MUFIN
Mufin Green share price & financials
- Price
- ₹131.5
- Market cap
- ₹2.7k Cr
- Sector
- Financial Services
- Calls analysed
- 1
Mufin Green Q4 FY26
What went well
- Strong AUM growth of 83.8% YoY to ₹1,541.17 crore in March 2026, demonstrating robust business expansion.
- Significant PBT growth of 207.7% YoY in Q4 FY26 to ₹14.83 crore, indicating enhanced profitability.
- Successful launch and scaling of new high-profitability products like Mediclaim Insurance Premium Financing, which now constitutes 39% of AUM with 7-8% ROA and near-zero NPA.
What Mufin Green does
Mufin Green Finance Limited (MGFL) is an RBI-registered, NSE & BSE listed non-banking financial company that positions itself as India's first listed EV and Mediclaim financing NBFC. It earns by originating and financing loans across four verticals: point-of-sale conversion of lump-sum health-insurance premiums into monthly EMIs (Mediclaim Financing), salary-linked personal loans to government and PSU employees repaid via deduction at source under state MoUs (Salary Saathi), asset-backed financing and leasing of electric vehicles, batteries, chargers and solar systems for individuals, gig workers and SMEs (EV & Solar Financing), and collateral-backed term loans/working capital to MSMEs, proprietorships and corporates (Other Loans). The Mediclaim book is sourced fully digitally through partnerships with 10+ insurers with no branch network or field agents, while the EV & Solar book runs on preferred-financier relationships with OEMs such as Tata, Mahindra and Bajaj and uses IoT-based tracking on financed vehicles for portfolio monitoring. Lending is funded through a diversified base of 40+ lenders spanning private banks, PSU banks, DFIs, NBFCs and listed NCDs.
Segments
- Mediclaim Financing
- Salary Saathi
- EV & Solar Financing
- Other Loans
- Market position
- India's first listed EV & Mediclaim financing NBFC
- Employees
- 420
- Insurer partners (Mediclaim Financing)
- 10+ leading insurers
- Geographic presence
- Pan-India
- Total lenders
- 40+ lenders across private banks, PSU banks, DFIs, NBFCs and NCDs
- State government MoU partnerships (Salary Saathi)
- 2 states active (Rajasthan, Assam); 5+ more states in progress
Guidance record · Q4 FY26
what the last two calls moved 9 tracked 0 delivered 0 missed 9 open- Total AUM open said Q4 FY26 Promised: approximately ₹2,500 crore of AUM for FY2026-27 Q4 FY26: Targeting ~₹2,500 crore from a base of ₹1,541 crore.
All 9 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 60.4%, net profit up 250.0% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 40 | 43 | 41 | 48 | 51 +28% | 53 +23% | 65 +59% | 77 +60% |
| EBITDA | 31 | 32 | 28 | 30 | 35 +11% | — | — | — |
| Net profit | 6 | 6 | 4 | 4 | 6 +0% | 7 +17% | 11 +175% | 14 +250% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +4.1% 1Y
1Y: ₹129.2 on 3 Nov 2023 → ₹134.5. High ₹137.8 (4 Sept 2026), low ₹129.2 (3 Nov 2023).
Financials, as filed
Revenue grew 48.8% a year over 2 years, FY24 to FY26.
| Year ending | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | ₹98 Cr | ₹161 Cr | ₹217 Cr |
| Operating profit | — | ₹118 Cr | — |
| Operating margin | — | 73.1% | — |
| Interest | ₹45 Cr | ₹89 Cr | ₹120 Cr |
| Depreciation | ₹2 Cr | ₹4 Cr | ₹3 Cr |
| Net profit | ₹16 Cr | ₹21 Cr | ₹28 Cr |
| Net margin | 16.3% | 13.0% | 12.9% |
| Cash from operations | ₹-359 Cr | ₹-142 Cr | ₹-695 Cr |
| Free cash flow | ₹-361 Cr | ₹-143 Cr | ₹-699 Cr |
| ROE | 8.0% | 8.0% | 7.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹4 Cr | ₹4 Cr | ₹5 Cr | ₹16 Cr | ₹17 Cr | ₹20 Cr |
| Reserves | ₹86 Cr | ₹97 Cr | ₹149 Cr | ₹228 Cr | ₹300 Cr | ₹555 Cr |
| Borrowings | ₹0 Cr | ₹0 Cr | ₹226 Cr | ₹640 Cr | ₹863 Cr | ₹1.4k Cr |
| Other liabilities | ₹2 Cr | ₹1 Cr | ₹16 Cr | ₹41 Cr | ₹57 Cr | ₹55 Cr |
| Total liabilities | ₹93 Cr | ₹103 Cr | ₹395 Cr | ₹926 Cr | ₹1.2k Cr | ₹2.0k Cr |
| Fixed assets | ₹0 Cr | ₹2 Cr | ₹3 Cr | ₹9 Cr | ₹6 Cr | ₹7 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Investments | ₹73 Cr | ₹10 Cr | ₹3 Cr | ₹5 Cr | ₹24 Cr | ₹165 Cr |
| Other assets | ₹20 Cr | ₹91 Cr | ₹389 Cr | ₹912 Cr | ₹1.2k Cr | ₹1.9k Cr |
| Total assets | ₹93 Cr | ₹103 Cr | ₹395 Cr | ₹926 Cr | ₹1.2k Cr | ₹2.0k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, the public added +7.29 pp while promoters trimmed −6.90 pp. The shareholder count shrank 6% to 24,964.
- Promoters
- 47.3%
- FIIs
- 2.3%
- DIIs
- 10.1%
- Public
- 40.4%
Since Jun 2025
- Public +7.29 pp
- Promoters −6.90 pp
- DIIs −1.80 pp
How it drifted, 12 quarters
Over this window the public went from 27.7% to 40.4% — +12.7 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 58.2%, DIIs 14.1%, Public 27.7%.Dec '23: Promoters 58.2%, DIIs 14.1%, Public 27.7%.Mar '24: Promoters 54.8%, FIIs 0.1%, DIIs 13.2%, Public 32.0%.Jun '24: Promoters 54.5%, FIIs 0.5%, DIIs 13.1%, Public 31.9%.Sep '24: Promoters 54.5%, FIIs 0.3%, DIIs 13.1%, Public 32.1%.Dec '24: Promoters 54.4%, FIIs 0.9%, DIIs 12.5%, Public 32.3%.Mar '25: Promoters 54.3%, FIIs 1.3%, DIIs 12.5%, Public 31.9%.Jun '25: Promoters 54.2%, FIIs 0.8%, DIIs 11.8%, Public 33.1%.Sep '25: Promoters 54.2%, FIIs 0.8%, DIIs 11.9%, Public 33.0%.Dec '25: Promoters 54.1%, FIIs 1.1%, DIIs 8.4%, Public 36.4%.Mar '26: Promoters 47.3%, FIIs 1.2%, DIIs 9.3%, Public 42.2%.Jun '26: Promoters 47.3%, FIIs 2.3%, DIIs 10.1%, Public 40.4%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Tata Banking & Financial Services Fund Mutual fund newly disclosed 1.67% held
- Mmg Advisors Llp newly disclosed 1.29% held
The same filing shows 1 holder trimming and 0 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Mufin Green above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Hindon Mercantile Limited | 44.53% | unchanged |
| Incofin India Progress Fund VC / PE | 6.55% | −0.76 pp |
| Tata Banking & Financial Services Fund Mutual fund | 1.67% | newly disclosed |
| Sangeetha S . | 1.51% | unchanged |
| Investor Education and Protection Fund | 1.42% | unchanged |
| Mmg Advisors Llp | 1.29% | newly disclosed |
| Kapil Garg | 0.83% | unchanged |
| Shelly Garg | 0.56% | unchanged |
| Saurabh Garg | 0.56% | unchanged |
| Pooja Garg | 0.56% | unchanged |
| Bima Pay Technology Private Limited | 0.28% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Learn to analyse Mufin Green
Guides on how to read this kind of business and the numbers that matter.