Mufin Green Finance allots ₹100 crore NCDs at 11% coupon

Mufin Green Finance has allotted 1,00,000 secured, rated, listed, redeemable, non-convertible debentures (NCDs) on a private placement basis. The allotment, totaling ₹100 crore, was completed on June 09, 2026, pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The issuance provides the company with capital to support its operations, secured by hypothecation of receivables and book debts.

The NCDs have a face value of ₹10,000 each and will be listed on BSE Limited. The instruments carry a coupon rate of 11.00% per annum, with interest payable in the 12th, 13th, 14th, and 15th months. The tenure of the debentures is set at 15 months and 3 days, maturing on September 12, 2027.

Key Issue Details

Detail	Information
Event	Allotment of NCDs
Date of Allotment	June 09, 2026
Date of Maturity	September 12, 2027
Instrument Type	Secured, rated, listed, redeemable, non-convertible debentures
Mode of Issue	Private placement
Aggregate Amount	₹100 crore
Coupon Rate	11.00% per annum
Tenor	15 Months and 3 Days
Listing Exchange	BSE Limited

The principal repayment is structured in four equal installments of 25% each. The payments are scheduled for June 12, 2027, July 12, 2027, and two installments on August 12, 2027. The intimation regarding the allotment was submitted to the exchanges by Mayank Pratap Singh, Company Secretary of Mufin Green Finance Limited.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
+1.71%	+10.46%	+12.68%	+17.38%	+82.00%	-2.71%

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:

Particulars:	Year ended Mar 31, 2026 (₹ crore)	Year ended Mar 31, 2025 (₹ crore)
Revenue from Operations	210.29	160.96
Total Income	210.70	161.99
Total Expenses	172.72	134.66
Net Profit	28.21	20.28

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

Particulars:	Q4 FY26 (₹ crore)	Q4 FY25 (₹ crore)
Revenue from Operations	64.67	40.55
Net Profit	11.03	3.89

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.