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.
Last updated 6 September 2026
Mufin Green Finance Limited, based in Delhi, is an RBI-registered NBFC specializing in financing electric vehicles and solar energy solutions for retail and MSME borrowers. In FY26, the company recorded a total income of ₹21,070.26 lakh with a net profit of ₹2,826.55 lakh and achieved approximately 30% year-over-year growth. They also raised ₹28,438 lakh in equity capital during the year.
AI-generated summary from public filings and may contain errors. Verify against the detailed sections below.
See what AICA knows about Mufin Green Finance
Deeper analysis, financial signals and peer comparisons.
Company Identity
| Registered name | Mufin Green Finance Limited |
|---|---|
| CIN | L65990RJ2016PLC054921 |
| PAN | AAOCA3945K |
| Status |
|
| Listing | Yes — Listed on BSE (Scrip Code 542774) and NSE. |
| Incorporated | 13 May 2016 (originally incorporated in Rajasthan; per ACUITE rating report). |
| ROC |
|
| Sector (NIC) |
|
| Registered address |
|
| Authorized capital | ₹50.00 crore |
| Paid-up capital |
|
Business Overview
- 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."
Directors
| Name | DIN | Role | Appointed |
|---|---|---|---|
| Kapil Garg | 01716987 | Managing Director | - |
| Nitin Goel | 01737352 | Director | - |
| Hemant Bhageria | 06476292 | Director | - |
| Manoj Kumar Bhatt | 09452843 | Director | - |
| Sanchi Pandey | 08210470 | Director | - |
| Srishti Agarwal | 10229578 | Director | - |
Financials
Standalone 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.
Funding
- (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
In the News
Mufin Green Finance AUM reaches ₹1,541.17 crore with 32.08% capital adequacy ratio
scanx.trade · a month ago
Mufin Green Finance schedules 10th AGM for September 28, 2026
scanx.trade · a month ago
Mufin Green Finance Bolsters Governance Ahead of 10th AGM
TipRanks · a month ago
Mufin Green Finance Limited Announces Management Changes, Effective September 02, 2026
marketscreener.com · a month ago
Mufin Green Finance Ltd. Key Financial Ratios – Valuation, Profitability & More
Value Research · a month ago
Headlines about Mufin Green Finance Limited reported by third-party publications. Recur Club does not author or endorse this coverage. Last checked 9/6/2026.
Source: Google News aggregated headlines
Charges / Loans
- 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: Axis Trustee Services Limited (₹308.4 Cr), Indian Renewable Energy Development Agency Limited / IREDA (₹146.5 Cr), MAS Financial Services Limited (₹117.5 Cr)
Credit Ratings
- '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
Legal / Litigation
- (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
Competitors
Frequently Asked Questions
What does Mufin Green Finance Limited do?
What is the CIN of Mufin Green Finance Limited?
Where is Mufin Green Finance Limited registered?
When was Mufin Green Finance Limited incorporated?
Recur Market
Which lenders fit a company like Mufin Green Finance Limited?
Answer a few questions about your business and see which banks and NBFCs match, with indicative rates.
Explore on Recur Club
More from Recur Club
Looking for business funding?
Recur Club is India's largest AI-native debt platform - working capital, term loans and structured debt from 150+ lending partners, without diluting equity.