1. At a Glance – The EV Financier With a 95x Attitude
At ₹116 per share and a market cap of ₹2,017 crore, Mufin Green Finance Ltd is trading like it has discovered nuclear fusion, not just financed electric autos. The stock is up 57.7% in one year and 5% in the last three months. Quarterly revenue stands at ₹55.92 crore and PAT at ₹7.01 crore for Q3 FY26. Annual EPS (TTM) is ₹1.23, while quarterly EPS for Dec 2025 is ₹0.40. Do the math — annualised Q3 EPS using the rule (average of Q1, Q2, Q3 × 4) gives roughly ₹1.32. At ₹116, that’s a P/E near 88–95 depending on which EPS you use.
Book value? ₹18.4. Price to book? 6.33 times.
ROE? 7.89%.
Debt? ₹854 crore.
Debt-to-equity? 2.68.
Interest coverage? 1.27.
So the market is valuing a mid-sized EV lender like it’s the next Bajaj Finance. Question is — is this a green revolution story… or just a green premium?
Let’s open the bonnet.
2. Introduction – From APM Finvest to EV Banker
Mufin Green Finance, earlier known as APM Finvest, is an RBI-registered NBFC-ND incorporated in 2016. Like every ambitious NBFC in India, it started with generic investment and lending dreams. Then it found religion — climate finance.
Today, it lends for:
- Electric vehicles
- Charging infrastructure
- Swappable batteries
Sounds futuristic, right? But here’s the twist — it operates through both B2B (fleet operators) and B2C (retail EV buyers). That’s like selling both the Uber car and the Uber driver the loan.
Assets under management grew from ₹48 crore in FY22 to ₹624 crore in FY24. That’s not growth — that’s caffeine overdose.
Disbursements went from ₹1 crore in FY22 to ₹681 crore in FY24.
Now ask yourself: when growth is this fast, what usually follows? Smooth execution… or stress fractures?
3. Business Model – WTF Do They Even Do?
Let’s simplify.
Mufin is not manufacturing EVs. It’s not building batteries. It’s not making charging stations.
It’s lending money to people who do.
Model 1: B2B
Fleet operators get assets on lease.
