Dear Members,
Your Directors have pleasure in presenting the 32nd Annual Report of
the Company together with the Audited Standalone Financial Statements for the financial
year ended March 31, 2026.
1. Financial Performance & Highlights
A snapshot of the key financial highlights of your Company showcasing
the Company's performance across key business and operational parameters and financial
performance is detailed below. The consistent growth in income and operational resilience
highlight the Company's strengthened fundamentals and continued progress.
1.1. Financial Results
The summarized financial results of the Company for FY 2025-26 are
given below:
(Rs in lakhs, except earnings per share)
| Particulars |
2025-2026 |
2024-2025 |
| Total Income |
63,252.15 |
47,649.53 |
| Total Expenses |
61,521.91 |
41,609.76 |
| Profit Before Exceptional items and Tax |
1,730.24 |
6,039.77 |
| Exceptional items |
168.42 |
0.00 |
| Profit Before Tax (PBT) |
1,561.82 |
6,039.77 |
| Tax Expense |
444.49 |
1,465.17 |
| Profit After Tax (PAT) |
1,117.33 |
4,574.60 |
| Total Comprehensive Income |
1,235.72 |
4,631.47 |
| Basic Earnings Per Share (EPS) |
6.79 |
27.81 |
1.2. Business Growth
Your Company has demonstrated substantial performance enhancement
through strategic investments in technology, expansion into new markets and
diversification of its product portfolio. Throughout this growth phase, the Company has
remained steadfast in its commitment to delivering exceptional customer service. During
the Financial Year 2025-26, the Company witnessed growth in the self-sourced portfolio in
the form of Two-wheeler, Used Car and Used CV, substantially reduced business through
Co-lending arrangements. This self-sourced initiative culminated in a successful
conclusion to the fiscal year March 31, 2026, marked by an impressive additional
disbursement of Rs 250 lakhs.
1.3. Profitability
During the Financial Year 2025-26, your Company achieved a net profit
of Rs 1,117 lakhs, as compared to Rs 4,575 lakhs for the previous Financial Year. Profit
before tax was at Rs 1,562 lakhs for the year ended March 31, 2026, as compared to Rs
6,040 lakhs for the year ended March 31, 2025. Total Income has increased from Rs 47,650
lakhs for the year ended March 31, 2025, to Rs 63,252 lakhs for the year ended March 31,
2026. The Net Interest Margin (NIM) is reported at 50% for the Financial Year 2025-26 as
against 53% in Financial Year 2024-25.
1.4. Asset Quality
The Provision Coverage Ratio (PCR) on Stage 3 Assets stood at 50%,
while the PCR on the overall loan portfolio was 3.55% as at the end of the reporting
period. The newly originated portfolio demonstrated a lower probability of default,
reflecting improved underwriting quality and portfolio performance. During the year, the
Company observed certain stress in the seasoned portfolio and accordingly implemented
appropriate corrective measures, including amendments to relevant credit policies. The
effectiveness of these measures was reflected in the improved portfolio performance
witnessed from the second quarter onwards, contributing to better asset quality trends and
enhanced collection efficiencies.
As a prudent measure, the Company continued to maintain provisions in
excess of the regulatory requirements. As at March 31, 2026, the Company maintained total
provisions of '11,901 lakhs, including management overlay provisions, against the IRAC
requirement of Rs 6,761 lakhs, resulting in an excess provision buffer of Rs 5,140 lakhs.
This additional provisioning underscores the Company's conservative approach to risk
management and its commitment to maintaining a resilient balance sheet.
1.5. Net Worth & Capital Adequacy Ratio
The Net Worth of your Company stood at Rs 67,042 lakhs as against Rs
65,806 lakhs in the previous year. It increased on account of profit earned during the
year amounting to Rs 1,236 lakhs. Your Company's total Capital Adequacy Ratio (CRAR) as on
March 31, 2026, stood at 22.02% of the aggregate risk weighted assets on the Balance Sheet
and risk adjusted value of the Balance Sheet items, which is significantly above the
statutory minimum of 15%. Out of the above, Tier I CRAR stood at 21.87% and Tier II CRAR
stood at 0.15%. The CRAR as on March 31, 2025, was at 22.25%.
1.6. Earnings Per Share (EPS)
Earnings Per Share of your Company during the year under review is
reported at Rs 6.79 against earning of Rs 27.81 as on March 31, 2025. Return on Equity was
at 1.86% for the Financial Year 2025-26.
2. Dividend
Considering the Company's growth aspirations, capital requirements and
long-term value creation objectives, the Board of Directors believes it is prudent to
retain the profits earned during the financial year to strengthen the Company's capital
base and support future business growth. Accordingly, the Board does not recommend any
dividend for the financial year 2025-26.
Pursuant to Regulation 43A of the Securities and Exchange Board of
India (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Company's
Dividend Distribution Policy is available on the Company's website at:
https://admin.muthootcap.com/upioads/Policy_on_Distribution_of_Dividends_f678ab3da6.pdf.
Shareholders are requested to note that unclaimed dividend amounts
remaining unpaid or unclaimed for a period of seven consecutive years, together with the
corresponding shares on which such dividends remain unclaimed, are required to be
transferred to the Investor Education and Protection Fund ("IEPF") in accordance
with the provisions of the Companies Act, 2013 and the rules made thereunder. Shareholders
may claim such amounts and shares transferred to the IEPF by following the prescribed
procedure under the applicable IEPF Rules. The details pertaining to unclaimed dividends
are available on the Company's website at www.muthootcap.com.
2.1 Transfer to Investor Education &
Protection Fund (IEPF)
During the financial year 2025-26, no amount or shares were due for
transfer to the Investor Education and Protection Fund (IEPF).
Pursuant to the provisions of the Investor Education and Protection
Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016, as amended,
shareholders whose dividend amounts or shares have been transferred to the IEPF may claim
the same by submitting an online application in Form IEPF-5 and complying with the
prescribed requirements.
3 Reserves
Your Company has transferred an amount of Rs 250 lakhs to the Statutory
Reserve maintained under Section 45-IC of the Reserve Bank of India Act, 1934. The Company
has not transferred any amount to the General Reserve for the Financial Year ended March
31, 2026. Post transfer of profits to reserves, your Board has decided to retain Rs 985.72
Lakhs as surplus in the profit & loss account.
4 Resource Mobilisation
4.1 Share Capital
a. Authorised Share Capital
During the financial year under review, there was no change in the
Authorised Share Capital of the Company. As on March 31, 2026, the Authorised Share
Capital of the Company stood at Rs 2,500 lakhs consisting of 2,50,00,000 Equity Shares of
face value of Rs 10/- each.
b. Issued, Subscribed & Paid-Up Share Capital
During the financial year under review, there was no change in the
paid-up Equity Share Capital of the Company. As on March 31, 2026, the Issued, Subscribed
and Paid-up Share Capital of the Company stood at Rs 1,645 lakhs consisting of 1,64,47,533
Equity Shares of face value of '10/- each.
The Company did not issue any equity shares either with or without
differential rights during the FY 2025-26 and hence, the disclosure requirements under
Section 43 and Rule 4(4) of the Companies (Share Capital and Debentures) Rules, 2014 are
not applicable during the year under review.
During the period under review, no stock options have been issued by
the Company and hence disclosure pursuant to the provisions of Securities and Exchange
Board of India (Share Based Employee Benefits and Sweat Equity) Regulations, 2021 and
Section 62(1)(b) of the Act, read with Rule 12(9) of the Companies (Share Capital and
Debentures) Rules, 2014 were not applicable during the year under review.
The Company also did not undertake any buy-back of its Equity Shares
during the year under review.
4.2 Debentures
During the year under review, the Company issued Non-Convertible
Debentures (NCDs) amounting to Rs 60,000 lakhs (including Green Bonds aggregating Rs
15,000 lakhs, guaranteed by GuarantCo) and redeemed NCDs aggregating to an amount of Rs
363 46.70 lakhs (amount is inclusive of interest and includes the repayment of Market
Linked Debentures). The NCDs are listed on the Debt Market Segment of BSE Limited and
National Stock Exchange of India Limited.
As specified in the respective offer documents, the funds raised from
NCDs are being utilized for various financing activities, onward lending, to repay
existing indebtedness, working capital and general corporate purposes of the Company.
Further, the details of the end-use of funds were furnished to the Audit Committee on a
quarterly basis. The Company is in compliance with the applicable guidelines issued by the
Reserve Bank of India, as amended from time to time.
Your Company has made timely payment of principal and interest
obligations of all the NCDs issued by the Company as and when due. All NCDs were issued on
a private placement basis and are secured by way of pari passu charge on the current
assets of the Company.
The NCDs of your Company are rated as "A+ / Positive" by
CRISIL and "A+ / Stable" by ICRA for the respective issuances. Trustees for
Debenture Holders for ensuring and protecting the interests of debenture holders:
a) Mr. A. Gopalakrishnan (For unlisted debentures)
M/s. K. Venkatachalam Aiyer & Co.
Chartered Accountants,
Building No. 41/3647 B, Providence Road North End, Kochi - 682 018
b) Vardhman Trusteeship Private Limited (For listed debentures)
The Capital, A Wing, 412A,
Bandra Kurla Complex, Bandra (East) Mumbai 400 051
Telephone: + 022- 4264 8335
E-Mail: compliance@vardhmantrustee.com
c) Catalyst Trusteeship Limited (For listed debentures)
901,9th Floor, Tower-B, Peninsula Business Park, Senapati Bapat Marg,
Lower Parel (W), Mumbai - 400013, Maharashtra, India
Telephone: +91 22 - 49220555
Email: ComplianceCTL-Mumbai@ctltrustee.com
4.3 Fixed Deposits
Your Company is a Non - Banking Financial Company (NBFC), registered
with Reserve Bank of India (RBI), having a Deposit-taking License. The Company started
accepting fixed deposits during FY 2013-14. The fixed deposits of your Company are rated
as "A+/Positive" by CRISIL as on March 31, 2026.
The outstanding number of fixed deposits as on March 31, 2026, received
by the Company including interest accrued at that date is Rs 83 11 lakhs.
As on March 31, 2026, there are 61 accounts of fixed deposits amounting
to Rs 89 lakhs which have become due for payment but have not been claimed by the
depositors.
Being an NBFC registered with RBI, the provisions of Chapter V of the
Companies Act, 2013, relating to acceptance of deposits by Companies, is not applicable to
the Company.
a. Communication to Deposit Holders: The Company has the practice of
sending communication by registered post to the deposit holders whose accounts are about
to mature, fourteen days prior to the date of maturity.
If the deposit holders do not respond to the communication, the Company
makes reasonable efforts through available communication channels, instructing them to
surrender the fixed deposit certificate and claim the amount. In case, the depositors are
not traceable due to change in address / phone numbers, another regular communication is
sent to the deposit holder and other modes to contact the deposit holders are also
initiated till the deposits are repaid.
b. Trustees for Deposit Holders: Your Company has appointed IDBI
Trusteeship Services Limited, as trustees for protecting the interests of deposit holders.
In compliance with the Reserve Bank of India (Non-Banking Financial Companies - Acceptance
of Public Deposits) Directions, 2025, your Company has created a floating charge on the
statutory liquid assets of the Company, in favour of IDBI Trusteeship Services Limited who
acts as trustee on behalf of the depositors, as required under the extant provisions.
4.4 Subordinated Debts
During the year under review, your Company has raised Rs 25 00 lakhs
through issue of subordinated debts. As of March 31, 2026, the total amount of outstanding
subordinated debts, including accrued interest was Rs 25 91 lakhs as against Rs 2 14 lakhs
in the previous year. The subordinated debts and public deposits contribute to 3.29 % of
our total funding.
4.5 Commercial Paper
During the year under review, your Company has raised funds for its
working capital requirements by issue of Commercial Papers. The Commercial Papers of your
Company are rated as A1+ by CRISIL. The outstanding amount of Commercial Papers as on
March 31, 2026 was Rs 173 80 lakhs.
4.6 Bank Finance
Your Company raises funds for its working capital requirements mainly
from banks and financial institutions. As on March 31, 2026, the total outstanding amount
of credit facilities from Banks and Financial Institutions were Rs 1161 10 lakhs as
against Rs 1220 41 lakhs as on March 31, 2025, excluding accrued interest.
Apart from the above, the Company has been sourcing funds through
Securitization. During the year under review, your Company has sourced Rs 684 87 lakhs
(net of OC) (previous year Rs 370 86 lakhs). The same has been invested into by various
kinds of entities and the value remaining outstanding as on March 31, 2026, was Rs 660 18
lakhs (previous year Rs 389 52 lakhs).
5 Directors & Key Managerial Personnel
5.1 Directors
As on March 31, 2026, the Board of your Company consisted of seven (7)
Directors, as detailed below:
| DIN |
Name of Director |
Designation |
Date of Appointment |
| 09775050 |
Mrs. Tina Suzanne George |
Whole-Time Director |
December 23, 2024 |
| 10766726 |
Mrs. Ritu Elizabeth George |
Non-Executive Director |
December 23, 2024 |
| 10763021 |
Ms. Susan John |
Non-Executive Director |
December 23, 2024 |
| 01277149 |
Mr. Thomas Mathew* |
Independent Director |
April 01, 2019 |
| 08586100 |
Mrs. Shirley Thomas |
Independent Director |
November 25, 2021 |
| 08709050 |
Mrs. Divya Abhishek |
Independent Director |
August 08, 2023 |
| 10896999 |
Mr. Robin Tommy |
Independent Director |
February 02, 2025 |
*Mr. Thomas Mathew resigned w.e.f. closure of business hours of July
07, 2026. Ms. Manimekhalai A was appointed as an Independent Director of the Company
w.e.f. July 16, 2026.
The composition of the Board is in line with the requirements of the
Act and the Listing Regulations. AH the Directors possess an appropriate mix of skills,
experience and expertise and the Company has benefited immensely by their presence on the
Board. The key Board qualifications, expertise, attributes are given in detail in the
Report on Corporate Governance which forms part of this Report.
5.2 Key Managerial Personnel
Mrs. Tina Suzanne George, Whole-Time Director; Mr. Mathews Markose,
Chief Executive Officer; Mr. Ramandeep Singh, Chief Financial Officer and Ms. Deepa G,
Company Secretary and Compliance Officer are the Key Managerial Personnel of your Company,
as on March 31, 2026.
5.3 Changes in Directors & KMP during the
Financial Year 2025-26
a. Appointments
All appointments of Directors and Key Managerial Personnel
("KMP") is carried out in accordance with the applicable provisions of the
Companies Act, 2013 ("the Act"), the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 ("Listing Regulations"), the Directions issued
by the Reserve Bank of India and other applicable laws and regulations.
The Nomination and Remuneration Committee ("NRC") undertakes
appropriate due diligence, including assessment of the 'fit and proper' criteria, before
recommending the appointment of any individual to the Board. Based on the recommendations
of the NRC, the Board considers and approves such appointments, subject to the approvals
required under applicable laws.
During the financial year under review, there were no appointments of
Directors or Key Managerial Personnel.
The shareholders, by way of a Special Resolution passed at the 31st
Annual General Meeting held on September 19, 2025, approved the continuation of the
directorship of Mr. Thomas Mathew (DIN: 01277149) as an Independent Director beyond the
age of 75 years, in accordance with the applicable provisions of the Listing Regulations.
b. Cessation
There were no cessations of Directors or Key Managerial Personnel
during the financial year ended March 31, 2026.
c. Director Retiring by Rotation
Pursuant to the provisions of Section 152(6) of the Companies Act,
2013, read with the rules made thereunder and the Articles of Association of the Company,
Ms. Susan John (DIN: 10763021), Director, retires by rotation at the ensuing Annual
General Meeting ("AGM") and, being eligible, has offered herself for
reappointment. The requisite details of Ms. Susan John, as required under the Act and the
Listing Regulations, are set out in the Notice convening the 32nd Annual General Meeting.
5.4 Declaration by Independent Directors &
Statement on compliance with the Code of Conduct.
Pursuant to the provisions of Section 149 of the Act and Regulation
25(8) of the Listing Regulations, the Independent Directors have submitted declarations
that each of them meets the criteria of independence as provided in Section 149(6) of the
Act along with Rules framed thereunder and Regulation 16(1)(b) of the Listing Regulations.
There has been no change in the circumstances affecting their status as Independent
Directors of the Company. Further, the Independent Directors have confirmed that they are
not debarred from holding office of Director by SEBI or any other authority.
The Board is satisfied that all the Independent Directors possess the
requisite integrity, expertise, experience and proficiency as envisaged under the Act and
the Listing Regulations. The Independent Directors have also confirmed that their names
are included in the databank of Independent Directors maintained by the Indian Institute
of Corporate Affairs in accordance with the provisions of Section 150 of the Act read with
Rule 6 of the Companies (Appointment & Qualification of Directors) Rules, 2014.
The Independent Directors have complied with the Code for Independent
Directors prescribed under Schedule IV to the Companies Act, 2013 and the Company's Code
of Conduct for Directors and Senior Management Personnel.
The declaration received from the Independent Directors has been
affirmed by the Board, and the same forms part of this Report as Annexure I.
5.5 Non-Disqualification of Directors
A certificate issued by Mr. S. Sandeep, Managing Partner, M/s. S.
Sandeep & Associates, Practicing Company Secretaries (COP No. 5987), confirming that
none of the Directors of the Company as on March 31, 2026, has been debarred or
disqualified from being appointed or continuing as a Director by the Securities and
Exchange Board of India, the Ministry of Corporate Affairs or any other statutory
authority, forms part of the Corporate Governance Report as Annexure II. All Directors
have also confirmed that they satisfy the 'fit and proper' criteria prescribed under the
Reserve Bank of India (Non-Banking Financial Companies - Governance) Directions, 2025.
5.6 Policy on Board Diversity
The Company recognises that an appropriately diverse Board enhances the
quality of decision-making and strengthens corporate governance. The Policy on Board
Diversity, approved by the Board, provides that diversity shall be considered across
various parameters, including skills, industry and functional experience, professional
background, regional representation, knowledge, age and gender, while ensuring that
appointments continue to be merit-based.
The Policy further provides that the Nomination and Remuneration
Committee shall lead the process of identifying and recommending suitable candidates for
appointment to the Board, taking into account the Company's business requirements,
succession planning and the benefits of diversity.
5.7 Policy on Nomination & Remuneration
The Company has in place a Nomination and Remuneration Policy in
accordance with Section 178 of the Companies Act, 2013, Regulation 19 read with Part D of
Schedule II of the Listing Regulations, the applicable Reserve Bank of India Directions
and the RBI Guidelines on Compensation of Key Managerial Personnel and Senior Management
in NBFCs.
The Policy lays down the criteria for appointment, qualifications,
positive attributes and independence of Directors, and provides the framework for the
remuneration of Directors, Key Managerial Personnel, Senior Management Personnel and
employees of the Company. It also supports effective succession planning to ensure
continuity of leadership and the long-term sustainability of the Company's governance
framework.
The Nomination and Remuneration Policy is available on the Company's
website accessible at
https://admin.muthootcap.com/upioads/Nomination_and_Remuneration_Policy_783841c238.pdf.
5.8 Annual Performance Evaluation of the Board,
Committees & Directors
Pursuant to the provisions of the Companies Act, 2013, the SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015 and the Company's
Nomination and Remuneration Policy, the Board has carried out an annual evaluation of its
own performance, the performance of its committees and individual Directors, including
Independent Directors, excluding the Director being evaluated.
The detailed note on the annual evaluation process undertaken in
compliance with the provisions of the Companies Act, 2013 and the Listing Regulations is
provided in the Report on Corporate Governance.
5.9 Meetings of the Board of Directors
During the financial year 2025-26, your Board of Directors met ten (10)
times. Further details about the Meetings of the Board are given in the Report on
Corporate Governance.
5.10 Committees of the Board
The details of the Committees of the Board, their composition, terms of
reference and the activities during the year are elaborated in the Report on Corporate
Governance.
6 Subsidiaries / Joint Venture / Associate
Companies
The Company does not have any subsidiary, joint venture or associate
company. Accordingly, the provisions of the Companies Act, 2013 relating to consolidated
financial statements and other applicable requirements in this regard are not applicable
to the Company.
During the financial year 2025-26, no company became or ceased to be a
subsidiary, joint venture or associate of the Company.
7 Change in the Nature of Business, if Any
During the financial year under review, the Company was primarily
engaged in the business of financing the purchase of automobiles, with a focus on
two-wheelers, used passenger vehicles and commercial vehicles, against hypothecation of
the financed assets. The Company also provides personal loans and business/corporate loans
to eligible customers. During the year, the Company further expanded its product portfolio
by obtaining a Corporate Agent licence from the Insurance Regulatory and Development
Authority of India (IRDAI) in January 2025, enabling it to distribute insurance products
in compliance with the applicable regulatory framework.
During the financial year ended March 31, 2026, the Company disbursed
vehicle and personal loans aggregating to Rs 2,34,154.77 lakhs. The outstanding loan
portfolio under these segments stood at Rs 3,32,465.03 lakh as at March 31, 2026. Further,
the Company disbursed business/corporate loans amounting to Rs 220 lakh during the year,
with an outstanding portfolio of Rs 2,584.97 lakh as at March 31, 2026.
The Company's two-wheeler and used vehicle financing business is
primarily sourced through an extensive network of authorised dealer locations, where
dedicated Company representatives facilitate customer acquisition. In addition, business
is generated through the branch network of its group company, Muthoot Fincorp Limited. The
Company also continues to strengthen its digital sourcing capabilities through mobile
application - Muthoot Fincorp One, thereby enhancing customer accessibility and improving
the overall customer borrowing experience.
8 Material Changes & Commitments, if any,
Affecting the Financial Position of the Company which have Occurred between the end of the
Financial Year and the Date of this Report.
There were no material changes and commitments affecting the financial
position of the Company between the end of financial year and the date of this Report.
9 Significant & Material Orders Passed by
Regulators, Courts & Tribunals
Your Directors confirm that no significant or material orders were
passed by any regulatory authority, court or tribunal during the FY 2025-26 that would
impact the going concern status of the Company or materially affect its future operations.
10 Risk Management
The Board oversees the risk management functions of your Company, and a
separate Risk Management Committee of the Board supervises the risk management functions.
Apart from this, the Company has a separate Risk Management Department that co-ordinates
and administers the risk management functions thereby setting up a top-down approach on
the risk management.
The Risk Management Committee of your Company has not identified any
elements of risk which in their opinion may threaten the existence of your Company.
Details of the risks and concerns relevant to the Company are discussed in detail in the
Management Discussion and Analysis Report which forms part of the Annual Report.
In order to ensure that your Company maintains high standards of risk
management practices, the Chief Risk Officer (CRO) functions independently with no
relationship with business verticals of the Company and reports to the Risk Management
Committee. The CRO is inter alia entrusted with the responsibility of identifying,
measuring and mitigating risks which may affect the Company and putting in place and
monitoring the risk management policies and practices of the Company.
The Company believes that risk resilience is key to achieving higher
growth. To this effect, your Company has a well- defined Risk Management Policy in place
to create and protect shareholder value by minimizing threats or losses and identifying
and maximizing opportunities and thereby to ensure sustainable business growth with
stability and to promote a pro-active approach in reporting, evaluating and resolving
risks associated with the business. The Policy lays down broad guidelines for timely
identification, assessment and prioritization of risks affecting the Company in the short
and foreseeable future. The Policy suggests framing an appropriate response action for the
key risks identified, so as to make sure that risks are adequately addressed or mitigated.
The said policy is approved by the Board and reviewed from time to time.
The risk management framework in the Company is periodically reviewed
by the Risk Management Committee of the Board. The Internal Auditors also undertake a
complete review of risk assessments and associated management action plans. All material
risks of the Company emerging in the course of its business are identified, assessed and
monitored and necessary actions are taken on a regular basis.
The Company conducts Internal Capital Adequacy Assessment Process
(ICAAP) on annual basis to assess the sufficiency of its capital funds to cover the risks
specified under Pillar II of Basel guidelines. The adequacy of Company's capital funds to
meet the future business growth is also assessed in the ICAAP Document. Capital
requirement for current business levels and framework for assessing capital requirement
for future business levels has been made. Capital requirement and Capital optimisation are
monitored periodically by the Committee of Senior Management (Asset Liability Management
Committee (ALCO)). The Senior Management deliberates on various options available for
capital augmentation in tune with business growth. Based on these reports submitted by
Senior Management, the Board of Directors evaluates the available capital sources,
forecasts the capital requirements and capital adequacy of the Company and ensures that
the capital available for the Company at all times is in line with the Risk Appetite of
the Company.
11 Fraud Monitoring & Reporting
Pursuant to revised Master Directions - Reserve Bank of India (Fraud
Risk Management in NBFCs) Directions, 2024 on Fraud Risk Management in Non-Banking
Financial Companies (NBFCs) (including Housing Finance Companies) dated July 15, 2024
issued by Reserve Bank of India ("Master Directions"), your Company has
constituted a Fraud Risk Monitoring Committee (FRMC) to monitor and review the cases of
frauds to oversee the effectiveness of fraud risk management including root cause analysis
and mitigating measures and strengthen the internal controls, risk management framework to
prevent / minimize the incidence of frauds.
The Company has prepared the Framework for Early Warning Signals (EWS)
on Fraud that aims to establish a robust system for the early detection and prevention of
fraud. The framework outlines the governance structure, key indicators, and reporting
mechanisms to ensure timely identification and mitigation of fraudulent activities. The
Company also has in place a Fraud Risk Management Policy.
The Risk Management Committee reviews incidents of fraud quarterly.
Annual review of the frauds is also conducted and reported by the management to Board as
per the Master Directions. Among other things, details reported include modus operandi,
amount involved, identity of the perpetrators of fraud, action taken against them and
remedial actions taken to mitigate the risk. Further, the same is also reported to RBI and
Auditors, where applicable.
12 Cyber Security
Our Cyber Security and Data Privacy Framework is critical in upholding
customer trust and assuring them that their personal and financial information are handled
responsibly. Our goal is to create secure, seamless and trusted financial experiences that
give customers the freedom to engage with us confidently, knowing that behind every open
interaction is a deeply secure foundation.
Muthoot Capital has a robust corporate governance framework for
information and cyber security. The Information Security Committee, chaired by the Chief
Risk Officer, meets quarterly to review the evolving cyber threat landscape and validate
the Organization's cyber security controls. Risk Management Committee provides oversight
of information and cyber security related initiatives, ensuring they remain aligned with
regulatory directives and benchmarked against industry best practices.
The Company has adopted ISO 27001:2022 standards and regularly reviews
and upgrades its implementation on regular basis to maintain the information security as
per the market trend. Muthoot Capital Services Limited is an ISO 27001:2022 certified
Company. On regular basis, different types of system audits are conducted by the external
and internal auditors. To improve cyber security system, the Company continuously invests
towards upgrading the technology, IT security related implementation, training and
awareness programme.
During the year, new initiatives were taken in areas of Digital
Platforms, API Security, Email Security and Attack Surface Management. Muthoot Capital has
a comprehensive Information and Cyber Security Policy and has invested in robust technical
and administrative controls to prevent, detect, and respond to suspicious activity. We
conduct thorough assessments before introducing new systems or services, encompassing
application security and vulnerability checks, penetration testing, and architecture
reviews. We have also subscribed to Commercial Threat Intelligence Feeds and receive
inputs from various regulatory bodies, such as the Reserve Bank of India - Cyber Security
and Information Technology Examination (RBI-CSITE) and CERT-In.
13 Adequacy of Internal Audit & Financial
Controls with Reference to the Financial Statements
Your Company has in place a robust and effective Internal Audit and
Financial Controls system calibrated to the risk appetite of the Company and aligned to
the size, scale and complexity of the business operations of the Company. The said
financial controls of the Company are evaluated by the Audit Committee as per Part C of
Schedule II of the Listing Regulations.
Apart from Statutory Audit and Concurrent Audit, your Company is in
compliance with Section 138 of the Companies Act, 2013. Mr. Vuyyuru Vijaya Kumar has
resigned from the position of Chief Internal Auditor of the Company w.e.f. the close of
business hours of December 03, 2025 and the Board of Directors at its meeting held on
January 21, 2026, appointed Mr. Krishnaraj S as the Chief Internal Auditor w.e.f. January
21, 2026, for a period of three years. The Board of Directors at its meeting held on March
31, 2026, appointed M/s. KPMG Assurance and Consulting Services LLP as the Information
Systems (IS) Auditor to conduct the IS Audit for financial year 2025-26.
In compliance with RBI circular dated February 03, 2021, the Company
has in place an effective Risk Based Internal Audit ("RBIA”) Framework to review
the efficacy of internal controls, processes, policies and compliance with laws and
regulations, with the objective of providing an independent and reasonable assurance on
the adequacy and effectiveness of the organisation's internal control and governance
processes. The internal audit plan is developed based on the risk profile of the audit
universe including business activities, functions, branches, application systems of the
organisation. The RBIA plan includes process audits, branch audits and Information
Technology (IT) & Information Security (IS) audits. Internal audits are undertaken on
a periodic basis to independently validate the existing controls. The Internal Audit
function provides independent assurance to the Board of Directors and Senior Management on
the quality and effectiveness of the Company's internal control, risk management and
governance systems and processes, thereby helping the Board and Senior Management protect
the Company and its reputation.
The Audit Committee oversees and reviews the functioning of the entire
audit team and the effectiveness of internal control system at all levels and monitors the
implementation of audit recommendations. During the year, such control systems were
assessed and no reportable material weaknesses in the design or operation were observed.
Improvements suggested are tracked against defined timelines for implementation.
Accordingly, your Board is of the opinion that the Company's internal financial controls
were adequate and effective during financial year 2025-26.
14 Corporate Social Responsibility (CSR)
At Muthoot Capital, Corporate Social Responsibility ("CSR")
extends beyond philanthropic society. The Company believes that responsible business
practices and meaningful community engagement are integral to long-term growth and
stakeholder value creation.
The Company's CSR framework is guided by the theme “HEEL" -
Health, Education, Environment and Livelihood, reflecting its commitment to fostering
inclusive and sustainable development. Through its CSR initiatives, the Company seeks to
make a positive and lasting impact on the communities in which it operates, while
fulfilling its responsibilities as a responsible corporate citizen.
To provide strategic direction and oversight to the Company's CSR
initiatives, the Board has constituted a Corporate Social Responsibility Committee
("CSR Committee"). The CSR Committee has formulated and recommended a Corporate
Social Responsibility Policy, which has been approved by the Board. The Policy outlines
the guiding principles and focus areas of the Company's CSR programmes in line with the
activities specified under Schedule VII of the Companies Act, 2013. The CSR Policy is
available on the Company's website at:
https://admin.muthootcap.com/uptoads/CSR_Poticy_1_53be1477d0.pdf.
During the Financial Year 2025-26, the Company spent 227.25 lakh
towards CSR activities and initiatives, thereby meeting its obligations under the
applicable provisions of the Companies Act, 2013 and the Rules made thereunder. The Annual
Report on CSR activities, including details of the CSR Policy, composition of the CSR
Committee, amount spent during the year, and key initiatives undertaken by the Company,
forms part of this Report as Annexure II.
The composition of the CSR Committee and details of its meetings held
during the year are provided in the Report on Corporate Governance, forming part of the
Annual Report.
15 Auditors & Audit Reports
15.1 Statutory Auditors
M/s. Sundaram & Srinivasan, Chartered Accountants (Firm
Registration No. 004207S), were appointed as the Statutory Auditors of the Company at the
30th Annual General Meeting ("AGM") held on September 25, 2024, to hold office
from the conclusion of the 30th AGM until the conclusion of the 33rd AGM, in accordance
with the provisions of the Companies Act, 2013.
The Statutory Auditors hold a valid Peer Review Certificate issued by
the Institute of Chartered Accountants of India and satisfy the eligibility criteria
prescribed under the applicable provisions of the Companies Act, 2013 and the applicable
RBI Directions governing the appointment of statutory auditors of Non-Banking Financial
Companies.
Audit Qualifications, Reservation or Adverse
Remarks or Disclaimer
The Board has duly examined the Statutory Auditors' Report to the
accounts, which is self-explanatory. Clarifications, wherever necessary, have been
included in the Notes to the Accounts to the Financial Statements. Further, your directors
confirm that there is no qualification, reservation or adverse remark or disclaimer in the
Independent Auditor's Report provided by M/s. Sundaram & Srinivasan, the Statutory
Auditors of the Company for the financial year 2025-26. There is no incident of fraud
reported by the Auditors under Section 143(12) of the Act.
15.2 Secretarial Auditors
Based on the recommendation of the Audit Committee, the Board of
Directors, at its meeting held on August 05, 2025, appointed M/s. S. Sandeep &
Associates, Practicing Company Secretaries (Peer Review Certificate No. 6526/2025), as the
Secretarial Auditors of the Company for a term of five consecutive financial years,
commencing from FY 2025-26 up to FY 2029-30, subject to the approval of the shareholders.
The appointment was subsequently approved by the shareholders at the 31st Annual General
Meeting held on September 19, 2025, in accordance with the provisions of Section 204 of
the Companies Act, 2013 and the applicable rules made thereunder.
The Secretarial Audit Report in Form MR-3 for the financial year ended
March 31, 2026, forms part of this Report as Annexure III. The Report does not contain any
qualification, reservation, adverse remark or disclaimer. Further, the Secretarial
Auditors have not reported any instance of fraud under Section 143(12) of the Companies
Act, 2013 during the financial year under review.
15.3 Internal Auditor
Your Company has an independent internal audit department which plays a
critical role in evaluating and improving the effectiveness of risk management, Control
and governance process. Following the resignation of Mr. Vijayakumar Vuyyuru w.e.f.
closing hours of December 03, 2025, the Board appointed Mr. Krishnaraj S as Chief Internal
Auditor of the Company w.e.f. January 21, 2026, for a period of 3 (Three) years.
The internal audit department broadly assesses and contributes to the
overall improvement of the organisation's governance, risk management and control
processes using a systematic and disciplined approach. The internal audit team follows
Risk Based Internal Audit which helps the organisation to identify the risks and address
them accordingly based on the risk priority and direction provided by the Board of
Directors.
16 Compliance with the Secretarial Standards on
Board & General Meetings
The Company has duly complied with the applicable Secretarial Standards
on Meetings of the Board of Directors and General Meetings issued by the Institute of
Company Secretaries of India.
17 Conservation of Energy & Technology
Absorption, Foreign Exchange Earnings & Outgo
Considering the nature of the Company's business activities, the
provisions relating to conservation of energy and technology absorption under Section
134(3)(m) of the Companies Act, 2013 read with Rule 8(3) of the Companies (Accounts)
Rules, 2014 are not applicable to the Company. The Company is, however, committed to
leveraging technology and continuously pursuing cost-effective technological upgradation
to enhance operational efficiency and deliver superior customer service.
During the year under review, there were no foreign exchange earnings
or outgo.
18 Whistle Blower Policy or Vigil Mechanism for
Directors & Employees
Your Company has in place, a comprehensive Whistle Blower Policy in
compliance with Section 177(9) & 177(10) of the Companies Act, 2013 and as per
Regulation 4(2)(d)(iv) read with Para 10 of Part C of Schedule V of the Listing
Regulations, which details the mechanism by which an employee of the Company may report
unethical behaviour, suspected or actual fraud or violation of code of conduct of the
Company. The policy is available on the website of the Company at www.muthootcap.com.
A brief note on the Whistle Blower Policy and compliance with the same
is also provided in the Report on Corporate Governance, which forms part of the Annual
Report.
19 Particulars of Loans, Guarantees or Investments
Pursuant to Section 186(11)(a) of the Act read with Rule 11(2) of the
Companies (Meetings of Board and its Powers) Rules, 2014, loans made, guarantees given, or
security provided in the ordinary course of business by a Non-Banking Financial Company
registered with Reserve Bank of India are exempt from the applicability of provisions of
Section 186 of the Act.
The details of the investments made by your Company are given in the
notes to the financial statements.
20 Particulars of Contracts or Arrangements with
Related Parties
Your Directors confirm that all contracts, arrangements and
transactions entered into by the Company with related parties during the financial year
ended March 31, 2026, were in compliance with the applicable provisions of the Companies
Act, 2013 ("the Act") and the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 ("Listing Regulations").
In accordance with Regulation 23(2) of the Listing Regulations, all
related party transactions were placed before and approved by the Audit Committee prior to
their execution. The Audit Committee had also granted omnibus approval under Regulation
23(3) of the Listing Regulations for repetitive and foreseeable related party
transactions, and the requisite details of such transactions were placed before the
Committee on a quarterly basis for its review.
During the financial year under review, all related party transactions
were entered into in the ordinary course of business and on an arm's length basis. The
Company had obtained the approval of the shareholders through a Postal Ballot held on June
15, 2024, for specified related party transactions with Muthoot Bankers and Muthoot
Fincorp Limited for a period of five years. Accordingly, the transactions with Muthoot
Bankers in relation to the windmill business and with Muthoot Fincorp Limited pertaining
to cash remittance services, space sharing arrangements and rent deposits were undertaken
in accordance with the shareholders' approval.
Accordingly, the particulars of contracts or arrangements with related
parties as prescribed under Section 134(3)(h) of the Act read with Rule 8(2) of the
Companies (Accounts) Rules, 2014 are provided in Annexure IV in Form AOC-2.
The disclosures relating to related party transactions, as required
under Ind AS 24 - Related Party Disclosures, form part of the Notes to the Financial
Statements.
None of the Directors has a pecuniary relationship or transaction
vis-a-vis the Company, save and except the payment of sitting fees to Independent
Directors, payment of remuneration to Whole-Time Director apart from transactions in the
ordinary course of business and at Arm's Length basis at par with any member of the
general public.
The Board further confirms that there were no materially significant
related party transactions entered into by the Company with its Promoters, Directors, Key
Managerial Personnel or other designated persons that could have had a potential conflict
with the interests of the Company. The Company has complied with the applicable provisions
of Sections 177 and 188 of the Companies Act, 2013 and the Listing Regulations governing
related party transactions.
The Company's Policy on Related Party Transactions, as approved by the
Board and reviewed from time to time, is available on the Company's website accessible
using the web link:
https://admin.muthootcap.com/uploads/56_Related_Party_Transaction_Policy_1315b62ef2.pdf.
21 Disclosure of Remuneration & Particulars of
Employees
Disclosures required under the provisions of Section 197(12) of the Act
read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014, as amended, containing, inter alia, the ratio of remuneration of
each Director to median remuneration of employees, percentage increase in the median
remuneration etc., forms a part of this Report as Annexure V.
In terms of Section 136 of the Act, the said statement will be open for
inspection upon request by the shareholders. Any shareholder interested in obtaining such
particulars may write to Company Secretary at the Registered Office of the Company.
As the Company does not have any Holding Company or Subsidiary Company,
no disclosure as required under Section 197(14) of the Act has been made.
22 Listing
The equity shares of the Company have been listed on BSE Limited since
April 24, 1995, and on the National Stock Exchange of India Limited since August 24, 2015.
The Company's debt securities are listed on BSE Limited. During the year under review, the
Company issued Green Bonds aggregating 15,000 lakh, which were listed on the National
Stock Exchange of India Limited. The Company has complied with the applicable listing
requirements of the respective stock exchanges during the year under review. The Company
confirms that it has paid the annual listing fees for the FY 2025-26 to the respective
stock exchanges.
23 Business Responsibility & Sustainability
Report (BRSR)
The SEBI (Listing Obligations and Disclosure Requirements) Regulations,
2015, requires the top one thousand listed entities based on market capitalization, to
have, a "Business Responsibility and Sustainability Report" as part of their
Annual Report, containing the environmental, social and governance disclosures, in the
format as may be specified by the Board from time to time. As your Company is not one
amongst the top one thousand listed companies based on the market capitalisation, this
Report is not applicable to the Company.
24 Fair Practice Code (FPC)
Your Company has adopted a Fair Practices Code ("FPC"),
approved by the Board of Directors, in accordance with the guidelines issued by the
Reserve Bank of India, with the objective of ensuring fair business practices,
transparency in dealings with customers and dissemination of adequate information to
enable informed decision-making.
The FPC is available on the Company's website at www.muthootcap.com.
The Board reviews the FPC periodically to ensure its continued adequacy, effectiveness and
alignment with the applicable regulatory requirements.
25 Customer Grievance
Your Company has established a dedicated Customer Grievance Redressal
Cell for receiving, monitoring and resolving customer complaints and grievances. Your
Company remains committed to ensuring fair, transparent and unbiased treatment of all
customers at all times. Customer complaints and grievances are addressed promptly and
courteously, with due emphasis on timely resolution and customer satisfaction.
26 Annual Return
In accordance with the provisions of Section 92(3) and Section
134(3)(a) of the Companies Act, 2013, the Annual Return of the Company in Form MGT-7 is
available on the Company's website at www.muthootcap.com.
27 Directors' Responsibility Statement
In accordance with the provisions of Section 134(3)(c) and 134(5) of
the Companies Act, 2013, your Directors state that:
a) In the preparation of the annual accounts for the financial year
ended March 31, 2026, the applicable accounting standards had been followed with proper
explanation relating to material departures, if any.
b) We had selected such accounting policies and applied them
consistently and made judgments and estimates that are reasonable and prudent so as to
give a true and fair view of the state of affairs of the Company at the end of the
financial year and of the profit of the Company for that period;
c) We had taken proper and sufficient care for the maintenance of
adequate accounting records in accordance with the provisions of this Act for safeguarding
the assets of the Company and for preventing and detecting fraud and other irregularities;
d) We had prepared the annual accounts on a going concern basis;
e) We had laid down internal financial controls to be followed by the
Company and that such internal financial controls are adequate and were operating
effectively; and
f) We had devised proper systems to ensure compliance with the
provisions of all applicable laws and that such systems were adequate and operating
effectively.
28 Credit Rating
The Credit Ratings assigned to the various instruments
issued/faciLities availed by the Company as on March 31, 2026, is as given below:
| Credit Rating Agency |
Instrument |
Rating as on March 31,2026 |
Date on which the credit rating was obtained |
Revision during the year ended March 31, 2026 |
| CRISIL |
Rs 2500 Crores Bank loan facilities |
CRISIL A+ / Positive |
September 25, 2025 |
Reaffirmed (Outlook revised from 'Stable') |
| CRISIL |
Rs 50 Crores Subordinated Debt |
Crisil A+/Positive |
September 25, 2025 |
Assigned |
| CRISIL |
Rs 60 Crores Long Term Principal Market
Linked Debentures |
CRISIL PPMLD A+ / Positive |
September 25, 2025 |
Reaffirmed (Outlook revised from 'Stable') |
| CRISIL |
Fixed deposits |
CRISIL A+ / Positive |
September 25, 2025 |
Reaffirmed (Outlook revised from 'Stable') |
| CRISIL |
Rs 200 Crores non-convertible debentures |
CRISIL A+ / Positive |
September 25, 2025 |
Reaffirmed (Outlook revised from 'Stable') |
| CRISIL |
Rs 110 Crores non-convertible debentures |
CRISIL A+ / Positive |
September 25, 2025 |
Reaffirmed (Outlook revised from 'Stable') |
| CRISIL |
Rs 40 Crores non-convertible debentures |
CRISIL A+ / Positive 25, 2025 |
September |
Reaffirmed (Outlook revised from 'Stable') |
| CRISIL |
Rs 200 Crores non-convertible debentures |
CRISIL A+ / Positive |
September 25, 2025 |
Reaffirmed (Outlook revised from 'Stable') |
| CRISIL |
Rs 200 Crores non-convertible debentures |
CRISIL A+ / Positive |
September 25, 2025 |
Reaffirmed (Outlook revised from 'Stable') |
| CRISIL |
Rs 200 Crores non-convertible debentures |
CRISIL A+ / Positive |
September 25, 2025 |
Reaffirmed (Outlook revised from 'Stable') |
| CRISIL |
Rs 100 Crores non-convertible debentures |
CRISIL A+ / Positive |
September 25, 2025 |
Reaffirmed (Outlook revised from 'Stable') |
| CRISIL |
Rs 151 Crores non-convertible debentures |
CRISIL A+ / Positive |
September 25, 2025 |
Reaffirmed (Outlook revised from 'Stable') |
| CRISIL |
Rs 150 Crores non-convertible debentures |
CRISIL A+ / Positive |
September 25, 2025 |
Reaffirmed (Outlook revised from 'Stable') |
| CRISIL |
Rs 400 Crores Commercial Paper |
CRISIL A1 + |
September 25, 2025 |
Reaffirmed |
As on date of this report, it may be noted that Crisil Ratings upgraded
its ratings on the long-term bank facilities and debt instruments of the Company to
'Crisil AA-/Crisil PPMLD AA-/Stable' from 'Crisil A+/Crisil PPMLD A+/Positive'. Crisil
Ratings also reaffirmed its ratings of 'Crisil A1+', on the commercial paper instruments
issued by the Company.
29 Disclosures Under Sexual Harassment of Women at
Workplace (Prevention, Prohibition & Redressal) Act, 2013
The Company is committed to fostering a work environment that promotes
dignity, respect, equality and inclusivity, and provides a safe workplace for all
employees. In accordance with the provisions of the Sexual Harassment of Women at
Workplace (Prevention, Prohibition and Redressal) Act, 2013 ("POSH Act"), the
Board has adopted a Policy on Prevention, Prohibition and Redressal of Sexual Harassment
of Women at Workplace. An Internal Complaints Committee ("ICC") has been
constituted in compliance with the provisions of the POSH Act to redress complaints
relating to sexual harassment at the workplace. During the financial year 2025-26, one
complaint was received under the provisions of the POSH Act.
Details of cases reported to Internal Complaints Committee during the
FY 2025-26 are as under:
| Number of Sexual Harassment Complaints
received during the financial year 2025-26 |
One |
| Number of Sexual Harassment Complaints
disposed off during the financial year 2025-26 |
One |
| Number of Sexual Harassment Complaints
pending beyond 90 days during the financial year 2025-26 |
Nil |
| Number of Sexual Harassment Complaints
pending as on March 31, 2026 |
Nil |
30 Compliance with Maternity Benefit Act, 1961
Your Company remains committed to providing a supportive, inclusive and
legally compliant workplace for all its employees. During the financial year 2025-26, the
Company complied with all applicable provisions of the Maternity Benefit Act, 1961.
Eligible women employees were provided all statutory benefits, including paid maternity
leave, in accordance with the provisions of the Act. During the year under review, 26
women employees availed maternity benefits. Your Company ensured the timely processing and
disbursement of such benefits in compliance with the applicable statutory requirements.
The Company did not receive any complaints or grievances relating to the provisions of the
Maternity Benefit Act, 1961 during the year.
31 Regulatory Compliance
Your Company is a listed Non-Banking Financial Company with
Deposit-taking License (NBFC-D). The Company has complied with and continues to comply
with all applicable laws, rules, regulations, circulars and guidelines, including the
directions issued by the Reserve Bank of India and the Securities and Exchange Board of
India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended from
time to time. The Company has carried on its business in accordance with the Certificate
of Registration issued by the RBI and has not undertaken any activity other than those
permitted under the applicable regulatory framework for NBFCs.
32 Other Disclosures
a. Your Company, in the capacity of Financial Creditor, has not filed
any applications with National Company Law Tribunal under the Insolvency and Bankruptcy
Code, 2016 during the FY 2025-26 for recovery of outstanding loans against any customer.
b. During the year under review, there was no instance of one-time
settlement with Banks or Financial Institutions. Hence, the reasons of difference in the
valuation at the time of one-time settlement and valuation done while taking loan from the
Banks or Financial Institutions are not reported as per Rule 8(5)(xii) of Companies
(Accounts) Rules, 2014.
c. The provision of Section 148 of the Act relating to maintenance of
cost records and cost audit are not applicable to your Company.
d. Your Company has not defaulted in repayment of loans from banks and
financial institutions. There were no delays or defaults in payment of interest /
principal of any of its debt securities and deposits accepted.
e. The equity shares of your Company were not suspended from trading
during the year.
f. Disclosures pursuant to RBI Master Directions, unless provided in
the Directors' Report and Corporate Governance Report, form part of the notes to the
standalone financial statements.
g. Disclosure regarding details relating to deposits covered under
Chapter V of the Companies Act, 2013 is not applicable since your Company is a Non-Banking
Financial Company regulated by Reserve Bank of India. Your
Company accepts deposits as per the Reserve Bank of India (Non-Banking
Financial Companies - Acceptance of Public Deposits) Directions, 2025.
h. Your Company continues to comply with all the applicable laws,
regulations, guidelines, etc. prescribed by RBI from time to time. The Board of Directors
have framed various policies as applicable to the Company and periodically reviews the
policies and approves amendments as and when necessary.
i. There was no instance during the year where the Board has not
accepted the recommendations of the Audit Committee requiring disclosure pursuant to
Section 177(8) of the Companies Act, 2013.
j. A Compliance Certificate from M/s. S Sandeep & Associates,
Practicing Company Secretaries, regarding compliance of conditions of Corporate Governance
forms part of this Report as Annexure VI.
Acknowledgements
Your Directors wish to place on record their sincere appreciation for
the continued trust, support and co-operation extended by the Company's shareholders,
customers, depositors, debenture holders, bankers, business associates and other
stakeholders. The Board also gratefully acknowledges the guidance and support received
from the Reserve Bank of India, Securities and Exchange Board of India, Registrar of
Companies, Kerala and Lakshadweep, BSE Limited, National Stock Exchange of India Limited,
Registrar and Share Transfer Agents, Credit Rating Agencies and other statutory and
regulatory authorities.
Your Directors place on record their deep appreciation for the
commitment, dedication and exemplary efforts of all employees of the Company
("Muthootians"), whose unwavering support and contributions have been
instrumental in sustaining the Company's growth and operational excellence. The Board also
expresses its gratitude to all well-wishers for their continued confidence in and support
of the Company.
|
|
For and on behalf of the Board of Directors |
|
Sd/- |
Sd/- |
|
Tina Suzanne George |
Ritu Elizabeth George |
| Place: Kochi |
Whole-Time Director |
Director |
| Date: July 16, 2026 |
DIN:09775050 |
DIN:10766726 |
|