02-Nov-2026 08:21:27

JEFFERIES ON MUTHOOT FINANCE ; HOLD | TP ₹2,700 VS ₹3,300 EARLIER

• Q2 PAT UP 27% YoY AT ₹2,980 CR, beating estimates by 10%. • AUM UP 42% YoY. • NIM expands 150 bps QoQ; Stage 2/3 loans rise sharply amid repayment challenges. • Raises FY27/FY28 EPS estimates by 9%/4%. • Expects 13% EPS CAGR during FY26–28.

MUTHOOT FINANCE LIMITED

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