| AUM March 2026 | ₹1,541 Cr84% YoY Growth |
|---|---|
| Market Cap | ₹2,506 CrSmall Cap |
| Net Profit Q4 | ₹11.09 Cr207% YoY Increase |
| RSI | 72.37Overbought Zone |
Key highlights
- Assets Under Management (AUM) grew 83.8% YoY to reach ₹1,541 crore as of March 2026
- Medical insurance premium financing now constitutes the largest portfolio segment at 39%
- Management guided for a target PAT of ₹80-90 crore for FY27, representing a 3x increase
- Operating efficiency improved with a planned headcount reduction from 499 to 300 employees
- The company secured a credit rating upgrade to A- from Crisil and Care, lowering borrowing costs to 12.17%
- Launched 'Salary Saathi' digital loans integrated with state governments in Rajasthan and Assam
- Targeting a Return on Assets (ROA) of over 8% in the insurance financing segment
Financial Performance and Product Mix
Mufin Green Finance delivered a strong financial performance for the quarter ended March 31, 2026, with operating revenue reaching ₹64.67 crore. The net profit for the quarter surged by 207% year-on-year to ₹11.09 crore. This growth is underpinned by a significant change in the product mix.
While the company started as a pioneer in EV and solar financing, those segments now represent 30% of the portfolio. The high-yield medical insurance premium financing segment has quickly scaled to 39% of the AUM, delivering a Return on Assets (ROA) exceeding 8%. This tech-oriented product requires minimal manpower and maintains a negligible NPA of just 0.01%.
Key Highlights from the Call
- Strategic transition from EV/Solar to digital-first products like Insurance Premium Finance and Salary Saathi.
- Reduction in borrowing costs from 13.80% to 12.17% following the upgrade to an A- rating.
- Successful integration with nine insurance companies including HDFC Ergo and Star Health.
- Development of the 'Salary Saathi' product with direct treasury-level EMI deduction for government employees.
- Technological focus allowing for scaling AUM while simultaneously reducing operational headcount.
Management Outlook and Guidance
Looking ahead to FY27, management has provided aggressive guidance, targeting an AUM of ₹2,500 crore. The focus remains on the 'bottom line' rather than just volume growth, with a PAT target of ₹90 crore. Management intends to achieve this by increasing the share of insurance financing to 60% of the total portfolio.
By leveraging technology and reducing the workforce to approximately 300 people, the company expects to significantly improve its ROA. Future expansion plans include scaling 'Salary Saathi' to additional states such as Maharashtra, Chhattisgarh, Meghalaya, and Goa.
Strategic Efficiency Measures
Our target for current financial year is that we will be reducing our manpower size to 300 people by end of 2027. Despite the fact that AUM is increasing, the employee cost is decreasing. This will directly impact our profitability and improve our ROA because of the tech-based products.
What to Watch
- Execution of the Salary Saathi expansion in new state government jurisdictions.
- Sustainability of the low NPA levels in the rapidly growing insurance financing segment.
- Further reduction in borrowing costs as the company targets PSU bank funding at sub-10% rates.
- Impact of the planned 40% reduction in headcount on operational stability and AUM scaling.
“We are targeting a profitability of 500 crore rupees plus in the next three to four years, rather than just reaching a 10,000 crore portfolio.”
“Right now also, we are creating the provision over and above the RBI norms as per the ECL.”
| Share price | ₹126.49 |
|---|---|
| Market capitalisation | ₹2,506.55 Cr |
| Revenue (annual) | ₹210.29 Cr |
| Net profit (annual) | ₹28.26 Cr |
| Revenue (latest quarter) | ₹64.67 Cr+15.63% vs previous quarter |
| Net profit (latest quarter) | ₹11.09 Cr+58.27% vs previous quarter |
| P/E (TTM) | 91.72×Sector 22.97× |
| Promoter holding | 47.3%-6.81% QoQ |
| FII holding | 1.18%Current quarter |
Reference market data from a third-party provider, as of the story. Not a valuation or a recommendation.
Exchange filing by Mufin Green Finance Ltd announcing its Q4 FY2026 financial results and future management guidance. Market figures from a third-party data provider.
