Mufin Green Finance looks like that startup which discovered climate buzzwords before Excel formulas. From just ₹48 Cr AUM in FY22 to ₹624 Cr in FY24, this NBFC has expanded faster than Ola drivers during surge pricing. They finance EVs, charging infra, and swappable batteries — basically funding your neighborhood e-rickshaw. But with a P/E of 76, Debt/Equity of 2.65, and promoters slowly diluting like nimbu in soda, the company feels less like “green finance” and more like “green stress.”
2. Introduction
Once upon a time, in 2016, APM Finvest was born as a humble NBFC. Then came the climate wave, ESG funds, and EV boom. Smart rebranding happened: “Mufin Green Finance.” Because if you can’t beat the climate crisis, at least fund it.
They built a model around financing EV assets for both fleet operators (B2B) and individuals (B2C). So the next time you’re in Delhi riding an e-rickshaw, chances are, Mufin owns part of that battery pack.
But here’s the catch: NBFCs survive on spreads and scale. Mufin’s spreads are impressive (NIM ~12%), but returns to shareholders are meh (ROE <8%). Why? Because interest eats most of the profit, and expansion means more debt.
Their attempt to buy 45% of LKP Finance in 2024 was blocked by RBI. Translation: “Beta, abhi tumhari aukaat nahi.” To add spice, CEO Pankaj Gupta resigned in July 2024 — possibly because even he was tired of explaining why profits aren’t keeping up with disbursements.
Still, Mufin is at the center of India’s EV financing boom. The question is: will it become the Bajaj Finance of green mobility, or just another NBFC footnote in RBI’s pending file?
3. Business Model – WTF Do They Even Do?
Two models:
B2B (Fleet Operators): They buy assets (e-rickshaws, chargers, batteries) and lease them out. Basically, Uber for batteries.
B2C (Retail Customers): Partnering with OEMs and dealers to provide EV loans. Think EMI on scooters, except your collateral is a removable battery.
They cover 19 states, 47,000 borrowers, with 57% AUM from B2C and 43% from B2B.
Revenue split isn’t published like FMCG companies, but let’s just say: most of their customers don’t care about Excel models, they just want a working rickshaw.
4. Financials Overview
Metric
Latest Qtr (Jun’25)
YoY Qtr (Jun’24)
Prev Qtr (Mar’25)
YoY %
QoQ %
Revenue (₹ Cr)
48.9
36.9
49.6
32.3%
-1.4%
EBITDA (₹ Cr)
30.5
26.7
28.1
14.2%
8.5%
PAT (₹ Cr)
3.48
4.39
3.44
-20.7%
1.2%
EPS (₹)
0.21
0.27
0.22
-22.2%
-4.5%
Commentary: Sales booming, profits sulking. Annualised EPS = ₹0.84 → P/E ~102x at CMP. Even Tesla looks cheap in comparison.
5. Valuation – Fair Value Range Only
Method 1: P/E Multiple
Annualised EPS = ₹0.84
Assign NBFC P/E = 15–20x (Bajaj Finance at 30+, but Mufin isn’t Bajaj).
Fair value = ₹12 – ₹17
Method 2: EV/EBITDA
EV = ₹1,978 Cr, EBITDA = ₹121 Cr
EV/EBITDA = 16.3x vs peers 10–12x
Fair value range = ₹60 – ₹80
Method 3: DCF (Desi Cash Fantasy)
Assume AUM grows 25% CAGR, NIM stays at 10%, discount at 13%.
Value range = ₹55 – ₹75
Overall Fair Value Range: ₹12 – ₹80
Disclaimer: This is for educational purposes only, not investment advice. Do not pledge your e-rickshaw to buy shares.
6. What’s Cooking – News, Triggers, Drama
Failed LKP Finance Deal (2024): RBI said “Nope.” Mufin’s attempt at inorganic
