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Muthoot Microfin Limited — Interim / Quarterly Report 2026
Mar 24, 2026
59223_rns_2026-03-24_c6e7ef33-0555-4e07-b77b-ef70115a349c.pdf
Interim / Quarterly Report
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Date: March 16, 2026
To,
BSE Limited Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai – 400 001
National Stock Exchange of India Limited Exchange Plaza, C-1, Block G, Bandra Kurla Complex, Bandra (E) Mumbai – 400 051
Scrip Code: 544055
Scrip Code: MUTHOOTMF
Subject : Response to clarification for Financial Results submitted February 2026 Ref : E-mail dated March 10, 2026
Dear Sir/Madam,
With reference to the observation made by your good office seeking clarification with respect to financial results submitted by M/s. Muthoot Microfin Limited (“The Company”) dated February 9, 2026, we would like to inform you that the PDF submitted was intended to be in a machinereadable/searchable format. However, we have noticed that the entire document was on machine readable/ searchable format except the pages of results which were on account of some technical glitches in the pdf document. Accordingly, the Company hereby submits the machine readable/ searchable format of all pages of the financial results of the Company for the period ended December 31, 2025.
Further, with respect to the discrepancy observed in the XBRL submission, wherein the figures for total income in the XBRL filing did not match those in the PDF document, we would like to clarify that other income was inadvertently adjusted against other expenses during the preparation of the XBRL submission. The Company has now submitted the revised financial results in XBRL with figures aligned to those reported in the PDF document.
In view of the technical glitch in the PDF and the inadvertent adjustment in the XBRL submission, we request your good office to kindly take the above clarification on record and consider the revised submissions accordingly.
Thanking you,
Yours faithfully,
For Muthoot Microfin Ltd
Digitally signed by Neethu Ajay Neethu Ajay Date: 2026.03.16 15:14:30 +05'30'
Neethu Ajay,
Chief Compliance Officer and Company Secretary
Ernakulam
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February 09, 2026
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BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, Exchange Plaza, C-1, Block G, Dalal Street, Mumbai – 400 001 Bandra Kurla Complex, Bandra (E) Mumbai – 400 051
Scrip Code: 544055
Scrip Code: MUTHOOTMF
Dear Sir/Madam,
– Sub: Outcome of the Board Meeting held on February 09, 2026 Disclosure under Regulation 30, 33 and 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“Listing Regulations”)
This is with reference to Regulation 30 read with Part A of Schedule III, Regulation 33 and Regulation 52 and other applicable provisions of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. It is hereby intimated that the Board of Directors at its meeting held on February 09, 2026, has approved, inter alia, the following business(es):
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The financial results for the quarter ended December 31, 2025, together with the Limited Review Report of the Statutory Auditors thereon, as recommended by the Audit Committee. The financial results, duly signed by the Chairperson /Managing Director/Whole-time Director and Statutory Auditors of the Company, together with the limited review report are enclosed herewith.
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The issue of Non-Convertible Debentures 2000 Crores (Rupees Two Thousand Crores only) by way Private placement and authorising Debenture Issue and Allotment Committee of the Company, subject to the approval of the shareholders at the ensuing Postal Ballot Meeting.
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Convene Postal Ballot Meeting for consideration of the Issuance of Non-Convertible Debentures.
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Re-appointed Mr. Jinsu Joseph as Chief Risk Officer of the Company for a period of Two years effective from April 01, 2026, based on the recommendation of the Risk Management Committee and Nomination and Remuneration Committee.
The details required under regulation 30 of SEBI (LODR) Regulations, 2015 read with SEBI Circular No. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026 is enclosed herewith as Annexure -I
The meeting of the board of directors commenced at 3.30 PM and concluded at 6.00 P.M.
Kindly take the same on records.
Thanking you, Yours faithfully,
For Muthoot Microfin Limited
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Neethu Ajay Chief Compliance Officer and Company Secretary
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ANNEXURE – I
Details of Reappointment of Chief Risk Officer
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Sl Particulars
No.
1. Reason for Change viz. Re-appointment on account of the expiration of tenure
appointment, re-appointment,
resignation, removal, death or
otherwise
2. Date of appointment/ re- Mr. Jinsu Joseph, Chief Risk Officer is re-appointed for another
appointment/ Cessation (as term of two years with effect from April 1, 2026
applicable) & Terms of
-
appointment / Re appointment
3. Brief Profile (in case of Jinsu Joseph is the Chief Risk Officer of our Company. He
Appointment) holds a Bachelor of Commerce degree from Mahatma Gandhi
University. He is an associate member of the Institute of
Chartered Accountants of India. He has been associated with
the Muthoot Pappachan Group for the last nine years. He has
been serving as the Chief Risk Officer with effect from April
1, 2022. Prior to that, he was serving as the Deputy Chief
Manager – Finance and Accounts and Senior Associate Vice
President – Finance and Accounts (Head Office) of our
Company. Prior to joining our Company, he was associated
with Maben Nidhi Limited as the Head of the Department –
Risk Management and Audit and with Tamilnadu Mercantile
Bank Limited as the Senior Manager (Chartered Accountant).
He has over 14 years of experience in the field of finance.
4. Disclosure of relationships Not Applicable
between Directors (in case of
appointment of a director)
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Independent Auditors Review Report on the Quarterly and Year to date Unaudited Financial Results of Muthoot Microfin Limited pursuant to Regulations 33 and 52 read with Regulation 63(2) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended
Review Report to The Board of Directors Muthoot Microfin Limited
- We have reviewed the accompanying Statement of unaudited financial results of Muthoot Microfin Limited quarter and nine months ended December 31, 2025,
herewith, being submitted by the Company pursuant to the requirements of Regulations 33 and 52 read with Regulation 63(2) of Securities Exchange Board of India (Listing Obligation and Disclosure Requirements) Regulation, 2015, as amended ( , including relevant circulars issued by the Securities and Exchange Board of India ("SEBI") from time to time.
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Board of Directors has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 'Interim Financial Reporting' lnd AS 34 prescribed under Section 133 of the Companies Act, 2013 as amended read with relevant rules issued thereunder, the circulars, guidelines and directions issued by the Reserve Bank of India ("RBI") from time to time (the "RBI Guidelines") and other accounting principles generally accepted in India and in compliance with Regulations 33 and 52 read with Regulation 63(2) of the Listing Regulations, including relevant circulars issued by SEBI from time to time and that it has been prepared in accordance with the relevant prudential norms issued by the RBI in respect of income recognition, assets classification, provisioning, to the extent applicable and other related matters. Our responsibility is to express a conclusion on the Statement based on our review.
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We conducted our review of the Statement in accordance with the Standard on Review Engagements ( SRE ) 2410 issued by the Institute of Chartered Accountants of India. This standard requires that we plan and
perform the review to obtain moderate assurance as to whether the financial statements are free of material misstatement. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
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- Based on our review conducted as stated in paragraph 3 above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with recognition and measurement principles laid down in the applicable Indian Accounting Standards specified under Section 133 of the Act as amended, read with relevant rules issued thereunder, the RBI Guidelines and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement, or that it has not been prepared in accordance with the relevant prudential norms issued by the RBI in respect of Income recognition, asset classification, provisioning, to the extent applicable and other related matters.
For Suresh Surana & Associates LLP Chartered Accountants Registration No.121750W / W100010
Ramesh Gupta Partner Membership No.: 102306 UDIN: 26102306CDEQCN1654 Place: Mumbai Date: February 9, 2026
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Muthoot Microfin Limited CIN: L65190MH1992PLC066228
Regd. Office: 13th Floor, Parinee Crescenzo, Bandra Kurla Complex, Bandra East, Mumbai, Maharashtra[- ] 400051 Admin Office: 5th Floor, Muthoot Towers, Opp Abad Hotel, MG Road, Kochi, Kerala[- ] 682035 Statement of unaudited financial results for the quarter and nine months ended December 31, 2025 (All amounts in INR millions, except per share data)
| Quarter ended | Nie monts ended | Nie monts ended | Year ended | |||
|---|---|---|---|---|---|---|
| Partculars | December 31, 2025 Unauditd |
September 30, 2025 Unaudited |
December 31, 2024 Unaudited |
December 31, 2025 December 31, 2024 Unaudited Unaudited |
March 31, 2025 Audited |
|
| (Refer Note 19) | (Refer Note 19) | |||||
| Income | ||||||
| Revenue fom operatons Iterest income |
5,159.09 | 5,357.88 | 6,248.83 | 15,704.03 | 18,424.49 | 23,694.79 |
| Fees and commission income | 259.19 | 233.66 | 274.43 | 599.37 | 807.57 | 973.04 |
| Net gain on fair value changes Icome on investents |
548.24 54.56 |
125.44 37.04 |
232.47 46.43 |
902.48 148.57 |
639.01 183.58 |
695.26 236.84 |
| Sale of services | 6.99 | 9.26 | 5.68 | 23.11 | 11.95 | 17.00 |
| Total revenue fom operatons | 6,028.07 | 5,763.28 | 6,807.84 | 17,377.56 | 20,066.60 | 25,616.93 |
| Other income | 25.44 | 10.63 | 6.63 | 40.44 | 15.59 | 27.47 |
| Total icome | 6 053.51 | 5 773.91 | 6.814.47 | 17 418.00 | 20 082.19 | 25 644.40 |
| Expenses Finance cost |
2,218.22 | 2,113.08 | 2,372.91 | 6,428.87 | 7,083.97 | 9,301.05 |
| Fees and commission expenses Net loss on derecogniton of fnancial instment under amortsed |
50.30 - |
49.45 - |
51.79 830.01 |
155.32 73.59 |
194.55 1,142.17 |
253.62 1,142.17 |
| cost category | ||||||
| Ipairment on fnancial instments | 1,062.10 | 1,118.53 | 1,642.27 | 3,434.46 | 3,903.15 | 10,423.24 |
| Employee benefts expense Depreciaton and amortsaton expense |
1,476.23 104.44 |
1,549.18 110.21 |
1,366.34 109.39 |
4,547.76 324.67 |
3,986.59 316.53 |
5,339.07 428.37 |
| Other expenses | 451.15 | 462.37 | 391.11 | 1,333.57 | 1,127.15 | 1,645.92 |
| Total expenses | 5362.44 | 5A02.82 | 6 763.82 | 16 298.24 | 17 754.11 | 28.533.44 |
| Pofit before tax for te period/ yea | 691.07 | 371.09 | 50.65 | 1,119.76 | 2,328.08 | (2,889.04) |
| Tax expense | ||||||
| Current tax | - | - | 83.43 | - | 871.85 | 468.41 |
| Deferred tax (Credit)/Charge Tax relatng to prior years |
165.10 (98.46) |
65.89 - |
(39.27) (31.51) |
226.76 (98.46) |
(298.51) (31.51) |
(1,100.71) (31.51) |
| Total tax expense Net proft (loss) for te period/ year |
66.64 624.43 |
65.89 305.20 |
12.65 38.00 |
128.30 991.46 |
541.83 1 786.25 |
(663.81) 12.225.23 |
| Oter comprehensive income Items tat will not be reclassiied to profit or loss |
||||||
| Remeasurement of gain/ (loss) on defned beneft plan (net) | 4.66 | (17.00) | (1.94) |
(16.99) | (20.49) | (12.89) |
| Tax impact on above | (1.17) | 4.28 | 0.49 | 4.28 | 5.16 | 3.24 |
| Items tat will be reclassied to proft or loss Remeasurement of fnancial assets carried at fair value trough OCI Net movement on effctve porton of Cashow hedge |
(8.03) 45.17 |
64.13 310.14 |
56.22 - |
109.07 320.59 |
282.72 - |
921.16 (426.41) |
| Fair value change in FVOCI Debt Securites | (1.10) | (18.10) | (6.16) |
(5.41) | (8.31) | 7.00 |
| Tax impact on above Oter comprehensive income, net of tax Total comprehensive icome for te period/year |
(9.07) 30.46 654.89 |
(89.64) 253.81 559.01 |
(12.60) 36.01 74.01 |
(106.77 304.77 1 296.23 |
(69.06) 190.02 1 976.27 |
(72.72) 419.38 11.805.851 |
| Paid-up equity share capital (face value of< 10 each) | 1,676.06 | 1,675.97 | 1,675.97 | 1,676.06 | 1,675.97 | 1,675.97 |
| Other equity (excluding revaluaton reserve) | - | - | - | - | 24,646.30 | |
| Eaigs per share (EPS) • | ||||||
| Basic(<) | 3.73 | 1.82 | 0.22 | 5.92 | 10.48 | (13.29) |
| Diluted{<) |
3.66 | 1.79 | 0.22 | 5.82 | 10.48 | {13.07) |
*EPS is not annualized for the quarter. See accompanying notes to financial results
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Muthoot Microfin Limited CIN : L65190MH1992PLC066228
Regd. Office: 13th Floor, Parinee Crescenzo, Bandra Kurla Complex, Bandra East, Mumbai, Maharashtra - 400051 Admin Office: 5th Floor, Muthoot Towers, Opp Abad Hotel, MG Road, Koehl, Kerala - 682035 Notes to the unaudited financial results for the quarter and nine months ended December 31, 2025
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1 The above financial results of Muthoot Microfin Limited ("the Company") together with results for comparative periods have been extracted from the unaudited financial statements prepared in accordance with the Indian Accounting Standard (Ind-AS) 34 - Interim Financial Reporting and the recognition and measurement principles laid down in the Indian Accounting Standard ("Ind AS"), notified under section 133 of the Companies Act 2013 ("the Act"), read with companies (Indian Accounting Standards) rules 2015 as amended from time to time, circulars, guidelines and directions issued by the Reserve Bank of India ("RBI") from time to time ("the RBI guidelines") and other accounting principles generally accepted in India and in compliance with the presentation and disclosure requirements of Regulation 33 and Regulation 52 read with Regulation 63(2) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) ("SEBI"), including relevant circulars issued by SEBI from time to time.
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2 The above Results have been reviewed by the Audit Committee and approved by the Board of Directors at their respective meeting held on February 09, 2026.
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3 The Company is registered as a Non-Banking Financial Company - Micro Finance Institution ('NBFC-MFI') with the Reserve Bank of India (RBI), as defined under section 45-IA of the Reserve Bank of India (RBI) Act, 1934.
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4 The Company is classified under "Middle Layer" pursuant to Master Direction - Reserve Bank of India (Non-Banking Financial Companies - Registration, Exemptions and Framework for Scale Based Regulation) Directions, 2025.
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5 The Company has consistently applied its material accounting policies in the preparation of this Statement consistent with those followed in the annual financial statements for the year ended March 31, 2025. Any application of circulars/ directions issued by the RBI or other regulators are implemented prospectively when they become applicable.
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6 The Company is engaged mainly in the business of financing and as such, there are no such reportable segments as per Ind AS 108 "Operating Segments". The Company operates only in a single geographical segment, i.e, domestic.
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7 The business model of the Company under Ind AS 109 "Financial Instruments" continues to be 'hold to collect and sell' and consequently, the financial assets have been fair valued through other comprehensive income as on December 31, 2025.
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8 Information as required by Regulation 52 (4) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended for the nine months ended December 31, 2025 is provided in Annexure I.
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9 The Company does not have any Subsidiary/ Associate/Joint Venture Company(ies), as on December 31, 2025.
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10 As per Regulation 54 of the SEBI (Listing Obligation and Disclosure Requirements) Regulations 2015 ('Listing Regulations'), as on December 31, 2025, all Secured Non- Convertible Debenture (the NCDs) of the Company are secured by exclusive first charge by way of hypothecation against the loan assets of the Company. Further, the Company has maintained the minimum required security cover as per the respective terms of principal outstanding and accrued coupon thereon or as stated in the Information Memorandum of these NCD' s at all times.
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11 The Company has been regular in servicing all its borrowings during the quarter. The company is not in breach of any covenants on the borrowings outstanding as on December 31, 2025. The compliance is on account of improving the financial performance of the Company or by condonement or waiver from the lender's side. Accordingly, no adjustments have been considered necessary in these financial results.
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12 On November 21, 2025, the Government of India has notified the four Labour Codes - the Code on Wages, 2019, the Industrial Relations Code, 2020, the Code on Social Security, 2020, and the Occupational Safety, Health and Working Conditions Code, 2020, consolidating 29 existing labour laws. The Ministry of Labour & Employment published draft Central Rules and FAQs to enable assessment of the financial impact due to changes in regulations. The Company has assessed the impact of these changes to the extent applicable and in the opinion of the management, no incremental provision is required to be created during the quarter ended December 31, 2025. The Company will continue to monitor the finalisation of Central / State Rules and clarifications from the Government on other aspects of the Labour Code and would provide appropriate accounting effect on the basis of such developments as needed.
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13 The Company has implemented Employee Stock Option Plan under Muthoot Microfin Employee Stock Option Plan 2016 ("ESOP 2016") and Muthoot Microfin Limited Employee Stock Option Plan 2022 ("ESOP 2022"). The scheme is implemented through MML Employee Welfare Trust and is consolidated in the financial statements of the Company.
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14 During the quarter and nine months ended December 31, 2025, 8 employees, exercised their vested options under the ESOP Scheme, totalling 8,500 shares.
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15 During FY 2024-25, the Company has created a management overlay of Rs.2,296.53 million, which include Rs.971.21 million as general overly and Rs.1,325.32 million for Kamataka impact due to the implementation of Karnataka Micro Loan and Small Loan (Prevention of Coercive Actions) Ordinance, 2025 in Q4 last financial year. The Company has consumed the overly in Ql FY 202526, for the intended purpose. The general overlay is consumed by the new ECL model approved by the Board and implemented by the Company from Ql FY 2025-26. The Kamataka related overlay is consumed to write off or derecognise through ARC sale, the pools impacted in Q4 in the state of Karnataka.
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Considering the stable portfolio performance in current year with respect to customer behavior and collection efficiency and the policy level change in terms of ECL, it is decided that a separate management overlay is no longer necessary.
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Muthoot Microfin Limited
CIN : L65190MH1992PLC066228
Regd. Office: 13th Floor, Parinee Crescenzo, Bandra Kurla Complex, Bandra East, Mumbai, Maharashtra - 400051 Admin Office: 5th Floor, Muthoot Towers, Opp Abad Hotel, MG Road, Koehl, Kerala - 682035
Notes to unaudited financial results for the quarter and nine months ended December 31, 2025
- 16 Disclosures pursuant to under RBI Master Direction RBI/DOR/2025-26/359 DOR.ACC.REC.No.278/21.04.018/2025-26 on Reserve Bank of India (Non-Banking Financial Companies - Transfer and Distribution of Credit Risk) Directions, 2025 and Reserve Bank of India (Non-Banking Financial Companies - Financial Statements: Presentation and Disclosures) Directions, 2025 dated November 28,2025 are given below:
Details of loan assets transferred through Direct Assignment, in respect of loans not in default during the quarter and nine months ended December 31, 2025
| Rs. In Millions, unless oterwise stated) | Rs. In Millions, unless oterwise stated) | |||
|---|---|---|---|---|
| Quarter ended | Nine months | |||
| SI.No. | Particulars | December 31, 2025 | ended December | |
| 31 2025 | ||||
| 1 | No. of Accounts | 91,737 | 2,95,887 | |
| 2 | Aiiregate principal outstanding of loans tansferred | 4,981.65 | 13,343.14 | |
| 3 | Sale consideraton | 4,483.48 | 11,529.82 | |
| 4 | No. of Transactons | 3 | 5 | |
| 5 | Weighted average remaining maturit | 1.83 years | 1.50 years | |
| 6 | Weighted average holding period | 0.70 vears | 0.72 vears | |
| 7 | Retention of benefcial economic interest (MRR) | 498.16 | 1,813.32 | |
| 8 | Coverage of tangible securit coverage | N.A | N.A | |
| 9 | Rating-wise distribution of rated loans | N.A | N.A | |
| 10 | No. of transactons done with agreed to replace te tansferred loans basis | N.A | N.A | |
| 11 | No. of transferred loans replaced | N.A | N.A |
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i) The Company has not transferred any Non Performing Assets during the quarter and nine months ended December 31, 2025.
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17 Disclosures pursuant to under RBI Master Direction RBI/DOR/2025-26/359 DOR.ACC.REC.No.278/21.04.018/2025-26 on Reserve Bank of India (Non-Banking Financial Companies - Transfer and Distribution of Credit Risk) Directions, 2025 and Reserve Bank of India (Non-Banking Financial Companies - Financial Statements: Presentation and Disclosures) Directions, 2025 dated November 28,2025 are given below:
Details of stress loan assets transferred to Asset Reconstruction Company and investment made in Security Receipts (SR's) during the quarter and nine months ended December 31, 2025
| Rs. In Millions, unless oterwise stated) | Rs. In Millions, unless oterwise stated) | |||
|---|---|---|---|---|
| Quarter ended | Nine months | |||
| SI.No. | Particulars | December 31, 2025 | ended December | |
| 31, 2025 | ||||
| 1 | No. of Accounts | - | 1,05,570 | |
| 2 | Aiiregate principal outstanding of loans tansferred | - | 3,513.61 | |
| 3 | Weighted average residual tenor of te loans tansferred | - | 1.02 vears | |
| 4 | Net book value of loans tansferred (at te tme of tansfer) | - | 1,303.59 | |
| 5 | Aiiregate consideration | - | 1,230.00 | |
| 6 | Additonal consideraton realized in respect of accounts tansferred in earlier years | - | - | |
| 7 | Investent in Securitv Receipts | - | 1,069.00 | |
| Net book value is | including accrued interest and net of ECL provision | |||
| ils f d f S b Deta· o recoverv ratng assigne or ecurity Receipts as at Decem er 31, 2025 are |
given b 1 e ow- |
|||
| Particulars | Recover Rating Scale |
Implied Recover | Book Value | |
| SR of Rare ARC - | 054 Trust IVR RRl |
100% to 150% | 327.89 | |
| SR of PARAS-149 Trust IVR RRl |
100% to 150% | 502.95 | ||
| SR of P ARAS-160 Trust BWR RRl |
100% to 150% | 1,184.20 | ||
| SR of P ARAS-168 Trust BWR RRl |
100% to 150% | 1,003.82 |
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i) The Company has not acquired any loans through assignment.
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ii) The Company has not acquired any stressed loans.
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18 During the quarter and nine months ended December 31, 2025, the Company has issued 1,12,500 and 2,17,500 secured, listed, rated, redeemable non convertible debentures amounting to Rs.4,500 million and Rs. 6,000 million respectively.
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19 Figures for the quarter ended December 31, 2025 and December 31, 2024 are the balancing figures between unaudited figures for the nine months ended December 31, 2025 and December 31, 2024 with the figures for half year ended September 30, 2025 and September 30, 2024 respectively, which were subjected to limited review by the statutory auditors of the Company.
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20 These financial results are available on the websites of the Stock Exchanges (www.bseindia.com and www.nseindia.com) and on Company's website at www.muthootmicrofin.com.
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21 Previous period's / year's figures have been regrouped / reclassified wherever considered necessary to correspond with the current period's / year's classification / disclosure.
For and on behalf of the Board of Directors
Name : Thomas MuthootJohn Designation : Executive Director Digitally signed DIN : 07557585 JOHN M JOHN Date: 2026.02.09 Place : Koehl 19:22:41 +05'30' Date : February 09, 2026 THO MAS by THOMAS M
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Muthoot Microfin Limited
CIN : L65190MH1992PLC066228
Regd. Office: 13th Floor, Parinee Crescenzo, Bandra Kurla Complex, Bandra East, Mumbai, Maharashtra - 400051 Admin Office: 5th Floor, Muthoot Towers, Opp Abad Hotel, MG Road, Koehl, Kerala - 682035 Annexure I to unaudited financial results for the quarter and nine months ended December 31, 2025
Disclosure in compliance with Regulation 52 (4) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, as amended for the nine months ended December 31, 2025.
| mended | for te nine monts ended December 31, 2025. | ||
|---|---|---|---|
| SlNo. | Pariculars | Nine months ended | Year ended |
| December 31, 2025 | March 31, 2025 | ||
| 1 | Debt Equity Rato ( No.of tmes) | 3.26 | 3.01 |
| 2 | Debt Service coverage rato | Not applicable | Not applicable |
| 3 | Interest serice coverage rato | Not applicable | Not applicable |
| 4 | Outstanding redeemable preference shares (Quantt) | Nil | Nil |
| 5 | Outstanding redeemable preference shares ( Amount in Millions) | Nil | Nil |
| 6 | Capital redempton reserve (Amount in Millions) | Nil | Nil |
| 7 | Debenture redempton reserve | Nil | Nil |
| 8 | Net wort ( Amount in Milions) | 27,683.20 | 26,322.27 |
| 9 | Net profit after tax (Amount in Millions) | 991.46 | (2,225.23) |
| 10 | Earg per share (In Rs.) (Face value of Rs. 10 per equit share) | ||
| (i) | Basic | 5.92 | (13.29) |
| (ii) | Diluted | 5.82 | (13.07) |
| 11 | Current rato | Not applicable | Not applicable |
| 12 | Long term debt to working capital (No. of tmes) | Not applicable | Not applicable |
| 13 | Bad debts to accounts receivable rato | Not applicable | Not applicable |
| 14 | Current liability rato (No. of tmes) | Not applicable | Not applicable |
| 15 | Total debt to total assets ( No. of tes) | 0.75 | 0.73 |
| 16 | Debtors turover rato | Not applicable | Not applicable |
| 17 | Inventory turover rato | Not applicable | Not applicable |
| 18 | Operatng margin | 6.43% | (11.27%) |
| 19 | Net profit margin | 5.69% | (8.68%) |
| 20 | Sector specific equivalent ratos include following: | ||
| (i) | Gross NPAs | 4,312.46 | 4,511.67 |
| (ii) | Net NPA (Net of Stage III provision) | 1,274.21 | 1,203.63 |
| (iii) | % of Gross NPA | 4.40% | 4.84% |
| (iv) | % of Net NPA (Net of Stage III provision) | 1.34% | 1.34% |
| (v) | Provision coverage rato | 70.45% | 73.32% |
| (vi) | Capital risk adequacy rato (CRAR) % | 26.44% | 27.85% |
Not applicable. As per the management, these ratios are either not applicable or cannot be meaningfully computed considering the nature of the Company's operations.
Notes:
- 1 Debt-equity ratio[= ] (Debt securities+ Borrowings (Other than debt securities) + Subordinated liabilities / Net worth 2 Net worth[= ] Equity share capital+ Other equity
3 Total debt to total assets[= ] (Debt securities+ Borrowings (Other than debt securities)+ Subordinate Liabilities)/Total assets 4 Operating margin[= ] Profit before tax (PBT)/ Total Income
- 5 Net profit margin[= ] Profit after tax(PAT)/Total Income
6
-
% of Gross NPA[= ] Stage III loans (NPA as per SMA classification)/Gross loan outstanding.
-
7 % of Net NPA (Net of Stage III provision)[= ] Stage III loans (NPA as per SMA classification) - Stage III Expected Credit Losses / (Gross loan outstanding - Stage III Expected Credit Losses)
8 Provision coverage ratio[= ] Stage III Expected Credit Losses/ Gross Stage III loan EAD 9 CRAR[= ] Adjusted net worth / Risk weighted assets, calculated as per RBI Guidelines.
For and on behalf of the Board of Directors
| For and on behalf of the Board of Directors | For and on behalf of the Board of Directors |
|---|---|
| THOMAS Digitally signed by THOMAS M JOHN |
|
| MJOHN Date: 2026.02.09 19:20:22 +05'30' |
|
| Name | : Thomas MutootJohn |
| Designaton | : Executve Director |
| DIN | : 07557585 |
| Place | : Kochi |
| Date | : February 09, 2026 |
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Muthoot Microfin Limited
CIN : L65190MH1992PLC066228
Regd. Office: 13th Floor, Parinee Crescenzo, Bandra Kurla Complex, Bandra East, Mumbai, Maharashtra - 400051 Admin Office: 5th Floor, Muthoot Towers, Opp Abad Hotel, MG Road, Kochi, Kerala - 682035
Related party transactions for the nine months ended December 31, 2025
| Related party transactions for the nine months ended December 31, 2025 | Related party transactions for the nine months ended December 31, 2025 | |||
|---|---|---|---|---|
| Names of the related parties and nature of relationship | ||||
| Nature of relationshi D | Name of the partv | |||
| Holdig Company | Muthoot Fincorp Limited | |||
| Enttes in which KMP are able to exercise contol or have significant influence | Muthoot Exim Private Limited | |||
| Muthoot Pappachan Foundaton | ||||
| Fellow subsidiary | Muthoot Pappachan Technologies Limted | |||
| Muthoot Housing Finance Company Limited | ||||
| Common directorship | Muthoot Capital Services Limited | |||
| The Thinking Machine Media Private Limited | ||||
| M-Liga Sports Excellence Private Limited | ||||
| Credavenue Private Limited | ||||
| Key Management Personnel (KMP) | Thomas Muthoot, Non-Executve Director | |||
| Thomas George Muthoot, Non-Executve Director | ||||
| Thomas MuthootJohn, Executve Director | ||||
| Akshaya Prasad, Non-Executve Director | ||||
| John Tyler Day, Non-Executve Director | ||||
| T S Vijayan, Non-Executve Independent Director | ||||
| Alok Prasad, Non-Executve Independent Director | ||||
| Bhama Krishnamurthy, Non-Executve Independent Director | ||||
| Pushpy B Muricken, Non-Executve Independent Director | ||||
| Anil Sreedhar, Non-Executve Independent Director | ||||
| Sadaf Sayeed, Chief Executve Offcer | ||||
| Praveen.T, Chief Financial Offcer | ||||
| Neethu Aiav, Chief Compliance Ofcer & Company Secretarv | ||||
| Other Related Parties | MML Employee Welfare Trust | |||
| Hannah Muthoot, Chief Stategy Officer | ||||
| Transactions with the related parties | ||||
| (All amount in Rs. Millions unless otherwise | stated) | |||
| Nature | Name of the party | Transactions for the perod ended December 31, 2025 |
(Payable)/ Receivable as at December 31, 2025 |
|
| Cash management charges and Commission Expense |
Muthoot Fincorp Limited | 31.91 | (2.78) | |
| Commission Income | Muthoot Fincorp Limited | 0.77 | 0.88 | |
| Muthoot Exir Private Limited | (3.08) | (0.24) | ||
| Software support charges | Muthoot Pappachan Technologies | 9.07 | - | |
| Rent expenses | Muthoot Fincorp Limited | 1.15 | (0.12) | |
| Thomas Muthoot | 2.60 | (0.31) | ||
| Thomas George Muthoot | 5.82 | (0.73) | ||
| Thomas John Muthoot | 1.47 | (0.18) | ||
| Rental Deposits | Muthoot Fincorp Limited | 0.06 | 0.24 | |
| Mr. Thomas Muthoot | - | 0.18 | ||
| Mr. Thomas George Muthoot | - | 0.10 | ||
| Mr. ThomasJohn Muthoot | - | 0.08 | ||
| CSR Expenditure | Muthoot Pappachan Foundaton | - | (51.11) | |
| Travelling charges | Muthoot Fincorp Limited | 0.23 | - | |
| Sittng Fees & Expense Reimbusement | Pushpy B Muricken | 0.59 | - | |
| T S Vijayan | 0.63 | - | ||
| Alok Prasad | 0.79 | - | ||
| Bhama Krishnamurthy | 0.66 | - | ||
| Anil Sreedhar | 0.53 | - | ||
| Remuneraton (CEO) | Mr. Sadaf Sayeed | 40.29 | - | |
| Remuneraton (CFO) | Mr. Praveen T | 10.09 | - | |
| Remuneraton (CS) | Ms. Neethu Ajay | 6.10 | - | |
| Remuneraton (Executve Director) | Thomas Muthoot John | 6.91 | - | |
| Remuneraton (Chief Strategy Offcer) | Hannah Muthoot | 2.43 | - | |
| Investent in equity instruments | The Thiking Machine Media Private | - |
||
| Limited | 0.45 |
Note : Above expenses are excluding applicable taxes
For and on behalf of the Board of Directors
Name : Thomas MuthootJohn Designation : Executive Director DIN : 07557585 Digitally signed by THOMAS THOMAS M JOHN Place Date : February 09, 2026 : Kochi MJOHN Date: 2026.02.09 19:20:58 +05'30'
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To, The Board of Directors Muthoot Microfin Limited 13[th] Floor, Parinee Cresenczo, Bandra Kurla Complex, Bandra (East), Mumbai- 400051
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31 December 2025 in terms of Regulation 54 read with Regulation 56(1)(d) of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2015 (as ted Vardhman Trusteeship Private Limited (collectively, the "Debenture Trustees")
-
This certificate is issued in accordance with the terms of our engagement vide email dated 06 February 2026.
-
to issue a certificate that, the particulars provided in the annexed Statement on Security Cover for its listed secured non-convertible debentures as at 31 December 2025 (the Master circular no.
SEBI/HO/DDHS-PoD- 1/P /CIR/2025/117 dated 13 August 2025 issued by Securities and Exchange Board of India in terms of Regulation 54 read with Regulation 56(1)(d) of the Securities and Exchange Board of India (listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) for submission to the Stock Exchanges and Debenture certified by the Chief Financial Officer of the Company. We have stamped on the Statement for identification purposes only.
-
The preparation of the Statement is the responsibility of the Management of the Company, including the preparation and maintenance of all accounting and other relevant supporting records and documents. This responsibility includes designing, implementing, and maintaining internal control relevant to the preparation and presentation of the Statement and applying an appropriate basis of preparation; and making estimates that are reasonable in the circumstances. Further, the Management of the Company is responsible for ensuring that the Company complies with all the relevant requirements of the SEBI circular, SEBI Regulations, Companies Act, 2013 and other applicable laws and regulations, as applicable.
-
The Management is also responsible to ensure that Security Cover Ratio as at 31 December 2025 is in compliance with SEBI Master circular no. SEBI/HO/DDHS-PoD1/P/CIR/2025/117 dated 13 August 2025 as per the SEBI Regulations and as per the terms of Transaction Documents as given in Statement attached to this certificate.
-
Pursuant to the requirements as mentioned in paragraph 2 above, it is our responsibility to provide a limited assurance in the form of conclusion based on examination of the
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unaudited financial statements/ information as at and for the nine months ended 31 December 2025 and other relevant records maintained by the Company as to whether:
-
a) the amounts appearing in the Statement are correctly extracted from unaudited financial statements/ information as at and for the nine months ended 31 December 2025 and other relevant records maintained by the Company; and
-
b) the Security cover available for the Debenture holders has been maintained in accordance with the Offer Document / Information Memorandum in respect of listed secured non-convertible debentures.
This did not include the evaluation of adherence by the Company with all the applicable guidelines of the SEBI Regulations and the Stock Exchanges.
-
A limited assurance engagement includes performing procedures to obtain sufficient and appropriate audit evidence on the reporting criteria mentioned in paragraph 2 above. The procedures selected depend on the auditor's judgement, including the assessment of the risks associated with the reporting criteria. Accordingly, we have performed the following procedures in relation to the Statement:
-
a) Obtained and read the Information Memorandum and Debenture Trust Deed in respect of listed secured non-convertible debentures issued by the Company and noted the Security cover ratio required to be maintained by the Company in respect of such debentures;
-
b) Obtained and read the list of book debts charged as security in respect of the Debentures outstanding;
-
c) Traced the security charged with register of charges maintained by the Company and 'Form No. CHG-9' filed with Ministry of Corporate Affairs ('MCA');
-
d) Obtained the management certified unaudited financial statements/ information as at and for the Nine Months ended 31 December 2025;
-
e) Traced the amounts forming part of the Statement with the management certified unaudited financial statements/ information as at and for the nine months ended 31 December 2025 and verified the arithmetical accuracy of the same;
-
f) Recomputed the Security Cover ratio and ensure the arithmetical accuracy of the Computation; and
-
g) Obtained necessary representation letter from the management.
The procedures performed in a limited assurance engagement vary in nature and timing from, and are less in extent than, for a reasonable assurance. Consequently, the level of assurance obtained in a limited assurance is substantially lower than the assurance that would have been obtained had a reasonable assurance engagement been performed.
- We conducted our examination of the statement in accordance with the Guidance Note on Reports or Certificates for Special Purposes (Revised 2016) issued by the Institute of Chartered Accountants of India. The Guidance Note requires that we comply with the ethical requirements of the Code of Ethics issued by the Institute of Chartered Accountants of India.
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- We have complied with the relevant applicable requirements of the Standard on Quality Control (SQC) 1, Quality Control for Firms that Perform Audits and Reviews of Historical Financial Information, and Other Assurance and Related Services Engagements.
Conclusion
-
Based on our examination and the procedures performed as mentioned in paragraph 6 above, nothing has come to our attention that causes us to believe that:
-
a) the amounts appearing in the Statement are incorrectly extracted from unaudited financial statements/ information as at and for the nine months ended 31 December 2025 and other relevant records maintained by the Company; and
-
b) the Security cover available for the Debenture holders has not been maintained in accordance with Offer Document / Information Memorandum in respect of listed secured non-convertible debentures.
Other Matter
- As per Chapter V para 1 of the Master circular no. SEBI/HO/DDHS-PoD- 1/P /CIR/2025/117 dated 13 August 2025, we are required to certify the book value of the assets, hence, we have not verified market value provided in the Statement of Security Cover (i.e. from Column K to Column O) and accordingly, we do not express any conclusion on the same.
Restriction on Use
- This Certificate is being solely issued at the request of the Management of the Company to comply with the aforesaid Regulations and may not be suitable for any other purpose and is intended solely and entirely for the above-mentioned purpose. Accordingly, our certificate should not be quoted or referred to in any other document or made available to any other person or persons without our prior written consent. Accordingly, we do not accept or assume any liability or any duty of care for any other purpose or to any other person to whom this certificate is shown or into whose hands it may come without our prior consent in writing.
For Suresh Surana & Associates LLP Chartered Accountants
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Ramesh Gupta Partner Membership No.: 102306 Certificate No.: RG/2025-26/242 UDIN No.: 26102306TZWKYY3478 Place: Mumbai Dated: 9 February 2026
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r.,utli·o·ot
MICROFIN
Muthoot Microfm Limited
Annexure I - Security Cover Certificate as on 31 December 25
| Annex | ureI -Security Cover C | ertifcate as on 3 | 1 December 25 | ||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Rs | in Crores | ||||||||||||||||||||
| Column A Particulars |
Column B Descripton of asset fr wich tis certcate relate |
ColumnC<•l Exclusive Charge Debt frwhich tis certfcate being issued |
ColumnD{n) Exclusive Charge Oter Secure Debt |
ColumnE(iii) PariPassu Charge Debt fr wich tis certcate being issued |
Column F(iv) Pari Passu Charge Assets shared by pari passu debt holder (includes debt fr which tis certcate is issued & oter debt wit pari-passu charge) |
ColumnG {vJ PariPassu Charge Oter Assets on wich tere is pari passu charge ( excluding items covered in column F) |
Column H(vi) Assets not ofered as Securit |
Columnl 1vil Eliminaton on(amount in negatve) Debt amount considered more tan once (due to exclusive plus pari passu chage) |
ColumnJ (Total C to H) |
Column K Maket Vaue fr Assets charged on Exclusive basis** |
ColumnL Related to only Cag_I_book vaue fr exclusive chage assets where market vaue is not ascertanable or applicable. (For e.g. Bank Baace, DSRA maket vaue |
ColumnM ColumnN tose items covered by tis certcate Maket Vaue Cag vaue / fr Pari Passu book vaue fr pari charge Assets passu chage assets (vi) were maket vaue is not asce le or applicable. (For e.g. Bank Baace, DSRA maket vaue |
ColumnO(ix) Total Value (K+L+M+N) |
||||||||
| is not applicable) | is not applicable) | ||||||||||||||||||||
| Book Value | Book Value | Yes/No | Book Value | Book Value | Relatin ! | to Column F | |||||||||||||||
| ASSETS | |||||||||||||||||||||
| Proper, Plant and Equipmeot Caoital Work in Proirress |
71.06 | 71.06 | |||||||||||||||||||
| Right of Use Assets | 128.76 | 128.76 | |||||||||||||||||||
| Goodwill | |||||||||||||||||||||
| Itangible Assets | 0.46 | 0.46 | |||||||||||||||||||
| Itangible Assets under Development Ivestments |
429.68 | 429.68 | |||||||||||||||||||
| Loans | Book Debts | 835.53 | 7,785.87 | No | 1,180.61 | 9,802.01 | 835.53 | 835.53 | |||||||||||||
| (Refer Note I & Note 2) | |||||||||||||||||||||
| Less: hpainnent loss allowances_a_per Id AS |
(9.04) | (124.58) | No | (309.37) | (442.99) | ||||||||||||||||
| Iventories | |||||||||||||||||||||
| Trade Receivable | 65.41 | 65.41 | |||||||||||||||||||
| Cash and Cash Equivaleots | 1,093.99 | 1,093.99 | |||||||||||||||||||
| Bank Balances oter tan Cash and Cash Equivalets Others |
Fixed Deposits Derivatve fnancial instuments, |
458.05 | 71.41 402.84 |
529.46 402.84 |
|||||||||||||||||
| Current tax assets, Deferred tax | |||||||||||||||||||||
| assets (net), Oter fnancial assets and oter non fnancial assets |
|||||||||||||||||||||
| Total | (A) | 826.49 | 12,080.68 | 835.53 | - | - | 835.53 | ||||||||||||||
| Face V aloe in Column C | |||||||||||||||||||||
| LI ABILI TI ES | |||||||||||||||||||||
| Debt securites to which tis certcate per |
Listed Non Convertble Debetures (Refer Note 3) |
765.27 | 149.56 | Yes | 914.83 | ||||||||||||||||
| Other debt sharing pari-passu charge wit above debt |
|||||||||||||||||||||
| Other Debt | |||||||||||||||||||||
| Subordinate Debt | |||||||||||||||||||||
| Borrowings | /Refer Note 4 & Note 5) | 8,096.57 | 8,096.57 | ||||||||||||||||||
| Bank Debt Securities |
not to be fled | ||||||||||||||||||||
| Others | |||||||||||||||||||||
| Trade Payables | 22.47 | 22.47 | |||||||||||||||||||
| Lease Liabilites | 158.48 | 158.48 | |||||||||||||||||||
| Provisions | 20.12 | 20.12 | |||||||||||||||||||
| Others | 99.90 | 99.90 | |||||||||||||||||||
| Total | (B) | 765.27 | 8,246.13 | 300.97 | - | 9,312.37 | - | - | |||||||||||||
| Cover on Book Value | |||||||||||||||||||||
| Cover on Market Value (r) | Exclusive | 1.08 | Pari-Passu |
Not Applicale | |||||||||||||||||
| Security Cover | Security | ||||||||||||||||||||
| Ratio | Cover Ratio |
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"'UTHDOT MlCROFIN UMrTl!.D CIN:L6S190MH1992PLC0662: A.dnw,rma.,. Offla,§• Flrmr Mut,_T....,n LIGR<an Fl Ol'ot 13 "'Al,or p,.,,...,. c.,._,,,. llan,do-a Ku�" Campi l(ocnl -■ -S&203!! Tel �1 �277SOD •91-4M-4!l00127 F-Ba'1dntf',., 1 Mumbei 1,1a-...,i,,, -•000�1 .. ,1....-.!4--4JOOl?7E·;nfo@n-u1haatmoaafincam lllv'WN mu '-Out. k.1'u • COf'
m ·o'ot mutli MICROFIN
Footnote to Asset Cover Certificate
(i) This column shall include book value of assets having exclusive charge and OLilstanding book value of debt for which this certificate is issued.
(ii) This column shall include book value of assets having exclusive charge and outstanding book value of' al I corresponding debt other than column C.
(iii) This column shall include debt for which this certificate is issued having any pari passu charge - Mention Yes. else No.
(iv) This column shall include a) book value of assets having pari-passu charge b) outstanding book value of' debt for which this certificate is issued and c). other debt sharing pari- passu charge along with debt for which certificate is issued.
,.
(v) This column shall include book value of all other assets having pari passu charge and outstanding book value of corresponding debt.
(vi) This column shall include all those assets which are not charged and shall include all unsecured borrowings including subordinated debt and shall include only those assets which are paid-for.
(vii) In order to match the liability amount with financials, it is necessary to eliminate the debt which has been counted more than once (included under exclusive charge column as also under pari passu). On the assets side, there shall not be elimination as there is no overlap.
(viii) Assets which are considered at Market Value like Land. Building. Residential/ Commercial Real J·:swte 10 be stated at Market Value. Other assets having charge to be stated at book value/Carrying Value.
(ix) The market value shall be calculated as per the total value of' assets mentioned in Column 0.
Notes :
I. Loans referred in Column F is net of ECL provisions and includes principal outstanding, interest receivable and IND AS adjustment.
-
Debt Securities to which this certificate pertains includes Principal Outstanding_+ Interest Accrued+ IND AS Adjustment).
-
Borrowings is represented as (Principal Outstanding+ Interest Accrued+ IND AS Adjustment).
4.Includes Rs. I, 188.97 Crores of borrowings drawn as at end of 3 I December 2025 on which security creation is under progress as per terms agreed with lenders.
- Security covered ratio is calculated only for debt for which this certificate is issued.
For Muthoot Microfin Limited
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Place: Ernakulam Date: 09-02-2026
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MUTHOOT MICROFIN LIMITED CIN:L65190MH1992PLC066228
Administrative: Office 5th Floor, Muthoot Towers, MG Road, Kochi, Kerala. 682035, Tel: +9) -484-4277500, +91-484-4300127, F: +91-484-4300127 [email protected]. Office: 13 !!floor, Parinee Crescenzo, Bandra Kurla Complex, Bandra East, Mumbai, Maharashtra· 400051 . . www.muthootm1crofin.com
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*mutn·oot MICR FIN l*
A. Statement of utilization of issue proceeds
| Name of the Issuer |
ISIN | Mode o Fund Raising (Public issues/ Private placement) |
Type of instrument |
Type of instrument |
Date of raising fnds |
Amount Raised (f in Cr.) |
Funds utilized (fin Cr.) |
Any deviation (Yes/ No) |
If 8 is Yes, then specify the purpose of fr which the fnds were utilized |
Remarks, if any |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | |
| INE046W07230* | 27-01-2023 | 100 | 100 | No | NA | |||||
| INE046W07230* | 09-02-2023 | 100 | 100 | No | NA | |||||
| INE046W07248# | 05-06-2023 | 150 | 150 | No | NA | |||||
| INE046W07255& | 07-07-2023 | 75 | 75 | No | NA | |||||
| INE046W07263$ | 01-08-2023 | 75 | 75 | No | NA | |||||
| INE046W07271 | 06-08-2024 | 66.4 | 66.4 | No | NA | |||||
| INE046W07289 INE046W07297 |
Private Placemen | NCD | 12-09-2025 23-09-2025 |
100 50 |
100 50 |
No No |
NA NA |
|||
| INE046W07305 | 04-11-2025 | 75 | 75 | No | NA | |||||
| INE046W07313 | 11-11-2025 | 75 | 75 | No | NA | |||||
| INE046W07321 | 11-11-2025 | 75 | 75 | No | NA | |||||
| INE046W07339 | 03-12-2025 | 75 | 75 | No | NA | |||||
| INE046W07347 | 16-12-2025 | 75 | 75 | No | NA | |||||
| INE046W07354 | 16-12-2025 | 75 | 75 | No | NA | |||||
| 1166.40 | 1166.40 |
- Note 1- The ISIN has been partly redeemed on 31-01-2024, 31-07-2024, 31-01-2025 & 31-07-2025 and the outstanding balance as on Dec 31,2025 is Rs 40 Crores for each tranche.
Note 2- The ISIN has been partly redeemed on 31-05-2024 ,30-11-2024, 31-05-2025 & 30-11-2025 and the outstanding balance as on Dec 31,2025 is Rs 29.97 Crores. (also put option for 15 NCDS' have exercised)
& Note 3 - The ISIN has been partly redeemed on 30-09-2024, 31-12-2024, 31-03-2025 ,30-06-2025, 30-09-2025, 31-12-2025 and the outstanding balance as on Dec 31,2025 is Rs 12.28 Crores. (also put option for 2588 NCDS' have exercised)
$ Note 4 - The ISIN has been partly redeemed on 31-10-2024, 31-01-2025, 30-04-2025 ,31-07-2025 & 31-10-2025 and the outstanding balance as on Dec 31,2025 is Rs 27.75 Crores. (also put option for 102 NCDS' have exercised)
�=======:::::-....
U HOO MICRO I L MlTED CIN:L65190MH1992PLC066228 Re[9] d Office: '3 'floor, Patinee Cresc:errzo, Bandta l<utla Com[p] l11x., Ba1dra East,· 1umbai. MaharasMra- 4 51
Admmistrative: Office 5th Floor, utlloot Tow.:rs, MG Road, Koehl. Kerala- 682035, Tel: +91 ..i8H27750D, +91-4M430(l 27. F +9144-'1300127 E: inlo@muttiootmk:rofin.com
m mutn·oot MICROFIN
A. Statement of utilization of issue proceeds
| Any | If8 is Yes, | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| deviation | then | |||||||||
| Name of the Issuer |
ISIN | Mode o Fund Raising (Public issues/ Private placement) |
Type of instrument |
Date of raising fnds |
Amount Raised($ in Million.) |
Funds utilized ($in Million.) |
(Yes/ No) |
specify the purpose of fr which the fnds |
Remarks, if any | |
| were | ||||||||||
| utilized | ||||||||||
| 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | |
| Muthoot Microfn Ltd |
INIFD1805016 | Private Placement |
USD Denominated Bond |
21-08-2024 | 12 | 12 | No | NA | Nil | |
| Muthoot Microfn Ltd |
INIFD1805024 | Private Placement |
USD Denominaed Bond |
28-10-2024 | 3 | 3 | No | NA | Nil | |
| Muthoot Microfn Ltd |
INIFD1805032 | Private Placement |
USD Denominaed Bond |
09-10-2025 | 15 | 15 | No | NA | Nil | |
| 30 | 30 |
For Muthoot Microfin Limited
THOMAS THOMAS M JOHN Digitally signed by MJOHN 19:21 :25 +05'30' Date: 2026.02.09 Thomas Muthoot John Executive Director DIN: 07557585
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UTHOOT MICROFIN LIMITED CIN:L65 L 190MH1992P C066228
Regd Olfics: �3 'floor. Parinee Grascenio, Baoora Kuna Gomphiil(, Ba1dra Ea.st, M�mbal. Maharasl'ltra • 4 51 Administrative: Offire 51h Floor, 1Jut110ot Towers, MG Road, Koehl, Kemla-682035, Tel: +91 ..A/!4-4277500, +91-4B.o-4300t27. F· +91-484•4300127 E: inio@muttiootm[crofln.ccm ,w.mubc,o icm . ,m m:: fl'l corn
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B. Statement of Deviation/ Variation in use of Issue Proceeds
Particulars Remarks
Name of listed entity Muthoot Microfin Limited
Mode of fund raising Private placement
Non-convertible Debentures
Type of instrument
& USD Denominated Bond
Date of raising funds As per Part A
As per Part A - Rs. 1166.40 crore &
Amount raised
30 Million dollar
Report filed for quarter ended 31 [st] Dec 2025
Is there a deviation/ variation in use of funds raised? No
Whether any approval is required to vary the objects of the issue stated in the
No
prospectus/ offer document?
If yes, details of the approval so required? NA
Date of approval NA
Explanation for the deviation/ variation NA
Comments of the audit committee after review NA
Comments of the auditors, if any NA
Objects for which funds have been raised and where there has been a deviation/ variation, in the following table:
Not Applicable
Deviation could mean:
a. Deviation in the objects or purposes for which the funds have been raised.
b. Deviation in the amount of funds actually utilized as against what was originally disclosed.
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For Muthoot Microfin Limited Thomas Muthoot John Executive Director DIN: 07557585
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Ref:
To BSE Limited Phiroze Jeejeebhoy Towers Dalal Street Mumbai - 400001 Scrip code: 544055
National Stock Exchange of India Limited Exchange Plaza, C-1, Block G Bandra Kurla Complex, Bandra (East) Mumbai - 400051 Symbol: MUTHOOTMF
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Dear Sir/Madam,
Sub.: Press Release
Pursuant to Regulation 30 of SEBI (Listing Regulations and Disclosure Requirements), 2015, we hereby submit the Press Release on the Un-audited Financial Results for the quarter and nine months ended December 31, 2025. The same is also available on the website of the company at
Please take the same on record.
Thanking you,
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Yours Truly
Limited
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Neethu Ajay Company Secretary
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Press Release
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Growth momentum strengthens as AUM reached Rs.13,078 Asset quality improves, with GNPA at 4.40 and NNPA at
1.34 (7 bps improvement) Credit cost at 3.3 of 4-
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Mumbai, 9[th] : Limited (NSE: MUTHOOTMF, BSE: 544055), among India’s leading Non-Banking Financial Company-Micro Finance Institution (NBFC-MFI), focused on providing micro-loans to women entrepreneurs with a focus on rural regions of India, today announced its unaudited for the quarter and nine months -26.
Business Highlights: 3
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GLP grew by 5.4 to Rs. crore
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JLG and Non-JLG loan mix improved from 97.1 : 2.9 in Mar’25 to , with small and micro enterprise IL portfolio growing to , having near-zero delinquency .
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Disbursements grew by from Rs 2,035.1 crore in Q3FY25 to in Q3FY26, with the company registering disbursement growth of 9.6% QoQ
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43 branches consolidated during the quarter; total branch network stood at , with employee strength of . Opex for the quarter reduced
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Recognised as Financial Inclusion Institution of the Year and awarded for Responsible Finance at the Inclusive Finance India Awards, instituted by ACCESS Development Services.
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Raised Rs. 450 crore through secured, rated, listed NCDs at a coupon range of – per annum during the quarter and raised $15 million in ECB. Overall Rs. 2,753.9
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crore raised during the quarter.
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3
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Total income stood at Rs. crore , while Pre-
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was Rs. 175.3 crore for the quarter
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stood at Rs. 62.4 Crore, a growth of 104.6% QoQ
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Net Interest Margin remained healthy at , with cost of funds declining by 17 bps to 10.43%
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Disciplined underwriting and provisioning resulted in provisioning cost at 3.3 , well below FY26 guidance of 4-6%
Asset quality improved , with GNPA declining to 4.40 from 4.61% in Sep-25, while NNPA (net of Stage III provisions) reduced to 1.34% from 1.41% in Sep-25
Strong liquidity position , supported by Rs. 1,280.9 crore of liquid funds and HQLA–GSec investments, along with DA/PTC sanctions of Rs. crore and unutilised term funding sanctions of Rs. crore
Digital adoption remained strong , with
such as UPI and the customer app, while digitally
The Company continues to maintain a Debt-Equity Ratio of 3.3x. At the end of the quarter the Company maintain total Net-
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Commenting on the performance:
Mr. Thomas Muthoot, Chairman & Non-
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to a sustainable growth path. We are seeing a steady normalization in growth, underpinned by disciplined lending, improving borrower behaviour, and continued strengthening of grassroots fundamentals.
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acro During the period, business momentum picked -LAP
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long-term partner in our customers’ growth.
PreRs. 175.3 crore in Q3 FY26 from Rs. 148.9 crore in Q2 FY26 62.4 crore, registering a growth of 104.6% QoQ, underscoring prudent underwriting and focused risk management.
Looking ahead, India is well positioned for faster economic growth, with the rural economy playing a pivotal role. The Union Budget 2026–27’s emphasis on credit-linked livelihoods and tion in rural areas, enhance opening up new opportunities for responsible lenders.
Accordingly, the Company remains well positioned for sustainable growth as the sector advances. Our longinclusion, and maintaining a disciplined and prudent risk management framework.”
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“ better credit cost control, and a pickup in disbursements. For Muthoot, the quarter marks a key milestone with AUM reaching Rs. 13,078.6 crore, up 5.4% year-on-year. Alongside this, our calibrated expansion into individual lending is gaining traction, strengthening portfolio - broad-based improvement across key performance indicators.
NIM for the quarter improved to 12.0%, up 11 Bps QoQ while Opex improved materially to 6.5% against 7.0% last quarter. Our strategic focus on underwriting has translated into continued improvement in asset quality, with GNPA at 4.4% and credit cost at 3.3% for Q3, well below our guided range of 4–
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In parallel, during the quarter, we raised Rs. 2,753.9 crore at a competitive cost of 9.8%, of lenders in our operating performance, balance sheet strength, and long-term growth outlook.
Lastly Financial Inclusion Institution of the Year and honoured with the Responsible Finance for Sustainability . This is a recognition of our belief and commitment to wellbeing of our customers”.
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Key Metrics: 3
| Particulars | 3 | 3 | 5 | YoY | Q2FY26 | |||
|---|---|---|---|---|---|---|---|---|
| Gross Loan Portfolio (Rs. Cr) | 5.4% | 12,558.8 | ||||||
| Borrowers (Lakh) | 33.3 | 34. | -2.6% | 33.6 | -0.7 | |||
| Branches (No.) | 2.4% | 1,718 | - | |||||
| Particulars (Rs. Cr) | 3 | 3 | 5 | YoY | Q2FY26 | |||
| Net Interest Income (NII) | 359.0 | 0 | -14.5% | 345.4 | ||||
| Pre-Provision Operating Profit (PPOP) |
175.3 | 3 | -30.5% | 149.0 | ||||
| Profit After Tax (PAT) | 3.8 | 1544.0% | 30.5 | |||||
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| Key Ratios | 3 | 3 | 5 | YoY | Q2FY26 | |||
| Net Interest Margin (NIM) | 13.3 | -125 bps | 11.9% | 11 bps | ||||
| Cost/Income Ratio | 54.8 | 43.8 | 1101 bps | 59.8% | -501 bps | |||
| Opex/GLP Ratio | 6.5% | 6.1% | 38 bps | 7.0% | -51 bps | |||
| Gross NPA | 4.4% | 3.03% | 137 bps | 4.6% | -21bps | |||
| Return on Assets (ROA) | 1.9% | 0.1% | 183 bps | 1.0% | 96 bps | |||
| Return on Equity (ROE) | 9.1% | 0.5% | 863 bps | 4.6% | 456 bps | |||
Key Metrics: 9M
| Key Metrics: 9M | |||||
|---|---|---|---|---|---|
| Particulars (Rs. Cr) | 9M | 9M 5 |
YoY | ||
| Net Interest Income (NII) | -15.0% | ||||
| Pre-Provision Operating Profit (PPOP) | 737.3 | -37.2% | |||
| Profit After Tax (PAT) | 99.1 | -44.5% | |||
| Key Ratios | 9M | 9M 5 |
YoY | ||
| Net Interest Margin (NIM) | -129 bps | ||||
| Cost/Income Ratio | 43.9 | 1454 bps | |||
| Opex/GLP Ratio | 6.8% | 6.1% | 71 bps | ||
| Return on Assets (ROA) | 1.1% | 1.9% | -87 bps | ||
| Return on Equity (ROE) | 4.9% | 8.2% | -330 bps | ||
About Muthoot Microfin Limited
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is one of the leading listed MFIs in India. It has inherited values, principles of integrity, collaboration, and excellence to take forward the legacy of 138+ years operations of the Company are designed to promote entrepreneurship among women and loans to women engaged in small businesses. It is involve masses including underprivileged and disadvantaged people, living in the rural sectors of the
ound time and with hassle-free processing is As on 31[st] December 2025, the Company has 3.33 million active customers served through 1,691 branches spread across 21 states & UTs and 394 districts with a Gross Loan Portfolio (GLP) of 13,078.6 Cr. It is also part of S&P BSE Financial Services Index.
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For more information, please contact:
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Mr. Rajat Gupta | AVP – Investor Relations Email: Ph. No: +91-9821849374
Ms. Neethu Ajay Email:
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- Looking Statements:
This document includes certain forward-looking statements. These statements are based on management's current expectations or beliefs and are subject to uncertainty and changes in circumstances. Actual results may vary materially from those expressed or implied by the statements herein due to changes in economic, business, competitive, technological and/or regulatory factors. The Company is under no obligation to, and expressly disclaims any such obligation to, update or alter its forward-looking statements, whether as a result of new information, future events, or otherwise.
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