Financials Muthoot Finance Limited

Equities

MUTHOOTFIN

INE414G01012

Consumer Lending

Market Closed - NSE India S.E. Other stock markets 04:35:03 09/03/2026 pm IST			5-day change	1st Jan Change
3,241.90 ^INR	+0.09%		-3.33%	-14.95%

19/02	Nirmal Bang Upgrades Muthoot Finance to Buy from Hold, Price Target is INR4,446	MT
13/02	Phillip Securities Downgrades Muthoot Finance to Neutral from Buy, Price Target is INR4,000	MT

Projected Income Statement: Muthoot Finance Limited

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
Net sales ¹	1,05,572	1,10,823	1,05,148	1,26,350	1,70,991	1,67,169	1,94,072	2,19,494
Change	-	4.97%	-5.12%	20.16%	35.33%	-2.24%	16.09%	13.1%
EBITDA	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-
EBIT ¹	51,015	54,364	47,270	56,466	78,373	1,30,621	1,48,737	1,69,008
Change	-	6.56%	-13.05%	19.45%	38.8%	66.67%	13.87%	13.63%
Interest Paid ¹	-36,924	-38,358	-36,991	-46,548	-64,288	-1,00,037	-1,28,258	-1,47,005
Earnings before Tax (EBT) ¹	50,065	53,094	46,664	54,488	70,706	1,28,475	1,44,939	1,64,605
Change	-	6.05%	-12.11%	16.77%	29.76%	81.7%	12.81%	13.57%
Net income ¹	37,222	39,543	34,735	40,497	52,008	95,246	1,06,407	1,21,090
Change	-	6.24%	-12.16%	16.59%	28.42%	83.14%	11.72%	13.8%
Announcement Date	02/06/21	26/05/22	19/05/23	30/05/24	14/05/25	-	-	-

¹INR in Million

Estimates

Fiscal Period: March	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4
Net sales ¹	28,239	27,138	28,304	28,682	26,699	25,039	24,977	26,598	28,534	29,987	30,597	31,677	34,089	37,038	41,174	44,235	48,544	57,033	41,482	46,163	40,275
Change	-	-3.9%	4.3%	1.33%	-6.91%	-6.22%	-0.25%	6.49%	7.28%	5.09%	2.03%	3.53%	7.61%	8.65%	11.17%	7.43%	9.74%	17.49%	-27.27%	11.28%	-12.75%
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	13,608	13,338	14,142	14,666	12,218	10,241	11,487	12,624	12,917	14,006	13,422	13,942	15,095	17,153	19,150	20,593	21,478	27,887	32,655	36,926	35,128
Change	-	-1.98%	6.02%	3.71%	-16.69%	-16.18%	12.16%	9.9%	2.32%	8.43%	-4.16%	3.87%	8.27%	13.63%	11.64%	7.54%	4.3%	29.84%	17.1%	13.08%	-4.87%
Charge d'intérêts ¹	-9,513	-	-9,794	-9,533	-9,208	-9,416	-9,027	-	-9,407	-10,638	-11,563	-12,119	-12,228	-13,511	-15,505	-16,476	-18,797	-21,191	-23,126	-	-29,646
Earnings before Tax (EBT) ¹	13,496	13,001	13,398	13,777	12,918	10,818	11,614	12,068	12,164	13,145	13,302	13,805	14,236	14,917	17,080	18,505	20,204	27,455	31,514	35,817	38,219
Change	-	-3.67%	3.05%	2.83%	-6.23%	-16.25%	7.36%	3.9%	0.8%	8.07%	1.19%	3.78%	3.12%	4.79%	14.5%	8.35%	9.18%	35.89%	14.78%	13.65%	6.71%
Net income ¹	9,957	9,712	9,940	10,289	9,603	8,020	8,672	9,017	9,027	9,751	9,910	10,273	10,563	10,787	12,511	13,631	15,078	20,463	23,452	26,564	25,118
Change	-	-2.46%	2.35%	3.51%	-6.67%	-16.48%	8.13%	3.97%	0.11%	8.03%	1.63%	3.66%	2.83%	2.12%	15.99%	8.95%	10.62%	35.71%	14.61%	13.27%	-5.44%
Announcement Date	02/06/21	06/08/21	04/11/21	12/02/22	26/05/22	12/08/22	10/11/22	06/02/23	19/05/23	11/08/23	09/11/23	14/02/24	30/05/24	13/08/24	14/11/24	12/02/25	14/05/25	13/08/25	13/11/25	12/02/26	-

¹INR in Million

Estimates

Forecast Balance Sheet: Muthoot Finance Limited

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
Net Debt	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-
Announcement Date	02/06/21	26/05/22	19/05/23	30/05/24	14/05/25	-	-	-

Estimates

Cash Flow Forecast: Muthoot Finance Limited

Fiscal Period: March	2020	2021	2022	2023	2024	2025
CAPEX ¹	931.2	914.8	970.6	1,411	2,224	2,170
Change	-	-1.76%	6.1%	45.42%	57.59%	-2.44%
Free Cash Flow (FCF) ¹	-	-	-	-	-	-
Change	-	-	-	-	-	-
Announcement Date	08/09/20	23/08/21	08/08/22	24/07/23	07/09/24	08/08/25

¹INR in Million

Estimates

Forecast Financial Ratios: Muthoot Finance Limited

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027	2028
Profitability
EBITDA Margin (%)	-	-	-	-	-	-	-	-	-
EBIT Margin (%)	-	48.32%	49.05%	44.96%	44.69%	45.83%	78.14%	76.64%	77%
EBT Margin (%)	-	47.42%	47.91%	44.38%	43.12%	41.35%	76.85%	74.68%	74.99%
Net margin (%)	-	35.26%	35.68%	33.03%	32.05%	30.42%	56.98%	54.83%	55.17%
FCF margin (%)	-	-	-	-	-	-	-	-	-
FCF / Net Income (%)	-	-	-	-	-	-	-	-	-
Profitability
ROA	-	6.53%	5.9%	4.85%	5.14%	5.04%	6.36%	5.53%	5.34%
ROE	-	27.77%	23.55%	17.63%	17.86%	19.73%	29.38%	26.21%	23.92%
Financial Health
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-	-
Debt / Free cash flow	-	-	-	-	-	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	-	-	-	-	-	-	-	-	-
CAPEX / EBITDA (%)	-	-	-	-	-	-	-	-	-
CAPEX / FCF (%)	-	-	-	-	-	-	-	-	-
Items per share
Cash flow per share ¹	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-
Dividend per Share ¹	-	20	20	22	24	26	40.71	45.92	52.21
Change	-	-	0%	10%	9.09%	8.33%	56.59%	12.78%	13.7%
Book Value Per Share ¹	-	379.8	457.1	524.6	605	708.3	904	1,122	1,375
Change	-	-	20.34%	14.78%	15.33%	17.07%	27.62%	24.07%	22.57%
EPS ¹	-	92.71	98.5	86.52	100.9	129.5	237.4	265	301.6
Change	-	-	6.25%	-12.16%	16.59%	28.42%	83.3%	11.62%	13.79%
Nbr of stocks (in thousands)	-	4,01,196	4,01,345	4,01,448	4,01,462	4,01,464	4,01,468	4,01,468	4,01,468
Announcement Date	-	02/06/21	26/05/22	19/05/23	30/05/24	14/05/25	-	-	-