Mufin Green Finance FY26 profit up 39%, sales ₹208 cr

Overview: FY26 numbers and why they matter

Mufin Green Finance Limited, a Rajasthan-based NBFC focused on investment and credit, reported a sharp rise in profit for FY26 alongside steady growth in revenue from operations. The updates also highlighted its capital adequacy and asset-quality metrics, plus multiple fund-raising actions including non-convertible debentures (NCDs) and a foreign debt facility. Separately, market data in the same set of updates flagged a premium valuation versus peers, despite a modest return profile such as ROE of 5.88%. The company’s disclosures and market metrics together frame a key question for investors: how much growth is already priced into the stock.

FY26: profit rises, sales cross ₹200 crore

For the full year ended March 2026, one update stated net profit rose 39.33% to ₹28.27 crore, compared with ₹20.29 crore in the year ended March 2025. It also said sales rose 29.73% to ₹208.18 crore, compared with ₹160.47 crore in the prior year.

A second FY26 update in the same data set reported net profit rose 44.11% to ₹28.26 crore, compared with ₹19.61 crore for FY25. In that version, sales increased 15.09% to ₹208.18 crore, compared with ₹180.88 crore in FY25.

The company also reported FY26 net profit at ₹28.27 crore (₹2,826.55 lakh) and revenue from operations at ₹210.29 crore (₹21,028.69 lakh), keeping the operational scale above the ₹200 crore mark.

March quarter: profit triples year-on-year

In the quarter ended March 2026, net profit rose 208.06% to ₹11.09 crore, compared with ₹3.60 crore in the quarter ended March 2025. Sales for the same quarter rose 30.03% to ₹64.13 crore, compared with ₹49.32 crore a year earlier.

This March-quarter performance sits alongside the company’s strong profitability trend through FY26, as reflected in other quarterly disclosures.

Q3 FY26: record profit and margin expansion

On 13 February 2026, Mufin Green Finance reported Q3 FY26 results with net profit of ₹700.83 lakh (₹7.01 crore), up 15.69%, and revenue of ₹5,592.73 lakh (₹55.93 crore), up 29.81%.

The same dataset showed operating margin (excluding other income) at 74.41%, described as a record high. It also reported profit growth of 21.91% QoQ for Q3 FY26 (net profit ₹7.01 crore) and revenue of ₹55.92 crore, up 4.56% QoQ and 15.13% YoY.

Asset quality and capital position

Mufin Green Finance disclosed a capital adequacy ratio of 32.37%. It reported gross NPA at 1.94% and net NPA at 1.65%. These ratios were presented alongside the FY26 earnings update, giving investors a snapshot of balance-sheet quality while the company scales up its book.

Separately, a balance-sheet summary in the same content showed shareholder funds of ₹269.57 crore (Mar’25) versus ₹244.10 crore (Mar’24), with a debt-to-equity ratio of 2.72x (Mar’25) versus 2.81x (Mar’24), and closing cash of ₹91 crore (Mar’25).

Fund-raising actions: NCDs, preferential allotment, and USDFC debt

The company disclosed that it allotted equity shares and share warrants on a preferential basis, and raised funds via NCDs. A separate Q3 FY26 update stated it raised ₹290 crore through NCDs.

In another update, Mufin Green Finance said it raised $18 million in debt funding from the U.S. International Development Finance Corporation (USDFC). It added that $10 million was disbursed as the first tranche of a 10-year loan at a cost of 6%, which rises to 9.25% post-hedging.

EV mobility focus and FY26 AUM target

With fresh capital of $18 million, the company is targeting AUM of ₹1,300 crore by the end of FY26, with about 60% exposure to the EV mobility segment, according to CFO Gunjan Jain.

Jain also pointed to a margin discipline focus, saying: “We can’t keep increasing spreads. The focus now has to be on controlling op-ex to maintain margin health.”

Stock performance and key market metrics

Market data in the same set of updates put the share price at ₹116.00 as of 28 April 2026, with the stock up 20.88% over six months and 45.49% over one year. The 52-week range was listed as ₹64.00 to ₹126.34.

A separate performance table in the same content reported stock returns of +44.11% (1 year), +165.33% (3 years), and +2716.54% (5 years), alongside a current price reference of ₹115.95 and an 8.09% decline from a 52-week high of ₹126.15.

Valuation and profitability: premium multiples versus peers

The dataset flagged a steep valuation profile, citing P/E of about 107.53x to 108x (TTM) versus an industry reference of 23x. It also cited P/BV of 6.32x versus a peer average of 0.93x, EV/EBITDA of 21.85x, and EV/sales of 13.61x.

At the same time, the latest ROE referenced was 5.88%, and promoter holding was listed at 54.11% with zero pledging. The tension between premium valuation and mid-single-digit ROE was explicitly highlighted in the content as a point investors track, especially alongside leverage metrics such as debt-to-equity.

Key numbers snapshot

Market impact and what investors will watch

For investors, the immediate read-through is a combination of strong reported growth in profits and sales, continued access to funding, and disclosed asset-quality ratios. The company’s updates also underline its EV-linked credit strategy, with an AUM target of ₹1,300 crore and a stated 60% exposure to EV mobility by end-FY26.

At the market level, the same information bundle places the stock in a high-multiple bracket, with P/E near 108x and P/BV above 6x. With ROE cited at 5.88% and debt-to-equity cited at 2.72x (Mar’25), investors are likely to track whether operating performance, funding costs, and operating expenses evolve in line with management’s emphasis on controlling op-ex.

Conclusion

Mufin Green Finance’s FY26 updates show higher profits, revenue above ₹200 crore, and disclosed capital and NPA ratios, alongside fresh fund-raising through NCDs and USDFC debt. The next set of quarterly disclosures will be watched for execution against the ₹1,300 crore AUM target, funding-cost trajectory, and the durability of operating metrics such as margins.