NSE: MUFIN · BSE: 542774
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. EV financing, Mediclaim financing, MSME financing. Asset-light NBFC lending across three niche retail and small-business segments
Exhibit 1: Financial summary, FY24–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | 98 | 181 | 210 |
| EBITDA (ex other income) | 67 | 118 | 160 |
| margin % | 68.8 | 64.9 | 76.2 |
| Owners' profit | 16 | 20 | 28 |
| EPS, as reported (₹) | 1.05 | 1.18 | 1.64 |
| ROE % · ROCE % | 6.6 · — | 7.1 · — | 4.9 · — |
| Debt / equity (x) | — | — | — |
| Cash from operations | (359) | (153) | (695) |
| Capex | (0) | (1) | (4) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 46 | 49 | 50 | 49 | 53 | 56 | 65 | 77 |
| Profit before tax | 8 | 8 | 4 | 4 | 8 | 9 | 15 | 19 |
| Net profit | 6 | 6 | 3 | 3 | 6 | 7 | 11 | 14 |
| EPS (₹) | 0.35 | 0.35 | 0.21 | 0.25 | 0.33 | 0.41 | 0.63 | 0.71 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| BAJAJ FINANCE LIMITED | 5,70,768 | 28.1 | 4.88 | — | 16.5 | — | 25.2 | 70.7 |
| SHRIRAM FINANCE LIMITED | 1,94,820 | 14.6 | 2.96 | — | 15.2 | — | 22.5 | 74.7 |
| CHOLAMANDALAM IN & FIN CO | 1,31,798 | 22.8 | 4.33 | — | 17.2 | — | 26.5 | 71.2 |
| TATA CAPITAL LIMITED | 1,31,209 | 24.0 | 2.79 | — | 10.4 | — | — | 75.8 |
| MUTHOOT FINANCE LIMITED | 96,352 | 8.5 | 2.42 | — | 26.7 | — | 22.0 | 84.0 |
| SBI CARDS & PAY SER LTD | 50,202 | 22.1 | 3.19 | — | 13.8 | — | — | 33.1 |
| SUNDARAM FINANCE LTD | 43,766 | 19.6 | 2.94 | — | 13.8 | — | — | 78.4 |
| AUTHUM INVEST & INFRA LTD | 42,040 | 7.2 | 2.85 | — | 13.1 | — | — | 90.1 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 63.1 | 18.1 | 165 of 200 | 18% |
| P/B | 4.5 | 1.1 | 233 of 253 | 8% |
| ROE | 4.9 | 3.1 | 107 of 257 | 59% |
| EBITDA margin | 79.0 | 48.6 | 54 of 249 | 79% |
| Revenue growth | 57.1 | 12.6 | 55 of 231 | 77% |
| Profit growth | 345.6 | 7.8 | 26 of 251 | 90% |
| Market cap | 2600 | 34 | 27 of 268 | 90% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 13 Oct 2026 · Mufin Green Finance allots 39,604 shares under ESOP scheme | capital market events | low | — | — |
| 11 Oct 2026 · RTA certifies dematerialization of physical shares for Q2 FY27 | compliance | minimal | — | — |
| 30 Sept 2026 · AGM results: all 6 resolutions passed, including FY26 accounts and 4 related party deals | board shareholder meetings | low | — | — |
| 29 Sept 2026 · Trading window closed from Oct 1, 2026 till 48 hours after Q2 FY26 results | compliance | minimal | — | — |
| 28 Sept 2026 · 10th AGM held on Sept 28, 2026; 6 resolutions tabled including FY26 results and related party deals | board shareholder meetings | low | — | — |
| 22 Sept 2026 · USD 6 million foreign currency bonds listed on India INX | capital market events | low | — | — |
| 16 Sept 2026 · CareEdge assigns B/Stable rating to USD 10M foreign currency bonds | credit debt | medium | — | — |
| 15 Sept 2026 · Mufin Green Finance Limited has informed the Exchange regarding Grant of Options under Mufin Green Finance Limited- Employee Stock Option Plan 2023 | capital market events | low | — | — |
| 15 Sept 2026 · Clarification on Q1 FY27 standalone and consolidated results | regulatory legal | low | — | — |
| 14 Sept 2026 · Clarification on meeting timing for USD 6 million bond allotment | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.