Mufin Green Finance Q2 FY27 Results: Consolidated Net Profit ₹15.06 Crore on Total Income of ₹89.58 Crore
- Earnings
- Non-banking financial company (lending)
Reviewed byKeshav SehgalBlacklitt Research
Mufin Green Finance (NSE: MUFIN) reported total income of ₹89.58 crore and net profit of ₹15.06 crore for the quarter ended 30 Sep 2026, on both consolidated and standalone bases, it said in a filing on 05 Nov 2026. The results were approved by the board on 5 Nov 2026.
Key highlights
Consolidated
Including its subsidiaries
- Total income: ₹89.58 crore, up 75.8% YoY and 16.1% QoQ
- Net profit and EPS: ₹15.06 crore, up 169.5% YoY; basic EPS ₹0.76
- Finance costs: ₹52.91 crore, up 100.5% YoY and 28.2% QoQ
Standalone
The company on its own, without its subsidiaries
- Total income: ₹89.58 crore, up 83.2% YoY and 16.1% QoQ
- Net profit and EPS: ₹15.06 crore, up 148.6% YoY; basic EPS ₹0.76
- Finance costs: ₹52.91 crore, up 103.7% YoY and 28.2% QoQ
Summary
| Particulars | Q2 FY27 | Q2 FY26 | YoY | Q1 FY27 | QoQ |
|---|---|---|---|---|---|
| 89.58 | 50.95 | +75.8% | 77.14 | +16.1% | |
| Revenue from operations | 86.68 | 50.78 | +70.7% | 76.86 | +12.8% |
| Other income | 2.90 | 0.17 | n/a | 0.28 | +943.7% |
| 15.06 | 5.59 | +169.5% | 14.01 | +7.5% | |
| Profit before tax | 19.47 | 7.62 | +155.4% | 18.82 | +3.5% |
| Finance costs | 52.91 | 26.38 | +100.5% | 41.28 | +28.2% |
| Depreciation | 0.68 | 0.70 | -2.0% | 0.61 | +12.8% |
| Tax expense | 4.33 | 2.02 | +114.1% | 4.81 | -9.9% |
| Net profit margin | 16.81% | 10.97% | +5.85 pp | 18.16% | -1.35 pp |
| EPS, basic (₹) | 0.76 | 0.33 | +130.3% | 0.71 | +7.0% |
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Profit grew faster than income on a year-ago basis. Net profit rose 169.5% to ₹15.06 crore while total income rose 75.8% to ₹89.58 crore, and profit before tax rose 155.4% to ₹19.47 crore. Tax rose 114.1% to ₹4.33 crore, so the tax charge is 22.2% of profit before tax.
Finance costs of ₹52.91 crore are 59.1% of total income this quarter, against ₹26.38 crore, or 51.8% of the year-ago total income of ₹50.95 crore. The filing gives no reason for the rise in finance costs.
Other income was ₹2.90 crore, 3.2% of total income and 14.9% of profit before tax, compared with ₹0.17 crore a year before. The notes do not say what the other income consists of.
The consolidated statement includes Mufin Green Leasing Private Limited as a subsidiary. Mufin Green Infra Limited ceased to be a subsidiary on 25 Dec 2025, and the filing says the year ended 31 Mar 2026 is therefore not comparable with earlier periods. The year-ago consolidated net profit attributable to owners is ₹5.75 crore, against total net profit of ₹5.59 crore after a non-controlling interest loss.
| Particulars | Q2 FY27 | Q2 FY26 | YoY | Q1 FY27 | QoQ |
|---|---|---|---|---|---|
| 89.58 | 48.89 | +83.2% | 77.14 | +16.1% | |
| Revenue from operations | 86.68 | 48.72 | +77.9% | 76.86 | +12.8% |
| Other income | 2.90 | 0.17 | n/a | 0.28 | +943.7% |
| 15.06 | 6.06 | +148.6% | 14.01 | +7.5% | |
| Profit before tax | 19.47 | 8.25 | +135.9% | 18.82 | +3.5% |
| Finance costs | 52.91 | 25.98 | +103.7% | 41.28 | +28.2% |
| Depreciation | 0.68 | 0.69 | -0.8% | 0.61 | +12.8% |
| Tax expense | 4.33 | 2.19 | +97.3% | 4.81 | -9.9% |
| Net profit margin | 16.81% | 12.39% | +4.42 pp | 18.16% | -1.35 pp |
| EPS, basic (₹) | 0.76 | 0.35 | +117.1% | 0.71 | +7.0% |
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Standalone figures match the consolidated figures for the quarter: total income of ₹89.58 crore, profit before tax of ₹19.47 crore and net profit of ₹15.06 crore. Year-ago standalone net profit was ₹6.06 crore on total income of ₹48.89 crore, so standalone total income grew faster than consolidated total income on a year-ago basis, 83.2% against 75.8%.
Inference
The filing says the company raised ₹299 crore through non-convertible debentures from June to August 2026, all for onward lending, and that the debt-equity ratio stood at 2.89 times at 30 Sep 2026 against 2.65 times at 30 Jun 2026. Secured debentures with an outstanding balance of ₹661.68 crore including accrued interest carry a security cover of 1 to 1.15 times.
The board approved a memorandum of understanding with Avyayam Infotech Private Limited and a proposal to acquire up to 20% of its equity, with consideration to be set in definitive agreements. The board also approved the acquisition of 23% of Bimapay Finsure Private Limited, a related party, for ₹65.75 crore, subject to regulatory approvals and expected to complete in three to four months. The filing does not say what financial effect either step will have on results, and the reason for the rise in finance costs is not stated.
Filed with BSE on . Reference: Original filing (PDF)
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