Credit Rating- New

September 16, 2026 Department of Corporate Services Listing Department BSE Limited National Stock Exchange of India Limited P. J. Towers, Dalal Street, C-1, G-Block, Bandra-Kurla Complex Fort, Mumbai – 400 001 Bandra (East), Mumbai - 400 051 Scrip Code: 542774 Symbol: MUFIN Sub.: Intimation under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“LODR Regulations”) – Credit rating Dear Sir/ Ma’am, Pursuant to Regulation 30 read with Schedule III of LODR Regulations, we wish to inform you that CareEdge Global IFSC Limited has assigned the following rating to the Company: Sr. Rating Agency Instrument Current Rating Rating Rating No Rated Type Assigned Action Amount 1. CareEdge Global Foreign USD 10 Long CareEdge Assigned IFSC Limited Currency Million Term B/Stable Bonds Foreign Rating Currency Bonds This is for your information and Records. Thanking You, For Mufin Green Finance Limited Mayank Pratap Singh Company Secretary & Compliance Officer Encl.: as above Rating Rationale September 15, 2026 ‘CareEdge B/Stable’ rating assigned to dollar bonds of Mufin Green Finance Limited USD 10 million Foreign Currency Bonds CareEdge B/Stable CareEdge Global Ratings has assigned a long-term foreign currency rating of ‘CareEdge B/Stable’ to Mufin Green Finance Limited’s (MGFL) USD 10 million foreign currency bonds. Rationale The rating derives strength from MGFL’s comfortable capitalisation, with a capital adequacy ratio (CAR) of 32.1% as of March 31, 2026, which is well above the regulatory minimum of 15%. The company has consistently maintained a CAR above 30% and has demonstrated its ability to raise equity capital, mobilising over Rs 4 billion over the past four years. Managed gearing remained moderate at 2.4x as of March 31, 2026, providing adequate headroom to support near-term growth. The rating also factors in the improvement in MGFL’s funding profile, supported by a diversified borrowing base comprising over 40 lenders across various funding instruments. Additionally, the company’s technology-driven, branchless operating model supports efficient loan origination and is expected to improve operating leverage as the loan portfolio continues to scale. However, these strengths are partly offset by MGFL’s modest scale, limited portfolio vintage, evolving product mix, and moderate profitability. The company has transitioned from being primarily an electric vehicle (EV) financing player to a more diversified lender, with key focus segments including mediclaim (health insurance premium) financing, business loans, and loans to government employees. A significant portion of the current portfolio was originated over the past two years, resulting in limited seasoning of the loan book. Consequently, the asset quality performance of the newer product segments is yet to be tested. Profitability also remains moderate, although the company’s technology-led model and increasing scale are expected to support improvement in operating leverage. However, sustained improvement in profitability is yet to be demonstrated. Outlook The stable outlook factors in CareEdge Global’s expectation of continued scale-up in operations, alongside sustenance of the asset quality and earnings metrics in the newer product categories over the medium term, while maintaining adequate capital buffers to support growth. Rating sensitivities Upward factors • Significant increase in AUM while maintaining asset quality • Sustained improvement in profitability Rating Rationale September 15, 2026 Downward factors • Increase in managed gearing level above 4x on a sustained basis • Deterioration in asset quality in the mediclaim financing portfolio, with net non- performing assets (NNPA) exceeding 0.5% on a sustained basis • Deterioration in the resource raising ability, impacting the overall capital structure Analytical approach CareEdge Global has assessed MGFL’s business and financial profiles on a standalone basis in line with its Financial Institutions Methodology. Key rating drivers Strengths Comfortable capitalisation profile and leverage MGFL has maintained a comfortable capitalisation profile, supported by periodic equity infusions and internal accruals. The company's CAR was 32.1% as of March 31, 2026, well above the regulatory requirement of 15%, providing sufficient capital headroom to support business expansion. Although the CAR moderated from 54.0% as of March 31, 2023, to 32.1% as of March 31, 2026, due to rapid growth in the loan portfolio, it has consistently remained significantly above the minimum regulatory requirement. The capital base has strengthened materially over the past four years through sustained equity infusions resulting in adjusted tangible net worth increasing from Rs 1.5 billion as of March 31, 2023, to Rs 5.7 billion as of March 31, 2026. Additionally, retained earnings have contributed to growth in the company's net worth. Managed gearing was 2.4x as of March 31, 2026, compared with 2.6x as of March 31, 2025. The current capital structure provides adequate capacity to support the company's near-term growth plans. However, with the company targeting continued rapid portfolio growth, timely capital infusions are key to preserving comfortable capitalisation and keeping leverage within the targeted range. Management aims to keep the gearing below 4x on a steady state basis. Improving funding profile MGFL’s funding profile has strengthened over the past few years, supported by diversification across both borrowing instruments and lender categories. As of March 31, 2026, the borrowing mix comprised term loans at around 35%, non-convertible debentures at around 39%, external commercial borrowings at around 18%, and other instruments at around 8%. The lender base has also become more diversified, with funding sourced from banks, non-banking financial institutions (NBFCs), development financial institutions (DFIs), and retail/high-net- worth individual (HNI) investors. The company has established relationships with more than 40 lenders and initiated securitisation through PTC transactions, which is expected to enhance funding flexibility as the loan book scales. Average borrowing costs improved in FY26, with the quarterly cost of borrowings reducing to 12.2% in Q4FY26 from 13.8% in Q1FY26, aided by benchmark-rate movement, increasing bank participation and improved lender comfort. MGFL’s ability to further increase lower-cost bank borrowings, complete larger securitisation transactions, and maintain competitive incremental funding costs will remain monitorables. Rating Rationale September 15, 2026 Technology-led, branch-less operating model supports scalability MGFL operates through a technology-driven, branch-less operating model, with digital processes covering customer onboarding, underwriting, documentation, disbursement, and collections. This supports faster turnaround time, lower operating costs, and supports scalability without significant investments in physical infrastructure. As a result, the company is expected to benefit from improving operating leverage as the loan book scales. The company’s key growth products are also embedded within digital ecosystems. Its mediclaim financing product is integrated with insurers through digital platforms, enabling instant policy-linked loan processing, direct disbursement to insurers, and automated repayment setup. Similarly, loans to government employees are routed through the respective government HRMS platforms, with repayments linked to payroll or salary deduction mechanisms, thereby improving visibility over cash flows and reducing collection risk. Weaknesses Modest scale of operations and limited vintage of newer portfolio MGFL has scaled rapidly, with AUM increasing to Rs 15.4 billion as of end-March 2026, from Rs 8.4 billion as of end-March 2025. However, the overall scale remains modest. The product mix has also changed substantially over a [Showing first 8,000 characters — download PDF for full document]