Guidance ledger · Q4 FY26

Muthoot Finance Ltd MUTHOOTFIN

5 revisions on record · 0 lowered · 4 raised — the strikethrough is what management used to say

mixed guidance posture · shifted across quarters

Holding view → · latest concall · The pulse

↑ raised Steady-state gold loan yield framing Q4 FY25 → Q4 FY26

~~18.5% steady-state with 9-10% spread (Q4FY25)~~ → may maintain at this rate (20.76% reported) given borrowing cost looking up

“We may be able to maintain at this rate”

→ narrowed FY27 standalone gold loan growth guidance Q3 FY26 → Q4 FY26

~~no FY27 anchor in Q1-Q3FY26~~ → 15% minimum, revisit after Q1/Q2

“first quarter, we have always been giving a guidance of 15%”

↑ raised Branch addition pace (Muthoot Finance standalone) Q4 FY25 → Q4 FY26

~~115 approved branches (Q4FY25 ask)~~ → 200-300 in FY27 (Q4FY26 ask, vs 170 in FY26)

“This year, maybe 200-300 branches”

↑ raised Belstar gold-loan branch additions FY27 Q1 FY26 → Q4 FY26

~~10 branches Q1FY26 / 39 9MFY26 / 81 FY26 actual~~ → another 200 in FY27 (vs ~100 base)

“Bel star, we were thinking of opening another 200 branches or so, because it was only”

↑ raised FY26 standalone gold loan growth guidance Q4 FY25 → Q2 FY26

~~15% minimum (Q4FY25 anchor)~~ → 30%-35% (Q2FY26 mid-year upgrade); 54% actual delivery (Q4FY26)

“we are upgrading our financial year”

Method. Revisions come from management's own stated numbers, compared quarter over quarter across the covered concalls; each carries the verbatim quote. “No revisions” can also mean guidance too vague to pin down — see the posture chip above. Not investment advice.