Muthoot Finance is India's largest gold-loan NBFC, lending against household gold ornaments, and it enters Q2 FY27 with gold prices up sharply over the quarter and system-wide NBFC gold-loan growth accelerating. The print will speak to two things above all: whether loan yields recover toward management's 18-18.5% steady-state band from Q1's 17.93%, and whether the company formally revises its 15% FY27 AUM growth guidance at this scheduled review point.
| Results date | October 31, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | Rs. 7,603 Cr (standalone income, Q1 FY27) |
| Previous quarter PAT | Rs. 2,550 Cr standalone; Rs. 2,825 Cr consolidated (Q1 FY27) |
| Previous quarter NIM | 10.41% (Q1 FY27) |
| Market cap | Rs. 95,955.04 Cr |
| CMP | Rs. 2,390.1 |
The board will meet Saturday, October 31, 2026, to approve unaudited financial results for the quarter and half year ended September 30, 2026 (Q2/H1 FY27). The intimation was filed under Regulation 29 with NSE, BSE and NSE IFSC.
The central question for Q2 FY27 is whether Muthoot Finance's yield on loan assets recovers from 17.93% in Q1 toward management's guided steady state of 18-18.5%, against a Q2 FY26 base that carried roughly Rs. 300 Cr of one-off NPA-liquidation yield. Demand entered the quarter strong: domestic gold prices rose about 12% in August to Rs. 158,854/10g before a roughly 4.6% September pullback, and RBI data shows NBFC loans against gold jewellery grew 68.5% YoY in July 2026 with acceleration sustained into August, while bank gold-loan growth decelerated. Funding costs offer no relief — the repo was held at 5.25%, the 1-year median MCLR firmed to 8.70% in August before easing marginally to 8.61% in September, and the 10-year G-Sec climbed to 7.05% by September 21 — consistent with the CFO's stated stance of no reductions in the cost of borrowing. Management guided 15% consolidated AUM growth from the March 2026 base, approximately Rs. 210,000 crores or higher for FY27, with an explicit promise to review and potentially revise the guidance after the September results — this call is that scheduled revision point, with Q1 standalone AUM already up 44.4% YoY. The call will also be the first results under new leadership, with Alexander George as Managing Director and K. R. Bijimon as CEO since October 1, 2026.
FY27 AUM guidance revision checkpoint: Management promised a review of the 15% growth guidance after the half-yearly results.
Yield and NIM trajectory vs the 18-18.5% steady state
Muthoot Money amalgamation approvals
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Asset quality, LTV mix and new leadership
Management guided 15% consolidated AUM growth from the March 2026 base — approximately Rs. 210,000 crores or higher — for FY27, with a promise to review and potentially revise the guidance after the September results. Q1 FY27 standalone AUM was already up 44.4% YoY, and the Q2 FY27 call is the scheduled revision point.
The CFO attributed the 16-17% QoQ decline to extraordinary income in the previous period and a higher volume of renewals keeping loans at lower slabs for shorter durations, impacting interest income. Management highlighted that Q1 FY27 still delivered Rs. 2,500 Cr profit at about 6% ROA, up 25% YoY.
Very little — the CFO said 85%-LTV disbursements are 'very low, maybe 5% or so, 4% to 5%' because customers borrow to repayment capacity rather than the maximum LTV. The portfolio-average LTV was 66.68% as of June 2026 including accrued interest.
No — management has stated, 'We don't give any profit guidance. What we generally give a guidance of AUM growth because profits are secondary for us.' The CFO also denied any Rs. 10,000 Cr profit guidance.