Muthoot Capital Services Ltd. · NSE:MUTHOOTCAP
Muthoot Capital Services — Q2 FY27 Earnings Presentation
33 slides from Muthoot Capital Services's earnings presentation, Nov 5, 2026
Slide 1: Stock exchange cover letter for investor presentation
MCSL/SEC/26-27/270 November 05, 2026 BSE Limited National Stock Exchange of India Phiroze Jeejeebhoy Towers Limited Dalal Street, Exchange Plaza, C-1, Block G, Mumbai - 400 001, Maharashtra Bandra Kurla Complex, Bandra (E), Scrip Code - 511766 Mumbai - 400 051, Maharashtra Scrip Code (Debenture & CP
Slide 2: Investor Presentation Q2 - FY 26-27
INVESTOR PRESENTATION Q2 - FY 26-27
Slide 3: Muthoot Capital Services Limited
Muthoot Capital Services Limited Its equity shares are listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange of India (NSE). Muthoot Capital Services Ltd., promoted by the Muthoot Pappachan Group, is a Non- Banking Finance Company (NBFC) Established in 1994, it is registered with
Slide 4: MCSL Products
MCSL Products Retail Loans Two-Wheeler loans CV & CE loans Used Car loans Loyalty loans Other products Fixed Deposit Corporate loans
Slide 5: 30 Year Journey
30 Year Journey 1994 Started Operations 500cr 1995 2008 2014 2016 Listed on BSE Entered the Two- AUM crosses AUM crosses Wheeler financing 500cr 1000cr segment 2022 2019 2019 2018 Rated CRISIL A+ AUM crosses Golden Peacock MCSL ranks 2000cr Award for Corporate among Top 50 NBFC Ethics across India 2
Slide 6: Portfolio & Asset Quality
Portfolio & Asset Quality 5
Slide 7: AUM Growth — Retail and Other Loans
AUM Growth — Retail and Other Loans H1 FY27 • Portfolio outstanding in ₹ Crore ₹ 3,086 Cr ₹ 61 Cr ₹ 382 Cr ₹ 3,530 Cr +25% YoY MCSL Retail Portfolio Corp Loan & Others Co-Lending Portfolio Total Portfolio Retail growth +4.5% QoQ • Incl. off-book +8% QoQ • MCSL retail +25% YoY • 87% of book +99% YoY
Slide 8: Product wise Portfolio
Product wise Portfolio H1 FY27 • Portfolio outstanding in ₹ Crore ₹ 3,530 Cr 25% 52% 4.81% 21.55% Total Portfolio (AUM) MCSL Retail Growth Co Lending Overall GNPA Portfolio Yield +4.5% YoY vs Last Year vs Last Year ↓ 165 bps YoY Stable Portfolio Outstanding by Product (₹ Cr) Product Q1 FY27 Q2 FY27
Slide 9: Geographic Distribution of Retail Portfolio
Geographic Distribution of Retail Portfolio H1 FY27 • Portfolio outstanding in ₹ Crore Total Retail AUM ₹ 3,468 Cr Overall GNPA 4.81% • 4 zones • 23 states • Q2 disbursement ₹ 649 Cr South India West India North India East India Partnerships Largest book Steady share Second largest Co Lending ₹ 1,30
Slide 10: GNPA & NNPA Trend — Overall and Retail
GNPA & NNPA Trend — Overall and Retail Last 6 Quarters • Q1 FY25 to Q2 FY27 Overall Book (Including Off Book) Retail Segment (Including Off Book) GNPA % | NNPA % | Q2 FY27 GNPA % | NNPA % | Q2 FY27 6.51 6.48 6.43 6.84 6.46 6.45 5.81 5.76 4.24 4.61 4.07 3.64 3.68 3.92 3.39 3.48 3.64 3.07 2.7 2.7 2.75
Slide 11: Asset Quality and NPA Movement
Asset Quality and NPA Movement Sep-25 • Mar-26 • Jun-26 • Sep-26 ₹ Crore Gross NPA GNPA % NNPA % ARC sale & Write off PCR Retail Stage 3 ₹ 160.11 Cr 4.81% 4.61 % 2.85% ₹ 00.00 Cr 50% was ₹ 133.07 in Jun-26 3.94% in Jun-26 Including Off Book 2.36% in Jun-26 Was 119.83 Jun-26 quarter unchanged vs June
Slide 12: Product-wise Disbursements — Retail Loans
Product-wise Disbursements — Retail Loans Q1 FY27 vs Q4 FY26 • ₹ Crore MCSL Disbursement Co-Lending Disbursement Combined Q2 Disbursement Combined H1 Disbursement ₹ 649 Cr +21% QoQ ₹ 0 Cr −100% QoQ ₹ 649 Cr ₹ 1,212 Cr vs Q1 FY27 ₹ 535 Cr vs Q1FY27 ₹ 28 Cr MCSL + Co-lending MCSL + Co-lending MCSL — P
Slide 13: Retail Disbursement Trend and TW Blended Rate
Retail Disbursement Trend and TW Blended Rate Quarterly Disbursement Trend 1.2 177.51 279.94 453.89 345.02 497.91 632.50 845.68 644.99 618.50 528.04 625.86 569.14 562.98 649.43 1 7.69% 5.00% 0.00% 18.05% 16.08% 10.49% 28.93% 34.57% 28.56% 26.82% 0.8 41.70% 44.39% 40.27% 57.95% 0.6 92.31% 95.00% 100.
Slide 14: Strategic Partnerships
Strategic Partnerships CO-LENDING PARTNERSHIPS (4 NBFCs) Total: ₹ 384 Cr | 11% of AUM ₹202 Cr Greaves Finance (53%) ₹96 Cr Wheels EMI (25%)* ₹63 Cr CreditWise Capital (17%) ₹21 Cr Manba Finance (5%) *Out of the 96 Cr of Wheels EMI , 62 Cr securitized under PTC BUSINESS CORRESPONDENT (BC) PARTNERSHIP
Slide 15: Securitization Transactions — DA and PTC
Securitization Transactions — DA and PTC H1 FY27 • Direct Assignment (partial off-book) and PTC (fully on-book) DA Transactions PTC Transactions On-Book Off-Book (DA only) 10 15 ₹ 642.90 Cr ₹ 203.93 Cr ₹ 23.85 Cr (On Book) ₹ 619 Cr • fully on-book DA retained + full PTC Derecognised DA Transaction S
Slide 16: ARC Transactions Performance
ARC Transactions Performance Total Collections (Since the sale): ₹ 137 Cr | Total SR Reduction: ₹ 105.93 Cr | Overall Recovery: 47% ARC 01 : Phoenix ARC ARC 02 : PRASADITYA ARC ARC 03 : PRASADITYA ARC Principal Outstanding (POS) Principal Outstanding (POS) Principal Outstanding (POS) ₹ 235.09 Cr → ₹
Slide 17: ECL vs IRAC Provision Comparison
ECL vs IRAC Provision Comparison Stage-wise • Q1 FY 2026-27 • All figures in ₹ Crore AUM ₹ 3,325.63 Cr | ECL 92.25 ₹ (2.77%) | IRAC 46.58 Cr (1.40%) | Excess ECL ₹45.67 Cr Stage AUM ECL Provision IRAC Provision Excess ECL over IRAC ECL % IRAC % Stage 1 3,059.56 16.13 12.24 3.90 0.53% 0.40% Stage 2 1
Slide 18: Portfolio Analysis
Portfolio Analysis Own Book • ₹ Crore Portfolio Analysis 4.81% 160.11 ₹. In Crores Segment – wise Analysis 2636.40 214.07 1.35 356.36 56.04 61.41 3.98% 1.31% 0.00% 0.35% 2.67% 55.67% 3,165.52 96.02% 98.69% 100.00% 99.65% 97.33% 95.19% 44.33% 93.22% Two Wheeler Four Wheeler Three Commercial Loyality
Slide 19: Corporate Loans and Others
Corporate Loans and Others ₹ Crore Corporate Loans & Others Term Loan, Loan Buyouts, DPN Trade Advance Loan Against Deposit ₹ 61.41 Cr 44.05 Cr 17.04 Cr ₹ 0.32 Cr Term Loan, Loan Buyouts, DPN Sep-25 Balance as on 30.06.2026 19.62 Add: Additions in Q2 FY 27 27.60 Less: Loans Closed During the year 0.
Slide 20: Source of Collections
Source of Collections Q1 & Q2 FY27 • ₹ Crore Q2 FY27 total Bank / Electronic NACH MFL Agency + Employee ₹ 703 Cr ₹ 295 Cr ₹ 285 Cr ₹ 75 Cr ₹ 48 Cr +3% vs Q1 FY27 42% of collections 41% of collections 11% of collections 7% of collections Mode Wise Collections 310.49 294.87 285.22 283.13 264.03 185.80
Slide 21: Liability Analysis
Liability Analysis 20
Slide 22: Shareholding Pattern as on September 30, 2026
Shareholding Pattern as on September 30, 2026 63.33% 7.01% 1.33% 24.37% 47.45% 51.22% 5.29% Held in dematerialized form in CDSL Held in dematerialized form in NSDL Promoters Corporates Public Others Physical
Slide 23: Banking, NBFCs & Marquee Partners
Banking, NBFCs & Marquee Partners
Slide 24: Borrowing Profile as of Sep 30, 2026
Borrowing Profile as of Sep 30, 2026 Funding Source O/S (₹ Cr) Share (%) Avg. Cost (%) Banks / FI 1,245.69 37.07% 9.94% NCD 1,379.71 41.07% 10.83% PTC 554.58 16.51% 9.75% Public Deposits 153.46 4.57% 10.94% Sub Debt 26.15 0.78% 11.48% Total 3359.59 Changes in Overall Cost of Bank Loans Changes in Ov
Slide 25: New Fundings from April to Sep 2026
New Fundings from April 26 to Sep 2026 Incremental Borrowings During Apr’26 - Sep’26 (Cost went below 10%) NCD - ₹ 400 Cr Total Funds Raised Deposits April to Sep 26 8% NCD ₹1033 Cr PTC / DA 39% 34% Bank / FI - ₹ 195 Cr PTC / DA - ₹ 353 Cr ROI 9.32% All in Deposits - ₹ 85 Cr papm. 9.82% Term Loans 1
Slide 26: Public Deposits
PUBLIC DEPOSITS ₹. In Crores Tenure Balance as on 30.09.2026 1 year 23.10 2 Year 36.21 Q2 FY 26-27 Q2 FY 26-27 New Deposits Deposits 3 Year 72.36 Collection Renewed 4 year 7.41 ₹ 67.33 Crs ₹ 2.30 Crs 5 year 15.94 Total 155.02 Deposits Growth PUBLIC DEPOSIT PORTFOLIO – SEP 2026 236.50 % Y-o-Y 5 year
Slide 27: Structural Liquidity as on 30/09/2026
Structural Liquidity as on 30/09/2026 ₹. In Crores 880.52 729.16 611.20 524.29 398.98 381.92 367.25 377.54 327.00 321.11 280.25 134.61 49.93 22.21 1-7 days 8-14 days 15 days-1 month 1-2 months 2-3 months 3-6 months 6-12 months Inflow Outflow 1-7 days 8-14 days 15 days-1 month 1-2 months 2-3 months 3
Slide 28: Liquidity Position
Liquidity Position ₹. In Crores LIQUDITY POSITION FOR Q3 FY 26-27 Particulars Oct-26 Nov-26 Dec-26 Q3 FY 26-27 Opening Balance 397.33 236.92 248.59 397.33 Inflows New Borrowings 280.72 325.00 510.00 1,115.72 WCDL/CC Rollover 60.00 220.00 100.00 380.00 EMI Repayments incl. sold portfolio 238.62 213.3
Slide 29: Investments & LCR
Investments & LCR YIELD % Investments Value O/s Yield % Fixed Deposit 6.55% SLR Investment 17.35 6.96% Collateral Deposit 6.77% PTC Investments 7.42 11.00% SLR Deposit 7.22% SLR Deposit 3.20 7.22% PTC Investments 11.00% Collateral Deposit with Bank 84.45 6.77% SLR Investement 6.96% Fixed Deposit wit
Slide 30: Performance Analysis
Performance Analysis ] ia eS mm
Slide 31: Financial Results Q2 FY 27
GNPA 4.61% (Inc Managed Book) AUM NNPA (Inc Managed Book) ₹DEBT 3,530 Cr 2.75% BLUE WHEEL EQUITY (Inc Managed Book) +25% YoY RATIO (Inc Managed Book) Disbursement FINANCIAL RESULTS Q2 FY 27 Q2 – ₹ 677 Cr Portfolio Yield PAT 22% Q2 : ₹ 4.11 Cr CRAR 22.14%
Slide 32: Operational Highlights
Operational Highlights ₹ 3,530 Cr ₹ 4,154 Cr ₹ 3,354 Cr ₹ 677 Cr AUM Balance Sheet Size Total Borrowings Q2 Disbursements +4.5% QoQ +2% QoQ 81% of BS +26% QoQ ₹ 4.11 Cr ₹ 683 Cr 22% 9.52% PAT (Q2) Shareholders' Fund Portfolio Yield Borrowing Cost +1% QoQ Stable CRISIL AA- ₹ 2.58 5,86,441 1.04% /Stab
Slide 33: Don't Just Soch Karo Blue Soch
DON’T JUST SOCH KARO BLUE SOCH 32
Muthoot Capital Services — Q2 FY27 Earnings Presentation on 6ix