MUTHOOTMFMuthoot Microfin Ltd.
Muthoot Microfin Q2 FY27 Results: Standalone Net Profit ₹111 Crore on Total Income of ₹733 Crore
- Earnings
- Microfinance (NBFC-MFI)
Reviewed byKeshav SehgalBlacklitt Research
Muthoot Microfin (NSE: MUTHOOTMF) reported total income of ₹732.94 crore and net profit of ₹110.78 crore for the quarter ended 30 Sep 2026, it said in a filing on 05 Nov 2026. The figures are standalone, as the company has no subsidiaries.
Key highlights
Standalone
The company on its own, without its subsidiaries
- Total income: ₹732.94 crore, up 26.9% YoY and 9.3% QoQ
- Net profit and EPS: ₹110.78 crore, up 263.0% YoY; basic EPS ₹6.60, not annualised
- Finance costs: ₹256.84 crore, up 21.5% YoY and 4.1% QoQ
- Profit before tax: ₹150.56 crore, up 305.7% YoY and 41.2% QoQ
Summary
| Particulars | Q2 FY27 | Q2 FY26 | YoY | Q1 FY27 | QoQ |
|---|---|---|---|---|---|
| 732.94 | 577.39 | +26.9% | 670.61 | +9.3% | |
| Revenue from operations | 730.66 | 576.33 | +26.8% | 668.64 | +9.3% |
| Other income | 2.28 | 1.06 | +114.8% | 1.97 | +15.7% |
| 110.78 | 30.52 | +263.0% | 81.34 | +36.2% | |
| Profit before tax | 150.56 | 37.11 | +305.7% | 106.60 | +41.2% |
| Finance costs | 256.84 | 211.31 | +21.5% | 246.74 | +4.1% |
| Depreciation | 11.00 | 11.02 | -0.2% | 10.87 | +1.2% |
| Tax expense | 39.78 | 6.59 | +503.8% | 25.26 | +57.5% |
| Net profit margin | 15.11% | 5.29% | +9.83 pp | 12.13% | +2.99 pp |
| EPS, basic (₹) | 6.60 | 1.82 | +262.6% | 4.85 | +36.1% |
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Net profit grew faster than total income. Net profit rose 263.0% YoY against total income growth of 26.9%, and profit before tax rose 305.7%. Tax expense rose 503.8% to ₹39.78 crore, so the effective tax rate was 26.4% of profit before tax, against 17.8% a year earlier.
Finance costs rose 21.5% YoY to ₹256.84 crore, which is 35.0% of total income this quarter. Revenue from operations grew 26.8%, while other income of ₹2.28 crore is only 0.3% of total income and 1.5% of profit before tax.
The notes give no reason for the rise in finance costs or in net gain on fair value changes, which the press release also leaves unexplained. Depreciation was flat at ₹11.00 crore, down 0.2% YoY.
The company is a Non-Banking Financial Company - Micro Finance Institution registered with the RBI and classified as Middle Layer. Its gross loan portfolio was ₹15,322.8 crore on 30 Sep 2026, up 22.0% YoY according to the press release. Gross NPA was 3.38% and CRAR was 25.53% as on the same date, per Annexure I.
The filing says the auditor's limited review report carries no exceptions. The company says it is not in breach of any covenants on its borrowings as on 30 Sep 2026. The company's CareEdge outlook was revised to Positive, while its BB- rating was reaffirmed and CRISIL had earlier upgraded its long-term rating to AA-/Stable.
Muthoot Microfin's latest reported quarter, Q1 FY27, had net profit of ₹81.34 crore; the quarter ended 30 Sep 2026 is 36.2% higher on that base.
Inference
The board also approved a material related party transaction with holding company Muthoot Fincorp Limited for an aggregate value not exceeding ₹2,500 crore for one year, subject to shareholder approval through a Postal Ballot. The filing does not say whether shareholders will approve it, and the filing does not give a dividend policy or any declared dividend.
The filing does not give a reason for the rise in finance costs, and the financial results statement does not explain the change in net gain on fair value changes.
Filed with BSE on . Reference: Original filing (PDF)
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