MUFIN posts Rs 14.01 cr profit as interest absorbs operating earnings
The consolidated quarter had a 78.61% operating margin; management also flagged six-plus state MoUs and expansion of its Salary Saathi model.
Filed 11 Aug 2026, 17:20 IST · after market close · MUFIN (MUFIN)
Key takeaways
- MUFIN reported a consolidated operating margin of 78.61% in Q1FY27, but interest of Rs 41.28 cr absorbed much of its operating earnings.
- Net profit was Rs 14.01 cr after a 25.53% tax rate, while other income of Rs 0.28 cr was not a material profit driver.
- Management said six-plus state government MoUs are in progress as the Salary Saathi distribution model expands beyond Rajasthan and Assam.
Interest was the main drag below operating profit
MUFIN's consolidated operating profit of Rs 60.42 cr converted into profit before tax of Rs 18.82 cr mainly after interest of Rs 41.28 cr. Depreciation was limited to Rs 0.61 cr, so financing cost rather than depreciation explains most of the gap between operating and pre-tax profit.
Reported profit was not dependent on other income
Other income was Rs 0.28 cr against profit before tax of Rs 18.82 cr, making it a small contributor to the quarter's earnings. Tax of Rs 4.8 cr at a 25.53% tax rate further reduced pre-tax profit to net profit of Rs 14.01 cr.
Management flags wider distribution reach and EV controls
Management said six-plus state government MoUs are in progress. The company told analysts that its Salary Saathi model is scaling beyond Rajasthan and Assam into new geographies. Management also said real-time IoT tracking is used on every financed electric vehicle to limit repossession losses.
Results were filed after market close
MUFIN filed the consolidated results at 17:20 IST on 11 August 2026, after market close. The immediate post-results stock reaction was therefore not part of this results read-through.
Q1FY27 at a glance
Consolidated figures as filed with NSE — filed ahead of third-party databases, not yet independently cross-checked.
| Line item | Q1FY27 |
|---|---|
| Revenue | ₹77 cr |
| Other income | ₹0 cr |
| Expenses | ₹16 cr |
| Operating profit | ₹60 cr |
| Operating margin (%) | 78.61% |
| Interest | ₹41 cr |
| Depreciation | ₹1 cr |
| Profit before tax | ₹19 cr |
| Tax | ₹5 cr |
| Net profit | ₹14 cr |
| EPS (₹) | ₹0.71 |
What management said
From the company’s own investor presentation. Each point is checked against the source document before it appears here.
Expansion
- Six-plus state government MoUs are in progress.
- The Salary Saathi model is scaling beyond Rajasthan and Assam into new geographies.
New initiatives
- Real-time IoT tracking is used on every financed electric vehicle.
What to watch
- Whether operating margin holds above 78.61% in the next reported quarter.
- Whether interest remains contained relative to Rs 60.42 cr of operating profit.
- Progress on the six-plus state government MoUs and expansion beyond Rajasthan and Assam.