Muthoot Finance Share Price: 32.1% CAGR in 3 Years as the Gold Loan Leader Compares With Shriram Finance and Bajaj Finance

Muthoot Finance previous close Rs 2,932.90. 3-year CAGR 32.1%. Up 2.3x since 10 Nov 2023. ROE 27.77%. Market cap Rs 1,17,470 crore.

The Muthoot Finance share price has more than doubled in three years, and the company earns a return on equity of 27.77%, the highest among the three lenders compared here. Muthoot Finance, based in Kochi, is India's best-known gold loan company and also runs smaller businesses in housing finance and microfinance.

This article compares that run with Shriram Finance and Bajaj Finance. We calculate the three-year CAGR for all three and set the results beside market cap, valuation, return on equity and debt, using prices adjusted for corporate actions. Lenders borrow money to lend it on, so the debt figure is a normal part of the model rather than a warning sign.

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How Much Has the Muthoot Finance Share Price Returned in 3 Years?

The Muthoot Finance stock closed at Rs 1,273.25 on 10 November 2023 and at Rs 2,932.90 on 12 November 2026. Rs 1 lakh invested three years ago would have grown to about Rs 2.30 lakh, which is a CAGR of 32.1%. This is a price return and leaves out dividends.

CAGR condenses a bumpy three-year ride into one yearly number, which is why it is the fairest way to compare companies of different sizes. A stock such as Muthoot Finance can look spectacular on a chart and still have earned a modest yearly return, so the compounded figure keeps the comparison honest.

The Muthoot Finance share price has also followed steady demand for loans against gold from households and small businesses, and the company's large branch network across the country.

Muthoot Finance vs Shriram Finance and Bajaj Finance: 3-Year CAGR Compared

The table ranks the companies by three-year CAGR. Prices on 10 November 2023 are adjusted for splits and bonuses, and the latest figures are the previous close on 12 November 2026.

Company	Close on 10 Nov 2023	Previous close (12 Nov 2026)	Price multiple	3-year CAGR
Shriram Finance	Rs 388.68	Rs 1,003.80	2.6x	37.2%
Muthoot Finance	Rs 1,273.25	Rs 2,932.90	2.3x	32.1%
Bajaj Finance	Rs 738.67	Rs 1,115.00	1.5x	14.7%

The Muthoot Finance stock ranks second of the three at 32.1%. It sits ahead of Bajaj Finance (14.7%). The company ahead is Shriram Finance (37.2%). Shriram Finance leads the group, followed by Muthoot Finance and then Bajaj Finance. Muthoot Finance is the smallest of the three by market cap, yet it earns the highest ROE and trades at the lowest P/E.

Look at the Muthoot Finance share price alongside the peers as a snapshot of the last three years. It describes what happened, and valuation and earnings will decide what happens next.

Valuation and Quality Compared

Company	Market cap	P/E	Industry P/E	ROE	Debt to equity
Bajaj Finance	Rs 6,91,517 crore	31.34	17.97	17.61%	4.08
Shriram Finance	Rs 2,36,015 crore	18.60	17.97	11.39%	2.12
Muthoot Finance	Rs 1,17,470 crore	9.53	17.97	27.77%	4.10

By market cap, Bajaj Finance is the largest of the group at Rs 6,91,517 crore, while the Muthoot Finance stock stands at Rs 1,17,470 crore, about 17% of that size. On earnings, Muthoot Finance shares trade at a P/E of 9.53 against an industry P/E of 17.97, a discount of about 47% to the sector, which leaves room if earnings keep growing. Peer multiples are Shriram Finance at 18.60 and Bajaj Finance at 31.34.

Return on equity is 27.77% for the Muthoot Finance stock, which ranks first among the three, and debt to equity stands at 4.10. Trailing EPS is Rs 306.97. Finance companies are valued on return on equity and on the quality of their loan books, so the P/E should be read together with ROE and the way the company funds its lending.

What Is Driving the Muthoot Finance Stock?

Muthoot Finance gives loans against gold jewellery, which are short in tenure and secured by an asset that the lender holds. Borrowers include small traders, farmers and households that need quick cash and may not get easy access to a bank loan.

The company runs thousands of branches and has widened its reach through subsidiaries in housing finance and microfinance. Its debt to equity is high, which is common for a lender that raises money through bonds, deposits and bank borrowings.

Followers of the Muthoot Finance share price usually track growth of the gold loan book, the gold price, the cost of borrowing and the performance of its subsidiaries.

How the Established Players Stack Up

Shriram Finance is a lender with a large book of loans against commercial vehicles, along with loans to small businesses and individuals. It compounded at 37.2% a year, on a market cap of Rs 2,36,015 crore and an ROE of 11.39%.

Bajaj Finance is a Pune-based lender that focuses on consumer durable loans, personal loans, small business finance and mortgages. It compounded at 14.7% a year, on a market cap of Rs 6,91,517 crore and an ROE of 17.61%.

What Should Investors Track Next?

Three things are worth watching on the Muthoot Finance share price. First, growth of the gold loan book. Second, movement in the gold price, which affects the value of the security. Third, the cost of funds as interest rates change.

At a P/E of 10, the stock trades well below the industry P/E of 18, and its ROE is 27.77%. Debt to equity of 4.10 reflects its lending model, so follow quarterly numbers closely.

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How to Compare NBFC Stocks Yourself

You can repeat this exercise for any pair of stocks, including the Muthoot Finance stock against its peers. Note the adjusted closing price on the base date, take the latest close, divide one by the other, raise the result to the power of one third and subtract one. Then place the CAGR next to market cap, P/E against the industry P/E, ROE and debt to equity. Benchmark the result against the Nifty 50 as well, so you know whether the stock beat the broader market.

A stock that scores well on growth but weakly on quality, or the reverse, deserves closer study before it enters a portfolio. When tracking the Muthoot Finance share price, the same four checks give a more complete picture than price alone.

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A Gold Loan Leader With the Highest ROE and the Lowest P/E in Its Group

The Muthoot Finance share price compounded at 32.1% a year over three years, ahead of Bajaj Finance at 14.7% and behind Shriram Finance at 37.2%. Its ROE of 27.77% is the highest of the three and its P/E of 9.53 is the lowest.

Shriram Finance brings the faster return, while Bajaj Finance brings the largest market cap and a broader product range. The choice depends on which lending business you prefer.

Frequently Asked Questions

What is the Muthoot Finance share price today?

Ans. Muthoot Finance closed at Rs 2,932.90 on 12 November 2026, according to NSE data. It has a market cap of Rs 1,17,470 crore and a P/E of 9.53. Check live quotes before acting, as prices change every trading day.

What is the 3-year CAGR of the Muthoot Finance stock?

Ans. Muthoot Finance delivered a price CAGR of 32.1% over three years, moving from Rs 1,273.25 on 10 November 2023 to Rs 2,932.90 on 12 November 2026. The figure excludes dividends and uses adjusted closing prices.

Is Muthoot Finance better than Bajaj Finance?

Ans. Muthoot Finance delivered a higher three-year CAGR at 32.1% than Bajaj Finance at 14.7%. Bajaj Finance is much larger by market cap at Rs 6,91,517 crore against Rs 1,17,470 crore, while Muthoot Finance trades at a lower P/E of 9.53 against 31.34 and has a higher ROE at 27.77% against 17.61%. The better choice depends on your view of each business.

What does Muthoot Finance do?

Ans. Muthoot Finance is a Kochi-based non-banking finance company best known for loans against gold, with subsidiaries in housing finance and microfinance.

Is the Muthoot Finance stock debt free?

Ans. The debt to equity ratio of the Muthoot Finance stock is 4.10 and its return on equity is 27.77%. Always check the latest balance sheet for current figures, as debt levels change with expansion plans.

Is Muthoot Finance expensive compared with the industry?

Ans. Muthoot Finance trades at a P/E of 9.53 against an industry P/E of 17.97. A higher multiple reflects expectations of faster growth, which the company must deliver through earnings.

Which NBFC stock gave the highest return in 3 years?

Ans. Among the companies compared here, Shriram Finance delivered the highest three-year CAGR at 37.2%, followed by Muthoot Finance at 32.1%. Past returns do not guarantee future performance.

How do I calculate CAGR for a stock?

Ans. Divide the latest price by the starting price, raise the result to the power of one divided by the number of years, and subtract one. Multiply by 100 for a percentage. Use split and bonus adjusted prices for accurate results.