Key Metrics of Muthoot Mcred Limited
About Muthoot Mcred Limited
Company details
Company summary
Entity details
Compliance
Industry classification
Financials, ratios and risk analysis
Revenue, EBITDA, net profit, net worth, debt and assets for every filing year, 15+ ratios, the financial health score, shareholding, charges and peer comparison are part of the premium plan.
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Due dates follow the Companies Act: AGM within six months of the year end, AOC-4 within 30 days and MGT-7 within 60 days of the AGM. A filing made but not yet uploaded here shows as pending.
Vendor checks & payment capacity
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Credit ratings
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 28 Jul 2026 | ICRA | Reaffirmed | A | — | Stable | ₹6,550 Cr | View |
Credit strengths (ICRA, Jul 2026)
+ Long track record of operations
The Muthoottu Group has a track record of more than six decades in the gold loan business.
+ Comfortable asset quality
MMCL’s asset quality has remained comfortable over the last few years; its gross stage 3 was at a healthy level of 0.6% as of March 2026.
+ Adequate capitalisation profile
MMCL’s leverage has remained range-bound over the last few years; its gearing stood at 5.4 times as of March 2026 (5.1 times as of March 2025) vis-à-vis 5.1 times as of March 2024, with internal accruals largely supporting portfolio growth.
+ Steadily increasing earnings with further scope for improvement
MMCL’s net profitability has been rising over the past four years, with its profit after tax/average managed assets (PAT/AMA) increasing to 2.8% in FY2026 and 2.0% in FY2025 from 1.6% in FY2022.
Credit challenges
− Geographically concentrated operations
MMCL’s portfolio is significantly concentrated in southern India.
Could lead to an upgrade
The sustained scale-up of operations and an improvement in the earnings profile would positively impact MMCL’s credit profile. A significant improvement in the capitalisation profile would also positively impact the rating.
Could lead to a downgrade
Pressure on the rating could arise in case of a sustained weakening in the company’s asset quality performance or earnings profile (return on managed assets (RoMA) of less than1.5%). Continued increase in the managed gearing beyond 6 times would also negatively impact the rating.
Agency-reported financials (ICRA, 28 Jul 2026)
| Metric | FY2025 | FY2026 |
|---|---|---|
| Total income | ₹815 Cr | ₹1,113 Cr |
| PAT | ₹94.20 Cr | ₹177 Cr |
| Total managed assets | ₹4,995 Cr | ₹7,538 Cr |
| Return on managed assets | 2.0% | 2.8% |
| Managed reported gearing (times) | 5.10× | 5.40× |
| Gross stage | 0.9% | 0.6% |
| CRAR | 21.4% | 18.1% |
| Revenue growth (YoY) | — | 36.6% |
| PAT margin | 11.6% | 15.9% |
Borrowings & rated debt
Facility mix
Maturity ladder
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Long-term fund-based/Non-fund based bank facilities | Non-fund based limits | ₹3,050 Cr | ₹3,650 Cr | 19.7% | A (Stable) | Reaffirmed | ICRA |
| Non-convertible debenture (NCD) programme | Debentures & bonds | ₹2,300 Cr | ₹2,300 Cr | 0.0% | A (Stable) | Reaffirmed | ICRA |
| programme | Other | ₹0 | ₹600 Cr | — | A (Stable) | Other | ICRA |
Debt instruments
| ISIN | Instrument | Type | Coupon | Issued | Maturity | Amount | Rating | Status |
|---|---|---|---|---|---|---|---|---|
| INE101Q07BC5 | NCD public | Debentures & bonds | 9.26% | 13 May 2025 | 12 Nov 2026 | ₹23.9 Cr | A | Outstanding |
| INE101Q07BK8 | NCD public | Debentures & bonds | 9.00% | 19 Aug 2025 | 28 Feb 2027 | ₹84.5 Cr | A | Outstanding |
| INE101Q07BD3 | NCD public | Debentures & bonds | 9.50% | 13 May 2025 | 12 May 2027 | ₹15.5 Cr | A | Outstanding |
| INE101Q07BH4 | NCD | Debentures & bonds | 9.75% | 12 Jun 2025 | 12 Jun 2027 | ₹60.0 Cr | A | Outstanding |
| INE101Q07BL6 | NCD public | Debentures & bonds | 9.25% | 29 Aug 2025 | 29 Aug 2027 | ₹96.2 Cr | A | Outstanding |
| INE101Q07BO0 | NCD | Debentures & bonds | 9.25% | 18 Sep 2025 | 18 Sep 2027 | ₹50.0 Cr | A | Outstanding |
| INE101Q07BQ5 | NCD | Debentures & bonds | 9.25% | 27 Oct 2025 | 27 Oct 2027 | ₹90.0 Cr | A | Outstanding |
| INE101Q07BT9 | NCD | Debentures & bonds | 9.25% | 13 Nov 2025 | 13 Nov 2027 | ₹50.0 Cr | A | Outstanding |
| INE101Q07BU7 | NCD | Debentures & bonds | 9.25% | 13 Jan 2026 | 13 Jan 2028 | ₹200 Cr | A | Outstanding |
| INE101Q07BS1 | NCD | Debentures & bonds | 9.30% | 27 Oct 2025 | 27 Jan 2028 | ₹180 Cr | A | Outstanding |
| INE101Q07BB7 | NCD public | Debentures & bonds | 10.00% | 13 May 2025 | 12 May 2028 | ₹51.9 Cr | A | Outstanding |
| INE101Q07BV5 | NCD | Debentures & bonds | 9.25% | 18 Mar 2026 | 18 May 2028 | ₹50.0 Cr | A | Outstanding |
| INE101Q07BX1 | NCD | Debentures & bonds | 9.30% | 18 Mar 2026 | 17 Jun 2028 | ₹200 Cr | A | Outstanding |
| INE101Q07BI2 | NCD | Debentures & bonds | 10.00% | 27 Jun 2025 | 27 Jun 2028 | ₹35.0 Cr | A | Outstanding |
| INE101Q07BZ6 | NCD | Debentures & bonds | 9.65% | 25 Feb 2026 | 25 Aug 2028 | ₹90.0 Cr | A | Outstanding |
| INE101Q07BM4 | NCD public | Debentures & bonds | 9.75% | 29 Aug 2025 | 29 Aug 2028 | ₹86.9 Cr | A | Outstanding |
| INE101Q07BW3 | NCD | Debentures & bonds | 9.65% | 18 Mar 2026 | 18 Sep 2028 | ₹210 Cr | A | Outstanding |
| INE101Q07BR3 | NCD | Debentures & bonds | 9.75% | 27 Oct 2025 | 27 Oct 2028 | ₹130 Cr | A | Outstanding |
| INE101Q07CA7 | NCD | Debentures & bonds | 9.30% | 20 May 2026 | 20 Nov 2028 | ₹300 Cr | A | Outstanding |
| INE101Q07BE1 | NCD public | Debentures & bonds | 10.25% | 13 May 2025 | 12 May 2029 | ₹9.15 Cr | A | Outstanding |
| INE101Q07BG6 | NCD public | Debentures & bonds | 10.50% | 13 May 2025 | 12 May 2030 | ₹35.9 Cr | A | Outstanding |
| INE101Q07BF8 | NCD public | Debentures & bonds | 10.75% | 13 May 2025 | 12 May 2030 | ₹17.4 Cr | A | Outstanding |
| INE101Q07BN2 | NCD public | Debentures & bonds | 10.25% | 29 Aug 2025 | 29 Aug 2030 | ₹21.0 Cr | A | Outstanding |
| INE101Q07BJ0 | NCD public | Debentures & bonds | 10.50% | 29 Aug 2025 | 29 Aug 2030 | ₹11.4 Cr | A | Outstanding |
| — | to | Non-fund based limits | — | 14 Jul 2026 | 21 Jun 2033 | ₹3,650 Cr | A | Outstanding |
| INE101Q07BY9 | NCD | Debentures & bonds | 9.25% | — | — | ₹150 Cr | A | Not stated |
Credit assessment · Non-banking finance companies
Rating Methodology – Non-Banking Finance Companies (Feb 2025) · Standalone accounts · FY 2025-26
Ratios, pillar scores and the indicative rating are part of Premium.
Rating status
| Default | No default on record |
| Issuer cooperation | Cooperating |
| Credit enhancement | None – standalone rating |
| Next action stable or better (model) | 55% |
| Information on file | 44% · missing: Annual results history (3+ years), Debt obligations and repayment schedule, Capex / investment plans, Auditor details, Shareholding pattern |
Indicative assessment from public data using the published methodology factors; not a credit rating.
Borrowing & funding lifecycle
- Credit outlook model: 56% chance the next rating action is stable or better
- Current rating A (investment grade)
What happened, step by step
- Jul 2026 — ₹190.4 cr raised through preference shares from promoter
- Jul 2026 — Full repayment of loans
“The company raised Rs. 190.4 crore and Rs. 73.8 crore of capital during FY2026 and Q1 FY2027 respectively, from promoter group entities in the form of compulsorily convertible preference shares (CCPS; 12% annual dividend payable), to support the robust portfolio expansion.”
Rated limits by facility
Timeline
From the report
The company raised Rs. 190.4 crore and Rs. 73.8 crore of capital during FY2026 and Q1 FY2027 respectively, from promoter group entities in the form of compulsorily convertible preference shares (CCPS; 12% annual dividend payable), to support the robust portfolio expansion.
From the report
It carries out the auction of pledged gold after following due process if the borrowers fail to repay the loans.
From the report
As of March 2026, the cash collateral for its borrowings stood at Rs. 430.0 crore (5.7% of the total assets).
Lender names, bank charges and audited borrowings are part of Premium.
Built from MCA charges, ICRA/CARE rating reports and audited accounts. The borrowing view is an estimate, not a lender's credit decision.
Registered office and contact
Directors and key people
Directors are read from the MGT-7 annual return and AOC-4 signatories.
Charges (secured borrowings)
0 registered charges. Lenders, amounts and dates are part of the premium plan.
Statutory auditors
Auditors are read from the AOC-4 auditor's report section.
Business activities and related parties
Principal business activities and related-party transactions are read from MGT-7 and AOC-4 filings.
Filings
No filings on record yet.