Mufin Green Finance Ltd Q2 FY26 – EV Loans, RBI Drama & ₹624 Cr AUM Electric Juggernaut: A NBFC that Discovered Climate Before It Was Cool

1. At a Glance

Mufin Green Finance Ltd (BSE: 542774, NSE: MUFIN) is one of those rare NBFCs that didn’t wait for a climate summit to “go green.” The stock trades at ₹112 (as of Nov 21, 2025) with a market cap of ₹1,946 crore and a nosebleed P/E of 96.6 — clearly, investors think EV financing is the new religion. Over the past 6 months, the stock has sprinted 38.5%, while over 3 years it’s delivered a cool 47% return.

In FY24, the company clocked revenue of ₹183 crore and PAT of ₹20.1 crore. The latest quarter (Sep 2025) shows sales at ₹51.42 crore, up 27.5% YoY, and PAT of ₹6.06 crore, up 6.1% YoY. Not bad for a company that used to fund “climate dreams” before ESG hashtags became fashionable.

ROE stands at 7.89%, ROCE at 12.6%, and debt-to-equity at 2.68x — just enough leverage to keep things spicy. Promoter holding is a steady 54.2%, and they seem to have unpledged everything, probably because RBI has already scared them once with that failed acquisition drama.

The company’s AUM has exploded from ₹48 crore in FY22 to ₹624 crore in FY24, proving once again that Indians may not buy Teslas, but we sure know how to finance e-rickshaws.

2. Introduction

Picture this: an NBFC born in 2016, when “green finance” meant wearing a green tie to a loan meeting. Fast-forward to 2025, and Mufin Green Finance has become India’s poster child for EV financing. From humble beginnings as APM Finvest Limited, this Delhi-based lender is now lending aggressively to India’s climate warriors — a.k.a. EV drivers and battery swappers.

While your typical NBFC funds trucks and tractors, Mufin decided to bet on two- and three-wheelers that whisper rather than roar. The company calls itself a “climate-sustainable lender.” Translation: “We lend money for stuff that won’t melt the planet.”

Their two operating models — B2B (fleet leasing) and B2C (retail EV loans via OEMs and dealers) — sound simple. But behind the jargon lies a clever hustle: own the asset, finance it, and maybe get invited to the next EV policy roundtable.

They’ve even managed to touch 19 states and a borrower base of over 47,000. For context, that’s more borrowers than some cooperative banks have members.

So what’s the catch? An EV-focused NBFC looks sexy on a pitch deck, but under the hood, it’s still a leveraged business lending to riskier customer segments. Mufin’s GNPA dropped from 2.6% to 1.7% in FY24 — that’s a nice story for investor presentations, though one bad monsoon could shake up those numbers again.

3. Business Model – WTF Do They Even Do?

Mufin Green Finance is essentially the financial arm of India’s electric mobility revolution. Think of them as the “green money engine” behind e-rickshaws, EV bikes, and charging stations.

TheirB2B modelis where the fun begins — Mufin buys the EVs and leases them to fleet operators, effectively becoming both financier and owner. It’s like saying, “You drive, we own, and we’ll collect.” This model reduces default risk because Mufin can repossess assets faster than a traffic cop can write a challan.

Then there’s theB2C model, the good old retail loan route. Partnering with OEMs and EV dealers, Mufin gives direct loans to customers — often drivers buying e-rickshaws or delivery EVs. They also bundle service support, proving that customer obsession doesn’t die even in NBFCs.

Their product scope has widened beyond just financing; they also support charging infrastructure and swappable battery setups. So while other NBFCs lend for petrol cars that depreciate faster than your crypto portfolio, Mufin’s assets literally charge overnight.

And now they’re expanding into financing buses, LCVs, and commercial EVs — basically anything with wheels that doesn’t drink diesel.

4. Financials Overview

Annualised EPS:0.35 × 4 = ₹1.40Calculated P/E:₹112 / ₹1.40 = ~80x (company reported 96x, so roughly aligned depending on TTM mix).

Mufin’s income statement looks like a teenager discovering gym gains — growing fast, but the legs (ROE) still catching up. The OPM is a dreamy 67.5%, suggesting they either have insane margins or very creative accounting. The EPS growth has flattened a bit YoY, but QoQ momentum is back with a vengeance.

5. Valuation Discussion – Fair Value Range

Let’s keep it real — Mufin’s valuation smells like optimism soaked in lithium-ion.

a) P/E MethodIndustry P/E: 21.2Company P/E: 96.6If Mufin eventually “grows into” industry multiple:Fair Value = EPS (₹1.4) × 21.2 = ₹29.68If it sustains high-growth premium (P/E 40–60):Fair Value Range