Muthoot Microfin Limited
7,192words
5turns
0analyst exchanges
0executives
Key numbers — 40 extracted
rs,
Rs 3,421
₹50,000
₹1.9
₹2,200
₹1,567
₹31
₹351
₹251
₹300
₹818
₹ 150
Guidance — 6 items
Note
opening
“NTM & NTC Client Count (Mn) NTC % on NTM NTM (Mn) 0.14 0.11 0.09 0.08 0.08 AUM Split ETM & NTM Clients NTM Existing Clients Retention (%) 95 96 95 96 95 36 36 37 39 43 27 31 32 34 35 Q4 FY’25 Q1 FY’26 Q2 FY’26 Q3 FY’26 Q3 FY’26 Q3 FY'26 Q4 FY'26 33% 67% 30% 70% Q4 FY’25 Q1 FY’26 Q2 FY’26 Q3 FY’26 Q4 FY’26 ~45% of group loans sourced from NTM customers, with NTM clients contributing meaningfully to portfolio expansion.”
Note
opening
“Rural AUM penetration improved to 97.8% in Q4 FY26 from 97.7% in Q3 FY26, reflecting continued focus on rural outreach and portfolio stability.”
NACH Return reasons
opening
“Digital Client Acquisition (Mn)² 0.12 0.12 0.12 0.10 0.09 Channel-wise digital collection share% Digital Share % Q4 FY'26 Q3 FY'26 Q2 FY'26 Q1 FY'26 Q4 FY'25 Q3 FY'25 Q2 FY'25 Q1 FY'25 34.5% 37.9% 25.1% 2.5% 44.0% 48.0% 49.1% 52.2% 53.4% 53.8% 56.3% 44.4% 8.9% 2.7% 23.6% 23.1% 24.8% 49.2% 48.2% 45.6% 45.5% 46.2% 43.7% 2.8% 2.7% 2.2% 1.1% 0.0% 0.0% Q4 FY’25 Q1 FY’26 Q2 FY’26 Q3 FY’26 Q4 FY’26 33.9% 6% 27.8% Digital collections delivered a steady performance this quarter, reaching ₹6,887 Mn.”
NACH Return reasons
opening
“DYNAMIC-QR BBPS NACH Others Q4 FY'25 Q1 FY'26 Q2 FY'26 Q3 FY'26 Q4 FY'26 The digital share increased to 34% from 28% in Q3, reflecting sustained momentum over the quarter.”
Note
opening
“Guidance FY’27 Particulars Actual Guidance FY 26 Q4 FY 26 FY 27 Commentary AUM -Growth 13.3% 28.4% 12%-15% Growth is expected to started coming.”
Note
opening
“ System driven field visit target setting & measurement Mobile app-based visit recording with Geo-tagging.”
Risks & concerns — 9 flagged
High growth in markets such as AP, Punjab and MP underscores scalable expansion in underpenetrated geographies, while maintaining a disciplined, risk-calibrated lending approach.
— Note
The decline is driven by stricter underwriting and exit of high-risk borrowers, alongside a focus on higher ticket lending.
— Note
Notably, 98.4% of falls within ‘Very Low’ and ‘Low’ risk this segment categories, underscoring a quality-led growth trajectory, disciplined underwriting, and strengthening long-term portfolio resilience.
— Note
This stability highlights the effectiveness of our focused strategy on acquiring high-quality, low-risk borrowers.
— Note
Strong customer retention at 95%, coupled with selective onboarding of low-risk borrowers, reflects the effectiveness of our targeted sourcing strategy, directly strengthening portfolio resilience and long-term sustainability.
— Note
total indebtedness Over-Indebtedness Reduction: The share of MML customers with remains well-controlled at 0.8%, reflecting stable risk management.
— NACH Return reasons
The portfolio continues to strengthen toward a lower-risk profile.
— NACH Return reasons
System Controls Dedicated Risk team to analyse and report the process, systems and operational risk.
— Note
The capital to risk assets ratio (CRAR) is calculated as capital funds (Tier I capital plus Tier II capital) divided by risk-weighted assets (the weighted average of funded and non-funded items after applying the risk weights as assigned by the RBI).
— Active Clients
Speaking time
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Opening remarks
Individual Promoters
₹1,567 Mn, Others: ₹31 Mn MFL: ₹351 Mn, Creation: ₹251 Mn, • Raised an additional ₹300 Mn from Creation 2018 2019 • Raised ₹1.9 Bn and ₹818 Mn from GPC in two separate rounds during the year • CRISIL upgraded the rating to A+ (Stable) • Crossed 2 Mn active customers • Crossed 1,000 branches • CRISIL upgraded the rating to A (Stable) for bank facilities and debt instruments RBI status with granted NBFC-MFI from 2017 Crossed 1Mn clients Raised ₹ 150 Mn and ₹ 350 Mn from Creation in two separate rounds during the year 2015 2016 Raised ₹500 Mn from Creation 2011 Company was acquired by promoters of “Muthoot Pappachan Group” Cumulatively promoters have infused Rs. 3,421 million into MML Strong Corporate Governance and Support from Promoters & Investors 5 Shareholding as of 31st Mar’26 Promoter Group Directors Institutions Domestic, 3.51% Institutions Foreign, 0.05% Non institutions, 16.61% ESOP, 1.60% Thomas Muthoot Chairman & Non-Executive Director Exp: 39+ years Muthoot Pappachan Group Th
Note
1. Employee Data as on Mar 31, 2026 The employee composition displayed in the chart excludes 184 loan officers on the Team Lease & Team up payroll. Head Office 361 15,735 Loan Officer 8,716 Field Monitors- Operation team 418 Area Office managers 461 Branch Management Staff 3,895 Awards & Recognition ET NOW - Best Organisations for Women 2025 3-Time Winner! - India's Best Workplaces in Health & Wellness 2024 Secured ESG Score of 72.2 & Highest CareEdge ESG-1 rating from CARE ESG Ratings Muthoot Microfin Enters Assam - A new chapter for Financial Inclusion in the North East Won TransUnion CIBIL Best Data Quality Award - Microfinance Institutions Segment Individual Loan Live - With quick and easy loans for income generating activities Crossed 1000 Female Ros - A landmark achievement Won Best Financial Inclusion Initiative at NBFCs Tomorrow Conclave and DNA Awards 2025 Honoured with SKOCH Gold for ESG Excellence - Recognising outstanding commitment to ESG Goals Won Top Performing Microfinance Instit
NACH Return reasons
89.8% 99.2% 99.8% 99.9% 100% On Time (T) T+1 T+2 T+3 T+8 90% of NACH payments were made on time, while bounce recoveries were largely completed by T+3 and fully by T+8, ensuring 100% collection efficiency with Nil delinquency. 98.9% Balance Insufficient 0.8% Account Closed/Transferred 0.2% A/c Blocked/Frozen 0.03% Credit Limit Reached Cycle-wise Muthoot Small Enterprise Loan Disbursement share 7th & above 6th Cycle 5th Cycle 3.4% 6.0% 9.0% 13.7% 4th Cycle 2nd Cycle 37.2% 30.7% 3rd Cycle Purpose-wise Concentration *CB Score band - Customer Distribution Trading 10.9% Agriculture 25.9% 35.18% 22.57% 23.45% 16.44% Services 32.9% 6.9% Manufacturing 23.4% Animal Husbandry 2.36% 700- 730 730-740 740-750 750-775 775 & above *Minimum CB score 700 59% of clients acquired have a CB score of 750+ Resilient Business Model – Proven over time Resilient Business Model – Proven over time 16 AUM GNPA TN Floods & PB Karza Mukti 2024 Heat wave, Flood & Election 2024 TN, BH, WB & OD Floods & Fengal cyclone 202
Note
1.App Installation represents the cumulative count of customers who have downloaded and registered “Mahila Mitra” app 2. Digital Collection share in the overall collection is the ratio of digital collection to the overall collection for the relevant Quarters. If a client completes their first-ever digital transaction, we classify them as having being digitaly acquired. Guidance FY’27 Particulars Actual Guidance FY 26 Q4 FY 26 FY 27 Commentary AUM -Growth 13.3% 28.4% 12%-15% Growth is expected to started coming. Expected to do improve full year growth for FY 27 NIM 11.9% 12.0% 12.3%-12.5% The NIM is on improving trend as weighted average yield to improve further. Operating Cost 6.7% 6.4% 6.2%-6.4% Q4 Standalone Opex is 6.4%. The Opex to rationalise on improvement on productivity. Credit Cost 3.5% 2.8% 2.7%-3.0% The Credit cost is stabilised and expected to improve YoY. RoA RoE 1.3% 2.1% 2.5%-3.0% RoA will improve further on the back of portfolio growth and NIM improvement. 6.2% 10.1% 12
Active Clients
61,478 Note : Express loan processed through customer application without branch visit. Technology Interventions 34 Customer Onboarding Group Training Group Confirmation Loan Sanction & Disbursement Centre Meeting Score card-based exposure Nominee KYC Verification System supported group evaluation E-signing Multiple payment channels Real time CB check System supported Training process Master Centre Geo tagging Digital access to documents Real time collection receipt Aadhaar Based e-KYC Verification Geo Tagging Loan Evaluation Electronic Fund Transfer Real time SMS confirmation Automated Credit Decisioning Penny drop verification Systematic FOIR based exposure Liveliness check On field Loan Utilization Check • Continuously enhancing system capabilities through technological integrations to increase efficiency, reduce costs, and mitigate risks. Client Geo Tagging Geo Tagging Past Five Years Track Record 35 AUM (Mn) Disbursements (Mn) Borrowers (Mn) CAGR 22% CAGR 19% CAGR 12% 1,21,935 1,2