Mufin Green Finance Ltd(MUFIN)

NSE: MUFINBSE: 542774

₹ 128.65-4.70%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 2,549 crWebsite: www.mufingreenfinance.comUpdated: 24 Oct 2026

About

Mufin Green Finance Ltd is an Indian NBFC listed on BSE and NSE that finances electric vehicles and provides digital lending products including mediclaim financing and salary advances, serving unbanked and underserved customers across 19 states. As of Q1 FY27, its net AUM stood at ₹1,599.23 Cr, up 69.4% year-on-year, with total FY26 revenue of ₹210.29 Cr. The company has financed over 80,000 electric vehicles and serves retail customers in Tier-1 and Tier-2 cities as well as fleet operators.^[1][2]

Business segments

In FY25 the company reported two segments: Financing and Investing, with external revenue of Rs 160.07 Cr, and EV Charging Infrastructure and Solar Power Plant, with Rs 21.31 Cr.^[1]
Mediclaim Financing is the flagship vertical: AUM of ₹676.61 Cr (42% of total AUM) in Q1 FY27, with disbursements of ₹247.08 Cr in Q1 FY27, up 56.2% YoY.^[3]
EV Loans remain a core product: over 80,000 electric vehicles financed cumulatively, serving retail customers and fleet operators across 19 states as of FY25.^[1]
Salary Saathi is a newer digital lending vertical: total disbursements of ₹38.20 Cr in Q1 FY27, up 38.4% QoQ, live in Rajasthan and Assam via state government MoU partnerships.^[3]

Loan book and asset quality

Net AUM reached ₹1,599.23 Cr in Q1 FY27, up 69.4% from ₹944 Cr in Q1 FY26; AUM was ₹1,541.17 Cr at end of Q4 FY26, up 83.8% YoY.^[3]
GNPA stood at 1.91% in Q1 FY27; GNPA was 1.94% in Q4 FY26, down from 2.50% in Q4 FY25. Stage 2 assets fell from 12.60% to 5.90% YoY in Q4 FY26.^[3]
Mediclaim book carries a CRISIL A+ (SO) pool rating and is described as near-zero NPA, backed by short-tenure, cancellation-clause loans at 18 - 24% yield (IRR) as of Q4 FY26.^[4]
Collection efficiency was consistently above 96.5% in Q4 FY26.^[4]
The FY25 annual report disclosed exposure to the Gensol group; management said it hoped to recover the outstanding amounts by redeploying recovered assets.^[1]

Funding and borrowings

Total borrowings were ₹1,550.99 Cr in Q1 FY27, up 101% YoY from ₹771 Cr in Q1 FY26; borrowings were ₹1,397.60 Cr at end of Q4 FY26 across 40+ lenders.^[3]
Borrowing mix in Q4 FY26: DFIs 36.68%, NCDs 20.19%, NBFCs/FIs 18.12%, PSU banks 14.60%, private banks 10.41%; debt/equity ratio was 2.43x.^[4]
Cost of borrowings fell to 11.17% in Q1 FY27, down 263 bps from 13.80% in Q1 FY26, driven by lender diversification to 35+ lenders including PSU banks.^[3]

Capital adequacy and net worth

CRAR was 30.55% in Q1 FY27 and 32.37% in Q4 FY26, above the 15% RBI regulatory minimum.^[3]
Net worth rose 112.6% YoY to ₹574.65 Cr in Q4 FY26 from ₹270.25 Cr a year earlier.^[4]

Operating model and efficiency

The company shifted from a branch-based model to a digital, tech-first model: headcount fell from 499 in Q1 FY26 to 367 in Q1 FY27, while cumulative disbursements grew 6.9x over the same period.^[3]
Total quarterly disbursements were ₹449.40 Cr in Q1 FY27, up 37.3% YoY; full-year FY26 disbursements were ₹1,767.59 Cr, up 163.7% YoY.^[3]
As of FY25, the company had 536 permanent employees (454 male, 82 female) and operated from 1 national office with no international presence.^[1]

Customers and distribution

Mufin served over 21,108 EV customers across 19 states in FY25, with major presence in Uttar Pradesh, Delhi and Bihar.^[1]
Customers include retail buyers in Tier-1 and Tier-2 cities as well as wholesale clients such as fleet operators and businesses in the EV ecosystem.^[1]
Mediclaim Financing loan count reached 48,214 disbursements in Q1 FY27, up 48.4% YoY from 32,500 in Q1 FY26.^[3]

Expansion plans

Salary Saathi is expanding to 6+ new state government MoU partnerships beyond its current live states (Rajasthan and Assam), targeting the end of FY27.^[3]
Headcount is targeted at ~300 employees by end of FY27, down from 367 in Q1 FY27.^[3]
A ₹300 Cr Green Bond issuance was planned for FY27 to further reduce cost of funds.^[4]
EV underwriting turnaround time is targeted to be reduced from 48 hours to 6 hours by FY27.^[4]

Recent developments

USD 6,000,000 of 4.50% + SOFR senior notes due 2029 were listed on India INX's Global Securities Market on 22 September 2026, rated CareEdge B/Stable.^[5]
Acuité upgraded the credit rating to A- (Stable) from BBB+ during FY25; in the Q1 FY27 earnings call, management said it expected a further upgrade to 'A' in Q2 FY27.^[1]
Union Bank of India (₹25 Cr term loan) and Wint Wealth (₹100 Cr NCD facility) were added as new lenders in June 2026.^[3]
Salary Saathi launched in Assam in March 2026; Assam disbursements grew 535% QoQ to ₹13.96 Cr in Q1 FY27, or 36.6% of the vertical's disbursements.^[3]

Market Cap

₹2,549 Cr

High / Low

₹144 / 94

Stock P/E

64.3

Price / Book

4.4

Book Value

₹29

EPS

₹1.4

No. of Shares

19.82 Cr

ROE

6.7%

Debt / Equity

2.43

Sales

₹210 Cr

Net Profit

₹28 Cr

Promoter holding

47.3%

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