CRISIL AA Rating1.00x security coverManaged assets 42,923 Cr3,747 branches
AARating rationale summary
CRISIL AA Rating reflects strong gold-loan market position, improving capitalisation and earnings, offset by concentration and non-gold risks.
Summary points
- MPG is second-largest NBFC gold-finance player.
- Liquidity assessed as strong by CRISIL.
- South India concentration remains a weakness.
Outlook implications
Positive outlook reflects expected improvement in business risk profile, supported by gold-loan market position, AUM growth, profitability and non-gold asset quality.
Implications for investors
- Positive outlook indicates CRISIL expects business risk profile to improve, supported by gold-loan position, AUM growth and better profitability and asset quality in non-gold portfolios.
- Monthly coupon and bullet principal at Dec-2028 require monitoring of liquidity and ALM coverage through the tenor.
Watch for: Non-gold asset quality, South concentration, gearing above 8x, RoMA below 2%, liquidity and ALM.Rating Drivers
2nd gold-fin player
Gold AUM Rs. 32196 Cr
CRAR 18.68%
GNPA 1.5% Jun-25
Rs. 2138 Cr liquidity
South share 56%
How this issuer compares to peers
Benchmark yield, balance-sheet strength, and risk indicators against similar issuers to make the credit case easier to validate.