MUTHOOTFIN's Q2 FY27 numbers came in mixed, with revenue of Rs. 8,841.92 Cr (+37.30% YoY) and PAT growth of +26.90% YoY. Here's a quick read of what worked, what to watch, and what management said.
| Results date | October 31, 2026 |
|---|---|
| Revenue (Q2) | Rs. 8,841.92 Cr (+37.30% YoY) |
| PAT (Q2) | Rs. 2,976.63 Cr (+26.90% YoY) |
| EPS (Q2) | Rs. 74.14 (+26.90% YoY) |
Muthoot Finance delivered 37.3% YoY standalone income growth and 41.2% PPOP growth, with consolidated loan assets of Rs.2,10,480.16 cr already at the FY27 guided AUM level in H1. The offset is a provisioning spike (Rs.514.92 cr, +909% QoQ) that pushed Stage III to 3.87%, above management's 2-3% band, while provision coverage fell to 11.80%. Growth guidance is effectively delivered, but the forward question is whether credit costs stabilize to let PAT keep tracking PPOP.
| Driver | What happened | Verdict |
|---|---|---|
| Revenue/demand ahead — gold-price tailwind, accelerating NBFC gold flows | Consol total income +37.2% YoY; loans +17.7% H1 | Played out |
| Margins compressing — no funding-cost relief; yield vs 18–18.5% band the swing | Finance costs +45.5% YoY vs interest income +38.5%; net margin 33.66% vs 36.41% a year ago | Played out |
| Asset quality supportive — credit costs to decline/stabilize; Belstar tailwind | Provisions Rs.514.92 cr (+443.3% YoY, +909.1% QoQ); Stage III 3.87%; PCR 11.80% | Contradicted |
| Collateral/LTV headroom improving through the quarter | LTV not disclosed in the filing | Not observable |
| Muthoot Money approvals pending | Filing notes: still pending NCLT/RBI as of Oct 31, 2026 — still open | Played out |
| Guidance revision at this call | Not addressed in the filing — call item | Not observable |
| RBI compliance penalty (Rs.5.80 lakh, Jul 17, 2026, per pre-call note, web-sourced) | Not in the filing's disclosures; immaterial if incurred | Not observable |
Read our full results preview.
| What management said | Where | What happened | Verdict |
|---|---|---|---|
| FY27 consolidated AUM +15% from Mar-26 base (~Rs.2,10,000 cr or higher) | Q4 FY26 & Q1 FY27 earnings calls | Consolidated loan assets Rs.2,10,480.16 cr at Sep-30, +17.7% in H1 (balance-sheet loans, net of ECL/EIR — a close proxy for AUM) — already at the guided FY level | On Track |
| FY27 standalone AUM +15% | Q4 FY26 & Q1 FY27 earnings calls | Standalone loans Rs.1,89,965.70 cr at Sep-30, +17.6% in H1 | On Track |
| Promised AUM-guidance revision after half-yearly results | Q1 FY27 earnings call ("we can give a revised guidance if it is needed") | Not addressed in the stock-exchange filing — call item | Too Early |
| "Loan growth is the primary factor… profits will follow" | management commentary, prior-quarter calls | Loans +17.7% H1; PAT +26.9% standalone / +34.1% consol YoY — profits indeed followed, even with credit costs up | Confirmed |
| Stage III expected at ~2–3% of loans | management commentary in prior-quarter calls | Q2 FY27 Stage III 3.87% — above the stated band | Contradicted |
| No reduction in borrowing costs expected | CFO, Q1 FY27 call | Finance costs +45.5% YoY vs interest income +38.5%; borrowing-cost proxy ~7.41% annualized | Confirmed |
| Metric | Q2 FY26 | Q1 FY27 | Q2 FY27 |
|---|---|---|---|
| Stage III (gross) | 2.25 | 2.28 | 3.87 |
| Net Stage III | 1.86 | 1.99 | 3.41 |
| PCR | 17.19 | 13.01 | 11.80 |
| CAR | 20.89 | 20.30 | 19.81 |
Disclaimer: This results analysis is published for educational and informational purposes only. It is not investment advice, not a recommendation to buy, sell or hold any security.