ALFA Finder
| Net Profit Growth YoY | 161.8%Q2 FY27 |
|---|---|
| Market Cap | ₹2,752.4 CrSmall Cap |
| Revenue TTM | ₹284.1 CrOperating Revenue |
| P/E Ratio | 58.36xSector: 21.16x |
Key highlights
- RBI Foreign Exchange Department grants Authorised Dealer Category-II (AD-II) Licence
- Authorisation remains valid indefinitely until revoked or surrendered
- Net profit surged 161.8% YoY to ₹15.06 crore in the quarter ended September 2026
- Gross Assets Under Management (AUM) reached ₹1,766.07 crore as of September 30, 2026
- Operating revenue grew 62.1% YoY to ₹86.68 crore in the latest reported quarter
New Verticals in Foreign Exchange Services
The Reserve Bank of India has officially granted Mufin Green Finance a Category-II Authorised Dealer licence, enabling the company to facilitate a wider range of non-trade related current account transactions. This approval empowers the firm to offer foreign exchange services in alignment with the scope defined by the RBI Foreign Exchange Department. This development follows a period of significant growth for the NBFC, which reported a total operating revenue of ₹86.68 crore for the quarter ending September 2026, marking a 12.8% sequential increase.
The move is expected to diversify the company's service offerings as it scales its digital lending operations.
Scope of the RBI AD-II Licence
- Undertake all permissible foreign exchange activities under the AD-II category
- Permission valid until the licence is specifically revoked or surrendered by the entity
- Enables the company to offer foreign exchange transactions to its existing client base
- Expands the service portfolio beyond EV and clean energy financing
- Regulatory adherence managed by the Company Secretary and Compliance Officer in Delhi
Strategic Expansion and Financial Momentum
The licence arrives amid an aggressive expansion phase for Mufin Green Finance. On November 5, 2026, the company approved a ₹65.75 crore investment to acquire a 23% stake in Bimapay Finsure Private Limited to scale digital insurance premium financing. Additionally, the company is moving forward with a 20% equity acquisition in Avyayam Infotech (Arthum) to launch small-ticket loans for platform workers.
Financially, the company is maintaining strong margins, with an operating profit margin of 80.94% for the September 2026 quarter. These initiatives align with the company's previously stated target to scale its clean energy and solar rooftop financing portfolio to ₹500 crore by 2026.
| Date | Announcement | Amount |
|---|---|---|
| 05 Nov 2026 | Board approval for acquisition of up to 23% equity stake in Bimapay Finsure Private Limited to scale digital insurance premium financingSource: multibagg.ai | ₹65.75 Cr |
| 05 Nov 2026 | Board approval for MoU with Avyayam Infotech Private Limited (Arthum) and proposed acquisition of up to 20% equity to launch digital small-ticket loans for platform workersSource: multibagg.ai | – |
| 18 Feb 2026 | In-principle regulatory approval received from NSE and BSE under Regulation 28(1) of SEBI LODR Regulations for preferential issue of equity shares and warrantsSource: scanx.trade | ₹411.17 Cr |
| 03 Feb 2026 | Management Committee approval for private placement issuance of listed, secured Non-Convertible Debentures (NCDs) including a green shoe optionSource: scanx.trade | ₹150.00 Cr |
| 28 Jan 2026 | Announcement of withdrawal of proposed preferential issue of 4,229,996 equity shares for non-cash consideration due to delays in regulatory approvals for valuationSource: scanx.trade | ₹41.45 Cr |
| 03 Dec 2024 | Product portfolio target announced to scale clean energy and solar rooftop financing by 2026Source: zerodha.com | ₹500.00 Cr |
What to watch next
- Completion of the 23% acquisition of Bimapay Finsure, targeted by March 2027
- Implementation of digital small-ticket loans following the MoU with Avyayam Infotech
- Scaling of clean energy and solar rooftop financing towards the ₹500 crore target by end of 2026
| Share price | ₹138.87 |
|---|---|
| Market capitalisation | ₹2,752.43 Cr |
| Revenue (annual) | ₹210.29 Cr |
| Net profit (annual) | ₹28.26 Cr |
| Revenue (latest quarter) | ₹86.68 Cr+12.77% vs previous quarter |
| Net profit (latest quarter) | ₹15.06 Cr+7.50% vs previous quarter |
| P/E (TTM) | 58.36×Sector 21.16× |
| Promoter holding | 47.3%0.00% QoQ |
| FII holding | 1.8%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 Limited announcing the receipt of an Authorised Dealer Category-II Licence from the RBI. Market figures from a third-party data provider.
