Mufin Green Finance Limited · NSE:MUFIN
Mufin Green Finance — Q2 FY27 Earnings Presentation
31 slides from Mufin Green Finance's earnings presentation, Nov 5, 2026
Slide 1: Exchange filing cover letter
November 05, 2026 To, To, BSE Limited National Stock Exchange of India Limited Corporate Relationship Department Listing Department P. J. Towers, Dalal Street, Exchange Plaza, Bandra - Kurla Complex, Fort, Mumbai – 400 001 Bandra (East), Mumbai - 400 051 Scrip Code 542774 Symbol: MUFIN Sub: Investor
Slide 2: Mufin Green Finance Limited Q2 & H1 FY27 Investor Presentation
Q2 & H1 FY27 · INVESTOR PRESENTATION Mufin Green Finance Limited (also known as “MGFL”) Building India's premier digital lending NBFC — driven by technology, scale and responsible growth. Quarter and half-year ended 30 September 2026 ACUITÉ CRISIL RB I A– (Stable) A+ (SO) · Mediclaim pool Registered
Slide 3: Disclaimer
IMPORTANT NOTICE Disclaimer General notice Not an offer This presentation has been prepared by Mufin Green Finance Limited ("MGFL" It does not constitute an offer, invitation or recommendation to purchase or or the "Company") solely for information purposes and may not be reproduced, subscribe for a
Slide 4: What this presentation covers
CONTENTS What this presentation covers 01 05 Q2 FY27 at a glance Cost of funds outlook Headline numbers and the portfolio shift Trend, drivers and FY27 path to <10.5% by Mar FY27 02 06 What is driving AUM growth Asset quality Growth bridge by vertical and disbursement mix GNPA / NNPA trend 03 07 Med
Slide 5: Q2 FY27 at a glance
E X E C U T I V E SU M M A R Y · Q 2 F Y 2 7 Q2 FY27 at a glance KEY HIGHLIGHTS ₹1,766.07 Cr ₹590.51 Cr ₹33.27 Cr ₹19.47 Cr • Mediclaim Financing AUM ₹686.90 Cr GROSS AUM (SEP-26) DISBURSEMENTS NET INTEREST PROFIT BEFORE TAX INCOME • Salary Saathi AUM ₹90.61 Cr; live in 2 states vs ₹1,599.23 Cr Jun-
Slide 6: The book is tilting towards Mediclaim and Salary Saathi
ST R A T E G I C SH I F T The book is tilting towards Mediclaim and Salary Saathi AUM by vertical (₹ Cr) Share of AUM Mar-26 Jun-26 Sep-26 2,000 Mediclaim financing 39.4% 42.3% 38.9% 1,800 Salary Saathi 1.7% 3.3% 5.1% 1,600 338 Focus verticals 41.1% 45.6% 44.0% 1,400 411 MSME, Corporate & Other 459
Slide 7: Traditional vs digital lending: what changes
DIGITAL LENDING · THE MODEL Traditional vs digital lending: what changes WHAT IS DIGITAL LENDING We lend where the customer already is — at the insurer’s checkout or through their employer’s payroll — and approve, disburse and collect the loan digitally, with no branch or field force in between. WHA
Slide 8: Secure, Scalable & Digital: 4% of AUM on digital lending
DIGITAL LENDING · OUR PRODUCTS Secure, Scalable & Digital: 44% of AUM on digital lending Secure Scalable Digital • Secure: recovery built in through payroll deduction • No field force: 10+ insurer integrations and state • Paperless application; policy- and payroll-verified (Salary Saathi) payroll Mo
Slide 9: What is driving AUM growth
02 What is driving AUM growth Growth bridge by vertical and where new money is going MUFIN GREEN FINANCE LIMITED | Q2 & H1 FY27 INVESTOR PRESENTATION NSE: MUFIN | BSE: 542774
Slide 10: AUM trajectory: scale with consistent quarterly growth
WHAT IS DRIVING AUM GROWTH AUM trajectory: scale with consistent quarterly growth Net AUM and quarterly disbursements (₹ Cr) 2,000 71.8% 1,766 AUM GROWTH YOY 1,800 1,599 Sep-26 vs ₹1,028 Cr in Sep-25 1,600 1,541 1,400 1,200 1,156 1,028 1,000 944 800 700 600 449 591 10.4% 360 387 AUM GROWTH QOQ 400 3
Slide 11: Mediclaim financing
03 Mediclaim financing Market, mechanics, performance, portfolio quality and roadmap MUFIN GREEN FINANCE LIMITED | Q2 & H1 FY27 INVESTOR PRESENTATION NSE: MUFIN | BSE: 542774
Slide 12: A fast-growing market that prefers to pay monthly
M E D I C L A I M F I N A N C I N G · M A R K E T O P P O R T U NI T Y A fast-growing market that prefers to pay monthly 31% 40–45% 20–25% 0% YoY growth in retail health of first-time health buyers choose expected annual growth in premium GST on individual health policies premiums, April 2026 monthl
Slide 13: Product mechanics and unit economics
MEDICLAIM FINANCING · HOW IT WORKS Product mechanics and unit economics 1 2 3 Customer buys a health MGFL pays the full Customer repays in EMIs policy premium at the insurer's checkout or a to the insurer upfront — over 2–36 months, fully digital partner hospital insurer gets cash day one collection
Slide 14: Monthly disbursements: FY27 running well ahead of FY26
M E D I C L A I M FI N A N C I N G · Q 2 F Y 2 7 P E R F O R M ANC E Monthly disbursements: FY27 running well ahead of FY26 Disbursement amount by month (₹ Cr) Loans disbursed by month (count) 100 20,000 88.8 88.8 17,638 90 18,000 17,203 83.1 16,074 80 75.2 75.5 16,000 14,502 71.5 14,194 68.9 13,781
Slide 15: Salary Saathi
04 Salary Saathi Payroll-linked credit for government and contract workforce MUFIN GREEN FINANCE LIMITED | Q2 & H1 FY27 INVESTOR PRESENTATION NSE: MUFIN | BSE: 542774
Slide 16: Salary Saathi: payroll-linked government lending
SALARY SAATHI Salary Saathi : payroll-linked government lending State MoU Salary Saathi AUM (₹ Cr) Government signs MoU; payroll deduction enabled 100 1.7× 90.61 AUM GROWTH IN Q2 FY27 90 ₹ 52.97 Cr → ₹90.61 Cr 80 Digital application Employee applies; payroll-verified underwriting 70 60 52.97 50 Same
Slide 17: State-wise disbursements: Assam scaling alongside Rajasthan
SALARY SAATHI · Q2 FY27 PERFORMANCE State-wise disbursements: Assam scaling alongside Rajasthan Monthly disbursement by state (₹ Cr) 30 ₹65.79 Cr 2.1× Q2 FY 2 7 D I SB U R SE D R AJ AST H A N QO Q +72.2% QoQ ₹24.24 Cr → ₹50.95 Cr 25 4.35 6.17 State Q4 FY26 Q1 FY27 Q2 FY27 QoQ 20 Rajasthan ₹25.41 Cr
Slide 18: Salary Saathi - Project Arthum
Salary Saathi · NEW CHANNEL FOR FY28 Salary Saathi - Project Arthum 1 2 3 4 Worker on Arthum ERP Data-led credit check Instant Access to Earned Deduction at Source Salary contractor runs attendance attendance, wages, tenure MGFL disburses against wages auto-debited by Standing and payroll on our pla
Slide 19: Climate Financing in managed run-down
CLIMATE FINANCING Climate Financing in managed run-down Climate financing: AUM and disbursements (₹ Cr) 450 ₹338.47 Cr ₹59.20 Cr 411 AU M · SE P - 2 6 Q2 D I SB U R SE M E NT S 400 −17.6% QoQ +15.1% QoQ 350 338 300 250 200 150 100 59 Strategy: run down, recycle cash 51 50 No new push on volume. The
Slide 20: Cost of funds outlook
05 Cost of funds outlook Trend, drivers and the path below 10.5% MUFIN GREEN FINANCE LIMITED | Q2 & H1 FY27 INVESTOR PRESENTATION NSE: MUFIN | BSE: 542774
Slide 21: Cost of borrowings: targeting 10.5%
C O ST O F F U N D S · O U T L O O K Cost of borrowings: targeting 10.5% Cost of borrowings (%) 15.0 11.96% 10.5% Q2 FY 2 7 C O B M AR ' 2 7 O U T L O O K −116 bps vs Sep'25 Management target 14.0 13.12 13.0 WHAT TAKES IT BELOW 10.5% 12.15 11.96 Rating momentum 12.0 A− maintained, with an upgrade to
Slide 22: Diversified borrowings and a comfortable liquidity position
L I A B I L I T Y F R A N C H I SE Diversified borrowings and a comfortable liquidity position Borrowing mix (% of borrowings) Borrowings & Lenders Jun-26 Sep-26 100% 10 10 11 Total borrowings ₹1,550.99 Cr ₹1,745.71 Cr 90% Number of lenders 32+ 35+ 15 16 80% 19 70% 8 18 HOW THE MIX SHIFTED SINCE MAR
Slide 23: Asset quality: steady improvement
06 Asset quality : steady improvement GNPA and NNPA trend MUFIN GREEN FINANCE LIMITED | Q2 & H1 FY27 INVESTOR PRESENTATION NSE: MUFIN | BSE: 542774
Slide 24: Asset quality: steady improvement across stages
A SSE T Q U A L I T Y · T R E N D Asset quality: steady improvement across stages GNPA and NNPA (%) 3.0 1.77% 1.50% G R O SS NP A · Q2 FY 2 7 NE T NP A · Q2 FY 2 7 2.50 −14 bps QoQ −13 bps QoQ 2.5 2.24 2.13 1.91 1.94 1.91 2.0 TREND SINCE Q4 FY25 1.77 1.65 1.63 1.50 GNPA down 73 bps 1.5 From 2.50% in
Slide 25: Operating leverage
07 Operating leverage Productivity today and the operating leverage ahead MUFIN GREEN FINANCE LIMITED | Q2 & H1 FY27 INVESTOR PRESENTATION NSE: MUFIN | BSE: 542774
Slide 26: Productivity: AUM per employee
OPERATING LEVERAGE · TREND Productivity: AUM per employee AUM per employee vs headcount 7.0 800 306 HEADCOUNT (SEP-26) 5.77 700 6.0 367 in Jun-26 600 5.0 499 4.36 454 500 4.0 426 3.67 367 400 420 3.0 2.71 306 300 2.26 2.0 1.89 200 ₹5.77 Cr AUM PER EMPLOYEE 1.0 100 ₹4.36 Cr in Jun-26 0.0 0 Q1 FY26 Q2
Slide 27: Financials & outlook
08 Financials & outlook P&L, ROA tree, balance sheet and FY27 scorecard MUFIN GREEN FINANCE LIMITED | Q2 & H1 FY27 INVESTOR PRESENTATION NSE: MUFIN | BSE: 542774
Slide 28: Profit and loss summary (Standalone)
F I N A N C I A L S · P R O F I T A N D L O SS Profit and loss summary (Standalone) ₹ Cr Q2 FY27 Q2 FY26 YoY H1 FY27 H1 FY26 YoY FY26 Interest income 86.18 47.81 80.2% 162.62 91.18 78.4% 206.98 Interest expenses 52.91 25.98 103.7% 94.18 51.41 83.2% 120.05 Net interest income 33.27 21.84 52.4% 68.44
Slide 29: Earnings momentum: NII and PBT trend
FINANCIALS · PROFITABILITY Earnings momentum: NII and PBT trend Net interest income (₹ Cr) Profit before tax (₹ Cr) 40 25 35.16 35 33.27 20 19.47 18.82 30 26.31 25 14.83 15 21.84 20.85 20 17.93 10 9.40 15 8.25 10 5.50 5 5 0 0 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 Q1 FY26 Q2 FY26 Q3 FY26 Q4
Slide 30: Balance sheet (Standalone) and capital: ample headroom to grow
F I N A N C I A L S · B A L A N C E SH E E T Balance sheet (Standalone) and capital: ample headroom to grow ₹ Cr Sep-26 Mar-26 Capital adequacy (CRAR %) 40 Loan book (AUM) 1,766.07 1,541.17 35 32.37 Total borrowings 1,745.71 1,397.60 30.88 30.55 30 27.73 Net worth 604.72 574.70 25 Total assets 2,396
Slide 31: Thank you
Thank you Building India's premier digital lending NBFC — driven by technology, scale and responsible growth. INVESTOR RELATIONS Vishwas Kumar — Investor Relations Manager (Equity) ir@mufinfinance.com · www.mufingreenfinance.com 202, 2nd Floor, Best Sky Tower, Netaji Subhash Place, Pitampura, New De