A practical breakdown of Mufin Green Finance’s FY26 and Q1 FY27 financials, 84% AUM growth, EV and solar financing portfolio, CareEdge and Acuité credit ratings, 2030 price target scenarios and the risks that could change the story.
Mufin Green Finance Ltd is a Delhi-based non-banking financial company (NBFC) that has drawn investor attention as one of India’s first listed NBFCs dedicated to green financing. The stock trades on the NSE under the symbol MUFIN and on the BSE under 542774.
For investors considering the stock over the next one to three years, the key questions are whether the company can sustain its rapid AUM growth, whether the shift from pure EV financing to a diversified lending model will improve profitability, and how much risk investors should accept given the stock’s extreme valuation and limited operating history.
This article examines the company’s business, ownership, financial performance, credit ratings, valuation, price target scenarios and the factors investors should monitor before making an investment decision.
Mufin is growing AUM at over 80% and profits at over 200%, driven by its EV, solar and mediclaim premium financing businesses. But at a P/E of ~90×, the stock is priced for perfection. The bull case (₹230 by 2030) requires sustained execution; the bear case (₹140 by 2030) implies almost no upside from current levels. This is a high-risk, high-reward growth story, not a value play.
1Company Overview
Mufin Green Finance Ltd is a non-deposit taking NBFC (NBFC-ND) that describes itself as India’s first listed NBFC 100% dedicated to green financing. The company was founded in 2016 by Kapil Garg and is headquartered in Pitampura, Delhi.
The company’s mission is to support the transition to clean energy and sustainable mobility by providing financing solutions for:
- Electric vehicles: Two-wheelers, three-wheelers, four-wheelers, and electric buses.
- EV infrastructure: Charging infrastructure and swappable batteries.
- Solar assets: Financing for solar energy systems.
- Mediclaim premium financing: A newer, fast-growing vertical.
- Salary-linked loans and business loans: Diversification into broader retail lending.
The company serves both B2B and B2C customers, including underserved and new-to-credit segments across urban and rural India. It has disbursed over ₹1,000 crore towards EVs and solar projects and is backed by institutional support including funding from the U.S. International Development Finance Corporation (DFC).
Source: Company website, Perplexity Finance overview, Q4 FY26 earnings call transcript.
2Business Model and Products
Mufin’s business model has evolved significantly since its founding. It began as a pure-play EV and solar financier, but has since diversified into several tech-enabled lending products that went live in FY2025-26 and are now contributing meaningfully to the financials.
Green financing (EV and solar)
The company’s EV and solar financing portfolio stood at ₹459 crore as of March 2026, including ₹166 crore in the retail segment and ₹293 crore in the B2B segment. This represents approximately 30% of Mufin’s overall AUM of ₹1,541 crore.
The green portfolio has a collection efficiency of 97.71% and a gross NPA of 1.94%, indicating improving credit performance. The company uses AI-based underwriting and IoT-enabled monitoring systems to track financed assets. Partnerships include Tata Motors, Mahindra & Mahindra and Bajaj Auto.
Mediclaim premium financing
This is the fastest-growing vertical. Mufin provides loans to individuals and agents to finance health insurance premiums. In May and June 2026, disbursement counts grew 71.7% and 74.6% YoY respectively, indicating accelerating point-of-sale adoption across the insurer network. Mediclaim financing now accounts for approximately 42% of company AUM as of June 2026.
Salary Saathi and business loans
Mufin’s Salary Saathi product provides personal loans to government employees. As of March 2026, this accounted for 1.71% of total AUM at ₹26.40 crore. The company also offers business loans as part of its diversification strategy.
Mufin is deliberately shifting from being a pure EV financier to a diversified, tech-enabled lender. The EV and solar book is now only ~30% of AUM, down from being the entire business a few years ago. This reduces concentration risk but also means the company is competing in broader retail lending segments against larger, better-capitalised NBFCs.
3Ownership and Management
Mufin Green Finance is promoted by Kapil Garg, who serves as Co-Founder and Managing Director. The promoter holding is 47.30% as of June 2026, down from 54.20% a year earlier — a reduction that reflects equity dilution from the company’s capital-raising activities rather than promoter selling.
| Category | Holding |
|---|---|
| Promoters | 47.30% |
| Foreign Institutional Investors (FIIs) | 2.26% |
| Domestic Institutional Investors (DIIs) | 10.05% |
| Retail and others | 40.39% |
Source: ET Money, Upstox, Equitymaster, June 2026 shareholding disclosures.
The management team includes Gunjan Jain as Chief Financial Officer and Mayank Pratap Singh as Compliance Officer. The company has 481 full-time employees and operates a branchless, technology-driven model.
Institutional interest is growing: DII holding rose from 8.39% in December 2025 to 10.05% in June 2026, and mutual fund holding is 1.37%. Tata Mutual Fund picked up a ₹37 crore stake via bulk deal in April 2026, signalling growing institutional confidence.
4Financial Performance: FY26 and Q1 FY27
FY26 annual results
For the full year FY2025-26, Mufin Green Finance delivered strong growth across all key metrics:
- Revenue from operations: ₹210.29 crore, up 30.6% YoY from ₹160.96 crore.
- Interest income: ₹206.98 crore, up 29.1% YoY.
- PAT: ₹28.27 crore, up 39.3% YoY from ₹20.29 crore.
- PBT: ₹37.98 crore, up 39% YoY.
- AUM: ₹1,541.17 crore, up 83.8% YoY from ₹838.44 crore.
- Disbursements: ₹1,767.59 crore for the full year; Q4 FY26 disbursements were ₹699.91 crore, up 163.7% YoY.
| Metric | FY26 | FY25 | Change |
|---|---|---|---|
| Revenue from operations | ₹210.29 Cr | ₹160.96 Cr | +30.6% |
| PAT | ₹28.27 Cr | ₹20.29 Cr | +39.3% |
| Gross NPA | 1.94% | 2.49% | Improved |
| Net NPA | 1.65% | 2.12% | Improved |
| AUM | ₹1,541.17 Cr | ₹838.44 Cr | +83.8% |
Source: BW Businessworld, Trendlyne, Q4 FY26 earnings call transcript, May 2026.
Q1 FY27 results (June 2026 quarter)
Mufin’s growth accelerated further in Q1 FY27:
- Standalone revenue from operations: ₹76.86 crore, up 60.07% YoY and 18.86% QoQ.
- Standalone PAT: ₹14.01 crore, up 240.91% YoY and 26.37% QoQ.
- Standalone EPS: ₹0.71, up from ₹0.25 in Q1 FY26 and ₹0.63 in Q4 FY26.
- Consolidated PAT: ₹14.01 crore, up 302.33% YoY.
Revenue grew 60% YoY, but PAT grew 241% — a clear sign of operating leverage. The company’s technology-driven, branchless model means incremental revenue requires limited incremental fixed cost. If this continues, profit growth could outpace AUM growth for several more quarters.
5Credit Ratings and Asset Quality
Mufin’s credit profile is supported by strong capitalisation and improving asset quality, but constrained by its modest scale and limited portfolio vintage.
Domestic rating: ACUITE A- (Stable)
Acuité Ratings & Research has assigned a long-term rating of ACUITE A- (Stable) to Mufin’s bank loan facilities and bonds. The rating was reaffirmed in November 2025 and represents an upgrade from the earlier ACUITE BBB+.
International rating: CareEdge B/Stable
CareEdge Global IFSC Limited has assigned a long-term foreign currency rating of ‘CareEdge B/Stable’ to Mufin’s USD 10 million foreign currency bonds. The rating derives strength from:
- Capital adequacy ratio (CAR) of 32.1% as of March 2026, well above the regulatory minimum of 15%.
- Managed gearing of 2.4×, providing headroom for growth.
- A diversified borrowing base of over 40 lenders.
- A technology-driven, branchless operating model.
However, the rating is constrained by modest scale, limited portfolio vintage, and moderate profitability. CareEdge notes that a significant portion of the portfolio was originated over the past two years, meaning asset quality in the newer product segments is yet to be tested through a full cycle.
Asset quality trend
| Metric | FY26 | FY25 |
|---|---|---|
| Gross NPA | 1.94% | 2.49% |
| Net NPA | 1.65% | 2.12% |
| Collection efficiency (EV & solar) | 97.71% | — |
Source: BW Businessworld, CareEdge rating rationale, The Battery Magazine, March 2026.
6Share Price, Valuation and History
Current price and range
As of mid-October 2026, Mufin Green Finance traded in the ₹138–₹140 range, with a market capitalisation of approximately ₹2,549 crore. The stock’s 52-week range is ₹83 to ₹143. It is up 44.85% over the past year, 23.76% over six months, and 5.97% over the past month.
| Metric | Value |
|---|---|
| Market capitalisation | ₹2,549 Cr |
| Trailing P/E | ~90–93× |
| Price-to-book (P/B) | ~9.73× |
| ROE | 6.69% |
| ROCE | 10.7% |
| Dividend yield | Nil |
| EPS (Q1 FY27 annualised) | ~₹2.84 |
Source: Univest, Perplexity Finance, Upstox, October 2026.
Is the valuation justified?
A trailing P/E of ~90× and a P/B of ~9.73× are extremely high for an NBFC, even a high-growth one. For context, most well-established NBFCs trade at P/B multiples of 2–5×. The market is pricing in years of rapid growth and improving returns.
The bull case argues that rapid AUM expansion (83.8% YoY), a near-term PAT target of ₹80–90 crore for FY2026-27, and strong EPS growth from ₹0.21 to ₹0.71 over recent quarters justify a premium. The bear case points to the 5-year return of just 0.37%, volatile quarterly earnings, and the fact that profitability is still moderate (ROE 6.69%) and not yet proven through a cycle.
The high P/E is partly a function of the low earnings base. If FY27 PAT reaches ₹80–90 crore as guided, the forward P/E at the current market cap would be closer to 28–32× — still high, but less extreme. The key question is whether the company can deliver on that guidance without compromising asset quality.
7IPO and Listing History
Mufin Green Finance has an unusual listing history. The company was originally listed on the BSE and received approval for listing on the NSE with effect from 6 November 2023, under the symbol MUFIN.
The company did not conduct a traditional IPO. Instead, it listed through a direct listing process. In April 2026, the company allotted over 2.49 crore equity shares and 76.53 lakh share warrants on a preferential basis at ₹98 per share, raising more than ₹284 crore in fresh equity capital. Tata Mutual Fund picked up a ₹37 crore stake via bulk deal at this price.
Source: Livemint, DSIJ, Economic Times, April–May 2026.
8Price Targets and 2030 Outlook
Analyst coverage on Mufin Green Finance is limited and the estimates that exist vary widely. The following scenarios should be treated as directional ranges, not precise forecasts.
Bear Case
Growth slows, multiple compresses ₹140 ~0% from ₹140- 2030 target₹140
- Implied CAGR~0%
Base Case (2030)
Steady execution, moderate re-rating ₹180 ~29% upside from ₹140- 2030 target₹180
- Implied CAGR~2–14%
Bull Case (2030)
Strong AUM growth, margin expansion ₹230 ~64% upside from ₹140- 2030 target₹230
- Implied CAGR~14%
Scenario estimates are based on Univest’s 2030 outlook (₹140–₹230 range) and Perplexity Finance’s base case (₹180) and bear case (₹140), as of July 2026.
A commonly cited 2030 range is ₹140 (bear) to ₹230 (bull), with a base case of ₹180. The bull case assumes sustained AUM growth of 40–50%, margin expansion as the portfolio seasons, and a re-rating to a still-elevated but more reasonable multiple. The bear case assumes growth slows and the multiple compresses toward 30–40×, leaving little upside from current levels.
For a stock trading at ~90× earnings, the 2030 targets are highly sensitive to the exit multiple. A re-rating to 40× on FY30 earnings of ₹5–6 per share would imply a price of ₹200–₹240. A de-rating to 25× would imply ₹125–₹150. The earnings trajectory matters, but the multiple matters just as much.
9Key Risks
10Investment Strategy
Mufin Green Finance is a high-growth, high-risk small-cap NBFC. It is not suitable for conservative investors. The investment approach depends on your risk tolerance and conviction in the green financing theme.
| Stage | Amount | Rationale |
|---|---|---|
| Initial entry | ₹20,000 | Only after confirming that Q2 FY27 results sustain revenue growth above 50% and PAT growth above 100% |
| Second tranche | ₹25,000 | Consider on a pullback toward ₹110–₹120, which would improve the risk-reward |
| Reserve | ₹30,000 | Keep for confirmation of the FY27 PAT guidance of ₹80–90 crore, or deploy after a deeper correction |
| Total | ₹75,000 | Phased deployment over 2–3 quarters |
Given the stock’s 42% drawdown potential (from 52-week high to low) and the absence of a dividend, no more than 3–5% of an equity portfolio should be allocated to this name. The goal is to participate in the green financing growth story without letting one volatile position dominate portfolio outcomes.
11What to Monitor Next
- Q2 and Q3 FY27 results: Revenue growth and PAT growth are the most important near-term data points. Watch whether the 60% revenue growth and 241% PAT growth sustain.
- FY27 PAT trajectory: The company has guided for ₹80–90 crore PAT. Track quarterly progress toward this target.
- Asset quality in newer segments: Mediclaim, salary loans and business loans are new. Watch GNPA and collection efficiency in these segments as they season.
- AUM composition: The shift away from EV and solar means the green portfolio is now ~30% of AUM. Monitor whether this declines further or stabilises.
- Credit rating actions: Any upgrade or downgrade by Acuité or CareEdge would affect funding costs and market sentiment.
- Promoter shareholding: Currently at 47.30%. Further dilution from capital raises is possible.
- Institutional interest: DII holding rose to 10.05%, and Tata Mutual Fund bought a stake. Watch for further institutional accumulation as a validation signal.
Obtain the latest financial statements and stock-market quote from NSE (MUFIN), BSE (542774) or the company’s investor-relations page at mufingreenfinance.com before making a decision. Small-cap data can change quickly.
12Frequently Asked Questions
Is Mufin Green Finance a good buy?
It depends on your risk tolerance and time horizon. The business is growing AUM at over 80%, profits at over 200%, and has a clear diversification strategy. However, at a P/E of ~90×, much of the optimism is already priced in. The bear case (₹140 by 2030) implies almost no upside from current levels. Most investors should limit exposure to 3–5% of their portfolio and consider a phased entry.
What is the expected share price target for MUFIN Green Finance in 2030?
Scenario-based estimates suggest a 2030 range of ₹140 (bear case) to ₹230 (bull case), with a base case of ₹180. The bull case assumes sustained AUM growth of 40–50% and margin expansion; the bear case assumes growth slows and the multiple compresses. These are illustrative ranges, not guarantees.
What is the future target price?
There is no large formal analyst consensus. Scenario-based estimates suggest:
- Base case (2030): ₹180.
- Bull case (2030): ₹230.
- Bear case (2030): ₹140.
These are directional estimates, not precise forecasts. The key drivers are AUM growth, asset quality, and the exit P/E multiple.
What are the latest news updates for Mufin Green Finance?
Key recent developments include:
- Q1 FY27 results: PAT surged 241% YoY to ₹14.01 crore; revenue grew 60% YoY to ₹76.86 crore.
- FY26 results: AUM grew 84% to ₹1,541 crore; PAT rose 39% to ₹28.27 crore; GNPA improved to 1.94%.
- Tata Mutual Fund stake: Bought ₹37 crore worth of shares via bulk deal at ₹98 per share in April 2026.
- Credit rating: CareEdge assigned a B/Stable rating to USD 10 million foreign currency bonds; Acuité reaffirmed A- (Stable).
- Fund-raising: Raised over ₹284 crore via preferential allotment of shares and warrants at ₹98 per share.
What is a 12 month price target?
There is no formal 12-month consensus target. Based on the FY27 PAT guidance of ₹80–90 crore and a forward P/E of 30–35×, a reasonable 12-month range could be ₹160–₹180. This is an illustrative estimate, not a guarantee.
What is the stock prediction for 2026?
For the remainder of 2026, the key variables are the Q2 and Q3 FY27 results, progress toward the FY27 PAT guidance, and asset quality in newer segments. If growth sustains and the company delivers on guidance, the stock could re-test its 52-week high of ₹143. If growth slows, it could consolidate in the ₹110–₹130 range.
Which stock will make me rich in 2026?
No one can predict which stock will make you rich. For Mufin specifically, the bull case target of ₹230 by 2030 implies significant upside, but the bear case of ₹140 implies almost none. Investors should focus on the company’s execution rather than chasing specific price targets. Diversification and position-sizing are more important than picking a single “multibagger”.
Which stock is going to boom in 2026?
Predicting which stock will “boom” in any given year is speculative. Mufin has strong growth momentum, but its high valuation limits the margin of safety. Investors should evaluate multiple factors — growth, valuation, asset quality, and governance — before investing, rather than chasing momentum.
What is the expected price of gold in 2026?
Gold price forecasts vary widely and depend on global macroeconomic conditions, interest rates, inflation, and geopolitical events. This is outside the scope of a stock-specific analysis. Investors should consult dedicated commodity research for gold price outlooks.
What is Mufin Green Finance Limited’s credit rating?
Mufin has the following credit ratings:
- Acuité Ratings: ACUITE A- (Stable) for long-term bank loan facilities and bonds, reaffirmed in November 2025.
- CareEdge Global: CareEdge B/Stable for USD 10 million foreign currency bonds.
- CRISIL: Provisional Crisil A+ (SO) for pass-through certificates issued by Astral Trust 2026.
The ratings reflect comfortable capitalisation (CAR of 32.1%), moderate gearing (2.4×), and improving asset quality, but are constrained by modest scale and limited portfolio vintage.
Who is the owner of Mufin Green Finance?
Mufin Green Finance is promoted by Kapil Garg, who serves as Co-Founder and Managing Director. The promoter holding is 47.30% as of June 2026. The remaining shares are held by FIIs (2.26%), DIIs (10.05%), and the public (40.39%).
What is the current share price of Mufin Green Finance Ltd?
As of mid-October 2026, the stock traded in the ₹138–₹140 range, with a market capitalisation of approximately ₹2,549 crore. For the live price, check NSE (MUFIN) or BSE (542774) directly.
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D Singha is a Civil Engineer with expertise in bridge design, structural engineering, and infrastructure projects. He shares insights on engineering, construction practices, technology, and professional development.