Muthoot FinCorp is trying to sell a fintech story without behaving like a fintech

Consolidated AUM for FY26: ₹73,448.82 crore, revenue ₹11,227.80 crore and PAT ₹1,847.62 crore shows that subsidiaries are adding scale, while the main non-banking finance company (NBFC) remains the core earnings engine. Subsidiaries Muthoot Microfin, Muthoot Housing Finance and Muthoot Pappachan Technologies expand the group’s reach into microfinance, home loans and technology support.