CLSA Raises Muthoot Finance Target, Cautious on Manappuram

• Global brokerage CLSA upgrades outlook on Muthoot Finance, maintains caution on Manappuram Finance.
• CLSA reiterates 'Outperform' rating for Muthoot Finance, raising price target to ₹4,500.
• Key drivers for Muthoot's profit growth include rising gold prices, increased loan-to-value ratios, and operating leverage.
• CLSA upgrades FY26-FY28 consolidated PAT estimates for Muthoot Finance by 4-9% due to higher loan growth expectations.
• Manappuram Finance retains 'Hold' rating with a price target of ₹305 per share.