Muthoot Fincorp Ltd

Indicative price history

Key highlights

• FY25 standalone revenue ₹5,551 Cr and PAT ₹787 Cr (+40%); AUM ₹32,055 Cr (+46%).
• 3,700+ branches; parent of listed Muthoot Microfin; regular public NCD issuer.
• No UnlistedZone price — ₹200 is wwipl's last trade on the ₹2-face-value ISIN INE549K01025; implied market cap about ₹19,370 Cr if the 5:1 split is confirmed.
• Promoter brothers Thomas John, Thomas George and Thomas Muthoot control about 95%.

About Muthoot Fincorp

Muthoot Fincorp Limited is the flagship non-banking financial company of the Muthoot Pappachan Group (the 'Blue' Muthoot, distinct from the listed Muthoot Finance of the Muthoot George group). Its core product is loans against household gold jewellery, distributed through more than 3,700 branches concentrated in South India but spread across the country, supplemented by small-business, two-wheeler, housing and microfinance lending through group companies. The company is a systemically important, deposit-taking-exempt NBFC regulated by the RBI and is a frequent issuer of public, retail NCDs.

The group traces its roots to the Muthoot family's trading business in Kozhencherry, Kerala, in 1887; Muthoot Fincorp itself was incorporated on 10 June 1997 and is controlled by the three brothers Thomas John Muthoot (Chairman), Thomas George Muthoot and Thomas Muthoot (Managing Directors) and their families. Listed subsidiary Muthoot Microfin (IPO December 2023) is held at a little over half, and Muthoot Housing Finance, Muthoot Pappachan Technologies and other group companies sit alongside it.

Financials (standalone, press reports of the audited results): FY25 revenue rose to ₹5,551 Cr from ₹4,016 Cr in FY24 and net profit rose 40% to ₹787 Cr from ₹563 Cr, while assets under management jumped 46% to ₹32,055 Cr from ₹21,923 Cr as gold prices and gold-loan demand surged. Q4 FY25 profit of ₹192 Cr was 20% lower than a year earlier on higher provisioning and funding costs despite revenue of ₹1,479 Cr. The FY23 line, the split of expenses, net worth and borrowings in the table are estimates around those reported totals; UnlistedZone cites a book value of ₹328.83 per ₹10 share, which on the historic 19.37 Cr shares implies net worth of roughly ₹6,370 Cr.

Capital structure needs care. UnlistedZone lists the shares under ISIN INE549K01017 with face value ₹10 and no indicative price; wwipl lists ISIN INE549K01025 with face value ₹2, book value ₹255.20 and a last traded price of ₹200. The new ISIN and ₹2 face value are consistent with a 5-for-1 split of the historic 19,37,05,560 shares of ₹10 into about 96.85 Cr shares of ₹2, and this profile is built on that basis — but the split has not been verified against a filing. If the ₹200 quote were instead for an unsplit ₹10 share, the market capitalisation would be one-fifth of the figure below.

Valuation at the listed rate: UnlistedZone shows no price, so the ₹200 wwipl last-traded rate is used as a fallback. On 96.85 Cr ₹2 shares that is a market capitalisation of about ₹19,370 Cr — roughly 24.6 times FY25 standalone profit and about 3 times book value, in line with where listed gold-loan NBFCs such as Muthoot Finance and Manappuram have traded. The quote is a single print with identical high and low, so treat it as indicative.

Verification status (10 Oct 2026): FY24–FY25 revenue, profit, AUM and the Q4 FY25 figures are from Business Standard and Angel One reports of the audited results (search snippets). ISINs, face values, book values and the ₹200 quote are from UnlistedZone and wwipl snippets. Incorporation date, CIN, registered office, the group structure and the historic share count are from the research desk's knowledge of the company's NCD prospectuses and may be out of date; the share split, current share count, FY23 line, balance-sheet lines, cash flows, employee count, DINs and shareholding percentages are estimates or unverified.

Where the revenue comes from

• Gold loans88%

  Loans against gold jewellery through 3,700+ branches (estimate of revenue share)

• Small-business, two-wheeler and other secured loans8%

  MSME, vehicle and property-backed lending (estimate)

• Fee, forex, remittance and other income4%

  Money transfer, insurance distribution, wealth products and treasury (estimate)

Products & services