Mufin Green raises ₹100 cr debt at 11%, leaving ₹19 cr of board approval unused.
The secured NCDs, backed by receivables, mature in September 2027. The raise is 47.5% of Mufin's FY26 revenue.
— 4 earlier stories on Mufin Green Finance Ltd. →What's new
- Mufin Green allotted ₹100 cr of secured NCDs at 11% per annum, maturing September 12, 2027.
- The raise is 84% of the ₹119 cr the board approved in early June.
- The NCDs are secured by hypothecation of receivables and will list on BSE.
Why this matters
This is a significant capital raise for a ₹2,393 crore market-cap company. The 11% coupon pins down a cost of funds for about 15 months, a key input as Mufin pivots to higher-margin digital lending products.
What we're watching
- How quickly Mufin deploys the ₹100 cr into its digital lending book.
- Whether it taps the remaining ₹19 cr of board-approved headroom.
- The impact on FY27 interest costs and net interest margin.
The full read
Mufin Green Finance drew down ₹100 crore of the ₹119 crore its board approved in June, pricing the secured debt at 11% per annum. The debentures, backed by receivables, mature in September 2027 and will list on BSE. For a small-cap NBFC with a ₹2,393 crore market cap, the raise is 4.2% of equity value and represents 47.5% of FY26 revenue, making it a major balance-sheet event. The coupon sets a benchmark for the company's cost of funds as it executes its shift to high-margin digital lending. The leftover ₹19 crore from the board's approval remains untapped. The next test is deployment speed into the digital book.
Questions answered
- How does this allotment compare to the board's original approval?
- The board approved up to ₹119 crore in early June. The company has now allotted ₹100 crore, using 84% of that headroom in the first tranche.
- What is the cost and duration of this debt?
- The NCDs carry a fixed coupon of 11% per annum and mature on September 12, 2027, giving the company a defined cost of funds for about 15 months.
- How large is this raise relative to Mufin Green?
- The ₹100 crore raise is 4.2% of its ₹2,393 crore market cap and represents 47.5% of its FY26 revenue, a major addition to the balance sheet.
- What collateral secures these debentures?
- The NCDs are secured by hypothecation of the company's receivables and will be listed on the BSE, providing liquidity for investors.
Mufin Green Finance Ltd.
Latest quarter · Mar 2026
Leverage & growth
Story so far
All notes on MUFIN →- 9 Jun 2026 · 1:19 PM IST Mufin Green raises ₹100 cr debt at 11%, leaving ₹19 cr of board approval unused.
- 9d ago Mufin Green Finance targets 300% profit growth for FY27
- 11d ago Mufin Green Finance raises ₹119 cr, a sum bigger than half its annual revenue
- 23d ago Mufin Green Finance AUM surges 84% to ₹1,541 cr, profit jumps 39% in FY26
- 23d ago Mufin Green Finance posts 39% profit jump in FY26 as Q4 accelerates, NPAs shrink