Mufin Green Finance542774Quarterly results
Board approves results, 23% Bimapay stake, 20% Arthum stake and related-party postal ballot
MOU with Avyayam Infotech (Arthum) to lend small ticket loans on its platform; proposes to buy 20% of Arthum.
By ScoutQuest · · 3 min read
| Line item | Latest | Year ago | YoY | Prev qtr | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 8,667.94 | 4,872.09 | +77.9% | 7,686.19 | +12.8% |
| Total income | 8,958.39 | 4,889.24 | +83.2% | 7,714.02 | +16.1% |
| Profit before tax | 1,947.24 | 825.44 | +136% | 1,881.55 | +3.5% |
| Profit after tax | 1,506.23 | 606.00 | +149% | 1,401.12 | +7.5% |
| Total comprehensive income | 1,886.45 | 608.44 | +210% | 1,097.51 | +71.9% |
| Basic EPS | 0.76 | 0.35 | +117% | 0.71 | +7% |
- Total income YoY growth
- +83.2%
- Period
- Quarter ended 30-Sep-26 (Unaudited)
Also decided at the meeting
- Approved MOU with Avyayam Infotech Private Limited (Arthum) to jointly run a program extending small ticket loans to labourers, workers and contractors on Arthum's platform.
- Proposed acquisition of up to 20% equity of Arthum for cash consideration; cost to be finalised in definitive agreements.
- Approved acquisition of up to 23% equity of Bimapay Finsure Private Limited (related party) for cash consideration of INR 65,74,85,400/-, expected in 3-4 months.
- Approved Notice of Postal Ballot seeking shareholders' prior approval of material related party transactions.
- Approved appointment of Mr. Abhay Kumar as Scrutinizer for the Postal Ballot process.
Auditor's review
Conclusion: Unmodified
Notes to the results
- Secured NCDs amounting to ₹68,900.00 lakhs, outstanding ₹66,168.34 lakhs incl. interest accrued of ₹1,018.34 lakhs as at September 30, 2026, with security cover of 1-1.15 times.
- Loans (not in default) acquired through assignment during the quarter: Rs. 2,676.73 lakhs; loans transferred: Rs. 2,091.74 lakhs.
Board meeting outcome: five decisions
The Board of Directors met on November 5, 2026 from 3:30 p.m. to 4:35 p.m. and approved the items below.
Financial results reviewed
- The Board approved the Unaudited Standalone and Consolidated Financial Results for the quarter and half year ended September 30, 2026, on the recommendation of the Audit Committee.
- The statutory auditor, Gaur & Associates, reviewed the standalone results and stated that nothing has come to its attention that causes it to believe the statement contains a material misstatement. That is an unqualified review conclusion.
- Standalone figures (Rs. in lakh), quarter ended September 30, 2026: Revenue from operations 8,667.94, Total Income 8,958.39, Profit before tax 1,947.24, Profit for the period 1,506.23. Half year ended September 30, 2026: Total Income 16,672.41 and Profit for the period 2,907.35.
- Earnings per share (face value Re. 1 per share) for the quarter was 0.76 basic and 0.75 diluted.
Technology tie-up and 20% of Arthum
- The Board approved a Memorandum of Understanding with Avyayam Infotech Private Limited (Arthum), which owns and operates an enterprise resource planning and workforce management technology platform used by corporates to manage contractors and the labour deployed by them.
- The two will jointly establish and operate a programme under which Mufin Green Finance will extend small ticket loans to labourers, workers and contractors associated on the Arthum platform.
- It is also proposed to acquire 20% of Arthum's issued, subscribed and paid-up equity share capital, on terms to be mutually agreed in the definitive agreements.
- This is not a related party transaction; the promoter, promoter group and group companies have no interest in Arthum. Consideration is cash, to be finalised on finalisation of the definitive agreements. The indicative time period for completion is 1-4 years.
- Arthum was incorporated on 29th August 2023. Turnover: FY 2023-24 Rs. 26.36 Lakhs, FY 2024-25 Rs. 140.94 Lakhs, FY 2025-26 Rs. 177.45 Lakhs.
23% of Bimapay Finsure
- The Board approved acquisition of 23% of the issued, subscribed and paid-up equity share capital of Bimapay Finsure Private Limited, on terms to be mutually agreed in the definitive agreements.
- Bimapay is a subsidiary of the Promoter Company and is therefore a related party of the company. The transaction is stated to be on an arm's length basis.
- Consideration is cash: an aggregate purchase consideration of INR 65,74,85,400/- (Rs. Sixty Five Crore Seventy Four Lakh Eighty Five Thousand Four Hundred Only).
- Completion is expected in the next 3-4 months, subject to customary conditions precedent and relevant regulatory approvals, if any.
- Bimapay is in Information Technology and IT-enabled services and is described as the company's fintech partner. It was incorporated on 8th April 2022. Turnover: FY 2023-24 Rs. 92.75 Lakhs, FY 2024-25 Rs. 321.71 Lakhs, FY 2025-26 Rs. 1,163 Lakhs, with a profit before tax of Rs. 113.75 Lakhs in FY 2025-26.
Postal ballot
- The Board approved the Notice of Postal Ballot seeking shareholders' prior approval of material related party transactions, and approved the appointment of Mr. Abhay Kumar as Scrutinizer for the postal ballot process.
What a retail shareholder can take away
- Two minority investments are being made in technology and fintech businesses: up to 20% in Arthum, a platform that reaches contract labour, and up to 23% in Bimapay, an existing fintech partner. Both are cash consideration and both sit at the level of a minority stake rather than control.
- The larger cheque is for Bimapay at INR 65,74,85,400/-. Because Bimapay is a promoter subsidiary, this is a related party transaction, and shareholders will be asked to give prior approval to material related party transactions through a postal ballot.
- For scale, the standalone unaudited balance sheet at September 30, 2026 shows Total Assets of 2,39,690.13 lakh, of which Loans are 1,75,414.14 lakh, funded by Debt Securities of 81,616.59 lakh and Borrowings (other than debt securities) of 92,953.93 lakh. Equity share capital is 1,981.62 lakh.
23%Bimapay Finsure stake being acquired
8,667.94 (Rs. in lakh)Revenue from operations, latest quarter
Standalone Profit for the period, half yearRs. 2,907.35 lakh
Profit before tax, latest quarter1,947.24 (Rs. in lakh)
Standalone Profit for the periodRs. 1,506.23 lakh
Profit after tax, latest quarter1,506.23 (Rs. in lakh)
Profit before tax, year-ago quarter825.44 (Rs. in lakh)
Also from Mufin Green Finance
Monitoring agency finds no deviation in use of preferential issue proceeds
5 Nov 2026
Board meeting on November 05, 2026 to consider and approve Q2 and H1 results
30 Oct 2026
More numbers
- Cash consideration for 23% of Bimapay FinsureINR 65,74,85,400/-
- Bimapay Finsure stake being acquiredUpto 23%
- Arthum (Avyayam Infotech) stake proposedUpto 20%
- Standalone Profit for the period, half year FY27Rs. 2,907.35 lakh
- Bimapay Finsure turnover, FY 2025-26Rs. 1,163 Lakhs
- Arthum turnover, FY 2025-26Rs. 177.45 Lakhs
- Total income, latest quarter8,958.39 (Rs. in lakh)
- Total income, year-ago quarter4,889.24 (Rs. in lakh)
- Total income, previous quarter7,714.02 (Rs. in lakh)
- Total comprehensive income, latest quarter1,886.45 (Rs. in lakh)
- Total comprehensive income, year-ago quarter608.44 (Rs. in lakh)
- Total comprehensive income, previous quarter1,097.51 (Rs. in lakh)
- Profit after tax, latest quarter1,506.23 (Rs. in lakh)
- Profit after tax, year-ago quarter606.00 (Rs. in lakh)
- Profit after tax, previous quarter1,401.12 (Rs. in lakh)
- Revenue from operations, latest quarter8,667.94 (Rs. in lakh)
- Revenue from operations, year-ago quarter4,872.09 (Rs. in lakh)
- Revenue from operations, previous quarter7,686.19 (Rs. in lakh)
- Profit before tax, latest quarter1,947.24 (Rs. in lakh)
- Profit before tax, year-ago quarter825.44 (Rs. in lakh)
- Profit before tax, previous quarter1,881.55 (Rs. in lakh)
- bimapay_purchase_considerationINR 65,74,85,400/-
Source: BSE · 5 Nov 2026
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