Analysts/Institutional Investor Meet/Con. Call Updates

MCSL/SEC/26-27/272 November 10, 2026 BSE Limited National Stock Exchange of India Phiroze Jeejeebhoy Towers Limited Dalal Street, Exchange Plaza, C-1, Block G, Mumbai - 400 001, Maharashtra Bandra Kurla Complex, Bandra (E), Scrip Code - 511766 Mumbai - 400 051, Maharashtra Scrip Code (Debenture & CP) - 975282, Trading Symbol - MUTHOOTCAP 975513, 975662, 976146, 976183, 976213, 976233, 976363, 976458, 976806, 976898, 976933, 976965, 978079, 978198, 977164, 977929, 978321, 729732, 729733, 730251 and 732701 Dear Sir / Ma’am, Sub: Transcript of Conference Call to discuss the Unaudited Financial Results of Muthoot Capital Services Limited (“the Company”) for the Quarter and Half Year ended September 30, 2026 Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed a copy of the transcript of the Conference Call, held on Friday, November 06, 2026, to discuss the Unaudited Financial Results of the Company for the Quarter and Half Year ended September 30, 2026. The same is also uploaded on the website of the Company and can be accessed via the weblink as given below: Weblink:https://admin.muthootcap.com/uploads/Muthoot_Capital_Services_Ltd_Earnings_ Call_Transcript_28d8019f44.pdf This is for your kind information and records. Thanking You, Yours Faithfully, For Muthoot Capital Services Limited Deepa G Company Secretary and Compliance Officer Membership No.: A68790 Encl: as above Muthoot Capital Services Limited, Registered Office: 3rd Floor, Muthoot Towers, M.G. Road, Kochi - 682 035, Kerala P: +91-484-6619600, Email: secretarial@muthootcap.com, Website: www.muthootcap.com CIN: L67120KL1994PLC007726 Muthoot Capital Services Limited Q2 & H1 FY27 Earnings Conference Call November 06, 2026 Management Team: Mr. Mathews Markose – Chief Executive Officer Mr. Ramandeep Gill – Chief Financial Officer Errors & Omissions Expected: This transcript is edited for factual and grammatical errors. In case of discrepancies, the audio recordings uploaded on the stock exchange and company website on 06th November 2026 will prevail. Page 1 of 14 Muthoot Capital Services Limited Q2 & H1 FY27 Earnings Conference Call November 06, 2026 Moderator: Good afternoon, ladies and gentlemen, and welcome to the Conference Call of Muthoot Capital Services Limited, arranged by Concept Investor Relations to discuss its Q2 and H1 FY27 Results. Before we begin, let me mention a quick short cautionary statement. Some of the statements made in today's earnings call may be forward-looking in nature. Such forward-looking statements are subject to risk and uncertainties, which could cause actual results to differ from those anticipated. Such statements made on the management's belief as well as assumptions made by the information currently available to the management. Audiences are cautioned not to place any undue reliance on these forward-looking statements in making any investment decisions. The purpose of today's Earnings Call is purely to educate and bring awareness about the company's fundamental business and the financial quota under review. Let me now introduce you to the Management. We have with us today Mr. Mathews-Markose – Chief Executive Officer, and Mr. Ramandeep Gill – Chief Financial Officer. Please note that this conference will be recorded. I would now like to hand the floor to Mr. Mattews-Markose – Chief Executive Officer. Thank you and over to you, sir. Mathews Markose: Thank you, Neerav. And good afternoon, ladies and gentlemen. Thank you for joining us for the Muthoot Capital Services Earnings Call for the 2nd Quarter and H1 for September ‘26. Let me begin by wishing all our shareholders, investors, lenders, and business partners a very Happy Dhanteras and Diwali and a great festive season ahead. Talking about the first half of the year, it's been a period of consolidation, strengthening of our institutional capabilities and building a stronger foundation for sustainable growth. But along with that, made meaningful progress across several important areas like asset quality, credit underwriting, diversification of our funding, and of course, as usual, on technology. I wish to highlight some of the developments that we were able to achieve during the first half of the year. Firstly, our institutional strength and credit standing got a boost with the rating upgrade to AA from Brickwork’s. This reflects the company's improving financial performance, discipline, governance, and strengthening business fundamentals. Page 2 of 14 It's a very, very important milestone for us because it reimburses our ability to access diversified funding sources, including going PAN India for our FD product. As you are aware, we are deposit-taking NBFC, and we were restricted to accepting deposits from the state of Kerala alone. But with this AA rating and through the digital platform, we are now allowed to go PAN India, and we have already launched our Pan India FD campaign. Secondly, on the business performance and growth, the vehicle finance industry has witnessed very healthy momentum in H1, though there were apprehensions about the war and increasing oil prices, etc., but the industry has beaten all odds and shown up 21% growth in the first half of the year. Two-wheeler segment has recorded about 16% growth, and both passenger as well as commercial vehicle has registered very healthy growth rate in H1. And against this industry backdrop, we achieved a cumulative disbursement in excess of Rs. 1,200 crores. More details on the numbers will be given by CFO, Ramandeep. Our commercial vehicle and construction equipment disbursements increased significantly by over 100%, and so has been the case with our used car financing, though the base has been small, but we've been able to make very significant strides in both these businesses, and those continue to be our core area of focus. Going forward while two-wheeler will continue to be the warhorse. Another milestone that we crossed in H1 was that our AUM crossed Rs. 3,500 crores as on September, reflecting a continued expansion of our core lending franchise. We are also consciously working towards a more diversified portfolio and channel mix by increasing the share of partners, getting into more OEMs by getting into preferred financial tie-ups, as well as increasing the product diversification. This is an important indicator of the improvement in our origination, quality, and collection effectiveness. We have also strengthened our early warning mechanism, improving collection interventions and focusing on resolution of the existing stress portfolios. Moving forward, our asset quality and collection remains a very, very important priority for us, and we have made encouraging progress in strengthening our collection. Collection efficiency in all our buckets have improved, and the most heartening part is that our forward flow to NPA has reduced by 31% over the last year's same time. In the last year, we had a forward flow of about 0.78%, which has come down to 0.5%, which is a very, very significant improvement. We have also made significant progress in strengthening our liability franchise. Our deposit book grew by over 100%, and largely because of the online intervention that we started in the beginning of this year. And with us going PAN India, as I mentioned before, this will further add weight to that. On technology, we've been continuously investing, and with the help of AI, we've been able to bring in-house a lot of the scorecards, BREs that we were currently outsourcing to various vendors. What it has done is that our time to market has significantly improved. Page 3 of 14 Earlier, whenever we would want to make a change in any of our policies on the BREs front, it would attract a change request with the vendor, and the request would be placed to the vendor. There will be a commercial involved, and there would be an internal approval to be taken. And therefore, all of these would d [Showing first 8,000 characters — download PDF for full document]