Mufin Green Finance Ltd

AGM Details

• Date and time: 28 September 2026, 3:30 PM IST.
• Mode: VC/OAVM (video conferencing).
• Record date: 21 September 2026.
• Duration: 3:30 PM to 4:17 PM.

Key Resolutions and Outcomes

• Resolution 1 (Ordinary): Adopt standalone and consolidated financial statements; passed.
• Resolution 2 (Ordinary): Re-appoint non-executive director on rotation; passed.
• Resolution 3 (Ordinary): Approve material RPT with related party A; passed.
• Resolution 4 (Ordinary): Approve material RPT with related party B; passed.
• Resolution 5 (Ordinary): Approve material RPT with related party C; passed.
• Resolution 6 (Ordinary): Approve material RPT with related party D; passed.

Dividend

• Dividend: No dividend proposed or declared.

Director Changes

• Rotational reappointment of a Non-Executive Director.

Material Related Party Transactions

• Six material RPTs approved with six counterparties; values not disclosed.

Other Material Approvals

• No other material approvals announced beyond RPTs.

Mufin Green Finance Ltd — Trading Window closed from 1 October 2026 till 48 hours after the declaration of unaudited standalone and consolidated financial results for the quarter ending on September 30, 2026

AGM Details

• AGM held on 28 Sep 2026 at 3:30 PM IST via VC/OAVM.
• Meeting concluded at 4:17 PM IST including e-voting time.
• Chair presided by independent director due to chairman's absence.
• Remote e-voting: 25–27 Sep 2026; voting at AGM.

Resolutions Presented

• Resolution 1 (Ordinary): Adoption of standalone and consolidated financial statements for FY2026.
• Resolution 2 (Ordinary): Re-appointment of Mrs. Srishti Agarwal as Non-Executive Director.
• Resolution 3 (Ordinary): Approval of material related party transactions with Hindon Mercantile Limited.
• Resolution 4 (Ordinary): Approval of material related party transactions with BimapayFinsure Private Limited.
• Resolution 5 (Ordinary): Approval of material related party transactions with Gyftr Limited.
• Resolution 6 (Ordinary): Approval of material related party transactions with Vouchagram India Private Limited.

Director Changes

• Srishti Agarwal re-appointed as Non-Executive Director; retires by rotation.

Related Party Transactions

• Material RPT with Hindon Mercantile Limited.
• Material RPT with BimapayFinsure Private Limited.
• Material RPT with Gyftr Limited (formerly LKP Finance Limited).
• Material RPT with Vouchagram India Private Limited.

Governance & Scrutiny

• Scrutinizer appointed: Abhay Kumar, Practicing Company Secretary, for e-voting scrutiny.

Listing details

• Final listing approval received from India INX Global Securities Market for USD 6,000,000 4.50% senior notes due 2029.
• Issue size USD 6,000,000; coupon 4.50% plus SOFR; maturity 11 September 2029.
• Credit rating CareEdge: B/Stable; ISIN INIFD1005039; security symbol 4500MGFL0929.
• Listing on India INX Global Securities Market; trading begins 22 September 2026; minimum denomination 10 bonds.
• Issue Date 11 September 2026.

Rating details

• Instrument: Foreign Currency Bonds (USD 10 million).
• Rating: CareEdge B/Stable; Action: Assigned.
• Agency: CareEdge Global IFSC Limited.

Rationale

• CAR 32.1% as of 31 Mar 2026, well above 15% minimum.
• Gearing 2.4x as of 31 Mar 2026 provides growth headroom.
• Diversified funding from over 40 lenders across instruments.
• Technology-driven branchless model supports scalable origination and efficiency.
• Modest scale and limited vintage of newer segments; profitability moderate.
• GNPA 1.9%, NNPA 1.7% (Mar 31, 2026).
• Liquidity adequate; Rs 1.5 billion unencumbered; ALM positive; securitisation access.
• Outlook: Stable.

Outlook

• Stable outlook.

Sensitivity

• Upward: significant AUM growth with asset quality maintained.
• Upward: sustained profitability improvement.
• Downward: gearing sustained above 4x.
• Downward: deterioration in mediclaim portfolio with NNPA >0.5%.
• Downward: weaker funding access affecting capital structure.

Material changes

• New rating assigned; no prior MGFL rating in this agency history.

Financial highlights

• AUM 15.4 billion; GNPA 1.9%; NNPA 1.7% (Mar 31, 2026).
• CAR 32.1%; NIM 5.7%; RoMA 1.9%; Cost to income 50.2%.

ESOP Grant Details

• NRC approved grant of 8,53,484 ESOPs under ESOP 2023 to eligible employees.
• Exercise price fixed at Rs 70 per option.
• Options may be exercised within two years from vesting.
• Options vested: Not Applicable.
• Options exercised: Yet to be exercised.
• Scheme complies with SEBI Regulations 2021.

Key Update

• Subsidiary had no operational activity in the June quarter.
• Consolidated figures remain identical to standalone results after consolidation.

ECB bond private placement

• Committee approved private placement of up to 600 USD-denominated senior, listed non-convertible ECB bonds, USD 6 million.
• Bonds have face value USD 10,000 each and will be issued in dematerialised form on private placement.
• Meeting timing: Committee meeting held September 11, 2026, from 8:00 PM to 8:30 PM IST.

Allotment details

• Management Committee approves allotment of up to 600 USD-denominated senior NCDs under ECB framework.
• Face value USD 10,000 each, aggregate up to USD 6,000,000, dematerialised, private placement.