MUFIN - Mufin Green

📊 NSE: MUFIN 🏢 Finance & Investments 📅 Last Updated: 12/14/2025 10:05

💰 Financial Performance

Revenue Growth by Segment

The company operates in a single segment (Financing and Investment). Total turnover reached INR 160.96 Cr in FY 2024-25. Assets Under Management (AUM) grew 34.34% YoY, increasing from INR 624.13 Cr to INR 838.45 Cr.

Geographic Revenue Split

100% of revenue is domestic, with operations across 19 Indian states. Major presence is concentrated in Uttar Pradesh, Delhi, and Bihar.

Profitability Margins

Operating Profit Margin improved by 6.97% to 71.66% due to EV segment expansion. Net Profit Margin declined by 23.28% to 12.52% (from 16.32% YoY) primarily due to high finance costs from increased borrowings.

EBITDA Margin

Operating Profit Margin stands at 71.66%, reflecting strong core earnings before interest and taxes. Profit Before Tax (PBT) grew 25.58% YoY to INR 27.32 Cr from INR 21.76 Cr.

Capital Expenditure

Not explicitly disclosed as a standalone figure, but the company disbursed INR 805.99 Cr in loans during FY 2024-25 to expand its credit portfolio.

Credit Rating & Borrowing

The company maintains a Debt-Equity ratio of 2.60. Interest Coverage Ratio decreased 11.49% to 1.31 due to higher debt levels raised for business expansion.

⚙️ Operational Drivers

Raw Materials

Not applicable as the company is a financial services provider; however, its primary 'input' is debt capital used for lending.

Import Sources

Not applicable for financial services.

Key Suppliers

Not applicable; however, the company raises funds through banks and financial institutions, and is proposing new NCD issuances via private placement.

Capacity Expansion

The company expanded its reach to 21,108 EV customers and has financed over 80,000 electric vehicles to date. It operates from 1 central office in Delhi covering 19 states.

Raw Material Costs

Finance costs are the primary operational expense, which led to a 23.28% reduction in Net Profit Margin as borrowings increased to fund the INR 838.45 Cr AUM.

Manufacturing Efficiency

Not applicable; operational efficiency is measured by a Return on Average Assets (ROAA) of 2.08%.

Logistics & Distribution

Distribution is handled through a digital and physical network across 19 states, focusing on Tier-1 and Tier-2 cities.

📈 Strategic Growth

Expected Growth Rate

25-35%

Growth Strategy

Growth is driven by expansion in the EV segment, targeting Tier-II and Tier-III cities for e-mobility and rooftop solar projects. The strategy includes bundling vehicle finance with battery leasing and solar products to create integrated green energy solutions.

Products & Services

Loans for electric vehicles (EVs), EV infrastructure, solar products, SMEs, and insurance services.

Brand Portfolio

Mufin Green Finance

New Products/Services

Proposed bundling of vehicle finance with battery leasing and solar rooftop loans to capture the full EV ecosystem value chain.

Market Expansion

Targeting deeper penetration in 19 states with a specific focus on underserved retail customers in Tier-2 and Tier-3 markets.

Market Share & Ranking

Not disclosed, but identifies as a leading listed NBFC focused exclusively on green finance in India.

Strategic Alliances

Collaborates with fleet operators and businesses in the EV ecosystem; Hindon Mercantile Limited holds a 53.98% stake as the holding company.

🌍 External Factors

Industry Trends

The NBFC sector is shifting toward retail segments and digital sourcing. Rising government incentives for EVs and ESG-driven investments are major tailwinds for the green finance industry.

Competitive Landscape

Competes with other NBFCs and fintechs, but differentiates through 100% focus on sustainable and green financing.

Competitive Moat

Competitive advantage stems from a specialized focus on the EV ecosystem and green infrastructure, which is harder for generalist NBFCs to replicate due to technical asset knowledge requirements.

Macro Economic Sensitivity

Sensitive to Indian GDP growth (estimated at 6.5% for FY25) and inflationary pressures which impact consumer borrowing power and interest rates.

Consumer Behavior

Increasing demand for green and sustainable financing among retail customers in Tier-1 and Tier-2 cities.

Geopolitical Risks

Global financial market volatility and geopolitical tensions are cited as risks to inflation and economic stability in India.

⚖️ Regulatory & Governance

Industry Regulations

Subject to RBI regulations for NBFCs, including Capital Adequacy (maintained at 30.88%) and NPA recognition (Gross NPA at 2.5%). Future focus includes stricter RBI licensing and supervisory actions.

Environmental Compliance

CSR obligation of INR 34.13 lakhs was fully met with an actual spend of INR 34.15 lakhs on socially useful programs.

Taxation Policy Impact

Not explicitly detailed, but PBT of INR 27.32 Cr was reported against a turnover of INR 160.96 Cr.

⚠️ Risk Analysis

Key Uncertainties

Credit risk (Gross NPA 2.5%), liquidity risk, and interest rate volatility are primary uncertainties. Data security is a noted risk due to the large volume of borrower personal data.