Mufin Green Finance appointed Mr. Prakash Pogaku as Chief Compliance Officer and Mr. Sumit Garg as Head of Strategy effective September 2, 2026. The board also approved the draft notice for its 10th Annual General Meeting.

The appointments were made during a board meeting held on September 2, 2026, which commenced at 4:30 pm and concluded at 5:30 pm. The company notified the exchanges pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Key Appointments

Mr. Pogaku brings over 18 years of experience in compliance and risk management across banking and NBFC sectors. He previously held leadership roles at HDB Financial Services, IndoStar Capital Finance Limited, and Aditya Birla Finance Limited. His expertise includes regulatory audits, RBI inspections, AML/KYC, and policy formulation. He holds an MBA in Financial Management along with certifications in AML/KYC and Cyber Security.

Mr. Garg joins as Head of Strategy, designated as Senior Management Personnel. He has over 18 years of experience in NBFC lending, startup lending, fundraising, and financial advisory. Previously associated with AU Finance Bank, he managed an NBFC lending portfolio of over ₹4,000 crore and a Pan-India startup lending portfolio of over ₹100 crore.

Before AU Finance Bank, Mr. Garg worked with Resurgent India Limited, where he handled fundraising assignments and raised over ₹10,000 crore for corporate clients. He also worked with Copal Partners India Pvt. Ltd. (Moody's) in financial research and valuation and began his career with Indiabulls Securities Limited. He holds a B.Tech in Electronics & Communication and an MBA.

AGM Details

The board approved the directors' report and the draft notice for the 10th Annual General Meeting. The meeting is scheduled for Monday, September 28, 2026, at 3:30 pm IST. It will be conducted through video conferencing or other audio-video means.

The company appointed M/s. Abhay K & Associates, Company Secretaries, as the Scrutinizer for the upcoming AGM.

Mufin Green Finance reported a significant reduction in its cost of borrowing during the first quarter of fiscal year 2027 (Q1FY27). The company’s Co Managing Director indicated ongoing profit growth as funding expenses declined.

The Board of Directors approved the Q1FY27 financial results on August 11, 2026. The results were limited reviewed by statutory auditors.

Key Financial Metrics

The NBFC highlighted improvements in funding costs and asset quality alongside a substantial increase in total borrowings.

Managing Director Kapil Garg noted that the cost of borrowing fell by 263 basis points from 13.80% in Q1FY26 to 11.17% in the current quarter. This reduction coincided with total borrowings rising to ₹1,551 crore, up from ₹771 crore in the same period last year.

Operational Efficiency and Leverage

The company reduced its employee count from 499 in Q1FY26 to approximately 367, aiming for around 300 employees by year-end despite multi-fold AUM growth. This reflects improved operating leverage per disbursement.

The debt-to-equity ratio improved to 2.43 times as of March 2026, down from 2.65 times in March 2025. The lender base expanded from over 20 lenders to more than 35, including new partnerships with PSU banks offering favorable ticket sizes and interest rates.

Product Diversification

Mufin Green Finance emphasized its pivot toward tech-based lending products:

• Mediclaim Financing: A fully digital portfolio of approximately ₹677 crore with minimal delinquency. The company claims to be one of the largest players in this domain.
• Salary Saathi: A digital lending solution integrated with state governments, showing minimal to nil delinquency.

Gross NPA stood at 1.91% in Q1FY27, down from 1.94% in the previous quarter. Net NPA also showed improvement.

What the Numbers Show

The divergence between the 101% rise in total borrowings and the 263 bps decline in borrowing costs suggests successful access to cheaper capital sources, likely driven by the inclusion of PSU banks and rating upgrades. The company is currently in discussions for an upgrade to an 'A' credit rating, which could further reduce funding costs.

Credit Rating Outlook

The company’s credit rating has progressed from BBB to BBB+ and then to A- (Stable). Management expects a one-notch upgrade to 'A' in the next quarter, which should support continued reductions in borrowing expenses.