Mufin Green Finance Limited has reported a 39.1% increase in net profit to ₹28.21 crore for the financial year ended March 31, 2026, driven by an 83.8% surge in Assets Under Management (AUM) to ₹1,541.17 crore. The company’s credit rating was upgraded to A- (Stable) by Acuite Ratings during the year. Management has provided guidance for FY27, targeting a PAT of ₹80 to 90 crore and an AUM of approximately ₹2,500 crore, supported by a strategic shift towards high-yield digital products like Mediclaim Financing.

Financial Performance

For the financial year ended March 31, 2026, revenue from operations rose to ₹210.29 crore from ₹160.96 crore in FY25. Total income for the year stood at ₹210.70 crore. For the quarter ended March 31, 2026, net profit was recorded at ₹11.03 crore, compared to ₹3.89 crore in the corresponding quarter of the previous year. Revenue from operations for the quarter increased to ₹64.67 crore from ₹40.55 crore.

The following table summarizes the standalone financial performance:

The following table summarizes the quarterly performance for the quarter ended March 31, 2026:

Key Metrics

The company's earnings per share (EPS) for the year ended March 31, 2026, improved to ₹1.64 on a basic and diluted basis, up from ₹1.24 and ₹1.21 respectively in the prior year. For the quarter ended March 31, 2026, basic and diluted EPS stood at ₹0.63.

Capital Adequacy and Asset Quality

As per the standalone financial results, the capital adequacy ratio stood at 32.37% as of March 31, 2026. The gross NPA ratio was reported at 1.94%, while the net NPA ratio was 1.65%. The net worth of the company increased to ₹574.65 crore from ₹270.25 crore in the previous year.

Business Verticals and AUM

The company operates across four strategic verticals: Mediclaim Financing, Salary Saathi, EV & Solar Financing, and Other Loans. The Assets Under Management (AUM) reached ₹1,541.17 crore as of March 31, 2026, a growth of 83.8% from the previous year. Mediclaim Financing accounted for 39% of the AUM, while EV & Solar Financing and Other Loans constituted 30% and 29% respectively. Salary Saathi represented 2% of the portfolio. The company reported total disbursements of ₹1,767.59 crore for FY26.

Corporate Actions

The Board noted that the company had allotted 2,49,30,765 equity shares and 76,53,061 share warrants on a preferential basis on March 4, 2026. The allotment was made at an exercise price of ₹98 per equity share, including a premium of ₹97 per share. Additionally, the company raised funds through the issuance of Non-Convertible Debentures (NCDs) aggregating ₹390 crore during the year.

Future Guidance

Management provided guidance for FY27, targeting a PAT of ₹80 to 90 crore and an AUM of approximately ₹2,500 crore. The company aims to reduce its average cost of borrowing to below 10% following the credit rating upgrade. The strategy focuses on increasing the share of Mediclaim Financing to 50-60% of the total AUM, targeting ₹1,000 crore in that segment alone. Gross NPA is expected to reduce further to below 1.5% in FY27.

Hindon Mercantile Limited has announced a substantial acquisition in Mufin Green Finance Limited through the allotment of convertible warrants, as disclosed under Regulation 29(2) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

Acquisition Details

The acquisition involves Hindon Mercantile Limited and its Persons Acting in Concert (PACs), which include Kapil Garg, Shelly Garg, Saurabh Garg, Pooja Garg, and Bima Pay Technology Private Limited. The group belongs to the promoter category of the target company.

Holdings Comparison

The acquisition has resulted in changes to the promoter group's shareholding pattern in Mufin Green Finance Limited:

Share Capital Structure

The transaction has impacted Mufin Green Finance Limited's overall share capital structure:

Key Observations

While Hindon Mercantile Limited and its PACs acquired additional securities through convertible warrants, their percentage holding in equity shares decreased from 54.11% to 45.54% due to dilution caused by allotments to other investors. However, when including the newly acquired convertible warrants, their total potential holding stands at 49.26%.

The convertible warrants are equity shares of Rs. 1 each and provide the holders with the right to convert them into equity shares of the target company. Mufin Green Finance Limited's shares are listed on both BSE Limited and National Stock Exchange of India Limited.

This disclosure was signed by Kapil Garg, Managing Director of Hindon Mercantile Limited (DIN: 01716987), and dated March 24, 2026, from Delhi.