CRISIL

Muthoot FinCorp Limited, has reported highest ever loan disbursements in FY24 with consolidated disbursement at ₹61,703.26 crore, up by 18.60 per cent. The AUM stood at ₹33,359.30 crore with net profit at ₹1047.98 crore, an increase of 62.12 per cent over the preceding fiscal, while serving more than 93 lakh customers across the country. As standalone, Muthoot FinCorp’s disbursements rose by 15 percent per cent year-over-year (YoY) to ₹50167.12 crore from ₹43443.26 crore in the previous year. The PAT increased by 22.40 per cent to ₹562.81 crore compared to ₹459.81 crore in FY23.“Our focused efforts to diversify our product range have effectively addressed the varied financial needs of our customers in the lower middle-income segment. We are dedicated to developing a more comprehensive suite of products to support our customers’ evolving financial needs throughout their life cycles. This approach has successfully expanded our customer base and reinforced our commitment to financial inclusion”, said Thomas John Muthoot, Chairman of Muthoot FinCorp Limited.

Muthoot Fincorp register highest loan disbursements in FY24

Non-Banking Financial Company Muthoot FinCorp Ltd (MFL) the flagship company of Muthoot Pappachan Group, is planning to double the growth of non-gold loan portfolio in the next two-three years through a diversified portfolio mix, said a top official. MFL current portfolio consists of gold loan (the flagship product), loan against property (started some 2.6 years ago) and small business loans (about a year ago), auto loan, forex, money transfer and wealth management services. Besides, MFL launched QR code based digital MSME loans through MFL One platform and disbursed over ₹500 crore. It is an unsecured loan given to shopkeepers for a shorter duration. Following the successful completion of pilot run of retail mortgages, MFL is planning to roll out Secured Unsecured Lending Business nationally. Supply Chain Financing was launched during March.

Muthoot Fincorp aims to double share of non-gold loan portfolio

Godrej Finance Limited (GFL) has partnered with Muthoot FinCorp to co-lend loans to MSMEs in Tier-2 and Tier-3 cities. The focus is on Loan Against Property (₹10–75 lakh, avg. ₹15 lakh), with plans to expand into gold and housing loans. The partnership uses digital integration for faster approvals and compliance with RBI’s co-lending framework. GFL takes 80% credit risk, while Muthoot handles underwriting, collections, and customer service.

Godrej Finance and Muthoot FinCorp join hands to expand MSME secured lending

MFL reduced South India concentration from 70% (2019) to 56% (2025) by expanding North and East operations and optimizing Southern branches. Despite this, concentration remains higher than peers. Given strong regional demand, South India’s AUM share is expected to remain stable.


Non-gold segments hit 42% of the portfolio by June 2025, led by housing (+37%) and vehicle (+20%) finance growth. Microfinance faced pressure with 90+ dpd at 6.2% and 7.5% FY25 credit costs, though Q1 FY26 costs improved to 3.6% with 69% coverage. While vehicle GNPA improved to 5.8%, CRISIL is monitoring delinquency trends and capital buffers across these non-gold assets.



The issuer has made timely interest payments.

Mr. Thomas John Muthoot, Chairman and MD

Mr. Thomas Muthoot, ED & CFO

Backed by 70+ years of expertise, MFL has become India’s second-largest gold financier and a top-three microfinance player, with group AUM reaching ₹55,818 crore as of June 2025. Driven by a 28% 5-year CAGR and increased co-lending, the company boosted monthly disbursements to ₹5,523 crore in FY25. Efficiency also doubled, with AUM per branch hitting ₹9 crore across an expanded network of 3,736 branches.


With over 70 years of experience, MFL is now India’s second-largest gold financier, reaching a group AUM of ₹55,818 crore by June 2025 via a 28% 5-year CAGR. Driven by co-lending and monthly disbursements of ₹5,523 crore, the company also doubled its branch efficiency to ₹9 crore per unit across 3,736 locations.



As of June 2026, MFL’s consolidated net worth grew to ₹7,627 crore, supported by internal accruals and a 2023 microfinance IPO. Capitalization remains strong with a CRAR of 18.68% and low asset risk due to gold collateral. The consolidated gearing ratio is stable at 5.2 times, with management committed to maintaining this level over the medium term to protect credit ratings.


MFL’s GNPA improved to 1.5% as of June 2025, supported by regular auctions and a low 0.7% credit cost. To hedge against gold price volatility, the company is prioritizing short-tenure loans while expanding its ₹5,054 crore non-gold portfolio (MSME/LAP). Asset quality is expected to remain stable, with gold loan GNPAs projected to stay below 2%.


Standalone RoMA reached 2.3% in FY25, though Q1 FY26 softened to 1.7% due to temporary expenses. While microfinance and vehicle finance losses previously dragged consolidated RoMA to 1.3%, a recovery is underway. CRISIL projects consolidated RoMA to top 2.5% by H2 FY26, contingent on steady credit costs in unsecured portfolios.


Rating agency	Rating	Needle position
BWR	AA / Stable	near High Safety
CRISIL	AA- / Positive	between Medium and High Safety

Security Name: 8.75% Muthoot Fincorp Limited 12 Feb 2032

ISIN: INE549K07HF8

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