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
