| Metric | Movement | Analysis |
|---|---|---|
| Gold Loan AUM | Rs 1,39,658 Cr (Up 50% YoY, Up 12% QoQ) | Strong growth led by gold price appreciation and continued high disbursement momentum. |
| Gold Tonnage | 205 tonnes (Up ~1.5% YoY) | Stable tonnage; value growth largely driven by higher gold prices. |
| Standalone PAT | Rs 7,048 Cr (9M FY26, Up 91% YoY) | Sharp profitability expansion driven by AUM growth and lower credit costs. |
| Net Yield | ~19.94% (vs 18.54% YoY) | Improved yield reflecting pricing strength and portfolio mix. |
| Cost of Borrowing | ~7.42% (vs 6.98% YoY) | Moderate increase due to funding cost pressure, spreads remain strong. |
| ROA | ~7.39% (vs 5.66% YoY) | High asset productivity; gold loan model generating superior returns. |
| ROE | ~29.86% (vs 19.20% YoY) | Strong capital efficiency supported by profit growth and leverage. |
| LTV (Implied Safety Margin) | ~44% margin of safety (vs 34% YoY) | Higher gold prices expanded collateral buffer, reducing credit risk. |
| Per Branch AUM (Gold) | Rs 28.10 Cr (vs Rs 19.15 Cr YoY) | Significant improvement in branch productivity and operating leverage. |
| Average Ticket Size | Not disclosed; implied increase | Likely higher due to rising gold prices and larger loan renewals/top-ups. |
| CRAR | 20.27% (vs 25.11% YoY) | Comfortable above regulatory norms despite rapid growth. |
| Leverage (Capital Gearing) | 3.40x (vs 2.75x YoY) | Increased to fund expansion; manageable but rising. |
| Stage III Loans (%) | 1.58% (vs 4.22% YoY) | Major asset quality improvement; gold-backed lending resilient. |
| ECL Provision Coverage | 1.10% (vs 1.56% YoY) | Lower provisioning ratio reflecting improved portfolio quality. |
Muthoot Finance delivered strong AUM and profit growth in Q3 FY26, supported by higher gold prices, improving asset quality, and strong operating leverage. Returns remain industry-leading, with comfortable capital levels despite rising leverage.