MYMUDRA - My Mudra Fin.

📊 NSE: MYMUDRA 🏢 Finance & Investments 📅 Last Updated: 12/14/2025 10:11

💰 Financial Performance

Revenue Growth by Segment

Total revenue grew 13.07% YoY in FY25 to INR 80.36 Cr. H1 FY26 revenue grew 73.24% YoY to INR 58.45 Cr. Specific segment-wise percentage growth for loans, insurance, and credit cards was not disclosed, though credit cards are noted as a unit-based revenue model.

Geographic Revenue Split

The company is expanding into Tier 2 and Tier 3 markets such as Basti (near Ayodhya) and Muzaffarnagar to leverage lower rental and commission costs. Specific percentage contribution by region is not disclosed.

Profitability Margins

PAT margin improved from 6.5% in H1 FY24 to 8.5% in H1 FY25. For the full year FY25, PAT grew 40.22% to INR 9.01 Cr from INR 6.42 Cr in FY24. H1 FY26 PAT grew 87.39% YoY.

EBITDA Margin

EBITDA margin stood at 14.4% in H1 FY25, an improvement of 434 bps from 10.1% in H1 FY24. H1 FY26 EBITDA grew 74.74% YoY.

Capital Expenditure

Not explicitly disclosed in absolute INR Cr, but IPO proceeds are being utilized for technology adoption, business scale expansion, and strengthening the balance sheet.

Credit Rating & Borrowing

Debt-Equity ratio improved significantly by 88.79% to 0.07x in FY25 (from 0.59x in FY24) due to IPO proceeds and debt reduction. Finance costs for H1 FY25 were INR 0.63 Cr.

⚙️ Operational Drivers

Raw Materials

Lead generation costs and technology platform maintenance represent the primary operational costs, with Employee Benefit Expenses at INR 3.36 Cr in H1 FY25.

Import Sources

Domestic (India) operations only.

Key Suppliers

Strategic partnerships with over 75 Banks and NBFCs who provide the financial products distributed by the company.

Capacity Expansion

Current employee strength is 206 as of March 31, 2025. Expansion includes opening new branches in Basti and three additional upcoming locations to drive volume.

Raw Material Costs

Not applicable for a service-based fintech; however, 'Other Expenses' (including lead generation) were INR 25.51 Cr in H1 FY25.

Manufacturing Efficiency

Not applicable; company uses an asset-light distribution model to maintain high returns on capital.

Logistics & Distribution

Distribution is handled through a network of DSAs and franchisees; focus is on lower-cost Tier 2/3 cities to improve unit economics.

📈 Strategic Growth

Expected Growth Rate

73.24%

Growth Strategy

Achieving growth through product line extension into Mutual Funds and Gold Loans, geographic expansion into underserved Tier 2/3 markets, and leveraging a database of existing customers for cross-selling high-margin products like credit cards and insurance.

Products & Services

Secured and unsecured loans (ticket sizes INR 2.5-5 lakhs), insurance policies, credit cards (free and super premium), and mutual funds.

Brand Portfolio

My Mudra

New Products/Services

Launched credit card and insurance bundling; starting Gold Loan and Mutual Fund distribution to diversify revenue streams.

Market Expansion

Targeting expansion in Bihar and Uttar Pradesh, specifically moving beyond prime markets like Patna to lower-cost areas like Muzaffarnagar.

Strategic Alliances

Partnerships with 75+ Banks and NBFCs for financial product distribution.

🌍 External Factors

Industry Trends

The fintech distribution industry is growing at a rapid pace due to digital disbursement mechanisms. My Mudra is positioning itself as a trusted intermediary with an asset-light model that avoids direct credit risk.

Competitive Landscape

Faces competition from established NBFCs, commercial banks, and agile fintech players which exerts pressure on commission margins.

Competitive Moat

Moat is built on a robust distribution network of 75+ bank partners and a capital-efficient model. Sustainability is driven by low operating costs and the ability to scale in Tier 2/3 cities where competition is lower.