1. At a Glance – The EV Finance Rocket… With Expensive Fuel 🚀
₹1,750 crore market cap. ₹101 stock price. A flashy 53% 1-year return. Sounds like a multibagger party, right?
Now zoom in…
This NBFC is trading at a P/E of 83, with ROE of just ~8% and Debt-to-equity of 2.68x. Meanwhile, Q3 FY26 numbers show ₹55.9 Cr revenue and ₹7.01 Cr profit, growing decently but not exactly “unicorn energy.”
In short:
The market is pricing Mufin like the next Tesla of finance…
But the financials are still behaving like a cautious PSU bank intern.
AUM has exploded from ₹48 Cr (FY22) → ₹624 Cr (FY24). That’s not growth — that’s steroids.
BUT…
- Promoter holding dropped to 47.3% (from ~58%)
- Interest coverage is just 1.27x
- Continuous fundraising = dilution + leverage combo pack
So the big question is:
👉 Is this India’s EV financing revolution…
👉 Or just another NBFC riding the “green” wave for valuation oxygen?
Let’s investigate like a suspicious auditor who hasn’t had chai yet.
2. Introduction – Green Finance Ya Greenwashing Lite?
Mufin Green Finance started life as APM Finvest in 2016 — basically a regular NBFC doing lending and investments.
Then came the EV boom.
And like every smart Indian company, they pivoted faster than a startup pitch deck.
Suddenly:
- Electric vehicles ✔️
- Charging infra ✔️
- Battery swapping ✔️
- Climate financing ✔️
Bas ESG ka full buffet ready.
Now to be fair — this isn’t a fake pivot.
The company is actually lending to:
- EV fleet operators (B2B)
- Individual EV buyers (B2C)
And their borrower base is already 47,000+ customers across 19 states.
But here’s where things get spicy:
👉 Growth is real.
👉 But quality of growth… hmm.
Disbursements jumped:
- ₹1 Cr (FY22) → ₹273 Cr (FY23) → ₹681 Cr (FY24)
This is not growth — this is “sabko loan de do” mode.
Now pause and think:
If your AUM grows 10x in 2 years…
👉 Are you underwriting risk carefully?
👉 Or just chasing volume like a Flipkart sale?
Even RBI started saying “bhai thoda slow.”
Case in point:
- Their LKP Finance acquisition got rejected by RBI
That’s like your mom rejecting your “late night plans” — signals danger.
And then:
CEO resigned in July 2024.
Classic NBFC plot twist.
So now we have:
- Rapid growth
- Regulatory friction
- Management exit
- Heavy capital raising
And a P/E of 83…
Tell me honestly:
👉 Is this ambition… or overconfidence?
3. Business Model – WTF Do They Even Do? ⚡
Let’s simplify this before your brain files RTI.
Mufin Green Finance = Loan dene wali company for EV ecosystem
Two Models:
1. B2B Model (Fleet Operators)
- Company buys EV assets
- Leases them to fleet operators
- Think: Ola/Uber EV drivers
Translation:
👉
