Mufin Green Q1 FY27 Results (NSE: MUFIN)
Signal: Earnings grew
The read
Q1FY27 marked a clear earnings inflection: consolidated total income reached ₹7,714.02 lakh, +57.3% YoY and +19.1% QoQ, while PAT rose to ₹1,401.12 lakh, +345.6% YoY and +26.4% QoQ, reversing the weak ₹314.46 lakh PAT base in Q1FY26; however, impairment increased 168.4% YoY to ₹288.84 lakh, debt-equity rose to 2.65x from 2.51x, and EPS growth of 273.7% lagged PAT growth.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹77.14 Cr | +57.3% | +19.1% |
| Net profit | ₹14.01 Cr | +345.6% | |
| EPS | ₹0.71 | +273.7% | |
| EBIT margin | 0% |
P&L walk
Total income rose to ₹7,714.02 lakh, +57.3% YoY and +19.1% QoQ, while PAT reached ₹1,401.12 lakh, +345.6% YoY and +26.4% QoQ; the improvement was driven by higher interest income and operating profit before tax, partly offset by finance costs and impairment charges.
Segments
There are no reportable operating segments, and the subsidiary contributed nil revenue and nil PAT in Q1FY27; consolidated results therefore effectively reflect the parent NBFC.
Key positives
- Consolidated total income rose 57.3% YoY to ₹7,714.02 lakh and 19.1% QoQ, with interest income up 61.8% YoY to ₹7,644.06 lakh.
- Consolidated PAT increased 345.6% YoY to ₹1,401.12 lakh and 26.4% QoQ, extending the recovery from ₹314.46 lakh in Q1FY26.
- Standalone gross NPA improved to 1.91% from 2.37% YoY and net NPA to 1.63% from 2.02% YoY.
- Employee costs declined 14.2% YoY to ₹578.32 lakh while total income increased 57.3% YoY, supporting the sharp improvement in profit before tax to ₹1,881.55 lakh.
Key concerns
- Impairment on financial instruments increased 168.4% YoY to ₹288.84 lakh and 123.0% QoQ, indicating a materially higher credit-cost charge despite improved standalone NPA ratios.
- Debt-equity increased to 2.65x from 2.51x YoY and 2.43x QoQ, while finance costs rose 59.8% YoY to ₹4,127.87 lakh.
- Basic EPS increased 273.7% YoY to ₹0.71, materially below PAT growth of 345.6%, as paid-up equity capital rose to ₹1,981.62 lakh from ₹1,729.55 lakh.
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