Muthoot Finance: 4QF26: Strong PAT beat; Loan growth could be better. OW.

研报英文原文证据摘录

Muthoot Finance: 4QF26: Strong PAT beat; Loan growth could be better. OW.

Update

May 14, 2026 10:47 PM GMT

Morgan Stanley India Company Private Limited+MMuthoot Finance | Asia Pacific Kushan Parikh, CFA

Equity Analyst

4QF26: Strong PAT beat; Loan Kushan.Parikh@morganstanley.comSubramanian Iyer +91 22 6118-1082

Subramanian.Iyer@morganstanley.com +91 22 6118-2234

growth could be better. OW. Meera Midha

Research Associate

What’s Changed Meera.Midha@morganstanley.com +91 22 6118-1232

Sakshi V Chaplot

Muthoot Finance Ltd (MUTT.NS) From To Research Associate

Price Target Rs4,170.00 Rs4,330.00 Sakshi.Chaplot@morganstanley.com +91 22 6118-2228

Apurva R Deshmukh

Reaction to earnings Apurva.Deshmukh@morganstanley.com +91 22 6118-2010

Lavish Porwal

Strengthens our thesis Meaningful upside Modest revision higher

Impact to our thesis Financial results versus consensus Direction of next 12-month

Lavish.Porwal@morganstanley.com +91 22 6118-1197

consensus EPS

Source: Workspace consensus data, VA consensus data, Company data, Morgan Stanley Research estimates

Muthoot Finance Ltd (MUTT.NS, MUTH IN)

We raise F27e / 28e EPS by 6% / 4% – we raise NIM by 63bp / India Financials | India

Stock Rating Overweight

55bp (4QF26 underlying beat was 237bp). We raise PT by ~4% Industry View Attractive

Price target Rs4,330.00

to Rs4325 (23% upside). Valuation (~11.5x F28e P/E, 2.5x F28e P/ Up/downside to price target (%) 23

BV) is attractive vis-a-vis F27-28 average ROE of 24.5% for a high Shr52-Weekprice,Rangeclose (May 14, 2026) Rs4,149.50-2,027.00Rs3,531.10

quality defensive business amid a tricky macro. Sh out, dil, curr (mn) 401

Mkt cap, curr (bn) US$14.8

Avg daily trading value (mn) US$24

Gold loan growth at Muthoot has trailed gold prices and peers. We forecast ~8%