MUFIN GREEN FINANCE LTD

An RBI-licensed Non-Banking Financial Company that lends in three segments: electric vehicle financing, Mediclaim (health insurance premium) financing, and MSME financing. Revenue in FY26 was Rs 210.29 crore, earned primarily as interest and fees on these loans, with a net profit of Rs 28.26 crore on total assets of Rs 2,027.50 crore. Assets under management grew 83.8% year-on-year to Rs 1,541 crore in FY26, with disbursements of Rs 1,767.59 crore over the year. Funding is raised through listed secured non-convertible debentures on private placement at coupons of 10% to 11.70%, and through foreign currency bonds under the ECB route, bringing the blended cost of borrowings to 12.17% after a credit rating upgrade to A- (Stable) by Acuite. Asset quality improved, with Gross NPA declining from 2.50% to 1.94% and collection efficiency consistently above 96.5%. Operating leverage came from a 15.83% workforce reduction (499 to 420 employees) while disbursements grew 5.5x, yielding Rs 4.21 crore of disbursements per employee.