Muthoot Microfin Ltd · NSE:MUTHOOTMF
Muthoot Microfin — Q2 FY2027 Earnings Presentation
42 slides from Muthoot Microfin's earnings presentation, Nov 5, 2026
Slide 1: Exchange filing cover letter
November 05, 2026 BSE Limited National Stock Exchange of India Limited Corporate Relationship Department, Exchange Plaza, 5th Floor, 2nd Floor, New Trading Wing, Plot No. C/1, G Block, Rotunda Building, Bandra Kurla Complex, Bandra (E), P.J. Towers, Dalal Street, Mumbai 400001 Mumbai 400 051 Scrip C
Slide 2: Investor Presentation Q2 FY'27
Investor Presentation Q2 FY’27
Slide 3: Disclaimer
Disclaimer By accessing this presentation, you agree to be bound by the following terms and conditions. This presentation (which may reflect some price-sensitive information in terms of SEBI regulations and Companies Act, 2013, as amended from time to time) has been prepared by Muthoot Microfin Limi
Slide 4: MPG - Legacy of 138+ years of history
MPG - Legacy of 138+ years of history Muthoot Pappachan Group (MPG) is a Well Diversified Business Conglomerate Our Promoters Automotive Other bussiness Hospitality Thomas Muthoot Chairman & Non-Executive Director, MML Real Estate Information Technology Infrastructure Thomas John Muthoot Chairman, Mu
Slide 5: Journey So Far
Journey So Far • AUM Crossed 1,50,000 Mn. • Launched Digital Loans – IGL Subsequent Cycle and Suvitha Saral, advancing end-to-end digitization and automation of the customer loan journey. 2026 • MML Rating upgrade to ‘AA-/Stable’. • MML Global Rating: Outlook Upgraded to Positive; CareEdge BB- Ratin
Slide 6: Key Managerial Personnel
Key Managerial Personnel Regional Office Employee Mix1 Field Monitors- other departments 317 Key Management Personnel and Senior Management Personnel 1,581 Head Office Field Monitors- Operation 403 team Sadaf Sayeed 424 Chief Executive Officer Exp: 25+ years, 16+ years with MPG Area Office Services: Mutho
Slide 7: Strong Corporate Governance and Support from Promoters & Investors
Strong Corporate Governance and Support from Promoters & Investors Shareholding as of Sep’26 Promoter Group Directors Institutions Domestic, 3.07% Institutions Foreign, 0.43% Thomas George Muthoot Thomas Muthoot John Thomas Muthoot Executive Director Chairman & Non-Executive Director Non Executive D
Slide 8: Anbarasi Sithiravel
Empowering Women. Strengthening Livelihoods. Building Brighter Futures. Anbarasi Sithiravel State: Tamilnadu Branch: Velankanni MML Stitching Dreams, Building Livelihoods Entrepreneurial Journey • Turned her tailoring skills into a home-based income-generating business. • Invested in a sewing machin
Slide 9: Making the Lending Journey Simpler, Faster & More Accessible
Making the Lending Journey Simpler, Faster & More Accessible In line with evolving customer needs and our product diversification strategy, we have transitioned from an assisted digital lending journey to a fully self-service, end-to-end digital loan journey through our customer application End-to-e
Slide 10: Performance Highlights – Q2 FY'27
Performance Highlights – Q2 FY’27 AUM (Mn) Disbursement (Mn) Branch INR 1,53,228 INR 28,997 1,675 Nos (22.0% YoY) (6.0% QoQ) (27.5% YoY) (9.7% QoQ) (-2.5% YoY) (0.2% QoQ) Employee Active Clients (Mn) CE 15,539 3.27 0.05 98.1% (Overall) (4.8% YoY) (0.1% QoQ) (-3.7% YoY) (-0.6% QoQ) (0.6% QoQ) NTM (in
Slide 11: Financial Highlights – Q2 FY'27
Financial Highlights – Q2 FY’27 Income (Mn) PPOP (Mn) PAT (Mn) INR 7,329 INR 2,494 INR 1,108 (26.9% YoY) (9.3% QoQ) (67.4% YoY) (25.7% QoQ) (262.9 YoY) (36.2% QoQ) NIM (%) Opex Ratio (%) Cost to Income Ratio (%) 12.5% 6.1% 48.1% (57 bps YoY) (50 bps QoQ) (-96 bps YoY) (-29 bps QoQ) (-1,173 bps YoY)
Slide 12: Financial Highlights – H1 FY'27
Financial Highlights – H1 FY’27 Income (Mn) PPOP (Mn) PAT (Mn) INR 14,035 INR 4,478 INR 1,921 (55.8% YoY) (423.4 YoY) (23.5% YoY) Equity (Mn) CAR (%) Debt-Equity INR 30,560 25.5% 3.5 (13.1% YoY) (-338 bps YoY) (11.5% bps YoY) COF (%) PCR (%) JLG/Non-JLG Share* 9.93% (-67 bps YoY) 69.6% JLG Aum Share
Slide 13: Quality-Led Growth with Strengthened Portfolio Resilience & Stability
Quality-Led Growth with Strengthened Portfolio Resilience & Stability AUM (Mn) 22.0% Disbursement (Mn) 27.5% JLG/Non-JLG Share* YoY YoY 1,25,588 1,30,786 1,40,056 1,44,572 1,53,228 22,739 24,922 28,767 26,445 28,997 Q2 FY’26 Q3 FY’26 Q4 FY’26 Q1 FY’27 Q2 FY’27 Q2 FY’26 Q3 FY’26 Q4 FY’26 Q1 FY’27 Q2
Slide 14: Key Metrics
Key Metrics Branch Count RO Count Male Femal AUM per Branch (Mn) e 1,718 9,501 9,357 8,900 8,644 8,492 73.1 77.3 83.9 86.5 91.5 22 1,691 1,675 2 43 1,670 1,671 12 2 10% 4 25 11% 12% 13% 2 14% 12 1 6 3 3 1,726 1,718 1,671 90% 89% 88% 87% 86% 1,691 1,670 Q2 FY’26 Q3 FY’26 Q4 FY’26 Q1 FY’27 Q2 FY’27 Q2
Slide 15: Strategic re-alignment through Diversification 1/3
Strategic re-alignment through Diversification 1/3 Portfolio Concentration (Region-wise Trend) Number of Branches Per State 16 394 Districts 16% 16% 16 15% % % Wes 1,675 Branches t 13% 13% 13% 12 13 Eas t % % 4 24 23 23 Nort 23 23 4 % % % h % % 2 9 49 NORTH 48 48 48 48 3 South % 3 % % % % 5 14 1 Q2
Slide 16: Strategic re-alignment through Core Market 2/3
Strategic re-alignment through Core Market 2/3 Consistent strength across key metrics in KL & TN Exposure of Districts (% of GLP) JLG Loan MSEL Secured Top 1 3% Pan India AUM (Mn) Top 3 7% Top 5 11% MSEL 27.2% Top 10 19% Secured 4.2% Other 81% GNP A 2.3% TN GNPA 3.38 KL 1.6% % Exposure of Districts
Slide 17: Strategic re-alignment through Diversification 3/3
Strategic re-alignment through Diversification 3/3 MML Client’s overall industry exposure trend (POS Share) MML exposure trend Sep-26 Jun-26 Mar-26 Mar-24 Overall in Mn Note:- Business loan – Unsecured at Industry-level includes Agri and all other unsecured loans. * Note: Overall MSEL Portfolio cons
Slide 18: Muthoot Small Enterprise Loan - Performance Summary Q2 FY'27
Muthoot Small Enterprise Loan - Performance Summary Q2 FY’27 Delinquency 0.15% 0.10% E-Nach & UPI Mandate Effective Yield Portfolio - Muthoot Q2 FY’27 Enrollment | CE Small Enterprise Loan Disbursement 24.5% 0.05% E-Nach : 100% 41,619 Mn 12,976 Mn CE : 99.7% Product ROA* 8.1% 0.02% 0+ 30+ 60+ 90+ Qu
Slide 19: Resilient Business Model – Proven over time
Resilient Business Model – Proven over time TN Floods & Heat wave, Flood & Election TN, BH, WB & Rain Impact in PB Karza Mukti 2024 OD Floods & Northern & Western 2024 Fengal cyclone States 2024 1,40,056 1,44,572 1,53,228 1,25,185 1,24,049 1,25,588 1,30,786 1,21,935 1,22,103 1,23,567 1,22,528 1,08,6
Slide 20: Collection Efficiency
Collection Efficiency CE % Overall CE - X Bucket
Slide 21: Collection Performance – Overdue
Collection Performance – Overdue DMS Performance (Collection incld. closures) 1% FO Productivity (Mn) QoQ -3% QoQ 10% QoQ 11% QoQ Month-wise Overall Collection (Mn) Overdue PTP Conversion PTP Generation Vs Conversion 20
Slide 22: Asset Quality 1/3
Asset Quality 1/3 GNPA, NNPA & Provision Coverage GNPA Ratio NNPA Ratio (Net of Stage III provision) Provision Coverage (Net of Stage III provision) 58% 60% 61% 73% 69% 70% 71% 72% 72% 70% 55% 7.39% 6.26% 4.85% 4.84% 4.61% 4.40% 3.89% 3.70% 3.38% 3.22% 2.97% 2.92% 2.29% 1.58% 1.41% 1.34% 1.34% 1.21%
Slide 23: Asset Quality 2/3
Asset Quality 2/3 Loan Assets Loan Assets ECL (%) ECL (%) Particulars Q1FY27 Q2FY27 H1FY27 Slab ECL(Mn) (Mn) (Gross) (Gross) (%) (Q2 FY 27) (Q1 FY 27) Opening ECL (A) 4,220.06 4,084.31 4,220.06 Stage 1 1,06,679.90 731.42 95.00% 0.69% 0.93% Additions (B) Stage 2 1,811.50 164.63 1.61% 9.09% 9.14% - Pr
Slide 24: Asset Quality 3/3
Asset Quality 3/3 Borrowers % Portfolio % Client Distribution : MML maintains a controlled Lender Group exposure in the 'Own + 3 or more lenders' segment at Q2 FY-27 Q1 FY-27 Q4 FY-26 Q3 FY-26 Q2 FY-26 Q2 FY-27 Q1 FY-27 Q4 FY-26 Q3 FY-26 Q2 FY-26 4.3%, demonstrating a continued strategic reduction o
Slide 25: Drought-Affected Geographies | Exposure Overview
Drought-Affected Geographies | Exposure Overview Portfolio exposure remains limited across the identified districts in Karnataka and Maharashtra 3.6% 81.7% 34 Overall Exposure (%) NATCAT Coverage Exposed Districts State-Wise Share Of Total Exposure Maharashtra 3.11% Exposed NATCAT State Districts Br
Slide 26: Digitization driving Collections
Digitization driving Collections Digital Share % Cumulative Digital Collection (Mn) Digital Client Acquisition (Mn)¹ 0.120.10 0.09 0.10 0.10 6.3% 82,377 85,242 88,304 91,581 94,987 98,558 Apr-26 May-26 Jun-26 Jul-26 Aug-26 Sep-26 Q2 FY’26 Q3 FY’26 Q4 FY’26 Q1 FY’27 Q2 FY’27 Digital collections deliv
Slide 27: Budget Performance
Performance & Annual Guidance Budget Performance Guidance Actual Actual Particulars Remarks FY 27 Q2 FY 27 H1 FY 27 AUM -Growth* 18% - 20% 23.9% 18.8% Growth is expected to improve with more productive H2. The NIM is on improving trend as weighted average yield to improve further. NIM 12.3% - 12.5%
Slide 28: P & L Statement
P & L Statement Financial Comparison Q2 FY 27 Q2 FY 26 YoY (%) Q1 FY 27 QoQ (%) H1 FY 27 H1 FY 26 YoY (%) Income Revenue from operations 7,306.6 5,763.3 26.8% 6,686.4 9.3% 13,992.9 11,349.5 23.3% Other income 22.8 10.6 114.8% 19.7 15.7% 42.6 15.0 183.7% Total income 7,329.4 5,773.9 26.9% 6,706.1 9.3
Slide 29: Robust Fiscal year performance in terms of Income/Profitability (1/2)
Robust Fiscal year performance in terms of Income/Profitability (1/2) Total Income (in Mns) PPOP (in Mns) 23,807 6,556 9.3% 25.7% QoQ QoQ 2,494 6,706 7,329 5,591 5,774 6,054 6,389 1,928 1,985 1,753 1,385 1,490 FY 26 Q1 FY 26 Q2 FY 26 Q3 FY 26 Q4 FY 26 Q1 FY 27 Q2 FY 27 FY 26 Q1 FY 26 Q2 FY 26 Q3 FY
Slide 30: Robust Fiscal year performance in terms of Income/Profitability (2/2)
Robust Fiscal year performance in terms of Income/Profitability (2/2) Cost Ratio's Cost to Income 12.5% 60.9% 59.8% 11.9% 11.9% 12.0% 12.0% 12.0% 11.5% 57.0% 54.8% 53.2% 53.7% 48.1% 6.7% 6.9% 7.0% 6.5% 6.4% 6.3% 6.1% 4.3% 3.5% 3.6% 3.3% 2.8% 2.6% 2.6% FY 26 Q1 FY 26 Q2 FY 26 Q3 FY 26 Q4 FY 26 Q1 FY
Slide 31: Balance Sheet
Balance Sheet (Rs in Millions) Financial Assets Sep'26 Mar'26 Financial Liabilities Sep'26 Mar'26 Cash and cash equivalents 15,679.0 7,011.5 Derivative financial instruments 0.0 0.0 Bank balances other than cash 3,943.2 4,396.2 Total outstanding dues of creditors 217.8 213.7 Trade receivables 346.1
Slide 32: Balance Sheet Metric
Balance Sheet Metric Networth (in Mns) CRAR 29,393 30,560 28,044 28,543 29.0% 27.9% 26,322 24.9% 25.5% 23.9% FY 24 FY 25 FY 26 Q1FY27 Q2FY27 FY 24 FY 25 FY 26 Q1FY27 Q2FY27 Debt/Equity (x) Cost of Borrowing 11.20% 3.42 3.50 11.02% 3.34 2.98 3.01 10.27% 10.13% 9.93% Marginal CoF 9.69% FY 24 FY 25 FY
Slide 33: Proportion of PTC Borrowing
Cost of Fund movement of Structured Transactions Proportion of PTC Borrowing 29% (17,219Mn), FY 26 34% (32,897Mn), H1 FY 27 Proportion of PTC Proportion of PTC Proportion of PTC Other Borrowing 66% (62,477Mn), Other Borrowing 71% (42,248Mn), Other Borrowing Note – MML Expect to borrow 30% of the inc
Slide 34: Funding Profile
Funding Profile Liquidity-current Position (in Mns) Lender-wise Outstanding H1 FY’27 Domestic DFI SFB 3% 24,796 1% Foreign DFI Retail Public Sector 4% 8% Banks 18,354 19,625 17% NBFC 4% Private Foreign Banks Sector Banks Liquid funds & HQLA DA/PTC Sanction Pending Term loan/NCD Sanctions unutilised
Slide 35: Liquidity – Static Liquidity Position
Liquidity – Static Liquidity Position Static ALM (in Mns) Maturity ALM (in Mns) 34
Slide 36: Robust Risk Management via use of Technology and expert human touch
Robust Risk Management via use of Technology and expert human touch Risk Management Framework Dedicated Credit Managers at all Efficient and Independent Internal Unique credit score developed along Collections branches Audit & Compliance team with Equifax Credit Managers supervised Audits each branc
Slide 37: Customer Hierarchy and Internal Controls
Internal Controls RO Field Monitoring ▪ Loan Appraisal ▪ Aadhar based E-Signing ▪ Comprehensive Field Visit Policy. ▪ Face Match & Liveliness ▪ System driven field visit target setting & measurement ▪ Mobile app-based visit recording with Geo-tagging. ▪ GRT’s ▪ Geo Tagging ▪ e-KYC Authentication ▪ In
Slide 38: Digital Eco - System
Digital Eco - System Digital Loan through Customer App Web Whatspp App Clien t App Login CB Enquiry UP SM Scor S I e Card Run Mandat Bank e Account Verification Account Dynami BBP Aggregator c QR S Check e-NACH/UPI Mandate Document UPI BHI e-sign Payment M Bank Account Credit s Voic e 37
Slide 39: Technology Interventions
Technology Interventions Customer Group Group Loan Sanction & Centre Onboarding Training Confirmation Disbursement Meeting Score card-based Nominee KYC System supported Multiple payment E-signing exposure Verification group evaluation channels Real time CB System supported Master Centre Digital acce
Slide 40: Past Five Years Track Record
Past Five Years Track Record AUM (Mn) Disbursements (Mn) Borrowers (Mn) CAGR 22% CAGR 19% CAGR 12% 1,40,056 1,06,616 3.43 3.35 3.27 1,21,935 1,23,567 88,725 94,184 81,045 2.77 92,083 2.05 62,550 46,470 FY-22 FY-23 FY-24 FY-25 FY-26 FY-22 FY-23 FY-24 FY-25 FY-26 FY-22 FY-23 FY-24 FY-25 FY-26 Branches
Slide 41: Glossary
Glossary Particulars Definition Cost of Borrowing(%) Cost of borrowing represents annually weighted average interest cost on borrowings, weights being annual average borrowings. Borrowings include debt securities, subordinated liabilities, and borrowings (other than debt securities) Cost to Income Ra
Slide 42: Thank You
Thank You