# Finance & Investments - Gold Loan — company-by-company sector analysis

> Finance & Investments - Gold Loan: Muthoot Finance Ltd owns the largest revenue base AND the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-29. Not investment advice.

## Bottom line

The 52-week sector comparison is unavailable. 4 of 6 covered companies currently have positive Mansfield relative strength versus NIFTY 500. Muthoot Finance Ltd leads with income of ₹31,210 crore, based on 6 of 6 comparable companies through Mar 2026. Muthoot Finance Ltd has the fastest current income growth at 54.4%, across 6 of 6 comparable companies.

### Is the Finance & Investments - Gold Loan sector outperforming NIFTY 500?

The 52-week sector comparison is unavailable. 4 of 6 covered companies currently have positive Mansfield relative strength versus NIFTY 500.

### Which Finance & Investments - Gold Loan company is largest by income?

Muthoot Finance Ltd leads with income of ₹31,210 crore, based on 6 of 6 comparable companies through Mar 2026.

### Which Finance & Investments - Gold Loan company is growing fastest?

Muthoot Finance Ltd has the fastest current income growth at 54.4%, across 6 of 6 comparable companies.

### Which Finance & Investments - Gold Loan company has the strongest 4-Factor Sector Score?

Capri Global Capital Ltd ranks first at 72.8/100 with 95.6% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Finance & Investments - Gold Loan company has the largest deposit base?

CSB Bank Ltd has the largest reported deposit base at ₹44,246 crore. Bank borrowings are operating funding, not industrial leverage.

### Which Finance & Investments - Gold Loan company has the lowest comparable P/BV-to-ROE?

CSB Bank Ltd has the lowest comparable P/BV ÷ ROE at 0.09, among 6 of 6 companies that pass the metric’s comparability rules.

### How much history does this Finance & Investments - Gold Loan comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

## Sector relative strength

The 52-week comparison of Finance & Investments - Gold Loan against NIFTY 500 is not available from the current market series. 4 of 6 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. Capri Global Capital Ltd is the strongest against the sector itself at +23.3%. Readings are as of 2026-07-19.

13-week sector return versus NIFTY 500: —
52-week sector return versus NIFTY 500: —
Stocks leading NIFTY: 4/6
Stocks leading sector: 3/6

Central tension: The central tension: current leadership is concentrated, so durability matters more than rank.

Companies: 6
Combined market value: ₹2.1 L Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. Capri Global Capital Ltd (CGCL): 73/100 — Favorable setup; evidence 96%
   - Growth & earnings 25.4/35 | Capital efficiency 21.5/25 | Valuation 5.9/20 | Relative strength 20.0/20
   - Exact sum: 25.4 + 21.5 + 5.9 + 20 = 72.8
   - Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.
2. Muthoot Finance Ltd (MUTHOOTFIN): 70/100 — Favorable setup; evidence 74%
   - Growth & earnings 27.2/35 | Capital efficiency 20.7/25 | Valuation 11.6/20 | Relative strength 10.8/20
   - Exact sum: 27.2 + 20.7 + 11.6 + 10.8 = 70.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3. IIFL Finance Ltd (IIFL): 68/100 — Favorable setup; evidence 94%
   - Growth & earnings 32.0/35 | Capital efficiency 15.8/25 | Valuation 12.4/20 | Relative strength 7.9/20
   - Exact sum: 32 + 15.8 + 12.4 + 7.9 = 68.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4. CSB Bank Ltd (CSBBANK): 49/100 — Mixed-negative evidence; evidence 94%
   - Growth & earnings 11.8/35 | Capital efficiency 13.8/25 | Valuation 19.6/20 | Relative strength 3.6/20
   - Exact sum: 11.8 + 13.8 + 19.6 + 3.6 = 48.8
   - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
5. Fedbank Financial Services Ltd (FEDFINA): 48/100 — Mixed-negative evidence; evidence 75%
   - Growth & earnings 16.9/35 | Capital efficiency 12.3/25 | Valuation 12.2/20 | Relative strength 6.8/20
   - Exact sum: 16.9 + 12.3 + 12.2 + 6.8 = 48.2
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
6. Manappuram Finance Ltd (MANAPPURAM): 34/100 — Adverse evidence; evidence 79%
   - Growth & earnings 8.2/35 | Capital efficiency 7.7/25 | Valuation 4.0/20 | Relative strength 14.1/20
   - Exact sum: 8.2 + 7.7 + 4 + 14.1 = 34
   - Decision use: Price leads the evidence: RS versus the benchmark is 11.6%, but earnings trajectory is weak. Wait for revenue and profit confirmation.

## Income Scale & Growth Durability

What the numbers say: Muthoot Finance Ltd is the scale leader at ₹31,210 crore, 117.6% ahead of IIFL Finance Ltd. Muthoot Finance Ltd's growth is 54.4% from a ₹31,210 crore base, with 15 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Muthoot Finance Ltd is the scale benchmark; Muthoot Finance Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Muthoot Finance Ltd's growth falls below Muthoot Finance Ltd's for two consecutive comparable reports while operating margin also compresses.

Evidence: Muthoot Finance Ltd · ₹31,210 crore | 117.6% versus #2 · IIFL Finance Ltd | 8/8 recent comparable periods | 6/6 companies · 108 observations

Definition: For lenders, reported income is used instead of industrial-company sales. Growth is compared year-on-year.

### Income — largest
1. Muthoot Finance Ltd (MUTHOOTFIN): ₹31.2K Cr
2. IIFL Finance Ltd (IIFL): ₹14.3K Cr
3. Manappuram Finance Ltd (MANAPPURAM): ₹9.5K Cr
4. CSB Bank Ltd (CSBBANK): ₹4.8K Cr
5. Capri Global Capital Ltd (CGCL): ₹4.7K Cr

### Income growth — fastest growers
1. Muthoot Finance Ltd (MUTHOOTFIN): 54%
2. Capri Global Capital Ltd (CGCL): 46%
3. IIFL Finance Ltd (IIFL): 36%
4. CSB Bank Ltd (CSBBANK): 25%
5. Fedbank Financial Services Ltd (FEDFINA): 13%

### 20-quarter Income history
- MUTHOOTFIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹2.8K Cr | Dec 2022 ₹3.0K Cr | Mar 2023 ₹3.3K Cr | Jun 2023 ₹3.5K Cr | Sep 2023 ₹3.6K Cr | Dec 2023 ₹3.8K Cr | Mar 2024 ₹4.2K Cr | Jun 2024 ₹4.5K Cr | Sep 2024 ₹4.9K Cr | Dec 2024 ₹5.2K Cr | Mar 2025 ₹5.6K Cr | Jun 2025 ₹6.5K Cr | Sep 2025 ₹7.3K Cr | Dec 2025 ₹8.2K Cr | Mar 2026 ₹9.3K Cr | Jun 2026 —
- MANAPPURAM: Sep 2021 ₹1.6K Cr | Dec 2021 ₹1.5K Cr | Mar 2022 ₹1.5K Cr | Jun 2022 ₹1.5K Cr | Sep 2022 ₹1.7K Cr | Dec 2022 ₹1.7K Cr | Mar 2023 ₹1.8K Cr | Jun 2023 ₹2.0K Cr | Sep 2023 ₹2.2K Cr | Dec 2023 ₹2.3K Cr | Mar 2024 ₹2.3K Cr | Jun 2024 ₹2.5K Cr | Sep 2024 ₹2.6K Cr | Dec 2024 ₹2.6K Cr | Mar 2025 ₹2.4K Cr | Jun 2025 ₹2.3K Cr | Sep 2025 ₹2.3K Cr | Dec 2025 ₹2.4K Cr | Mar 2026 ₹2.6K Cr | Jun 2026 —
- IIFL: Sep 2021 ₹1.7K Cr | Dec 2021 ₹1.8K Cr | Mar 2022 ₹1.9K Cr | Jun 2022 ₹2.0K Cr | Sep 2022 ₹2.1K Cr | Dec 2022 ₹2.1K Cr | Mar 2023 ₹2.2K Cr | Jun 2023 ₹2.3K Cr | Sep 2023 ₹2.5K Cr | Dec 2023 ₹2.6K Cr | Mar 2024 ₹2.9K Cr | Jun 2024 ₹2.6K Cr | Sep 2024 ₹2.6K Cr | Dec 2024 ₹2.4K Cr | Mar 2025 ₹2.6K Cr | Jun 2025 ₹3.0K Cr | Sep 2025 ₹3.3K Cr | Dec 2025 ₹3.4K Cr | Mar 2026 ₹3.7K Cr | Jun 2026 ₹3.9K Cr
- CGCL: Sep 2021 ₹220 Cr | Dec 2021 ₹254 Cr | Mar 2022 ₹308 Cr | Jun 2022 ₹280 Cr | Sep 2022 ₹346 Cr | Dec 2022 ₹385 Cr | Mar 2023 ₹455 Cr | Jun 2023 ₹501 Cr | Sep 2023 ₹557 Cr | Dec 2023 ₹605 Cr | Mar 2024 ₹649 Cr | Jun 2024 ₹718 Cr | Sep 2024 ₹752 Cr | Dec 2024 ₹821 Cr | Mar 2025 ₹957 Cr | Jun 2025 ₹1.0K Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹1.4K Cr | Jun 2026 —
- CSBBANK: Sep 2021 ₹496 Cr | Dec 2021 ₹528 Cr | Mar 2022 ₹520 Cr | Jun 2022 ₹536 Cr | Sep 2022 ₹555 Cr | Dec 2022 ₹592 Cr | Mar 2023 ₹636 Cr | Jun 2023 ₹683 Cr | Sep 2023 ₹687 Cr | Dec 2023 ₹762 Cr | Mar 2024 ₹795 Cr | Jun 2024 ₹832 Cr | Sep 2024 ₹865 Cr | Dec 2024 ₹919 Cr | Mar 2025 ₹981 Cr | Jun 2025 ₹1.0K Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹1.2K Cr | Jun 2026 ₹1.3K Cr
- FEDFINA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹309 Cr | Mar 2023 ₹338 Cr | Jun 2023 ₹361 Cr | Sep 2023 ₹395 Cr | Dec 2023 ₹413 Cr | Mar 2024 ₹408 Cr | Jun 2024 ₹477 Cr | Sep 2024 ₹513 Cr | Dec 2024 ₹530 Cr | Mar 2025 ₹536 Cr | Jun 2025 ₹517 Cr | Sep 2025 ₹535 Cr | Dec 2025 ₹555 Cr | Mar 2026 ₹616 Cr | Jun 2026 ₹670 Cr

### 20-quarter Income growth history
- MUTHOOTFIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 28% | Dec 2023 27% | Mar 2024 27% | Jun 2024 29% | Sep 2024 37% | Dec 2024 36% | Mar 2025 35% | Jun 2025 44% | Sep 2025 48% | Dec 2025 58% | Mar 2026 65% | Jun 2026 —
- MANAPPURAM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -4.5% | Sep 2022 10% | Dec 2022 14% | Mar 2023 19% | Jun 2023 35% | Sep 2023 26% | Dec 2023 34% | Mar 2024 32% | Jun 2024 23% | Sep 2024 22% | Dec 2024 11% | Mar 2025 0.6% | Jun 2025 -9.1% | Sep 2025 -14% | Dec 2025 -8.1% | Mar 2026 11% | Jun 2026 —
- IIFL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 29% | Sep 2022 20% | Dec 2022 15% | Mar 2023 13% | Jun 2023 17% | Sep 2023 21% | Dec 2023 25% | Mar 2024 31% | Jun 2024 14% | Sep 2024 3.2% | Dec 2024 -7.8% | Mar 2025 -9.2% | Jun 2025 13% | Sep 2025 29% | Dec 2025 40% | Mar 2026 42% | Jun 2026 33%
- CGCL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 40% | Sep 2022 57% | Dec 2022 52% | Mar 2023 48% | Jun 2023 79% | Sep 2023 61% | Dec 2023 57% | Mar 2024 43% | Jun 2024 43% | Sep 2024 35% | Dec 2024 36% | Mar 2025 47% | Jun 2025 40% | Sep 2025 49% | Dec 2025 49% | Mar 2026 45% | Jun 2026 —
- CSBBANK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 12% | Dec 2022 12% | Mar 2023 22% | Jun 2023 27% | Sep 2023 24% | Dec 2023 29% | Mar 2024 25% | Jun 2024 22% | Sep 2024 26% | Dec 2024 21% | Mar 2025 23% | Jun 2025 25% | Sep 2025 28% | Dec 2025 26% | Mar 2026 22% | Jun 2026 24%
- FEDFINA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 34% | Mar 2024 21% | Jun 2024 32% | Sep 2024 30% | Dec 2024 28% | Mar 2025 31% | Jun 2025 8.4% | Sep 2025 4.3% | Dec 2025 4.7% | Mar 2026 15% | Jun 2026 30%

## Profit Scale & Acceleration

What the numbers say: Muthoot Finance Ltd leads with ₹10,606 crore of TTM profit, 370.3% above IIFL Finance Ltd. IIFL Finance Ltd shows ≥100% on the scoring scale (338.7% uncapped) growth from a ₹2,255 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Muthoot Finance Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: Muthoot Finance Ltd · ₹10,606 crore | 370.3% versus #2 · IIFL Finance Ltd | 8/8 recent comparable periods | 6/6 companies · 108 observations

Definition: Net profit is ranked only where the comparison base is economically meaningful. Loss-to-profit flips are shown but do not win the growth table.

### Net profit — largest
1. Muthoot Finance Ltd (MUTHOOTFIN): ₹10.6K Cr
2. IIFL Finance Ltd (IIFL): ₹2.3K Cr
3. Manappuram Finance Ltd (MANAPPURAM): ₹993 Cr
4. Capri Global Capital Ltd (CGCL): ₹949 Cr
5. CSB Bank Ltd (CSBBANK): ₹665 Cr

### Profit growth — fastest growers
1. IIFL Finance Ltd (IIFL): 100%
2. Capri Global Capital Ltd (CGCL): 98%
3. Muthoot Finance Ltd (MUTHOOTFIN): 98%
4. Fedbank Financial Services Ltd (FEDFINA): 66%
5. CSB Bank Ltd (CSBBANK): 11%

### 20-quarter Net profit history
- MUTHOOTFIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹902 Cr | Dec 2022 ₹934 Cr | Mar 2023 ₹1.0K Cr | Jun 2023 ₹1.0K Cr | Sep 2023 ₹1.1K Cr | Dec 2023 ₹1.1K Cr | Mar 2024 ₹1.2K Cr | Jun 2024 ₹1.2K Cr | Sep 2024 ₹1.3K Cr | Dec 2024 ₹1.4K Cr | Mar 2025 ₹1.4K Cr | Jun 2025 ₹2.0K Cr | Sep 2025 ₹2.4K Cr | Dec 2025 ₹2.8K Cr | Mar 2026 ₹3.4K Cr | Jun 2026 —
- MANAPPURAM: Sep 2021 ₹370 Cr | Dec 2021 ₹261 Cr | Mar 2022 ₹261 Cr | Jun 2022 ₹282 Cr | Sep 2022 ₹408 Cr | Dec 2022 ₹393 Cr | Mar 2023 ₹415 Cr | Jun 2023 ₹498 Cr | Sep 2023 ₹561 Cr | Dec 2023 ₹575 Cr | Mar 2024 ₹564 Cr | Jun 2024 ₹557 Cr | Sep 2024 ₹572 Cr | Dec 2024 ₹278 Cr | Mar 2025 ₹-203 Cr | Jun 2025 ₹132 Cr | Sep 2025 ₹217 Cr | Dec 2025 ₹239 Cr | Mar 2026 ₹405 Cr | Jun 2026 —
- IIFL: Sep 2021 ₹292 Cr | Dec 2021 ₹310 Cr | Mar 2022 ₹321 Cr | Jun 2022 ₹330 Cr | Sep 2022 ₹397 Cr | Dec 2022 ₹423 Cr | Mar 2023 ₹458 Cr | Jun 2023 ₹473 Cr | Sep 2023 ₹526 Cr | Dec 2023 ₹545 Cr | Mar 2024 ₹431 Cr | Jun 2024 ₹338 Cr | Sep 2024 ₹-93 Cr | Dec 2024 ₹82 Cr | Mar 2025 ₹251 Cr | Jun 2025 ₹274 Cr | Sep 2025 ₹418 Cr | Dec 2025 ₹501 Cr | Mar 2026 ₹623 Cr | Jun 2026 ₹713 Cr
- CGCL: Sep 2021 ₹52 Cr | Dec 2021 ₹65 Cr | Mar 2022 ₹42 Cr | Jun 2022 ₹46 Cr | Sep 2022 ₹56 Cr | Dec 2022 ₹37 Cr | Mar 2023 ₹65 Cr | Jun 2023 ₹64 Cr | Sep 2023 ₹65 Cr | Dec 2023 ₹68 Cr | Mar 2024 ₹83 Cr | Jun 2024 ₹76 Cr | Sep 2024 ₹97 Cr | Dec 2024 ₹128 Cr | Mar 2025 ₹178 Cr | Jun 2025 ₹175 Cr | Sep 2025 ₹236 Cr | Dec 2025 ₹255 Cr | Mar 2026 ₹283 Cr | Jun 2026 —
- CSBBANK: Sep 2021 ₹119 Cr | Dec 2021 ₹148 Cr | Mar 2022 ₹131 Cr | Jun 2022 ₹115 Cr | Sep 2022 ₹121 Cr | Dec 2022 ₹156 Cr | Mar 2023 ₹156 Cr | Jun 2023 ₹132 Cr | Sep 2023 ₹133 Cr | Dec 2023 ₹150 Cr | Mar 2024 ₹151 Cr | Jun 2024 ₹113 Cr | Sep 2024 ₹138 Cr | Dec 2024 ₹152 Cr | Mar 2025 ₹190 Cr | Jun 2025 ₹119 Cr | Sep 2025 ₹160 Cr | Dec 2025 ₹153 Cr | Mar 2026 ₹202 Cr | Jun 2026 ₹150 Cr
- FEDFINA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹51 Cr | Mar 2023 ₹39 Cr | Jun 2023 ₹54 Cr | Sep 2023 ₹58 Cr | Dec 2023 ₹65 Cr | Mar 2024 ₹68 Cr | Jun 2024 ₹70 Cr | Sep 2024 ₹65 Cr | Dec 2024 ₹19 Cr | Mar 2025 ₹72 Cr | Jun 2025 ₹75 Cr | Sep 2025 ₹80 Cr | Dec 2025 ₹88 Cr | Mar 2026 ₹101 Cr | Jun 2026 ₹114 Cr

### 20-quarter Profit growth history
- MUTHOOTFIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 21% | Dec 2023 23% | Mar 2024 17% | Jun 2024 14% | Sep 2024 21% | Dec 2024 22% | Mar 2025 22% | Jun 2025 65% | Sep 2025 83% | Dec 2025 103% | Mar 2026 135% | Jun 2026 —
- MANAPPURAM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -35% | Sep 2022 10% | Dec 2022 51% | Mar 2023 59% | Jun 2023 77% | Sep 2023 38% | Dec 2023 46% | Mar 2024 36% | Jun 2024 12% | Sep 2024 2.0% | Dec 2024 -52% | Mar 2025 -136% | Jun 2025 -76% | Sep 2025 -62% | Dec 2025 -14% | Mar 2026 — | Jun 2026 —
- IIFL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 24% | Sep 2022 36% | Dec 2022 36% | Mar 2023 43% | Jun 2023 43% | Sep 2023 32% | Dec 2023 29% | Mar 2024 -5.9% | Jun 2024 -29% | Sep 2024 -118% | Dec 2024 -85% | Mar 2025 -42% | Jun 2025 -19% | Sep 2025 — | Dec 2025 511% | Mar 2026 148% | Jun 2026 160%
- CGCL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 0.0% | Sep 2022 7.7% | Dec 2022 -43% | Mar 2023 55% | Jun 2023 39% | Sep 2023 16% | Dec 2023 84% | Mar 2024 28% | Jun 2024 19% | Sep 2024 49% | Dec 2024 88% | Mar 2025 114% | Jun 2025 130% | Sep 2025 143% | Dec 2025 99% | Mar 2026 59% | Jun 2026 —
- CSBBANK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 1.7% | Dec 2022 5.4% | Mar 2023 19% | Jun 2023 15% | Sep 2023 9.9% | Dec 2023 -3.9% | Mar 2024 -3.2% | Jun 2024 -14% | Sep 2024 3.8% | Dec 2024 1.3% | Mar 2025 26% | Jun 2025 5.3% | Sep 2025 16% | Dec 2025 0.7% | Mar 2026 6.3% | Jun 2026 26%
- FEDFINA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 27% | Mar 2024 74% | Jun 2024 30% | Sep 2024 12% | Dec 2024 -71% | Mar 2025 5.9% | Jun 2025 7.1% | Sep 2025 23% | Dec 2025 363% | Mar 2026 40% | Jun 2026 52%

## Funding Base & Its Composition

What the numbers say: CSB Bank Ltd leads deposits at ₹44,246 crore; Muthoot Finance Ltd leads borrowings at ₹1,51,806 crore.

Investor read: CSB Bank Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current borrowings signal.

Evidence: CSB Bank Ltd · ₹44,246 crore | null versus #2 · Manappuram Finance Ltd | 8/8 recent comparable periods | 2/6 companies · 17 observations

Definition: For banks, debt is operating funding rather than industrial leverage. Deposits and borrowings are therefore shown as funding-base levels; asset quality, funding cost and liquidity determine whether that funding is attractive.

### Deposits — largest deposit bases
1. CSB Bank Ltd (CSBBANK): ₹44.2K Cr
2. Manappuram Finance Ltd (MANAPPURAM): ₹0 Cr

### Borrowings — largest borrowings
1. Muthoot Finance Ltd (MUTHOOTFIN): ₹1.5 L Cr
2. IIFL Finance Ltd (IIFL): ₹69.2K Cr
3. Manappuram Finance Ltd (MANAPPURAM): ₹57.8K Cr
4. Capri Global Capital Ltd (CGCL): ₹24.1K Cr
5. Fedbank Financial Services Ltd (FEDFINA): ₹13.7K Cr

### 20-quarter Deposits history
- MANAPPURAM: Sep 2021 ₹0 Cr | Dec 2021 — | Mar 2022 ₹0 Cr | Jun 2022 — | Sep 2022 ₹0 Cr | Dec 2022 — | Mar 2023 ₹0 Cr | Jun 2023 — | Sep 2023 ₹0 Cr | Dec 2023 — | Mar 2024 ₹0 Cr | Jun 2024 — | Sep 2024 ₹0 Cr | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- CSBBANK: Sep 2021 ₹19.1K Cr | Dec 2021 — | Mar 2022 ₹20.2K Cr | Jun 2022 — | Sep 2022 ₹21.0K Cr | Dec 2022 — | Mar 2023 ₹24.5K Cr | Jun 2023 — | Sep 2023 ₹25.4K Cr | Dec 2023 — | Mar 2024 ₹29.7K Cr | Jun 2024 — | Sep 2024 ₹31.8K Cr | Dec 2024 — | Mar 2025 ₹36.9K Cr | Jun 2025 — | Sep 2025 ₹39.7K Cr | Dec 2025 — | Mar 2026 ₹44.2K Cr | Jun 2026 —

### 20-quarter Borrowings history
- MUTHOOTFIN: Sep 2021 — | Dec 2021 — | Mar 2022 ₹54.6K Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹55.8K Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹68.1K Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹99.4K Cr | Jun 2025 — | Sep 2025 ₹1.2 L Cr | Dec 2025 — | Mar 2026 ₹1.5 L Cr | Jun 2026 —
- MANAPPURAM: Sep 2021 ₹25.7K Cr | Dec 2021 ₹25.7K Cr | Mar 2022 ₹24.8K Cr | Jun 2022 ₹24.8K Cr | Sep 2022 ₹27.5K Cr | Dec 2022 ₹27.5K Cr | Mar 2023 ₹29.2K Cr | Jun 2023 ₹29.2K Cr | Sep 2023 ₹32.9K Cr | Dec 2023 ₹32.9K Cr | Mar 2024 ₹34.3K Cr | Jun 2024 ₹34.3K Cr | Sep 2024 ₹39.1K Cr | Dec 2024 ₹39.1K Cr | Mar 2025 ₹36.1K Cr | Jun 2025 ₹36.1K Cr | Sep 2025 ₹38.4K Cr | Dec 2025 ₹38.4K Cr | Mar 2026 ₹57.8K Cr | Jun 2026 —
- IIFL: Sep 2021 ₹33.8K Cr | Dec 2021 ₹33.8K Cr | Mar 2022 ₹36.1K Cr | Jun 2022 ₹37.0K Cr | Sep 2022 ₹35.9K Cr | Dec 2022 ₹35.9K Cr | Mar 2023 ₹40.0K Cr | Jun 2023 ₹40.8K Cr | Sep 2023 ₹40.8K Cr | Dec 2023 ₹43.0K Cr | Mar 2024 ₹47.1K Cr | Jun 2024 ₹47.2K Cr | Sep 2024 ₹40.0K Cr | Dec 2024 ₹40.0K Cr | Mar 2025 ₹51.1K Cr | Jun 2025 ₹52.5K Cr | Sep 2025 ₹58.7K Cr | Dec 2025 ₹58.7K Cr | Mar 2026 ₹69.2K Cr | Jun 2026 —
- CGCL: Sep 2021 ₹4.0K Cr | Dec 2021 ₹4.0K Cr | Mar 2022 ₹4.8K Cr | Jun 2022 ₹5.1K Cr | Sep 2022 ₹6.4K Cr | Dec 2022 ₹6.4K Cr | Mar 2023 ₹7.5K Cr | Jun 2023 ₹8.1K Cr | Sep 2023 ₹9.3K Cr | Dec 2023 ₹9.3K Cr | Mar 2024 ₹10.4K Cr | Jun 2024 ₹11.1K Cr | Sep 2024 ₹13.2K Cr | Dec 2024 ₹13.2K Cr | Mar 2025 ₹15.6K Cr | Jun 2025 ₹16.0K Cr | Sep 2025 ₹16.8K Cr | Dec 2025 ₹16.8K Cr | Mar 2026 ₹24.1K Cr | Jun 2026 —
- CSBBANK: Sep 2021 ₹1.5K Cr | Dec 2021 ₹1.5K Cr | Mar 2022 ₹2.0K Cr | Jun 2022 ₹2.0K Cr | Sep 2022 ₹1.4K Cr | Dec 2022 ₹1.4K Cr | Mar 2023 ₹783 Cr | Jun 2023 ₹783 Cr | Sep 2023 ₹1.8K Cr | Dec 2023 ₹1.8K Cr | Mar 2024 ₹1.8K Cr | Jun 2024 ₹1.8K Cr | Sep 2024 ₹2.3K Cr | Dec 2024 ₹2.3K Cr | Mar 2025 ₹5.5K Cr | Jun 2025 ₹5.5K Cr | Sep 2025 ₹4.3K Cr | Dec 2025 ₹4.3K Cr | Mar 2026 ₹7.2K Cr | Jun 2026 ₹7.2K Cr
- FEDFINA: Sep 2021 — | Dec 2021 — | Mar 2022 ₹5.2K Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹7.3K Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹8.3K Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹10.4K Cr | Jun 2025 — | Sep 2025 ₹10.4K Cr | Dec 2025 — | Mar 2026 ₹13.7K Cr | Jun 2026 —

## Return On Assets

What the numbers say: Muthoot Finance Ltd leads roa at 6.5%; IIFL Finance Ltd leads roa change at +1.1 percentage points.

Investor read: Muthoot Finance Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roa change signal.

Evidence: Muthoot Finance Ltd · 6.5% | 122.8% versus #2 · Capri Global Capital Ltd | Not enough history | 5/6 companies · 37 observations

Definition: ROA is the cleanest first comparison for lenders because the balance sheet is the operating asset.

### ROA — highest
1. Muthoot Finance Ltd (MUTHOOTFIN): 6.5%
2. Capri Global Capital Ltd (CGCL): 2.9%
3. IIFL Finance Ltd (IIFL): 2.0%
4. Manappuram Finance Ltd (MANAPPURAM): 1.3%
5. CSB Bank Ltd (CSBBANK): 1.1%

### ROA change — fastest improvers
1. IIFL Finance Ltd (IIFL): +1.1 pp
2. Capri Global Capital Ltd (CGCL): +0.6 pp
3. CSB Bank Ltd (CSBBANK): −0.1 pp
4. Manappuram Finance Ltd (MANAPPURAM): −1.1 pp

### 20-quarter ROA history
- MANAPPURAM: Sep 2021 — | Dec 2021 — | Mar 2022 3.9% | Jun 2022 — | Sep 2022 3.3% | Dec 2022 — | Mar 2023 3.8% | Jun 2023 — | Sep 2023 4.2% | Dec 2023 — | Mar 2024 4.7% | Jun 2024 — | Sep 2024 4.3% | Dec 2024 — | Mar 2025 2.4% | Jun 2025 — | Sep 2025 0.8% | Dec 2025 — | Mar 2026 1.3% | Jun 2026 —
- IIFL: Sep 2021 — | Dec 2021 — | Mar 2022 2.6% | Jun 2022 — | Sep 2022 2.8% | Dec 2022 — | Mar 2023 3.0% | Jun 2023 — | Sep 2023 3.4% | Dec 2023 3.4% | Mar 2024 3.8% | Jun 2024 2.8% | Sep 2024 2.2% | Dec 2024 — | Mar 2025 0.9% | Jun 2025 — | Sep 2025 1.3% | Dec 2025 — | Mar 2026 2.0% | Jun 2026 —
- CGCL: Sep 2021 — | Dec 2021 — | Mar 2022 2.9% | Jun 2022 — | Sep 2022 2.5% | Dec 2022 — | Mar 2023 1.7% | Jun 2023 — | Sep 2023 1.8% | Dec 2023 — | Mar 2024 1.8% | Jun 2024 — | Sep 2024 1.9% | Dec 2024 — | Mar 2025 2.3% | Jun 2025 — | Sep 2025 2.9% | Dec 2025 — | Mar 2026 2.9% | Jun 2026 —
- CSBBANK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 2.0% | Dec 2022 — | Mar 2023 1.9% | Jun 2023 — | Sep 2023 1.8% | Dec 2023 — | Mar 2024 1.6% | Jun 2024 — | Sep 2024 1.4% | Dec 2024 — | Mar 2025 1.2% | Jun 2025 — | Sep 2025 1.2% | Dec 2025 — | Mar 2026 1.1% | Jun 2026 —

### 20-quarter ROA change history
- MANAPPURAM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 −0.1 pp | Jun 2023 — | Sep 2023 +0.9 pp | Dec 2023 — | Mar 2024 +0.9 pp | Jun 2024 — | Sep 2024 +0.1 pp | Dec 2024 — | Mar 2025 −2.3 pp | Jun 2025 — | Sep 2025 −3.5 pp | Dec 2025 — | Mar 2026 −1.1 pp | Jun 2026 —
- IIFL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 +0.4 pp | Jun 2023 — | Sep 2023 +0.6 pp | Dec 2023 — | Mar 2024 +0.8 pp | Jun 2024 — | Sep 2024 −1.2 pp | Dec 2024 — | Mar 2025 −2.9 pp | Jun 2025 — | Sep 2025 −0.9 pp | Dec 2025 — | Mar 2026 +1.1 pp | Jun 2026 —
- CGCL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 −1.2 pp | Jun 2023 — | Sep 2023 −0.7 pp | Dec 2023 — | Mar 2024 +0.1 pp | Jun 2024 — | Sep 2024 +0.1 pp | Dec 2024 — | Mar 2025 +0.5 pp | Jun 2025 — | Sep 2025 +1.0 pp | Dec 2025 — | Mar 2026 +0.6 pp | Jun 2026 —
- CSBBANK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 −0.2 pp | Dec 2023 — | Mar 2024 −0.3 pp | Jun 2024 — | Sep 2024 −0.4 pp | Dec 2024 — | Mar 2025 −0.4 pp | Jun 2025 — | Sep 2025 −0.2 pp | Dec 2025 — | Mar 2026 −0.1 pp | Jun 2026 —

## ROE — Leaders & Improvers

What the numbers say: Muthoot Finance Ltd leads roe at 30.9%; IIFL Finance Ltd leads roe change at +11.3 percentage points.

Investor read: Muthoot Finance Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roe change signal.

Evidence: Muthoot Finance Ltd · 30.9% | 87.3% versus #2 · Capri Global Capital Ltd | Not enough history | 6/6 companies · 76 observations

Definition: ROE shows the return to shareholders, but should be read with asset quality and leverage.

### ROE — highest
1. Muthoot Finance Ltd (MUTHOOTFIN): 31%
2. Capri Global Capital Ltd (CGCL): 17%
3. CSB Bank Ltd (CSBBANK): 14%
4. Fedbank Financial Services Ltd (FEDFINA): 13%
5. IIFL Finance Ltd (IIFL): 13%

### ROE change — fastest improvers
1. IIFL Finance Ltd (IIFL): +11.3 pp
2. Muthoot Finance Ltd (MUTHOOTFIN): +11.0 pp
3. Fedbank Financial Services Ltd (FEDFINA): +4.0 pp
4. Capri Global Capital Ltd (CGCL): +2.5 pp
5. CSB Bank Ltd (CSBBANK): −0.8 pp

### 20-quarter ROE history
- MANAPPURAM: Sep 2021 24% | Dec 2021 19% | Mar 2022 13% | Jun 2022 13% | Sep 2022 13% | Dec 2022 19% | Mar 2023 18% | Jun 2023 18% | Sep 2023 21% | Dec 2023 22% | Mar 2024 22% | Jun 2024 20% | Sep 2024 19% | Dec 2024 19% | Mar 2025 8.9% | Jun 2025 -6.5% | Sep 2025 4.3% | Dec 2025 6.9% | Mar 2026 7.5% | Jun 2026 —
- IIFL: Sep 2021 20% | Dec 2021 21% | Mar 2022 21% | Jun 2022 21% | Sep 2022 20% | Dec 2022 20% | Mar 2023 18% | Jun 2023 19% | Sep 2023 19% | Dec 2023 20% | Mar 2024 13% | Jun 2024 9.7% | Sep 2024 11% | Dec 2024 15% | Mar 2025 2.4% | Jun 2025 7.3% | Sep 2025 7.9% | Dec 2025 12% | Mar 2026 14% | Jun 2026 —
- CGCL: Sep 2021 11% | Dec 2021 12% | Mar 2022 14% | Jun 2022 9.0% | Sep 2022 9.6% | Dec 2022 11% | Mar 2023 7.3% | Jun 2023 9.3% | Sep 2023 7.1% | Dec 2023 7.2% | Mar 2024 7.4% | Jun 2024 8.8% | Sep 2024 7.9% | Dec 2024 9.9% | Mar 2025 13% | Jun 2025 17% | Sep 2025 16% | Dec 2025 17% | Mar 2026 15% | Jun 2026 —
- CSBBANK: Sep 2021 — | Dec 2021 21% | Mar 2022 25% | Jun 2022 21% | Sep 2022 17% | Dec 2022 17% | Mar 2023 22% | Jun 2023 21% | Sep 2023 17% | Dec 2023 16% | Mar 2024 17% | Jun 2024 17% | Sep 2024 12% | Dec 2024 14% | Mar 2025 15% | Jun 2025 18% | Sep 2025 11% | Dec 2025 14% | Mar 2026 13% | Jun 2026 17%

### 20-quarter ROE change history
- MANAPPURAM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −10.4 pp | Dec 2022 −0.4 pp | Mar 2023 +4.4 pp | Jun 2023 +5.0 pp | Sep 2023 +7.2 pp | Dec 2023 +3.2 pp | Mar 2024 +4.2 pp | Jun 2024 +2.5 pp | Sep 2024 −1.4 pp | Dec 2024 −3.1 pp | Mar 2025 −12.8 pp | Jun 2025 −26.8 pp | Sep 2025 −14.9 pp | Dec 2025 −12.1 pp | Mar 2026 −1.4 pp | Jun 2026 —
- IIFL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.7 pp | Dec 2022 −0.7 pp | Mar 2023 −3.0 pp | Jun 2023 −2.1 pp | Sep 2023 −1.9 pp | Dec 2023 −0.3 pp | Mar 2024 −5.3 pp | Jun 2024 −8.9 pp | Sep 2024 −7.3 pp | Dec 2024 −4.2 pp | Mar 2025 −10.2 pp | Jun 2025 −2.4 pp | Sep 2025 −3.3 pp | Dec 2025 −3.7 pp | Mar 2026 +11.3 pp | Jun 2026 —
- CGCL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.1 pp | Dec 2022 −0.5 pp | Mar 2023 −7.0 pp | Jun 2023 +0.3 pp | Sep 2023 −2.5 pp | Dec 2023 −4.2 pp | Mar 2024 +0.1 pp | Jun 2024 −0.5 pp | Sep 2024 +0.8 pp | Dec 2024 +2.7 pp | Mar 2025 +5.4 pp | Jun 2025 +8.3 pp | Sep 2025 +8.4 pp | Dec 2025 +7.3 pp | Mar 2026 +2.5 pp | Jun 2026 —
- CSBBANK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −3.5 pp | Mar 2023 −3.5 pp | Jun 2023 −0.3 pp | Sep 2023 −0.8 pp | Dec 2023 −1.4 pp | Mar 2024 −4.3 pp | Jun 2024 −3.8 pp | Sep 2024 −4.6 pp | Dec 2024 −2.1 pp | Mar 2025 −2.7 pp | Jun 2025 +0.9 pp | Sep 2025 −1.4 pp | Dec 2025 0.0 pp | Mar 2026 −1.6 pp | Jun 2026 −0.8 pp

## Gross NPA — Leaders & Improvers

What the numbers say: Capri Global Capital Ltd leads gross npa at 1%; Muthoot Finance Ltd leads gnpa change at -2 percentage points.

Investor read: Capri Global Capital Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current gnpa change signal.

Evidence: Capri Global Capital Ltd · 1% | 35.5% versus #2 · IIFL Finance Ltd | 7/8 recent comparable periods | 3/6 companies · 83 observations

Definition: Lower gross NPA is better. Improvement means the ratio is falling, so ranks are intentionally inverted.

### Gross NPA — lowest
1. Capri Global Capital Ltd (CGCL): 1.0%
2. IIFL Finance Ltd (IIFL): 1.6%
3. CSB Bank Ltd (CSBBANK): 1.8%

### GNPA change — fastest improvers
1. Muthoot Finance Ltd (MUTHOOTFIN): −2.1 pp
2. IIFL Finance Ltd (IIFL): −0.8 pp
3. Capri Global Capital Ltd (CGCL): −0.5 pp
4. Fedbank Financial Services Ltd (FEDFINA): −0.2 pp
5. CSB Bank Ltd (CSBBANK): −0.1 pp

### 20-quarter Gross NPA history
- MUTHOOTFIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 2.6% | Mar 2023 3.8% | Jun 2023 4.3% | Sep 2023 4.0% | Dec 2023 3.6% | Mar 2024 3.3% | Jun 2024 4.0% | Sep 2024 4.3% | Dec 2024 4.2% | Mar 2025 3.4% | Jun 2025 2.6% | Sep 2025 2.3% | Dec 2025 — | Mar 2026 — | Jun 2026 —
- MANAPPURAM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 2.0% | Mar 2023 1.3% | Jun 2023 1.5% | Sep 2023 1.6% | Dec 2023 2.0% | Mar 2024 1.9% | Jun 2024 1.9% | Sep 2024 2.4% | Dec 2024 2.5% | Mar 2025 2.8% | Jun 2025 3.0% | Sep 2025 3.0% | Dec 2025 2.6% | Mar 2026 — | Jun 2026 —
- IIFL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 2.1% | Mar 2023 1.8% | Jun 2023 1.8% | Sep 2023 1.8% | Dec 2023 1.7% | Mar 2024 2.3% | Jun 2024 2.3% | Sep 2024 2.4% | Dec 2024 2.4% | Mar 2025 2.2% | Jun 2025 2.3% | Sep 2025 2.1% | Dec 2025 1.6% | Mar 2026 1.5% | Jun 2026 1.6%
- CGCL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 2.3% | Mar 2023 1.7% | Jun 2023 1.9% | Sep 2023 2.0% | Dec 2023 2.1% | Mar 2024 1.9% | Jun 2024 2.0% | Sep 2024 1.6% | Dec 2024 1.7% | Mar 2025 1.5% | Jun 2025 1.7% | Sep 2025 1.3% | Dec 2025 1.4% | Mar 2026 1.0% | Jun 2026 —
- CSBBANK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 1.5% | Mar 2023 1.3% | Jun 2023 1.3% | Sep 2023 1.3% | Dec 2023 1.2% | Mar 2024 1.5% | Jun 2024 1.7% | Sep 2024 1.7% | Dec 2024 1.6% | Mar 2025 1.6% | Jun 2025 1.8% | Sep 2025 1.8% | Dec 2025 2.0% | Mar 2026 1.7% | Jun 2026 1.8%
- FEDFINA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 2.4% | Mar 2023 2.0% | Jun 2023 2.3% | Sep 2023 2.3% | Dec 2023 2.2% | Mar 2024 1.7% | Jun 2024 2.0% | Sep 2024 1.9% | Dec 2024 1.8% | Mar 2025 2.0% | Jun 2025 2.0% | Sep 2025 1.9% | Dec 2025 2.1% | Mar 2026 1.9% | Jun 2026 —

### 20-quarter GNPA change history
- MUTHOOTFIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 +1.0 pp | Mar 2024 −0.5 pp | Jun 2024 −0.3 pp | Sep 2024 +0.3 pp | Dec 2024 +0.6 pp | Mar 2025 +0.1 pp | Jun 2025 −1.4 pp | Sep 2025 −2.1 pp | Dec 2025 — | Mar 2026 — | Jun 2026 —
- MANAPPURAM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 −0.0 pp | Mar 2024 +0.6 pp | Jun 2024 +0.5 pp | Sep 2024 +0.8 pp | Dec 2024 +0.5 pp | Mar 2025 +0.9 pp | Jun 2025 +1.1 pp | Sep 2025 +0.6 pp | Dec 2025 +0.2 pp | Mar 2026 — | Jun 2026 —
- IIFL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 −0.4 pp | Mar 2024 +0.5 pp | Jun 2024 +0.4 pp | Sep 2024 +0.5 pp | Dec 2024 +0.7 pp | Mar 2025 −0.1 pp | Jun 2025 +0.1 pp | Sep 2025 −0.2 pp | Dec 2025 −0.8 pp | Mar 2026 −0.8 pp | Jun 2026 −0.8 pp
- CGCL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 −0.2 pp | Mar 2024 +0.2 pp | Jun 2024 +0.1 pp | Sep 2024 −0.4 pp | Dec 2024 −0.4 pp | Mar 2025 −0.4 pp | Jun 2025 −0.3 pp | Sep 2025 −0.3 pp | Dec 2025 −0.3 pp | Mar 2026 −0.5 pp | Jun 2026 —
- CSBBANK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 −0.2 pp | Mar 2024 +0.2 pp | Jun 2024 +0.4 pp | Sep 2024 +0.4 pp | Dec 2024 +0.4 pp | Mar 2025 +0.1 pp | Jun 2025 +0.2 pp | Sep 2025 +0.1 pp | Dec 2025 +0.4 pp | Mar 2026 +0.1 pp | Jun 2026 −0.1 pp
- FEDFINA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 −0.2 pp | Mar 2024 −0.3 pp | Jun 2024 −0.3 pp | Sep 2024 −0.5 pp | Dec 2024 −0.4 pp | Mar 2025 +0.3 pp | Jun 2025 +0.0 pp | Sep 2025 +0.0 pp | Dec 2025 +0.3 pp | Mar 2026 −0.2 pp | Jun 2026 —

## Valuation Against Growth & Quality

What the numbers say: CSB Bank Ltd has the lowest comparable P/BV ÷ ROE at 0.09×, 10% below Muthoot Finance Ltd. Only 6 of 6 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

Evidence: CSB Bank Ltd · 0.09× | 10% versus #2 · Muthoot Finance Ltd | 0/8 recent comparable periods | 6/6 companies · 75 observations

Definition: Banks are compared on P/BV and P/BV÷ROE, not PEG. Lower is better only if asset quality and return durability hold; cheap book value with weakening NPAs is not automatically attractive.

### P/BV ÷ ROE — lowest return-adjusted price
1. CSB Bank Ltd (CSBBANK): 0.1
2. Muthoot Finance Ltd (MUTHOOTFIN): 0.1
3. IIFL Finance Ltd (IIFL): 0.1
4. Fedbank Financial Services Ltd (FEDFINA): 0.2
5. Capri Global Capital Ltd (CGCL): 0.2

### P/BV — lowest P/BV
1. CSB Bank Ltd (CSBBANK): 1.2
2. IIFL Finance Ltd (IIFL): 1.7
3. Fedbank Financial Services Ltd (FEDFINA): 1.9
4. Manappuram Finance Ltd (MANAPPURAM): 2.1
5. Muthoot Finance Ltd (MUTHOOTFIN): 3.1

### 20-quarter P/BV ÷ ROE history
- MANAPPURAM: Sep 2021 0.1 | Dec 2021 0.1 | Mar 2022 0.1 | Jun 2022 0.1 | Sep 2022 0.1 | Dec 2022 0.1 | Mar 2023 0.1 | Jun 2023 0.1 | Sep 2023 0.1 | Dec 2023 0.1 | Mar 2024 0.1 | Jun 2024 0.1 | Sep 2024 0.1 | Dec 2024 0.1 | Mar 2025 0.2 | Jun 2025 — | Sep 2025 0.4 | Dec 2025 0.3 | Mar 2026 0.2 | Jun 2026 —
- IIFL: Sep 2021 0.1 | Dec 2021 0.1 | Mar 2022 0.1 | Jun 2022 0.1 | Sep 2022 0.1 | Dec 2022 0.1 | Mar 2023 0.2 | Jun 2023 0.2 | Sep 2023 0.2 | Dec 2023 0.1 | Mar 2024 0.1 | Jun 2024 0.3 | Sep 2024 0.2 | Dec 2024 0.1 | Mar 2025 0.5 | Jun 2025 0.2 | Sep 2025 0.2 | Dec 2025 0.2 | Mar 2026 0.1 | Jun 2026 —
- CGCL: Sep 2021 0.5 | Dec 2021 0.5 | Mar 2022 0.5 | Jun 2022 0.9 | Sep 2022 0.7 | Dec 2022 0.6 | Mar 2023 1.0 | Jun 2023 0.9 | Sep 2023 0.7 | Dec 2023 0.6 | Mar 2024 0.6 | Jun 2024 0.6 | Sep 2024 0.6 | Dec 2024 0.4 | Mar 2025 0.3 | Jun 2025 0.2 | Sep 2025 0.2 | Dec 2025 0.2 | Mar 2026 0.2 | Jun 2026 —
- CSBBANK: Sep 2021 — | Dec 2021 0.1 | Mar 2022 0.1 | Jun 2022 0.1 | Sep 2022 0.1 | Dec 2022 0.1 | Mar 2023 0.1 | Jun 2023 0.1 | Sep 2023 0.1 | Dec 2023 0.1 | Mar 2024 0.1 | Jun 2024 0.1 | Sep 2024 0.1 | Dec 2024 0.1 | Mar 2025 0.1 | Jun 2025 0.1 | Sep 2025 0.1 | Dec 2025 0.1 | Mar 2026 0.1 | Jun 2026 0.1

### 20-quarter P/BV history
- MUTHOOTFIN: Sep 2021 — | Dec 2021 — | Mar 2022 3.0 | Jun 2022 — | Sep 2022 2.1 | Dec 2022 2.2 | Mar 2023 2.1 | Jun 2023 2.3 | Sep 2023 2.3 | Dec 2023 2.6 | Mar 2024 2.5 | Jun 2024 3.3 | Sep 2024 3.3 | Dec 2024 3.1 | Mar 2025 3.4 | Jun 2025 4.1 | Sep 2025 4.1 | Dec 2025 4.6 | Mar 2026 3.7 | Jun 2026 —
- MANAPPURAM: Sep 2021 2.0 | Dec 2021 1.8 | Mar 2022 1.2 | Jun 2022 1.0 | Sep 2022 0.9 | Dec 2022 1.1 | Mar 2023 1.2 | Jun 2023 1.3 | Sep 2023 1.3 | Dec 2023 1.4 | Mar 2024 1.4 | Jun 2024 1.8 | Sep 2024 1.5 | Dec 2024 1.2 | Mar 2025 1.6 | Jun 2025 2.0 | Sep 2025 1.9 | Dec 2025 2.1 | Mar 2026 1.7 | Jun 2026 —
- IIFL: Sep 2021 2.1 | Dec 2021 1.9 | Mar 2022 1.9 | Jun 2022 2.0 | Sep 2022 1.7 | Dec 2022 2.4 | Mar 2023 3.1 | Jun 2023 3.2 | Sep 2023 2.7 | Dec 2023 2.5 | Mar 2024 1.4 | Jun 2024 2.4 | Sep 2024 1.9 | Dec 2024 1.4 | Mar 2025 1.1 | Jun 2025 1.6 | Sep 2025 1.4 | Dec 2025 2.0 | Mar 2026 1.5 | Jun 2026 1.7
- CGCL: Sep 2021 5.8 | Dec 2021 5.9 | Mar 2022 7.0 | Jun 2022 7.9 | Sep 2022 7.0 | Dec 2022 7.2 | Mar 2023 7.1 | Jun 2023 8.2 | Sep 2023 4.6 | Dec 2023 4.3 | Mar 2024 4.6 | Jun 2024 4.9 | Sep 2024 4.4 | Dec 2024 3.9 | Mar 2025 3.5 | Jun 2025 3.7 | Sep 2025 3.5 | Dec 2025 2.6 | Mar 2026 2.4 | Jun 2026 —
- CSBBANK: Sep 2021 2.4 | Dec 2021 1.7 | Mar 2022 1.6 | Jun 2022 1.5 | Sep 2022 1.3 | Dec 2022 1.4 | Mar 2023 1.6 | Jun 2023 1.9 | Sep 2023 1.8 | Dec 2023 2.1 | Mar 2024 1.8 | Jun 2024 2.0 | Sep 2024 1.4 | Dec 2024 1.4 | Mar 2025 1.3 | Jun 2025 1.8 | Sep 2025 1.4 | Dec 2025 1.6 | Mar 2026 1.3 | Jun 2026 1.1
- FEDFINA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 2.8 | Jun 2024 2.0 | Sep 2024 1.9 | Dec 2024 1.6 | Mar 2025 1.3 | Jun 2025 1.9 | Sep 2025 2.4 | Dec 2025 2.0 | Mar 2026 1.8 | Jun 2026 1.9

## Market action

Capri Global Capital Ltd has the strongest one-year price move in Finance & Investments - Gold Loan at +39.5%. It also leads on Mansfield relative strength against NIFTY at +34.2%. 4 of 6 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-17.

### Strongest one-year price performers
1. Capri Global Capital Ltd (CGCL): 40%
2. Fedbank Financial Services Ltd (FEDFINA): 26%
3. Manappuram Finance Ltd (MANAPPURAM): 20%
4. Muthoot Finance Ltd (MUTHOOTFIN): 12%
5. IIFL Finance Ltd (IIFL): 4.2%

### Strongest relative strength versus NIFTY 500
1. Capri Global Capital Ltd (CGCL): 34%
2. Manappuram Finance Ltd (MANAPPURAM): 12%
3. IIFL Finance Ltd (IIFL): 9.7%
4. Fedbank Financial Services Ltd (FEDFINA): 8.4%
5. CSB Bank Ltd (CSBBANK): -7.0%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROE can be manufactured with leverage. Read it beside ROA and asset quality.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
- Banks and lenders are not forced through operating-margin or ROCE comparisons; missing lender-specific fields remain visibly missing.
- 2 companies are missing from the second-feed metrics by decision, not by absence: the two sources disagree, so nothing from the second is drawn. Read those rows as narrower evidence, never as a weaker business.
- Thin comparisons: Funding base have fewer than three usable current readings.

## Every company
- Muthoot Finance Ltd (MUTHOOTFIN) — market value ₹1.2 L Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- Manappuram Finance Ltd (MANAPPURAM) — market value ₹33.2K Cr; latest fundamentals Mar 2026
- IIFL Finance Ltd (IIFL) — market value ₹23.7K Cr; latest fundamentals Jun 2026
- Capri Global Capital Ltd (CGCL) — market value ₹22.9K Cr; latest fundamentals Mar 2026
- CSB Bank Ltd (CSBBANK) — market value ₹5.9K Cr; latest fundamentals Jun 2026
- Fedbank Financial Services Ltd (FEDFINA) — market value ₹5.6K Cr; latest fundamentals Jun 2026; second-feed figures WITHHELD

## Source standing of each company

Cross-checked: 4. Unverified: 0. Withheld: 2. Graded companies: 6.

2 of 6 companies have a second data feed that is known to disagree with the primary source, so nothing from it is drawn: Muthoot Finance Ltd (MUTHOOTFIN) — its two data sources disagree by up to 5.6% on reported income across 15 comparable periods, so its derived ratios are withheld; Fedbank Financial Services Ltd (FEDFINA) — its two data sources disagree by up to 4.7% on reported income across 15 comparable periods, so its derived ratios are withheld.

- WITHHELD | MUTHOOTFIN | Muthoot Finance Ltd | diff_gt_2pct | disagreement up to 5.62% over 15 comparable periods
- WITHHELD | FEDFINA | Fedbank Financial Services Ltd | diff_gt_2pct | disagreement up to 4.71% over 15 comparable periods

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-07-24.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### What is the Nifty Finance & Investments - Gold Loan index?

The Nifty Finance & Investments - Gold Loan index tracks India's listed Finance & Investments - Gold Loan companies as a single basket. This page follows the same 6 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the Finance & Investments - Gold Loan sector rather than to its largest constituent. Figures are as of Jun 2026.

### Which are the best Finance & Investments - Gold Loan stocks in India?

Ranked by this page's four-factor score, Capri Global Capital Ltd places first among 6 listed Finance & Investments - Gold Loan companies, followed by Muthoot Finance Ltd. That is a ranking of published data — earnings, quality, valuation and market behaviour as of Jun 2026 — and not a recommendation; Sector Alpha is not registered with SEBI as an investment adviser.

### How many Finance & Investments - Gold Loan stocks are listed in India?

This comparison covers 6 listed Finance & Investments - Gold Loan companies in India, each above the size floor the site applies, with 20 quarters of reported figures per company where the filings exist. The full ranked list is on this page, as of Jun 2026.

### Which Finance & Investments - Gold Loan company is the biggest?

Muthoot Finance Ltd is the largest, with trailing-twelve-month income of ₹31,210 crore, ahead of IIFL Finance Ltd at ₹14,343 crore. That covers 6 of 6 companies with comparable reporting through Mar 2026.

### Which Finance & Investments - Gold Loan company is growing fastest?

Muthoot Finance Ltd has the fastest income growth at 54.4% year on year, across 6 of 6 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

### Which Finance & Investments - Gold Loan company makes the most profit?

Muthoot Finance Ltd earns the most, at ₹10,606 crore of trailing-twelve-month net profit, from 6 of 6 comparable companies. IIFL Finance Ltd has the fastest profit growth at 100%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Finance & Investments - Gold Loan lender has the best asset quality?

Capri Global Capital Ltd reports the lowest gross NPA ratio at 1% — lower is better — across 3 of 6 lenders. Read the direction as well as the level: a rising NPA ratio off a low base can matter more than a high but falling one.

### Which Finance & Investments - Gold Loan company earns the highest return on capital?

Muthoot Finance Ltd leads on return on assets at 6.5%, across 5 of 6 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which Finance & Investments - Gold Loan stock is the cheapest?

On price-to-book divided by return on equity — where a LOWER number is cheaper — CSB Bank Ltd screens cheapest at 0.09×. Only 6 of 6 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Which Finance & Investments - Gold Loan lender has the largest funding base?

CSB Bank Ltd has the largest reported deposit base at ₹44,246 crore. For lenders, deposits and borrowings are operating inputs rather than leverage, so they are read against asset quality and returns instead of as debt.

### Which Finance & Investments - Gold Loan stock has the strongest price momentum?

Capri Global Capital Ltd has the strongest relative strength against NIFTY 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which Finance & Investments - Gold Loan company scores highest for research priority?

Capri Global Capital Ltd scores 72.8 out of 100 with 95.6% evidence confidence, from 25.4 points on growth and earnings, 21.5 on capital efficiency, 5.9 on valuation and 20 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many Finance & Investments - Gold Loan companies does this comparison cover, and over what period?

It compares 6 listed companies over up to 20 reported quarters of fundamentals and 10 fiscal years of capital allocation, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the Finance & Investments - Gold Loan sector?

The 6 Finance & Investments - Gold Loan companies on this page carry ₹2,11,215 crore of combined market value. Muthoot Finance Ltd is the largest at ₹1,19,907 crore, about 57% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-29.

### What is the Finance & Investments - Gold Loan sector's P/B ratio?

The median price-to-book ratio across the 6 Finance & Investments - Gold Loan companies on this page is 2.1×, measured on the 6 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-07-29.

### How is the Finance & Investments - Gold Loan sector performing?

4 of the 6 covered Finance & Investments - Gold Loan companies are beating NIFTY 500 on Mansfield relative strength. A 52-week sector-versus-index comparison is not available from the current market series for this sector, so it is not quoted. Readings are as of 2026-07-29.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

Narrative sector analysis: https://www.sectoralpha.in/sectors/finance-investments-gold-loan