Muthoot Capital Q2 AUM Grows 4.5% to ₹3,530 Cr

Portfolio Performance

AUM Growth

Total Portfolio (AUM): ₹3,530 Cr as of Q2 FY27, representing +4.5% quarter-on-quarter (QoQ) growth and +25% year-on-year (YoY) growth
Retail Portfolio: ₹3,086 Cr (+25% YoY, 87% of book)
Corporate Loan & Others: ₹61 Cr (+99% YoY, 2% of book)
Co-Lending Portfolio: ₹382 Cr (-52% YoY, 11% of book)
Includes off-book Direct Assignment of ₹203.93 Cr in Q2 FY27 (vs ₹81.58 Cr in Q1 FY27)

Product-wise Portfolio Breakdown (₹ Cr)

| Two-Wheeler | 2,336.64 | 2,459.25 | +122.61 | +5.2% | 69.68% |

| Two-Wheeler (CL) | 496.25 | 381.08 | -115.17 | -23.2% | 10.80% |

| Commercial Vehicle | 271.02 | 341.25 | +70.23 | +25.9% | 9.67% |

| Used Car | 178.77 | 214.07 | +35.30 | +19.7% | 6.07% |

| Loyalty Loans | 56.00 | 56.04 | +0.04 | +0.10% | 1.59% |

| Three-Wheeler(CL) | 3.11 | 1.35 | -1.76 | -56.6% | 0.04% |

| Construction Equipment | 8.74 | 15.11 | +6.37 | +72.9% | 0.43% |

| Corp Loan & Others | 28.16 | 61.41 | +33.25 | +118.1% | 1.74% |

| Total | 3,378.69 | 3,529.56 | +150.87 | +4.5% | 100% |

Geographic Distribution

Total Retail AUM: ₹3,468 Cr across 4 zones and 23 states
South India: ₹1,305 Cr (38% share, GNPA 3.6%)
West India: ₹408 Cr (12% share, GNPA 3.9%)
North India: ₹763 Cr (22% share, GNPA 6.94%)
East India: ₹610 Cr (18% share, GNPA 5%)
Partnerships: ₹382 Cr (11% share, GNPA 0.0%)
Q2 disbursement: ₹649 Cr
H1 disbursement: ₹1,212 Cr

Asset Quality

GNPA & NNPA Trends

Overall GNPA: 4.81% (₹160.11 Cr) in Q2 FY27, declined 165 bps YoY
Overall NNPA: 2.85% (₹92.81 Cr) in Q2 FY27
Retail Segment GNPA: ↓ 185 bps vs last year
Retail Segment NNPA: ↓ 32 bps vs last year
Provision Coverage Ratio (Retail Stage 3): Maintained at 50% (unchanged from June-26)

NPA Movement (₹ Crore)

| Parameters | Sep-25 | Mar-26 | Jun-26 | Sep-26 |

| Gross NPAs - Opening POS | 168.57 | 197.60 | 194.90 | 103.57 |

| Additions | 42.17 | 33.28 | 39.41 | 41.06 |

| Normalized, Repo sold and closed | 16.16 | 19.85 | 9.68 | 11.74 |

| Amount collected | 3.45 | 3.78 | 1.24 | 1.95 |

| Transfer to ARC | 0.00 | 0.00 | 119.83 | 0 |

| Amount written off | 0.00 | 12.35 | 0.00 | 0.00 |

| Gross NPAs - Closing POS | 191.13 | 194.90 | 103.57 | 130.94 |

| Accrued interest in NPAs | 20.80 | 22.48 | 10.83 | 13.52 |

| Gross NPAs - Closing Retail | 211.93 | 217.38 | 114.39 | 144.45 |

| Gross NPAs - Corp & Others | 0.14 | 15.71 | 15.68 | 15.66 |

| Gross NPAs | 212.07 | 233.10 | 130.07 | 160.11 |

| GNPA % | 6.46% | 6.97% | 3.94% | 4.81% |

| Net NPA | 97.26 | 133.89 | 76.53 | 92.81 |

| NNPA % | 3.07% | 4.12% | 2.36% | 2.85% |

Expected Credit Loss (ECL) Analysis

AUM: ₹3,325.63 Cr
ECL Provision: ₹92.25 Cr (2.77%)
IRAC Provision: ₹46.58 Cr (1.40%)
Excess ECL over IRAC: ₹45.67 Cr

| Stage 1 | 3,059.56 | 16.13 | 12.24 | 3.90 | 0.53% | 0.40% |

| Stage 2 | 105.96 | 8.89 | 0.42 | 8.48 | 8.39% | 0.40% |

| Stage 3 Retail POS | 130.94 | 65.58 | 32.17 | 33.41 | 50.08% | 24.57% |

| Stage 3 Others POS | 15.66 | 1.75 | 1.75 | 0 | 11.17% | 11.17% |

| Stage 3 Accrued Int | 13.51 | - | - | - | - | - |

| Total | 3,325.63 | 92.25 | 46.58 | 45.67 | 2.77% | 1.40% |

Disbursements

Retail Disbursements

Q2 FY27 Disbursement: ₹649 Cr (+21% QoQ vs Q1 FY27 ₹535 Cr)
Co-Lending Disbursement: ₹0 Cr (-100% QoQ vs Q1 FY27 ₹28 Cr)
Combined H1 Disbursement: ₹1,212 Cr (MCSL + Co-lending)

Product-wise MCSL Disbursements (₹ Cr)

| Product | Q1 FY27 | Q2 FY27 | Change | % | H1 FY27 | H1 Share |

| Two Wheeler | 422.96 | 482.89 | +59.93 | +14% | 905.85 | 76% |

| Commercial Vehicle | 58.94 | 95.58 | +36.64 | +62% | 154.52 | 13% |

| Construction Equipment | 3.14 | 7.13 | +3.99 | +127% | 10.27 | 1% |

| Loyalty Loan | 11.63 | 11.89 | +0.26 | +2% | 23.52 | 2% |

| Used Car | 38.19 | 51.94 | +13.75 | +36% | 90.13 | 8% |

| Total | 534.86 | 649.43 | +114.57 | +21% | 1184.29 | 100% |

Co-Lending Partners

| Partner | Q1 FY27 | Q2 FY27 | Change | % | H1 FY27 | H1 Share |

| Greaves Finance | 28.13 | 0 | -28.13 | -100% | 28.13 | 100% |

| Others | 0 | 0 | 0 | 0% | 0 | 0% |

| Total | 28.13 | 0 | -28.13 | -100% | 28.13 | 100% |

Securitization Transactions

H1 FY27 Activity

Direct Assignment (DA) Transactions: 10 transactions worth ₹227.78 Cr
On-Book: ₹23.85 Cr
Off-Book: ₹203.93 Cr (derecognized)
Pass-Through Certificates (PTC): 15 transactions worth ₹619.05 Cr (fully on-book)
Total Transactions: 26 worth ₹850.35 Cr
Total On-Book: ₹642.90 Cr
Total Off-Book: ₹203.93 Cr
Total Collections since sale: ₹137 Cr
Total SR Reduction: ₹105.93 Cr
Overall Recovery: 47%

Asset Reconstruction Company (ARC) Updates

ARC 01: Phoenix ARC

Principal Outstanding: Reduced from ₹235.09 Cr to ₹133.04 Cr
Security Receipts: Reduced from ₹102.22 Cr to ₹23.20 Cr (77.30% reduction)
SR Redemption: Q1 FY27 ₹1.84 Cr, Q2 FY27 ₹1.74 Cr
Total Collections: ₹98.11 Cr

ARC 02: Prasaditya ARC

Principal Outstanding: Reduced from ₹95.59 Cr to ₹65.92 Cr
Security Receipts: Reduced from ₹41.73 Cr to ₹20.89 Cr (49.93% reduction)
SR Redemption: Q1 FY27 ₹1.48 Cr, Q2 FY27 ₹1.35 Cr
Total Collections: ₹29.77 Cr

ARC 03: Prasaditya ARC

Principal Outstanding: Reduced from ₹203.01 Cr to ₹192.39 Cr
Security Receipts: Reduced from ₹81.01 Cr to ₹74.93 Cr (7.51% reduction)
SR Redemption: Q2 FY27 ₹6.09 Cr
Total Collections: ₹8.78 Cr

Liability Analysis

Borrowing Profile (as of Sep 30, 2026)

| 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 | 3,359.59 | 100% | - |

Public Deposits Breakdown

| Tenure | Balance as on 30.09.2026 |

| 1 year | 23.10 |

| 2 Year | 36.21 |

| 3 Year | 72.36 |

| 4 year | 7.41 |

| 5 year | 15.94 |

| Total | 155.02 |

Liquidity Position

Structural Liquidity (as on 30/09/2026)

Cumulative Mismatch as % of Total Outflows ranges from 24.67% (6-12 months) to 554.91% (1-7 days)
Bank Balance: ₹397 Cr available to meet requirements
Company maintains detailed ALM and Structural Liquidity statements as required by RBI

Q3 FY27 Liquidity Forecast (₹ Crores)

| Particulars | Oct-26 | Nov-26 | Dec-26 | Q3 FY27 |

| Opening Balance | 397.33 | 236.92 | 248.59 | 397.33 |

| New Borrowings | 280.72 | 325.00 | 510.00 | 1,115.72 |

| WCDL/CC Rollover | 60.00 | 220.00 | 100.00 | 380.00 |

| EMI Repayments | 238.62 | 213.30 | 205.80 | 657.72 |

| Other receipts | 12.05 | 12.00 | 12.00 | 36.05 |

| Total Inflows | 591.39 | 770.30 | 827.80 | 2,189.49 |

| Opening Balance+ Inflow | 988.72 | 1,007.22 | 1,076.39 | 2,586.82 |

| Repayment of Term Loans | 78.71 | 172.91 | 240.17 | 491.79 |

| Repayment of WCDL/DP | 230.00 | 50.00 | 100.00 | 380.00 |

| Securitization/DA payable | 79.72 | 73.52 | 72.61 | 225.85 |

| Interest on borrowings | 14.70 | 19.20 | 20.70 | 54.60 |

| Operational expenses | 42.83 | 38.00 | 36.20 | 117.03 |

| Statutory dues | 3.44 | 4.50 | 4.50 | 12.44 |

| Monthly Disbursement | 302.40 | 400.50 | 300.50 | 1,003.40 |

| Total Outflows | 751.80 | 758.63 | 774.68 | 2,285.11 |

| Cumulative closing balance | 236.92 | 248.59 | 301.71 | 301.71 |

Investments

| Investment Type | Value O/s | Yield % |

| SLR Investment | 17.35 | 6.96% |

| PTC Investments | 7.42 | 11.00% |

| SLR Deposit | 3.20 | 7.22% |

| Collateral Deposit with Bank | 84.45 | 6.77% |

| Fixed Deposit with Bank | 144.45 | 6.55% |

| Overall Yield | - | 6.79% |

Operational Highlights

Total AUM: ₹3,530 Cr (+4.5% QoQ)
Balance Sheet Size: ₹4,154 Cr (+2% QoQ)
Total Borrowings: ₹3,354 Cr (81% of Balance Sheet)
Q2 Disbursements: ₹677 Cr (+26% QoQ)
PAT (Q2): ₹4.11 Cr
Shareholders' Fund: ₹683 Cr (+1% QoQ)
Portfolio Yield: 22% (Stable)
Borrowing Cost: 9.52%
Live Retail Loans: 5,86,441
Credit Rating: CRISIL AA- /Stable
ROA H1 27 PBT: 1.04%

Strategic Partnerships

BC Partner: Deccan Finance Ltd.
Portfolio: ₹5.50 Cr
Active Borrowers: 1,618