₹2,978 crore net profit for Q2 FY27 marks a 27% rise over the ₹2,345 crore earned last year and tops the ₹2,950 crore consensus—an 82‑point beat that dented the stock by 3.5% to ₹2,408.60 on the NSE. Net interest income surged 34.4% to ₹5,365 crore from ₹3,992 crore a year ago, outpacing the ₹4,525 crore estimate.
The half‑year saw consolidated loan assets climb 42% year‑on‑year to ₹2,09,317 crore, while PAT jumped 39% to ₹6,103 crore. Standalone gold‑loan AUM grew 46% to ₹1,93,212 crore, and gold‑loan disbursements to new customers hit ₹20,238 crore, covering nearly 1 million borrowers.
Subsidiaries offered mixed signals. Belstar Microfinance turned a ₹144 crore PAT from a ₹160 crore loss, improving its NPA profile to 0.07%. Muthoot Homefin’s loan AUM rose 7% to ₹3,460 crore, with PAT up 9% to ₹11 crore. Muthoot Money reported a 242% PAT leap to ₹364 crore, driven by a 120% jump in total income.
Moving forward, MD Alexander George Muthoot announced a 10% lift in FY27 gold‑loan growth guidance, citing new RBI gold‑lending rules. The board also cleared a merger of Muthoot Money Limited with Muthoot Finance, slated for April 2027, aiming to streamline operations and unlock synergies.