Analysts/Institutional Investor Meet/Con. Call Updates

MCSL/SEC/26-27/153 July 20, 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 (Equity) - 511766 Mumbai - 400 051, Maharashtra Scrip Code (Debenture and CP) - 975282, Trading Symbol - MUTHOOTCAP 975513, 975662, 976146, 976183, 976213, 976233, 976363, 976458, 976806, 976898, 976933, 976965, 977929, 729732, 729733 and 730251 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 ended June 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, July 17, 2026, to discuss the Unaudited Financial Results of the Company for the Quarter ended June 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/Transcript_bbcada91f8.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, India P: +91-484-6619600, 6613450, F: +91-484-2381261, Email: secretarial@muthootcap.com, www.muthootcap.com CIN: L67120KL1994PLC007726 “Muthoot Capital Services Limited Q1 FY27 Earnings Conference Call” July 17, 2026 MANAGEMENT: MR. MATHEWS MARKOSE – CHIEF EXECUTIVE OFFICER – MUTHOOT CAPITAL SERVICES LIMITED MR. RAMANDEEP GILL – CHIEF FINANCIAL OFFICER – MUTHOOT CAPITAL SERVICES LIMITED MODERATOR: MR. MANEET KHIMAWAT – ELARA SECURITIES Page 1 of 18 Muthoot Capital Services Limited July 17, 2026 Moderator: Ladies and gentlemen, good day and welcome to Muthoot Capital Services Limited Q1 FY27 Earnings Conference Call. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I would now like to hand over the call to Mr. Maneet Khimawat [0:00:30] from Elara Securities. Thank you, and over to you, Mr. Khimawat. Maneet Khimawat: Thank you. Good morning, everyone. On behalf of Elara Securities, we welcome you all to the Q1 FY27 Earnings Conference Call of Muthoot Capital Services Limited. From the management today, we have with us Mr. Mathews Markose, CEO; and Mr. Ramandeep Gill, CFO. I now hand over the call to the management for their opening remarks. Thank you, and over to you, sir. Mathews Markose: Thank you, Maneet. Good morning, everyone and thank you for joining us today. On behalf of Muthoot Capital Services, let me extend a very warm welcome to all our shareholders, analysts, investors and members of the investment community. I sincerely appreciate your continued confidence in the company and your participation in today's earnings call. So let me start with the highlights of quarter 1 FY '27. I think our Q1 FY '27 has been an important milestone in our transformation journey, and we believe that Q1, we will remember for the significant strengthening of our balance sheet and franchise. I would like to start by highlighting three key achievements that we made during the quarter. First and foremost, we received a CRISIL rating upgrade to AA minus stable. We believe that this is a very strong external validation of the transformation that the company has undergone over the past couple of years, and it reflects a sustained improvement in our asset quality, our governance standards, our funding profiles, among many other things. And more importantly, I think it enhances our ability to access diversified sources of capital at a very competitive price because that is a very critical aspect of our NIM and ROA, etcetera, et cetera. And therefore, it will position us well for the next phase of growth. Second, our public deposit franchise crossed INR100 crores. While this number may not be very big, but considering that we just recently started scaling up on this, and we recently launched our online FD module and all that is a significant achievement. And this is important also from the fact that it gives us a very stable, diversified and granular funding base, and it's a very important pillar of our long-term liability strategy. So this is one business that we want to continue to focus on and scale it up to a significantly large amount. Third, I think we delivered a substantial improvement in our asset quality. Our GNPA level reduced to 3.94%, representing a decline of about 182 basis points year-on-year. Page 2 of 18 Muthoot Capital Services Limited July 17, 2026 And this is a function of our disciplined execution on collection, sustained recovery and the successful resolution of the stressed asset. So this is a very clear demonstration of our focus on quality even while we pursue growth. I think these are really foundational measures. And coming to the business performance, the external environment has been very favorable. Q1 automobile industry saw good growth. The 2-wheeler industry recorded a 14% year-on-year growth. At Muthoot Capital, we delivered a 6% growth, which may be slightly moderate compared to the industry growth. But all our internal analysis indicates that the gap was not driven by market demand, but primarily due to the fact that our credit acceptance ratios were kept moderate. We were approving about only 35%, 40% of the cases that were getting logged in, and that was as a measure of continuing to focus on our quality. As we go forward, some of the measures that we are taking is that building our own -- so we were using different scorecards from partners. Now we are -- our own data analytics team is building our scorecard internally, which will be differentiated for existing to credit and new to credit. And we are also bringing in a multiproduct -- multi-bureau strategy to enhance our credit profile. And on the -- parallelly, what we have done is that our own retail portfolio has been considerably increasing. So we have reached 84%, which means our co-lending book has been steadily declining. That is a conscious call that we took. So over -- if you compare Y-on-Y last year, Q1, we had about INR120 crores of disbursement through co-lending. And this Q1, in the first month, we stopped, we only disbursed INR20 crores. So overall dip in numbers Y-o-Y is a function of that, but MCSL alone has grown. And our portfolio yield remains healthy at about 21%. And as we move forward, I think our focus will continue to be on accelerating high-quality retail book, improving credit conversions and expanding our liability franchise. And of course, leveraging technology. I think last couple of years, we have invested a lot on technology. And now we are continuing to invest in AI- driven technology. We have brought in AI in multiple fields now. Our entire X bucket collection is being done by AI bots. So AI bots continue to collect about -- so this month, our resolution on with AI bots on the X bucket was as high as 55% and we'll continue to expand there. Other use cases of AI has been on our welcome calling, our audit and compliance, our automatic ticket segregation of customer complaints. So we are investing heavily in AI. We've done a couple of trainings already for our senior management and all relevant people on AI. So that continues to be our focus area, and we will continue to invest in that as a technology because we see that consuming a lot of space in the BFSI segment. Page 3 of 18 Muthoot Capital Services Limited July 17, 2026 [Showing first 8,000 characters — download PDF for full document]