Mufin Green Q4 FY26 Results (NSE: MUFIN)
Signal: Earnings grew
The read
Mufin Green delivered a standout Q4FY26: standalone PAT ₹11.09 Cr (+184.6% YoY) on revenue ₹64.77 Cr (+59.5% YoY), with net profit margin expanding to 17.12% (vs 9.58% YoY) – the 4th consecutive quarter of margin expansion. AUM grew 84.2% YoY to ₹1,530 Cr, funded by debt (debt securities + borrowings up 110% YoY) while asset quality improved (GNPA 1.94% vs 2.49% YoY, NNPA 1.65% vs 2.12% YoY). Full-year PAT ₹28.27 Cr (+39.4% YoY) with CAR at 32.37% providing ample headroom for continued growth. The trajectory shows accelerating profitability even as revenue growth normalises – a classic operating leverage story as fixed costs (employee + depreciation) grew only ~5% combined vs 60% revenue expansion.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹64.77 Cr | 59.5% | 22.3% |
| EBIT | ₹14.83 Cr | 207.6% | |
| Net profit | ₹11.09 Cr | 184.6% | |
| EPS | ₹0.63 | 162.5% | |
| EBIT margin | 22.88% |
P&L walk
Consolidated P&L mirrors standalone as subsidiaries are dormant/immaterial
Key positives
- Quarterly PAT of ₹11.09 Cr (+184.6% YoY) – highest ever quarterly profit, accelerating from prior quarters' growth rates
- Net profit margin expanded to 17.12% (Q4FY26) from 9.58% (Q4FY25) – 4th consecutive quarter of margin expansion
- AUM grew 84.2% YoY to ₹1,530 Cr driven by green financing focus
- Asset quality improved: GNPA 1.94% (down 55bps YoY), NNPA 1.65% (down 47bps YoY)
- Capital adequacy ratio at 32.37% (vs 30.88% YoY) – strong buffer for growth
- Full-year PAT ₹28.27 Cr (+39.4% YoY) on revenue ₹210.70 Cr (+30.1% YoY)
Key concerns
- Financing costs grew 64.8% YoY to ₹37.50 Cr – outpacing revenue growth, reflecting aggressive leverage
- Operating cash flow deeply negative at ₹(695) Cr for FY26 due to rapid loan book expansion – reliance on external funding
- Net debt jumped to ₹1,397.60 Cr from ₹703.67 Cr YoY – debt-equity at 2.43x remains elevated but improved from 3.24x in Q3FY26
- Dilution risk: 2.49 Cr shares issued at ₹98 in March 2026 – EPS growth of 162.5% was below PAT growth of 184.6%
- Impairment on financial instruments rose 58.6% YoY to ₹7.05 Cr for FY26 – absolute credit cost increasing with AUM
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