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The rating agency for this Bond is ACUITE.
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Mufin Green Finance Ltd. Oct '27
₹9,899.47YTM
11.40%Tenure left
13 monthsInterest payout
MonthlyPrincipal payout
BulletBond details
Minimum investment₹9,899.47
Date of maturity21 Oct 2027
ISININE08KJ07217
Bond typeSenior
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About
Mufin Green Finance Limited (MGFL), formerly known as APM Finvest Limited, is an RBI-registered Non-Banking Financial Company Non-Deposit Taking (NBFC-ND) incorporated on May 13, 2016, in Rajasthan. The company was acquired by Hindon Mercantile Limited (HML) in March 2022 and became a subsidiary within the Mufin group, with HML holding a 54.31% stake as of March 2025. Under the leadership of Managing Director Mr. Kapil Garg, MGFL specializes in financing the electric vehicle (EV) ecosystem, including various battery-powered vehicles and charging infrastructure. The group has cumulatively financed over 80,000 electric vehicles since 2016;
Pros and Cons
Pros
Cons
The company maintains comfortable capitalization levels, with a consolidated net worth of Rs. 702.22 crore as of FY25 and a Capital Adequacy Ratio (CAR) of 25.99 percent.
The entity receives strong financial, operational, and managerial support from its parent company, Hindon Mercantile Limited, which holds a controlling 54.31% stake.
The business has demonstrated sustained growth in its assets under management (AUM), expanding to Rs. 1,041.15 crore in FY25 while maintaining stable asset quality metrics.
Management possesses rich domain expertise in electric vehicle financing, having successfully financed more than 80,000 e-vehicles since 2016.
The liquidity profile remains adequate, featuring a well-matched asset-liability maturity profile with no negative cumulative mismatches across time buckets and Rs. 150.09 crore in cash and cash equivalents as of March 31, 2025.
Other details
Clean price₹9,913.17
Dirty price₹9,899.47
Current yield11.40%
Security cover--
Issue size120.50Cr
Original bond tenure15 months
TrusteeVardhaman Trusteeship Private Limited
Mode of issueNCD
Listed onNSE
Listing date20 Jul 2026
Coupon rate10.00%
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