Mufin Green Finance Ltd Q1 FY27 Results

Mufin Green Finance's consolidated Q1 FY27 (quarter ended June 30, 2026) net profit came in at ₹14.01 Cr, up 345.6% year-on-year from ₹3.14 Cr and up 26.4% sequentially from ₹11.09 Cr in Q4 FY26. Revenue from operations was ₹76.86 Cr, up 57.1% YoY and 18.9% QoQ, driven almost entirely by interest income (₹76.44 Cr). Net profit margin expanded to 18.16% from 17.12% in Q4 FY26 and 6.41% a year ago, and basic EPS rose to ₹0.71 from ₹0.63 (Q4 FY26) and ₹0.19 (Q1 FY26, consolidated). Consolidated and standalone results are identical this quarter — the sole subsidiary, Mufin Green Leasing, contributed nil — so the ₹14.01 Cr PAT and ₹76.86 Cr revenue apply on both bases.

The headline YoY PAT jump is partly structural: the year-ago consolidated base included Mufin Green Infra Limited, which ceased to be a subsidiary from December 25, 2025 and had dragged group PAT down via a ₹0.34 Cr non-controlling-interest loss and lower-margin construction/product revenue lines. On a like-for-like standalone basis (Mufin Green Finance only, comparable across all four periods shown), PAT grew a still-strong 240.9% YoY (₹4.11 Cr to ₹14.01 Cr) and revenue grew 60.1% YoY — the adjusted numbers to anchor the growth story on rather than the raw 346%. Sequentially, finance costs eased to 53.5% of total income from 57.9% in Q4 FY26, aiding the margin gain, even as impairment/provisioning on financial instruments jumped to ₹2.89 Cr from ₹1.30 Cr in Q4 FY26 (+123% QoQ) and ₹1.08 Cr a year ago (+168% YoY) — a conservative build despite the gross NPA ratio actually improving, to 1.91% from 2.37% YoY and 1.94% QoQ.

The stock went into the print at ₹135.98, up 4.8% over the past month of trading.

For context: this is the second-highest quarterly PAT of the last 6 quarters; PAT has now risen for 4 consecutive quarters.

Management gave no formal Q1-specific guidance; the only outlook on record is the FY26 concall target of ~₹2,500 Cr AUM and ₹80-90 Cr PAT for full FY27 (a stated threefold jump from FY26's ₹28.21 Cr), with 50-60% of AUM eventually in the higher-yielding Mediclaim Insurance Premium Financing book and medium-term ROA of 10-11%. Q1's ₹14.01 Cr is about 16-17.5% of that full-year band, meaning the remaining three quarters need to average roughly ₹22-25 Cr each to land in range — a further acceleration from Q1's pace, though the 26.4% QoQ PAT growth already shown is a step in that direction; this filing discloses neither AUM nor segment mix, so the guidance is neither confirmed nor contradicted yet. No consensus/street estimates for this quarter were found (a small-cap NBFC with no located analyst coverage), so vsStreet is unknown. Leverage rose alongside growth — debt-equity climbed to 2.65x from 2.43x (Mar-26) and standalone capital adequacy eased to 30.55% from 32.37% — funded in part by ₹119 Cr of NCDs allotted in June (₹100 Cr and ₹19 Cr tranches, per this filing's issue-proceeds utilisation statement), with a further ₹55 Cr NCDs allotted and up to ₹125 Cr more approved in July per subsequent company disclosures.