Mufin Green Finance posts 39% profit jump in FY26 as Q4 accelerates, NPAs shrink
The micro-cap NBFC reported revenue of ₹210.4 cr and net profit of ₹28.3 cr, with net NPA falling to 1.65% and net worth doubling to ₹571 cr.
— 1 earlier story on Mufin Green Finance Ltd. →What's new
- Q4 net profit more than doubled to ₹11.1 cr from ₹3.9 cr a year ago.
- Gross NPA ratio improved to 1.94% from 2.49%; net NPA to 1.65%.
- Net worth doubled to ₹571.2 cr after preferential allotment.
Why it matters
Strong growth with improving asset quality and capital adequacy suggests the company is scaling efficiently. The Q4 acceleration is particularly noteworthy for a micro-cap NBFC. However, maintaining this trajectory will require disciplined underwriting as the loan book grows.
What we're watching
- Whether the growth momentum continues into FY27.
- How asset quality holds as the book expands.
- Any further capital raises given the doubled net worth.
The full read
Mufin Green Finance delivered a strong FY26, with standalone revenue up 30.7% to ₹210.4 crore and net profit up 39.3% to ₹28.3 crore, driven by a sharp fourth quarter where profit tripled to ₹11.1 crore. Asset quality improved meaningfully, with gross NPAs falling from 2.49% to 1.94% and net NPAs from 2.12% to 1.65%. The balance sheet strengthened further: net worth more than doubled to ₹571.2 crore following a preferential allotment, and the capital adequacy ratio stood at 32.37% — far above regulatory minimum. The unmodified audit opinion adds credibility. For a micro-cap NBFC, these numbers show a company that is scaling rapidly without sacrificing loan quality. The key challenge now is sustaining this performance as the loan book grows and competition in the green finance space intensifies.