Mufin green finance bonds: Price, ISIN, yield (YTM), rating & key risks

Quick Overview

Mufin Green Finance Limited (formerly APM Finvest Limited) is an RBI-registered non-deposit-taking systemically important Non-Banking Financial Company (NBFC-ND-SI). Headquartered in New Delhi, the enterprise operates as one of India's pure-play climate-focused financing platforms dedicated to the electric vehicle (EV) ecosystem. Its lending solutions span commercial EV three-wheelers (e-rickshaws and e-autos), electric two-wheelers, fast-charging infrastructure, battery swapping stations, and distributed rooftop solar projects.

To diversify its institutional liability structure, fund green credit origination, and manage asset-liability matching (ALM), the company regularly accesses debt capital by issuing Non-Convertible Debentures (NCDs). This investor guide provides an in-depth breakdown of mufin green finance bonds, reviewing benchmark issuances such as ISIN INE08KJ07134 (11.00% Coupon, Maturing December 2026) and ISIN INE08KJ07076 (13.15% Coupon). Holding an investment-grade Acuité A- / Stable credit rating profile, these Mufin Green Finance NCD issues offer fixed-income allocators double-digit coupon rates, parent support from Hindon Mercantile Limited, and senior secured hypothecation backing.

What Is Mufin Green Finance Limited?

Founded to accelerate clean energy adoption in India, Mufin Green Finance focuses on the electrification of commercial transit. Rather than providing personal retail vehicle loans, the lender primarily finances income-generating electric vehicles for driver-cum-owners, transport aggregators, and last-mile delivery fleets across urban and semi-urban hubs.

The institution’s credit operations are organised across four primary product verticals:

• Electric Three-Wheeler Financing (E-Rickshaws & E-Autos): Financing low-speed passenger e-rickshaws and cargo loaders that provide immediate livelihoods to self-employed micro-entrepreneurs.

• Two-Wheeler EV Fleet Loans: Extending credit lines to gig workers and delivery executives operating across e-commerce and food delivery networks.

• EV Infrastructure & Battery Financing: Financing commercial EV charging stations, battery packs, and swapping kiosks for charging network operators.

• Solar & Cleantech Enterprise Loans: Financing rooftop solar installations and energy-efficient equipment for small businesses and commercial properties.

Backed by majority promoter entity Hindon Mercantile Limited alongside equity infusions from institutional and impact investors, Mufin operates with an Assets Under Management (AUM) footprint crossing ₹1,000+ crore.

Mufin Green Finance Bonds: Key Technical Specifications

Fixed-income participants examining corporate debt opportunities must review the structural terms across active debenture series. The table below outlines the core parameters verified across representative Mufin Green Finance Bonds:

*Note: Secondary market metrics, specifically clean prices, accrued interest, and dynamic Yield to Maturity (YTM)—adjust continuously based on benchmark repo rates and exchange trading liquidity. All figures in the table above are indicative and current as of (Date of publishing); readers should verify live figures on the platform before relying on them.

Deep-Dive Analysis: Key NCD Tranches (ISIN Showcase)

1. ISIN INE08KJ07134 (11.00% Coupon, Maturing December 2026)

This debenture series features a nominal face value of ₹1,00,000 per unit and matures on December 11, 2026. Carrying a contractual 11.00% per annum coupon rate, it incorporates a structured partial amortisation schedule where principal repayments occur alongside scheduled monthly coupon disbursements in the final operating quarters. For an investor, this regular repayment profile steadily returns principal before terminal maturity, reducing total credit duration.

2. ISIN INE08KJ07076 (13.15% Coupon, Maturing May 2026)

Structured with a nominal face value of ₹1,00,000 per unit, this shorter-tenure tranche features a contractual 13.15% annual coupon. Designed as a private debt placement to support immediate loan book scaling, this series is not exchange-listed and does not have an active secondary market in the way a listed NCD does; see the note on the specs table above. This tranche carries a shorter duration footprint for institutional desks seeking double-digit fixed returns.

Secondary Traded Price vs Yield to Maturity (YTM)

Understanding how secondary market trade quotes impact realised investor yields is essential when buying listed corporate NCDs:

• Contractual Coupon Baseline: The legal rate of interest agreed at issuance. An 11.00% per annum coupon on a ₹1,00,000 face value bond delivers ₹11,000 in gross annual cash flow on unamortized principal balances.

• Secondary Market Pricing: On secondary debt platforms, units trade around par (e.g., ~₹100.03 per ₹100 face value). When purchase prices remain close to par, effective entry yields align closely with stated coupon terms.

• Yield to Maturity Dynamics: Factoring in regular monthly cash flows and structured amortisation, the effective secondary market Yield to Maturity (YTM) trades in the 11.40% to 11.65% per annum range.

At an indicative secondary YTM of ~11.40%+ per annum, Mufin Green Finance debentures offer a ~4.7 to 5.0 percentage point spread over tenure-matched bank fixed deposits (which average 6.50%–6.70% per annum), providing high nominal yield compensation for specialised EV lending exposure.

Credit Rating Safety Validation: What Acuité A- Means

The long-term debt facilities and NCD programs of Mufin Green Finance Limited carry an assigned credit rating of Acuité A- / Stable. Credit ratings are the rating agency's opinion at a point in time, not a guarantee; they can be upgraded, downgraded, suspended, or withdrawn, and should not be the sole basis for an investment decision. No rating-assignment or validation date is stated here; confirm the current date before publishing.

[AAA Tier: Highest Safety] -> [AA Tier: High Safety] -> [Acuité A- (Adequate Safety Grade)] -> [BBB Floor]

Instruments rated inside the A category are defined by credit rating agencies as carrying an adequate degree of safety regarding the timely servicing of financial obligations, with low credit risk under normal economic conditions. The minus (-) modifier positions the issuer in the baseline band of the "A" tier. The "Stable" outlook reflects rating agency confidence in the company's continuous capital infusions, improving net worth, and experienced management in electric vehicle fleet financing.

Senior Secured Collateral Safeguards

To protect bondholders, these debentures are structured as Senior Secured NCDs. The issues are secured by a specific first pari-passu charge over designated performing EV loan receivables and book debts of the company. Monitored by the appointed debenture trustee (Catalyst Trusteeship Limited), the lender maintains a contractually required security cover ratio (typically 1.10x to 1.25x). In an adverse credit event, senior secured bondholders hold priority repayment claims ahead of unsecured creditors and equity shareholders.

Financial Snapshot & EV Lending Scale

Evaluating the creditworthiness of a green mobility NBFC requires examining its capitalisation, leverage, and portfolio metrics:

• Expanding AUM Footprint: Consolidated AUM has grown from ₹261.61 crore (FY23) and ₹675.78 crore (FY24) to over ₹1,020+ crore, demonstrating demand for EV micro-financing.

• Robust Net Worth Base: Supported by equity infusions from parent company Hindon Mercantile Limited and external capital rounds, net worth stands above ₹500+ crore.

• Healthy Capital Adequacy (CRAR): The company maintains a Capital Adequacy Ratio well above 30%, providing a comfortable cushion above the Reserve Bank of India’s statutory 15% minimum mandate.

• Controlled Asset Quality: Gross Non-Performing Assets (GNPA) stand around ~1.70%, with Net NPA maintained at ~1.45%, supported by digital telematics tracking and field collection setups.

• Positive Profitability: Annual Profit After Tax (PAT) has scaled alongside business volume, reflecting positive operational margins.

Key Risks of Investing in Mufin Green Finance NCDs

While an 11.40%–11.65% per annum secondary YTM offers an attractive fixed return profile, fixed-income allocators should consider several sector-specific risk factors:

• Borrower Profile Sensitivity: A significant portion of the loan book finances self-employed e-rickshaw drivers and delivery gig workers who hold limited personal financial buffers. Localised transport disruptions or severe weather conditions can temporarily impact daily earnings and collection efficiency.

• Asset Collateral Resale Value: The second-hand resale market for commercial electric three-wheelers and proprietary lithium-ion batteries is still developing in India. In the event of borrower default, repossession and collateral recovery values can vary.

• Low Portfolio Seasoning: Because the enterprise expanded its loan book significantly over recent years, portions of the portfolio have moderate seasoning, requiring ongoing asset quality monitoring.

• Secondary Market Liquidity: While listed on the BSE debt platform, trading volumes on specific private placement series can vary. Investors seeking early exits should account for potential bid-ask spread variations.

Taxation Framework on Indian Corporate NCDs

Tax treatment for coupon income and capital gains earned from listed corporate debentures follows statutory provisions under the Indian Income Tax Act:

1. Taxation on Periodic Interest Inflows: Coupon distributions are classified under Income from Other Sources and taxed at the investor's applicable individual income tax slab rate.

2. Tax Deducted at Source (TDS): Pursuant to Section 193 of the Income Tax Act, a mandatory 10% TDS deduction applies at the time of interest payment on listed corporate debentures. Investors can claim this deduction as a tax credit when filing their annual Income Tax Return (ITR).

3. Capital Gains on Secondary Market Sales: If debentures are sold on an exchange platform before maturity:

• Holding Period Under 12 Months: Treated as Short-Term Capital Gains (STCG) and taxed at standard individual income tax slab rates.

• Holding Period Over 12 Months: Treated as Long-Term Capital Gains (LTCG) and taxed at a flat rate of 12.5% without indexation benefits under current tax regulations.

Tax treatment depends on individual facts and circumstances, and current law can change; investors should consult their own tax advisor before making decisions based on the above.

Investor Evaluation Checklist Before Allocation

Before finalising an allocation in Mufin Green Finance debentures on a digital bond platform, verify these key transaction parameters:

• Verify the Specific ISIN: Confirm whether your order corresponds to INE08KJ07134 (11.00% Listed / Dec 2026) or INE08KJ07076 (13.15% per annum, unlisted/private placement, May 2026); note that the two carry very different liquidity profiles, not just different coupons.

• Review Clean vs. Dirty Price Quotes: Check whether the secondary listing price includes accrued interest accumulated since the last coupon payout date. ● This applies to the exchange-listed ISIN INE08KJ07134; ISIN INE08KJ07076 is not exchange-traded.

• Understand the Amortisation Schedule: Confirm how the partial principal redemption schedule aligns with your portfolio's cash flow requirements.

• Maintain Portfolio Diversification: Balance corporate debt investments across multiple financial issuers, sectors, and credit rating tiers to manage single-entity exposure.

FAQs

What is the specific instrument structure of Mufin Green Finance bonds?

Mufin Green Finance bonds are senior secured, rated Non-Convertible Debentures (NCDs) offering fixed coupon rates between 11.00% and 13.15% per annum with monthly or structured/periodic payout options, depending on the series.

What is the credit rating of Mufin Green Finance bonds?

Mufin Green Finance holds a credit rating of Acuité A- / Stable, reflecting an adequate degree of safety regarding the timely servicing of financial commitments. As with any credit rating, this reflects the agency's opinion at a point in time and can change; verify the current rating and its assignment date before relying on it.

What is the secondary market yield (YTM) for Mufin Green Finance NCDs?

Secondary market yields to maturity (YTM) vary meaningfully by series: the exchange-listed ISIN INE08KJ07134 is indicated at 11.40%–11.65% per annum, while the unlisted/private-placement ISIN INE08KJ07076 is indicated at a materially higher 12.80%–13.15% per annum; see the specs table for the full breakdown, and note the latter figure is not derived from exchange trading.

How frequently is interest distributed on Mufin Green Finance debentures?

Interest payout frequency varies by series: specific tranches such as ISIN INE08KJ07134 distribute interest on scheduled monthly cycles alongside principal amortization.

Where can investors buy listed Mufin Green Finance bonds online?

Investors can track clean and dirty prices, examine cash flow schedules, and trade listed corporate bonds directly on SEBI-registered Online Bond Platform Providers (OBPPs) such as BondScanner.

BondScanner, a SEBI-registered Online Bond Platform Provider (OBPP). Links to BondScanner's platform and app listings are for educational and informational discovery purposes only.

Disclaimer

This blog is intended solely for educational and informational purposes. The instruments, issuer categories, yield ranges, and examples mentioned herein are illustrative and should not be construed as investment advice or recommendations. BondScanner is a SEBI-registered OBPP and does not provide personalised investment advice. Nothing in this article is a solicitation to buy or sell any security. Fixed returns do not constitute guaranteed or assured returns. Investments in corporate debt securities, municipal debt securities/securitized debt instruments are subject to credit risks, market risks and default risks including delay and/or default in payment. Read all the offer related documents carefully before investing

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