Hindon Mercantile Ltd (Mufin)

Indicative price history

Key highlights

• Consolidated FY25 (audited): revenue ₹249.69 Cr (+125%), PAT ₹19.78 Cr, total equity ₹702 Cr, total assets ₹1,702 Cr.
• Parent of listed Mufin Green Finance (54.44% at Mar 2024) and listed LKP Finance (consolidated FY25); eight group subsidiaries.
• Paid-up capital ₹22.26 Cr (about 2.23 Cr shares); July 2026 EGM approved ₹15 Cr preference shares at ₹1,250.
• UnlistedZone indicative ₹735 (lot 100), 52-week ₹625–945: market cap about ₹1,636 Cr, 4.0x owners' book.

About Hindon Mercantile

Hindon Mercantile Limited is a New Delhi-based, RBI-registered non-deposit-taking NBFC (NBFC-ND-NSI) that operates under the Mufin brand and sits at the top of the Mufin group founded by Kapil Garg. On its own books it offers vehicle loans, SME and start-up loans, personal loans, loans against property and working-capital finance; the standalone loan book was ₹51.2 Cr at March 2024 after it sold most of its legacy portfolio to an asset-reconstruction company to clean up. The value of the company, however, lies in its subsidiaries: Mufin Green Finance Limited (BSE/NSE-listed electric-vehicle and clean-energy lender, 54.44% held at March 2024), LKP Finance Limited (a BSE-listed NBFC acquired as a subsidiary during FY25), Hindon Peer to Peer Finance (P2P platform), Hindon Account Aggregation Services, Mufinpay Payment Solutions (payments), Bimapay Finsure (70%, insurance-premium financing), Mufin Technologies, Hodge Money and Finalligence Data Science.

The company was incorporated in 1985 (CIN U34300DL1985PLC021785; the FY24 annual report was its 39th) and has authorised capital of ₹25 Cr. Paid-up capital rose from ₹14.79 Cr (1,47,92,634 shares of ₹10) at March 2024 to ₹22.26 Cr (about 2.23 Cr shares) at March 2025 after fresh issues; an EGM on 18 July 2026 approved raising ₹15 Cr more through 1,20,000 convertible preference shares at ₹1,250 each. Kapil Garg (DIN 01716987) is managing director; Luv Khanna (DIN 07723426) and Sandeep Jain are non-executive directors; Hemant Bhageria, Pradip Kumar Kar and Amol Sinha are independent directors; Tanvi Jawa is CFO and Ruby Chauhan company secretary (Mayank Pratap Singh until FY24). Parv & Co (formerly PJM & Associates), Delhi, audits the group; its FY25 consolidated opinion is qualified only because LKP Finance's auditor could not obtain balance confirmations from two lenders.

Audited consolidated FY25 results: total revenue from operations ₹249.69 Cr (₹111.06 Cr in FY24) — interest income ₹181.59 Cr, fee and commission income ₹67.43 Cr — plus other income ₹4.09 Cr; finance costs ₹98.63 Cr, impairment ₹11.02 Cr, employee costs ₹35.59 Cr, cost of materials ₹41.54 Cr (new trading/EV-asset line), depreciation ₹4.11 Cr and other expenses ₹31.11 Cr; profit before tax ₹25.63 Cr (₹24.59 Cr), tax ₹5.85 Cr and profit after tax ₹19.78 Cr (₹18.51 Cr), of which ₹10.86 Cr is attributable to Hindon's owners and ₹8.93 Cr to minority holders in the listed subsidiaries; EPS ₹5.79 (₹8.72). FY23 consolidated revenue was ₹109.69 Cr and PAT ₹12.30 Cr. The consolidated balance sheet grew to ₹1,702 Cr from ₹1,001 Cr: loans ₹1,134.81 Cr, investments ₹187.30 Cr, cash and bank balances ₹232.94 Cr; debt securities ₹325.65 Cr and other borrowings ₹600.55 Cr (total ₹926 Cr); total equity ₹702.22 Cr, of which ₹408.80 Cr belongs to Hindon's shareholders (share capital ₹22.26 Cr plus other equity ₹386.54 Cr) and ₹293.42 Cr is non-controlling interest. Standalone FY24: revenue ₹19.11 Cr, PAT ₹2.19 Cr, borrowings ₹56.28 Cr, net worth ₹94.36 Cr; no dividend has been paid.

Recent developments: the consolidation of LKP Finance in FY25 (via the open offer and share purchase that made it a subsidiary) more than doubled group assets; Mufin Green Finance continued to raise equity and debt for its EV loan book, which dilutes but marks up Hindon's stake; the group added payments (Mufinpay), P2P and insurance-premium financing arms; and in July 2026 shareholders approved a ₹15 Cr preference-share issue at ₹1,250 a share. The FY25 auditor's report also records that the consolidated numbers include three unaudited subsidiaries with total assets of ₹14.3 Cr.

Valuation at the listed rate: UnlistedZone shows an indicative ₹735 a share (21 July 2026; 52-week range ₹625–945; lot 100), InCred Money ₹745, Sharescart ₹735 and wwipl ₹727–825 on different dates. At ₹735 the implied market capitalisation is about ₹1,636 Cr on 2.2256 Cr shares — about 4.0 times the owners' book value of ₹409 Cr and roughly 150 times FY25 profit attributable to owners (₹10.86 Cr), or 83 times total consolidated PAT. The premium reflects the look-through value of the listed stakes (Mufin Green Finance and LKP Finance) rather than Hindon's own earnings; the July 2026 preference issue at ₹1,250 is a reference point set by the company itself. Holding-company discounts of 30–60% are normal for listed Indian holdcos.

Verification status (10 Oct 2026): CIN, registered office, board and KMP with DINs, subsidiaries, share capital and the consolidated FY25 and FY24 financial statements are from the audited annual reports (FY25 consolidated statements signed 6 September 2025; FY24 annual report with directors' report) downloaded from a public filings bucket. FY25 cash-flow lines and FY23 balance-sheet lines are estimates. The exact incorporation date, current percentage holdings in Mufin Green Finance and LKP Finance, the headcount and the shareholding split are not verified. The rate is UnlistedZone's indicative level, not a traded price.

Where the revenue comes from

• Interest income (EV, SME, LAP and vehicle loans — mostly Mufin Green Finance and LKP Finance)73%

  Consolidated interest income ₹181.59 Cr in FY25

• Fee & commission income (payments, P2P, insurance distribution, processing fees)27%

  Consolidated fee and commission income ₹67.43 Cr in FY25

• Net gain on fair-value changes0%

  ₹0.67 Cr in FY25

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