Muthoot Finance Limited 29th Annual General Meeting Proceedings

Meeting Details

The 29th Annual General Meeting of Muthoot Finance Limited was held on Monday, August 31, 2026, from 03:30 p.m. IST to 04:51 p.m. IST through Video Conferencing/Other Audio-Visual Means (VC/OAVM). The meeting was conducted in compliance with directions from the Ministry of Corporate Affairs and SEBI.

Attendance

  • 80 shareholders including promoters & members of the promoter group attended through VC/OAVM
  • Representatives from Joint Statutory Auditors: M/s. Krishnamoorthy & Krishnamoorthy Chartered Accountants and P S D Y & Associates Chartered Accountants
  • M/s. KSR & Co, Secretarial Auditors
  • CS Sunil Sankar P, Scrutiniser for E-voting
  • All Directors attended through video conferencing from remote locations
  • Chairmen of all committees (Audit, Risk Management, ALM, Nomination and Remuneration, Stakeholders Relationship, CSR & Sustainability, IT Strategy) were present

Meeting Proceedings

The meeting commenced at 03:30 p.m. IST with a silent prayer. Mr. George Jacob Muthoot, Chairman & Whole Time Director, presided over the meeting. After ascertaining quorum, the Company Secretary explained the legal formalities of the virtual AGM.

The Notice of AGM along with Auditors' Report and Board's Report was taken as read. Statutory Registers were made available for online inspection. No proxies attended as the meeting was conducted virtually.

Chairman's Address Summary

Mr. George Jacob Muthoot highlighted:

  • Core theme: "Closer to every Indian, closer to their goals"
  • Achievement of crossing ₹1 lakh crore in gold loan portfolio and market capitalization
  • Transformation of idle household gold into productive capital
  • Physical network expansion integrated with digital solutions including doorstep gold services, instant app topups, video verification, and biometric onboarding
  • Evolution into multi-product financial services group offering affordable housing, microfinance, personal loans, loan against property, and insurance broking
  • Strict adherence to regulatory compliance, risk discipline, and transparent practices as an upper-layer NBFC
  • Appreciation for shareholders, employees, customers, RBI, regulators, banking partners, and bond/NCD investors

Managing Director's Address Summary

The Managing Director reported record FY26 performance:

  • Consolidated Loan AUM: ₹1,81,916 crores (49% YoY growth)
  • Standalone Loan AUM: ₹1,62,826 crores (50% YoY growth)
  • Consolidated PAT: ₹10,607 crores (98% YoY growth)
  • Standalone PAT: ₹10,134 crores (95% YoY growth)
  • Net Worth: ₹37,742 crores
  • Capital Adequacy Ratio: 20.75%
  • Return on Equity: 34.17%
  • Dividend: Recommended record payout of 300% (₹30 per equity share)
  • Branch Network: Expanded to 7,568 branches across India
  • Digital Presence: Omnichannel adoption via iMuthoot app

Subsidiary Performance

  • Muthoot Money: Loan AUM ₹9,794 crores, PAT ₹338 crores
  • Belstar Microfinance: Loan AUM ₹8,222 crores
  • Muthoot Homefin: Loan AUM ₹3,485 crores
  • Asia Asset Finance: Loan AUM up 57% YoY
  • Standalone gold loans account for 95% of the loan book

Strategic Initiatives

  • Merger: Recommended merger of Muthoot Money (operating 1,006 gold loan branches) into Muthoot Finance with appointed date of April 01, 2027, subject to regulatory approvals
  • Leadership Transition: Proposed appointment of Mr. Alexander George as Managing Director and transition of current Managing Director to Executive Vice Chairman, effective October 1, 2026

Mr. Alexander George's Address Summary

Highlighted:

  • India's No. 1 Most Trusted Financial Services Brand for 10 consecutive years
  • Great Place to Work for 5 consecutive years
  • Only pure-play Gold Loan NBFC in RBI's Upper Layer classification
  • Average AUM per branch: ₹30.98 crore (47% YoY growth)
  • Call center operations scaled 10-fold (90 to 900 agents)
  • Deployment of conversational Agentic AI, Speech Analytics, and AI-transformation roadmap
  • Google Reviews: Over 5.3 lakh reviews in FY26 with 4.92 average rating
  • Marketing initiatives: Sunheri Soch (₹5,226 crore disbursements), Sona Kya Nahin Kar Sakta (6.87+ lakh leads)
  • 32 staff welfare measures implemented
  • Employee productivity: 62% YoY increase
  • AUM per employee: 42% YoY increase
  • Market position: Targeting India's ₹19 lakh crore gold loan market
  • FY26 metrics: 18 lakh new customer additions, 78 bps reduction in Net NPAs, market capitalization exceeding ₹1.3 lakh crore

Resolutions Proposed

The following 11 resolutions were proposed for shareholder approval:

1. Adoption of audited Financial statements for FY ended March 31, 2026 (Ordinary Resolution)

2. Appointment of Mr. George Alexander Muthoot (DIN: 00016787) as director liable to retire by rotation (Ordinary Resolution)

3. Appointment of Mr. George Jacob Muthoot (DIN: 00018235) as Director liable to retire by rotation (Ordinary Resolution)

4. Re-appointment of Mr. Joseph Korah (DIN: 09128318) as Independent Director for second term (Special Resolution)

5. Re-appointment of Mr. George Muthoot George (DIN: 00018329) as Whole Time Director (Special Resolution)

6. Re-appointment of Mr. George Alexander (DIN: 00018384) as Whole Time Director (Special Resolution)

7. Re-appointment of Mr. George Muthoot Jacob (DIN: 00018955) as Whole Time Director (Special Resolution)

8. Appointment of Mr. Eapen Alexander (DIN: 03493601) as Director liable to retire by rotation (Ordinary Resolution)

9. Appointment of Mr. Eapen Alexander (DIN: 03493601) as Whole Time Director (Special Resolution)

10. Appointment of Mr. Alexander George (DIN: 00938073) as Managing Director (Special Resolution)

11. Appointment of Mr. George Alexander Muthoot (DIN: 00016787) as Vice Chairman and Whole Time Director (Special Resolution)

Voting and Conclusion

  • Shareholders participated in Q&A session with queries addressed by Mr. George Alexander Muthoot and Mr. Alexander George
  • E-voting facility through CDSL was available and remained open for 15 minutes post-AGM conclusion
  • Results to be announced within 2 working days and intimated to Stock Exchanges
  • Meeting concluded at 04:51 p.m. IST with National Anthem
  • This summary issued pending approval of Minutes by the Chairman