Mufin Green Finance Ltd secured an Authorised Dealer Category-II licence from the Reserve Bank of India on Friday, unlocking a direct pipeline into foreign exchange conversion and cross-border remittance services. The regulatory clearance lands alongside stellar quarterly earnings, with second-quarter net profit leaping 149% to ₹15.06 crore.
On the BSE, shares of Mufin Green Finance slipped ₹2.50, or 1.78%, to close at ₹138.00 in Friday trade amid broader market churning.
The central bank's AD-II approval allows the non-banking financial company to process outward remittances under the Liberalised Remittance Scheme. Target flows include payments for overseas education, medical treatment abroad, personal travel, family maintenance, and small-ticket trade transactions across the country.
Unlike traditional vehicle financing, cross-border remittance requires negligible balance-sheet leverage. The company intends to monetize existing consumer touchpoints through transaction fees and service commissions, dampening its reliance on net interest income while boosting return on equity.
Outbound and foreign travel from India is rising steadily, and customers increasingly expect forex and remittance services to be simple, transparent and digital," said Kapil Garg, Managing Director of Mufin Green Finance. "The AD
II licence lets us cater to this growing demand within a regulated framework and extend our ecosystem beyond credit into fee-based services. With this new vertical working alongside our lending business, we see our revenue doubling over the coming year."
Financial disclosures filed for the quarter ended September 30 reveal sweeping topline growth. Total income surged 83% year-on-year to ₹89.58 crore in Q2 FY27, up from ₹48.89 crore in the year-ago period. First-half earnings showed similar velocity, with net profit touching ₹29.07 crore compared to ₹10.17 crore logged during H1 FY26.
| Operational & Balance Sheet Metrics | Value / Ratio | Prior Period Benchmark |
|---|---|---|
| Q2 FY27 Total Income | ₹89.58 crore | ₹48.89 crore (Q2 FY26) |
| Q2 FY27 Net Profit | ₹15.06 crore | ₹6.06 crore (Q2 FY26) |
| H1 FY27 Net Profit | ₹29.07 crore | ₹10.17 crore (H1 FY26) |
| Loan Book Assets | ₹1,754 crore | ₹1,530 crore (March 31, 2026) |
| Gross Non-Performing Assets (GNPA) |
Asset quality improved in tandem with balance sheet growth. Gross non-performing assets dropped 60 basis points to 1.77%, down from 2.37% twelve months prior. Capital buffers remained elevated, with the capital adequacy ratio clocking in at 27.73%.
The cross-border rollout builds upon an aggressive multi-quarter balance sheet expansion. The company previously absorbed APM Finvest in a ₹76 crore transaction to construct an integrated electric-vehicle financing ecosystem, alongside raising an $18 million debt round from the U.S. International Development Finance Corporation.
With PPI wallet approvals and cross-border money transfer clearance now secured from AirNews Road, management is targeting nationwide deployment of its outward transfer operations over the next fiscal quarters.
| 1.77% |
| 2.37% (A year earlier) |
| Capital Adequacy Ratio (CAR) | 27.73% | Well above regulatory floors |
| BSE Closing Share Price | ₹138.00 | Down 1.78% (-₹2.50) |