Mufin Green Finance Limited (MUFIN)

Financial Services · Finance · NSE · Updated 21 July 2026

₹128.45 ↑ 41.5% (1Y)

🎯 Key Takeaways

Mufin Green Finance Limited is in a growth phase driven by expanding receivables-based lending and strategic capital raising through non-convertible debentures. The company has demonstrated consistent revenue and profit growth, with improving margins and profitability over recent quarters, supported by disciplined asset quality and operational efficiency.
Revenue grew 5.1% QoQ to ₹49 in Q3FY25.
⚠️ Concentration in receivables-backed lending exposes the company to credit and sector-specific risks if underlying assets underperform.

Market Cap

₹1,952

P/E Ratio

91.6

Div Yield

0.00%

Promoter

0.0%

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📖 The Story

Mufin Green Finance Limited is in a growth phase driven by expanding receivables-based lending and strategic capital raising through non-convertible debentures. The company has demonstrated consistent revenue and profit growth, with improving margins and profitability over recent quarters, supported by disciplined asset quality and operational efficiency. It is transitioning from a nascent stage toward scaling its green finance model with increasing institutional backing.

📰 What's Happening

In Q4FY26, Mufin reported audited standalone revenue of ₹6,466.62 lakhs and net profit of ₹1,108.73 lakhs, reflecting strong top-line expansion and margin retention. The company raised ₹19 crores via allotment of 1,900 NCDs on June 15, 2026, carrying an 11.70% coupon, and previously raised ₹100 crores through 100,000 NCDs on June 9, 2026. These private placements are secured by receivables and maturing in tranches through 2029. Additionally, insiders are restricted from trading shares until 48 hours after quarterly results disclosure, as per regulatory compliance.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Q2FY24	Q3FY24	Q4FY24	Q1FY25	Q2FY25	Q3FY25
Revenue	21	27	32	37	46	49
Operating Profit	14	20	23	27	31	32
OPM %	67.5%	72.4%	71.1%	72.1%	67.3%	65.6%
Net Profit	4	5	4	4	6	6
EPS	₹0.27	₹0.30	₹0.26	₹0.27	₹0.35	₹0.35

Revenue has grown steadily from ₹21 crores in Q2FY24 to ₹64.67 crores in Q4FY26, with operating margins holding firm above 65% despite macro volatility. Profit after tax rose to ₹1,108.73 lakhs in Q4FY26 from ₹5 lakhs in Q3FY25, indicating scalable profitability. The company maintains a healthy debt-to-asset ratio of 0.69 and low NPA levels (gross 1.94%, net 1.65%), suggesting prudent credit management. Earnings per share increased to ₹0.63 in Q4FY26, up from ₹0.26 in Q4FY24, reflecting consistent bottom-line growth.

🔮 Management Outlook & What's Next

Management has not provided explicit forward guidance in the latest filings, but the capital-raising activities and operational disclosures indicate a strategy focused on scaling green finance assets through structured debt instruments. The company emphasized compliance with IND AS and SEBI LODR standards, with audit confirmation of a true and fair view, suggesting confidence in financial reporting and transparency.

Extracted from official company announcements. Not StockFin.ai's opinion.

⚖️ Peer Comparison — Finance

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
Bajaj Finance Limited	5.67 L Cr	30.9	22.4%	18.6%	1.37
Bajaj Finserv Limited	2.77 L Cr	14.4	—	13.4%	—
Shriram Finance Limited	2.21 L Cr	23.3	—	—	—
Jio Financial Services Limited	1.54 L Cr	92.1	—	—	—
Power Finance Corporation Limited	1.47 L Cr	5.0	—	—	—
Muthoot Finance Limited	1.33 L Cr	26.6	—	—	—
Cholamandalam Investment and Finance Company Limited	1.32 L Cr	31.9	—	—	—
Tata Capital Limited	1.31 L Cr	—	—	—	—
Indian Railway Finance Corporation Limited	1.29 L Cr	18.4	—	—	—
Bajaj Holdings & Investment Limited	1.15 L Cr	15.3	—	—	—

🔗 Peer Stock Analyses

BAJFINANCE BAJAJFINSV SHRIRAMFIN JIOFIN PFC

⚠️ Risk Factors

1. Concentration in receivables-backed lending exposes the company to credit and sector-specific risks if underlying assets underperform. 2. Regulatory scrutiny on green finance labeling and compliance could impact future fundraising or project eligibility. 3. Dependence on private placement markets for funding may limit scalability if investor appetite wanes. 4. Low trading liquidity and small market capitalization could amplify price volatility.

📋 Recent Filings

🧠 Analyst's Read

Mufin Green Finance is executing a focused strategy to grow its green finance portfolio through disciplined capital raises and asset-backed lending, supported by improving financial metrics and compliance rigor. Investors should monitor upcoming quarterly results for trends in receivables growth, margin sustainability, and any updates on capital allocation plans beyond 2026.

Based on filing content and financial data. Not a recommendation.

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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-07-21.

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