New Delhi, May 18 -- Muthoot Finance's shares fell 6% on Friday, though its March quarter (Q4FY26) net profit more than doubled year-on-year to Rs.3,080 crore, and FY26 profit increased by 95% to Rs.10,134 crore.

The Street seems to be looking beyond the headline numbers, which were significantly aided by the extraordinary rally in gold prices during FY26. The key question now is whether FY26 was merely a cyclical windfall, or whether the gold financing cycle still has legs.

Gold prices surged roughly 65% during FY26 amid geopolitical uncertainty, aggressive central bank buying, and the fading appeal of US Treasuries. On cue, Muthoot's consolidated AUM jumped 54% to Rs.1.65 trillion, while interest income rose 61% to Rs.27,067 crore in ...