Muthoot Finance (MUTHOOTFIN) Q2 26/27 earnings summary

Executive summary

• H1 FY2027 consolidated loan AUM rose 42% YoY to ₹2,093,173 Mn and PAT increased 39% to ₹61,028.42 Mn; standalone loan AUM grew 42% to ₹1,878,103 Mn.

• Gold lending led growth, supported by digital adoption, new-customer lending and subsidiary expansion.

Financial highlights

• Consolidated H1 revenue from operations was ₹186,693.71 Mn; total income was ₹187,056 Mn, PBT ₹81,962 Mn and PAT ₹61,028.42 Mn.

• Consolidated Q2 revenue from operations was ₹99,977.69 Mn; total income rose 16% QoQ to ₹100,108 Mn, while PAT increased 18% QoQ to ₹32,780.02 Mn.

• Standalone H1 total income rose 35% YoY to ₹164,450 Mn; PBT was ₹74,155 Mn and PAT ₹55,271.05 Mn. Q2 PAT was ₹29,766.29 Mn.

• Consolidated and standalone Q2 EPS were ₹80.87 and ₹74.14, respectively.

• Standalone H1 finance cost rose 46% YoY to ₹65,105 Mn; impairment expense was ₹5,660 Mn versus ₹1,291 Mn, while consolidated H1 impairment expense rose 25% to ₹7,146 Mn.

Segment performance

• Standalone gold-loan AUM reached ₹1,789,562 Mn, up 43% YoY, with 204.1 tonnes of gold and 6.86 Mn active customers.

• Muthoot Money H1 loan AUM rose 99% YoY to ₹127,158 Mn and PAT rose 242% to ₹3,635 Mn; its focus is gold lending in underserved geographies.

• Belstar H1 loan AUM grew 2% YoY to ₹78,764 Mn; PAT recovered to ₹1,441 Mn from a ₹1,596 Mn loss, and Stage III assets fell to 3.26% from 4.58%.

• Muthoot Homefin H1 loan AUM rose 7% to ₹34,601 Mn and PAT increased 9% to ₹114 Mn; Asia Asset Finance reported 39% LKR AUM growth and 110% PAT growth.

• Insurance-broker H1 premium collection was ₹1,438 Mn; H1 PAT rose to ₹304 Mn from ₹227 Mn YoY. Financing is the primary business, with no separate reportable operating segments under Ind AS 108.