Mufin’s margin rises as revenue growth outpaces costs
The consolidated operating margin improved to 80.94%, but higher interest expense limited the increase in pre-tax profit to +3.45% QoQ.
Filed 05 Nov 2026, 17:49 IST · after market close · Mufin Green Finance Ltd (MUFIN)
Key takeaways
- Consolidated revenue increased by +12.78% QoQ while expenses grew only +0.49%, lifting operating margin by 2.33 percentage points.
- Net profit rose +7.49% QoQ despite interest expense climbing +28.17%, helped by a 2.88-percentage-point fall in the tax rate.
- Other income contributed 14.89% of pre-tax profit, making it a meaningful part of Q2FY27 earnings.
Price around the results
Revenue growth widened the operating spread
Mufin Green Finance reported consolidated revenue growth of +12.78% QoQ, while expenses increased just +0.49%. That gap lifted operating profit by +16.12% and expanded operating margin by 2.33 percentage points to 80.94%. The results were filed after market close.
Interest costs absorbed much of the operating gain
Interest expense rose +28.17% QoQ, faster than pre-tax profit growth of +3.45%, limiting profit conversion despite the stronger operating result. The tax rate fell by 2.88 percentage points to 22.65%, supporting the +7.49% increase in net profit. Other income accounted for 14.89% of pre-tax profit, so reported earnings also included a material non-operating contribution.
Margin remained above the Financial Services peer median
Mufin’s 80.94% operating margin was 25.15 percentage points above the 55.79% median among 100 Financial Services peers that had reported the same quarter. Sequentially, margin improved from 78.61% in Q1FY27, although only one preceding quarter is shown here. With the filing after market close, there is no stock response to assess in this reading.
Q2FY27 at a glance
Consolidated figures as filed with NSE — filed ahead of third-party databases, not yet independently cross-checked.
| Line item | Q2FY27 | Q1FY27 | QoQ |
|---|---|---|---|
| Revenue | ₹87 cr | ₹77 cr | +12.78% |
| Other income | ₹3 cr | ₹0 cr | +935.71% |
| Expenses | ₹17 cr | ₹16 cr | +0.49% |
| Operating profit | ₹70 cr | ₹60 cr | +16.12% |
| Operating margin (%) | 80.94% | 78.61% | — |
| Interest | ₹53 cr | ₹41 cr | +28.17% |
| Depreciation | ₹1 cr | ₹1 cr | +11.48% |
| Profit before tax | ₹19 cr | ₹19 cr | +3.45% |
| Tax | ₹4 cr | ₹5 cr | -8.12% |
| Net profit | ₹15 cr | ₹14 cr | +7.49% |
| EPS (₹) | ₹0.76 | ₹0.71 | +7.04% |
Operating margin of 80.94% compares with a Financial Services sector median of 55.79% across 100 peers that have reported Q2FY27.
How the stock reacted
| Window | Stock | vs NIFTY |
|---|---|---|
| Results day | -1.76% | -3.77% |
Volume on the results session was 1.57× its 20-day average.
What to watch
- Whether revenue growth remains ahead of the +0.49% QoQ increase in expenses.
- Whether operating margin holds above 80.94%.
- Whether interest expense growth moderates from +28.17% QoQ.