In the Indian market, Non-Banking Financial Companies’ penetration is increasing day-by-day as banks consider them as their subordinates, offering a wide variety of services include loans, asset management, and investment products. NBFCs have emerged in such a backdrop as important partners for the country because they cater to the increasing demand for credit in rural and semi-urban areas and also help meet the growing need for alternative sources of funding. As a large number of highly diverse NBFCs, gold loan is the area where Muthoot Finance seem to specialize. This paper conducts an empirical analysis of the performance and examines the factors that have contribute to the success of Muthoot Finance, its challenges invasions and profitability. It explains the financial factors of Muthoot Finance, risk exposure factors, and their presence in the changing environmental issues. Looking into the financial statements of the company, its competitive strategy and position and the prevailing market trends, this paper searches for the opportunities and threats to Muthoot Finance’s business within the context of the whole NBFC industry. The research also analyses how fluctuations in the economy, regulators, and technology changes affect the efficiency of Muthoot Finance and its penetration to consumers. The conclusions also point out Muthoot’s tactics aimed at the expansion of the servicing potential of the gold loan. The research is summed up with proposals for conducting more effective operations, frameworks of risk management, and strategies focused on customers for NBFCs specifically related to the future growth trajectory of Muthoot Finance. In general, the research has been found to contain many definitions about the changing landscape of NBFCs in overall financial India's scenario concerning the opportunities as well as threats that one of India's largest players in the sector faces.