Investor Presentation

November 05, 2026 To, To, BSE Limited National Stock Exchange of India Limited Corporate Relationship Department Listing Department P. J. Towers, Dalal Street, Exchange Plaza, Bandra - Kurla Complex, Fort, Mumbai – 400 001 Bandra (East), Mumbai - 400 051 Scrip Code 542774 Symbol: MUFIN Sub: Investor Presentation for the quarter ended September 30, 2026 Dear Sir/Ma’am, Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed herewith Presentation to be made to analyst/ Investor for the quarter ended September 30, 2026 We request you to kindly take the above information on record. Thanking You, For Mufin Green Finance Limited Mayank Pratap Singh Company Secretary & Compliance Officer Encl: as above Q2 & H1 F Y27 · INVE STOR PRE SE NTATION Mufin Green Finance Limited (also known as “MGFL”) Building India's premier digital lending NBFC — driven by technology, scale and responsible growth. Quarter and half-year ended 30 September 2026 ACUITÉ CRISIL RBI A–(Stable) A+ (SO) · Mediclaim pool Registered NBFC MUFIN GREEN FINANCE LIMITED | Q2 & H1 FY27 INVESTOR PRESENTATION NSE: MUFIN | BSE: 542774 IMPORTANT NOTICE Disclaimer General notice Not an offer This presentation has been prepared by Mufin Green Finance Limited ("MGFL" It does not constitute an offer, invitation or recommendation to purchase or or the "Company") solely for information purposes and may not be reproduced, subscribe for any securities and should not be relied upon in connection with redistributed or published, in whole or in part, without the Company's prior any contract or commitment. It is not investment advice. written consent. Forward-looking statements No warranty Certain statements are forward-looking and based on management's current While reasonable care has been taken, no representation or warranty is made expectations. They are subject to risks and uncertainties that could cause actual as to accuracy or completeness. Figures for Q2 and H1 FY27 are unaudited. Past results to differ materially. The Company undertakes no obligation to update performance is not indicative of future results. them. MUFIN GREEN FINANCE LIMITED | Q2 & H1 FY27 INVESTOR PRESENTATION NSE: MUFIN | BSE: 542774 2 CONTENTS What this presentation covers 01 05 Q2 FY27 at a glance Cost of funds outlook Headline numbers and the portfolio shift Trend, drivers and FY27 path to <10.5%by Mar FY27 02 06 What is driving AUM growth Asset quality Growth bridge by vertical and disbursement mix GNPA / NNPA trend 03 07 Mediclaim financing — deep dive Operating leverage Market, mechanics, performance, quality, roadmap Productivity trend and expected operating leverage 04 08 Salary Saathi — deep dive Financials & outlook Payroll-linked lending, state pipeline, Arthum channel P&L, balance sheet MUFIN GREEN FINANCE LIMITED | Q2 & H1 FY27 INVESTOR PRESENTATION NSE: MUFIN | BSE: 542774 3 EXECUTIVE SUMMARY · Q2 FY27 Q2 FY27 at a glance KEY HIGHLIGHTS ₹1,766.07 Cr ₹590.51 Cr ₹33.27 Cr ₹19.47 Cr • Mediclaim Financing AUM ₹686.90 Cr GROSS AUM (SEP-26) DISBURSEMENTS NET INTEREST PROFIT BEFORE TAX INCOME • Salary Saathi AUM ₹90.61 Cr; live in 2 states • Mediclaim Financing + Salary Saathi 44% of vs ₹1,599.23 Cr Jun-26 vs ₹449.40 Cr in Q1 vs ₹35.16 Cr in Q1 vs ₹18.82 Cr in Q1 · 10.4%QoQ FY27 FY27 FY27 AUM • PAT up 148.5% YoY to ₹15.06 Cr (Q2 FY26: ₹6.06 Cr) • Headcount 306 vs FY27 target of 300 1.77% 1.50% 11.96% 27.73% Q2 FY27 Gross NPA Q2 FY27 Net NPA COST OF BORROWINGS CRAR (Sep’26) vs 1.91% in Q1 FY27 vs 1.63% in Q1 FY27 vs 13.12% in Sep’25 vs 30.55% in Q1 FY27 MUFIN GREEN FINANCE LIMITED | Q2 & H1 FY27 INVESTOR PRESENTATION NSE: MUFIN | BSE: 542774 4 STRATEGIC SHIFT The book is tilting towards Mediclaim and Salary Saathi Share of AUM Mar-26 Jun-26 Sep-26 AUM by vertical (₹ Cr) 2,000 Mediclaim financing 39.4% 42.3% 38.9% 1,800 Salary Saathi 1.7% 3.3% 5.1% 1,600 338 Focus verticals 41.1% 45.6% 44.0% 1,400 411 MSME, Corporate & Other 29.1% 28.7% 36.9% 459 Loans 1,200 Climate financing 29.8% 25.7% 19.1% 1,000 91 Rebalancing the portfolio 600 26 Repayments from the climate financing book are being 677 687 redeployed into Mediclaim and Salary Saathi loans. Both are short-tenor products with recovery mechanisms built 0 intotheir structure. Mar-26 Jun-26 Sep-26 Mediclaim financing Salary Saathi MSME, Corporate & Other Loans Climate financing MUFIN GREEN FINANCE LIMITED | Q2 & H1 FY27 INVESTOR PRESENTATION NSE: MUFIN | BSE: 542774 5 DIGITAL LENDING · THE MODEL Traditional vs digital lending: what changes WHAT IS DIGITAL LENDING We lend where the customer already is —at the insurer’s checkout or through their employer’s payroll —and approve, disburse and collect the loan digitally, with no branch or field force in between. WHAT CHANGES Traditional lending Digital lending at Mufin Green Finance Limited Embedded at the point of need: insurer checkout (10+ insurers) and Customer acquisition Branches, DSAs and field agents government payroll Approved on verified data (insurance policy, payroll and credit history), Underwriting Paper documents and manual appraisal not manual paperwork Turnaround Days to weeks Same-day credit; insurer receives the full premium on day one Collections Cash, cheques and field collection teams EMI deducted at source from salary; fully digital EMI collection Recovery Repossess collateral; slow legal process Built into the product: policy refund adjustment or payroll deduction Cost to serve & scale Grows with branches and headcount Grows with partners: ₹5.77 Cr AUM per employee with 306 staff MUFIN GREEN FINANCE LIMITED | Q2 & H1 FY27 INVESTOR PRESENTATION NSE: MUFIN | BSE: 542774 6 DIGITAL LENDING · OUR PRODUCTS Secure, Scalable & Digital: 44% of AUM on digital lending Secure Scalable Digital • Secure: recovery built in through payroll deduction • No field force: 10+ insurer integrations and state • Paperless application; policy- and payroll-verified (Salary Saathi) payrollMoUs underwriting • CRISIL LGD 1% ±0.25%; pool rated A+ (SO) • AUM per employee ₹5.77 Cr, up from ₹4.36 Cr in • Same-daycredit Jun-26 • Funds paid only to the insurer or borrower's account • 45,178MediclaimloansdisbursedinQ2FY27 • Next channel: contract workforce with project Arthum DIGITAL PRODUCTS · AUM (SEP-26) Salary Saathi Mediclaim financing Salary Saathi · payroll-linked loansfor Govt. Financing Health insurance premiums ₹777.07 Cr Employees ₹686.90 Cr ₹90.61 Cr 44.0% of total AUM of ₹1,766.07Cr 38.9% of AUM 5.1% of AUM Q2 disbursement ₹65.79 Cr Q2 loans 45,178 AUM since Mar-26 3.4× Tenure 2–60months ■Mediclaim 38.9% ■Salary Saathi 5.1% ■Other 56.0% Live states Rajasthan, Assam MUFIN GREEN FINANCE LIMITED | Q2 & H1 FY27 INVESTOR PRESENTATION NSE: MUFIN | BSE: 542774 7 What is driving AUM growth Growth bridge by vertical and where new money is going MUFIN GREEN FINANCE LIMITED | Q2 & H1 FY27 INVESTOR PRESENTATION NSE: MUFIN | BSE: 542774 WHAT IS DRIVING AUM GROWTH AUM trajectory: scale with consistent quarterly growth Net AUM and quarterly disbursements (₹ Cr) 71.8% 2,000 1,766 AUM GROWTH YOY 1,800 1,599 Sep-26 vs ₹1,028 Cr in Sep-25 1,600 1,541 1,400 1,156 1,200 1,028 1,000 944 591 10.4% 360 387 AUM GROWTH QOQ 400 322 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 Gross AUM Quarterly disbursements MUFIN GREEN FINANCE LIMITED | Q2 & H1 FY27 INVESTOR PRESENTATION NSE: MUFIN | BSE: 542774 9 Mediclaim financing Market, mechanics, performance, portfolio quality and roadmap MUFIN GREEN FINANCE LIMITED | Q2 & H1 FY27 INVESTOR PRESENTATION NSE: MUFIN | BSE: 542774 MEDICLAIM FINANCING · MARKET OPPORTUNITY A fast-growing market that prefers to pay monthly 31% 40–45% 20–25% 0% YoY growth in retail health of first-time health buyers choose expected annual growth in premium GST on individual health policies premiums, April 2026 monthly payment financing since Sep-2025, widening the buyer base Kotak Institutional Equities Policybazaar, via Outlook Business Industry estimate, B [Showing first 8,000 characters — download PDF for full document]