Mufin Green Finance Limited (MUFIN) AI Stock Analysis

• Market Cap: ₹18.31B
• Dividend Yield: N/A
• Average Volume (3M): 42.44K
• Price to Earnings (P/E): 71.5
• Beta (1Y): 1.10
• Revenue Growth: 40.11%
• EPS Growth: -5.31%
• Country: IN
• Employees: 481
• Sector: Financial
• Sector Strength: 70
• Industry: Financial - Credit Services
• EPS (TTM): 0.40
• Shares Outstanding: 173,231,430
• 10 Day Avg. Volume: 36,608
• 30 Day Avg. Volume: 42,443
• PEG Ratio: 4.25
• Price to Book (P/B): 4.33
• Price to Sales (P/S): 6.57
• P/FCF Ratio: -7.61
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 66 Neutral
• Price Target: ₹114.00 ▼(-6.71% Downside)
• Action: Downgraded Date: 11/01/25
• Date: Action: Downgraded 11/01/25

Mufin Green Finance Limited's stock score is primarily driven by strong technical momentum, despite overbought signals, and solid financial performance marked by revenue growth and operational efficiency. However, high debt levels, negative cash flow, and a high P/E ratio suggest caution due to potential financial risks and overvaluation.

Positive Factors

Revenue growth

Sustained ~26% revenue growth indicates expanding market traction in green finance. Over a multi-quarter horizon this supports scale economics, broader client penetration and reinvestment capacity, making top-line expansion a durable driver of long-term earnings potential.

Strong operating margins

Healthy EBIT/EBITDA margins point to effective cost management and profitable core lending operations. Margin strength provides a durable buffer against credit stress and funds reinvestment or provisioning, supporting sustainable profitability across economic cycles.

Efficient equity use (ROE)

A strong ROE signals efficient deployment of shareholder capital and attractive returns on core operations. Coupled with a decent equity ratio, this supports capital resilience and the ability to raise equity when needed, underpinning longer-term growth financing options.

Negative Factors

High leverage

Elevated debt-to-equity increases refinancing and interest-rate vulnerability for an NBFC. Over several quarters this constrains financial flexibility, raises funding costs and heightens default risk if asset quality weakens, limiting strategic options and capital allocation.

Negative operating cash flow

Persistent negative operating cash flow indicates earnings are not translating into cash, forcing reliance on external financing to support operations. This structural cash conversion weakness pressures liquidity and increases dependency on debt markets or equity issuance over the medium term.

Net margin pressure from costs

Higher operating expenses compress net margins despite healthy gross and operating margins, signaling structural cost inefficiencies or investment intensity. If expense trends persist, sustainable bottom-line improvement and free cash generation will be limited over the next several quarters.

Mufin Green Finance Limited Business Overview & Revenue Model

Company Description

Mufin Green Finance Limited operates as a non-deposit taking non-banking financial company in India. It offers various loans for electric vehicles, electric charging infrastructure, and swappable batteries. The company also provides operating or financial lease to fleet operators for the vehicles owned by the company. In addition, it is involved in the investment activities. The company was formerly known as APM Finvest Limited. Mufin Green Finance Limited was incorporated in 2016 and is based in Delhi, India.

How the Company Makes Money

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Mufin Green Finance Limited Financial Statement Overview

Summary

Mufin Green Finance Limited demonstrates strong revenue growth and operational efficiency with solid EBIT and EBITDA margins. However, the high reliance on debt and negative cash flow from operations pose financial risks.

Income Statement

Mufin Green Finance Limited has shown strong revenue growth over the years, with a significant increase from 2024 to 2025. The gross profit margin remains healthy, indicating effective cost management. However, the net profit margin is somewhat lower due to high operating expenses relative to revenue. The EBIT and EBITDA margins are strong, reflecting solid operational efficiency.

Balance Sheet

The company has a high debt-to-equity ratio, indicating a significant reliance on debt financing, which might pose a risk in terms of financial stability. However, the equity ratio is decent, showing a fair amount of shareholder equity relative to total assets. Return on equity is strong, demonstrating effective utilization of equity financing.

Cash Flow

Operating cash flow has been negative, suggesting challenges in generating cash from operations. However, free cash flow has improved somewhat over the years, though it remains negative, indicating potential pressure on liquidity. The ratios of operating and free cash flow to net income indicate inefficiencies in cash generation relative to earnings.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	1.99B	1.78B	902.71M	330.88M	152.56M	54.91M
Gross Profit	570.28M	466.63M	295.43M	190.70M	149.00M	50.78M
EBITDA	238.83M	299.31M	239.51M	127.31M	128.38M	225.78M
Net Income	186.91M	192.43M	160.62M	81.17M	108.82M	198.74M
Balance Sheet
Total Assets	12.38B	10.33B	9.26B	3.95B	1.03B	927.13M
Cash, Cash Equivalents and Short-Term Investments	1.43B	1.50B	2.74B	201.48M	192.34M	33.66M
Total Debt	8.63B	7.14B	6.40B	1.91B	3.44M	4.31M
Total Liabilities	9.21B	7.64B	6.81B	2.42B	12.87M	19.88M
Stockholders Equity	3.18B	2.70B	2.44B	1.54B	1.02B	907.24M
Cash Flow
Free Cash Flow	-1.75B	-1.53B	-3.61B	-1.75B	-591.17M	22.97M
Operating Cash Flow	-1.73B	-1.53B	-3.59B	-1.75B	-584.25M	22.97M
Investing Cash Flow	-549.50M	902.05M	-570.15M	-854.28M	674.09M	78.26M
Financing Cash Flow	1.84B	666.50M	4.86B	2.69B	-2.03M	-102.89M

Mufin Green Finance Limited Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 122.20
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:MUFIN, the sentiment is Neutral. The current price of 122.2 is above the 20-day moving average (MA) of 110.31, above the 50-day MA of 113.87, and above the 200-day MA of 98.92, indicating a neutral trend. The MACD of -3.56 indicates Positive momentum. The RSI at 38.41 is Neutral, neither overbought nor oversold. The STOCH value of 15.73 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for IN:MUFIN.

Mufin Green Finance Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
MUFIN	66 Neutral	₹18.31B	71.53	―	―	40.11%	-5.31%
CREST	63 Neutral	₹9.21B	24.59	―	0.26%	-9.89%	-42.10%
SATIN	63 Neutral	₹16.22B	5.50	―	―	11.09%	-66.54%
EMKAY	62 Neutral	₹5.98B	42.74	―	0.56%	-19.22%	-65.09%
ROHLTD	61 Neutral	₹8.89B	31.71	―	0.61%	10.77%	-4.40%
DHUNINV	58 Neutral	₹5.01B	-57.61	―	0.24%	-29.04%	-78.51%

Mufin Green Finance Limited Corporate Events

Mufin Green Finance boosts capital with Rs 98-per-share preferential issue

Mufin Green Finance Limited has completed a significant capital raise through a preferential issue, allotting 24,930,765 fully paid equity shares and 7,653,061 warrants at an issue price of Rs 98 per instrument. The issue was approved by the board and shareholders in late 2025 and formally cleared by the company’s Committee of Directors on March 4, 2026.

Following this allotment, the company’s paid-up equity share capital has risen from Rs 17.32 crore to Rs 19.82 crore, with the new shares ranking pari passu with existing equity. The fundraising brings in a mix of institutional and high-net-worth non-promoter investors alongside promoter Hindon Mercantile Limited taking all the warrants, bolstering Mufin Green Finance’s balance sheet and potentially enhancing its capacity to expand green financing operations.

The equity tranche has been widely distributed among multiple non-promoter investors including funds such as Sageone Flagship Growth OE Fund, Cullinan Opportunities Fund structures, Veloce Opportunities Fund II and Smart Horizon vehicles. This broadened investor base, combined with promoter participation via warrants, may strengthen governance perceptions and market confidence as the company positions for growth in India’s sustainable finance market.

Mufin Green Finance Clarifies Status of Assam Government Loan Empanelment

Mufin Green Finance Limited has clarified details of a recent announcement about being empanelled to offer instant loans to Government of Assam employees, explaining that a Letter of Intent was actually issued to its partner InstaPe Synergies under a consortium arrangement. The initiative involves facilitating earned salary advances and salary-linked credit for regular Assam government staff, but will proceed to a formal memorandum of understanding only after successful technical integration with the state’s financial management system and confirmation of operational readiness, at which point further disclosures will follow.

The company emphasized that technical integration with Assam’s FinAssam/IFMIS platform is currently in progress, and that its role is tied to InstaPe’s provisional empanelment by the Assam Society for Comprehensive Financial Management System. This clarification underscores that the project remains at a preparatory stage, with future operational and business impact dependent on completing integration, user acceptance testing, and formal execution of the MoU with the state finance authorities.

Mufin Green Finance Taps Assam HRMS to Offer Instant Loans to Over 5 Lakh State Employees

Mufin Green Finance Limited has been empanelled by the Government of Assam to provide instant loans to more than 500,000 state government employees through direct integration with the state’s Human Resource Management System platform. The HRMS-based model allows staff to apply for and receive loan approvals in real time, offering 24/7, paperless access to credit and is expected to streamline borrowing for thousands of public-sector workers.

The move builds on Mufin’s earlier integration with the Government of Rajasthan and positions the lender as a preferred digital credit partner for state employees across multiple regions. By embedding its lending services into official HR systems, the company is strengthening its inter-state footprint, supporting financial inclusion goals, and potentially increasing its loan book and engagement with low-risk, salaried borrowers in the public sector.

Mufin Green Finance Files SEBI Regulation 74(5) Compliance Certificate for Q3 FY2025

Mufin Green Finance Limited has submitted to both BSE and NSE a confirmation certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended December 31, 2025, as received from its Registrar and Share Transfer Agent, Skyline Financial Services Private Limited. The filing, also shared with Central Depository Services (India) Limited and National Securities Depository Limited, underscores the company’s ongoing compliance with depository-related regulatory requirements, reinforcing transparency and governance standards for its shareholders and market participants.