Mufin Green Finance Limited (formerly **APM Finvest Limited**) is a leading Indian **Reserve Bank of India (RBI)** registered Non-Banking Financial Company (**NBFC**) specializing in the **Electric Vehicle (EV) ecosystem** and income-generating green assets. Categorized as a **Non-Public Deposit Accepting** entity, the company is a subsidiary of **Hindon Mercantile Limited** (**53.98%** stake) and is listed on both the **BSE** and **NSE**. ### **Strategic Vision: Financing the Low-Carbon Transition** Mufin Green Finance positions itself as a **Green Finance and Risk Solutions Partner**, aligning its growth with India’s national climate goals. The company’s strategy is built on three primary pillars: * **EV Ecosystem Dominance:** Targeting **30% EV penetration by 2030**, Mufin aims to disburse **₹5,000 Crore** in income-generating EV loans over a five-year horizon. * **Solar Energy Expansion:** Focusing on rooftop solar and SME installations to support India’s **500 GW non-fossil fuel capacity target** by 2030. * **Insurance Premium Financing (IPF):** Providing liquidity for large-ticket corporate policies and bundling IPF with retail motor/EV loans to enhance yield and customer retention. ### **Operational Model and Market Reach** The company utilizes a **tech-led lending model** designed for financial inclusion across **Tier-1, Tier-2, and Tier-3** cities. * **Geographic Footprint:** Operations span **28 states and union territories** through a network of **1,000+ active dealership locations**. * **Sourcing & Underwriting:** Loans are primarily sourced via an **OEM/Dealer Network**. Underwriting focuses on "asset-backed" security, requiring permanent residency, compulsory guarantors, and physical asset ownership (land/residence). * **Digital Infrastructure:** The **Mufin Customer Application** facilitates digital self-service, repayment reminders, and grievance redressal. The company adheres to the **RBI’s Master Direction on IT Framework**, reporting **zero data breaches** in the latest fiscal year. * **Government Integration:** Mufin has empanelled with the **Governments of Assam and Rajasthan** to offer instant, salary-linked credit to over **20 lakh** employees via state HRMS platforms. ### **Key Financial Performance Metrics** Mufin has demonstrated aggressive scaling of its portfolio while maintaining a robust capital base. | Metric | FY2025 (Mar 31) | FY2024 (Mar 31) | FY2023 (Mar 31) | | :--- | :--- | :--- | :--- | | **Total Income** | **₹160.96 Cr** | **₹97.80 Cr** | **₹34.48 Cr** | | **Profit After Tax (PAT)** | **₹20.28 Cr** | **₹16.08 Cr** | **₹7.41 Cr** | | **Assets Under Management (AUM)** | **₹838.44 Cr** | **₹624.13 Cr** | **₹261.61 Cr** | | **Net Worth** | **₹264.71 Cr** | **₹235.73 Cr** | **₹150.35 Cr** | | **Gross NPA (GNPA)** | **2.48%** | **1.70%** | **2.61%** | | **Net NPA (NNPA)** | **2.11%** | **1.45%** | **1.98%** | | **Capital Adequacy Ratio** | **30.88%** | **36.53%** | **53.97%** | ### **Capital Structure and Funding Diversification** The company maintains a capital-heavy structure to support its expanding AUM, utilizing a mix of equity infusions and diversified debt. * **Equity Actions:** * Increased **Authorized Capital** to **₹50 Crore** (50 crore shares at **₹1** par value). * **Bonus Issue (July 2023):** Allotted **10.06 Cr** bonus shares in a **2:1** ratio. * **Preferential Issue (Mar 2026):** Allotted **2.49 Cr** shares and **7.65 Cr** warrants at **₹98** per share. * **Debt Profile:** * **Credit Rating:** Upgraded by **Acuite Ratings** in April 2025 to **ACUITE A- | Stable**. * **NCDs:** Issued multiple tranches, including a **₹125 Crore** issue (with a **₹25 Crore** green shoe option). Interest rates range from **10.90% to 13.15% p.a.** * **International Funding:** Secured **USD 12 Million** from Finnish Fund for Industrial Cooperation (Jan 2026) and **USD 18 Million** from U.S. DFC (Dec 2024). * **ECB:** Includes **USD 5 Million** in USD-denominated bonds issued to BlueOrchard Finance. ### **Subsidiaries and Corporate Evolution** Mufin has streamlined its corporate structure to focus on core leasing and financing. * **Mufin Green Leasing Private Limited:** Incorporated in August 2023 to handle specialized leasing. * **Mufin Green Infra Limited:** Divested **65%** stake in October 2025 for **₹6.50 Lakh** to optimize the balance sheet. * **New Business Lines:** Amending the Memorandum of Association to enter **Full-Fledged Money Changer (FFMC)** and **Authorized Dealer Category-II** businesses for foreign exchange services. * **Governance:** Shifted Registered Office from **Rajasthan** to **New Delhi** (May 2025) and subsequently approved a move to **Haryana** (late 2025) for operational alignment. ### **Risk Management and Regulatory Landscape** The company operates under a dedicated **Risk Management Committee** and **Chief Risk Officer (CRO)**, utilizing **Expected Credit Loss (ECL)** models under **Ind AS 109**. * **Counterparty Irregularities:** Mufin recently addressed irregularities involving the **Gensol Group** and **Blu Smart**. As of March 2025, the company terminated these leases and repossessed assets. * **Gensol Engineering:** **100 cars** (Liability: **₹9.13 Cr**) * **Gensol EV Lease:** **42 cars** (Liability: **₹7.87 Cr**) * **Blu Smart Charge:** **161 chargers** (Liability: **₹6.97 Cr**) * **Legal Contingencies:** A **₹9.18 Crore** stamp duty demand from the Rajasthan Government regarding a past demerger is currently under dispute; promoters are contractually obligated to reimburse this liability. * **Market Risks:** * **Interest Rate:** A **50 bps** change impacts PBT by approx. **₹11.66 Lakh**. * **Regulatory:** RBI’s increased risk weights on retail loans (up **25 bps to 125%**) present a headwind for capital allocation. * **Related Party Limits (FY 2025-26):** * **Bimapay Finsure:** Up to **₹100 Crore** * **Hedge Money:** Up to **₹50 Crore** * **Mufin Green Leasing:** Up to **₹10 Crore**