Mufin Green Finance has dispatched the notice for its 10th Annual General Meeting (AGM) along with the Annual Report for FY26. The documents are being sent electronically to members and debenture holders who have registered email addresses.

The company published the public notice in Financial Express and Jansatta newspapers on September 5, 2026, prior to dispatching the formal notice. This disclosure was made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

AGM Details

The 10th AGM is set for 3:30 pm on September 28, 2026. Members attending through Video Conferencing or Other Audio Visual Means will be counted for reckoning quorum under Section 103 of the Companies Act, 2013. The deemed venue for the meeting is the company’s registered office in New Delhi.

The Annual Report, including the Business Responsibility and Sustainability Report, is also available on the company’s website and the NSDL e-voting portal. Separate communication providing web links to access the report was sent to members without registered email addresses, in accordance with Regulation 36(1)(b) and 58(1)(b) of the SEBI Listing Regulations.

Recent Board Developments

In a separate development, the board appointed Mr. Prakash Pogaku as Chief Compliance Officer and Mr. Sumit Garg as Head of Strategy effective September 2, 2026. These appointments were approved during a board meeting held on that date.

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.

Mr. Garg joins as Head of Strategy with over 18 years of experience in NBFC lending and financial advisory. Previously associated with AU Finance Bank, he managed an NBFC lending portfolio of over ₹4,000 crore.

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.