1. Opening Hook
After a year where NBFCs discovered that “easy money” was, in fact, not easy, Muthoot Capital walked into Q3 FY26 like a student who finally studied the syllabus. AUM crossed ₹3,399 crore, PAT turned positive, and management proudly waved the “CRISIL A+ (Positive)” badge like a hall pass.
But before we start distributing ladoos, let’s remember: GNPA is still north of 6%, disbursements are lumpy, and co-lending growth is doing the heavy lifting.
So yes, the quarter looks better. No, the story isn’t over.
Read on—because the real masala is hiding in NPAs, funding costs, and management optimism that may or may not survive FY27. 😏
2. At a Glance
- AUM ₹3,399 Cr (+20% YoY) – Growth is real, not PowerPoint-induced.
- Disbursements ₹626 Cr – Back from the dead, but not exactly sprinting.
- PAT ₹8.43 Cr – Profits returned after two awkward quarters.
- GNPA 6.45% – Asset quality still on life support.
- NNPA 3.64% – Provisioning trying its best, sort of.
- Borrowing cost 9.68% – Expensive money, politely tolerated.
- CRAR 22.49% – Capital cushion thick enough for
- bad days.
3. Management’s Key Commentary
“AUM has grown by 20% YoY to ₹3,399 crore.”
(Growth achieved, but please ignore what it did to NPAs 😏)
“Profitability has improved with PAT at ₹8.43 crore.”
(Yes, we stopped bleeding. Champagne can wait.)
“GNPA has stabilized sequentially.”
(Stabilized at a high level, but let’s call it progress 🙂)
“Co-lending portfolio grew 42% YoY.”
(Banks are carrying the risk weight, thank you very much.)
“Cost of borrowing reduced sequentially.”
(Still expensive, but at least not getting worse.)
“We remain focused on collections and recoveries.”
(Translation: NPA meetings are still daily calendar events.)
4. Numbers Decoded
| Metric | Q3 FY26 | What It Really Means |
|---|---|---|
| AUM | ₹3,399 Cr | Solid growth, helped by co-lending |
| PAT | ₹8.43 Cr | Relief rally after weak H1 |
| GNPA | 6.45% | Still ugly, just less surprising |
| NNPA | 3.64% | Provisioning doing partial damage control |
| ROA | 1.02% | Normality slowly returning |
| ROE | 5.10% | Shareholders not celebrating yet |
