📉 The Financial Deep Dive
The Numbers:
Mufin Green Finance Limited has announced its Q3 FY26 financial results, showcasing top-line and bottom-line growth. Standalone revenue from operations stood at ₹ 5,592.73 Lakhs, marking a significant 30.03% YoY increase from ₹ 4,308.70 Lakhs in Q3 FY25, and a 7.93% QoQ rise from ₹ 5,181.64 Lakhs in Q2 FY26. Standalone Profit After Tax (PAT) reported ₹ 700.83 Lakhs, up 15.69% YoY from ₹ 605.77 Lakhs in Q3 FY25 and 15.65% QoQ from ₹ 606.00 Lakhs in Q2 FY26. Basic Earnings Per Share (EPS) grew 8.11% YoY to ₹ 0.41.
On a consolidated basis, revenue from operations for Q3 FY26 was ₹ 5,592.73 Lakhs, an 15.17% YoY increase compared to ₹ 4,856.03 Lakhs in Q3 FY25, with a 4.58% QoQ growth from ₹ 5,347.68 Lakhs in Q2 FY26. Consolidated PAT demonstrated stronger growth at ₹ 700.53 Lakhs, up 22.05% YoY from ₹ 573.97 Lakhs in Q3 FY25 and an impressive 25.36% QoQ from ₹ 558.80 Lakhs in Q2 FY26. Consolidated EPS rose 17.14% YoY to ₹ 0.41.
For the nine months ended December 31, 2025, consolidated PAT stood at ₹ 1,717.52 Lakhs, with a basic EPS of ₹ 1.01.
The Quality:
While revenue and profit growth are positive indicators, a closer look at the balance sheet reveals increased financial leverage. The consolidated Debt-Equity ratio has climbed significantly to 3.24 as of December 31, 2025, up from 2.53 in the previous year. The standalone Debt-Equity ratio shows a similar trend, rising to 3.24 from 2.48 YoY. The ratio of Total Debts to Total Assets has also increased to 0.73 for both consolidated and standalone figures, from 0.68 in the prior year.
This elevated leverage is reflected in the company's finance costs. Consolidated Finance Costs for Q3 FY26 surged by 49.82% YoY to ₹ 3,538.80 Lakhs, from ₹ 2,361.78 Lakhs in Q3 FY25. This sharp increase in interest expenses, coupled with higher debt levels, could pressure future profitability and cash flows.
The Grill:
The Board of Directors also approved alterations to the Articles of Association concerning the Clause for Nominee Director. This alteration is subject to shareholder approval via Postal Ballot, indicating a governance step requiring stakeholder consent.
🚩 Risks & Outlook:
The primary concern for investors is the substantial increase in leverage. The higher Debt-Equity and Debt-to-Assets ratios, combined with a significant rise in finance costs, point to increased financial risk. Investors should closely monitor the company's debt servicing capacity, its strategy for managing this higher debt burden, and future borrowing plans. Sustained high finance costs could erode profitability despite revenue growth. The company's ability to generate sufficient cash flow to service its debt will be critical in the coming quarters. Shareholders will vote on the proposed amendments to the Articles of Association, which could impact board composition or oversight.