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MUFIN - Mufin Green

📊 NSE: MUFIN 🏢 Finance & Investments 📅 Last Updated: 12/14/2025 10:05

📢 Recent Corporate Announcements

Mufin Green Clarifies Provisional Empanelment for Assam Govt Salary Loans

🔵 WATCH ⭐ 6/10

EXPANSION 📅 03 Mar 2026, 10:27 PM

Mufin Green Finance has clarified that its partner, InstaPe Synergies, received a Letter of Intent (LoI) for provisional empanelment with the Government of Assam. The consortium arrangement aims to provide Earned Salary Advance and Salary-linked Credit facilities to regular state government employees. A formal Memorandum of Understanding (MoU) will only be signed after successful technical integration with the State FMIS and User Acceptance Testing. Currently, the technical integration process is underway, and the company will issue a further update upon operational readiness.

Letter of Intent (LoI) issued by the Finance Department of the Government of Assam for provisional empanelment.
Partnership involves a consortium arrangement with InstaPe Synergies Pvt Ltd.
Target market includes regular Government employees of Assam for salary-linked credit products.
Final MoU execution is contingent upon successful end-to-end technical integration with State FMIS (FinAssam/IFMIS).

💡 Investors should track the progress of the technical integration as the final MoU and revenue generation are dependent on this milestone. While the LoI is a positive development, the project is still in the pre-operational phase.

Mufin Green Finance to Offer Instant Loans to 5 Lakh Assam Govt Employees via HRMS

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 01 Mar 2026, 04:13 PM

Mufin Green Finance has secured empanelment with the Government of Assam to offer instant loans to over 5 lakh state employees. The service is integrated into the state's HRMS platform, facilitating 24/7 real-time approvals and a paperless process. This initiative follows a similar successful integration in Rajasthan, expanding the company's total reach to 20 lakh government employees. This move is expected to drive growth in the loan book while maintaining high asset quality due to the stable nature of government employment.

Empanelled with Assam Government to serve 5 lakh+ employees via HRMS integration.
Provides 24/7 instant loan approvals with a completely digital, paperless process.
Total reach increases to 20 lakh employees across Assam and Rajasthan states.
Targets a low-risk borrower segment to ensure sustainable credit growth and financial inclusion.

💡 Investors should track the growth in the company's AUM and the performance of this specific loan portfolio. The ability to replicate this HRMS-integrated model in other states could be a major catalyst for the stock.

Mufin Green Finance Gets In-Principle Approval for 4.19 Crore Shares and Warrants Issue

🟢 POSITIVE ⭐ 8/10

FUNDRAISE 📅 18 Feb 2026, 04:44 PM

Mufin Green Finance has received in-principle approval from both NSE and BSE for a significant capital raise via a preferential issue. The company is authorized to issue 3,43,03,482 equity shares and 76,53,061 warrants, both with a face value of Re. 1 each. This move is intended to bolster the company's capital position for its green energy financing operations. The approval is subject to standard regulatory conditions, including monitoring allottee trades to prevent non-compliance with SEBI regulations.

Received in-principle approval from NSE and BSE for preferential allotment of securities.
Proposed issue consists of 3,43,03,482 equity shares of Re. 1 face value.
Proposed issue includes 76,53,061 warrants convertible into equity shares.
Total potential security issuance exceeds 4.19 crore units to raise capital.
Company must ensure allottees do not engage in intra-day trading or sales until allotment.

💡 Investors should watch for the final allotment price and the specific use of proceeds to gauge the impact on future earnings per share. The capital infusion is a positive sign for the company's expansion in the EV and green finance sector.

Mufin Green Finance to Alter Articles of Association for Debenture Trustee Nominee Director

🟡 NEUTRAL ⭐ 4/10

REGULATORY 📅 17 Feb 2026, 05:18 PM

Mufin Green Finance has issued a postal ballot notice to seek shareholder approval for a special resolution to alter its Articles of Association. The amendment involves inserting Article 75B, which allows Debenture Trustees to appoint a Nominee Director to the board in compliance with SEBI regulations. This is a mandatory governance requirement for companies with listed non-convertible securities. The e-voting period for shareholders is scheduled from February 18, 2026, to March 19, 2026.

Proposed insertion of Article 75B into the Articles of Association via a Special Resolution.
Mandates the appointment of a Nominee Director by Debenture Trustees as per SEBI (Debenture Trustees) Regulations, 1993.
The Nominee Director will not be liable to retire by rotation and will hold office as long as a default subsists.
E-voting period is set from February 18, 2026, to March 19, 2026, with a cut-off date of February 13, 2026.

💡 This is a routine regulatory update to align the company's governance with SEBI debt listing norms and has no direct impact on equity fundamentals. Shareholders may participate in the e-voting process to support the compliance measure.

Mufin Green Finance Q3 PAT Rises 15.7% YoY to ₹7.01 Cr; Revenue Up 30%

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 13 Feb 2026, 05:03 PM

Mufin Green Finance reported a steady performance for Q3 FY26, with total revenue from operations growing 29.8% YoY to ₹55.93 crore. Net profit for the quarter stood at ₹7.01 crore, marking a 15.7% increase compared to the same period last year. Asset quality showed marginal improvement on a sequential basis, with Gross NPA at 2.24% compared to 2.37% in the previous quarter. The board also approved changes to the Articles of Association regarding Nominee Directors, indicating potential governance or strategic shifts.

Total Revenue from operations increased by 29.8% YoY to ₹5,592.73 Lakhs.
Net Profit (PAT) grew by 15.7% YoY to ₹700.83 Lakhs from ₹605.77 Lakhs.
Gross NPA improved sequentially to 2.24% from 2.37% in the September 2025 quarter.
Net Worth strengthened to ₹320.43 crore as of December 31, 2025.
Finance costs increased significantly to ₹31.14 crore from ₹23.58 crore YoY, reflecting higher borrowing.

💡 Investors should focus on the company's ability to manage rising finance costs while maintaining its growth trajectory in the niche green financing sector. The improvement in asset quality is a positive sign for long-term stability.

Mufin Green Finance Q3 FY26 PAT Rises 15.7% YoY to ₹7.01 Cr; Asset Quality Improves

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 13 Feb 2026, 04:59 PM

Mufin Green Finance reported a steady performance for the quarter ended December 31, 2025, with total income growing to ₹55.94 crore from ₹43.47 crore in the same period last year. Net profit increased by 15.7% year-on-year to ₹7.01 crore, supported by a 28.7% rise in total revenue from operations. Asset quality showed sequential improvement as Gross NPA decreased to 2.24% from 2.37% in the previous quarter. The board also approved an amendment to the Articles of Association regarding Nominee Directors, suggesting potential strategic shifts or lender-driven governance changes.

Total Income grew 28.7% YoY to ₹5,594.49 Lakhs in Q3 FY26 compared to ₹4,347.39 Lakhs in Q3 FY25.
Net Profit (PAT) increased to ₹700.83 Lakhs, up from ₹605.77 Lakhs in the corresponding quarter of the previous year.
Gross NPA improved to 2.24% from 2.37% in the preceding quarter, while Net NPA stood at 1.91%.
Net Worth strengthened to ₹32,043.26 Lakhs as of December 31, 2025, up from ₹27,017.58 Lakhs in March 2025.
Capital Adequacy Ratio remains healthy at 26.56%, though down from 30.88% in March 2025 due to increased lending activity.

💡 Investors should view the steady profit growth and improving asset quality as positive signs for this niche green-finance player. Monitor the upcoming postal ballot regarding the Nominee Director clause as it may precede new institutional funding or strategic partnerships.

Mufin Green Finance Allots NCDs Worth Rs 100 Crore at 10% Coupon Rate

🟢 POSITIVE ⭐ 7/10

FUNDRAISE 📅 11 Feb 2026, 12:47 PM

Mufin Green Finance has successfully allotted 1,00,000 Secured, Rated, Listed, Redeemable Non-Convertible Debentures (NCDs) on a private placement basis. The company raised a total of Rs 100 crore through this issuance, with each NCD having a face value of Rs 10,000. These instruments carry a coupon rate of 10% per annum with a monthly interest payout frequency. The tenure is relatively short at 15 months, with principal repayment scheduled in four equal installments starting March 2027.

Total fundraise of Rs 100 crore via 1,00,000 Non-Convertible Debentures
Fixed coupon rate of 10.00% per annum with monthly interest payments
Short-term tenure of 15 months with final maturity on May 11, 2027
Principal repayment structured in four 25% installments starting March 11, 2027
Securities are backed by hypothecation of receivables and book debts

💡 Investors should view this as a positive liquidity event that provides growth capital for the company's green lending portfolio. Monitor the company's upcoming quarterly results to ensure the 10% cost of debt is being effectively managed through higher-yield disbursements.

Mufin Green Finance Clarifies 18-Month Conversion Period for Preferential Warrants

🟡 NEUTRAL ⭐ 4/10

FUNDRAISE 📅 10 Feb 2026, 04:02 PM

Mufin Green Finance Limited has issued a clarification regarding its Extraordinary General Meeting (EGM) held on November 29, 2025, concerning the preferential issuance of equity shares and warrants. The company noted that the original explanatory statement inadvertently omitted the conversion timeline for the warrants. It has now confirmed that these warrants are convertible into equity shares within a period of 18 months from the date of allotment. This clarification ensures the fundraise remains in compliance with SEBI (ICDR) Regulations, 2018.

Clarification issued for the EGM held on November 29, 2025, regarding preferential issuance.
Warrants are confirmed to be convertible into Equity Shares within 18 months from the date of allotment.
The update corrects an inadvertent omission in point (g) of the original EGM notice explanatory statement.
Ensures full compliance with SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018.

💡 This is a routine regulatory clarification and does not change the fundamental outlook of the company. Investors should track the eventual allotment date to understand the timeline for potential equity dilution over the next 18 months.

Mufin Green Finance to Raise Up to ₹150 Crore via NCD Issuance

🟢 POSITIVE ⭐ 7/10

FUNDRAISE 📅 03 Feb 2026, 04:57 PM

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 ₹150 crore, which includes a base amount and a green shoe option of ₹25 crore. This move is aimed at strengthening the company's capital base to support its lending activities in the green energy and electric vehicle financing space. The approval follows an initial board intimation made on January 29, 2026.

Approved issuance of listed, secured, non-convertible debentures (NCDs) on a private placement basis.
Total aggregate fundraise amount is up to ₹150 crore.
Includes a green shoe option of up to ₹25 crore for over-subscription.
The capital raise is intended to provide liquidity for the company's specialized green finance operations.

💡 Investors should watch for the final coupon rate and tenure of the NCDs to assess the company's cost of borrowing. Successful debt placement indicates strong institutional interest and provides growth capital for the NBFC.

Mufin Green Finance Withdraws ₹41.45 Cr Non-Cash Preferential Issue Component

🔵 WATCH ⭐ 6/10

FUNDRAISE 📅 28 Jan 2026, 02:01 PM

Mufin Green Finance has decided to partially withdraw its preferential issue plan by cancelling the issuance of 42,29,996 equity shares intended for non-cash consideration. This component was valued at approximately ₹41.45 crore at a price of ₹98 per share. The withdrawal is due to regulatory challenges regarding the valuation for consideration other than cash. Importantly, the company is proceeding with its larger cash-based fundraise of ₹341.44 crore and a warrant issue of ₹75 crore.

Cancellation of 42,29,996 equity shares priced at ₹98 per share for non-cash consideration.
The withdrawn portion represents an aggregate value of ₹41.45 crore.
The ₹341.44 crore cash-based equity issue (3.48 crore shares) remains unchanged.
The ₹75 crore warrant issue (76.53 lakh warrants) also remains active and unchanged.
Withdrawal attributed to non-finalization of regulatory approvals for non-cash valuation.

💡 Investors should focus on the successful execution of the remaining ₹416 crore cash-based fundraise, which is the primary driver for growth. The withdrawal of the non-cash portion is a minor regulatory setback and does not impact the company's liquidity or core operations.

Mufin Green Finance Secures USD 12 Million Term Loan from Finnfund

🟢 POSITIVE ⭐ 7/10

FUNDRAISE 📅 16 Jan 2026, 05:03 PM

Mufin Green Finance Limited has entered into a finance agreement with the Finnish Fund for Industrial Cooperation Ltd (Finnfund) to avail a term loan facility of up to USD 12 million. Finnfund is a development finance institution majority-owned by the Government of Finland, providing significant institutional backing to Mufin. The capital is specifically earmarked to scale the company's onward lending business in the green finance sector. This international funding highlights the company's ability to attract foreign capital for its expansion goals.

Secured a term loan facility of up to USD 12,000,000 (approximately ₹100 crore) from Finnfund.
The lender is a Finnish government-backed development finance company, enhancing Mufin's institutional credibility.
Funds will be utilized to finance the company's onward lending operations.
The agreement involves a charge on identified loan receivables as security for the facility.
Agreement was officially executed on January 15, 2026.

💡 Investors should view this as a positive development that provides necessary liquidity for growth; monitor how effectively this capital is deployed into high-yield green assets to improve margins.

Mufin Green Finance Submits SEBI Regulation 74(5) Compliance Certificate for Q3 FY26

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 16 Jan 2026, 11:31 AM

Mufin Green Finance Limited has filed its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by Skyline Financial Services Private Limited, confirms the processing of share dematerialization requests for the quarter ended December 31, 2025. This document verifies that share certificates received were duly mutilated and cancelled after verification. Such filings are standard procedural requirements for listed companies to ensure the integrity of the shareholding records with depositories.

Compliance certificate submitted for the quarter ended December 31, 2025.
Confirmation received from Registrar and Share Transfer Agent, Skyline Financial Services Private Limited.
Verification that share certificates for dematerialization were processed as per SEBI guidelines.
Standard regulatory filing with no impact on company's financial or operational performance.

💡 No action is required from investors as this is a routine administrative filing. Continue to monitor the company's upcoming quarterly earnings for material financial updates.

Mufin Green Finance Allots NCDs Worth Rs 50 Crore at 11% Coupon Rate

🟢 POSITIVE ⭐ 7/10

FUNDRAISE 📅 29 Dec 2025, 12:23 PM

Mufin Green Finance has successfully allotted 50,000 Secured Non-Convertible Debentures (NCDs) on a private placement basis to raise Rs 50 crore. The NCDs have a face value of Rs 1,00,000 each and carry a coupon rate of 11.00% per annum with monthly interest payments. The tenure of the instrument is 20 months, with the principal repayment scheduled in three installments starting April 2027. This capital infusion will likely support the company's lending operations in the green finance sector.

Allotment of 50,000 Secured, Rated, Listed NCDs totaling Rs 50 crore
Coupon rate fixed at 11.00% per annum with monthly interest payout frequency
Instrument tenure of 20 months with final maturity on August 29, 2027
Staggered principal repayment: 30% in April 2027, 30% in June 2027, and 40% in August 2027
Secured by hypothecation of the company's receivables and book debts

💡 Investors should view this as a positive step for growth capital, though the 11% interest rate indicates a relatively high cost of borrowing. Monitor the company's quarterly margin performance to ensure they are deploying these funds at higher yields.

Mufin Green Finance Board Approves ₹100 Crore Fundraise via NCDs

🟢 POSITIVE ⭐ 7/10

FUNDRAISE 📅 16 Dec 2025, 08:28 PM

Mufin Green Finance Limited has approved the issuance of listed, secured, non-convertible debentures (NCDs) for an aggregate amount of up to INR 100 crore. The decision was finalized by the Management Committee during its meeting on December 16, 2025. These NCDs will be issued on a private placement basis to raise capital for the company's operations. This move follows a prior intimation regarding the fundraise sent to the exchanges on December 11, 2025.

Approved issuance of listed, secured, non-convertible debentures (NCDs) up to ₹100 crore
Fundraising to be conducted through a private placement basis
The Management Committee meeting concluded on December 16, 2025
Capital infusion intended to support the company's green finance lending operations

💡 Investors should monitor the coupon rate and tenure of these NCDs as they will impact the company's cost of funds and future margins. The successful placement of these debentures will be a positive signal for the company's liquidity and growth prospects.

MUFIN Allots 9,000 Non-Convertible Debentures via Private Placement

🟡 NEUTRAL ⭐ 6/10

FUNDRAISE 📅 04 Dec 2025, 12:13 PM

Mufin Green Finance Limited has announced the allotment of 9,000 Secured, Rated, Listed, Redeemable, Non-Convertible Debentures through private placement. Each debenture has a face value of ₹1,00,000, totaling ₹90,00,00,000. The debentures carry a coupon rate of 11.75% per annum, payable semi-annually. The maturity date is set for November 26, 2030, with principal redemption occurring in two tranches: 99.99% on November 26, 2028, and the remaining 0.01% on the final maturity date.

Allotted 9,000 Non-Convertible Debentures
Debentures have a face value of ₹1,00,000 each
Total issue size is ₹90,00,00,000
Coupon rate is 11.75% per annum
Final Redemption: (0.01%) on 26-11-2030

💡 Investors should note the terms of the debentures, including the coupon rate and redemption schedule. Monitor the company's ability to meet its interest and principal payment obligations.

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💰 Financial Performance

Revenue Growth by Segment

The company operates in a single segment (Financing and Investment). Total turnover reached INR 160.96 Cr in FY 2024-25. Assets Under Management (AUM) grew 34.34% YoY, increasing from INR 624.13 Cr to INR 838.45 Cr.

Geographic Revenue Split

100% of revenue is domestic, with operations across 19 Indian states. Major presence is concentrated in Uttar Pradesh, Delhi, and Bihar.

Profitability Margins

Operating Profit Margin improved by 6.97% to 71.66% due to EV segment expansion. Net Profit Margin declined by 23.28% to 12.52% (from 16.32% YoY) primarily due to high finance costs from increased borrowings.

EBITDA Margin

Operating Profit Margin stands at 71.66%, reflecting strong core earnings before interest and taxes. Profit Before Tax (PBT) grew 25.58% YoY to INR 27.32 Cr from INR 21.76 Cr.

Capital Expenditure

Not explicitly disclosed as a standalone figure, but the company disbursed INR 805.99 Cr in loans during FY 2024-25 to expand its credit portfolio.

Credit Rating & Borrowing

The company maintains a Debt-Equity ratio of 2.60. Interest Coverage Ratio decreased 11.49% to 1.31 due to higher debt levels raised for business expansion.

⚙️ Operational Drivers

Raw Materials

Not applicable as the company is a financial services provider; however, its primary 'input' is debt capital used for lending.

Key Suppliers

Not applicable; however, the company raises funds through banks and financial institutions, and is proposing new NCD issuances via private placement.

Capacity Expansion

The company expanded its reach to 21,108 EV customers and has financed over 80,000 electric vehicles to date. It operates from 1 central office in Delhi covering 19 states.

Raw Material Costs

Finance costs are the primary operational expense, which led to a 23.28% reduction in Net Profit Margin as borrowings increased to fund the INR 838.45 Cr AUM.

Manufacturing Efficiency

Not applicable; operational efficiency is measured by a Return on Average Assets (ROAA) of 2.08%.

Logistics & Distribution

Distribution is handled through a digital and physical network across 19 states, focusing on Tier-1 and Tier-2 cities.

📈 Strategic Growth

Expected Growth Rate

25-35%

Growth Strategy

Growth is driven by expansion in the EV segment, targeting Tier-II and Tier-III cities for e-mobility and rooftop solar projects. The strategy includes bundling vehicle finance with battery leasing and solar products to create integrated green energy solutions.

Products & Services

Loans for electric vehicles (EVs), EV infrastructure, solar products, SMEs, and insurance services.

Brand Portfolio

Mufin Green Finance

New Products/Services

Proposed bundling of vehicle finance with battery leasing and solar rooftop loans to capture the full EV ecosystem value chain.

Market Expansion

Targeting deeper penetration in 19 states with a specific focus on underserved retail customers in Tier-2 and Tier-3 markets.

Market Share & Ranking

Not disclosed, but identifies as a leading listed NBFC focused exclusively on green finance in India.

Strategic Alliances

Collaborates with fleet operators and businesses in the EV ecosystem; Hindon Mercantile Limited holds a 53.98% stake as the holding company.

🌍 External Factors

Industry Trends

The NBFC sector is shifting toward retail segments and digital sourcing. Rising government incentives for EVs and ESG-driven investments are major tailwinds for the green finance industry.

Competitive Landscape

Competes with other NBFCs and fintechs, but differentiates through 100% focus on sustainable and green financing.

Competitive Moat

Competitive advantage stems from a specialized focus on the EV ecosystem and green infrastructure, which is harder for generalist NBFCs to replicate due to technical asset knowledge requirements.

Macro Economic Sensitivity

Sensitive to Indian GDP growth (estimated at 6.5% for FY25) and inflationary pressures which impact consumer borrowing power and interest rates.

Consumer Behavior

Increasing demand for green and sustainable financing among retail customers in Tier-1 and Tier-2 cities.

Geopolitical Risks

Global financial market volatility and geopolitical tensions are cited as risks to inflation and economic stability in India.

⚖️ Regulatory & Governance

Industry Regulations

Subject to RBI regulations for NBFCs, including Capital Adequacy (maintained at 30.88%) and NPA recognition (Gross NPA at 2.5%). Future focus includes stricter RBI licensing and supervisory actions.

Environmental Compliance

CSR obligation of INR 34.13 lakhs was fully met with an actual spend of INR 34.15 lakhs on socially useful programs.

Taxation Policy Impact

Not explicitly detailed, but PBT of INR 27.32 Cr was reported against a turnover of INR 160.96 Cr.

⚠️ Risk Analysis

Key Uncertainties

Credit risk (Gross NPA 2.5%), liquidity risk, and interest rate volatility are primary uncertainties. Data security is a noted risk due to the large volume of borrower personal data.