Company Intelligence Profile
Mufin Green Finance Limited
Mufin Green Finance Limited is a Delhi-headquartered, RBI-registered NBFC listed on BSE/NSE that specializes in financing electric vehicles, solar energy solutions, and related green infrastructure for retail and MSME borrowers.
AI-generated summary from public filings and may contain errors. Verify against the detailed sections below.
Company Identity
Confirmed| Registered name | Mufin Green Finance Limited |
|---|---|
| CIN | L65990RJ2016PLC054921 |
| PAN | AAOCA3945K [Source: Tofler] |
| Status | Active; Listed Public Limited Company (BSE: 542774, ticker MUFIN; also NSE) |
| Listing | Yes — Listed on BSE (Scrip Code 542774) and NSE. [Source: company financial-results filing to BSE/NSE, May 2026] |
| Incorporated | 13 May 2016 (originally incorporated in Rajasthan; per ACUITE rating report). [Source: Tofler, ACUITE rating report Aug 2023] |
| ROC | Currently RoC Delhi (CIN L65990DL2016PLC447681). Originally registered in Rajasthan (CIN L65990RJ2016PLC054921) — the company's registered office was later shifted to Delhi, resulting in a new CIN with the same 6-digit registration suffix "054921". [Source: Tofler cross-reference, ACUITE rating report] |
| Sector (NIC) | NBFC-ND (Non-Banking Financial Company, Non-Deposit taking), registered with RBI. NIC classification: "Other financial service activities — investment and granting of loans." Core business: EV and solar financing. [Source: Tofler, ACUITE rating report] |
| Registered address | 202, 2nd Floor, Best Sky Tower, Netaji Subhash Place, Pitampura, Shakur Basti, North West Delhi, Delhi – 110034. Corporate Office: 201, 2nd Floor, same building. [Source: Tofler; company's own BSE/NSE filing letterhead, May 2026] |
| Authorized capital | ₹50.00 crore [Source: Tofler, TheCompanyCheck — consistent across both] |
| Paid-up capital | ₹19.82 crore (₹1,981.62 lakh equity share capital, face value ₹1/share) as at 31 March 2026, per audited standalone financial results filed with BSE/NSE (up from ₹16.35 crore a year earlier, 31 Mar 2025, reflecting capital raises during FY26). Note: older third-party trackers (Tofler ₹17.3 Cr, TheCompanyCheck ₹19.82 Cr from an earlier snapshot) may lag the latest filing. |
Business Overview
Confirmed- Mufin Green Finance Limited (MGFL) is an RBI-registered Non-Deposit taking NBFC positioned as a "Pioneer in EV & Solar Financing." It provides financing across electric-vehicle loans (2W/3W and infrastructure), solar energy solutions, government-employee loans, and mediclaim financing, primarily to underserved retail/MSME borrowers via OEM and dealer networks
- Per the Aug-2023 ACUITE rating report, the group had cumulatively financed ~18,700 e-vehicles and disbursed over ₹200 Cr since 2016, serving 21,000+ customers across 10 states with geographic concentration in UP and Delhi
- The company was acquired by Hindon Mercantile Limited in March 2022 and now operates as part of the "Mufin group." [Sources: mufingreenfinance.com, ACUITE rating report Aug 2023]
Directors
Confirmed| Name | DIN | Role | Appointed |
|---|---|---|---|
| Kapil Garg | 01716987 | Managing Director, DIN 01716987 co-promoter, ~15 yrs experience in legal/audit/compliance | - |
| Nitin Goel | 01737352 | Director, DIN 01737352 | - |
| Hemant Bhageria | 06476292 | Director, DIN 06476292 | - |
| Manoj Kumar Bhatt | 09452843 | Director, DIN 09452843 | - |
| Sanchi Pandey | 08210470 | Director, DIN 08210470 | - |
| Srishti Agarwal | 10229578 | Director, DIN 10229578 Per ACUITE report, 4 of 6 are independent directors and one is a female director. CEO non-board, per ACUITE report: Pankaj Gupta. Company Secretary & Compliance Officer per May-2026 BSE filing: Mayank Pratap Singh. [Sources: Tofler, mufingreenfinance.com/board-of-directors, ACUITE rating report] | - |
Financials
ConfirmedStandalone Audited Financial Results for Year Ended 31 March 2026 (filed with BSE/NSE, Board meeting 21 May 2026; figures in ₹ lakh unless noted):
| Total Income | ₹21,070.26 lakh (₹210.7 Cr) vs ₹16,198.83 lakh (₹162.0 Cr) FY25 — YoY growth ~30% |
|---|---|
| Interest income | ₹20,698.13 lakh (FY26) vs ₹16,037.02 lakh (FY25) |
| Profit Before Tax | ₹3,798.21 lakh vs ₹2,732.29 lakh FY25 |
| Profit After Tax (net profit) | ₹2,826.55 lakh (₹28.27 Cr) vs ₹2,028.56 lakh (₹20.29 Cr) FY25 |
| Basic EPS | ₹1.64 (FY26) vs ₹1.24 (FY25); face value ₹1/share |
| Net worth (Total Equity) | ₹57,469.86 lakh (₹574.7 Cr) as at 31-Mar-26 vs ₹27,024.77 lakh (₹270.2 Cr) as at 31-Mar-25 — driven by large equity raises during FY26 (₹28,438 lakh proceeds from equity shares + ₹1,875 lakh share warrants per cash-flow statement) |
| Total Borrowings | Debt securities ₹54,221.52 lakh + Other borrowings ₹85,538.30 lakh = ₹1,39,759.82 lakh (₹1,397.6 Cr) as at 31-Mar-26, vs ₹70,367.21 lakh (₹703.7 Cr) FY25 |
| Total Assets | ₹2,02,750.89 lakh (₹2,027.5 Cr) as at 31-Mar-26 vs ₹1,02,138.02 lakh FY25 — loan book (Loans asset) grew from ₹83,084.01 lakh to ₹1,53,040.60 lakh |
| Basis | STANDALONE (Board also approved consolidated results same date, but only standalone figures were extracted from the filing) |
Cross-check via Screener.in (as of ~Jun 2026): Revenue ₹210 Cr, Net Profit ₹28 Cr, Market Cap ₹2,719 Cr, CMP ₹137, Book Value ₹29.0/share, P/E 96.2x, P/B 4.73x — figures reconcile closely with the primary filing. Historical (ACUITE report, FY23): AUM ₹261.61 Cr (vs ₹48.39 Cr FY22, ₹19 Cr FY21); Net worth ₹153.68 Cr; Net debt ₹225.99 Cr; CRAR 54.1%; cash & equivalents ₹118.22 Cr as at Mar-2023. [Sources: Company's own audited standalone results PDF filed with BSE/NSE (primary, May 2026); Screener.in (secondary cross-check); ACUITE rating report Aug-2023 (historical)]
Funding
Partial / conflicting- Partial
- Confirmed events: (1) Acquired by Hindon Mercantile Limited in March 2022, bringing MGFL under the "Mufin group" [ACUITE report]
- (2) Capital infusion of ₹45 Cr received in September 2022 from equity fund Incofin India [ACUITE report]
- (3) FY26 saw a large equity capital raise: ₹28,438.03 lakh (₹284.4 Cr) from issue of equity shares plus ₹1,875 lakh (₹18.75 Cr) from share warrants, per the FY26 cash-flow statement — consistent with the jump in net worth and paid-up capital noted above
- No further round names, valuations, or additional named investors could be confirmed (Tracxn was not accessible in this pass to corroborate round nomenclature). [Sources: ACUITE rating report Aug-2023
- company's audited FY26 cash-flow statement]
Charges / Loans
Partial / conflicting- Confirmed (partial detail)
- Per TheCompanyCheck: Open charges outstanding of ₹2,119.52 Cr and satisfied charges of ₹301.59 Cr on ROC records (these ROC charge figures typically reflect sanctioned/cumulative charge amounts across facilities/tranches, not necessarily net outstanding debt — they run well above the ₹1,397.6 Cr borrowings figure in the FY26 balance sheet, so treat the ₹2,119.52 Cr as gross sanctioned charge value, not net debt)
- Top lenders/security-trustees identified (Tofler): Axis Trustee Services Limited (₹308.4 Cr), Indian Renewable Energy Development Agency Limited / IREDA (₹146.5 Cr), MAS Financial Services Limited (₹117.5 Cr). [Sources: TheCompanyCheck, Tofler]
Credit Ratings
Partial / conflicting- Confirmed but dated
- ACUITE Ratings & Research: 'ACUITE BBB' with 'Stable' outlook — assigned/reaffirmed across three instruments as of the Aug-2023 press release: Bank Loan Ratings ₹100 Cr (reaffirmed), Bond ₹100 Cr (assigned), Non-Convertible Debentures ₹60 Cr (assigned)
- total rated quantum ₹260 Cr. Rating rationale cited management experience in EV financing, AUM growth to ₹261.61 Cr (Mar-2023) from ₹48.39 Cr (Mar-2022), and CRAR of 54.1%
- offset by moderate asset quality and modest scale
- No more recent (2024/2025/2026) rating action or surveillance note could be located on the investor-relations page in this pass — flagged as a gap given the company has grown substantially since 2023. [Source: ACUITE rating press release, dated 6 Sept 2023 (document metadata) / referencing Aug-2023 committee action]
Legal / Litigation
Confirmed- Confirmed (Indian Kanoon)
- Active Delhi High Court matters: (1) Mufin Green Finance Limited vs Blu-Smart Charge Private Limited — O.M.P.(I) (COMM.) 245/2025, multiple hearings Jul 2025–Dec 2025 before Justice Jasmeet Singh
- petitioner represented by Adv
- Amol Sinha, Adv
- Kshitiz Garg
- (2) Mufin Green Finance Limited vs Embifi Global Services Private Limited — dated 28 Jan 2026, Delhi High Court
- Karnataka High Court: (3) M/S. Mufin Green Finance Limited vs State Of Karnataka — Case No. 10623/2026, dated 29 Apr 2026
- Nature/outcome of these matters not detailed in indexed snippets. [Source: indiankanoon.org]
Competitors
Partial / conflictingIndia-focused EV/green-asset NBFC and retail-lending peers (named, with rough scale tag): 1. Revfin Services Pvt Ltd — EV/2W-3W retail financing NBFC, similar early/mid-growth scale. 2. Three Wheels United — EV 3-wheeler financing platform, comparable niche scale. 3. Vidyut (formerly named differently) — EV financing fintech/NBFC, similar scale. 4. Kinara Capital — Broader MSME/green-asset NBFC lender, somewhat larger AUM scale. 5. Turno (Turno Financial Services) — EV commercial-vehicle financing, comparable/smaller scale. 6. Mahindra & Mahindra Financial Services / L&T Finance (EV financing verticals) — much larger diversified NBFCs with EV financing as one segment; scale far above MGFL, included as aspirational/large-scale reference points rather than direct-scale peers. [Not independently verified against a single source; compiled from general sector knowledge of India's EV/green NBFC lending space — treat as indicative, not confirmed via a registry/database source.]
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