MORGAN STANLEY ON MUTHOOT FINANCE
• Maintains OVERWEIGHT with a target price of रRs,705
Muthoot Finance to merge gold loan arm Muthoot Money into the standalone entity • Merger aims to simplify the group structure and improve operational efficiencies • Muthoot Money has ₹10,900 crore in gold loans, forming 6.7% of the standalone loan book • Muthoot Money operates 1,006 branches around 20% of Muthoot Finance's branch network • Muthoot Money reported a calculated 1QFY27 RoA of 6.3% and RoE of 28% • Muthoot Money contributes around 5% to SOTP valuation and is valued at 2.0x FY28E P BV
September 2, 2026 862 1
