Mufin Green Finance September profit rises to Rs 15.06 crore

Mufin Green Finance Limited reported standalone profit after tax of Rs 15.06 crore for the quarter ended September 30, 2026, compared with Rs 6.06 crore a year earlier, as total income rose to Rs 89.58 crore and loans reached Rs 1,754.14 crore. The board approved the unaudited results on November 5, 2026.

How did Mufin Green Finance's September-quarter profit change?

Mufin Green Finance's September-quarter profit after tax rose to Rs 15.06 crore from Rs 6.06 crore in the quarter ended September 30, 2025. Profit before tax increased to Rs 19.47 crore from Rs 8.25 crore, while basic earnings per share rose to Rs 0.76 from Rs 0.35. The company reported no exceptional items in either period.

Sequentially, profit after tax increased from Rs 14.01 crore in the June 2026 quarter, while profit before tax rose from Rs 18.82 crore. For the half year ended September 30, 2026, profit after tax was Rs 29.07 crore, compared with Rs 10.17 crore in the corresponding half year of 2025. Basic earnings per share for the half year was Rs 1.47, against Rs 0.60 a year earlier.

Total income rose from Rs 48.89 crore a year earlier and Rs 77.14 crore in the preceding quarter to Rs 89.58 crore in September 2026. Total expenses increased to Rs 70.11 crore from Rs 40.64 crore year on year, while the reported net profit margin moved to 16.81% from 11.75%. The margin was below 18.16% in the June 2026 quarter.

What drove Mufin Green Finance's income and expenses?

Mufin Green Finance's interest income rose to Rs 86.18 crore in the September 2026 quarter from Rs 47.81 crore a year earlier and Rs 76.44 crore in June 2026. Total revenue from operations was Rs 86.68 crore, including other operating revenue of Rs 0.50 crore. Other income was Rs 2.90 crore, compared with Rs 0.17 crore in the September 2025 quarter.

Finance costs increased to Rs 52.91 crore from Rs 25.98 crore a year earlier and Rs 41.28 crore in the June quarter. Impairment on financial instruments declined year on year to Rs 2.28 crore from Rs 2.83 crore, and was also lower than Rs 2.89 crore in June 2026. Employee benefits expense was Rs 6.34 crore, compared with Rs 6.31 crore a year earlier.

Other expenses increased to Rs 7.90 crore from Rs 4.84 crore in the September 2025 quarter, while depreciation and amortisation was Rs 0.68 crore against Rs 0.69 crore. Current tax expense rose to Rs 4.71 crore from Rs 0.48 crore, while deferred tax was a credit of Rs 0.30 crore after a charge of Rs 2.02 crore a year earlier. Total tax expense was therefore Rs 4.41 crore for the quarter.

How did Mufin Green Finance's balance sheet and funding change?

Mufin Green Finance's loans rose to Rs 1,754.14 crore at September 30, 2026 from Rs 1,530.41 crore at March 31, 2026. Investments increased to Rs 293.63 crore from Rs 164.90 crore, taking total assets to Rs 2,396.90 crore from Rs 2,027.51 crore. The company identifies financing and investing as its main business and reports no operating segments under Indian Accounting Standard 108.

Debt securities increased to Rs 816.17 crore at September 30 from Rs 542.22 crore at March 31, while borrowings other than debt securities rose to Rs 929.54 crore from Rs 855.38 crore. Equity was Rs 604.72 crore at September 30, including other equity of Rs 584.90 crore, compared with total equity of Rs 574.70 crore at March 31.

During the September 2026 quarter, Mufin Green Finance acquired loans not in default worth Rs 26.77 crore through assignment under the Reserve Bank of India transfer-of-loan-exposures directions. It transferred Rs 20.92 crore of loans in the same quarter. Acquired loans had a weighted average residual maturity of 16.76 months, compared with 6.37 months for transferred loans.

What do Mufin Green Finance's asset-quality and cash-flow figures show?

Mufin Green Finance reported a debt-equity ratio of 2.89 times at September 30, 2026, compared with 2.68 times a year earlier and 2.43 times at March 31, 2026. Its total-debts-to-total-assets ratio was 0.73, versus 0.69 a year earlier. The company defines debt-equity as debt securities plus other borrowings divided by equity share capital plus other equity.

Gross non-performing assets, or gross NPA, declined to 1.77% at September 30 from 2.37% a year earlier and 1.91% at June 30. Net NPA declined to 1.50% from 2.02% a year earlier and 1.63% in June. Capital adequacy was 27.73%, compared with 29.53% a year earlier and 32.37% at March 31, while NPA provision coverage was 15.18%.

Cash and cash equivalents were Rs 88.80 crore at September 30, down from Rs 149.07 crore at March 31, while bank balances other than cash and equivalents increased to Rs 128.78 crore from Rs 69.74 crore. Net cash used in operating activities during the half year was Rs 195.08 crore, compared with Rs 173.29 crore in the prior-year half, as the net increase in loans was Rs 222.85 crore.

Financing activities generated Rs 326.61 crore in the half year ended September 30, 2026, compared with Rs 183.92 crore a year earlier. Mufin Green Finance reported secured non-convertible debentures with an outstanding balance of Rs 661.68 crore, including accrued interest not due of Rs 10.18 crore, at September 30. The company said these debentures were secured by specific assets under the relevant hypothecation agreements.

Conclusion

Mufin Green Finance's September-quarter filing shows that profit growth coincided with a larger loan book, higher interest income and an expanding asset base. Profit after tax reached Rs 15.06 crore, loans increased by Rs 223.73 crore from March 31, and gross and net NPA ratios declined from both year-earlier and June-quarter levels. Funding also increased through debt securities and other borrowings.

The next disclosures to watch are changes in the Rs 1,754.14 crore loan balance, impairment expense and the NPA ratios as the acquired Rs 26.77 crore loan pool is held. Investors can also track the debt-equity ratio of 2.89 times, capital adequacy of 27.73%, and the outstanding Rs 661.68 crore of secured non-convertible debentures disclosed at September 30, 2026.