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Mufin Green Finance Lists USD 6 Million Foreign Currency Bonds on India INX
Mufin Green Finance has secured final listing approval from the Global Securities Market of India International Exchange (IFSC) Limited (India INX) for USD 6,000,000 foreign currency denominated senior notes. The bonds carry a floating coupon of 4.50% + SOFR and mature on September 11, 2029. The issue carries a 'CareEdge: B/Stable' credit rating and became available for trading on September 22, 2026. This USD 6 million fundraise (approx. Rs 50 crore) provides foreign debt capital to support its EV-focused loan book.
Confidence: HIGH
What changedMufin Green Finance completed the listing of its USD 6 million debt securities on the India INX Global Securities Market.
Why it mattersThe listing diversifies the company's funding sources beyond domestic lenders, providing fresh liquidity to fuel its green finance and EV loan disbursements.
Issue Size: USD 6,000,000Coupon Rate: 4.50 per cent + SOFRMaturity Date: 11 September 2029Credit Rating: CareEdge: B/Stable
📅 Short termNeutral to mildly positive; completes the administrative and listing process for previously allotted debt securities.
📈 Long termEstablishes an international debt track record on IFSC exchanges, aiding future global capital raises if successfully serviced.
⚠ Risk flags
- CareEdge: B/Stable rating indicates speculative grade credit profile
- Floating interest rate (SOFR linked) and foreign currency exposure risk
Key Highlights
Final listing approval received for USD 6,000,000 senior notes on India INX
Coupon rate is set at 4.50 per cent + SOFR
Bonds mature on 11 September 2029 with a 3-year tenure
Credit rating assigned is CareEdge: B/Stable
👀 What to Watch
Track how the USD borrowing affects overall finance costs and whether hedging against currency risk impacts net interest margins in forthcoming quarterly results.
CareEdge Global Assigns 'CareEdge B/Stable' Rating to MUFIN's USD 10M Foreign Currency Bonds
CareEdge Global IFSC Limited has assigned a long-term foreign currency rating of 'CareEdge B/Stable' to Mufin Green Finance's USD 10 million foreign currency bonds. The rating highlights comfortable capitalisation, with a Capital Adequacy Ratio (CAR) of 32.1% and managed gearing of 2.4x as of March 31, 2026. However, it also flags weaknesses including modest scale, limited seasoning of newer portfolios (mediclaim, business, and government employee loans), and moderate profitability. MGFL's AUM expanded significantly to Rs 15.4 billion as of end-March 2026 from Rs 8.4 billion a year prior.
Confidence: HIGH
What changedCareEdge Global assigned a new international rating of 'CareEdge B/Stable' to MGFL's planned USD 10 million bond issuance.
Why it mattersEnables the company to access foreign currency debt to diversify funding sources, though the 'B' category rating reflects inherent emerging-scale and portfolio seasoning risks.
Bond Issue Size: USD 10 MillionAUM (March 31, 2026): Rs 15.4 billionCapital Adequacy Ratio: 32.1%Managed Gearing: 2.4xGross NPA (March 31, 2026): 1.9%
📅 Short termNeutral market impact as the assigned rating facilitates offshore bond issuance, but the 'B' grade indicates relatively high credit risk typical of small NBFC issuances.
📈 Long termDiversifying funding into offshore markets could lower reliance on domestic bank lines, provided the company manages foreign exchange risks and maintains asset quality as the book seasons.
⚠ Risk flags
- Limited seasoning and untested asset quality in newer product segments (mediclaim and business loans)
- Moderating NIMs (fell to 5.7% in FY26 from 8.3% in FY24)
- Foreign exchange risk on foreign currency debt if not fully hedged
Key Highlights
Assigned 'CareEdge B/Stable' rating for USD 10 million Foreign Currency Bonds
AUM increased to Rs 15.4 billion as of March 31, 2026, up from Rs 8.4 billion in March 2025
Capital Adequacy Ratio stood at 32.1% against the 15% regulatory minimum, with gearing at 2.4x
Gross NPA and Net NPA reduced to 1.9% and 1.7% respectively as of March 31, 2026
Borrowing cost declined to 12.2% in Q4FY26 from 13.8% in Q1FY26
👀 What to Watch
Monitor the actual issuance and pricing terms of the USD 10 million foreign currency bonds, along with asset quality trends in the newly scaled non-EV lending portfolios.
Mufin Green Approves Allotment of Up to $6M USD-Denominated ECB Bonds
Mufin Green Finance Limited has clarified the meeting timing for its September 11, 2026 board committee meeting following an inquiry from BSE. During that meeting, the Management Committee approved the private placement allotment of up to 600 senior, rated, listed, USD-denominated non-convertible bonds under the External Commercial Borrowing (ECB) framework. The bonds carry a face value of USD 10,000 each, aggregating up to USD 6,000,000 (~₹50 crore). The committee meeting commenced at 8:00 P.M. IST and concluded at 8:30 P.M. IST.
Confidence: HIGH
What changedCompany provided timing details (8:00 P.M. to 8:30 P.M. IST on September 11, 2026) regarding the approval of a $6 million ECB bond issuance.
Why it mattersThe $6 million (~₹50 crore) borrowing provides low-cost foreign debt to fuel growth in EV and green infrastructure financing, representing ~20% of TTM revenue.
Total ECB Amount: USD 6,000,000Number of Bonds: Up to 600Face Value per Bond: USD 10,000Meeting Date: September 11, 2026
📅 Short termAdministrative clarification confirms completed board approval for the ECB issuance, addressing BSE queries.
📈 Long termAccess to international debt via the ECB framework diversifies funding sources and supports ongoing loan book growth across EV lending portfolios.
⚠ Risk flags
- Currency exchange rate risk on USD-denominated debt if unhedged
- Interest rate risk given company's high finance cost sensitivity
Key Highlights
Approved allotment of up to 600 senior, rated, listed, USD-denominated non-convertible bonds
Total fundraising under the ECB framework aggregates up to USD 6,000,000
Face value is USD 10,000 per bond, issued on a private placement basis
Clarified meeting timing held on September 11, 2026, from 8:00 P.M. to 8:30 P.M. IST
👀 What to Watch
Track the deployment of ECB proceeds into loan book expansion and monitor the coupon rate and hedging costs associated with foreign currency borrowings.
Mufin Green Finance Allots USD 6M (~Rs 50 Cr) Senior ECB Bonds
Mufin Green Finance approved the allotment of up to 600 senior, rated, listed, USD-denominated non-convertible bonds under the External Commercial Borrowing (ECB) framework. The bonds carry a face value of USD 10,000 each, aggregating up to USD 6,000,000 (~Rs 50 Cr at current exchange rates) on a private placement basis. This fundraise enhances the NBFC's liquidity to support EV and solar lending, representing roughly 8.7% of its Net Worth of Rs 575 Cr.
Confidence: HIGH
What changedThe company's board approved the allotment of USD 6 million in senior ECB bonds following earlier board approvals.
Why it mattersProvides foreign currency debt capital to expand the company's loan book across EV and renewable segments, diversifying funding sources beyond domestic lenders.
Total Issue Size: USD 6,000,000Number of Bonds: 600Face Value per Bond: USD 10,000Issue Size vs Net Worth: ~8.7%
📅 Short termSignals ongoing funding access for green asset financing, supporting loan disbursement momentum in upcoming quarters.
📈 Long termOpening up the ECB route helps diversify liabilities, though foreign exchange risk and hedging costs will determine net margin impact.
⚠ Risk flags
- Currency exchange rate fluctuations
- Hedging costs impacting borrowing margins
- Coupon rate and tenure not disclosed in filing
Key Highlights
Allotment of up to 600 senior, rated, listed USD-denominated non-convertible bonds
Face value of USD 10,000 per bond
Total aggregate borrowing under ECB framework is up to USD 6,000,000
Issued in dematerialised form via private placement
👀 What to Watch
Track subsequent filings for the applicable interest coupon rate, hedging costs, and deployment into the EV financing book.
Mufin Green Q1 FY27 Call: Borrowing Cost Drops 263 bps to 11.17%, Mediclaim Book at ₹677 Cr
Mufin Green Finance released its Q1 FY27 earnings call transcript, highlighting a transition toward tech-driven digital lending products such as Mediclaim Financing (portfolio at ~₹677 crore) and Salary Saathi. The company reduced its cost of borrowing by 263 bps YoY to 11.17%, while total borrowings grew to ₹1,551 crore from ₹771 crore supported by 35+ active lenders. Asset quality improved slightly with Gross NPA easing to 1.91% from 1.94% QoQ. Operating efficiency improved as headcount fell to 367 from 499 in Q1 FY26, with a target of ~300 by year-end.
Confidence: HIGH
What changedFiling of the formal transcript of the Q1 FY27 earnings call held on August 20, 2026.
Why it mattersA 263 bps drop in borrowing costs alongside lower operating headcount supports net interest margins and operating leverage as debt-funded AUM scales.
Cost of Borrowing: 11.17%Total Borrowings: ₹1,551 croreMediclaim Financing Portfolio: ₹677 croreGross NPA: 1.91%Debt-to-Equity Ratio (Mar 2026): 2.43x
📅 Short termInformational filing reaffirming strong operational momentum and margin relief from reduced cost of funds post-Q1 results.
📈 Long termTransition to scalable, asset-light digital lending and rating improvements could enhance return metrics if credit costs remain under check.
⚠ Risk flags
- Unseasoned portfolio risk in newly scaled digital and mediclaim lending products
- High reliance on external debt capital availability
Key Highlights
Cost of borrowing decreased 263 basis points YoY from 13.80% in Q1 FY26 to 11.17% in Q1 FY27
Digital Mediclaim Financing portfolio expanded to approximately ₹677 crore with minimal delinquency
Total borrowings reached ₹1,551 crore compared to ₹771 crore in the year-ago quarter
Gross NPA reduced slightly to 1.91% from 1.94% in the previous quarter
Headcount reduced to ~367 from 499 in Q1 FY26, with an operational target to reduce to ~300
👀 What to Watch
Track the execution of the targeted credit rating upgrade to 'A' next quarter and observe whether delinquency remains controlled in the rapidly growing digital loan portfolio.
Rs 75 Cr NCD Allotment: Mufin Green Finance Raises Debt at 10.85% Coupon
Mufin Green Finance has successfully allotted 7,500 Secured Non-Convertible Debentures (NCDs) worth Rs 75 crore via private placement. The debt carries a coupon rate of 10.85% per annum with a relatively short tenure of 15 months. This fundraise is significant for the company, representing approximately 34% of its TTM revenue and 13% of its net worth. The capital is expected to fuel the company's expansion in the EV and green infrastructure lending segments.
Confidence: HIGH
What changedMufin Green Finance has secured Rs 75 crore in fresh debt capital through the allotment of rated, listed NCDs.
Why it mattersAs an NBFC, access to debt capital is the primary driver for loan book growth; this infusion provides the necessary liquidity to expand its EV and solar portfolio in Tier-2 and Tier-3 cities.
Issue Size: Rs 75,00,00,000Coupon Rate: 10.85% p.a.Tenure: 15 MonthsFundraise vs TTM Revenue: ~34.1%Fundraise vs Net Worth: ~13.0%
📅 Short termThe successful fundraise is likely to be viewed positively by the market as it demonstrates the company's ability to attract institutional/private debt for its green finance niche.
📈 Long termThis capital supports the company's 25-35% growth target; however, the short 15-month tenure requires efficient asset-liability management to avoid liquidity mismatches.
⚠ Risk flags
- Relatively high cost of debt (10.85%)
- Short repayment window starting in 12 months
- Hypothecation of receivables as security
Key Highlights
Total allotment of 7,500 NCDs with a face value of Rs 1,00,000 each, totaling Rs 75 crore.
Fixed coupon rate of 10.85% per annum, reflecting the specialized nature of EV financing.
Short tenure of 15 months with maturity scheduled for November 12, 2027.
Fundraise magnitude is approximately 34.1% of the TTM revenue of Rs 220 crore.
Repayment of principal and interest is structured to occur between the 12th and 15th month from allotment.
👀 What to Watch
Investors should monitor the company's quarterly Net Interest Margins (NIMs) to see if they can effectively deploy this capital at rates significantly higher than the 10.85% borrowing cost.
345% PAT Growth and Rs 1,599 Cr AUM Highlight Mufin's Q1 FY27 Performance
Mufin Green Finance reported a robust Q1 FY27 with Profit After Tax (PAT) surging 345.6% YoY to Rs 14.01 Cr. Total Assets Under Management (AUM) grew 69.4% YoY to reach Rs 1,599.23 Cr, driven by the Mediclaim financing vertical which now constitutes 42% of the portfolio. The company demonstrated significant operating leverage, with headcount reducing by 26.4% YoY to 367 even as quarterly disbursements grew 37.3% to Rs 449.40 Cr. Cost of borrowing improved to 11.17%, down from 12.79% in Q2 FY26, supported by an A- (Stable) credit rating.
Confidence: HIGH
What changedMufin has successfully pivoted to a high-velocity, digital-first lending model led by Mediclaim financing, significantly improving its profitability and operating efficiency.
Why it mattersThe sharp jump in PAT and AUM, combined with falling borrowing costs and headcount, suggests the business model is achieving scale-driven profitability, which is critical for a high-P/E NBFC.
Q1 FY27 PAT vs TTM PAT: ~51.8%Total AUM: Rs 1,599.23 CrGross NPA: 1.91%Cost of Borrowing: 11.17%Net Worth: Rs 574.65 Cr
📅 Short termThe market is likely to react positively to the triple-digit profit growth and strong AUM expansion figures.
📈 Long termIf Mufin maintains its asset quality while scaling its niche green and mediclaim verticals, it could structurally re-rate as a high-growth specialty financier.
⚠ Risk flags
- Asset quality risks (GNPA at 1.91%) during rapid AUM growth
- High reliance on debt capital (Rs 1,550.99 Cr borrowings)
- Concentration in Mediclaim financing (42% of AUM)
Key Highlights
PAT increased 345.6% YoY to Rs 14.01 Cr, representing ~52% of the total TTM PAT in a single quarter
Total AUM reached Rs 1,599.23 Cr, a 69.4% increase from Rs 944 Cr in Q1 FY26
Mediclaim financing disbursements grew 56.2% YoY to Rs 247.08 Cr with 48,214 loans
Operating leverage improved as headcount fell to 367 from 499, while cumulative disbursements reached Rs 2,217 Cr
Capital Adequacy Ratio (CRAR) stands at 32.37%, well above the 15% regulatory requirement
👀 What to Watch
Watch the execution of the 6+ new state government MoUs for the Salary Saathi vertical and monitor if the Gross NPA (1.91%) remains stable as the book scales rapidly.
Rs 14.01 Cr PAT in Q1 FY27: Mufin Green Finance Reports 345% YoY Profit Growth
Mufin Green Finance delivered a strong Q1 FY27 performance with Profit After Tax (PAT) surging 345.6% YoY to Rs 14.01 Cr. Total Assets Under Management (AUM) reached Rs 1,599.23 Cr, representing a 69.4% growth compared to Q1 FY26. The Mediclaim financing vertical remains the largest contributor at 42% of AUM, with disbursements in this segment growing 56.2% YoY to Rs 247.08 Cr. The company also strengthened its liability side by securing Rs 125 Cr in new facilities from Union Bank and Wint Wealth.
Confidence: HIGH
What changedMufin has significantly scaled its Mediclaim and Salary Saathi verticals while diversifying its funding sources through new institutional lenders like Union Bank.
Why it mattersThe sharp increase in profitability (PAT) and AUM indicates successful scaling of high-yield niche segments (Mediclaim yields 18-24%) while maintaining stable asset quality (GNPA < 2%).
Q1 FY27 PAT: Rs 14.01 CrTotal AUM: Rs 1,599.23 CrYoY PAT Growth: 345.6%New Lender Facilities: Rs 125.00 CrQ1 PAT vs TTM PAT: 51.8%Gross NPA: 1.91%
📅 Short termThe stock may react positively to the substantial YoY growth in both top-line (NII up 64%) and bottom-line (PAT up 345%) figures.
📈 Long termThe company's focus on specialized green and mediclaim financing provides a structural growth path, though long-term success depends on managing borrowing costs and geographic expansion of the Salary Saathi model.
⚠ Risk flags
- Geographic concentration in Salary Saathi (Rajasthan accounts for 63.4% of vertical disbursements)
- High finance costs as a potential margin headwind
- Reliance on securitization and rated pools for funding
Key Highlights
Profit After Tax (PAT) grew 345.6% YoY to Rs 14.01 Cr in Q1 FY27
Total AUM increased 69.4% YoY to reach Rs 1,599.23 Cr
Mediclaim financing disbursements rose 56.2% YoY to Rs 247.08 Cr across 48,214 loans
Salary Saathi vertical grew 38.4% QoQ in disbursements, reaching Rs 38.20 Cr
Maintained asset quality with Gross NPA at 1.91% and a healthy CRAR of 30.55%
👀 What to Watch
Investors should monitor the execution of the 6+ new state government MoUs for the Salary Saathi vertical and the impact of the new Rs 125 Cr credit facilities on borrowing costs in upcoming quarters.
Mufin Green Finance Q1 PAT Jumps 241% YoY to ₹14.01 Cr; ₹119 Cr Raised via NCDs
Mufin Green Finance reported a robust Q1 FY27 with total income rising 60% YoY to ₹77.14 Cr. Net profit surged 241% YoY to ₹14.01 Cr, significantly exceeding the ₹4.11 Cr reported in the same quarter last year. The company successfully raised ₹119 Cr through private placement of Non-Convertible Debentures (NCDs) in June 2026 to support its onward lending strategy. However, finance costs remain a major expense, consuming approximately 53.5% of total income.
Confidence: HIGH
What changedThe company has demonstrated a significant jump in quarterly profitability and successfully tapped the debt market for ₹119 Cr, representing ~20.7% of its net worth.
Why it mattersThe strong earnings growth validates the company's specialized focus on the EV ecosystem, while the successful debt raise provides the necessary liquidity to expand its loan book in Tier-II and Tier-III cities.
Q1 Net Profit: ₹14.01 CrYoY Profit Growth: 240.9%Q1 Total Income: ₹77.14 CrNCD Fundraise: ₹119 CrFundraise vs Net Worth: ~20.7%Finance Cost to Total Income: 53.5%
📅 Short termThe stock is likely to react positively to the sharp increase in PAT and EPS, reflecting strong operational momentum in the EV financing segment.
📈 Long termThe company is scaling rapidly within a niche segment; long-term success depends on maintaining asset quality and reducing the cost of funds as the portfolio grows.
⚠ Risk flags
- High finance costs (₹41.28 Cr) impacting net margins
- Impairment on financial instruments rose to ₹2.89 Cr from ₹1.08 Cr YoY
- High P/E ratio of 86.6 suggests high growth expectations are already priced in
Key Highlights
Net Profit surged 241% YoY to ₹14.01 Cr from ₹4.11 Cr in Q1 FY26.
Total Income grew 60% YoY to ₹77.14 Cr, driven primarily by interest income of ₹76.44 Cr.
Raised ₹119 Cr via two NCD issuances in June 2026 for onward lending purposes.
Earnings Per Share (EPS) increased to ₹0.71 from ₹0.25 in the year-ago period.
Outstanding secured NCDs stood at ₹487.14 Cr as of June 30, 2026, with 1-1.15x security cover.
👀 What to Watch
Investors should monitor the deployment efficiency of the newly raised ₹119 Cr and track if the company can maintain its high growth rate while managing rising finance costs and credit impairments.
Rs 50 Cr Debt Allotment: Mufin Raises Funds at 11% Coupon for EV Financing
Mufin Green Finance has successfully allotted 50,000 Non-Convertible Debentures (NCDs) raising Rs 50 crore via private placement. The debt carries a high coupon rate of 11.00% per annum with monthly interest payments, reflecting the specialized nature of EV financing. This fundraise is significant, representing approximately 22.7% of the company's TTM revenue, providing immediate liquidity for loan book expansion. The tenure is relatively short at 15 months, with principal repayment scheduled for late 2027.
Confidence: HIGH
What changedMufin has secured Rs 50 crore in fresh debt capital, increasing its available liquidity for green energy and EV lending.
Why it mattersFor a growing NBFC with a Rs 220 Cr TTM revenue, a Rs 50 Cr fundraise is material for scaling its portfolio. However, the 11% interest rate adds a significant finance cost burden that must be offset by high-yield lending.
Issue Size: Rs 50,00,00,000Coupon Rate: 11.00% p.a.Fundraise vs TTM Revenue: ~22.7%Fundraise vs Net Worth: ~8.7%Tenure: 15 Months
📅 Short termThe announcement provides positive sentiment regarding the company's ability to tap debt markets, though the high interest cost may be a point of scrutiny.
📈 Long termIf successfully deployed into the EV ecosystem, this capital supports the company's 25-35% growth target; however, frequent short-term debt raises increase refinancing risks.
⚠ Risk flags
- High cost of debt (11%)
- Short maturity profile (15 months) creating potential liquidity pressure in late 2027
- Asset-liability matching risk
Key Highlights
Total fundraise of Rs 50 crore through the allotment of 50,000 NCDs
High coupon rate of 11.00% per annum with a monthly payment frequency
Short-term tenure of 15 months with maturity set for November 07, 2027
Secured by hypothecation of receivables and book debts of the company
Principal repayment structured for the 14th and 15th months post-allotment
👀 What to Watch
Investors should monitor the company's Net Interest Margins (NIM) to ensure they can profitably deploy this capital above the 11% borrowing cost. Watch for the Q2 and Q3 FY27 results to see the pace of loan disbursement into the EV segment.
₹125 Cr Fundraise: Mufin Green Finance Approves NCD Issuance for EV Lending
Mufin Green Finance has approved the issuance of secured, listed Non-Convertible Debentures (NCDs) totaling up to ₹125 Cr across two tranches. Tranche 1 (₹50 Cr) carries an 11% monthly coupon, while Tranche 2 (₹75 Cr) offers a 10.85% coupon. This fundraise is significant, representing approximately 57% of the company's TTM revenue and 22% of its net worth, providing substantial liquidity for its EV-focused loan portfolio. Both tranches have a short tenure of 15 months, indicating a focus on high-velocity retail lending.
Confidence: HIGH
What changedThe company has formally approved a new debt fundraise of ₹125 Cr through private placement of NCDs, expanding its capital base for lending operations.
Why it mattersFor a specialized NBFC like Mufin, access to debt capital is the primary driver for scaling its loan book. This fundraise supports its strategy of expanding into Tier-II and Tier-III cities for EV and solar financing.
Total Fundraise Value: ₹125 CrFundraise vs TTM Revenue: ~56.8%Fundraise vs Net Worth: ~21.7%Highest Coupon Rate: 11%Instrument Tenure: 15 Months
📅 Short termThe announcement is likely to be viewed positively as it secures the necessary 'raw material' (capital) for growth, though the 11% cost of debt is relatively high.
📈 Long termIf successfully deployed into high-yield EV assets, this capital could significantly boost TTM revenue. However, the 15-month tenure necessitates a robust refinancing strategy or high asset churn.
⚠ Risk flags
- High cost of borrowing (11%)
- Short-term tenure (15 months) creates refinancing risk
- Asset-liability matching risk if loan tenures exceed 15 months
Key Highlights
Total fundraise of up to ₹125 Cr including Green Shoe options of ₹50 Cr across two tranches
Tranche 1 offers an 11% coupon rate with monthly interest payments for 15 months
Tranche 2 offers a 10.85% coupon rate with a 15-month tenure and interest starting from the 12th month
NCDs are secured by a first and exclusive charge on identified receivables via hypothecation
The fundraise amount of ₹125 Cr is equivalent to ~57% of the company's TTM revenue of ₹220 Cr
👀 What to Watch
Watch for the successful placement of these NCDs and the subsequent growth in the EV loan book in upcoming quarterly results. Investors should also monitor the impact of the 11% borrowing cost on the company's net interest margins.
₹55 Cr Fundraise: Mufin Green Finance Allots 10% Secured NCDs
Mufin Green Finance has successfully allotted 55,000 secured, rated, and listed Non-Convertible Debentures (NCDs) on a private placement basis. The total fundraise amounts to ₹55 crore, which represents approximately 9.6% of the company's net worth and 25% of its TTM revenue. These instruments carry a 10% annual coupon with monthly interest payments and a relatively short tenure of 15 months. The capital infusion is intended to support the company's lending operations in the EV and green energy sectors.
Confidence: HIGH
What changedThe company has secured ₹55 crore in fresh debt capital through the private placement of secured NCDs.
Why it mattersFor an NBFC like Mufin, continuous access to debt capital is critical for growing its ₹838.45 crore loan portfolio. This fundraise provides the necessary liquidity to pursue its 25-35% growth target in the EV and solar segments.
Total Issue Size: ₹55,00,00,000Coupon Rate: 10.00% p.a.Tenure: 15 MonthsFundraise vs TTM Revenue: 25%Fundraise vs Net Worth: ~9.6%
📅 Short termThe announcement is positive as it demonstrates the company's ability to raise capital at a fixed 10% rate, providing immediate liquidity for lending.
📈 Long termThe fundraise supports structural growth in the EV ecosystem; however, the company must maintain asset quality to manage the 10% cost of funds effectively.
⚠ Risk flags
- High finance costs (10% coupon) relative to historical margin pressures
- Short tenure (15 months) requires efficient recycling of capital
Key Highlights
Allotment of 55,000 NCDs with a face value of ₹10,000 each, totaling ₹55 crore.
Fixed coupon rate of 10.00% per annum with a monthly interest payment schedule.
Short-term tenure of 15 months with a final maturity date of October 21, 2027.
Secured by the hypothecation of receivables and book debts of the company.
Fundraise magnitude is significant at 25% of the TTM revenue of ₹220 crore.
👀 What to Watch
Investors should monitor the company's interest coverage ratio (previously 1.31) to ensure the 10% coupon cost is well-managed as the loan book expands. Watch for the next quarterly results to see how quickly this ₹55 crore is deployed into the EV financing portfolio.
₹125 Cr Fundraise: MUFIN Approves ₹75 Cr NCDs and USD 6M Foreign Currency Bonds
Mufin Green Finance has approved a dual-currency debt fundraise totaling approximately ₹125 Cr (₹75 Cr via NCDs and USD 6M via ECB). The domestic NCDs carry a 10% monthly coupon with a 15-month tenure, while the foreign currency bonds are priced at SOFR + 450 bps for 36 months. This total fundraise is significant, representing approximately 57% of the company's TTM revenue of ₹220 Cr. The capital is intended to fuel the company's specialized lending in the EV and green energy ecosystem.
Confidence: HIGH
What changedThe company has transitioned from domestic-only funding to a mix of domestic NCDs and international ECB bonds to diversify its capital base.
Why it mattersFor a high-growth NBFC, securing ₹125 Cr in debt (57% of TTM revenue) provides the necessary liquidity to expand its EV financing portfolio in Tier-II and Tier-III cities.
NCD Issue Size: ₹75,00,00,000ECB Bond Size: USD 6,000,000NCD Coupon Rate: 10%Fundraise vs TTM Revenue: ~57%Fundraise vs Net Worth: ~22%
📅 Short termThe successful approval of a large fundraise is likely to be viewed positively by the market as it validates the company's ability to attract capital for growth.
📈 Long termThe 36-month ECB tenure provides medium-term stability, but the 10% cost of domestic debt and SOFR-linked international debt will require efficient loan pricing to maintain margins.
⚠ Risk flags
- Currency risk on USD 6M ECB if not fully hedged
- Relatively high cost of debt (10%) for NCDs
- Asset-liability matching risk for 15-month NCDs
Key Highlights
Approved issuance of listed, secured NCDs up to ₹75 Cr, including a ₹25 Cr green shoe option.
Approved USD 6 Million (approx. ₹50 Cr) in foreign currency bonds via the External Commercial Borrowings (ECB) framework.
NCDs feature a 10% annual coupon paid monthly with a bullet repayment after 15 months.
ECB bonds are linked to 6 Months CME SOFR plus a 450 bps spread with a 36-month tenure.
Total fundraise of ~₹125 Cr represents ~22% of the company's current Net Worth (₹575 Cr).
👀 What to Watch
Investors should monitor the deployment speed of these funds into the EV loan book and track the impact on interest coverage ratios, which was previously reported at 1.31.
Mufin Green Finance Allots 1,900 NCDs Worth ₹19 Crore via Private Placement
Mufin Green Finance Limited has successfully allotted 1,900 Secured, Rated, Listed, Redeemable Non-Convertible Debentures (NCDs) on a private placement basis. The total fundraise amounts to ₹19 crore with a face value of ₹1,00,000 per debenture. These NCDs carry a coupon rate of 11.70% per annum, payable quarterly, and have a total tenure of 3 years. The principal will be repaid in two equal installments of 50% each in December 2027 and June 2029.
Key Highlights
Total issuance of 1,900 NCDs amounting to ₹19,00,00,000.
Coupon rate fixed at 11.70% per annum with a quarterly payment frequency.
Instrument tenure is 3 years, maturing on June 15, 2029.
Secured by hypothecation of the company's receivables and book debts.
Principal repayment structured as 50% on December 15, 2027, and 50% on June 15, 2029.
👀 What to Watch
Investors should note the company's ability to raise capital at an 11.70% interest rate; monitor if the deployment of these funds into green finance projects generates sufficient spreads to cover this cost of debt.
Mufin Green Finance Allots NCDs Worth Rs 100 Crore at 11% Coupon
Mufin Green Finance Limited has successfully allotted 1,00,000 Secured, Rated, Listed, Redeemable, Non-Convertible Debentures (NCDs) via private placement. The total fundraise amounts to Rs 100 crore with a face value of Rs 10,000 per instrument. These NCDs carry a coupon rate of 11.00% per annum and have a relatively short tenure of approximately 15 months. The principal repayment is scheduled in four equal installments of 25% each starting from June 2027.
Key Highlights
Total issue size of Rs 100 crore through the allotment of 1,00,000 NCDs.
Fixed coupon rate of 11.00% per annum with interest payments in the 12th, 13th, 14th, and 15th months.
Tenure of 15 months and 3 days, with a final maturity date of September 12, 2027.
Securities are secured by the hypothecation of the company's receivables and book debts.
Principal repayment structured in four 25% tranches between June and August 2027.
👀 What to Watch
Investors should monitor the company's deployment of these funds into its green finance portfolio and assess if the 11% cost of debt is adequately covered by its lending spreads.
Mufin Green Finance FY26 AUM Grows 84% to ₹1,541 Cr; Targets 3x PAT Jump in FY27
Mufin Green Finance reported a strong FY26 with AUM growing 83.8% YoY to ₹1,541.17 crore and PAT reaching ₹28.21 crore. The company is pivoting towards high-margin, tech-driven products like Mediclaim Insurance Premium Financing, which now constitutes 39% of the AUM and offers a high ROA of 7-8%. Management has guided for a significant bottom-line expansion in FY27, targeting a PAT of ₹80-90 crore and an AUM of ₹2,500 crore. Asset quality improved with GNPA dropping to 1.94%, while borrowing costs fell by 163 bps to 12.17%.
Key Highlights
FY26 AUM surged 83.8% YoY to ₹1,541.17 crore, driven by a record Q4 disbursement of ₹700 crore.
Mediclaim Insurance Premium Financing emerged as the largest segment (39% of AUM) with near-zero NPAs and 7-8% ROA.
Management targets FY27 PAT of ₹80-90 crore, representing a nearly 3x increase from FY26 levels.
Asset quality improved with GNPA at 1.94% and Stage 2 assets falling sharply from 12.60% to 5.90% YoY.
Borrowing costs reduced by 163 bps to 12.17%, aided by an 'A-' credit rating upgrade and PSU bank lending.
👀 What to Watch
Investors should monitor the successful scaling of the high-margin Mediclaim and Salary Saathi segments as they are key to the projected 3x profit growth. The shift to a tech-first, asset-light model with lower headcount suggests significant operational leverage ahead.
Mufin Green Finance to Raise up to ₹119 Crore via Secured NCDs
Mufin Green Finance Limited's Management Committee has approved the issuance of listed, secured, non-convertible debentures (NCDs) on a private placement basis. The total fundraise is capped at an aggregate amount of INR 119 Crore. This capital infusion follows a prior intimation from May 27, 2026, and is intended to bolster the company's lending capacity. As a green finance NBFC, this liquidity is crucial for expanding its loan book in the renewable energy and electric vehicle segments.
Key Highlights
Approved issuance of listed, secured, non-convertible debentures (NCDs) up to ₹119 Crore.
The fundraise will be conducted through a private placement basis.
The meeting concluded on June 02, 2026, following a prior board intimation on May 27, 2026.
The instruments will be listed, providing transparency and potential liquidity for the debt holders.
👀 What to Watch
Monitor the cost of debt and the subsequent growth in Assets Under Management (AUM) as the company deploys this capital into its green finance portfolio.
Mufin Green Finance FY26 PAT Surges 183% to ₹28.2 Cr; AUM Grows 84% YoY
Mufin Green Finance reported a stellar performance for FY26, with Profit After Tax (PAT) jumping 183.5% YoY to ₹28.21 crore. The Assets Under Management (AUM) scaled to ₹1,541.17 crore, driven by a 163.7% surge in annual disbursements to ₹1,767.59 crore. Asset quality improved significantly with Gross NPA falling to 1.94% from 2.50% YoY. The company also demonstrated strong operating leverage, reducing headcount by 15.8% while increasing revenue per employee.
Key Highlights
FY26 PAT increased 183.5% YoY to ₹28.21 Cr; Q4 FY26 PAT rose to ₹11.03 Cr.
AUM grew 83.8% YoY to ₹1,541.17 Cr, with Mediclaim financing now the largest segment at 39%.
Gross NPA and Net NPA improved to 1.94% and 1.65% respectively, down from 2.50% and 2.13% YoY.
Cost of borrowings declined by 163 bps during the year to 12.17% in Q4 FY26.
Capital adequacy remains strong with a CRAR of 32.37% as of March 31, 2026.
👀 What to Watch
Investors should monitor the company's successful transition into high-yield digital segments like Mediclaim financing and its ability to further reduce borrowing costs. The stock remains an attractive play in the niche green and specialized lending space given its improving asset quality and operating margins.
Mufin Green Finance FY26 PAT Triples to ₹28.21 Cr; AUM Surges 83.8% to ₹1,541 Cr
Mufin Green Finance reported a strong performance for FY26, with its Assets Under Management (AUM) growing 83.8% YoY to ₹1,541.17 crore. The company's Profit After Tax (PAT) for the full year rose 39.1% to ₹28.21 crore, while Q4 PAT saw a massive 183.5% jump to ₹11.03 crore. Asset quality improved significantly with Gross NPA dropping to 1.94% from 2.48% a year ago. A credit rating upgrade to A- (Stable) and a reduction in borrowing costs by 163 bps highlight improved financial stability and operational efficiency.
Key Highlights
AUM grew by 83.8% YoY to ₹1,541.17 crore, driven by a 119.31% surge in annual disbursements to ₹1,767.59 crore.
Q4 FY26 PAT increased by 183.5% YoY to ₹11.03 crore, while full-year PAT reached ₹28.21 crore.
Gross NPA and Net NPA improved to 1.94% and 1.65% respectively, down from 2.48% and 2.11% in the previous year.
Credit rating upgraded to A- (Stable) by Acuite, leading to a 163 bps reduction in borrowing costs to 12.17% in Q4.
Net worth more than doubled to ₹574.65 crore, with a healthy Debt/Equity ratio of 2.43x providing room for further scaling.
👀 What to Watch
Investors should view this as a strong growth signal given the massive AUM expansion and improving asset quality. The credit rating upgrade and lower borrowing costs provide a solid foundation for future margin expansion.
Mufin Green Finance Q4 FY26 PAT Jumps 184% YoY to ₹11.09 Cr; Loan Book Doubles
Mufin Green Finance reported a stellar performance for Q4 FY26, with net profit surging 184% YoY to ₹11.09 crore. The company's loan book nearly doubled to ₹1,530.41 crore, reflecting aggressive expansion in the green financing sector. Asset quality improved significantly with Gross NPA dropping to 1.94% from 2.49% a year ago. A successful capital infusion in March 2026 has strengthened the balance sheet, with net worth rising to ₹571.24 crore.
Key Highlights
Q4 FY26 Net Profit rose to ₹11.09 crore, up 184% from ₹3.90 crore in Q4 FY25.
Total Loan Assets grew 84% YoY to reach ₹1,530.41 crore as of March 31, 2026.
Gross NPA and Net NPA improved to 1.94% and 1.65% respectively, down from 2.49% and 2.12% YoY.
Net Worth increased to ₹571.24 crore from ₹270.18 crore YoY, aided by a preferential allotment at ₹98 per share.
Capital Adequacy Ratio remains robust at 32.37%, providing significant room for future lending growth.
👀 What to Watch
Investors should view this as a high-growth play in the EV and green energy financing space, supported by improving asset quality and a strong capital base. The doubling of the loan book and sharp profit growth suggest strong execution, though monitoring the sustainability of margins as the book scales is advised.
