Mufin Green Finance Limited (MUFIN)
₹138.35 -0.85% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Mufin Green's net interest income was ₹36.0 Cr (+56.5% year on year, +33.3% on the previous quarter), and net profit ₹14.0 Cr (+366.7% year on year).
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Net interest income | ₹36.0 | +56.5% | +33.3% |
| Net profit | ₹14.0 | +366.7% | +27.3% |
| EPS (₹) | 0.71 | +255.0% | +10.9% |
MUFIN delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 34.42% of the MUFIN shares traded on NSE were taken to delivery, against the stock's own 20-session average of 35.08%. That is close to its usual level.
Delivery in the last 5 sessions: 31.3% · 31.5% · 34.3% · 27.5% · 34.4%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
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.
- 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
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.
- 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
Mufin Green Finance has approved the grant of 8,53,484 stock options to eligible employees under the ESOP Scheme 2023. The options have been granted at an exercise price of ₹70 per option. Once vested, the options can be exercised over a maximum period of two years. This is a standard employee retention and incentive measure resulting in minor potential equity dilution over time.
- Nomination and Remuneration Committee approved grant of 8,53,484 stock options
- Options granted at an exercise price of ₹70 per option
- Covered shares equal 8,53,484 equity shares upon exercise
- Exercise window is a maximum period of 2 years from the date of vesting
Mufin Green Finance Limited responded to an NSE clarification query regarding its financial results for the quarter ended June 2026. The exchange questioned why the standalone and consolidated financial results showed identical figures. The company clarified that its subsidiary had zero operational activity, transactions, income, or expenses during the period, resulting in no variation upon consolidation. For Q1 FY27 (quarter ended June 2026), the company posted a standalone/consolidated revenue of Rs 77.14 Cr and a net profit of Rs 14.01 Cr.
- NSE sought clarification on identical standalone and consolidated figures for quarter ended June 2026
- Company confirmed the subsidiary had no operational activity, revenue, or expenditure during the quarter
- Standalone and consolidated revenue stood identical at Rs 77.14 Cr with net profit of Rs 14.01 Cr
- Clarification filed pursuant to Regulation 33 of SEBI Listing Obligations and Disclosure Requirements
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.
- 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
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.
- 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
Mufin Green Finance submitted its Business Responsibility and Sustainability Report (BRSR) for FY2026 as part of its Annual Report. The filing highlights an AUM of ₹1,541.17 crore with a Gross NPA of 1.94% and Net NPA of 1.65%. The company reported a Capital Adequacy Ratio of 32.08% and served over 1,93,016 active customers nationwide after adding 71,051 customers during the year.
- AUM stood at ₹1,541.17 crore with Gross NPA at 1.94% and Net NPA at 1.65% as of FY26
- Capital Adequacy Ratio remained well-capitalized at 32.08%
- Active customer base reached 1,93,016 across India, adding 71,051 customers during FY26
- Standalone net worth stood at ₹574.70 crore and annual turnover reached ₹210.29 crore
Mufin Green Finance has dispatched its Notice for the 10th Annual General Meeting scheduled for September 28, 2026, along with its FY26 Annual Report. The disclosures highlight the composition of its loan book as of March 2026, where Mediclaim financing formed the largest segment at ₹607.88 crore (39.44%), followed by EV & Solar financing at ₹459.04 crore (29.78%) and Corporate/MSME loans at ₹447.85 crore (29.07%). The company also raised ₹262 crore through an equity infusion during FY26 and received a credit rating upgrade to A- (Stable).
- 10th Annual General Meeting convened for September 28, 2026, via Video Conferencing.
- Mediclaim premium financing reached an AUM of ₹607.88 crore, accounting for 39.44% of the total loan book as of March 2026.
- EV and solar ecosystem financing AUM stood at ₹459.04 crore (29.78% of total loan book), split into ₹293 crore B2B and ₹166.04 crore B2C.
- Raised ₹262 crore through equity infusion during FY26 and secured a credit rating upgrade to A- (Stable).
Mufin Green Finance Limited has appointed Mr. Sumit Garg as Head of Strategy (designated as Senior Management Personnel) and Mr. Prakash L. Pogaku as Chief Compliance Officer, effective September 02, 2026. Mr. Garg brings over 18 years of experience, previously managing a ₹4,000 crore NBFC lending book at AU Small Finance Bank and raising over ₹10,000 crore at Resurgent India. Mr. Pogaku brings over 18 years of regulatory compliance experience across institutions like HDB Financial Services and Aditya Birla Finance. Additionally, the Board approved convening the 10th Annual General Meeting on September 28, 2026.
- Sumit Garg appointed as Head of Strategy (SMP) effective September 02, 2026; previously managed ₹4,000+ crore NBFC portfolio and ₹100+ crore startup lending at AU Small Finance Bank
- Sumit Garg has a track record of handling corporate fundraising exceeding ₹10,000 crore at Resurgent India
- Prakash L. Pogaku appointed as Chief Compliance Officer effective September 02, 2026, with 18+ years of experience across NBFCs and banking
- The 10th Annual General Meeting is scheduled for Monday, September 28, 2026
Mufin Green Finance announced that its Board has scheduled its 10th Annual General Meeting (AGM) for Monday, September 28, 2026. The Board approved the appointment of Mr. Prakash Pogaku as Chief Compliance Officer under RBI NBFC Governance Directions. Additionally, Mr. Sumit Garg, an industry professional with over 18 years of experience (previously managing over ₹4,000 crore NBFC portfolio at AU Small Finance Bank), has been appointed as Head of Strategy and designated as Senior Management Personnel.
- 10th Annual General Meeting scheduled for September 28, 2026 at 3:30 P.M. IST via VC/OAVM.
- Appointed Mr. Prakash Pogaku as Chief Compliance Officer effective September 02, 2026, bringing 18+ years of compliance experience.
- Appointed Mr. Sumit Garg as Head of Strategy (Senior Management Personnel) effective September 02, 2026.
- Mr. Garg brings 18+ years of experience, having previously managed a ₹4,000+ crore NBFC portfolio and handled ₹10,000+ crore in corporate fundraising.
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.
- 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
Mufin Green Finance has scheduled a virtual group meeting for analysts and institutional investors on August 20, 2026, from 4:00 PM to 4:45 PM IST. This routine interaction follows a fiscal year (FY26) where the company reported revenue of ₹220 Cr and a PAT of ₹27 Cr. The meeting is expected to cover the company's specialized focus on the EV ecosystem, where it has financed over 80,000 vehicles to date. Investors should look for management commentary on maintaining their 25-35% expected growth rate amidst high finance costs.
- Analyst/Institutional Investor Meet scheduled for August 20, 2026, at 4:00 PM IST
- Interaction duration set for 45 minutes via a virtual Google Meet platform
- Company reported TTM revenue of ₹220 Cr and TTM PAT of ₹27 Cr as of March 2026
- Promoter holding recently recorded at 47.3% as of March 2026
- Company currently operates in 19 states with a portfolio of 80,000+ financed electric vehicles
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.
- 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.
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.
- 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
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.
- 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%
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.
Geographic Concentration Risk
High concentration in 19 states, specifically Uttar Pradesh, Delhi, and Bihar.
Third Party Dependencies
Dependent on third-party internal auditors (M/s J Mandal & Co.) and debt providers for capital liquidity.
Technology Obsolescence Risk
Risk of data breaches and the need for continuous upskilling of 536 employees to adapt to digital innovations in the financial landscape.
Credit & Counterparty Risk
Maintains a Gross NPA of 2.5% and Net NPA of 2.13%, indicating stable but monitored asset quality in the retail EV segment.
