528 1,25,588 26,738 20,351 19,593 17,756 22,739 3.44 3.42 3.43 3.41 3.36 37 36 36 36 36 Q2 FY’25 Q3 FY’25 Q4 FY’25 Q1 FY’26 Q2 FY’26 Q2 FY’25 Q3 FY’
Slide 16: Key Metrics
Key Metrics Branch Count 1,726 1,718 RO Count Male Female AUM per Branch (Mn) 1 22 10 1,699 2 9,246 9,592 9,748 9,854 9,501 78.6 75.1 72.7 71.0 73.1 18 12 23 1,651 25 14 766 972 1,726 610 1,593 44 475 967 1,699 9 22 1,651 1,593 1,562 8,771 8,982 8,982 8,882 8,534 Q2 FY’25 Q3 FY’25 Q4 FY’25 Q1 FY’26
Slide 17: Strategic re-alignment through Diversification
Strategic re-alignment through Diversification Portfolio Concentration (Region-wise Trend) Number of Branches Per State Consistent Rural Penetration (AUM) 96.3% 96.4% 96.6% 96.7% 97.4% 15% 15% 14% 13% 12% West 392 Districts 14% 14% 14% 14% East 13% 1,718 Branches 24% 24% 24% 24% 24% North Q2 FY’25 Q
Slide 18: Robust Risk Management via use of Technology and expert human touch
Robust Risk Management via use of Technology and expert human touch Dedicated Credit Managers at all Efficient and Independent Internal Unique credit score developed along Collections branches Audit & Compliance team with Equifax Credit Managers supervised 1,830 by Area Credit Managers and 476 Audit
Slide 19: Resilient Business Model – Proven over time
Resilient Business Model – Proven over time Kerala Floods Karnataka Crisis Covid Wave 1 Covid Wave 2 TN Floods & Heat wave, Flood & Election TN, BH, WB & Rain Impact in 2019 2020 2020 2021 PB Karza Mukti 2024 OD Floods & Northern & Western 2024 Fengal cyclone States 2024 1,22,103 1,25,185 1,24,049 1
Slide 20: Top 5 States Performance
95.5% 4,697 CE % 93.2% 4,530 TN TN 91.4% 4,660 91.8% 0.4% 43% 6,669 99.1% 3,140 99.1% 3,232 Disbursement (Mn) KL KL 98.9% 3,188 99.9% 0.4% 45% 4,623 Q3 FY'25 Q3 FY'25 88.4% 2,156 86.2% 1,996 BH BH 84.5% 1,432 83.1% 1,607 Q4 FY'25 Q4 FY'25 Top 5 States Performance 93.3% 1,412 83.1% 614 KA KA 84.6% 62
Slide 21: Collection Efficiency
Collection Efficiency CE % 93.6% 92.4% 95.9% 95.2% 92.6% 90.7% 93.0% 93.3% FY'25 FY'26 Q1 FY'25 Q2 FY'25 Q3 FY'25 Q4 FY'25 Q1 FY'26 Q2 FY'26 Overall CE - X Bucket 99.5% 99.4% 99.9% 100.0% 99.1% 99.0% 99.0% 99.8% FY'25 FY'26 Q1 FY'25 Q2 FY'25 Q3 FY'25 Q4 FY'25 Q1 FY'26 Q2 FY'26 20
Slide 22: Overdue Collection Performance
Overdue Collection Performance Collection Performance (Collection incld. closures) FO Productivity (Mn) 578 0.15 0.16 0.15 418 417 393 0.11 283 238 232 0.07 0.06 146 126 123 115 103 66 55 54 40 40 37 37 31 FO (Mn) Agency (Mn) DME (Mn) overall Q1 FY'25 Q2 FY'25 Q3 FY'25 Q4 FY'25 Q1 FY'26 Q2 FY'26 Q2
Slide 23: Asset Quality 1/3
Asset Quality 1/3 (in Loan Assets mns) Loan Assets ECL (%) ECL (%) Particulars Q1FY26 Q2FY26 H1FY26 Stage ECL (Gross) (Gross) (Q2 FY 26) (Q1 FY 26) (%) Opening ECL (A) 5,769.40 5,769.40 5,769.40 Additions (B) Stage 1 85,186.7 1,183.5 90.78% 1.39% 1.16% - Provisions as per ECL Model 1,007.97 347.46 1
Slide 24: Asset Quality 2/3
Asset Quality 2/3 GNPA, NNPA & Provision Coverage GNPA Ratio NNPA Ratio (Net of Stage III provision) Provision Coverage (Net of Stage III provision) 59.9% 61.0% 66.6% 64.8% 73.3% 68.5% 70.4% 58.3% 54.9% 58.7% 7.39% 6.26% 4.84% 4.85% 4.61% 3.22% 3.03% 2.97% 2.92% 2.70% 2.29% 2.10% 1.58% 1.41% 1.34% 1
Slide 25: Asset Quality 3/3
Asset Quality 3/3 Borrowers % Portfolio % Lender Group Q2 FY-26 Q1 FY-26 Q4 FY-25 Q3 FY-25 Q2 FY-26 Q1 FY-26 Q4 FY-25 Q3 FY-25 Client Distribution : MML has the lowest share of clients in the 'Own + 4 or more Unique 39.4% 36.8% 35.1% 34.8% 37.3% 34.9% 31.2% 30.1% lenders' segment at 3.2%, reflecting
Slide 26: Digitization driving Collections
Digitization driving Collections Customer App Installation (Cum. Mn)1 Cumulative Digital Collection (Mn) 1.70 1.73 1.79 1.85 1.89 42,428 44,333 46,154 48,078 49,945 51,867 53,710 55,352 57,041 58,673 60,312 61,936 63,675 65,377 67,071 Q2 FY’25 Q3 FY’25 Q4 FY’25 Q1 FY’26 Q2 FY’26 Jul-24 Aug-24 Sep-24
Slide 27: Performance & Annual Guidance
Performance & Annual Guidance Guidance FY 26 Actual Guidance Actual Particulars Remarks FY 25 FY 26 H1 FY 26 3.3% (10% Q2 Growth expected to be back on FY 26. AUM -Growth 1.3% 5%-10% standalone) The NIM expected to improve as the COF is coming down NIM 12.4% 12.4% - 12.7% 11.7% and yield improve on
Slide 28: P & L Statement
P & L Statement Financial Comparison Q2 FY 26 Q2 FY 25 YoY (%) Q1 FY 26 QoQ (%) H1 FY 26 H1 FY 25 YoY (%) Income Revenue from operations 5,763.3 6,624.1 -13.00% 5,586.2 3.17% 11,349.5 13,258.8 -14.40% Other income 10.6 6.2 72.12% 4.4 143.36% 15.0 9.0 67.41% Total income 5,773.9 6,630.3 -12.92% 5,590
Slide 29: 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 19.7% 18.6% 18.1% 6,630 5,774 5,591 FY 25 Q2 FY 25 Q1 FY 26 Q2 FY 26 FY 25 Q2 FY 25 Q1 FY 26 Q2 FY 26 PPOP (in Mns) PAT (in Mns) 8,676 616 305 62 FY 25 Q2 FY 25 Q1 FY 26 Q
Slide 30: 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 13.3% 12.4% 11.9% 60.3% 59.8% 11.5% 9.4% 46.9% 45.0% 6.9% 7.0% 6.2% 6.1% 5.1% 4.3% 3.6% FY 25 Q2 FY 25 Q1 FY 26 Q2 FY 26 Net Interest Margin Opex Ratio Credit Cost FY 25 Q2 FY 25 Q1 FY 26 Q2 FY 26 Profi
Slide 31: Balance Sheet
Balance Sheet (Rs in Millions) Financial Assets H1 FY 26 H1 FY 25 FY 25 Financial Liabilities H1 FY 26 H1 FY 25 FY 25 Cash and cash equivalents 9,892.3 7,065.8 6,972.5 Derivative financial instruments - - 76.9 Bank balances other than cash 5,111.2 5,689.2 4,725.2 Total outstanding dues of creditors
Slide 32: Balance Sheet Metric
Balance Sheet Metric Networth (in Mns) CRAR 28,044 27,020 29.0% 28.9% 26,322 27.9% 21.9% 16,258 FY 23 FY 24 FY 25 Q2 FY 26 FY 23 FY 24 FY 25 Q2 FY 26 Debt/Equity Cost of Borrowing 3.99 11.2% 3.01 3.14 11.0% 2.98 10.9% 10.6% Incremental Cost of Borrowing : 9.8% FY 23 FY 24 FY 25 Q2 FY 26 FY 23 FY 24
Slide 33: Funding Profile
Funding Profile Liquidity-current Position (in Mns) Lender-wise Outstanding H1 FY’26 SFB Domestic DFI 19,000 Foreign DFI Retail 1% 6% 5% 3% Public Sector Banks 31% NBFC 10,330 6% 7,570 Foreign Banks 1,257 11% Private Sector Liquid funds in hand HQLA-G Sec Investment DA/PTC Sanction Pending Term Fund
Slide 34: Liquidity – Static Liquidity Position
Liquidity – Static Liquidity Position 42,172 Static ALM (in Mns) Maturity ALM (in Mns) 47,732 32,722 29,095 37,597 25,850 30,716 30,469 16,892 15,862 20,760 15,963 18,429 17,512 17,251 11,420 11,847 11,789 7,209 10,872 10,626 6,722 6,723 6,703 5,628 6,513 7,998 7,939 6,821 5,074 6,393 5,831 3,267 2,
Slide 35: Internal Controls
Internal Controls Field Monitoring ▪ Loan Appraisal ▪ Comprehensive Field Visit Policy. ▪ Aadhar based E-Signing ▪ System driven field visit target setting & measurement ▪ Liveliness ▪ Mobile app-based visit recording with Geo-tagging. ▪ In Application check list to certifying compliance. ▪ GRT’s St
Slide 36: 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 Active Note : Express loan processed from Inception: 36
Slide 37: 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 u pp or
Slide 38: 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 39: Glossary
Glossary Particulars Definition Cost of Borrowing(%) Cost of borrowing represents annually weighted average interest cost on borrowings, weights being annual average borrowings. Borrowings include debt securities, subordinated liabilities, and borrowings (other than debt securities) Cost to Income R
Slide 40: 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 39