Muthoot Capital Services Limited — Credit Ratings, 06-06-2025: Credit Rating

Crisil has reaffirmed Muthoot Capital Services Limited’s ratings at A+/Stable across its bank facilities, fixed deposits, commercial papers, and non-convertible debentures, including a new Rs 200 crore NCD issue. The rating reflects strong operational and financial support from the Muthoot Pappachan Group, an adequate capital base with net worth at Rs 658.1 Cr, and improved asset quality with gross NPAs down to 4.9%. Stable liquidity is backed by Rs 296.7 Cr in cash and unutilized credit limits of Rs 156 Cr. This rating stability supports steady borrowing costs and sustains investor confidence, though geographic concentration and modest earnings remain areas to watch.