Top gold loan companies expand bullion holdings to record levels in FY26

Top listed Indian gold-loan firms — Muthoot Finance, Manappuram Finance and IIFL Finance — boosted combined bullion holdings to a record 334 tonnes in FY26 (up 20 tonnes), equal to 38% of the RBI’s 880.5t reserves. The rise was driven by IIFL adding 19t after regulatory restrictions were lifted; Manappuram increased holdings to a record 63t (+11.7% YoY) while Muthoot’s stock of bullion fell 7t to 209t as higher prices reduced pledged volumes. The three firms’ hoard is roughly 46% of India’s annual gold imports (721t, down ~5% YoY), highlighting stronger private-sector inventory and gold-loan activity. Market impact: tighter available physical supply and increased lender holdings may support bullion prices and sustain lending industry flows, with implications for jewelers, import dynamics and gold-price sensitivity to demand from NBFCs.