Mufin Green Finance Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Mufin Green Finance Ltd filed with BSE on 04 Jun 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Mufin Green Finance reported AUM of ₹1,541.17 crore as of March 2026, up 83.8% year-over-year, with Q4 FY26 disbursements of ₹699.91 crore, up 163.7% year-over-year. Full year FY26 PBT stood at ₹37.98 crore and PAT at ₹28.21 crore, with management attributing growth to new tech-based products including Mediclaim Insurance Premium Financing and Salary Saathi. Management also detailed improvements in asset quality, cost of borrowing, and net worth during the call.
2 statements from this call are not shown because their supporting quotes could not be reproduced within our quoting limits. Nothing shown here is affected: every statement on this page carries its verified quote.
Numbers mentioned
AUM: ₹1,541.17 crore (March 2026)
p. 3
“In March 2026, we closed at an AUM of ₹1,541.17 crore, compared to ₹838.44 crore in FY2024-25 — a year-over-year growth of 83.8%.”
Kapil Garg, page 3 of the filed PDF · View the filing
Q4 disbursements: ₹699.91 crore (Q4 FY2025-26)
p. 3
“In Q4 FY2025-26, disbursements were ₹699.91 crore, compared to ₹265.39 crore in Q4 FY2024-25, a growth of 163.7%.”
Kapil Garg, page 3 of the filed PDF · View the filing
Full year disbursements: ₹1,767.59 crore (FY2025-26)
p. 3
“For the full year FY2025-26, total disbursements stood at ₹1,767.59 crore.”
Kapil Garg, page 3 of the filed PDF · View the filing
Q4 profit before tax: ₹14.83 crore (Q4 FY2025-26)
p. 3
“In Q4 FY2025-26, profit before tax was ₹14.83 crore compared to ₹4.82 crore in Q4 FY2024-25 — a growth of 207.7%.”
Kapil Garg, page 3 of the filed PDF · View the filing
Full year PBT and PAT: PBT ₹37.98 crore, PAT ₹28.21 crore (FY2025-26)
p. 3
“For the full year FY2025-26, PBT stood at ₹37.98 crore and PAT at ₹28.21 crore.”
Kapil Garg, page 3 of the filed PDF · View the filing
Mediclaim Financing AUM: ₹607.88 crore (March 2026)
p. 3
“As of March 2026, our Mediclaim Financing AUM stands at ₹607.88 crore, representing approximately 39% of our total AUM of ₹1,541.17 crore.”
Kapil Garg, page 3 of the filed PDF · View the filing
Salary Saathi AUM: ₹26.40 crore (March 2026)
p. 3
“As of March 2026, this segment has an AUM of ₹26.40 crore, approximately 2% of our total portfolio, and we expect it to scale multifold in FY2026-27.”
Kapil Garg, page 3 of the filed PDF · View the filing
EV and Solar Financing AUM: approximately ₹459 crore (March 2026)
p. 3
“Our flagship product, EV and Solar Financing, has a combined AUM of approximately ₹459 crore as of March 2026 — ₹166.04 crore in the B2C book and ₹293 crore in the B2B book — representing approximately 30% of our total AUM.”
Kapil Garg, page 3 of the filed PDF · View the filing
Average cost of borrowing: 12.17% (Q4 FY2025-26)
p. 4
“By Q2 FY2025-26, it had reduced to 12.79%; by Q3 FY2025-26, to 12.97%; and it has now come down to 12.17% in Q4 FY2025-26 — a reduction of 163 basis points during the year.”
Kapil Garg, page 4 of the filed PDF · View the filing
Gross NPA: 1.94% (Q4 FY2025-26)
p. 4
“Gross NPA improved from 2.50% in Q4 FY2024-25 to 2.24% in Q3 FY2025-26 and further to 1.94% in Q4 FY2025-26.”
Kapil Garg, page 4 of the filed PDF · View the filing
Net NPA: 1.65% (Q4 FY2025-26)
p. 4
“Net NPA reduced from 2.13% in Q4 FY2024-25 to 1.91% in Q3 FY2025-26 and to 1.65% in Q4 FY2025-26.”
Kapil Garg, page 4 of the filed PDF · View the filing
Net worth: ₹574.65 crore (FY2025-26)
p. 4
“On the balance sheet side, net worth has increased from ₹270.25 crore in FY2024-25 to ₹574.65 crore in FY2025-26.”
Kapil Garg, page 4 of the filed PDF · View the filing
CRAR: 32.37% (FY2025-26)
p. 4
“Debt to equity stands at 2.43 times and CRAR is at 32.37%, well above the RBI regulatory minimum of 15%.”
Kapil Garg, page 4 of the filed PDF · View the filing
Equity capital raised: approximately ₹300 crore (FY2025-26)
p. 4
“In FY2025-26, we successfully raised approximately ₹300 crore of equity capital with strong investor participation.”
Kapil Garg, page 4 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
PAT — ₹80 to 90 crore · FY2026-27
stated firmly by Kapil Garg
p. 5
“On a minimum basis, ₹80 to 90 crores of PAT for FY2026-27.”
Kapil Garg, page 5 of the filed PDF · View the filing
Mediclaim Insurance Premium Financing share of AUM — 50 to 60% · FY2026-27
stated as an aspiration by Kapil Garg
p. 5
“In FY2026-27, we are targeting approximately 50 to 60% of our total AUM to be in Mediclaim Insurance Premium Financing.”
Kapil Garg, page 5 of the filed PDF · View the filing
ROA — 10 to 11% · medium term
stated as an aspiration by Kapil Garg
p. 5
“We are on a path toward 10 to 11% ROA over the medium term.”
Kapil Garg, page 5 of the filed PDF · View the filing
Mediclaim Financing AUM — ₹1,000 crore · FY2026-27
stated as an aspiration by Kapil Garg
p. 5
“we are targeting ₹1,000 crore in that segment alone in FY2026-27 — which will collectively represent 50 to 60% of our total AUM”
Kapil Garg, page 5 of the filed PDF · View the filing
Gross NPA — below 1.5% · FY2026-27
stated conditionally by Gunjan Jain
p. 5
“As a result, Gross NPA will reduce further to below 1.5% in FY2026-27.”
Gunjan Jain, page 5 of the filed PDF · View the filing
Digital financing share of portfolio — 60 to 70% · FY2026-27
stated as an aspiration by Gunjan Jain
p. 5
“For FY2026-27, our main target is digital financing — we are seeking 60 to 70% of our portfolio to be in this space.”
Gunjan Jain, page 5 of the filed PDF · View the filing
Disbursements in Mediclaim segment — ₹1,500 crore · FY2026-27
stated as an aspiration by Kapil Garg
p. 6
“In FY2026-27, we ourselves are targeting ₹1,500 crore of disbursements in this segment alone, while the total industry opportunity is many times larger.”
Kapil Garg, page 6 of the filed PDF · View the filing
Headcount — approximately 300 people · FY2026-27
stated as an aspiration by Kapil Garg
p. 4
“Our target for FY2026-27 is to reduce headcount to approximately 300 people.”
Kapil Garg, page 4 of the filed PDF · View the filing
Average cost of borrowing — below 10% · FY2026-27
stated conditionally by Kapil Garg
p. 4
“We are quite hopeful that our average cost of borrowing will further reduce to below 10% in FY2026-27 as the rating benefits fully flow through.”
Kapil Garg, page 4 of the filed PDF · View the filing
Profitability — ₹500 crore-plus · next three to four years
stated as an aspiration by Kapil Garg
p. 6
“the target over the next three to four years is to reach a profitability of ₹500 crore-plus.”
Kapil Garg, page 6 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said resources will be directed toward the highest-ROA products, with Mediclaim Financing targeted at 50-60% of AUM.
Answered by Kapil Garg
Asked by Deepak: What is the vision for Mediclaim Financing and Salary Saathi given their higher ROA?
p. 5
“In FY2026-27, we are targeting approximately 50 to 60% of our total AUM to be in Mediclaim Insurance Premium Financing.”
Kapil Garg, page 5 of the filed PDF · View the filing
Management said Gross NPA is expected to fall below 1.5% as the portfolio shifts to digital financing.
Answered by Gunjan Jain
Asked by Deepak: What are the targeted GNPA and credit cost levels for FY2026-27?
p. 5
“As a result, Gross NPA will reduce further to below 1.5% in FY2026-27.”
Gunjan Jain, page 5 of the filed PDF · View the filing
Management said more competition would be welcomed given the large size of the insurance market opportunity.
Answered by Kapil Garg
Asked by Deepak: How does management view competition entering Mediclaim financing?
p. 6
“More competition would actually be welcome. In financial markets, you cannot sit on a monopoly product.”
Kapil Garg, page 6 of the filed PDF · View the filing
Management said the focus is on strengthening the capital base via PTC/DA transactions rather than further equity dilution, targeting ₹500 crore-plus profitability in three to four years.
Answered by Kapil Garg
Asked by Deepak: What is the long-term vision for FY2029-30 and beyond?
p. 6
“the target over the next three to four years is to reach a profitability of ₹500 crore-plus.”
Kapil Garg, page 6 of the filed PDF · View the filing
Management reiterated the FY2026-27 PAT target and the longer-term ₹500 crore PAT target.
Answered by Kapil Garg
Asked by Vedant: What is the profitability outlook for the next two to three years?
p. 6
“Over the next three to four years, our target is to reach a minimum of ₹500 crore in PAT.”
Kapil Garg, page 6 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.