Mufin Green Finance Limited

Financial Services — Credit Services · NSE

₹138.01−₹1.53 (−1.10%)

DalalBaazaar Score

68 / 100

🟢 Good

Verdict

NEUTRAL

Risk

High

Driven by negative free cash flow, micro-cap size, which brings thin liquidity, a very high earnings multiple, which leaves little margin for disappointment.

In simple words: The business is earning a fairly low return on the money invested in it, with both sales and profits growing well. Cash generation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:46 pm

Understanding the Business

Company site ↗

The 60-second version of Mufin Green Finance Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Mufin Green Finance Limited, a non-banking financial company, provides financing and investing services in India.

IndustryCredit Services

SectorFinancial Services

Employees420

Annual revenue₹202 Cr

How does it make money?

Turns over ₹202 Cr a year. Of every ₹100 of sales, about ₹14 reaches shareholders as profit, with ₹24 left at the operating level before interest, tax and depreciation. Each of its 420 employees supports ₹48.0 lakh of revenue a year, the signature of a people-led business.

Revenue / employee₹48.0 lakh

Who are its competitors?

The closest listed comparisons in its industry are BAJAJ FINANCE LIMITED, STATE BANK OF INDIA, HDFC BANK LTD, ICICI BANK LTD.. These are the companies its valuation and returns are measured against elsewhere in this report.

Compared side by side in Peers ↓

What is its competitive advantage?Not assessable from these ratios

For a lender, returns on capital are shaped by leverage and funding cost rather than by pricing power, so the usual financial signature of an advantage does not apply. Judge this one on deposit franchise, cost of funds and asset quality — none of which are in this data.

Peer median ROE16.5%

What has been driving growth?

Growth has come mainly from selling more, rather than from keeping more of each sale. Over 3 years revenue moved +509% while net margin moved -43% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+509%

Margin effect-43%

DalalBaazaar Score

68/ 100

Good

Weighted across six categories. Every point is explained below.

✓ Beta of -0.39 — historically steadier than the index
✗ Micro Cap: thinner liquidity and sharper drawdowns are normal
✗ Trading within 10% of its 52-week high — entries here carry more pullback risk
✗ Negative free cash flow means dependence on external funding

Quality vs. Valuation

Company Quality

73/ 100

Good

How good the business is, ignoring the share price entirely.

Valuation

48/ 100

Fair

What you are being asked to pay, ignoring how good the business is.

A reasonable business at a reasonable price — neither the quality nor the valuation stands out in either direction.

Historical Valuation

Current P/E

66.7x

3Y Median

99.7x

37 monthly readings · mean 132.5x · range 66.7x–398.2x

Sector Median

17.0x

median of 4 sector peers

🟢Current valuation is approximately 33% below its 3y median of 99.7x. Cheaper than its own history, which is worth a reason too: the market may be pricing in something the backward-looking numbers do not show.

⚠️Against its sector it trades 292% above the peer median of 17.0x.

vs. its own history

Cheap

99.7x median over 37 months · -33%

vs. sector peers

Expensive

17.0x median of 4 peers · +292%

vs. generic bands

Expensive

Above 35x

EV/EBITDA

83.3x

PEG

1.29

What's Good / What's Bad

🟢 What's Going Well1

Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention0

Nothing stands out as clearly deteriorating on the years of data available.

Red Flags

2 items require attention · 1 high · 1 watch

🔴Significant margin compressionFinancial
EBITDA margin has fallen 24.2 points, from 47.9% to 23.7%.
🟡Shareholders have been dilutedOwnership
Shares outstanding are up 31% over 3 years — each existing share owns a smaller slice of the company.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Priced below its own history
The stock trades 33% below its own median multiple. If the business performs as it has and simply re-rates back to normal, that gap is return on its own.
Earnings have proved durable
Profitable in every one of the last 4 reported years. Consistency lowers the risk that any single bad year is structural rather than cyclical.

🔴 Bear CaseWhat could go wrong?

Margins are being competed away
EBITDA margin has fallen from 47.9% to 23.7%. If the trend continues, profit falls even on flat sales — and margin decline rarely reverses quickly.
A premium to the sector to defend
It trades 292% above the peer median. That premium needs a reason that persists, or it closes.
Size brings its own risk
Micro Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1Revenue growth stays above 62% a year✓ 82.6% CAGR
Latest reported year was 49.0%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 22%✓ 23.7%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Return on equity stays above 8%✗ 4.9%
For a lender this is the cleanest single read on whether the book is being grown profitably.
4Valuation vs its own median of 99.7x✓ 66.7x today
A re-rating above its own history needs a reason; without one it is just a higher price.

Investment Checklist

4 / 11 checks passed

✗ Strong return on equity (ROE ≥ 15%)
✗ Strong return on capital employed (ROCE ≥ 15%)
✓ Healthy net margin (≥ 10%)
✗ Generates positive free cash flow
✗ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✓ Profit growing year-over-year
✗ Not trading at an extreme valuation (P/E < 40x)
✗ Not buying right at the 52-week high
✗ Short-term technical trend isn't bearish

Price history

Quick Metrics

3 good · 3 neutral · 5 weak

Market Cap

₹2,735 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

66.7x

Expensive

Expensive — verify against sector peers

P/B Ratio

4.23x

Fair

Moderate premium to the company's book value

EPS (TTM)

₹2.07

Profitable

Profitable on a per-share basis

ROE

4.9%

Weak

Weak capital efficiency

ROCE

2.8%

Weak

Low return on total capital employed

Debt/Equity

2.43x

High

High leverage

Revenue Growth (YoY)

49.0%

Healthy

Healthy top-line growth

Profit Growth (YoY)

268.4%

Healthy

Profits growing at a healthy clip

Dividend Yield

None

No dividend yield reported — usually means no payout, but verify if one was recently initiated

Free Cash Flow

-₹699 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

Operating Margin

57.1%

Good

Healthy core-business profitability

Net Margin

41.1%

Good

Strong bottom-line conversion

Current Ratio

2.04

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

-0.39

Defensive

Steadier than the market

52W Range Position

91%

Near high

Near its 52-week high

Technical Snapshot

SMA 20 / SMA 50

133.9 / 135.1

Bearish alignment (short < long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

59.7

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹33 Cr	₹90 Cr	₹178 Cr	₹202 Cr	+82.6%
EBITDA	₹16 Cr	₹28 Cr	₹34 Cr	₹48 Cr	+44.5%
EBITDA Margin	47.9%	30.5%	19.4%	23.7%	—
PAT (Net Profit)	₹8 Cr	₹16 Cr	₹19 Cr	₹28 Cr	+51.6%
EPS	₹0.58	₹1.05	₹1.16	₹1.64	+41.7%
ROE	5.3%	6.6%	7.1%	4.9%	—
ROCE	3.8%	3.9%	4.3%	2.8%	—
Total Debt	₹191 Cr	₹640 Cr	₹714 Cr	₹1,398 Cr	+94.1%
Free Cash Flow	-₹175 Cr	-₹361 Cr	-₹153 Cr	-₹699 Cr	—

🟢 Revenue has grown at 82.6% a year over 3 years.

🟢 EBITDA has grown at 44.5% a year over 3 years.

🔴 EBITDA Margin has fallen from 47.9% to 23.7% over 3 years (-24.2 pts).

🟢 PAT (Net Profit) has grown at 51.6% a year over 3 years.

🟢 EPS has grown at 41.7% a year over 3 years.

🟡 ROE has held roughly flat at 4.9% over 3 years.

🟡 ROCE has held roughly flat at 2.8% over 3 years.

🔴 Total Debt has grown at 94.1% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹2,028 Cr

Total Liabilities

₹1,453 Cr

Cash & Equivalents

₹149 Cr

Operating Cash Flow

-₹695 Cr

Capex

-₹4 Cr

Shareholding (proxy)

Institutional Holding

8.2%

Insider Holding

51.5%

Peer Comparison

Company	P/E	ROE
BAJAJ FINANCE LIMITED	30.2x	17.8%
STATE BANK OF INDIA	10.3x	15.2%
HDFC BANK LTD	15.9x	13.8%
ICICI BANK LTD.	18.1x	16.5%

Recent News

2 mixed4 general

Arihant Capital vs Nalwa Sons vs Mufin Green: Which Stock Should You Track

Univest, 13 Oct

Preferential issue: Mufin Green Finance raises about Rs 324 crore via shares and warrants

Goodreturns, 11 Oct

Mufin Green Finance Ltd is Rated Buy

MarketsMojo, 14 Oct

Mufin Green Finance Q1 Results: Posts 346% to ₹4.22 cr, stock hits 52-week high

BusinessLine, 13 AugResults

🟡Mixed / dependsA results event. The figures on this page update once the new statements reach the data feed, which usually lags the announcement.

Mufin Green Finance (MUFIN.NS) Holds Steady Near ₹133 as Traders Eye Resistance Zone - Zigzag Correction

https://www.siam.in/, 23 Sept

Mufin Green Finance files Q1FY27 financial results

scanx.trade, 20 JulResults

🟡Mixed / dependsA results event. The figures on this page update once the new statements reach the data feed, which usually lags the announcement.

Watch Items

Trading very close to its 52-week high — momentum-driven entries here carry more mean-reversion risk.
This is a financial-sector business: borrowing is its raw material, not leverage in the usual sense. Debt/Equity and ROCE here aren't comparable to a manufacturer's — read them alongside NIM, GNPA and capital adequacy from the company's own disclosures.
Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

StrongBusiness Quality · Financial Health

MiddlingGrowth · Profitability · Valuation · Risk

Points for each in the Score ↑

Good business at a fair price

A sound business at a reasonable valuation. Suitable for a long-term holding, with the valuation and the direction of margins worth watching rather than the business itself. 1 high-severity red flag sits above this conclusion and should be read first.

1 of 4 tripwires tripped — Return on equity stays above 8% · see Key things to watch ↑