Midland Microfin Ltd
Jalandhar-headquartered NBFC-MFI lending to women borrowers through joint-liability groups across North and East India — AUM of about ₹2,600 Cr, CAR above 30%, but FY25 profit fell to ₹26.67 Cr in the sector-wide microfinance stress.
Market cap
₹1,021 Cr
5.24 Cr shares
P/E ratio
38.24
Sector average 15
Book value
₹124.59
P/B 1.57
1-year return
+31.93%
52w ₹121 – ₹198
Currently 96% of the way through its 52-week range.
Indicative price history
1Y change
+31.93% ₹148 → ₹195
52-week band in this window: ₹147.10 – ₹196.91. Weekly indicative marks, not exchange-traded prices.
Key highlights
- FY25 PAT ₹26.67 Cr (FY24 ₹72.15 Cr); AUM ₹2,288 Cr at Mar 2025, back to about ₹2,600 Cr by Dec 2025 (Acuité / CareEdge Global).
- GNPA 1.47% and CAR 31.41% at March 2025; CAR 33.37% at September 2025.
- Promoter Amardeep Singh Samra built the business from a 1988 NBFC licence acquired in 2010; Kitara Capital is a private-equity investor with a board seat.
- UnlistedZone ₹195 (21 Jul 2026), lot 500, market cap ₹1,021 Cr; wwipl ₹150 (Nov 2025) — thin market.
About Midland Microfin
Midland Microfin Limited is a Punjab-headquartered non-banking financial company – microfinance institution (NBFC-MFI). It lends small, unsecured income-generation loans to low-income women through the joint-liability group (JLG) model, and cross-sells insurance and small individual and MSME loans to graduated borrowers. The branch network stretches from Punjab, Haryana, Rajasthan and Uttar Pradesh into Bihar, Jharkhand, West Bengal and other eastern states.
The company began life as Sajan Hire Purchase Private Limited, an NBFC incorporated in 1988 in Punjab. Promoter Amardeep Singh Samra bought the licence in 2010, renamed it Midland Microfin Limited and began microfinance lending in 2011 from Jalandhar. Growth has been funded by bank term loans, listed non-convertible debentures, external commercial borrowings and private-equity capital; Kitara Capital is a long-standing investor with board representation (Sachin Kamath). Kamna Aggarwalla sits on the board; Amardeep Singh Samra is Managing Director.
Rating rationales from Acuité give the audited bottom line: profit after tax fell to ₹26.67 Cr in FY25 from a record ₹72.15 Cr in FY24, as collection efficiency slipped and provisioning rose across the microfinance industry after the MFIN lending guardrails of 2024. Assets under management de-grew from ₹2,543.25 Cr on 31 Mar 2024 to ₹2,288.12 Cr on 31 Mar 2025 and recovered to about ₹2,600 Cr by 31 Dec 2025 (CareEdge Global). Gross NPA improved to 1.47% on 31 Mar 2025 from 2.97% a year earlier because stressed loans were written off, and the capital-adequacy ratio stood at 31.41% (33.37% on 30 Sep 2025). Total income, net worth and borrowings in the table are estimates built around those reported figures (total income roughly ₹600 Cr, net worth roughly ₹650 Cr in FY25) and are not audited lines.
Recent developments: Acuité kept the long-term rating on a negative outlook in January 2026, citing pressure on collection efficiency, low disbursement levels and a moderating earnings profile; in March 2026 CareEdge Global assigned a 'CareEdge B/Stable' foreign-currency rating to a EUR 20 million external commercial borrowing, which diversifies funding. Disbursements were still subdued in H1 FY26.
Valuation at the listed rate: UnlistedZone's indicative price is ₹195 a share (21 Jul 2026) in lots of 500, which it equates to a market capitalisation of ₹1,021 Cr — implying about 5.24 Cr shares of ₹10. That is roughly 38 times FY25 profit (14 times the FY24 peak) and about 1.6 times estimated book value. Other dealers quote lower: wwipl last traded ₹150 (27 Nov 2025, lot 100) and Planify showed ₹66 on 28 Jul 2026 against a 52-week range of ₹121–₹198, so the ₹66 print looks like a data error; treat the market as thin and negotiable.
Verification status (10 Oct 2026): PAT for FY24 and FY25, AUM, GNPA, CAR, the promoter history and the ratings are from Acuité and CareEdge Global rating rationales (search snippets). ISIN, price, lot and market cap are from UnlistedZone. The CIN, share count, total income, balance-sheet lines, cash flows, employee count, director DINs and the shareholding split are estimates or unverified and should be checked against MCA filings and the FY25 annual report before trading.
Where the revenue comes from
- Joint-liability group loans85%
Income-generation loans to women borrowers; share of total income estimated
- Individual and MSME loans9%
Larger loans to graduated borrowers (estimate)
- Fee and other income6%
Insurance distribution, processing fees and treasury income (estimate)
Products & services
JLG income-generation loans
Unsecured loans of roughly ₹30,000–₹80,000 to women in joint-liability groups, repaid in fortnightly or monthly instalments.
Individual and MSME loans
Larger loans to borrowers who have completed several JLG cycles and to small businesses.
Insurance and other services
Distribution of credit-linked life and health insurance and other financial products to borrowers.
NCDs and ECB funding
Listed non-convertible debentures and a EUR 20 million external commercial borrowing fund the loan book alongside bank term loans.
What works
- • One of the largest microfinance lenders headquartered in Punjab, with a 15-year JLG track record and a multi-state branch network.
- • Strong capital buffer: CAR of 31.41% at March 2025 and 33.37% at September 2025, far above the 15% regulatory floor, after repeated equity infusions from the promoter and private-equity investors.
- • Diversified funding — bank loans, listed NCDs, a EUR 20 million ECB rated by CareEdge Global in March 2026 — and a clean GNPA of 1.47% after write-offs.
- • Profitable through the cycle: FY24 PAT of ₹72.15 Cr was a record and FY25 stayed positive at ₹26.67 Cr when several listed MFIs reported losses.
What to watch
- • Earnings collapsed 63% in FY25 and AUM shrank 10% as borrower over-leverage, the MFIN guardrails and weak collections hit the sector; Acuité moved the outlook to negative in January 2026.
- • Unsecured lending to low-income women is exposed to local political interference, loan-waiver campaigns and weather shocks, especially in the eastern states the company expanded into.
- • At ₹195 the UnlistedZone rate values the company at ₹1,021 Cr, about 38 times depressed FY25 profit; other dealers quote ₹150 or less, so the exit price may be far below the indicative level.
- • Key-person and governance concentration around the promoter-MD, and registry identifiers (CIN, share count) could not be verified in this research pass.
Compare with peers
| Company | Price | Market cap | P/E | P/B | Rev CAGR |
|---|---|---|---|---|---|
| Midland MicrofinThis page | ₹195.00 | ₹1,021 Cr | 38.24 | 1.57 | +19.02% |
| Arohan | ₹228.00 | ₹3,283 Cr | 36.48 | 1.73 | +18.96% |
| KLM Axiva | ₹18.00 | ₹484.2 Cr | 24.00 | 1.47 | +10.57% |
| IKF Finance | ₹225.00 | ₹4,093 Cr | 19.08 | 2.06 | +36.77% |
Latest reported year: FY25 ending 31 Mar 2025.